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| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|
| Delaware                        |   | 86-3924884          |
|---------------------------------|--------|---------------------|
| (State or Other Jurisdiction of |   | (I.R.S. Employer    |
| Incorporation or Organization)  |   | Identification No.) |
| 140 E. 45th Street, 37th Floor          |   |       |
|-----------------------------------------|--------|------------|
| New York, NY                            |   | 10017      |
| (Address of Principal Executive Office) |   | (Zip Code) |
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on WhichRegistered |
|---------------------|-------------------|------------------------------------------|
| None                | N/A               | N/A                                      |
| Large accelerated filer | ☐ | Accelerated filer         | ☐ |
|-------------------------|---------|---------------------------|---------|
| Non-accelerated filer   | ☒ | Smaller reporting company | ☐ |
| Emerging growth company | ☒ |                      |    |

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|       | Page                                                                                                               |
|------------|--------------------------------------------------------------------------------------------------------------------|
| Part I     |                                                                                                               |
| Item 1.    | Business                                                                                                           | 5 |
| Item 1A.   | Risk Factors                                                                                                       | 24 |
| Item 1B.   | Unresolved Staff Comments                                                                                          | 41 |
| Item 2.    | Properties                                                                                                         | 41 |
| Item 3.    | Legal proceedings                                                                                                  | 41 |
| Item 4.    | Mine Safety Disclosures                                                                                            | 41 |
| Part II    |                                                                                                               |
| Item 5.    | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 41 |
| Item 6.    | [Reserved]                                                                                                         | 42 |
| Item 7.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 42 |
| Item 7A    | Quantitative and Qualitative Disclosures About Market Risk                                                         | 51 |
| Item 8.    | Financial Statements and Supplementary Data                                                                        | 52 |
| Item 9.    | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 52 |
| Item 9A    | Controls and Procedures                                                                                            | 52 |
| Item 9B.   | Other Information                                                                                                  | 53 |
| Item 9C.   | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections                                                | 53 |
| PART III   |                                                                                                               |
| Item 10.   | Directors, Executive Officers and Corporate Governance                                                             | 53 |
| Item 11    | Executive Compensation                                                                                             | 53 |
| Item 12.   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 53 |
| Item 13.   | Certain Relationships and Related Transactions, and Director Independence                                          | 53 |
| Item 14.   | Principal Accountant Fees and Services                                                                             | 53 |
| PART IV    |                                                                                                               |
| Item 15.   | Exhibits and Financial Statement Schedules                                                                         | 54 |
| Item 16.   | Form 10-K Summary                                                                                                  | 56 |
| Signatures | 56                                                                                                                 |

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|  | • | the Company’s future operating results; |
|--|---------|-----------------------------------------------|
|  | • | Changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including with respect to changes from the impact of the COVID-19 pandemic; the length and              duration of the COVID-19 outbreak in the United States as well as worldwide and the magnitude of the economic impact of that outbreak; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | interest rate volatility, including volatility associated with the decommissioning of London Interbank Offered Rate (“LIBOR”) and the transition to new reference rates; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the effect of the COVID-19 pandemic on the Company’s business prospects and the prospects of the Company’s portfolio companies, including the Company’s and the portfolio companies’ ability to achieve their respective objectives; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the effect of the disruption caused by the COVID-19 pandemic on the Company’s ability to effectively manage the Company’s business and on the availability of equity and debt capital and the Company’s use of borrowed money to finance a              portion of the Company’s investments; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the Company’s business prospects and the prospects of the Company’s prospective portfolio companies; |
|--|---------|------------------------------------------------------------------------------------------------------------------|
|  | • | the impact of increased competition; |
|--|---------|--------------------------------------|
|  | • | the Company’s contractual arrangements and relationships with third parties; |
|--|---------|------------------------------------------------------------------------------------|
|  | • | the dependence of the Company’s future success on the general economy and its impact on the industries in which the Company invests; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the ability of the Company’s prospective portfolio companies to achieve their objectives; |
|--|---------|-------------------------------------------------------------------------------------------------|
|  | • | the relative and absolute performance of the Advisor; |
|--|---------|-------------------------------------------------------|

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|  | • | the ability of the Advisor and its affiliates to retain talented professionals; |
|--|---------|---------------------------------------------------------------------------------|
|  | • | the Company’s expected financings and investments; |
|--|---------|----------------------------------------------------------|
|  | • | the Company’s ability to pay dividends or make distributions; |
|--|---------|---------------------------------------------------------------------|
|  | • | the adequacy of the Company’s cash resources; |
|--|---------|-----------------------------------------------------|
|  | • | risks associated with possible disruptions in the Company’s operations or the economy generally due to war or terrorism; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------|
|  | • | the impact of future acquisitions and divestitures; |
|--|---------|-----------------------------------------------------|
|  | • | the Company’s regulatory structure and tax status as a business development company (“BDC”) and a regulated investment company (a “RIC”); and |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | future changes in laws or regulations and conditions in the Company’s operating areas. |
|--|---------|----------------------------------------------------------------------------------------------|
| Item 1. | Business |
|---------|----------|
|  | (a) | General Development of Business |
|--|-----|---------------------------------|
|  | (b) | Description of Business |
|--|-----|-------------------------|

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|  | • | A diversified portfolio of credit investments with equity upside to SMBs, generally not owned by large private equity firms. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------|

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|  | • | Current income distributions. |
|--|---------|-------------------------------|
|  | • | Capital protection through defensive structures with affirmative, negative and financial maintenance covenants and active portfolio management. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Targeted diversification of assets by vintage, industry and geography through direct originations and acquisitions of loan portfolios. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Generally low volatility and low correlation to public market indices. |
|--|---------|------------------------------------------------------------------------|
|  | (i) | the Company will not acquire any assets other than “qualifying assets” as defined in the 1940 Act (and summarized in “Regulation as a Business Development Company”) unless, at the time of and after              giving effect to such acquisition, at least 70% of the Company’s total assets are qualifying assets; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii) | the Company will offer, and must provide upon request, significant managerial assistance to its portfolio companies that constitute qualifying assets (as described in greater detail in “Regulation as a                Business Development Company” below); |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the Company generally must have at least 150% asset coverage for its debt after incurring any new indebtedness; and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except for shares of registered money market funds, the Company generally cannot acquire more than 3% of the                      voting stock of any registered investment company or BDC (either, an “Investment Company”), invest more than 5% of the value of its total assets in the securities of one Investment Company or invest more than 10% of the value of its                      total assets in the securities of Investment Companies in the aggregate. Subject to certain exemptive rules, including Rule 12d1-4, the Company may, subject to certain conditions, invest in other Investment Companies in excess of such                      thresholds. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (i) | Income Incentive Fee |
|--------|-----|----------------------|
|  | • | no Income Incentive Fee in any calendar quarter in which the Company’s Pre- Incentive Fee Net Investment Income does not exceed the Hurdle Amount; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | 100% of that portion of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Amount but is less than or equal to a “Catch-up Amount.” The Catch-up Amount is equal to the product of (i) 2.19% per quarter              (8.75% annualized) and (ii) the Company’s net assets at the end of the immediately preceding quarter. The Catch-up Amount is meant to provide the Advisor with approximately 20% of the Company’s Pre- Incentive Fee Net Investment Income as if a              hurdle rate did not apply; and |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | 20% of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-up Amount. This reflects that once the Hurdle Amount and the Catch-up Amount are achieved, 20% of all Pre-Incentive Fee Net Investment Income              thereafter is allocated to the Advisor. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (ii) | Capital Gains Incentive Fee |
|--------|------|-----------------------------|

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|  | (1) | Represents 7.0% annualized hurdle rate. |
|--|-----|-----------------------------------------|
|  | (2) | The “catch-up” provision is intended to provide our Advisor with an incentive fee of approximately 20% on all of our pre- incentive fee net investment income when our net investment income exceeds 2.19% in any calendar quarter. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | whether any Stockholders have requested to tender shares to the Company; |
|--|---------|--------------------------------------------------------------------------|
|  | • | the liquidity of the Company’s assets (including fees and costs associated with redeeming or otherwise withdrawing from investment funds); |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the investment plans and working capital and reserve requirements of the Company; |
|--|---------|-----------------------------------------------------------------------------------|
|  | • | the relative economies of scale of the tenders with respect to the size of the Company; |
|--|---------|-----------------------------------------------------------------------------------------|
|  | • | the history of the Company in repurchasing shares; |
|--|---------|----------------------------------------------------|
|  | • | the availability of information as to the value of the Company’s shares in investment funds; |
|--|---------|----------------------------------------------------------------------------------------------------|
|  | • | the existing conditions of the securities markets and the economy generally, as well as political, national or international developments or current affairs; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | any anticipated tax consequences to the Company of any proposed repurchases of shares; and |
|--|---------|--------------------------------------------------------------------------------------------|
|  | • | the recommendations of the Advisor. |
|--|---------|-------------------------------------|

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|  | • | Each repurchase offer will generally commence approximately 90 days prior to the applicable repurchase date. A Stockholder choosing to tender shares for repurchase must do so by the applicable deadline, which generally will be five days              before the applicable quarter end repurchase date. Stockholders will be informed in each repurchase offer that tendered Shares will be valued at the net asset value per share calculated as of the applicable valuation date. The valuation dates              are generally expected to be March 31, June 30, September 30 or December 31. Tenders will be revocable upon written notice to the Company until the end of the Notice Period. Payments will be made to Stockholders within 60 days of the end of              the Notice Period. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Promptly after the Notice Period, the Company will give to each Stockholder whose shares have been accepted for repurchase a promissory note (the “Promissory Note”) entitling the Stockholder to be paid an amount equal to the value,              determined as of the valuation date, of the repurchased shares. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The Promissory Note will be non-interest bearing and non-transferable. |
|--|---------|------------------------------------------------------------------------|

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|  | • | Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an “eligible portfolio company” (as defined in the 1940 Act), or from any              person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the              1940 Act as any issuer which: |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | is organized under the laws of, and has its principal place of business in, the United States; |
|--|---------|------------------------------------------------------------------------------------------------|
|  | • | is not an investment company (other than a small business investment company wholly owned by the Company) or a company that would be an investment company but for certain exclusions under the 1940 Act; and |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | satisfies any of the following: |
|--|---------|---------------------------------|
|  | • | has an equity capitalization of less than $250 million or does not have any class of securities listed on a national securities exchange; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | is controlled by a BDC or a group of companies including a BDC, the BDC actually exercises a controlling influence over the management or policies of the eligible portfolio company, and, as a result thereof, the BDC has an affiliated              person who is a director of the eligible portfolio company; or |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Securities of any eligible portfolio company that the Company controls. |
|--|---------|-------------------------------------------------------------------------|
|  | • | Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to              reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and the Company already owns 60% of the outstanding equity of the eligible portfolio company. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Securities received in exchange for or distributed on or with respect to securities described above, or pursuant to the exercise of options, warrants or rights relating to such securities. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Cash, cash equivalents, “U.S. Government securities” (as defined in the 1940 Act) or high-quality debt securities maturing in one year or less from the time of investment. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | pursuant to Rule 13a-14 of the Exchange Act, the President and Chief Financial Officer must certify the accuracy of the financial statements contained in the Company’s periodic reports; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | pursuant to Item 307 of Regulation S-K, the Company’s periodic reports must disclose the Company’s conclusions about the effectiveness of the Company’s disclosure controls and procedures; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | pursuant to Rule 13a-15 of the Exchange Act, the Company’s management must prepare an annual report regarding its assessment of the Company’s internal control over financial reporting and (once the Company ceases to be an emerging growth              company under the JOBS Act or, if later, for the year following the Company’s first annual report required to be filed with the SEC) must obtain an audit of the effectiveness of internal control over financial reporting performed by the              Company’s independent registered public accounting firm; and |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, the Company’s periodic reports must disclose whether there were significant changes in the Company’s internal controls over financial reporting or in other factors              that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | (a) | at all times during each taxable year maintain its election under the 1940 Act to be treated as a BDC; |
|--|-----|--------------------------------------------------------------------------------------------------------|
|  | (b) | derive in each taxable year at least 90% of its gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (c) | diversify its holdings so that, subject to certain exceptions and cure periods, at the end of each quarter of its taxable year, |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------|
|  | (i) | at least 50% of the value of its total assets is represented by cash and cash items, U.S. government securities, the securities of other RICs and “other securities,” provided that such “other securities” shall not include any amount of any              one issuer, if its holdings of such issuer are greater in value than 5% of its total assets or greater than 10% of the outstanding voting securities of such issuer, and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (ii) | no more than 25% of the value of its assets may be invested in securities of any one issuer, the securities of any two or more issuers that are controlled by the Company and are engaged in the same or similar or related trades or business              (excluding U.S. government securities and securities of other RICs), or the securities of one or more “qualified publicly traded partnerships.” |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (1) | at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year; |
|--|-----|------------------------------------------------------------------------------------------------------------------|
|  | (2) | at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year; and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (3) | any undistributed amounts from previous years on which the Company paid no U.S. federal income tax. |
|--|-----|-----------------------------------------------------------------------------------------------------|
|  | (1) | The Company may make investments that are subject to tax rules that require it to include amounts in income before cash corresponding to that income is received, or that defer or limit the Company’s ability to              claim the benefit of deductions or losses. For example, if the Company holds securities issued with original issue discount, such discount will be included in income in the taxable year of accrual and before any corresponding cash payments              are received. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (2) | In cases where the Company’s taxable income exceeds its available cash flow, the Company will need to fund distributions with the proceeds of sale of securities or with borrowed money, and will raise funds for              this purpose opportunistically over the course of the year. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (3) | The withholding tax treatment of dividends payable to certain non-U.S. Holders will depend on the renewal or extension by Congress of favorable rules applicable to “interest-related dividends” and “short-term              capital gain dividends” and the Company may elect to defer dividends pending the resolution of this issue. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 1A. | Risk Factors |
|----------|--------------|

|  | • | We have a limited operating history. |
|--|---------|--------------------------------------|
|  | • | Shares of the Company’s Common Stock are an illiquid investment. |
|--|---------|------------------------------------------------------------------------|
|  | • | Investments in private and middle-market companies involves a number of significant risks. |
|--|---------|--------------------------------------------------------------------------------------------|
|  | • | We are dependent upon Star Mountain’s access to its investment professionals for our success. |
|--|---------|-----------------------------------------------------------------------------------------------------|
|  | • | Economic recessions or downturns could impair the portfolio companies, and defaults by the portfolio companies will harm the Company’s operating results. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The discontinuation of London InterBank Offered Rate (“LIBOR”) may adversely affect the value of the financial obligations to be held or issued by us that are linked to LIBOR. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Our investment portfolio is and will continue to be recorded at fair value as determined in good faith by our Board of |
|--|---------|------------------------------------------------------------------------------------------------------------------------|
|  | • | Directors and, as a result, there is and will continue to be uncertainty as to the value of our portfolio investments. |
|--|---------|------------------------------------------------------------------------------------------------------------------------|
|  | • | We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------|
|  | • | There are potential conflicts of interest, including the management of other investment funds and accounts by the Advisor and Star Mountain, which could impact our investment returns. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The fee structure under the Advisory Agreement may induce the Advisor to pursue speculative investments and incur leverage, which may not be in the best interests of our stockholders. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------|
|  | • | Our financing agreements contain various covenants, which, if not complied with, could accelerate our repayment obligations thereunder, thereby materially and adversely affecting our liquidity, financial condition, results of operations              and ability to pay distributions. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The information and technology systems of the Company, the Adviser and their respective service providers may be vulnerable to cyber-attacks. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Stockholders may be subject to significant adverse consequences in the event such a Stockholder defaults on its capital commitment to the Company. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | There is no public market for shares of our common stock, and we do not expect there to be a market for our shares. |
|--|---------|---------------------------------------------------------------------------------------------------------------------|

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|  | • | The higher yields and interest rates on PIK securities reflects the payment deferral and increased credit risk associated with such instruments and that such investments may represent a significantly higher credit risk than coupon loans. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | PIK securities may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | PIK interest has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK interest also reduces the loan-to-value ratio at a compounding rate. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | PIK securities create the risk that incentive fees will be paid to the Advisor based on non-cash accruals that ultimately may not be realized, but the Advisor will be under no obligation to reimburse the Company for these fees. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | increase or maintain in whole or in part the Company’s equity ownership percentage; |
|--|---------|-------------------------------------------------------------------------------------------|
|  | • | exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or |
|--|---------|---------------------------------------------------------------------------------------------------------------------|
|  | • | attempt to preserve or enhance the value of the Company’s investment. |
|--|---------|-----------------------------------------------------------------------------|

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| Item 1B. | Unresolved Staff Comments |
|----------|---------------------------|
| Item 2. | Properties |
|---------|------------|
| Item 3. | Legal Proceedings |
|---------|-------------------|
| Item 4. | Mine Safety Disclosures |
|---------|-------------------------|

| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities |
|---------|-------------------------------------------------------------------------------------------------------------------|

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|  | • | Securities for which no such market prices are available or reliable will be preliminarily valued at such value as the Advisor may reasonably determine, which may include third-party valuations; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The audit committee of the board of directors will then review these preliminary valuations; |
|--|---------|----------------------------------------------------------------------------------------------|
|  | • | At least once annually, the valuation for each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The Company’s Board will then discuss valuations and determine the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Advisor, the respective independent valuation firms and the audit              committee. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ITEM 6. | [Reserved] |
|---------|------------|

| ITEM 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

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|                                 |   | December 31, 2021 |        |
|--------------------------------------|--------|-------------------|-------------|
| Fair Value:                          |   |              |        |   |   |   |
| First Lien Senior Secured Loan       |   | $                 | 79,686,882  |   |   |   | 76.9 | % |
| Second Lien Senior Secured Loan      |   |              | 9,748,549   |   |   |   | 9.4 |   |
| Preferred Equity Securities          |   |              | 10,604,516  |   |   |   | 10.2 |   |
| Warrants and Other Equity Securities |   |              | 3,600,418   |   |   |   | 3.5 |   |
| Total                                |   | $                 | 103,640,365 |   |   |   | 100.0 | % |

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|                                   |   | December 31, 2021 |        |
|----------------------------------------|--------|-------------------|-------------|
| Fair Value:                            |   |              |        |   |   |   |
| Aerospace & Defense                |   | $                 | 3,406,449   |   |   |   | 3.3 | % |
| Commercial Services & Supplies     |   |              | 9,446,485   |   |   |   | 9.1 |   |
| Construction & Engineering         |   |              | 21,566,475  |   |   |   | 20.9 |   |
| Consumer Finance                       |   |              | 2,872,016   |   |   |   | 2.8 |   |
| Diversified Consumer Services          |   |              | 4,707,478   |   |   |   | 4.5 |   |
| Diversified Telecommunication Services |   |              | 8,835,342   |   |   |   | 8.5 |   |
| Entertainment                          |   |              | 9,903,617   |   |   |   | 9.6 |   |
| Healthcare Providers & Services    |   |              | 1,464,446   |   |   |   | 1.4 |   |
| Household Durables                     |   |              | 4,229,816   |   |   |   | 4.1 |   |
| Household Products                     |   |              | 3,716,607   |   |   |   | 3.6 |   |
| IT Services                            |   |              | 1,999,150   |   |   |   | 1.9 |   |
| Leisure Products                       |   |              | 4,632,103   |   |   |   | 4.5 |   |
| Media                                  |   |              | 7,094,439   |   |   |   | 6.8 |   |
| Personal Products                      |   |              | 4,590,821   |   |   |   | 4.4 |   |
| Professional Services                  |   |              | 8,029,455   |   |   |   | 7.7 |   |
| Road & Rail                        |   |              | 1,013,686   |   |   |   | 1.0 |   |
| Software                               |   |              | 6,131,980   |   |   |   | 5.9 |   |
| Total                                  |   | $                 | 103,640,365 |   |   |   | 100.0 | % |

| Investment PerformanceRisk Rating | Summary Description |
|-----------------------------------|---------------------|
| Grade 1                           |                | Investment is performing above expectations. Full return of principal, interest and dividend income is expected. |
| Grade 2                           |                | Investment is performing in-line with expectations. Risk factors remain neutral or favorable compared with initial underwriting. All investments are given a “2” at the                time of origination |
| Grade 3                           |                | Investment is performing below expectations. Capital impairment or payment delinquency is not anticipated. The investment may also be out of compliance with certain                financial covenants. |
| Grade 4                           |                | Investment is performing below expectations. Quantitative or qualitative risks have increased materially. Delinquency of interest and / or dividend payments is                anticipated. No loss of principal anticipated. |
| Grade 5                           |                | Investment is performing substantially below expectations. It is anticipated that the Company will not recoup its initial cost basis and may realize a loss upon exit.                Most or all of the debt covenants are out of compliance. Amortization, interest and / or dividend payments are substantially delinquent. |

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| Investment Performance Risk Rating |   |   | Investments at Fair Value |        |   | Percentage of Total                 Investments |   |
|------------------------------------|--------|--------|---------------------------|-------------|--------|-------------------------------------------------|--------|
| 1                                  |   |   | $                         | -           |   |                                            |   | - | % |
| 2                                  |   |   |                      | 92,427,602  |   |                                            |   | 89.2 |   |
| 3                                  |   |   |                      | 11,212,763  |   |                                            |   | 10.8 |   |
| 4                                  |   |   |                      | -           |   |                                            |   | - |   |
| 5                                  |   |   |                      | -           |   |                                            |   | - |   |
| Total                              |   |   | $                         | 103,640,365 |   |                                            |   | 100.0 | % |

|                                                            |   | For the period May 14, 2021 to December 31, 2021 |      |
|-----------------------------------------------------------------|--------|--------------------------------------------------|-----------|
| Total investment income                                         |   | $                                                | 4,499,992 |   |
| Total expenses                                                  |   |                                             | 2,493,580 |   |
| Net investment income before taxes                              |   |                                             | 2,006,412 |   |
| Income taxes, including excise taxes                            |   |                                             | -         |   |
| Net investment income                                           |   |                                             | 2,006,412 |   |
| Net realized gain (loss) on investments                         |   |                                             | 240,492   |   |
| Net change in unrealized gain loss on investments               |   |                                             | 67,642    |   |
| Net increase (decrease) in net assets resulting from operations |   | $                                                | 2,314,546 |   |

|                                           |   | For the period May 14, 2021 to December 31, 2021 |      |
|------------------------------------------------|--------|--------------------------------------------------|-----------|
| Non-controlled/non-affiliate investment income |   |                                             |      |
| Interest income                                |   | $                                                | 4,091,514 |   |
| PIK interest income                            |   |                                             | 249,427   |   |
| Dividend income                                |   |                                             | 94,628    |   |
| Controlled/affiliate investment income         |   |                                             |      |   |
| Interest income                                |   |                                             | 64,423    |   |
| Total investment income                        |   | $                                                | 4,499,992 |   |

----

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|                              |   | For the period May 14, 2021 to December 31, 2021 |      |
|-----------------------------------|--------|--------------------------------------------------|-----------|
| Management fees                   |   | $                                                | 757,520   |   |
| Professional fees                 |   |                                             | 387,308   |   |
| Interest and other financing fees |   |                                             | 325,901   |   |
| Organizational costs              |   |                                             | 272,555   |   |
| Legal expenses                    |   |                                             | 266,709   |   |
| Incentive fees                    |   |                                             | 225,883   |   |
| General and administrative fees   |   |                                             | 206,855   |   |
| Directors' expenses               |   |                                             | 50,849    |   |
| Expenses                          |   | $                                                | 2,493,580 |   |

----

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----

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|  | • | the quarterly valuation process commences with each portfolio company or investment being initially evaluated by the investment professionals of the Advisor responsible for the monitoring of the portfolio investment; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the Advisor’s Valuation Committee reviews the valuations provided by the independent third-party valuation firm and develops a valuation recommendation. Valuation recommendations are presented to the audit committee of the Board; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the audit committee of the Board reviews valuation recommendations of the Advisor incorporating any adjustments or further supplements by the Advisor to the valuations; and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the Board discusses these valuations and determines the fair value of each investment in the portfolio in good faith, based on the input of the Advisor, the independent valuation firm, and the audit committee. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| • | Level 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date. |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | Level 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that are              not active, and fair value is determined through the use of models or other valuation methodologies. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs into determination of fair value require significant management judgment and              estimation. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk |
|----------|------------------------------------------------------------|

----

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| Change in Interest Rates |   | Increase (decrease) in interest income |      |   | Increase (decrease) in interest expense |   |      | Net increase (decrease) in net investment income |   |
|--------------------------|--------|----------------------------------------|-----------|--------|-----------------------------------------|--------|-----------|--------------------------------------------------|--------|
| Down 25 basis points     |   | $                                      | -         |   |                                    | $      | (85,000   | )                                                |   | $ | 85,000 |   |
| Up 100 basis points      |   |                                   | 170,778   |   |                                    |   | 340,000   |                                             |   |   | (169,222 | ) |
| Up 200 basis points      |   |                                   | 832,012   |   |                                    |   | 680,000   |                                             |   |   | 152,012 |   |
| Up 300 basis points      |   |                                   | 1,713,032 |   |                                    |   | 1,020,000 |                                             |   |   | 693,032 |   |

| ITEM 8. | Financial Statements and Supplementary Data |
|---------|---------------------------------------------|
| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
|---------|--------------------------------------------------------------------------------------|
| ITEM 9A. | Controls and Procedures |
|----------|-------------------------|

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| ITEM 9B. | Other Information |
|----------|-------------------|
| ITEM 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
|----------|---------------------------------------------------------------------|
| ITEM 10. | Directors, Executive Officers and Corporate Governance |
|----------|--------------------------------------------------------|
| ITEM 11. | Executive Compensation |
|----------|------------------------|
| ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
|----------|------------------------------------------------------------------------------------------------|

| ITEM 13. | Certain Relationships and Related Transactions, and Director Independence. |
|----------|----------------------------------------------------------------------------|

| ITEM 14. | Principal Accountant Fees and Services |
|----------|----------------------------------------|

----

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| ITEM 15. | Exhibits and Financial Statement Schedules |
|----------|--------------------------------------------|

| 3.1    | Certificate of Incorporation (1)                                                                                                                                                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1.1  | Certificate of Conversion to a Corporation (2)                                                                                                                                                                                                                           |
| 3.2    | Bylaws (3)                                                                                                                                                                                                                                                               |
| 4.1    | Form of Subscription Agreement  (4)                                                                                                                                                                                                                                 |
| 10.1   | Investment Advisory Agreement between Star Mountain Credit Opportunities Fund, LP and Star Mountain Fund Management, LLC (5)                                                                                                                                             |
| 10.2   | Administration Agreement between Star Mountain Credit Opportunities Fund, LP, and Star Mountain Fund Management LLC (6)                                                                                                                                                  |
| 10.3   | Loan and Servicing Agreement, dated as of July 2, 2021, by and among Star Mountain Lower Middle-Market Capital Corp., as borrower, the lenders party thereto and Sterling National Bank, in its capacities as collateral agent and              administrative agent (7) |
| 10.4   | First Amendment to Revolving Credit Agreement, dated as of November 10, 2021, by and among the Company, as Borrower, and Sterling National Bank, as Administrative Agent and the Letter of Credit Issuer, and the Lenders party thereto. (8)                             |
| 10.5   | Second Amendment to Revolving Credit Agreement, dated as of January 12, 2022, by and among the Company, as Borrower, and Sterling National Bank, as Administrative Agent and the Letter of Credit Issuer, and the Lenders party thereto. (9)                             |
| 14.1   | Code of Ethics *                                                                                                                                                                                                                                                         |
| 31.1   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *                                                                             |
| 31.2   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *                                                                             |
| 32.1   | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *                                                                                                                      |
| 32.2   | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *                                                                                                                      |
|   |                                                                                                                                                                                                                                                                     |
| (1)    | Previously filed as Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56259), filed with the SEC on May 7, 2021.                                                                                                                        |
| (2)    | Previously filed as Exhibit 10.4 to the Company’s Registration Statement on Form 10 (File No. 000-56259), filed with the SEC on May 7, 2021.                                                                                                                       |
| (3)    | Previously filed as Exhibit 3.2 to the Company’s Registration Statement on Form 10 (File No. 000-56259), filed with the SEC on May 7, 2021.                                                                                                                        |
| (4)    | Previously filed as Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000-56259), filed with the SEC on May 7, 2021.                                                                                                                       |
| (5)    | Previously filed as Exhibit 10.1 to the Company’s Registration Statement on Form 10 (File No. 000-56259), filed with the SEC on May 7, 2021.                                                                                                                       |
| (6)    | Previously filed as Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000-56259), filed with the SEC on May 7, 2021.                                                                                                                       |
| (7)    | Previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on July 15, 2021.                                                                                                                                                 |
| (8)    | Previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on November 12, 2021.                                                                                                                                             |
| (9)    | Previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on January 14, 2022.                                                                                                                                              |
| *      | Filed herewith                                                                                                                                                                                                                                                           |

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|                                                                                     | Page      |
|------------------------------------------------------------------------------------------|-----------|
| Report of Independent Registered Public Accounting Firm                                  | F-2       |
| Financial Statements:                                                                    |      |
| Statement of Assets and Liabilities as of December 31, 2021                              | F-3       |
| Statement of Operations for the period from May 14, 2021 to December 31, 2021            | F-4       |
| Statement of Changes in Net Assets for the period from May 14, 2021 to December 31, 2021 |  F-5 |
| Statement of Cash Flows for the period from May 14, 2021 to December 31, 2021            | F-6       |
| Schedule of Investments as of December 31, 2021                                          | F-7       |
| Notes to Financial Statements                                                            | F-11      |

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|                                                                                                    |   | December 31, 2021 |        |
|---------------------------------------------------------------------------------------------------------|--------|-------------------|-------------|
| ASSETS                                                                                                  |   |              |        |
| Non-controlled/non-affiliate investments at fair value (amortized cost of $99,008,447)                  |   | $                 | 102,175,919 |   |
| Controlled/affiliate investments at fair value (amortized cost of $1,452,715)                           |   |              | 1,464,446   |   |
| Cash                                                                                                    |   |              | 2,491,307   |   |
| Interest receivable                                                                                     |   |              | 630,372     |   |
| Paydown receivable                                                                                      |   |              | 300,968     |   |
| Deferred financing cost                                                                                 |   |              | 291,219     |   |
| Total assets                                                                                            |   |              | 107,354,231 |   |
|                                                                                                    |   |              |        |   |
| LIABILITIES                                                                                             |   |              |        |   |
|                                                                                                    |   |              |        |   |
| Credit facility payable                                                                                 |   |              | 34,000,000  |   |
| Distributions payable                                                                                   |   |              | 1,277,627   |   |
| Management fees payable                                                                                 |   |              | 757,520     |   |
| Subscriptions received in advance                                                                       |   |              | 482,185     |   |
| Incentive fees payable                                                                                  |   |              | 225,883     |   |
| Credit facility interest payable                                                                        |   |              | 172,096     |   |
| Other payables                                                                                          |   |              | 140,409     |   |
| Professional fees payable                                                                               |   |              | 136,384     |   |
| Total liabilities                                                                                       |   |              | 37,192,104  |   |
|                                                                                                    |   |              |        |   |
| Net assets                                                                                              |   | $                 | 70,162,127  |   |
|                                                                                                    |   |              |        |   |
| NET ASSETS                                                                                              |   |              |        |   |
| Common shares, $0.001 par value, 200,000,000 shares authorized, 2,777,449 shares issued and outstanding |   | $                 | 2,777       |   |
| Additional paid-in capital                                                                              |   |              | 67,021,165  |   |
| Accumulated undistributed (overdistributed) earnings                                                    |   |              | 3,138,185   |   |
| Total net assets                                                                                        |   | $                 | 70,162,127  |   |
|                                                                                                    |   |              |        |   |
| Net asset value per share                                                                               |   | $                 | 25.26       |   |

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|                                                                                          |   | For the period May 14, 2021* to                 December 31, 2021 |      |
|-----------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|-----------|
| Non-controlled/non-affiliate investment income:                                               |   |                                                              |      |
| Interest income                                                                               |   | $                                                                 | 4,091,514 |   |
| PIK interest income                                                                           |   |                                                              | 249,427   |   |
| Dividend income                                                                               |   |                                                              | 94,628    |   |
| Controlled/affiliate investment income:                                                       |   |                                                              |      |   |
| Interest income                                                                               |   |                                                              | 64,423    |   |
| Total investment income:                                                                      |   |                                                              | 4,499,992 |   |
|                                                                                          |   |                                                              |      |   |
| Operating expenses:                                                                           |   |                                                              |      |   |
| Management fees                                                                               |   |                                                              | 757,520   |   |
| Professional fees                                                                             |   |                                                              | 387,308   |   |
| Interest and other financing fees                                                             |   |                                                              | 325,901   |   |
| Organizational expenses                                                                       |   |                                                              | 272,555   |   |
| Legal expenses                                                                                |   |                                                              | 266,709   |   |
| Incentive fees                                                                                |   |                                                              | 225,883   |   |
| General and administrative fees                                                               |   |                                                              | 206,855   |   |
| Director expenses                                                                             |   |                                                              | 50,849    |   |
| Total expenses                                                                                |   |                                                              | 2,493,580 |   |
| Net investment income                                                                         |   |                                                              | 2,006,412 |   |
|                                                                                          |   |                                                              |      |   |
| Net gain (loss):                                                                              |   |                                                              |      |   |
| Net realized gain (loss):                                                                     |   |                                                              |      |   |
| Non-controlled/non-affiliate investments                                                      |   |                                                              | 240,492   |   |
| Net realized gain (loss)                                                                      |   |                                                              | 240,492   |   |
|                                                                                          |   |                                                              |      |   |
| Net change in unrealized gain (loss):                                                         |   |                                                              |      |   |
| Non-controlled/non-affiliate investments                                                      |   |                                                              | 55,911    |   |
| Controlled/affiliate investments                                                              |   |                                                              | 11,731    |   |
| Net change in unrealized gain (loss)                                                          |   |                                                              | 67,642    |   |
|                                                                                          |   |                                                              |      |   |
| Net gain (loss)                                                                               |   |                                                              | 308,134   |   |
|                                                                                          |   |                                                              |      |   |
| Net increase (decrease) in net assets resulting from operations                               |   | $                                                                 | 2,314,546 |   |
|                                                                                          |   |                                                              |      |   |
| Per common share data:                                                                        |   |                                                              |      |   |
| Net investment income per share - basic and diluted                                           |   | $                                                                 | 0.80      |   |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted |   | $                                                                 | 0.92      |   |
| Weighted average shares outstanding - basic and diluted                                       |   |                                                              | 2,502,175 |   |
|  | * | Date of Formation of the Company |
|--|---|----------------------------------|

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|                                                       |   | Common Stock     |      |   |                Additional paid-in capital |   |   | Accumulated undistributed (overdistributed) earnings |   |   |                Total net assets |   |
|------------------------------------------------------------|--------|------------------|-----------|--------|------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|--------------------------------------|--------|
|                                                       |   | Number of shares |      |   | Par value of shares                            |   |   |                                                 |   |   |                                 |   |
| Balance, May 14, 2021*                                     |   |             | -         |   |                                           | $      | -      |                                                 |   | $      | -                                    |   |   | $ | - |   |   | $ | - |   |
| Net investment income                                      |   |             | -         |   |                                           |   | -      |                                                 |   |   | -                                    |   |   |   | 2,006,412 |   |   |   | 2,006,412 |   |
| Net realized gain (loss)                                   |   |             | -         |   |                                           |   | -      |                                                 |   |   | -                                    |   |   |   | 240,492 |   |   |   | 240,492 |   |
| Net change in unrealized gain (loss)                       |   |             | -         |   |                                           |   | -      |                                                 |   |   | -                                    |   |   |   | 67,642 |   |   |   | 67,642 |   |
| Issuance of common shares                                  |   |             | 3,302,846 |   |                                           |   | 3,302  |                                                 |   |   | 83,363,852                           |   |   |   | - |   |   |   | 83,367,154 |   |
| Redemption of common shares (1)                            |   |             | (543,025  | )      |                                           |   | (543   | )                                                    |   |   | (13,922,611                          | )      |   |   | - |   |   |   | (13,923,154 | ) |
| Distributions declared to stockholders                     |   |             | -         |   |                                           |   | -      |                                                 |   |   | -                                    |   |   |   | (2,042,346 | ) |   |   | (2,042,346 | ) |
| Stock issued in connection with dividend reinvestment plan |   |             | 17,628    |   |                                           |   | 18     |                                                 |   |   | 445,909                              |   |   |   | - |   |   |   | 445,927 |   |
| Return of capital and other tax related adjustments        |   |             | -         |   |                                           |   | -      |                                                 |   |   | (2,865,985                           | )      |   |   | 2,865,985 |   |   |   | - |   |
| Balance, December 31, 2021                                 |   |             | 2,777,449 |   |                                           | $      | 2,777  |                                                 |   | $      | 67,021,165                           |   |   | $ | 3,138,185 |   |   | $ | 70,162,127 |   |

|  | 1. | On November 29, 2021, the Company redeemed 543,025 shares of common stock, representing an aggregate value of $13,923,154. |
|--|----|----------------------------------------------------------------------------------------------------------------------------|
|  | * | Date of Formation of the Company |
|--|---|----------------------------------|

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|                                                                                                                                                         |   | For the period May 14, 2021* to December 31, 2021 |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|-------------|
| Cash flows from operating activities:                                                                                                                        |   |                                              |        |
| Net increase (decrease) in net assets resulting from operations                                                                                              |   | $                                                 | 2,314,546   |   |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used in)                operating activities: |   |                                              |        |   |
| Net realized (gain) loss on investments                                                                                                                      |   |                                              | (240,492    | ) |
| Net change in unrealized (gain) loss on investments                                                                                                          |   |                                              | (67,642     | ) |
| Net accretion of discounts and amortization of premiums                                                                                                      |   |                                              | (101,958    | ) |
| Purchases of investments                                                                                                                                     |   |                                              | (63,820,333 | ) |
| Proceeds from sales of investments                                                                                                                           |   |                                              | 844,010     |   |
| Proceeds from principal payments                                                                                                                             |   |                                              | 2,559,788   |   |
| Amortization of deferred financing costs                                                                                                                     |   |                                              | 37,131      |   |
| Payment-in-kind interest income                                                                                                                              |   |                                              | (249,427    | ) |
| Changes in operating assets and liabilities:                                                                                                                 |   |                                              |        |   |
|                                                                                                                                                         |   |                                              |        |   |
| Interest receivable                                                                                                                                          |   |                                              | (419,381    | ) |
| Carried interest payable                                                                                                                                     |   |                                              | (990,732    | ) |
| Management fees payable                                                                                                                                      |   |                                              | 757,520     |   |
| Incentive fees payable                                                                                                                                       |   |                                              | 225,883     |   |
| Credit facility interest payable                                                                                                                             |   |                                              | 172,096     |   |
| Other payables                                                                                                                                               |   |                                              | 107,127     |   |
| Professional fees payable                                                                                                                                    |   |                                              | 92,827      |   |
| Organizational cost payable                                                                                                                                  |   |                                              | (413,685    | ) |
| Net cash provided by (used in) operating activities                                                                                                          |   |                                              | (59,192,722 | ) |
|                                                                                                                                                         |   |                                              |        |   |
| Cash flows from financing activities:                                                                                                                        |   |                                              |        |   |
| Proceeds from issuance of common shares                                                                                                                      |   |                                              | 41,152,125  |   |
| Redemption of common shares                                                                                                                                  |   |                                              | (13,923,154 | ) |
| Proceeds from credit facility                                                                                                                                |   |                                              | 35,000,000  |   |
| Repayments of credit facility                                                                                                                                |   |                                              | (1,000,000  | ) |
| Distributions paid, net of distributions payable of 1,277,627 and common stock issued under the DRP of $445,927                                              |   |                                              | (318,792    | ) |
| Deferred financing and debt issuance costs paid                                                                                                              |   |                                              | (328,350    | ) |
| Subscriptions received in advance                                                                                                                            |   |                                              | 482,185     |   |
| Net cash provided by (used in) financing activities                                                                                                          |   |                                              | 61,064,014  |   |
|                                                                                                                                                         |   |                                              |        |   |
| Net increase (decrease) in Cash                                                                                                                              |   |                                              | 1,871,292   |   |
| Cash, beginning of period                                                                                                                                    |   |                                              | 620,015     |   |
| Cash, end of period                                                                                                                                          |   | $                                                 | 2,491,307   |   |
|                                                                                                                                                         |   |                                              |        |   |
| Supplemental disclosures of cash flow information:                                                                                                           |   |                                              |        |   |
| Non cash operating activities:                                                                                                                               |   |                                              |        |   |
| Transfer of investments (see Note 1)                                                                                                                         |   | $                                                 | (42,865,258 | ) |
| Transfer of cash (see Note 1)                                                                                                                                |   |                                              | (620,015    | ) |
| Transfer of carried interest payable (see Note 1)                                                                                                            |   |                                              | 990,732     |   |
| Transfer of organizational costs payable (see Note 1)                                                                                                        |   |                                              | 413,685     |   |
| Transfer of other receivables and payables (see Note 1)                                                                                                      |   |                                              | (134,173    | ) |
|                                                                                                                                                         |   |                                              |        |   |
| Non cash financing activities:                                                                                                                               |   |                                              |        |   |
| Shares issued from BDC conversion (see Note 1)                                                                                                               |   |                                              | 42,215,029  |   |
| Shares issued from dividend reinvestment plan (see Note 9)                                                                                                   |   |                                              | 445,927     |   |

|  | * | Date of Formation of the Company |
|--|---|----------------------------------|

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| Portfolio Company (1)(2)(3)(4)(5)(6)             |   |   |   | Footnotes |    |   | Spread Above Index (7) |                |     | Interest Rate |                   | Acquisition Date     |       | Maturity   |       |   | Principal, Shares, Units |   |      | Amortized Cost (8) |       |      | Fair Value (9) |   |       | % of Net Assets |      |
|--------------------------------------------------|--------|--------|--------|-----------|---------|--------|------------------------|---------------------|----------|---------------|------------------------|----------------------|------------|------------|------------|--------|--------------------------|--------|-----------|--------------------|------------|-----------|----------------|--------|------------|-----------------|-----------|
| Investments                                      |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |
| First lien senior secured term loan              |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |
| Aerospace & Defense                          |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |
| Consolidated Machine & Tool Holdings, LLC    |   |   |   |      | (10)(11 | )      |                   |                | L+7.25%  |               |                   |                 | 9.25       | %          | 1/15/2020  |   | 1/15/2025                |   |      |               | 3,465,519  |      |           | $      | 3,407,500  |            |      | $ | 3,295,361 |   |   |   | 4.6 | % |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 3,465,519  |      |           |   | 3,407,500  |            |      |   | 3,295,361 |   |   |   | 4.6 |   |
| Commercial Services & Supplies               |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Novinium, Inc.                                   |   |   |   |      | (10)(11 | )      |                   |                | L+8.50%  |               |                   |                 | 9.25       | %          | 8/14/2020  |   | 8/14/2025                |   |      |               | 2,586,807  |      |           |   | 2,557,955  |            |      |   | 2,586,805 |   |   |   | 3.7 |   |
| Swyft Filings                                    |   |   |   |      | (18)(20 | )      |                   |                | S+2.75%  |               |                   |                 | 3.75       | %          | 12/20/2021 |   | 12/20/2027               |   |      |               | 3,111,252  |      |           |   | 3,056,939  |            |      |   | 3,057,130 |   |   |   | 4.4 |   |
| Swyft Filings                                    |   |   |   |      | (11)(20 | )      |                   |                | S+5.50%  |               |                   |                 | 6.50       | %          | 12/20/2021 |   | 12/20/2027               |   |      |               | 3,682,383  |      |           |   | 3,617,941  |            |      |   | 3,618,326 |   |   |   | 5.2 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 9,380,442  |      |           |   | 9,232,835  |            |      |   | 9,262,261 |   |   |   | 13.3 |   |
| Construction & Engineering                   |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Fremont-Wright, LLC                              |   |   |   |      | (12)(13 | )      |                   |                | L+9.00%  |               |                   |                 | 10.00      | %          | 12/2/2020  |   | 12/2/2024                |   |      |               | 4,485,294  |      |           |   | 4,444,015  |            |      |   | 4,444,015 |   |   |   | 6.3 |   |
| Mechanair, LLC                                   |   |   |   |      | (10     | )      |                   |                | L+10.50% |               |                   |                 | 11.50      | %          | 9/2/2021   |   | 9/2/2026                 |   |      |               | 6,964,286  |      |           |   | 6,798,522  |            |      |   | 6,868,179 |   |   |   | 9.8 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 11,449,580 |      |           |   | 11,242,537 |            |      |   | 11,312,194 |   |   |   | 16.1 |   |
| Consumer Finance                                 |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Microf, LLC                                      |   |   |   |      | (10     | )      |                   |                | L+12.75  |               |                   |                 | 14.75      | %          | 3/29/2019  |   | 6/30/2023                |   |      |               | 2,453,071  |      |           |   | 2,431,198  |            |      |   | 2,453,071 |   |   |   | 3.5 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 2,453,071  |      |           |   | 2,431,198  |            |      |   | 2,453,071 |   |   |   | 3.5 |   |
| Diversified Consumer Services                    |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Rock Gate Capital, LLC (dba 160 Driving Academy) |   |   |   |      | (10)(13 | )      |                   |                | L+9.00%  |               |                   |                 | 11.50      | %          | 10/16/2019 |   | 10/16/2024               |   |      |               | 4,605,268  |      |           |   | 4,533,152  |            |      |   | 4,605,268 |   |   |   | 6.6 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 4,605,268  |      |           |   | 4,533,152  |            |      |   | 4,605,268 |   |   |   | 6.6 |   |
| Diversified Telecommunication Services           |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Caregility Corporation                           |   |   |   |      | (10)(19 | )      |                   |                | L+9.00%  |               |                   |                 | 10.00      | %          | 12/29/2021 |   | 12/29/2024               |   |      |               | 1,761,590  |      |           |   | 1,292,946  |            |      |   | 1,292,478 |   |   |   | 1.8 |   |
| YTC Holdings, Inc. (dba Yorktel)                 |   |   |   |      | (10     | )      |                   |                | L+9.75%  |               |                   |                 | 11.75      | %          | 9/23/2019  |   | 9/23/2024                |   |      |               | 4,051,784  |      |           |   | 4,006,622  |            |      |   | 4,013,003 |   |   |   | 5.7 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 5,813,374  |      |           |   | 5,299,568  |            |      |   | 5,305,481 |   |   |   | 7.5 |   |
| Entertainment                                    |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Chicken Soup For The Soul, LLC                   |   |   |   |      | (10     | )      |                   |                | L+8.50%  |               |                   |                 | 10.00      | %          | 10/29/2021 |   | 3/31/2024                |   |      |               | 4,700,000  |      |           |   | 4,655,306  |            |      |   | 4,655,306 |   |   |   | 6.6 |   |
| Linden Research, Inc. (dba Linden Labs)          |   |   |   |      | (10)(11 | )      |                   | L+10.00% +1.25% PIK |     |          | 11.0% Cash + 1.25% PIK |                 | 12/31/2020 |       | 12/31/2025 |   |                     |   | 4,668,816 |               |       |      | 4,586,989      |   |       |            | 4,668,816 |   |   |   | 6.7 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 9,368,816  |      |           |   | 9,242,295  |            |      |   | 9,324,122 |   |   |   | 13.3 |   |
| Healthcare Providers & Services              |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Arrow Home Health LLC                            |   |   |   |      | (10)(14 | )      |                   |                | L+8.50%  |               |                   |                 | 10.50      | %          | 3/19/2021  |   | 3/19/2026                |   |      |               | 908,113    |      |           |   | 891,596    |            |      |   | 880,506 |   |   |   | 1.3 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 908,113    |      |           |   | 891,596    |            |      |   | 880,506 |   |   |   | 1.3 |   |
| Household Durables                               |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| SkyBell Technologies, Inc.                       |   |   |   |      | (10     | )      |                   |                | L+11.00% |               |                   |                 | 13.00      | %          | 12/13/2019 |   | 12/13/2024               |   |      |               | 4,215,945  |      |           |   | 4,150,656  |            |      |   | 4,215,945 |   |   |   | 6.0 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 4,215,945  |      |           |   | 4,150,656  |            |      |   | 4,215,945 |   |   |   | 6.0 |   |
| Household Products                               |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Coop Home Goods LLC (dba Coop Home Goods)        |   |   |   |      | (10)(11 | )      |                   |                | L+8.00%  |               |                   |                 | 9.00       | %          | 6/18/2021  |   | 6/18/2026                |   |      |               | 3,571,429  |      |           |   | 3,504,119  |            |      |   | 3,310,000 |   |   |   | 4.7 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 3,571,429  |      |           |   | 3,504,119  |            |      |   | 3,310,000 |   |   |   | 4.7 |   |
| IT Services                                      |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| CSI IT, LLC (dba Consulting Solutions)           |   |   |   |      | (10     | )      |                   |                | L+10.50% |               |                   |                 | 11.50      | %          | 1/29/2021  |   | 1/29/2026                |   |      |               | 1,999,150  |      |           |   | 1,962,579  |            |      |   | 1,999,150 |   |   |   | 2.8 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 1,999,150  |      |           |   | 1,962,579  |            |      |   | 1,999,150 |   |   |   | 2.8 |   |
| Leisure Products                                 |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| MPUSA, LLC (dba Mission)                         |   |   |   |      | (10     | )      |                   |                | L+9.00%  |               |                   |                 | 10.00      | %          | 12/9/2021  |   | 12/9/2026                |   |      |               | 4,328,947  |      |           |   | 4,261,050  |            |      |   | 4,261,050 |   |   |   | 6.1 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 4,328,947  |      |           |   | 4,261,050  |            |      |   | 4,261,050 |   |   |   | 6.1 |   |
| Media                                            |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Trailer Park Group Holdings LLC                  |   |   |   |      | (10)(11 | )      |                   |                | L+6.75%  |               |                   |                 | 7.75       | %          | 8/2/2021   |   | 8/2/2026                 |   |      |               | 3,718,220  |      |           |   | 3,630,548  |            |      |   | 3,793,700 |   |   |   | 5.4 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 3,718,220  |      |           |   | 3,630,548  |            |      |   | 3,793,700 |   |   |   | 5.4 |   |
| Personal Products                                |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Japonesque, LLC                                  |   |   |   |      | (10     | )      |                   |                | L+9.00%  |               |                   |                 | 10.61      | %          | 11/23/2021 |   | 11/30/2026               |   |      |               | 4,671,237  |      |           |   | 4,590,922  |            |      |   | 4,590,821 |   |   |   | 6.5 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 4,671,237  |      |           |   | 4,590,922  |            |      |   | 4,590,821 |   |   |   | 6.5 |   |
| Professional Services                            |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| BWG Strategy, LLC                                |   |   |   |      | (10     | )      |                   |                | L+9.00%  |               |                   |                 | 10.00      | %          | 12/24/2020 |   | 12/24/2025               |   |      |               | 1,306,932  |      |           |   | 1,284,472  |            |      |   | 1,306,932 |   |   |   | 1.9 |   |
| NSC Technologies, LLC                            |   |   |   |      | (10     | )      |                   |                | L+8.50%  |               |                   |                 | 10.75      | %          | 4/26/2019  |   | 4/26/2024                |   |      |               | 4,547,461  |      |           |   | 4,495,657  |            |      |   | 4,143,192 |   |   |   | 5.9 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 5,854,393  |      |           |   | 5,780,129  |            |      |   | 5,450,124 |   |   |   | 7.8 |   |
| Software                                         |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Proactive Dealer Solutions, LLC                  |   |   |   |      | (10     | )      |                   |                | L+10.00% |               |                   |                 | 11.00      | %          | 12/27/2021 |   | 12/26/2026               |   |      |               | 3,439,684  |      |           |   | 3,356,613  |            |      |   | 3,370,890 |   |   |   | 4.8 |   |
| PureCars Technologies, LLC                       |   |   |   |      | (10)(11 | )      |                   |                | L+6.25%  |               |                   |                 | 7.75       | %          | 4/18/2019  |   | 4/18/2024                |   |      |               | 1,300,000  |      |           |   | 1,300,000  |            |      |   | 1,300,000 |   |   |   | 1.9 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 4,739,684  |      |           |   | 4,656,613  |            |      |   | 4,670,890 |   |   |   | 6.7 |   |
| Road & Rail                                  |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Southern Ag Carriers, Inc.                       |   |   |   |      | (10)(11 | )      |                   |                | L+7.50%  |               |                   |                 | 9.50       | %          | 9/22/2020  |   | 9/22/2025                |   |      |               | 956,938    |      |           |   | 938,249    |            |      |   | 956,938 |   |   |   | 1.4 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 956,938    |      |           |   | 938,249    |            |      |   | 956,938 |   |   |   | 1.4 |   |
| Total first lien senior secured term loan        |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   | 79,755,546 |            |      |   | 79,686,882 |   |   |   | 113.6 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Second lien senior secured loan                  |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Construction & Engineering                   |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| DCCM, LLC                                        |   |   |   |      | (10     | )      |                   |                | L+7.75%  |               |                   |                 | 8.75       | %          | 8/6/2021   |   | 12/30/2026               |   |      |               | 8,064,297  |      |           |   | 7,904,510  |            |      |   | 8,064,297 |   |   |   | 11.5 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 8,064,297  |      |           |   | 7,904,510  |            |      |   | 8,064,297 |   |   |   | 11.5 |   |
| Professional Services                            |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| CorTech, LLC                                     |   |   |   |      | (10     | )      |                   |                | L+9.00%  |               |                   |                 | 13.00      | %          | 3/13/2020  |   | 2/1/2024                 |   |      |               | 1,703,674  |      |           |   | 1,676,870  |            |      |   | 1,684,252 |   |   |   | 2.4 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               | 1,703,674  |      |           |   | 1,676,870  |            |      |   | 1,684,252 |   |   |   | 2.4 |   |
| Total second lien term loan                      |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   | 9,581,380  |            |      |   | 9,748,549 |   |   |   | 13.9 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Preferred equity securities                      |   |   |   |      | (15     | )      |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Commercial Services and Supplies                 |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |
| Swyft Filings Holdings, LLC                      |   |   |   |      |    |   |                   |                | -        |          |                   |                 | -          |       | 12/20/2021 |   |                     | -      |      |               |       | 183,612   |           |   |       | 183,612         |      |   |   | 184,224 |   |   |   | 0.3 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       | 183,612   |           |   |       | 183,612         |      |   |   | 184,224 |   |   |   | 0.3 |   |
| Construction & Engineering                   |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |   |
| Mechanair Holdings, LLC                          |   |   |   |      | (16     | )      |                   |                | -        |          |                   | 13.50% PIK           |       | 9/2/2021   |       |   | -                        |   |      |               | 1,190      |      |           |   | 1,190,476  |            |      |   | 1,299,524 |   |   |   | 1.9 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       | 1,190     |           |   |       | 1,190,476       |      |   |   | 1,299,524 |   |   |   | 1.9 |   |
| Diversified Telecommunication Services           |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |   |
| YTC Holdings, Inc. (dba Yorktel)                 |   |   |   |      | (16     | )      |                   |                | -        |          |                   | 8.00% PIK            |       | 9/23/2019  |       |   | -                        |   |      |               | 221,642    |      |           |   | 2,021,790  |            |      |   | 2,559,279 |   |   |   | 3.6 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       | 221,642   |           |   |       | 2,021,790       |      |   |   | 2,559,279 |   |   |   | 3.6 |   |
| Healthcare Providers & Services              |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |   |
| Arrow Home Health, LLC                           |   |   |   |      | (14     | )      |                   |                | -        |          |                   |                 | -          |       | 12/24/2020 |   |                     | -      |      |               |       | 571,080   |           |   |       | 561,119         |      |   |   | 583,940 |   |   |   | 0.8 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       | 571,080   |           |   |       | 561,119         |      |   |   | 583,940 |   |   |   | 0.8 |   |
| Leisure Products                                 |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       | -               |      |   |   |   |   |   |   |   |   |
| MPUSA, LLC (dba Mission)                         |   |   |   |      |    |   |                   |                | -        |          |                   |                 | -          |       | 12/9/2021  |   |                     | -      |      |               |       | 9         |           |   |       | 371,053         |      |   |   | 371,053 |   |   |   | 0.5 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       | 9         |           |   |       | 371,053         |      |   |   | 371,053 |   |   |   | 0.5 |   |
| Media                                            |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |   |
| Channel Factory Holdings, LLC                    |   |   |   |      | (16     | )      |                   |                | -        |          |                   | 5.00% Cash/5.00% PIK |       | 8/27/2020  |       |   | -                        |   |      |               | 2,381,867  |      |           |   | 2,136,667  |            |      |   | 2,859,200 |   |   |   | 4.1 |   |
| Trailer Park Group Holdings, LLC                 |   |   |   |      |    |   |                   |                | -        |          |                   | 8.00% PIK            |       | 8/2/2021   |       |   | -                        |   |      |               | 371,822    |      |           |   | 364,578    |            |      |   | 441,539 |   |   |   | 0.6 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       | 2,753,689 |           |   |       | 2,501,245       |      |   |   | 3,300,739 |   |   |   | 4.7 |   |
| Professional Services                            |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |   |
| Hometown Holdings JV, LLC (dba BWG Strategy)     |   |   |   |      |    |   |                   |                | -        |          |                   | 8.00% PIK            |       | 12/24/2020 |       |   | -                        |   |      |               | 666,667    |      |           |   | 654,936    |            |      |   | 844,667 |   |   |   | 1.2 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       | 666,667   |           |   |       | 654,936         |      |   |   | 844,667 |   |   |   | 1.2 |   |
| Software                                         |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       |            |      |   |   |   |   |   |   |   |   |
| Proactive Dealer Holdings Parent, LLC            |   |   |   |      |    |   |                   |                | -        |          |                   |                 | -          |       | 12/27/2021 |   |                     | -      |      |               |       | 1,142,790 |           |   |       | 1,142,790       |      |   |   | 1,142,790 |   |   |   | 1.6 |   |
| PureCars Technologies Holdings, LLC              |   |   |   |      | (16     | )      |                   |                | -        |          |                   | 8.00% PIK            |       | 4/19/2019  |       |   | -                        |   |      |               | 482        |      |           |   | 229,117    |            |      |   | 318,300 |   |   |   | 0.5 |   |
|                                             |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       | 1,143,272 |           |   |       | 1,371,907       |      |   |   | 1,461,090 |   |   |   | 2.1 |   |
| Total preferred equity securities                |   |   |   |      |    |   |                   |                |     |          |                   |                 |       |       |       |   |                     |   |      |               |       |      |           |   |       | 8,856,138       |      |   |   | 10,604,516 |   |   |   | 15.1 |   |

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| Portfolio Company (1)(2)(3)(4)(5)(6)             |   | Footnotes |   |   | Spread Above Index (7) |   |   | Interest Rate |   | Acquisition Date |   | Maturity |       |   | Principal, Shares, Units |   |   | Amortized Cost (8) |   |    | Fair Value (9) |   |   | % of Net Assets |   |
|--------------------------------------------------|--------|-----------|--------|--------|------------------------|--------|--------|---------------|--------|------------------|--------|----------|------------|--------|--------------------------|--------|--------|--------------------|--------|---------|----------------|--------|--------|-----------------|--------|
| Warrants and other equity securities             |   |      | (15    | )      |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |
| Aerospace & Defense                          |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |
| Consolidated Machine & Tool Holdings, LLC    |   |      | (17    | )      |                   |   | -      |          |   |             | -      |     | 1/15/2020  |   |                     | -      |   |               |   | 127     |           |   | $      | 142,485         |   |   | $ | 111,088 |   |   |   | 0.2 | % |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 127     |           |   |   | 142,485         |   |   |   | 111,088 |   |   |   | 0.2 |   |
| Construction & Engineering                   |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| DCCM, LLC                                        |   |      |   |   |                   |   | -      |          |   |             | -      |     | 8/6/2021   |   |                     | -      |   |               |   | 832     |           |   |   | 831,767         |   |   |   | 854,292 |   |   |   | 1.2 |   |
| Fremont-Wright, LLC                              |   |      |   |   |                   |   | -      |          |   |             | -      |     | 12/2/2020  |   |                     | -      |   |               |   | 2       |           |   |   | -               |   |   |   | 36,168 |   |   |   | 0.1 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 834     |           |   |   | 831,767         |   |   |   | 890,460 |   |   |   | 1.3 |   |
| Consumer Finance                                 |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| Microf, LLC                                      |   |      |   |   |                   |   | -      |          |   |             | -      |     | 5/5/2020   |   |                     | -      |   |               |   | 164,332 |           |   |   | -               |   |   |   | 418,945 |   |   |   | 0.6 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 164,332 |           |   |   | -               |   |   |   | 418,945 |   |   |   | 0.6 |   |
| Commercial Services and Supplies                 |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| Swyft Filings Holdings, LLC                      |   |      |   |   |                   |   | -      |          |   |             | -      |     | 12/20/2021 |   |                     | -      |   |               |   | 1,015   |           |   |   | -               |   |   |   | - |   |   |   | 0.0 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 1,015   |           |   |   | -               |   |   |   | - |   |   |   | 0.0 |   |
| Diversified Consumer Services                    |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| Rock Gate Capital, LLC (dba 160 Driving Academy) |   |      |   |   |                   |   | -      |          |   |             | -      |     | 10/16/2019 |   |                     | -      |   |               |   | 12,693  |           |   |   | -               |   |   |   | 102,210 |   |   |   | 0.1 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 12,693  |           |   |   | -               |   |   |   | 102,210 |   |   |   | 0.1 |   |
| Diversified Telecommunication Services           |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| Caregility Corporation                           |   |      | (19    | )      |                   |   | -      |          |   |             | -      |     | 12/29/2021 |   |                     | -      |   |               |   | 52,593  |           |   |   | 443,392         |   |   |   | 443,357 |   |   |   | 0.6 |   |
| York Telecom Corporation (dba Yorktel)           |   |      |   |   |                   |   | -      |          |   |             | -      |     | 9/23/2019  |   |                     | -      |   |               |   | 46,227  |           |   |   | -               |   |   |   | 502,485 |   |   |   | 0.7 |   |
| York Telecom Corporation (dba Yorktel)           |   |      |   |   |                   |   | -      |          |   |             | -      |     | 9/23/2019  |   |                     | -      |   |               |   | 77,195  |           |   |   | -               |   |   |   | 24,740 |   |   |   | 0.0 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 176,015 |           |   |   | 443,392         |   |   |   | 970,582 |   |   |   | 1.3 |   |
| Entertainment                                    |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| LRI Holdco, LLC (dba Linden Labs)                |   |      |   |   |                   |   | -      |          |   |             | -      |     | 12/31/2020 |   |                     | -      |   |               |   | 1       |           |   |   | -               |   |   |   | 238,683 |   |   |   | 0.3 |   |
| LRI Holdco, LLC (dba Linden Labs)                |   |      |   |   |                   |   | -      |          |   |             | -      |     | 12/31/2020 |   |                     | -      |   |               |   | 1       |           |   |   | 43,478          |   |   |   | 340,812 |   |   |   | 0.5 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 2       |           |   |   | 43,478          |   |   |   | 579,495 |   |   |   | 0.8 |   |
| Household Durables                               |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| SkyBell Technologies, Inc.                       |   |      |   |   |                   |   | -      |          |   |             | -      |     | 12/13/2019 |   |                     | -      |   |               |   | 585,427 |           |   |   | -               |   |   |   | 13,871 |   |   |   | 0.0 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 585,427 |           |   |   | -               |   |   |   | 13,871 |   |   |   | 0.0 |   |
| Household Products                               |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| CHG Parent Holding LLC (dba Coop Home Goods)     |   |      |   |   |                   |   | -      |          |   |             | -      |     | 6/18/2021  |   |                     | -      |   |               |   | 535,714 |           |   |   | 535,714         |   |   |   | 406,607 |   |   |   | 0.6 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 535,714 |           |   |   | 535,714         |   |   |   | 406,607 |   |   |   | 0.6 |   |
| Professional Services                            |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| NSC Holdings, LLC                                |   |      |   |   |                   |   | -      |          |   |             | -      |     | 4/26/2019  |   |                     | -      |   |               |   | 111     |           |   |   | 271,262         |   |   |   | 50,412 |   |   |   | 0.1 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 111     |           |   |   | 271,262         |   |   |   | 50,412 |   |   |   | 0.1 |   |
| Road & Rail                                  |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| Southern AG Holdings, Inc.                       |   |      |   |   |                   |   | -      |          |   |             | -      |     | 9/22/2020  |   |                     | -      |   |               |   | 147     |           |   |   | -               |   |   |   | 56,748 |   |   |   | 0.1 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   | 147     |           |   |   | -               |   |   |   | 56,748 |   |   |   | 0.1 |   |
| Warrants and other equity securities             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   | 2,268,098       |   |   |   | 3,600,418 |   |   |   | 5.1 |   |
|                                             |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   |   |            |   |   |   |   |   |   |   |   |   |
| TOTAL INVESTMENTS                                |   |      |   |   |                   |   |   |          |   |             |   |     |       |   |                     |   |   |               |   |    |           |   | $      | 100,461,162     |   |   | $ | 103,640,365 |   |   |   | 147.7 | % |

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|  | (1) | All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies              unless otherwise noted. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (2) | All investments are non-controlled/non-affiliated investments as defined by the 1940 Act, unless otherwise noted. The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio              company. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (3) | All investments are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission (the “SEC”), unless otherwise noted. See              Note 6 “Transactions with Related Parties” in the accompanying notes to the financial statements. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (4) | Unless otherwise indicated, all investments are considered Level 3 assets. |
|--|-----|----------------------------------------------------------------------------|
|  | (5) | Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Secured Credit Facility (as defined herein). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (6) | Except as otherwise noted, all of the Company’s portfolio company investments are subject to legal restrictions on sales. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------|
|  | (7) | Loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”, which can              include one or three- month LIBOR), the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate which can include the Federal Funds Effective Rate or the Prime Rate, at the borrower’s option, and which reset periodically              based on the terms of the loan agreement. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (8) | The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (9) | Because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Company’s board of directors (the “Board”) as              required by the 1940 Act. See Note 4 "Fair Value Measurements" in the accompanying notes to the financial statements. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (10) | The interest rate on these loans is subject to 3 month LIBOR, which was 0.21% as of December 31, 2021. |
|--------|------|--------------------------------------------------------------------------------------------------------|
|   | (11) | The Company categorized its unitranche loans as First Lien Senior Secured Loans. The First Lien Senior Secured Loan is comprised of two components: a first out tranche ("First Out") and last out tranche ("Last Out"). The Company syndicates              the First Out tranche and retains the Last Out tranche. The First Out and Last Out tranches have the same maturity date. Interest disclosed reflects the contractual rate of First Lien Senior Secured Loan. The First Out tranche has priority as              to the Last Out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company may be entitled to receive additional interest as a result of the Agreement Among Lenders ("AAL") entered into with the First              Out lender. In exchange for the higher interest rate, the Last Out portion is at a greater risk of loss. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (12) | The interest rate on these loans is subject to 1 month LIBOR, which was 0.10% as of December 31, 2021. |
|--------|------|--------------------------------------------------------------------------------------------------------|
|   | (13) | Position includes an unfunded loan commitment. See Note 11 “Commitments and Contingencies” in the accompanying notes to the financial statements. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (14) | As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company and its affiliated funds collectively owns more than 25% of the portfolio company’s outstanding              voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). The Company’s investment in affiliates for the period ended December 31, 2021 were Arrow              Home Health, LLC which represented $1,464,446 of Fair Value and 2.1% of Net Assets of the Company. Transactions related to investments in “Controlled/Affiliate Investments” for the period ended December 31, 2021 were as follows: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Portfolio Company           | Type of Investment                           |   | Amount of Realized Gain (Loss) |   |   | Amount of Interest or Dividends Credited to Income (a) |   |   | May 14, 2021 Value |   |   | Gross Additions (b) |   |   | Gross Reductions (c) |   |   | Amount of Unrealized Gains (Loss) |   |    | December 31, 2021 Value |   |
|-----------------------------|----------------------------------------------|--------|--------------------------------|--------|--------|--------------------------------------------------------|--------|--------|--------------------|--------|--------|---------------------|--------|--------|----------------------|--------|--------|-----------------------------------|--------|---------|-------------------------|--------|
| Arrow Home Health LLC (d)   | First lien senior securred term loan         |   | $                              | -      |   |                                                   | $      | 64,423 |               |   | $      | 953,322             |   |   | $                    | 3,672  |   |                              | $      | (65,398 | )                       |   | $ | (11,090 | ) |   | $ | 880,506 |   |
|                             | Preferred equity securities (571,080 shares) |   |                           | -      |   |                                                   |   | -      |               |   |   | 559,912             |   |   |                 | 1,207  |   |                              |   | -       |                    |   |   | 22,821 |   |   |   | 583,940 |   |
| Total Affiliate Investments |                                         |   | $                              | -      |   |                                                   | $      | 64,423 |               |   | $      | 1,513,234           |   |   | $                    | 4,879  |   |                              | $      | (65,398 | )                       |   | $ | 11,731 |   |   | $ | 1,464,446 |   |

| (a) | Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the                  Affiliate category. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Gross additions include increase in the cost basis of investments resulting from purchases, PIK interest or amortization of original issue                  discount. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (d) | The fair value of the investment was determined using significant unobservable inputs. |
|-----|----------------------------------------------------------------------------------------|

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|   | (15) | Ownership of certain equity investments may occur through a holding company or partnership. In no instances are the holding companies or partnerships wholly owned by the Company. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (16) | Investment contains a fixed rate structure. |
|--------|------|---------------------------------------------|
|   | (17) | The Company has received 46 units of incentive shares which have no Cost or Fair Value as of December 31, 2021. |
|--------|------|-----------------------------------------------------------------------------------------------------------------|
|   | (18) | Interest disclosed reflects the contractual rate of the First Out tranche under the Agreement Among Lenders (“AAL”). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|
|   | (19) | Caregility Corporation is a wholly owned subsidiary of YTC Holdings, Inc. |
|--------|------|---------------------------------------------------------------------------|
|   | (20) | The interest rate on these loans is subject to 1 month SOFR, which was 0.05% as of December 31, 2021. |
|--------|------|-------------------------------------------------------------------------------------------------------|

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|                                 |   | December 31, 2021 |        |
|--------------------------------------|--------|-------------------|-------------|
|                                 |   | Amortized Cost    |        |   | Fair Value |   |
| First Lien Senior Secured Loan       |   | $                 | 79,755,546  |   |   |   | 79.4 | % |   |   | $ | 79,686,882 |   |   |   | 76.9 | % |
| Second Lien Senior Secured Loan      |   |              | 9,581,380   |   |   |   | 9.5 |   |   |   |   | 9,748,549 |   |   |   | 9.4 |   |
| Preferred Equity Securities          |   |              | 8,856,138   |   |   |   | 8.8 |   |   |   |   | 10,604,516 |   |   |   | 10.2 |   |
| Warrants and Other Equity Securities |   |              | 2,268,098   |   |   |   | 2.3 |   |   |   |   | 3,600,418 |   |   |   | 3.5 |   |
| Total                                |   | $                 | 100,461,162 |   |   |   | 100.0 | % |   |   | $ | 103,640,365 |   |   |   | 100.0 | % |

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|      |   | December 31, 2021 |        |
|-----------|--------|-------------------|-------------|
|      |   | Amortized Cost    |        |   | Fair Value |   |
| Midwest   |   | $                 | 12,522,150  |   |   |   | 12.5 | % |   | $ | 12,875,181 |   |   |   | 12.4 | % |
| Northeast |   |              | 18,991,567  |   |   |   | 18.9 |   |   |   | 20,274,350 |   |   |   | 19.6 |   |
| Southeast |   |              | 21,298,932  |   |   |   | 21.2 |   |   |   | 21,267,640 |   |   |   | 20.5 |   |
| Southwest |   |              | 10,188,992  |   |   |   | 10.1 |   |   |   | 10,383,035 |   |   |   | 10.0 |   |
| West      |   |              | 26,101,626  |   |   |   | 26.0 |   |   |   | 27,466,799 |   |   |   | 26.5 |   |
| East      |   |              | 11,357,895  |   |   |   | 11.3 |   |   |   | 11,373,360 |   |   |   | 11.0 |   |
| Total     |   | $                 | 100,461,162 |   |   |   | 100.0 | % |   | $ | 103,640,365 |   |   |   | 100.0 | % |

|                                   |   | December 31, 2021 |        |
|----------------------------------------|--------|-------------------|-------------|
|                                   |   | Amortized Cost    |        |   | Fair Value |   |
| Aerospace & Defense                |   | $                 | 3,549,985   |   |   |   | 3.5 | % |   | $ | 3,406,449 |   |   |   | 3.3 | % |
| Commercial Services & Supplies     |   |              | 9,416,447   |   |   |   | 9.4 |   |   |   | 9,446,485 |   |   |   | 9.1 |   |
| Construction & Engineering         |   |              | 21,169,290  |   |   |   | 21.2 |   |   |   | 21,566,475 |   |   |   | 20.9 |   |
| Consumer Finance                       |   |              | 2,431,198   |   |   |   | 2.4 |   |   |   | 2,872,016 |   |   |   | 2.8 |   |
| Diversified Consumer Services          |   |              | 4,533,152   |   |   |   | 4.5 |   |   |   | 4,707,478 |   |   |   | 4.5 |   |
| Diversified Telecommunication Services |   |              | 7,764,750   |   |   |   | 7.7 |   |   |   | 8,835,342 |   |   |   | 8.5 |   |
| Entertainment                          |   |              | 9,285,773   |   |   |   | 9.2 |   |   |   | 9,903,617 |   |   |   | 9.6 |   |
| Healthcare Providers & Services    |   |              | 1,452,715   |   |   |   | 1.4 |   |   |   | 1,464,446 |   |   |   | 1.4 |   |
| Household Durables                     |   |              | 4,150,656   |   |   |   | 4.1 |   |   |   | 4,229,816 |   |   |   | 4.1 |   |
| Household Products                     |   |              | 4,039,833   |   |   |   | 4.1 |   |   |   | 3,716,607 |   |   |   | 3.6 |   |
| IT Services                            |   |              | 1,962,579   |   |   |   | 2.0 |   |   |   | 1,999,150 |   |   |   | 1.9 |   |
| Leisure Products                       |   |              | 4,632,103   |   |   |   | 4.6 |   |   |   | 4,632,103 |   |   |   | 4.5 |   |
| Media                                  |   |              | 6,131,793   |   |   |   | 6.1 |   |   |   | 7,094,439 |   |   |   | 6.8 |   |
| Personal Products                      |   |              | 4,590,922   |   |   |   | 4.6 |   |   |   | 4,590,821 |   |   |   | 4.4 |   |
| Professional Services                  |   |              | 8,383,197   |   |   |   | 8.3 |   |   |   | 8,029,455 |   |   |   | 7.7 |   |
| Road & Rail                        |   |              | 938,249     |   |   |   | 0.9 |   |   |   | 1,013,686 |   |   |   | 1.0 |   |
| Software                               |   |              | 6,028,520   |   |   |   | 6.0 |   |   |   | 6,131,980 |   |   |   | 5.9 |   |
| Total                                  |   | $                 | 100,461,162 |   |   |   | 100.0 | % |   | $ | 103,640,365 |   |   |   | 100.0 | % |

| • | Level 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date. |
|---------|-----------------------------------------------------------------------------------------------------------------------|

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| • | Level 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that are              not active, and fair value is determined through the use of models or other valuation methodologies. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs into determination of fair value require significant management judgment and              estimation. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                 |   | Fair Value Measurements |   |
|--------------------------------------|--------|-------------------------|--------|
| December 31, 2021                    |   | Level 1                 |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
| First Lien Senior Secured Loan       |   | $                       | -      |   |   | $ | - |   |   | $ | 79,686,882 |   |   | $ | 79,686,882 |   |
| Second Lien Senior Secured Loan      |   |                    | -      |   |   |   | - |   |   |   | 9,748,549 |   |   |   | 9,748,549 |   |
| Preferred Equity Securities          |   |                    | -      |   |   |   | - |   |   |   | 10,604,516 |   |   |   | 10,604,516 |   |
| Warrants and Other Equity Securities |   |                    | -      |   |   |   | - |   |   |   | 3,600,418 |   |   |   | 3,600,418 |   |
| Total Investments                    |   | $                       | -      |   |   | $ | - |   |   | $ | 103,640,365 |   |   | $ | 103,640,365 |   |

|                                                            |   | Investments                    |       |
|-----------------------------------------------------------------|--------|--------------------------------|------------|
|                                                            |   | First Lien Senior Secured Loan |       |   | Second Lien Senior Secured Loan |   |   | Preferred Equity Securities |   |   | Warrants and Other Equity Securities |   |   | Total Investments |   |
| Balance as of May 14, 2021                                      |   | $                              | 32,804,029 |   |   | $ | 854,681 |   |   | $ | 7,468,793 |   |   | $ | 1,737,755 |   |   | $ | 42,865,258 |   |
| Net realized gain on investments                                |   |                           | -          |   |   |   | - |   |   |   | - |   |   |   | 240,492 |   |   |   | 240,492 |   |
| Net change in unrealized gain (loss) on investments             |   |                           | 57,925     |   |   |   | 196,597 |   |   |   | (329,718 | ) |   |   | 142,838 |   |   |   | 67,642 |   |
| Purchases of investments and other adjustments to cost (1) |   |                           | 50,049,082 |   |   |   | 8,846,343 |   |   |   | 3,465,441 |   |   |   | 1,810,873 |   |   |   | 64,171,739 |   |
| Proceeds from sales of investments                              |   |                           | (512,470   | ) |   |   | - |   |   |   | - |   |   |   | (331,540 | ) |   |   | (844,010 | ) |
| Proceeds from principal repayments (2)                     |   |                           | (2,711,684 | ) |   |   | (149,072 | ) |   |   | - |   |   |   | - |   |   |   | (2,860,756 | ) |
| Balance as of December 31, 2021                                 |   | $                              | 79,686,882 |   |   | $ | 9,748,549 |   |   | $ | 10,604,516 |   |   | $ | 3,600,418 |   |   | $ | 103,640,365 |   |

|  | (1) | Includes purchases of new investments, premium and discount accretion and amortization and PIK interest. |
|--|-----|----------------------------------------------------------------------------------------------------------|
|  | (2) | Includes paydowns receivable included in the Statement of Assets and Liabilities |
|--|-----|----------------------------------------------------------------------------------|

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|                                 |   |       |        |                |                     |               |                                                                                                                          |   |                  |   |   | Range   |   |
|--------------------------------------|--------|------------|-------------|---------------------|--------------------------|--------------------|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|---------|--------|
|                                 |   | Fair Value |        | Valuation Technique |                     | Unobservable Input |                                                                                                                          |   | Weighted Average Mean |   |   | Minimum |   |   | Maximum |   |
| Assets:                              |   |       |        |                |                     |               |                                                                                                                          |   |                  |   |   |    |   |   |   |   |
| First Lien Senior Secured Loan       |   | $          | 54,840,882  |                | Discounted Cash Flow     |               | Market Yields                                                                                                                 |   |                  |   | 12.60  | %       |   |   | 7.20 | % |   |   | 19.10 | % |
|                                 |   |       |        |                |      |               | EBITDA Multiple                                                                                                               |   |                  |   | 7.67   | x       |   |   | 3.35 | x |   |   | 13.13 | x |
| First Lien Senior Secured Loan       |   |       | 1,292,478   |                | Discounted Cash Flow     |               | Market Yields                                                                                                                 |   |                  |   | 27.80  | %       |   |   | 27.80 | % |   |   | 27.80 | % |
|                                 |   |       |        |                |      |               | Revenue Multiple                                                                                                              |   |                  |   | 3.26   | x       |   |   | 2.50 | x |   |   | 4.02 | x |
| First Lien Senior Secured Loan       |   |       | 23,553,522  |                | Recent Transaction       |               |                       N/A |   |                  |   | N/A    |    |   |   | N/A |   |   |   | N/A |   |
| Second Lien Senior Secured Loan      |   |       | 9,748,549   |                | Discounted Cash Flow     |               | Market Yields                                                                                                                 |   |                  |   | 11.30  | %       |   |   | 9.70 | % |   |   | 17.80 | % |
|                                 |   |       |        |                |      |               | EBITDA Multiple                                                                                                               |   |                  |   | 6.97   | x       |   |   | 6.25 | x |   |   | 8.50 | x |
| Preferred Equity Securities          |   |       | 2,859,200   |                | Enterprise Value Method  |               | Revenue Multiple                                                                                                              |   |                  |   | 0.68   | x       |   |   | 0.58 | x |   |   | .78 | x |
|                                 |   |       |        |                |      |               | EBITDA Multiple                                                                                                               |   |                  |   | 12.75  | x       |   |   | 12.25 | x |   |   | 13.25 | x |
| Preferred Equity Securities          |   |       | 6,047,249   |                | Enterprise Value Method  |               | EBITDA Multiple                                                                                                               |   |                  |   | 8.49   | x       |   |   | 4.00 | x |   |   | 13.13 | x |
| Preferred Equity Securities          |   |       | 1,698,067   |                | Recent Transaction       |               |                       N/A      |   |                  |   | N/A    |    |   |   | N/A |   |   |   | N/A |   |
| Warrants and Other Equity Securities |   |       | 945,842     |                | Enterprise Value Method  |               | Revenue Multiple                                                                                                              |   |                  |   | 3.26   | x       |   |   | 2.50 | x |   |   | 4.02 | x |
| Warrants and Other Equity Securities |   |       | 2,654,576   |                | Enterprise Value Method  |               | EBITDA Multiple                                                                                                               |   |                  |   | 7.15   | x       |   |   | 3.35 | x |   |   | 13.00 | x |
| Total Level 3 Assets                 |   | $          | 103,640,365 |                |                     |               |                                                                                                                          |   |                  |   |   |    |   |   |   |   |   |   |   |   |   |

|                  |   | Equity Ownership Held by the Company |   |   | Equity Ownership Held by Star Mountain Affiliate Funds |   |
|-----------------------|--------|--------------------------------------|--------|--------|--------------------------------------------------------|--------|
| Issuer:               |   |                                 |   |   |                                                   |   |
| Arrow Home Health LLC |   |                                 | 3.2    | %      |                                                   |   | 55.5 | % |

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|  | • | no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.75% (7% annually); |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | 100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to the product of (i) 2.19% per              quarter (8.75% annualized) and (ii) the Company’s net assets at the end of the immediately preceding quarter. The Company refers to this portion of the Company’s pre-incentive fee net investment income as the “catch-up” provision. The              catch-up is meant to provide the Advisor with approximately 20% of the pre-incentive fee net investment income if a hurdle rate did not apply; and |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | 20% of the Company’s pre-incentive fee net investment income that exceeds the “catch-up” provision. This provides that once the hurdle amount and the catch-up provision are achieved, 20% of all pre-incentive fee net investment income              thereafter is allocated to the Advisor. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                         |   | For the period May 14, 2021 to December 31, 2021 |      |
|----------------------------------------------|--------|--------------------------------------------------|-----------|
| Interest expense                             |   | $                                                | 129,638   |   |
| Unused commitment fees                       |   |                                             | 149,153   |   |
| Amortization of deferred financing costs     |   |                                             | 37,131    |   |
| Utilization fees                             |   |                                             | 9,979     |   |
| Total interest and other debt financing fees |   | $                                                | 325,901   |   |
| Average debt outstanding                     |   | $                                                | 6,810,345 |   |

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|                                                                        |   | For the period May 14, 2021 to December 31, 2021 |        |
|-----------------------------------------------------------------------------|--------|--------------------------------------------------|-------------|
| Increase (decrease) in capital in excess of par value                       |   | $                                                | 10,594,332  |   |
| Increase (decrease) in accumulated undistributed (overdistributed) earnings |   |                                             | (10,594,332 | ) |

|                                                            |   | For the period May 14, 2021 to December 31, 2021 |      |
|-----------------------------------------------------------------|--------|--------------------------------------------------|-----------|
| Net increase (decrease) in net assets resulting from operations |   |                                             |      |
| Net change in unrealized (gain) loss                            |   | $                                                | 3,399,241 |   |
| Other cumulative effect of timing differences                   |   |                                             | (261,056  | ) |
| Total taxable income                                            |   |                                             | 3,138,185 |   |

|                    |   | For the period May 14, 2021 to December 31, 2021 |       |
|-------------------------|--------|--------------------------------------------------|------------|
| Redemption              |   | $                                                | 13,457,540 |   |
| Ordinary income         |   |                                             | 2,267,468  |   |
| Long-term capital gains |   |                                             | 240,492    |   |
| Total                   |   |                                             | 15,965,500 |   |

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| Date                                                       |   | Price per share |   |   | Shares Issued |   |      | Proceeds |   |
|------------------------------------------------------------|--------|-----------------|--------|--------|---------------|--------|-----------|----------|--------|
| For the period May 14, 2021 to December 31, 2021:          |   |            |   |   |          |   |      |     |   |
| May 14, 2021                                               |   | $               | 25.00  |   |          |   | 1,688,601 |     |   | $ | 42,215,029 |   |
| June 11, 2021                                              |   |            | 25.19  |   |          |   | 629,240   |     |   |   | 15,851,000 |   |
| August 17, 2021                                            |   |            | 25.10  |   |          |   | 244,608   |     |   |   | 6,139,651 |   |
| November 4, 2021                                           |   |            | 25.88  |   |          |   | 740,397   |     |   |   | 19,161,474 |   |
|                                                       |   |            |   |   |          |   | 3,302,846 |     |   | $ | 83,367,154 |   |
| Stock issued in connection with dividend reinvestment plan |   |            |   |   |          |   |      |     |   |   |   |   |
| August 20, 2021                                            |   |            | 25.07  |   |          |   | 11,997    |     |   |   | 300,751 |   |
| November 19, 2021                                          |   |            | 25.78  |   |          |   | 5,631     |     |   |   | 145,176 |   |
|                                                       |   |            |   |   |          |   | 17,628    |     |   | $ | 445,927 |   |
| Total                                                      |   |            |   |   |          |   | 3,320,474 |     |   | $ | 83,813,081 |   |

| Date Declared                          | Record Date       | Payment Date      |   | Amount Per Share |   |   | Amount Paid in Cash |   |    | Amount Settled via Newly Issued Shares |   |   | Total     |   |
|----------------------------------------|-------------------|-------------------|--------|------------------|--------|--------|---------------------|--------|---------|----------------------------------------|--------|--------|-----------|--------|
|                                   |              |              |   |             |   |   |                |   |    |                                   |   |   |      |   |
| August 10, 2021                        | August 10, 2021   | August 20, 2021   |   | $                | 0.13   |   |                | $      | 568     |                                   |   | $      | 300,751   |   |   | $ | 301,319 |   |
| November 10, 2021                      | November 10, 2021 | November 19, 2021 |   |             | 0.18   |   |                |   | 318,225 |                                   |   |   | 145,175   |   |   |   | 463,400 |   |
| December 31, 2021                      | December 31, 2021 | January 14, 2022  |   |             | 0.46   |   |                |   | 662,190 |                                   |   |   | 615,437   |   |   |   | 1,277,627 |   |
| Total 2021 dividends and distributions |              |         |   | $                | 0.77   |   |                | $      | 980,983 |                                   |   | $      | 1,061,363 |   |   | $ | 2,042,346 |   |

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|                                                                                 |   | December 31, 2021 |       |
|--------------------------------------------------------------------------------------|--------|-------------------|------------|
| Per share data:                                                                      |   |              |       |
| Net asset value at beginning of period                                               |   | $                 | 25.00      |   |
| Net investment income (loss) (1)                                                     |   |              | 0.80       |   |
| Net realized and unrealized gain (loss) (1)                                          |   |              | 0.12       |   |
| Net increase (decrease) in net assets resulting from operations (1)                  |   |              | 0.92       |   |
| Stockholder distributions (2)                                                        |   |              | (0.36      | ) |
| Dividend reinvestment plan distributions (2)                                         |   |              | (0.41      | ) |
| Other (3)                                                                            |   |              | 0.11       |   |
| Net asset value at end of period                                                     |   | $                 | 25.26      |   |
| Net assets at end of period                                                          |   | $                 | 70,162,127 |   |
| Shares outstanding at end of period                                                  |   |              | 2,777,449  |   |
| Total return based on average net asset value (4)                                    |   |              | 4.13       | % |
| Ratio/Supplemental data:                                                             |   |              |       |   |
| Ratio of expenses to average net assets before incentive fees                        |   |              | 5.92       | % |
| Ratio of expenses to average net assets after incentive fees (5)                     |   |              | 6.28       | % |
| Ratio of net investment income (loss) to average net assets before incentive fees    |   |              | 5.41       | % |
| Ratio of net investment income (loss) to average net assets after incentive fees (5) |   |              | 5.05       | % |
| Portfolio turnover (6)                                                               |   |              | 4.22       | % |

|  | (1) | The per share data was derived by using the weighted average shares outstanding during the period presented. |
|--|-----|--------------------------------------------------------------------------------------------------------------|
|  | (2) | Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total              amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal              year. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (3) | Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares              outstanding as of a period end or transaction date. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (4) | Total return based on average net asset value is calculated by dividing the net increase (decrease) in net assets resulting from operations by the average net asset value. Distributions, if any, are assumed for purposes of this calculation              to be reinvested at prices obtained under the Company’s DRP. Return calculations are not annualized. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (5) | Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized. |
|--|-----|-------------------------------------------------------------------------------------------------------------|

|   | (6) | Ratio is not annualized. |
|--------|-----|--------------------------|

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| ITEM 16. | Form 10-K Summary |
|----------|-------------------|
| Date: March 30, 2022 | Star Mountain Lower Middle-Market Capital Corp. |
|----------------------|-------------------------------------------------|
|                 |                                            |   |   |
|                 | By:                                             | /s/ | Brett A. Hickey |
|                 | Name:                                           |   | Brett A. Hickey |
|                 | Title                                           |   | Chief Executive Officer and President |
| Date: March 30, 2022 | By:    | /s/    | Christopher J. Gimbert                                   |
|----------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                 | Name:  |   | Christopher J. Gimbert                                                                                                                             |
|                 | Title: |   | Chief Financial Officer                                                                                                                            |
|   | By:    | /s/    | Brett A. Hickey                                 |
|--------|--------|--------|-------------------------------------------------|
|   | Name:  |   | Brett A. Hickey                                 |
|   | Title: |   | Chief Executive Officer, President and Director |
|   | By:    | /s/    | Christopher J. Gimbert                                 |
|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
|   | Name   |   | Christopher J. Gimbert                                                                                                                      |
|   | Title: |   | Chief Financial Officer                                                                                                                     |
|   | By:    | /s/    | Stephen B. Paras |
|--------|--------|--------|------------------|
|   | Name:  |   | Stephen B. Paras |
|   | Title: |   | Director         |
|   | By:    | /s/    | Jeffrey Rogers |
|--------|--------|--------|----------------|
|   | Name   |   | Jeffrey Rogers |
|   | Title: |   | Director       |
|   | By:    | /s/    | O. James Sterling |
|--------|--------|--------|-------------------|
|   | Name:  |   | O. James Sterling |
|   | Title: |   | Director          |
|   | By:    | /s/    | David S. Kimmel |
|--------|--------|--------|-----------------|
|   | Name:  |   | David S. Kimmel |
|   | Title: |   | Director        |

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