Table of Contents

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|--|--|--|
|  |

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

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

|                                                                |  |                                      |  |  |  |  |  |  |
|----------------------------------------------------------------|--|--------------------------------------|--|--|--|--|--|--|
| DELAWARE                                                       |  | 83-0423116                           |
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |
|                                                                |  |                                      |
| 1521 WESTBRANCH DRIVE, SUITE 100                               |  | 22102                                |
| MCLEAN, VIRGINIA                                               |  | (Zip Code)                           |
| (Address of principal executive offices)                       |  |                                      |

|                                          |  |                   |  |                                           |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--|-------------------|--|-------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Title of Each Class                      |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered |
| Common Stock, $0.001 par value per share |  | GAIN              |  | The Nasdaq Stock Market LLC               |
| 5.00% Notes due 2026                     |  | GAINN             |  | The Nasdaq Stock Market LLC               |
| 4.875% Notes due 2028                    |  | GAINZ             |  | The Nasdaq Stock Market LLC               |

|                         |   |                           |   |  |  |  |  |  |  |  |  |
|-------------------------|---|---------------------------|---|--|--|--|--|--|--|--|--|
| Large accelerated filer | o | Accelerated filer         | o |
| Non-accelerated filer   | x | Smaller reporting company | o |
| Emerging growth company | o |                           |   |

|  |  |  |
|--|--|--|
|  |

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Table of Contents

|               |                                                                                                                      |    |  |  |  |  |  |  |
|---------------|----------------------------------------------------------------------------------------------------------------------|----|--|--|--|--|--|--|
| PART I.  | FINANCIAL INFORMATION:                                                                                           |    |
|               |                                                                                                                      |    |
| Item 1.       | Financial Statements (Unaudited)                                                                                     |    |
|               |                                                                                                                      |    |
|               | Consolidated Statements of Assets and Liabilities as of December 31, 2021 andMarch 31, 2021                | 2  |
|               | Consolidated Statements of Operations for the three and nine months ended December 31, 2021 and 2020            | 3  |
|               | Consolidated Statements of Changes in Net Assets for the three and nine months ended December 31, 2021 and 2020 | 4  |
|               | Consolidated Statements of Cash Flows for the nine months ended December 31, 2021 and 2020                      | 5  |
|               | Consolidated Schedules of Investments as of December 31, 2021 and March 31, 2021                           | 6  |
|               | Notes to Consolidated Financial Statements                                                                           | 14 |
|               |                                                                                                                      |    |
| Item 2.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations                          |    |
|               |                                                                                                                      |    |
|               | Overview                                                                                                             | 42 |
|               | Results of Operations                                                                                                | 46 |
|               | Liquidity and Capital Resources                                                                                      | 55 |
|               |                                                                                                                      |    |
| Item 3.       | Quantitative and Qualitative Disclosures About Market Risk                                                           | 63 |
|               |                                                                                                                      |    |
| Item 4.       | Controls and Procedures                                                                                              | 63 |
|               |                                                                                                                      |    |
| PART II. | OTHER INFORMATION:                                                                                               |    |
|               |                                                                                                                      |    |
| Item 1.       | Legal Proceedings                                                                                                    | 64 |
|               |                                                                                                                      |    |
| Item 1A.      | Risk Factors                                                                                                         | 64 |
|               |                                                                                                                      |    |
| Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds                                                          | 64 |
|               |                                                                                                                      |    |
| Item 3.       | Defaults Upon Senior Securities                                                                                      | 64 |
|               |                                                                                                                      |    |
| Item 4.       | Mine Safety Disclosures                                                                                              | 64 |
|               |                                                                                                                      |    |
| Item 5.       | Other Information                                                                                                    | 64 |
|               |                                                                                                                      |    |
| Item 6.       | Exhibits                                                                                                             | 64 |
|               |                                                                                                                      |    |
| SIGNATURES    | 65                                                                                                                   |

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Table of Contents

|                                                                                                                                                                                                                          |                  |               |               |               |   |               |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|---------------|---------------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                                                                                                                                          | December 31,2021 |               | March 31,2021 |
| ASSETS                                                                                                                                                                                                                   |                  |               |               |
| Investments at fair value                                                                                                                                                                                                |                  |               |               |
| Non-Control/Non-Affiliate investments (Cost of $385,819 and $297,400, respectively)                                                                                                                                  | $                | 424,918  |               |               | $ | 298,222  |  |
| Affiliate investments (Cost of $289,737 and $341,651, respectively)                                                                                                                                                      | 275,820     |               |               | 307,977  |   |
| Control investments (Cost of $620 and $24,512, respectively)                                                                                                                                                             | —     |               |               | 27,630   |   |
| Cash and cash equivalents                                                                                                                                                                                                | 27,950      |               |               | 2,062    |   |
| Restricted cash and cash equivalents                                                                                                                                                                                     | 694         |               |               | 336      |   |
| Interest receivable                                                                                                                                                                                                      | 2,755       |               |               | 3,369    |   |
| Due from administrative agent                                                                                                                                                                                            | 1,807       |               |               | 1,164    |   |
| Deferred financing costs, net                                                                                                                                                                                            | 1,030       |               |               | 1,359    |   |
| Other assets, net                                                                                                                                                                                                        | 1,121       |               |               | 1,612    |   |
| TOTAL ASSETS                                                                                                                                                                                                             | $                | 736,095  |               |               | $ | 643,731  |  |
|                                                                                                                                                                                                                          |                  |               |               |
| LIABILITIES                                                                                                                                                                                                              |                  |               |               |
| Borrowings:                                                                                                                                                                                                          |                  |               |               |
| Line of credit at fair value (Cost of $0 and $22,400, respectively)                                                                                                                                                      | $                | —  |               |               | $ | 22,400   |  |
| Notes payable, net                                                                                                                                                                                                       | 255,939     |               |               | 123,883  |   |
| Secured borrowing                                                                                                                                                                                                        | 5,096       |               |               | 5,096    |   |
| Total borrowings                                                                                                                                                                                                         | 261,035     |               |               | 151,379  |   |
| Mandatorily redeemable preferred stock, $0.001 par value per share, $25.00 liquidation preference per share; 0 and 5,990,000 shares authorized; 0 and 3,774,853 shares issued and outstanding, respectively, net | —     |               |               | 92,209   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                    | 1,346       |               |               | 563      |   |
| Interest payable                                                                                                                                                                                                         | 2,263       |               |               | 591      |   |
| Fees due to Adviser(A)                                                                                                                                                                                                   | 29,605      |               |               | 15,664   |   |
| Fee due to Administrator(A)                                                                                                                                                                                              | 537         |               |               | 577      |   |
| Other liabilities                                                                                                                                                                                                        | 720         |               |               | 384      |   |
| TOTAL LIABILITIES                                                                                                                                                                                                        | $                | 295,506  |               |               | $ | 261,367  |  |
| Commitments and contingencies(B)                                                                                                                                                                                         |                  |               |               |
| NET ASSETS                                                                                                                                                                                                               | $                | 440,589  |               |               | $ | 382,364  |  |
|                                                                                                                                                                                                                          |                  |               |               |
| ANALYSIS OF NET ASSETS                                                                                                                                                                                                   |                  |               |               |
| Common stock, $0.001 par value per share, 100,000,000 shares authorized, 33,205,023 shares issued and outstanding                                                                                                        | $                | 33       |               |               | $ | 33       |  |
| Capital in excess of par value                                                                                                                                                                                           | 397,950     |               |               | 400,796  |   |
|                                                                                                                                                                                                                          |                  |               |               |
| Cumulative net unrealized appreciation (depreciation) of investments                                                                                                                                                     | 25,182      |               |               | (29,734)      |   |
| (Overdistributed) underdistributed net investment income                                                                                                                                                                 | (9,022)          |               |               | 2,592    |   |
| Accumulated net realized gain in excess of distributions                                                                                                                                                                 | 26,446      |               |               | 8,677    |   |
| Total distributable earnings                                                                                                                                                                                             | 42,606      |               |               | (18,465)      |   |
| TOTAL NET ASSETS                                                                                                                                                                                                         | $                | 440,589  |               |               | $ | 382,364  |  |
|                                                                                                                                                                                                                          |                  |               |               |
| NET ASSET VALUE PER SHARE                                                                                                                                                                                                | $                | 13.27    |               |               | $ | 11.52    |  |

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Table of Contents

|                                                              |                                 |              |                                |                  |             |              |                  |              |   |                  |              |  |   |              |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|---------------------------------|--------------|--------------------------------|------------------|-------------|--------------|------------------|--------------|---|------------------|--------------|--|---|--------------|--|--|--|--|--|--|--|--|--|
|                                                              | Three Months Ended December 31, |              | Nine Months Ended December 31, |
|                                                              | 2021                            |              | 2020                           |                  | 2021        |              | 2020             |
| INVESTMENT INCOME                                            |                                 |              |                                |                  |             |              |                  |
| Interest income                                              |                                 |              |                                |                  |             |              |                  |
| Non-Control/Non-Affiliate investments                    | $                               | 8,240   |                                |                  | $           | 6,804   |                  |              | $ | 22,524      |              |  | $ | 19,782  |  |
| Affiliate investments                                        | 5,100                      |              |                                | 5,123       |             |              | 20,609      |              |   | 14,087      |              |
| Control investments                                          | 3                          |              |                                | 220         |             |              | 500         |              |   | 639         |              |
| Cash and cash equivalents                                    | 1                          |              |                                | 1           |             |              | 1           |              |   | 5           |              |
| Total interest income                                        | 13,344                     |              |                                | 12,148      |             |              | 43,634      |              |   | 34,513      |              |
| Dividend income                                              |                                 |              |                                |                  |             |              |                  |
| Non-Control/Non-Affiliate investments                    | —                    |              |                                | 908         |             |              | 3           |              |   | 908         |              |
| Affiliate investments                                        | —                    |              |                                | 4,127       |             |              | 1,589       |              |   | 4,127       |              |
| Total dividend income                                        | —                    |              |                                | 5,035       |             |              | 1,592       |              |   | 5,035       |              |
| Success fee income                                           |                                 |              |                                |                  |             |              |                  |
| Non-Control/Non-Affiliate investments                    | —                    |              |                                | 189         |             |              | 1,650       |              |   | 371         |              |
| Affiliate investments                                        | 3,398                      |              |                                | —     |             |              | 6,430       |              |   | —     |              |
| Total success fee income                                     | 3,398                      |              |                                | 189         |             |              | 8,080       |              |   | 371         |              |
| Total investment income                                      | 16,742                     |              |                                | 17,372      |             |              | 53,306      |              |   | 39,919      |              |
|                                                              |                                 |              |                                |                  |             |              |                  |
| EXPENSES                                                     |                                 |              |                                |                  |             |              |                  |
| Base management fee(A)                                       | 3,630                      |              |                                | 3,116       |             |              | 10,527      |              |   | 8,961       |              |
| Loan servicing fee(A)                                        | 1,768                      |              |                                | 1,786       |             |              | 5,430       |              |   | 5,242       |              |
| Incentive fee(A)                                             | 2,587                      |              |                                | 3,756       |             |              | 22,186      |              |   | 3,454       |              |
| Administration fee(A)                                        | 437                        |              |                                | 382         |             |              | 1,407       |              |   | 1,218       |              |
| Interest expense on borrowings                               | 3,918                      |              |                                | 1,092       |             |              | 9,300       |              |   | 3,064       |              |
| Dividends on mandatorily redeemable preferred stock          | —                    |              |                                | 2,291       |             |              | 2,306       |              |   | 6,551       |              |
| Amortization of deferred financing costs and discounts       | 447                        |              |                                | 451         |             |              | 1,355       |              |   | 1,291       |              |
| Professional fees                                            | 444                        |              |                                | 322         |             |              | 1,093       |              |   | 1,147       |              |
| Other general and administrative expenses                    | 562                        |              |                                | 496         |             |              | 2,735       |              |   | 2,031       |              |
| Expenses before credits from Adviser                         | 13,793                     |              |                                | 13,692      |             |              | 56,339      |              |   | 32,959      |              |
| Credits to base management fee – loan servicing fee(A) | (1,768)                         |              |                                | (1,786)          |             |              | (5,430)          |              |   | (5,242)          |              |
| Credits to fees from Adviser - other(A)                      | (3,682)                         |              |                                | (789)            |             |              | (5,863)          |              |   | (2,594)          |              |
| Total expenses, net of credits to fees                       | 8,343                      |              |                                | 11,117      |             |              | 45,046      |              |   | 25,123      |              |
| NET INVESTMENT INCOME                                        | 8,399                      |              |                                | 6,255       |             |              | 8,260       |              |   | 14,796      |              |
|                                                              |                                 |              |                                |                  |             |              |                  |
| REALIZED AND UNREALIZED GAIN (LOSS)                          |                                 |              |                                |                  |             |              |                  |
| Net realized gain (loss):                                |                                 |              |                                |                  |             |              |                  |
| Non-Control/Non-Affiliate investments                    | 113                        |              |                                | 5,816       |             |              | 256         |              |   | 5,876       |              |
| Affiliate investments                                        | 21,936                     |              |                                | 3,289       |             |              | 24,186      |              |   | 4,603       |              |
| Other                                                        | —                    |              |                                | —     |             |              | (1,998)          |              |   | —     |              |
| Total net realized gain                                      | 22,049                     |              |                                | 9,105       |             |              | 22,444      |              |   | 10,479      |              |
| Net unrealized appreciation (depreciation):              |                                 |              |                                |                  |             |              |                  |
| Non-Control/Non-Affiliate investments                    | 6,275                      |              |                                | (5,358)          |             |              | 38,278      |              |   | (18,372)         |              |
| Affiliate investments                                        | $                               | (26,377)     |                                |                  | 4,894  |              |                  | 19,757  |   |                  | 12,864  |  |
| Control investments                                          | —                    |              |                                | 375         |             |              | (3,119)          |              |   | 2,173       |              |
| Total net unrealized (depreciation) appreciation             | (20,102)                        |              |                                | (89)             |             |              | 54,916      |              |   | (3,335)          |              |
| Net realized and unrealized gain                             | 1,947                      |              |                                | 9,016       |             |              | 77,360      |              |   | 7,144       |              |
|                                                              |                                 |              |                                |                  |             |              |                  |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS         | $                               | 10,346  |                                |                  | $           | 15,271  |                  |              | $ | 85,620      |              |  | $ | 21,940  |  |
|                                                              |                                 |              |                                |                  |             |              |                  |
| BASIC AND DILUTED PER COMMON SHARE:                      |                                 |              |                                |                  |             |              |                  |
| Net investment income                                        | $                               | 0.25    |                                |                  | $           | 0.19    |                  |              | $ | 0.25        |              |  | $ | 0.45    |  |
| Net increase in net assets resulting from operations         | $                               | 0.31    |                                |                  | $           | 0.46    |                  |              | $ | 2.58        |              |  | $ | 0.66    |  |
|                                                              |                                 |              |                                |                  |             |              |                  |
| WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:     |                                 |              |                                |                  |             |              |                  |
| Basic and diluted                                            | 33,205,023                 |              |                                | 33,205,023  |             |              | 33,205,023  |              |   | 33,167,511  |              |

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Table of Contents

|                                                                                                           |               |               |      |               |   |               |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------|---------------|---------------|------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                           | 2021          |               | 2020 |
| NET ASSETS, MARCH 31                                                                                 | $             | 382,364  |      |               | $ | 369,031  |  |
| OPERATIONS                                                                                                |               |               |      |
| Net investment (loss) income                                                                              | (2,304)       |               |      | 4,173    |   |
| Net realized gain on investments                                                                          | 1,929    |               |      | 753      |   |
| Net unrealized appreciation (depreciation) of investments                                                 | 47,514   |               |      | (4,887)       |   |
| Net increase in net assets from operations                                                                | 47,139   |               |      | 39       |   |
| DISTRIBUTIONS(A)                                                                                          |               |               |      |
| Distributions to common stockholders from net investment income ($0.20 and $0.28 per share, respectively) | (6,593)       |               |      | (9,272)       |   |
| Distributions to common stockholders from net realized gains ($0.07 and $0.02 per share, respectively)    | (2,372)       |               |      | (666)         |   |
| Net decrease in net assets from distributions                                                             | (8,965)       |               |      | (9,938)       |   |
| CAPITAL ACTIVITY                                                                                          |               |               |      |
| Issuance of common stock                                                                                  | —  |               |      | 1,772    |   |
| Discounts, commissions, and offering costs for issuance of common stock                                   | —  |               |      | (35)          |   |
| Net increase in net assets from capital activity                                                          | —  |               |      | 1,737    |   |
| NET INCREASE (DECREASE) IN NET ASSETS                                                                     | 38,174   |               |      | (8,162)       |   |
| NET ASSETS, JUNE 30                                                                                       | $             | 420,538  |      |               | $ | 360,869  |  |
|                                                                                                           |               |               |      |
| OPERATIONS                                                                                                |               |               |      |
| Net investment income                                                                                     | $             | 2,165    |      |               | $ | 4,368    |  |
| Net realized gain on investments                                                                          | 464      |               |      | 621      |   |
| Net realized loss on other                                                                                | (1,998)       |               |      | —  |   |
| Net unrealized appreciation of investments                                                                | 27,504   |               |      | 1,641    |   |
| Net increase in net assets from operations                                                                | 28,135   |               |      | 6,630    |   |
| DISTRIBUTIONS(A)                                                                                          |               |               |      |
| Distributions to common stockholders from net investment income ($0.16 and $0.20 per share, respectively) | (5,490)       |               |      | (6,553)       |   |
| Distributions to common stockholders from net realized gains ($0.08 and $0.01 per share, respectively)    | (2,482)       |               |      | (420)         |   |
| Net decrease in net assets from distributions                                                             | (7,972)       |               |      | (6,973)       |   |
| NET INCREASE (DECREASE) IN NET ASSETS                                                                     | 20,163   |               |      | (343)         |   |
| NET ASSETS, SEPTEMBER 30                                                                                  | $             | 440,701  |      |               | $ | 360,526  |  |
|                                                                                                           |               |               |      |
| OPERATIONS                                                                                                |               |               |      |
| Net investment income                                                                                     | $             | 8,399    |      |               | $ | 6,255    |  |
| Net realized gain on investments                                                                          | 22,049   |               |      | 9,105    |   |
| Net unrealized depreciation of investments                                                                | (20,102)      |               |      | (89)          |   |
| Net increase in net assets from operations                                                                | 10,346   |               |      | 15,271   |   |
| DISTRIBUTIONS(A)                                                                                          |               |               |      |
| Distributions to common stockholders from net investment income ($0.23 and $0.20 per share, respectively) | (7,456)       |               |      | (6,619)       |   |
| Distributions to common stockholders from net realized gains ($0.09 and $0.01 per share, respectively)    | (3,002)       |               |      | (355)         |   |
| Net decrease in net assets from distributions                                                             | (10,458)      |               |      | (6,974)       |   |
| NET (DECREASE) INCREASE IN NET ASSETS                                                                     | (112)         |               |      | 8,297    |   |
| NET ASSETS, DECEMBER 31                                                                              | $             | 440,589  |      |               | $ | 368,823  |  |

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|                                                                                                                             |                                |              |      |               |   |              |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------|------|---------------|---|--------------|--|--|--|--|--|
|                                                                                                                             | Nine Months Ended December 31, |
|                                                                                                                             | 2021                           |              | 2020 |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                        |                                |              |      |
| Net increase in net assets resulting from operations                                                                        | $                              | 85,620  |      |               | $ | 21,940  |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |                                |              |      |
| Purchase of investments                                                                                                     | (84,550)                       |              |      | (89,571)      |   |
| Principal repayments of investments                                                                                         | 46,898                    |              |      | 20,734   |   |
| Net proceeds from the sale of investments                                                                                   | 50,018                    |              |      | 30,515   |   |
| Net realized gain on investments                                                                                            | (24,442)                       |              |      | (10,479)      |   |
| Net realized loss on other                                                                                                  | 1,998                     |              |      | —  |   |
| Net unrealized (appreciation) depreciation of investments                                                                   | (54,916)                       |              |      | 3,335    |   |
| Amortization of premiums, discounts, and acquisition costs, net                                                             | (14)                           |              |      | (14)          |   |
| Amortization of deferred financing costs and discounts                                                                      | 1,355                     |              |      | 1,291    |   |
| Bad debt expense, net of recoveries                                                                                         | 698                       |              |      | 61       |   |
| Changes in assets and liabilities:                                                                                      |                                |              |      |
| Decrease in interest receivable                                                                                             | 156                       |              |      | 1,610    |   |
| Increase in due from administrative agent                                                                                   | (643)                          |              |      | (3,608)       |   |
| Decrease in other assets, net                                                                                               | 378                       |              |      | 1        |   |
| Increase (decrease) in accounts payable and accrued expenses                                                                | 782                       |              |      | (93)          |   |
| Increase in interest payable                                                                                                | 1,672                     |              |      | 110      |   |
| Increase in fees due to Adviser(A)                                                                                          | 13,887                    |              |      | 4,663    |   |
| Decrease in fee due to Administrator(A)                                                                                     | (39)                           |              |      | (120)         |   |
| Increase (decrease) in other liabilities                                                                                    | 435                       |              |      | (12,934)      |   |
| Net cash provided by (used in) operating activities                                                                         | 39,293                    |              |      | (32,559)      |   |
|                                                                                                                             |                                |              |      |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                        |                                |              |      |
| Proceeds from issuance of common stock                                                                                      | —                   |              |      | 1,772    |   |
| Discounts, commissions, and offering costs for issuance of common stock                                                     | —                   |              |      | (31)          |   |
| Proceeds from line of credit                                                                                                | 111,700                   |              |      | 111,700  |   |
| Repayments on line of credit                                                                                                | (134,100)                      |              |      | (76,900)      |   |
| Proceeds from issuance of notes payable                                                                                     | 134,550                   |              |      | —  |   |
| Proceeds from issuance of mandatorily redeemable preferred stock                                                            | —                   |              |      | 19,276   |   |
| Redemption of mandatorily redeemable preferred stock                                                                        | (94,371)                       |              |      | —  |   |
| Deferred financing and offering costs                                                                                       | (3,431)                        |              |      | (773)         |   |
| Distributions paid to common stockholders                                                                                   | (27,395)                       |              |      | (23,885)      |   |
| Net cash (used in) provided by financing activities                                                                         | (13,047)                       |              |      | 31,159   |   |
|                                                                                                                             |                                |              |      |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS                         | 26,246                    |              |      | (1,400)       |   |
|                                                                                                                             |                                |              |      |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD                               | 2,398                     |              |      | 4,060    |   |
|                                                                                                                             |                                |              |      |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD                                     | $                              | 28,644  |      |               | $ | 2,660   |  |
|                                                                                                                             |                                |              |      |
| CASH PAID FOR INTEREST                                                                                                      | $                              | 6,437   |      |               | $ | 2,370   |  |

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Table of Contents

|                                                                                                                            |  |                                      |             |               |               |             |               |               |               |             |             |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|-------------|---------------|---------------|-------------|---------------|---------------|---------------|-------------|-------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                                         |  | Principal/Shares/Units(F)(J) |             | Cost          |               | Fair Value  |
| NON-CONTROL/NON-AFFILIATE INVESTMENTS(N) – 96.7%                                                                 |  |                                      |             |               |               |             |
| Secured First Lien Debt – 53.0%                                                                                      |  |                                      |             |               |               |             |
| Diversified/Conglomerate Manufacturing – 1.0%                                                                    |  |                                      |             |               |               |             |
| Phoenix Door Systems, Inc. – Line of Credit, $600 available (L+7.0%, 9.0% Cash (0.3% Unused Fee), Due 3/2024)(K) |  | $                                    | 1,550  |               |               | $           | 1,550    |               |               | $           | 1,504  |  |
| Phoenix Door Systems, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 9/2024)(K)                                      |  | 3,200                           |             |               | 3,200    |             |               | 3,104    |               |
|                                                                                                                            |  |                                      |             | 4,750    |               |             | 4,608    |               |
| Diversified/Conglomerate Services –29.2%                                                                         |  |                                      |             |               |               |             |
| Bassett Creek Services, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 4/2023)(L)                                    |  | 48,000                          |             |               | 48,000   |             |               | 48,000   |               |
| Counsel Press, Inc. – Term Debt (L+11.8%, 12.8% Cash, Due 3/2023)(L)                                             |  | 21,100                          |             |               | 21,100   |             |               | 21,100   |               |
| Counsel Press, Inc. – Term Debt (L+13.0%, 14.0% Cash, Due 3/2023)(L)                                             |  | 6,400                           |             |               | 6,400    |             |               | 6,400    |               |
| Horizon Facilities Services, Inc. – Term Debt (L+9.5%, 12.0% Cash, Due 6/2024)(L)                                |  | 27,700                          |             |               | 27,700   |             |               | 27,700   |               |
| Mason West, LLC – Term Debt (L+10.0%, 12.5% Cash, Due 7/2025)(L)                                                 |  | 25,250                          |             |               | 25,250   |             |               | 25,250   |               |
|                                                                                                                            |  |                                      |             | 128,450  |               |             | 128,450  |               |
| Healthcare, Education, and Childcare – 4.5%                                                                          |  |                                      |             |               |               |             |
| Educators Resource, Inc. – Term Debt (L+10.5%, 13.0% Cash, Due 11/2023)(L)                                       |  | 20,000                          |             |               | 20,000   |             |               | 20,000   |               |
|                                                                                                                            |  |                                      |             |               |               |             |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.6%                                        |  |                                      |             |               |               |             |
| Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023)(L)                                |  | 17,700                          |             |               | 17,700   |             |               | 17,700   |               |
| Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023)(L)                                |  | 6,850                           |             |               | 6,850    |             |               | 6,850    |               |
|                                                                                                                            |  |                                      |             | 24,550   |               |             | 24,550   |               |
| Hotels, Motels, Inns, and Gaming Total –6.3%                                                                         |  |                                      |             |               |               |             |
| Nocturne Villa Rentals, Inc. – Line of Credit, $2,000 available (L+8.0%, 10.0% Cash, Due 6/2023)(L)              |  | —                         |             |               | —  |             |               | —  |               |
| Nocturne Villa Rentals, Inc. – Term Debt (L+10.5%, 12.5% Cash, Due 6/2026)(L)                                    |  | 27,700                          |             |               | 27,700   |             |               | 27,700   |               |
|                                                                                                                            |  |                                      |             | 27,700   |               |             | 27,700   |               |
| Leisure, Amusement, Motion Pictures, and Entertainment – 6.4%                                                        |  |                                      |             |               |               |             |
| Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 8/2024)(L)                                                 |  | 13,081                          |             |               | 13,081   |             |               | 13,081   |               |
| Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 8/2024)(L)                                                 |  | 8,500                           |             |               | 8,500    |             |               | 8,500    |               |
| Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 8/2024)(L)                                                 |  | 6,400                           |             |               | 6,400    |             |               | 6,400    |               |
|                                                                                                                            |  |                                      |             | 27,981   |               |             | 27,981   |               |
| Total Secured First Lien Debt                                                                                              |  |                                      |             | $             | 233,431  |             |               | $             | 233,289  |             |
|                                                                                                                            |  |                                      |             |               |               |             |
| Secured Second Lien Debt – 15.2%                                                                                     |  |                                      |             |               |               |             |
| Aerospace and Defense – 5.8%                                                                                         |  |                                      |             |               |               |             |
| Galaxy Technologies Holdings, Inc. – Term Debt (L+4.1%, 7.1% Cash, Due 10/2026)(L)                               |  | $                                    | 6,500  |               |               | $           | 6,500    |               |               | $           | 6,500  |  |
| Galaxy Technologies Holdings, Inc. – Term Debt (L+7.0%, 10.0% Cash, Due 10/2026)(L)                              |  | 18,796                          |             |               | 18,796   |             |               | 18,796   |               |
|                                                                                                                            |  |                                      |             | 25,296   |               |             | 25,296   |               |
| Automobile – 0.9%                                                                                                    |  |                                      |             |               |               |             |
| Country Club Enterprises, LLC – Term Debt (L+8.0%, 10.0% Cash, Due 2/2022)(K)                                    |  | 4,000                           |             |               | 4,000    |             |               | 3,980    |               |
| Country Club Enterprises, LLC – Guaranty ($1,000)(T)                                                                 |  | —                         |             |               | —  |             |               | —  |               |
|                                                                                                                            |  |                                      |             | 4,000    |               |             | 3,980    |               |
| Cargo Transport – 3.0%                                                                                               |  |                                      |             |               |               |             |
| Diligent Delivery Systems – Term Debt (L+9.0%, 11.0% Cash, Due 11/2022)(K)                                       |  | 13,000                          |             |               | 12,983   |             |               | 13,064   |               |
|                                                                                                                            |  |                                      |             |               |               |             |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 3.0%                                        |  |                                      |             |               |               |             |
| Ginsey Home Solutions, Inc. – Term Debt (L+10.0%, 13.5% Cash, Due 1/2025)(H)(L)                                  |  | 13,300                          |             |               | 13,300   |             |               | 13,300   |               |
|                                                                                                                            |  |                                      |             |               |               |             |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 2.5%                                             |  |                                      |             |               |               |             |
| SBS Industries Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(K)                                 |  | 11,736                          |             |               | 11,736   |             |               | 10,885   |               |
| Total Secured Second Lien Debt                                                                                             |  |                                      |             | $             | 67,315   |             |               | $             | 66,525   |             |
|                                                                                                                            |  |                                      |             |               |               |             |
| Preferred Equity – 28.1%                                                                                             |  |                                      |             |               |               |             |
| Diversified/Conglomerate Services – 12.4%                                                                        |  |                                      |             |               |               |             |
| Bassett Creek Services, Inc. – Preferred Stock(C)(L)                                                                 |  | 4,900                           |             |               | $             | 4,900  |               |               | $             | 7,033  |             |
| Counsel Press, Inc. – Preferred Stock(C)(L)                                                                          |  | 6,995                           |             |               | 6,995    |             |               | 24,714   |               |
| Horizon Facilities Services, Inc. – Preferred Stock(C)(L)                                                            |  | 10,080                          |             |               | 10,080   |             |               | 15,209   |               |
| Mason West, LLC – Preferred Stock(C)(L)                                                                              |  | 11,206                          |             |               | 11,206   |             |               | 7,556    |               |
|                                                                                                                            |  |                                      |             | 33,181   |               |             | 54,512   |               |
| Healthcare, Education, and Childcare – 4.6%                                                                          |  |                                      |             |               |               |             |
| Educators Resource, Inc. – Preferred Stock(C)(L)                                                                     |  | 8,560                           |             |               | 8,560    |             |               | 20,070   |               |

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Table of Contents

|                                                                                                          |  |                                      |              |               |               |              |              |               |               |           |              |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|---------------|---------------|--------------|--------------|---------------|---------------|-----------|--------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                       |  | Principal/Shares/Units(F)(J) |              | Cost          |               | Fair Value   |
|                                                                                                          |  |                                      |              |               |               |              |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 4.4%                      |  |                                      |              |               |               |              |
| Brunswick Bowling Products, Inc. – Preferred Stock(C)(L)                                           |  | 6,653                           |              |               | 6,653    |              |              | 14,856   |               |
| Ginsey Home Solutions, Inc. – Preferred Stock(C)(L)                                                |  | 19,280                          |              |               | 9,583    |              |              | 4,538    |               |
|                                                                                                          |  |                                      |              | 16,236   |               |              | 19,394  |               |
| Hotels, Motels, Inns, and Gaming Total -1.8%                                                             |  |                                      |              |               |               |              |
| Nocturne Villa Rentals, Inc.- Preferred Stock (C)(L)                                                     |  | 6,600                           |              |               | 6,600    |              |              | 8,104    |               |
|                                                                                                          |  |                                      |              |               |               |              |
| Leisure, Amusement, Motion Pictures, and Entertainment – 4.9 %                                     |  |                                      |              |               |               |              |
| Schylling, Inc. – Preferred Stock(C)(L)                                                            |  | 4,000                           |              |               | 4,000    |              |              | 21,390   |               |
|                                                                                                          |  |                                      |              |               |               |              |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.0%                           |  |                                      |              |               |               |              |
| SBS Industries Holdings, Inc. – Preferred Stock(C)(L)                                              |  | 27,705                          |              |               | 2,771    |              |              | —  |               |
| Total Preferred Equity                                                                                   |  |                                      |              | $             | 71,348   |              |              | $             | 123,470  |           |
|                                                                                                          |  |                                      |              |               |               |              |
| Common Equity/Equivalents – 0.4%                                                               |  |                                      |              |               |               |              |
| Aerospace and Defense -0.1%                                                                              |  |                                      |              |               |               |              |
| Galaxy Technologies Holdings, Inc. – Common Stock(C)(L)                                            |  | 16,957                          |              |               | $             | 11,513  |              |               | $             | 296  |              |
|                                                                                                          |  |                                      |              |               |               |              |
| Cargo Transport – 0.3%                                                                             |  |                                      |              |               |               |              |
| Diligent Delivery Systems – Common Stock Warrants(C)(L)                                            |  | 8                               | %            |               | 500      |              |              | 1,258    |               |
|                                                                                                          |  |                                      |              |               |               |              |
| Diversified/Conglomerate Manufacturing – 0.0%                                                  |  |                                      |              |               |               |              |
| Phoenix Door Systems, Inc. – Common Stock(C)(L)                                                    |  | 3,195                           |              |               | 1,452    |              |              | —  |               |
|                                                                                                          |  |                                      |              |               |               |              |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0%                      |  |                                      |              |               |               |              |
| Ginsey Home Solutions, Inc. – Common Stock(C)(L)                                                   |  | 63,747                          |              |               | 8        |              |              | —  |               |
|                                                                                                          |  |                                      |              |               |               |              |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.0%                           |  |                                      |              |               |               |              |
| SBS Industries Holdings, Inc. – Common Stock(C)(L)                                                 |  | 221,500                         |              |               | 222      |              |              | —  |               |
|                                                                                                          |  |                                      |              |               |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%                             |  |                                      |              |               |               |              |
| Funko Acquisition Holdings, LLC(M) – Common Units(C)(S)                                            |  | 6,290                           |              |               | 30       |              |              | 80       |               |
| Total Common Equity/Equivalents                                                                      |  |                                      |              | $             | 13,725   |              |              | $             | 1,634    |           |
| Total Non-Control/Non-Affiliate Investments                                                          |  |                                      |              | $             | 385,819  |              |              | $             | 424,918  |           |
|                                                                                                          |  |                                      |              |               |               |              |
| AFFILIATE INVESTMENTS(O) – 62.6%                                                                   |  |                                      |              |               |               |              |
| Secured First Lien Debt – 45.4%                                                                    |  |                                      |              |               |               |              |
| Chemicals, Plastics, and Rubber – 6.0%                                                             |  |                                      |              |               |               |              |
| PSI Molded Plastics, Inc. – Term Debt (L+5.5%, 7.0% Cash, Due 1/2024)(L)                       |  | $                                    | 26,618  |               |               | $            | 26,618  |               |               | $         | 26,618  |  |
|                                                                                                          |  |                                      |              |               |               |              |
| Diversified/Conglomerate Manufacturing –2.1%                                                   |  |                                      |              |               |               |              |
| Edge Adhesives Holdings, Inc.(M) – Term Debt (L+10.5%, 12.5% Cash, Due 8/2024)(K)              |  | 9,210                           |              |               | 9,210    |              |              | 9,117    |               |
|                                                                                                          |  |                                      |              |               |               |              |
| Diversified/Conglomerate Services – 22.4%                                                      |  |                                      |              |               |               |              |
| ImageWorks Display and Marketing Group, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 11/2022)(L) |  | 22,000                          |              |               | 22,000   |              |              | 22,000   |               |
| J.R. Hobbs Co. - Atlanta, LLC - Term Debt (L+6.0%, 8.0% Cash, Due 10/2024) (G)(K)                    |  | 36,000                          |              |               | 36,000   |              |              | 33,120   |               |
| J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+10.3%, 11.8% Cash, Due 10/2024) (G)(K)            |  | 16,500                          |              |               | 16,500   |              |              | 15,180   |               |
| The Maids International, LLC – Term Debt (L+10.5%, 12.0% Cash, Due 3/2025)(L)                  |  | 28,560                          |              |               | 28,560   |              |              | 28,560   |               |
|                                                                                                          |  |                                      |              | 103,060  |               |              | 98,860  |               |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 6.1%                      |  |                                      |              |               |               |              |
| Old World Christmas, Inc. – Secured First Lien Term Loan (L+9.5%, 11.0% Cash, Due 12/2025)(L)  |  | 27,000                          |              |               | 27,000   |              |              | 27,000   |               |
|                                                                                                          |  |                                      |              |               |               |              |
| Mining, Steel, Iron and Non-Precious Metals Total – 4.1%                                           |  |                                      |              |               |               |              |
| Utah Pacific Bridge & Steel, Ltd., $2,000 available (L+8.5%, 10.0% Cash, Due 7/2022)(L)          |  | —                         |              |               | —  |              |              | —  |               |
| Utah Pacific Bridge & Steel, Ltd. (L+10.0%, 11.5% Cash, Due 7/2026)(L)                           |  | 18,250                          |              |               | 18,250   |              |              | 18,250   |               |
|                                                                                                          |  |                                      |              | 18,250   |               |              | 18,250  |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.9%                             |  |                                      |              |               |               |              |
| The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 5/2022)(G)(L)  |  | 3,400                           |              |               | 3,400    |              |              | 3,400    |               |

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Table of Contents

|                                                                                                                 |  |                                      |              |              |               |              |               |               |               |               |             |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|--------------|---------------|---------------|---------------|---------------|-------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                              |  | Principal/Shares/Units(F)(J) |              | Cost         |               | Fair Value   |
| The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 5/2022)(G)(L)         |  | 500                             |              |              | 500      |              |               | 500      |               |
|                                                                                                                 |  |                                      |              | 3,900   |               |              | 3,900    |               |
| Telecommunications – 3.8%                                                                                 |  |                                      |              |              |               |              |
| B+T Group Acquisition, Inc.(M) – Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2024)(L)   |  | 2,800                           |              |              | 2,800    |              |               | 2,800    |               |
| B+T Group Acquisition, Inc.(M) – Term Debt (L+11.0%, 13.0% Cash, Due 12/2024)(L)                      |  | 14,000                          |              |              | 14,000   |              |               | 14,000   |               |
|                                                                                                                 |  |                                      |              | 16,800  |               |              | 16,800   |               |
| Total Secured First Lien Debt                                                                                   |  |                                      |              | $            | 204,838  |              |               | $             | 200,545  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Secured Second Lien Debt – 0.4%                                                                           |  |                                      |              |              |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.4%                                    |  |                                      |              |              |               |              |
| The Mountain Corporation – Term Debt (L+4.0%, 7.0% Cash, Due 4/2024)(G)(L)                            |  | $                                    | 11,700  |              |               | $            | 11,700   |               |               | $             | 1,568  |  |
| The Mountain Corporation – Delayed Draw Term Debt, $0 available (L+4.0%, 7.0% Cash, Due 4/2024)(G)(L) |  | 1,500                           |              |              | 1,500    |              |               | 201      |               |
|                                                                                                                 |  |                                      |              | 13,200  |               |              | 1,769    |               |
| Total Secured Second Lien Debt                                                                                  |  |                                      |              | $            | 13,200   |              |               | $             | 1,769    |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Preferred Equity – 16.6%                                                                                  |  |                                      |              |              |               |              |
| Chemicals, Plastics, and Rubber – 0.0%                                                                    |  |                                      |              |              |               |              |
| PSI Molded Plastics, Inc. – Preferred Stock(C)(L)                                                         |  | 158,598                         |              |              | $             | 19,730  |               |               | $             | —  |             |
|                                                                                                                 |  |                                      |              |              |               |              |
| Diversified/Conglomerate Manufacturing – 0.0%                                                         |  |                                      |              |              |               |              |
| Edge Adhesives Holdings, Inc.(M) – Preferred Stock(C)(L)                                                  |  | 8,199                           |              |              | 8,199    |              |               | —  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Diversified/Conglomerate Services – 4.5%                                                              |  |                                      |              |              |               |              |
| ImageWorks Display and Marketing Group, Inc. – Preferred Stock(C)(L)                                      |  | 67,490                          |              |              | 6,749    |              |               | 16,139   |               |
| J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock(C)(L)                                               |  | 10,920                          |              |              | 10,920   |              |               | —  |               |
| The Maids International, LLC – Preferred Stock(C)(L)                                                      |  | 6,640                           |              |              | 6,640    |              |               | 3,398    |               |
|                                                                                                                 |  |                                      |              | 24,309  |               |              | 19,537   |               |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 7.7%                             |  |                                      |              |              |               |              |
| Old World Christmas, Inc. – Preferred Stock(C)(L)                                                         |  | 6,180                           |              |              | —  |              |               | 33,807   |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Mining, Steel, Iron and Non-Precious Metals – 1.4%                                                        |  |                                      |              |              |               |              |
| Utah Pacific Bridge & Steel, Ltd. - Preferred Stock(C)(L)                                                   |  | 6,000                           |              |              | 6,000    |              |               | 6,000    |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%                                    |  |                                      |              |              |               |              |
| The Mountain Corporation – Preferred Stock(C)(L)                                                          |  | 6,899                           |              |              | 6,899    |              |               | —  |               |
|                                                                                                                 |  |                                      |              | 6,899   |               |              | —  |               |
| Telecommunications – 3.0%                                                                                 |  |                                      |              |              |               |              |
| B+T Group Acquisition, Inc.(M) – Preferred Stock(C)(L)                                                    |  | 14,304                          |              |              | 4,722    |              |               | 13,290   |               |
| Total Preferred Equity                                                                                          |  |                                      |              | $            | 69,859   |              |               | $             | 72,634   |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Common Equity/Equivalents – 0.2%                                                                      |  |                                      |              |              |               |              |
| Diversified/Conglomerate Services – 0.0%                                                              |  |                                      |              |              |               |              |
| Nth Degree Investment Group, LLC – Common Units(C)(L)                                                     |  | 14,360,000                      |              |              | $             | 1,219   |               |               | 100      |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%                                    |  |                                      |              |              |               |              |
| The Mountain Corporation – Common Stock(C)(L)                                                             |  | 751                             |              |              | 1        |              |               | —  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Telecommunications – 0.2%                                                                                 |  |                                      |              |              |               |              |
| B+T Group Acquisition, Inc.(M) – Common Stock Warrant(C)(L)                                               |  | 3.5                             | %            |              | —  |              |               | 772      |               |
| Total Common Equity/Equivalents                                                                             |  |                                      |              | $            | 1,220    |              |               | $             | 872      |               |
| Total Affiliate Investments                                                                                     |  |                                      |              | $            | 289,117  |              |               | $             | 275,820  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| CONTROL  INVESTMENTS(P) –0.0%                                                                             |  |                                      |              |              |               |              |
| Common Equity/Equivalents – 0.0%                                                                      |  |                                      |              |              |               |              |
| Leisure, Amusement, Motion Pictures, and Entertainment  – 0.0%                                            |  |                                      |              |              |               |              |
| Gladstone SOG Investments, Inc. - Common Stock(C)(I)(L)                                                         |  | 100                             |              |              | $             | 620     |               |               | —  |               |
| Total Common Equity/Equivalents                                                                             |  |                                      |              | $            | 620      |              |               | $             | —  |               |
| Total Control Investments                                                                                       |  |                                      |              | $            | 620      |              |               | $             | —  |               |
| TOTAL INVESTMENTS – 159.3%                                                                                |  |                                      |              | $            | 675,556  |              |               | $             | 700,738  |               |

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|                                                                                                                          |  |                                      |             |               |               |             |               |               |               |               |             |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|-------------|---------------|---------------|-------------|---------------|---------------|---------------|---------------|-------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                                       |  | Principal/Shares/Units(F)(J) |             | Cost          |               | Fair Value  |
| NON-CONTROL/NON-AFFILIATE INVESTMENTS(N) – 77.9%                                                               |  |                                      |             |               |               |             |
| Secured First Lien Debt – 48.9%                                                                                    |  |                                      |             |               |               |             |
| Diversified/Conglomerate Manufacturing – 1.1%                                                                  |  |                                      |             |               |               |             |
| Phoenix Door Systems, Inc. – Line of Credit, $0 available (L+7.0%, 9.0% Cash (0.3% Unused Fee), Due 3/2022)(L) |  | $                                    | 1,150  |               |               | $           | 1,150    |               |               | $             | 1,150  |  |
| Phoenix Door Systems, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 9/2024)(L)                                    |  | 3,200                           |             |               | 3,200    |             |               | 3,200    |               |
|                                                                                                                          |  |                                      |             | 4,350    |               |             | 4,350    |               |
| Diversified/Conglomerate Services – 30.6%                                                                      |  |                                      |             |               |               |             |
| Bassett Creek Services, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 4/2023)(K)                                  |  | 37,500                          |             |               | 37,500   |             |               | 36,656   |               |
| Counsel Press, Inc. – Term Debt (L+11.8%, 12.8% Cash, Due 3/2023)(L)                                           |  | 21,100                          |             |               | 21,100   |             |               | 21,100   |               |
| Counsel Press, Inc. – Term Debt (L+13.0%, 14.0% Cash, Due 3/2023)(L)                                           |  | 6,400                           |             |               | 6,400    |             |               | 6,400    |               |
| Horizon Facilities Services, Inc. – Term Debt (L+9.5%, 12.0% Cash, Due 6/2024)(G)(L)                           |  | 27,700                          |             |               | 27,700   |             |               | 27,700   |               |
| Mason West, LLC – Line of Credit, $3,000 available (L+8.0%, 10.0% Cash, Due 7/2021)(L)                         |  | —                         |             |               | —  |             |               | —  |               |
| Mason West, LLC – Term Debt (L+10.0%, 12.5% Cash, Due 7/2025)(L)                                               |  | 25,250                          |             |               | 25,250   |             |               | 25,250   |               |
|                                                                                                                          |  |                                      |             | 117,950  |               |             | 117,106  |               |
| Healthcare, Education, and Childcare – 5.2%                                                                        |  |                                      |             |               |               |             |
| Educators Resource, Inc. – Term Debt (L+10.5%, 13.0% Cash, Due 11/2023)(L)                                     |  | 20,000                          |             |               | 20,000   |             |               | 20,000   |               |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 6.4%                                      |  |                                      |             |               |               |             |
| Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023)(L)                              |  | 17,700                          |             |               | 17,700   |             |               | 17,700   |               |
| Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023)(L)                              |  | 6,850                           |             |               | 6,850    |             |               | 6,850    |               |
|                                                                                                                          |  |                                      |             | 24,550   |               |             | 24,550   |               |
| Leisure, Amusement, Motion Pictures, and Entertainment – 5.6%                                                      |  |                                      |             |               |               |             |
| Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 8/2024)(L)                                               |  | 13,081                          |             |               | 13,081   |             |               | 13,081   |               |
| Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 8/2024)(L)                                               |  | 8,500                           |             |               | 8,500    |             |               | 8,500    |               |
|                                                                                                                          |  |                                      |             | 21,581   |               |             | 21,581   |               |
| Total Secured First Lien Debt                                                                                            |  |                                      |             | $             | 188,431  |             |               | $             | 187,587  |               |
|                                                                                                                          |  |                                      |             |               |               |             |
| Secured Second Lien Debt – 11.0%                                                                                   |  |                                      |             |               |               |             |
| Automobile – 1.0%                                                                                                  |  |                                      |             |               |               |             |
| Country Club Enterprises, LLC – Term Debt (L+8.0%, 10.0% Cash, Due 2/2022)(K)                                  |  | $                                    | 4,000  |               |               | $           | 4,000    |               |               | $             | 3,890  |  |
| Country Club Enterprises, LLC – Guaranty ($1,000)(T)                                                               |  | —                         |             |               | —  |             |               | —  |               |
|                                                                                                                          |  |                                      |             | 4,000    |               |             | 3,890    |               |
| Cargo Transport – 3.4%                                                                                             |  |                                      |             |               |               |             |
| Diligent Delivery Systems – Term Debt (L+9.0%, 11.0% Cash, Due 11/2022)(Q)                                     |  | 13,000                          |             |               | 12,970   |             |               | 13,000   |               |
|                                                                                                                          |  |                                      |             |               |               |             |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 3.5%                                      |  |                                      |             |               |               |             |
| Ginsey Home Solutions, Inc. – Term Debt (L+10.0%, 13.5% Cash, Due 1/2025)(H)(L)                                |  | 13,300                          |             |               | 13,300   |             |               | 13,300   |               |
|                                                                                                                          |  |                                      |             |               |               |             |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 3.1%                                           |  |                                      |             |               |               |             |
| SBS Industries Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(L)                                  |  | 11,736                          |             |               | 11,736   |             |               | 11,736   |               |
| Total Secured Second Lien Debt                                                                                           |  |                                      |             | $             | 42,006   |             |               | $             | 41,926   |               |
|                                                                                                                          |  |                                      |             |               |               |             |
| Preferred Equity – 17.3%                                                                                           |  |                                      |             |               |               |             |
| Diversified/Conglomerate Services – 9.2%                                                                       |  |                                      |             |               |               |             |
| Bassett Creek Services, Inc. – Preferred Stock(C)(L)                                                               |  | 4,900                           |             |               | $             | 4,900  |               |               | $             | —  |             |
| Counsel Press, Inc. – Preferred Stock(C)(L)                                                                        |  | 6,995                           |             |               | 6,995    |             |               | 21,348   |               |
| Horizon Facilities Services, Inc. – Preferred Stock(C)(L)                                                          |  | 10,080                          |             |               | 10,080   |             |               | 3,663    |               |
| Mason West, LLC – Preferred Stock(C)(L)                                                                            |  | 11,206                          |             |               | 11,206   |             |               | 9,774    |               |
|                                                                                                                          |  |                                      |             | 33,181   |               |             | 34,785   |               |
| Healthcare, Education, and Childcare – 2.9%                                                                        |  |                                      |             |               |               |             |
| Educators Resource, Inc. – Preferred Stock(C)(L)                                                                   |  | 8,560                           |             |               | 8,560    |             |               | 11,194   |               |
|                                                                                                                          |  |                                      |             |               |               |             |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 2.5%                                      |  |                                      |             |               |               |             |
| Brunswick Bowling Products, Inc. – Preferred Stock(C)(L)                                                           |  | 6,653                           |             |               | 6,653    |             |               | 1,015    |               |
| Ginsey Home Solutions, Inc. – Preferred Stock(C)(L)                                                                |  | 19,280                          |             |               | 9,583    |             |               | 8,550    |               |
|                                                                                                                          |  |                                      |             | 16,236   |               |             | 9,565    |               |
| Leisure, Amusement, Motion Pictures, and Entertainment – 2.1%                                                      |  |                                      |             |               |               |             |
| Schylling, Inc. – Preferred Stock(C)(L)                                                                            |  | 4,000                           |             |               | 4,000    |             |               | 7,936    |               |
|                                                                                                                          |  |                                      |             |               |               |             |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.6%                                           |  |                                      |             |               |               |             |
| SBS Industries Holdings, Inc. – Preferred Stock(C)(L)                                                              |  | 27,705                          |             |               | 2,771    |             |               | 2,463    |               |

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Table of Contents

|                                                                                                                  |  |                                      |             |              |               |            |              |               |               |             |             |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|-------------|--------------|---------------|------------|--------------|---------------|---------------|-------------|-------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                               |  | Principal/Shares/Units(F)(J) |             | Cost         |               | Fair Value |
| Total Preferred Equity                                                                                           |  |                                      |             | $            | 64,748   |            |              | $             | 65,943   |             |
|                                                                                                                  |  |                                      |             |              |               |            |
| Common Equity/Equivalents – 0.7%                                                                       |  |                                      |             |              |               |            |
| Cargo Transport – 0.6%                                                                                     |  |                                      |             |              |               |            |
| Diligent Delivery Systems – Common Stock Warrants(C)(Q)                                                    |  | 8                               | %           |              | $             | 500   |              |               | $             | 2,211  |             |
|                                                                                                                  |  |                                      |             |              |               |            |
| Diversified/Conglomerate Manufacturing – 0.1%                                                          |  |                                      |             |              |               |            |
| Phoenix Door Systems, Inc. – Common Stock(C)(L)                                                            |  | 3,195                           |             |              | 1,452    |            |              | 460      |               |
|                                                                                                                  |  |                                      |             |              |               |            |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0%                              |  |                                      |             |              |               |            |
| Ginsey Home Solutions, Inc. – Common Stock(C)(L)                                                           |  | 63,747                          |             |              | 8        |            |              | —  |               |
|                                                                                                                  |  |                                      |             |              |               |            |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.0%                                   |  |                                      |             |              |               |            |
| SBS Industries Holdings, Inc. – Common Stock(C)(L)                                                         |  | 221,500                         |             |              | 222      |            |              | —  |               |
|                                                                                                                  |  |                                      |             |              |               |            |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%                                     |  |                                      |             |              |               |            |
| Funko Acquisition Holdings, LLC(M) – Common Units(C)(S)                                                    |  | 7,178                           |             |              | 33       |            |              | 95       |               |
| Total Common Equity/Equivalents                                                                              |  |                                      |             | $            | 2,215    |            |              | $             | 2,766    |             |
| Total Non-Control/Non-Affiliate Investments                                                                  |  |                                      |             | $            | 297,400  |            |              | $             | 298,222  |             |
|                                                                                                                  |  |                                      |             |              |               |            |
| AFFILIATE INVESTMENTS(O) – 80.9%                                                                           |  |                                      |             |              |               |            |
| Secured First Lien Debt – 47.6%                                                                            |  |                                      |             |              |               |            |
| Beverage, Food, and Tobacco – 2.4%                                                                         |  |                                      |             |              |               |            |
| Head Country, Inc. – Term Debt (L+10.5%, 12.5% Cash, Due 2/2023)(L)                                    |  | $                                    | 9,050  |              |               | $          | 9,050   |               |               | $           | 9,050  |  |
|                                                                                                                  |  |                                      |             |              |               |            |
| Chemicals, Plastics, and Rubber – 6.0%                                                                     |  |                                      |             |              |               |            |
| PSI Molded Plastics, Inc. – Term Debt (L+5.5%, 7.0% Cash, Due 1/2024)(L)                               |  | 26,618                          |             |              | 26,618   |            |              | 22,985   |               |
|                                                                                                                  |  |                                      |             |              |               |            |
| Diversified/Conglomerate Manufacturing – 5.4%                                                          |  |                                      |             |              |               |            |
| D.P.M.S., Inc. – Line of Credit, $0 available (L+6.5%, 9.0% Cash (0.5% Unused Fee), Due 10/2023)(L)    |  | 1,500                           |             |              | 1,500    |            |              | 1,500    |               |
| D.P.M.S., Inc. – Term Debt (10.0% Cash, Due 10/2023)(I)(L)                                             |  | 10,796                          |             |              | 10,796   |            |              | 5,751    |               |
| Edge Adhesives Holdings, Inc.(M)  – Line of Credit, $0 available (L+8.0%, 10.0% Cash, Due 9/2021)(K)   |  | 1,020                           |             |              | 1,020    |            |              | 1,005    |               |
| Edge Adhesives Holdings, Inc.(M) – Term Debt (L+10.5%, 12.5% Cash, Due 2/2022)(K)                      |  | 9,300                           |             |              | 9,300    |            |              | 9,161    |               |
| Edge Adhesives Holdings, Inc.(M) – Term Debt (L+11.8%, 13.8% Cash, Due 2/2022)(K)                      |  | 3,000                           |             |              | 3,000    |            |              | 2,955    |               |
|                                                                                                                  |  |                                      |             | 25,616  |               |            | 20,372  |               |
| Diversified/Conglomerate Services – 13.3%                                                              |  |                                      |             |              |               |            |
| ImageWorks Display and Marketing Group, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 11/2022)(L)         |  | 22,000                          |             |              | 22,000   |            |              | 22,000   |               |
| The Maids International, LLC – Term Debt (L+10.5%, 12.0% Cash, Due 3/2025)(L)                          |  | 28,560                          |             |              | 28,560   |            |              | 28,560   |               |
|                                                                                                                  |  |                                      |             | 50,560  |               |            | 50,560  |               |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 7.1%                              |  |                                      |             |              |               |            |
| Old World Christmas, Inc. – Secured First Lien Term Loan (L+9.5%, 11.0% Cash, Due 12/2025)(L)          |  | 27,000                          |             |              | 27,000   |            |              | 27,000   |               |
|                                                                                                                  |  |                                      |             |              |               |            |
| Leisure, Amusement, Motion Pictures, and Entertainment – 2.3%                                              |  |                                      |             |              |               |            |
| SOG Specialty Knives & Tools, LLC – Term Debt (Due 12/2023)(L)(R)                                  |  | 538                             |             |              | 538      |            |              | 538      |               |
| SOG Specialty Knives & Tools, LLC – Term Debt (L+4.0%, 6.0% Cash, Due 12/2023)(L)                  |  | 8,399                           |             |              | 8,399    |            |              | 8,399    |               |
|                                                                                                                  |  |                                      |             | 8,937   |               |            | 8,937   |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 7.0%                                     |  |                                      |             |              |               |            |
| The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 4/2021)(G)(L)          |  | 3,400                           |             |              | 3,400    |            |              | 3,400    |               |
| Pioneer Square Brands, Inc. – Term Debt (L+12.0%, 13.0% Cash, Due 8/2022)(Q)                           |  | 23,100                          |             |              | 23,100   |            |              | 23,215   |               |
|                                                                                                                  |  |                                      |             | 26,500  |               |            | 26,615  |               |
| Telecommunications – 4.1%                                                                                  |  |                                      |             |              |               |            |
| B+T Group Acquisition, Inc.(M) – Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2021)(G)(K) |  | 2,800                           |             |              | 2,800    |            |              | 2,597    |               |
| B+T Group Acquisition, Inc.(M) – Term Debt (L+11.0%, 13.0% Cash, Due 12/2021)(G)(K)                    |  | 14,000                          |             |              | 14,000   |            |              | 12,985   |               |
|                                                                                                                  |  |                                      |             | 16,800  |               |            | 15,582  |               |
| Total Secured First Lien Debt                                                                                    |  |                                      |             | $            | 191,081  |            |              | $             | 181,101  |             |
|                                                                                                                  |  |                                      |             |              |               |            |
| Secured Second Lien Debt – 12.6%                                                                           |  |                                      |             |              |               |            |

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Table of Contents

|                                                                                                                         |  |                                      |              |              |               |               |               |               |               |               |             |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|---------------|---------------|---------------|---------------|---------------|-------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                                      |  | Principal/Shares/Units(F)(J) |              | Cost         |               | Fair Value    |
| Diversified/Conglomerate Services – 12.0%                                                                     |  |                                      |              |              |               |               |
| J.R. Hobbs Co. – Atlanta, LLC – Line of Credit, $0 available (L+6.0%, 8.0% Cash, Due 10/2024)(K)        |  | $                                    | 10,000  |              |               | $             | 10,000   |               |               | $             | 9,975  |  |
| J.R. Hobbs Co. – Atlanta, LLC – Term Debt (L+10.3%, 11.8% Cash, Due 10/2024)(K)                         |  | 36,000                          |              |              | 36,000   |               |               | 35,910   |               |
|                                                                                                                         |  |                                      |              | 46,000  |               |               | 45,885   |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.6%                                            |  |                                      |              |              |               |               |
| The Mountain Corporation – Term Debt (L+4.0%, 7.0% Cash, Due 4/2024)(G)(L)                                    |  | 11,700                          |              |              | 11,700   |               |               | 1,849    |               |
| The Mountain Corporation – Delayed Draw Term Debt, $0 available (L+4.0%, 7.0% Cash, Due 4/2024)(G)(L)         |  | 1,500                           |              |              | 1,500    |               |               | 237      |               |
|                                                                                                                         |  |                                      |              | 13,200  |               |               | 2,086    |               |
| Total Secured Second Lien Debt                                                                                          |  |                                      |              | $            | 59,200   |               |               | $             | 47,971   |               |
| Preferred Equity – 20.7%                                                                                          |  |                                      |              |              |               |               |
| Beverage, Food, and Tobacco – 1.7%                                                                                |  |                                      |              |              |               |               |
| Head Country, Inc. – Preferred Stock(C)(L)                                                                        |  | 4,000                           |              |              | $             | 4,000    |               |               | $             | 6,469    |             |
|                                                                                                                         |  |                                      |              |              |               |               |
| Chemicals, Plastics, and Rubber – 0.0%                                                                            |  |                                      |              |              |               |               |
| PSI Molded Plastics, Inc. – Preferred Stock(C)(L)                                                                 |  | 158,598                         |              |              | 19,730   |               |               | —  |               |
|                                                                                                                         |  |                                      |              |              |               |               |
| Diversified/Conglomerate Manufacturing – 0.0%                                                                 |  |                                      |              |              |               |               |
| Channel Technologies Group, LLC – Preferred Stock(C)(L)                                                           |  | 2,279                           |              |              | 1,841    |               |               | —  |               |
| Edge Adhesives Holdings, Inc.(M) – Preferred Stock(C)(L)                                                          |  | 8,199                           |              |              | 8,199    |               |               | —  |               |
|                                                                                                                         |  |                                      |              | 10,040  |               |               | —  |               |
| Diversified/Conglomerate Services – 3.5%                                                                      |  |                                      |              |              |               |               |
| ImageWorks Display and Marketing Group, Inc. – Preferred Stock(C)(L)                                              |  | 67,490                          |              |              | 6,749    |               |               | 9,819    |               |
| J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock(C)(L)                                                       |  | 10,920                          |              |              | 10,920   |               |               | —  |               |
| The Maids International, LLC – Preferred Stock(C)(L)                                                              |  | 6,640                           |              |              | 6,640    |               |               | 3,560    |               |
|                                                                                                                         |  |                                      |              | 24,309  |               |               | 13,379   |               |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.3%                                     |  |                                      |              |              |               |               |
| Old World Christmas, Inc. – Preferred Stock(C)(L)                                                                 |  | 6,180                           |              |              | —  |               |               | 20,248   |               |
|                                                                                                                         |  |                                      |              |              |               |               |
| Leisure, Amusement, Motion Pictures, and Entertainment – 1.8%                                                     |  |                                      |              |              |               |               |
| SOG Specialty Knives & Tools, LLC – Preferred Stock(C)(L)                                                     |  | 14,949                          |              |              | 14,949   |               |               | 6,754    |               |
|                                                                                                                         |  |                                      |              |              |               |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 8.4%                                            |  |                                      |              |              |               |               |
| The Mountain Corporation – Preferred Stock(C)(L)                                                                  |  | 6,899                           |              |              | 6,899    |               |               | —  |               |
| Pioneer Square Brands, Inc. – Preferred Stock(C)(Q)                                                               |  | 5,502                           |              |              | 5,500    |               |               | 32,055   |               |
|                                                                                                                         |  |                                      |              | 12,399  |               |               | 32,055   |               |
| Telecommunications – 0.0%                                                                                         |  |                                      |              |              |               |               |
| B+T Group Acquisition, Inc.(M) – Preferred Stock(C)(L)                                                            |  | 14,304                          |              |              | 4,722    |               |               | —  |               |
| Total Preferred Equity                                                                                                  |  |                                      |              | $            | 90,149   |               |               | $             | 78,905   |               |
|                                                                                                                         |  |                                      |              |              |               |               |
| Common Equity/Equivalents – 0.0%                                                                              |  |                                      |              |              |               |               |
| Diversified/Conglomerate Manufacturing – 0.0%                                                                 |  |                                      |              |              |               |               |
| Channel Technologies Group, LLC – Common Stock(C)(L)                                                              |  | 2,319,184                       |              |              | $             | —  |               |               | $             | —  |             |
| D.P.M.S., Inc. – Common Stock(C)(L)                                                                               |  | 627                             |              |              | 1        |               |               | —  |               |
|                                                                                                                         |  |                                      |              | 1       |               |               | —  |               |
| Diversified/Conglomerate Services – 0.0%                                                                      |  |                                      |              |              |               |               |
| Nth Degree Investment Group, LLC – Common Units(C)(L)                                                             |  | 14,360,000                      |              |              | 1,219    |               |               | —  |               |
|                                                                                                                         |  |                                      |              |              |               |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%                                            |  |                                      |              |              |               |               |
| The Mountain Corporation – Common Stock(C)(L)                                                                     |  | 751                             |              |              | 1        |               |               | —  |               |
|                                                                                                                         |  |                                      |              |              |               |               |
| Telecommunications – 0.0%                                                                                         |  |                                      |              |              |               |               |
| B+T Group Acquisition, Inc.(M) – Common Stock Warrant(C)(L)                                                       |  | 3.5                             | %            |              | —  |               |               | —  |               |
|                                                                                                                         |  |                                      |              |              |               |               |
| Total Common Equity/Equivalents                                                                                     |  |                                      |              | $            | 1,221    |               |               | $             | —  |               |
| Total Affiliate Investments                                                                                             |  |                                      |              | $            | 341,651  |               |               | $             | 307,977  |               |
|                                                                                                                         |  |                                      |              |              |               |               |
| CONTROL INVESTMENTS(P) – 7.2%:                                                                                |  |                                      |              |              |               |               |
| Secured Second Lien Debt – 3.4%                                                                                   |  |                                      |              |              |               |               |
| Aerospace and Defense – 3.4%                                                                                      |  |                                      |              |              |               |               |
| Galaxy Technologies, Inc. – Line of Credit, $0 available (L+4.5%, 6.5% Cash (0.5% Unused Fee), Due 8/2023)(L) |  | $                                    | 5,000   |              |               | $             | 5,000    |               |               | $             | 5,000  |  |
| Galaxy Technologies, Inc. – Term Debt (L+6.0%, 10.0% Cash, Due 8/2023)(L)                                     |  | 8,000                           |              |              | 8,000    |               |               | 8,000    |               |
|                                                                                                                         |  |                                      |              | $            | 13,000   |               |               | $             | 13,000   |               |

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Table of Contents

|                                                         |  |                                      |  |      |               |              |  |   |               |               |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------|--|--------------------------------------|--|------|---------------|--------------|--|---|---------------|---------------|--|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                      |  | Principal/Shares/Units(F)(J) |  | Cost |               | Fair Value   |
| Preferred Equity – 3.8%                           |  |                                      |  |      |               |              |
| Aerospace and Defense – 3.8%                      |  |                                      |  |      |               |              |
| Galaxy Technologies, Inc. – Preferred Stock(C)(L) |  | 5,517,444                       |  |      | $             | 11,464  |  |   | $             | 14,630   |  |
|                                                         |  |                                      |  |      |               |              |
| Common Equity – 0.0%                              |  |                                      |  |      |               |              |
| Aerospace and Defense – 0.0%                      |  |                                      |  |      |               |              |
| Galaxy Technologies, Inc. – Common Stock(C)(L)    |  | 88,843                          |  |      | $             | 48      |  |   | $             | —  |  |
| Total Control Investments                               |  |                                      |  | $    | 24,512   |              |  | $ | 27,630   |               |
| TOTAL INVESTMENTS – 166.0%                        |  |                                      |  | $    | 663,563  |              |  | $ | 633,829  |               |

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|                                                |               |               |                                                              |               |                                            |               |                                          |  |     |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|---------------|---------------|--------------------------------------------------------------|---------------|--------------------------------------------|---------------|------------------------------------------|--|-----|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                |               |               | Fair Value Measurements                                      |
|                                                |               |               |                                                              |               |                                            |               |                                          |
|                                                | Fair Value    |               | Quoted Prices in Active Marketsfor Identical Assets(Level 1) |               | SignificantOtherObservable Inputs(Level 2) |               | Significant Unobservable Inputs(Level 3) |
| As of December 31, 2021:              |               |               |                                                              |               |                                            |               |                                          |
| Secured first lien debt                        | $             | 433,834  |                                                              |               | $                                          | —  |                                          |  | $   | —  |  |  | $ | 433,834  |  |
| Secured second lien debt                       | 68,294   |               |                                                              | —  |                                            |               | —                             |  |     | 68,294   |  |
| Preferred equity                               | 196,104  |               |                                                              | —  |                                            |               | —                             |  |     | 196,104  |  |
| Common equity/equivalents                  | 2,506    |               |                                                              | —  |                                            |               | 80                                  |  | (A) | 2,426    |  |
| Total Investments as of December 31, 2021 | $             | 700,738  |                                                              |               | $                                          | —  |                                          |  | $   | 80       |  |  | $ | 700,658  |  |

|                                             |               |               |                                                               |               |                                              |               |                                          |  |     |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|---------------|---------------|---------------------------------------------------------------|---------------|----------------------------------------------|---------------|------------------------------------------|--|-----|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                             |               |               | Fair Value Measurements                                       |
|                                             |               |               |                                                               |               |                                              |               |                                          |
|                                             | Fair Value    |               | Quoted Prices in Active Markets for Identical Assets(Level 1) |               | Significant Other Observable Inputs(Level 2) |               | Significant Unobservable Inputs(Level 3) |
| As of March 31, 2021:              |               |               |                                                               |               |                                              |               |                                          |
| Secured first lien debt                     | $             | 368,688  |                                                               |               | $                                            | —  |                                          |  | $   | —  |  |  | $ | 368,688  |  |
| Secured second lien debt                    | 102,897  |               |                                                               | —  |                                              |               | —                             |  |     | 102,897  |  |
| Preferred equity                            | 159,478  |               |                                                               | —  |                                              |               | —                             |  |     | 159,478  |  |
| Common equity/equivalents               | 2,766    |               |                                                               | —  |                                              |               | 95                                  |  | (A) | 2,671    |  |
| Total Investments as of March 31, 2021 | $             | 633,829  |                                                               |               | $                                            | —  |                                          |  | $   | 95       |  |  | $ | 633,734  |  |

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|                                                      |                                                                                                                                |               |                |               |   |               |  |  |  |  |  |
|------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|---------------|----------------|---------------|---|---------------|--|--|--|--|--|
|                                                      | Total Recurring Fair Value MeasurementsReported in Consolidated Statementsof Assets and LiabilitiesValued Using Level 3 Inputs |
|                                                      | December 31, 2021                                                                                                              |               | March 31, 2021 |
| Non-Control/Non-Affiliate Investments            |                                                                                                                                |               |                |
| Secured first lien debt                              | $                                                                                                                              | 233,289  |                |               | $ | 187,587  |  |
| Secured second lien debt                             | 66,525                                                                                                                    |               |                | 41,926   |   |
| Preferred equity                                     | 123,470                                                                                                                   |               |                | 65,943   |   |
| Common equity/equivalents(A)                     | 1,554                                                                                                                     |               |                | 2,671    |   |
| Total Non-Control/Non-Affiliate Investments      | 424,838                                                                                                                   |               |                | 298,127  |   |
|                                                      |                                                                                                                                |               |                |
| Affiliate Investments                                |                                                                                                                                |               |                |
| Secured first lien debt                              | 200,545                                                                                                                   |               |                | 181,101  |   |
| Secured second lien debt                             | 1,769                                                                                                                     |               |                | 47,971   |   |
| Preferred equity                                     | 72,634                                                                                                                    |               |                | 78,905   |   |
| Common equity/equivalents                        | 872                                                                                                                       |               |                | —  |   |
| Total Affiliate Investments                          | 275,820                                                                                                                   |               |                | 307,977  |   |
|                                                      |                                                                                                                                |               |                |
| Control Investments                                  |                                                                                                                                |               |                |
| Secured first lien debt                              | —                                                                                                                   |               |                | —  |   |
| Secured second lien debt                             | —                                                                                                                   |               |                | 13,000   |   |
| Preferred equity                                     | —                                                                                                                   |               |                | 14,630   |   |
| Common equity/equivalents                        | —                                                                                                                   |               |                | —  |   |
| Total Control Investments                            | —                                                                                                                   |               |                | 27,630   |   |
|                                                      |                                                                                                                                |               |                |
| Total investments at fair value using Level 3 inputs | $                                                                                                                              | 700,658  |                |               | $ | 633,734  |  |

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|                                  |                                                                |               |                                    |               |                   |               |                                    |     |                                       |  |                                      |  |                                 |  |                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|----------------------------------------------------------------|---------------|------------------------------------|---------------|-------------------|---------------|------------------------------------|-----|---------------------------------------|--|--------------------------------------|--|---------------------------------|--|------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                  | Quantitative Information about Level 3 Fair Value Measurements |
|                                  | Fair Value as of                                               |               | ValuationTechnique/Methodology |               | UnobservableInput |               | Range / Weighted-Average as of |
|                                  | December 31,2021                                               |               | March 31,2021                      |               |                   |               | December 31,2021                   |     | March 31,2021                         |
| Secured first lien debt          | $                                                              | 371,809  |                                    |               | $                 | 303,330  |                                    | (A) | TEV                                   |  | EBITDA multiple                      |  | 3.4x – 8.4x / 7.0x    |  | 4.6x – 8.0x / 7.0x |
|                                  |                                                                |               |                                    |               |                   |               | EBITDA                             |     | $3,990 –$13,488 /$7,583     |  | $1,403 – $9,500 /$5,746    |
|                                  |                                                                |               |                                    |               |                   |               | Revenue multiple                   |     | 0.7x – 0.7x / 0.7x          |  | 0.6x – 0.7x / 0.6x         |
|                                  |                                                                |               |                                    |               |                   |               | Revenue                            |     | $14,716 – $14,716 /$14,716  |  | $14,474 – $30,537 /$26,110 |
|                                  | 62,025                                                    |               |                                    | 65,358   |                   |               | Yield Analysis                     |     | Discount Rate                         |  | 10.6% – 15.4% / 13.9%      |  | 13.3% – 17.9% / 14.7% |
| Secured second lien debt         | 40,364                                                    |               |                                    | 53,122   |                   | (B)           | TEV                                |     | EBITDA multiple                       |  | 5.8x – 7.0x / 6.2x    |  | 5.9x – 6.6x / 6.2x    |
|                                  |                                                                |               |                                    |               |                   |               | EBITDA                             |     | $3,953 – $5,637 /$5,056     |  | $4,551 – $5,100 /$4,772    |
|                                  |                                                                |               |                                    |               |                   |               | Revenue multiple                   |     | 0.7x – 0.7x / 0.7x          |  | 0.7x – 0.7x / 0.7x         |
|                                  |                                                                |               |                                    |               |                   |               | Revenue                            |     | $14,716 – $14,716 / $14,716 |  | $14,474 – $14,474 /$14,474 |
|                                  | 27,930                                                    |               |                                    | 49,775   |                   |               | Yield Analysis                     |     | Discount Rate                         |  | 10.1% – 12.1% /11.0%       |  | 8.1% – 13.5% / 11.2%  |
| Preferred equity                 | 196,104                                                   |               |                                    | 159,478  |                   | (C)           | TEV                                |     | EBITDA multiple                       |  | 3.4x – 8.4x / 6.9x         |  | 5.6x – 8.0x / 6.6x    |
|                                  |                                                                |               |                                    |               |                   |               | EBITDA                             |     | $1,632 – $13,488 /$6,543    |  | $2,587– $9,720 / $5,938    |
|                                  |                                                                |               |                                    |               |                   |               | Revenue multiple                   |     | 0.7x – 0.7x / 0.7x          |  | 0.6x – 0.7x / 0.6x         |
|                                  |                                                                |               |                                    |               |                   |               | Revenue                            |     | $14,716 – $14,716 /$14,716  |  | $14,474 – $30,537 /$25,465 |
| Common equity/equivalents(E) | 2,426                                                     |               |                                    | 2,671    |                   | (D)           | TEV                                |     | EBITDA multiple                       |  | 4.9x – 8.6x / 6.0x         |  | 4.6x – 7.1x / 5.7x    |
|                                  |                                                                |               |                                    |               |                   |               | EBITDA                             |     | $559 – $13,488 / $5,491     |  | $1,403 – $7,135 /$4,132    |
|                                  |                                                                |               |                                    |               |                   |               | Revenue multiple                   |     | 0.7x – 0.7x / 0.7x          |  | 0.7x – 0.7x / 0.7x         |
|                                  |                                                                |               |                                    |               |                   |               | Revenue                            |     | $14,716 – $14,716 /$14,716  |  | $14,474 – $14,474 /$14,474 |
| Total                            | $                                                              | 700,658  |                                    |               | $                 | 633,734  |                                    |     |                                       |  |                                      |  |                                 |  |                              |

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|                                                                                  |                        |               |                        |               |                 |              |                              |  |       |               |  |              |               |             |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|------------------------|---------------|------------------------|---------------|-----------------|--------------|------------------------------|--|-------|---------------|--|--------------|---------------|-------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                  | Secured First LienDebt |               | SecuredSecond LienDebt |               | PreferredEquity |              | CommonEquity/Equivalents |  | Total |
| Three Months ended December 31, 2021:                                   |                        |               |                        |               |                 |              |                              |  |       |
| Fair value as of September 30, 2021                                              | $                      | 431,413  |                        |               | $               | 68,489  |                              |  | $     | 228,931  |  |              | $             | 7,592  |  |  | $ | 736,425  |  |
| Total gain (loss):                                                           |                        |               |                        |               |                 |              |                              |  |       |
| Net realized gain (loss)(A)                                                      | —           |               |                        | —  |                 |              | 21,939                  |  |       | —  |  |              | 21,939   |             |
| Net unrealized appreciation (depreciation)(B)                                    | (1,741)                |               |                        | (200)         |                 |              | 12,427                  |  |       | (5,166)       |  |              | 5,320    |             |
| Reversal of previously recorded (appreciation)  depreciation upon realization(B) | —           |               |                        | —  |                 |              | (25,425)                     |  |       | —  |  |              | (25,425)      |             |
| New investments, repayments and settlements(C):                              |                        |               |                        |               |                 |              |                              |  |       |
| Issuances / originations                                                     | 37,000            |               |                        | 5        |                 |              | —                 |  |       |               |  | 37,005  |               |
| Settlements / repayments                                                     | (32,838)               |               |                        | —  |                 |              | —                 |  |       | —  |  |              | (32,838)      |             |
| Sales                                                                            | —           |               |                        | —  |                 |              | (41,768)                     |  |       | —  |  |              | (41,768)      |             |
| Transfers(D)                                                                     | —           |               |                        | —  |                 |              | —                 |  |       | —  |  |              | —  |             |
| Fair value as of December 31, 2021                                          | $                      | 433,834  |                        |               | $               | 68,294  |                              |  | $     | 196,104  |  |              | $             | 2,426  |  |  | $ | 700,658  |  |

|                                                                                  |                       |               |                        |               |                 |               |                              |  |       |               |  |  |               |             |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|-----------------------|---------------|------------------------|---------------|-----------------|---------------|------------------------------|--|-------|---------------|--|--|---------------|-------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                  | SecuredFirst LienDebt |               | SecuredSecond LienDebt |               | PreferredEquity |               | CommonEquity/Equivalents |  | Total |
| Nine Months ended December 31, 2021:                                    |                       |               |                        |               |                 |               |                              |  |       |
| Fair value as of March 31, 2021                                             | $                     | 368,688  |                        |               | $               | 102,897  |                              |  | $     | 159,478  |  |  | $             | 2,671  |  |  | $ | 633,734  |  |
| Total gain (loss):                                                           |                       |               |                        |               |                 |               |                              |  |       |
| Net realized gain (loss)(A)                                                      | —          |               |                        | —  |                 |               | 23,725                  |  |       | —  |  |  | 23,725   |             |
| Net unrealized appreciation (depreciation)(B)                                    | 1,491            |               |                        | 3,925    |                 |               | 91,782                  |  |       | (16,279)      |  |  | 80,919   |             |
| Reversal of previously recorded (appreciation)  depreciation upon realization(B) | 60               |               |                        | —  |                 |               | (26,053)                     |  |       | —  |  |  | (25,993)      |             |
| New investments, repayments and settlements(C):                              |                       |               |                        |               |                 |               |                              |  |       |
| Issuances / originations                                                     | 65,450           |               |                        | 6,515    |                 |               | 12,600                  |  |       | —  |  |  | 84,565   |             |
| Settlements / repayments                                                     | (46,898)              |               |                        | —  |                 |               | —                 |  |       | —  |  |  | (46,898)      |             |
| Sales                                                                            | —          |               |                        | —  |                 |               | (49,394)                     |  |       | —  |  |  | (49,394)      |             |
| Transfers(D)                                                                     | 45,043           |               |                        | (45,043)      |                 |               | (16,034)                     |  |       | 16,034   |  |  | —  |             |
| Fair value as of December 31, 2021                                          | $                     | 433,834  |                        |               | $               | 68,294   |                              |  | $     | 196,104  |  |  | $             | 2,426  |  |  | $ | 700,658  |  |

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|                                                                                  |                       |               |                        |               |                 |               |                              |  |       |               |  |  |               |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|-----------------------|---------------|------------------------|---------------|-----------------|---------------|------------------------------|--|-------|---------------|--|--|---------------|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                  | SecuredFirst LienDebt |               | SecuredSecond LienDebt |               | PreferredEquity |               | CommonEquity/Equivalents |  | Total |
| Three Months ended December 31, 2020:                                   |                       |               |                        |               |                 |               |                              |  |       |
| Fair value as of September 30, 2020                                              | $                     | 356,496  |                        |               | $               | 100,076  |                              |  | $     | 140,076  |  |  | $             | 12,266  |  |  | $ | 608,914  |  |
| Total gain (loss):                                                           |                       |               |                        |               |                 |               |                              |  |       |
| Net realized gain (loss)(A)                                                      | (8,470)               |               |                        | —  |                 |               | 3,292                   |  |       | 14,030   |  |  | 8,852    |              |
| Net unrealized appreciation (depreciation)(B)                                    | (700)                 |               |                        | 84       |                 |               | 9,680                   |  |       | 2,678    |  |  | 11,742   |              |
| Reversal of previously recorded (appreciation)  depreciation upon realization(B) | —          |               |                        | —  |                 |               | (84)                         |  |       | (11,785)      |  |  | (11,869)      |              |
| New investments, repayments and settlements(C):                              |                       |               |                        |               |                 |               |                              |  |       |
| Issuances / originations                                                     | 27,280           |               |                        | 3,205    |                 |               | 1,709                   |  |       | —  |  |  | 32,194   |              |
| Settlements / repayments                                                     | (12,734)              |               |                        | —  |                 |               | —                 |  |       | —  |  |  | (12,734)      |              |
| Sales                                                                            | —          |               |                        | —  |                 |               | (12,114)                     |  |       | (14,182)      |  |  | (26,296)      |              |
| Transfers(D)                                                                     | —          |               |                        | —  |                 |               | —                 |  |       | —  |  |  | —  |              |
| Fair value as of December 31, 2020                                          | $                     | 361,872  |                        |               | $               | 103,365  |                              |  | $     | 142,559  |  |  | $             | 3,007   |  |  | $ | 610,803  |  |

|                                                                                  |                       |               |                        |               |                 |               |                              |  |       |               |  |  |               |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|-----------------------|---------------|------------------------|---------------|-----------------|---------------|------------------------------|--|-------|---------------|--|--|---------------|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                  | SecuredFirst LienDebt |               | SecuredSecond LienDebt |               | PreferredEquity |               | CommonEquity/Equivalents |  | Total |
| Nine Months ended December 31, 2020:                                    |                       |               |                        |               |                 |               |                              |  |       |
| Fair value as of March 31, 2020                                             | $                     | 308,248  |                        |               | $               | 123,340  |                              |  | $     | 119,849  |  |  | $             | 14,454  |  |  | $ | 565,891  |  |
| Total gain (loss):                                                           |                       |               |                        |               |                 |               |                              |  |       |
| Net realized gain (loss)(A)                                                      | (8,470)               |               |                        | —  |                 |               | 3,292                   |  |       | 14,144   |  |  | 8,966    |              |
| Net unrealized appreciation (depreciation)(B)                                    | (1,915)               |               |                        | 474      |                 |               | 9,432                   |  |       | 490      |  |  | 8,481    |              |
| Reversal of previously recorded (appreciation)  depreciation upon realization(B) | —          |               |                        | —  |                 |               | (84)                         |  |       | (11,785)      |  |  | (11,869)      |              |
| New investments, repayments and settlements(C):                              |                       |               |                        |               |                 |               |                              |  |       |
| Issuances / originations                                                     | 60,779           |               |                        | 3,515    |                 |               | 25,290                  |  |       | —  |  |  | 89,584   |              |
| Settlements / repayments                                                     | (20,734)              |               |                        | —  |                 |               | —                 |  |       | —  |  |  | (20,734)      |              |
| Sales                                                                            | —          |               |                        | —  |                 |               | (15,220)                     |  |       | (14,296)      |  |  | (29,516)      |              |
| Transfers(D)                                                                     | 23,964           |               |                        | (23,964)      |                 |               | —                 |  |       | —  |  |  | —  |              |
| Fair value as of December 31, 2020                                          | $                     | 361,872  |                        |               | $               | 103,365  |                              |  | $     | 142,559  |  |  | $             | 3,007   |  |  | $ | 610,803  |  |

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|                               |                   |               |                |             |      |               |            |               |   |             |               |  |            |               |  |               |   |            |   |               |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|-------------------|---------------|----------------|-------------|------|---------------|------------|---------------|---|-------------|---------------|--|------------|---------------|--|---------------|---|------------|---|---------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                               | December 31, 2021 |               | March 31, 2021 |
|                               | Cost              |               | Fair Value     |             | Cost |               | Fair Value |
| Secured first lien debt       | $                 | 438,269  |                | 64.9   | %    |               | $          | 433,834  |   | 61.9   | %             |  | $          | 379,512  |  | 57.2     | % |            | $ | 368,688  |  | 58.2   | % |
| Secured second lien debt      | 80,515       |               | 11.9      | %           |      | 68,294   |            | 9.7      | % |             | 114,206  |  | 17.2  | %             |  | 102,897  |   | 16.2  | % |
| Total debt                    | 518,784      |               | 76.8      | %           |      | 502,128  |            | 71.6     | % |             | 493,718  |  | 74.4  | %             |  | 471,585  |   | 74.4  | % |
|                               |                   |               |                |             |      |               |            |               |   |             |               |
| Preferred equity              | 141,207      |               | 20.9      | %           |      | 196,104  |            | 28.0     | % |             | 166,361  |  | 25.1  | %             |  | 159,478  |   | 25.2  | % |
| Common equity/equivalents | 15,565       |               | 2.3       | %           |      | 2,506    |            | 0.4      | % |             | 3,484    |  | 0.5   | %             |  | 2,766    |   | 0.4   | % |
| Total equity/equivalents  | 156,772      |               | 23.2      | %           |      | 198,610  |            | 28.4     | % |             | 169,845  |  | 25.6  | %             |  | 162,244  |   | 25.6  | % |
| Total investments             | $                 | 675,556  |                | 100.0  | %    |               | $          | 700,738  |   | 100.0  | %             |  | $          | 663,563  |  | 100.0    | % |            | $ | 633,829  |  | 100.0  | % |

|                                                                        |                   |               |                                |               |             |   |                                 |   |               |               |   |             |   |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|-------------------|---------------|--------------------------------|---------------|-------------|---|---------------------------------|---|---------------|---------------|---|-------------|---|--|--|--|--|--|--|--|--|--|--|
|                                                                        | December 31, 2021 |               | March 31, 2021                 |
|                                                                        | Fair Value        |               | Percentage ofTotal Investments |               | Fair Value  |   | Percentage of Total Investments |
| Diversified/Conglomerate Services                                  | $                 | 301,459  |                                |               | 43.0   | % |                                 | $ | 261,714  |               |   | 41.3   | % |
| Home and Office Furnishings, Housewares, and Durable Consumer Products | 118,051      |               |                                | 16.8     | %           |   | 94,663                     |   |               | 15.0     | % |
| Leisure, Amusement, Motion Pictures, and Entertainment                 | 49,371       |               |                                | 7.0      | %           |   | 45,209                     |   |               | 7.1      | % |
| Healthcare, Education, and Childcare                                   | 40,070       |               |                                | 5.7      | %           |   | 31,194                     |   |               | 4.9      | % |
| Hotels, Motels, Inns, and Gaming                                       | 35,804       |               |                                | 5.1      | %           |   | —                    |   |               | —  | % |
| Telecommunications                                                     | 30,862       |               |                                | 4.4      | %           |   | 15,582                     |   |               | 2.5      | % |
| Chemicals, Plastics, and Rubber                                        | 26,618       |               |                                | 3.8      | %           |   | 22,985                     |   |               | 3.6      | % |
| Aerospace and Defense                                                  | 25,592       |               |                                | 3.7      | %           |   | 27,630                     |   |               | 4.4      | % |
| Mining, Steel, Iron and Non-Precious Metals                            | 24,250       |               |                                | 3.5      | %           |   | —                    |   |               | —  | % |
| Cargo Transport                                                        | 14,322       |               |                                | 2.0      | %           |   | 15,211                     |   |               | 2.4      | % |
| Diversified/Conglomerate Manufacturing                             | 13,725       |               |                                | 2.0      | %           |   | 25,181                     |   |               | 4.0      | % |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)      | 10,885       |               |                                | 1.6      | %           |   | 14,199                     |   |               | 2.2      | % |
| Personal and Non-Durable Consumer Products (Manufacturing Only)        | 5,749        |               |                                | 0.8      | %           |   | 60,852                     |   |               | 9.6      | % |
| Beverage, Food, and Tobacco                                            | —      |               |                                | —  | %           |   | 15,519                     |   |               | 2.4      | % |
| Other < 2.0%                                                       | 3,980        |               |                                | 0.6      | %           |   | 3,890                      |   |               | 0.6      | % |
| Total investments                                                      | $                 | 700,738  |                                |               | 100.0  | % |                                 | $ | 633,829  |               |   | 100.0  | % |

|                   |                   |               |                                |            |             |   |                                |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |
|-------------------|-------------------|---------------|--------------------------------|------------|-------------|---|--------------------------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|
|                   | December 31, 2021 |               | March 31, 2021                 |
| Location          | Fair Value        |               | Percentage ofTotal Investments |            | Fair Value  |   | Percentage ofTotal Investments |
| Northeast         | $                 | 198,598  |                                |            | 28.3   | % |                                | $ | 163,938  |            |  | 25.9   | % |
| South             | 191,795      |               |                                | 27.4  |             |   | 182,529                   |   |               | 28.8  |  |
| Midwest           | 156,597      |               |                                | 22.3  |             |   | 126,781                   |   |               | 20.0  |  |
| West              | 153,748      |               |                                | 22.0  |             |   | 160,581                   |   |               | 25.3  |  |
| Total investments | $                 | 700,738  |                                |            | 100.0  | % |                                | $ | 633,829  |            |  | 100.0  | % |

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|                                                          |  |                                                                        |  |               |               |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------|--|------------------------------------------------------------------------|--|---------------|---------------|--|--|--|--|--|--|--|--|--|
|                                                          |  |                                                                        |  | Amount        |
| For the remaining three months ending March 31: |  | 2022                                                                   |  | $             | 4,000    |  |
| For the fiscal years ending March 31:           |  | 2023                                                                   |  | 90,950   |               |
|                                                          |  | 2024                                                                   |  | 96,168   |               |
|                                                          |  | 2025                                                                   |  | 204,187  |               |
|                                                          |  | 2026                                                                   |  | 52,250   |               |
|                                                          |  | Thereafter                                                             |  | 71,246   |               |
|                                                          |  | Total contractual repayments                                           |  | $             | 518,801  |  |
|                                                          |  | Adjustments to cost basis of debt investments                          |  | (17)          |               |
|                                                          |  | Investments in equity securities                                       |  | 156,772  |               |
|                                                          |  | Total cost basis of investments held as of December 31, 2021: |  | $             | 675,556  |  |

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|                                                           |                                 |               |                                |               |      |               |               |   |   |               |   |  |   |               |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------|---------------------------------|---------------|--------------------------------|---------------|------|---------------|---------------|---|---|---------------|---|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                           | Three Months Ended December 31, |               | Nine Months Ended December 31, |
|                                                           | 2021                            |               | 2020                           |               | 2021 |               | 2020          |
| Average total assets subject to base management fee(A)    | $                               | 726,000  |                                |               | $    | 623,200  |               |   | $ | 701,800  |   |  | $ | 597,400  |  |
| Multiplied by prorated annual base management fee of 2.0% | 0.5                        | %             |                                | 0.5      | %    |               | 1.5      | % |   | 1.5      | % |
| Base management fee(B)                                    | 3,630                      |               |                                | 3,116    |      |               | 10,527   |   |   | 8,961    |   |
| Credits to fees from Adviser - other(B)                   | (3,682)                         |               |                                | (789)         |      |               | (5,863)       |   |   | (2,594)       |   |
| Net base management fee                                   | $                               | (52)          |                                |               | $    | 2,327    |               |   | $ | 4,664    |   |  | $ | 6,367    |  |
|                                                           |                                 |               |                                |               |      |               |               |
| Loan servicing fee(B)                                     | 1,768                      |               |                                | 1,786    |      |               | 5,430    |   |   | 5,242    |   |
| Credits to base management fee - loan servicing fee(B)    | (1,768)                         |               |                                | (1,786)       |      |               | (5,430)       |   |   | (5,242)       |   |
| Net loan servicing fee                                    | $                               | —  |                                |               | $    | —  |               |   | $ | —  |   |  | $ | —  |  |
|                                                           |                                 |               |                                |               |      |               |               |
| Incentive fee – income-based                        | $                               | 2,197    |                                |               | $    | 2,002    |               |   | $ | 5,892    |   |  | $ | 2,002    |  |
| Incentive fee – capital gains-based(C)              | 390                        |               |                                | 1,754    |      |               | 16,294   |   |   | 1,452    |   |
| Total incentive fee(B)                                    | $                               | 2,587    |                                |               | $    | 3,756    |               |   | $ | 22,186   |   |  | $ | 3,454    |  |
| Credits to fees from Adviser - other(B)                   | —                    |               |                                | —  |      |               | —  |   |   | —  |   |
| Net total incentive fee                                   | $                               | 2,587    |                                |               | $    | 3,756    |               |   | $ | 22,186   |   |  | $ | 3,454    |  |

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|                                                                       |                         |              |                      |              |   |              |  |  |  |  |  |
|-----------------------------------------------------------------------|-------------------------|--------------|----------------------|--------------|---|--------------|--|--|--|--|--|
|                                                                       | As of December 31, |              | As of March 31, |
|                                                                       | 2021                    |              | 2021                 |
| Base management and loan servicing fee due to Adviser, net of credits | $                       | (1,375)      |                      |              | $ | 1,435   |  |
| Incentive fee due to Adviser(A)                                       | 30,909             |              |                      | 14,163  |   |
| Other due to Adviser                                                  | 71                 |              |                      | 66      |   |
| Total fees due to Adviser                                             | 29,605             |              |                      | 15,664  |   |
| Fee due to Administrator                                              | 537                |              |                      | 577     |   |
| Total related party fees due                                          | $                       | 30,142  |                      |              | $ | 16,241  |  |

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|                                |                              |         |                           |   |         |  |  |  |  |  |  |
|--------------------------------|------------------------------|---------|---------------------------|---|---------|--|--|--|--|--|--|
|                                | As of December 31, 2021 |         | As of March 31, 2021 |
| Commitment amount              | $                            | 180,000 |                           | $ | 180,000 |
| Borrowings outstanding at cost | $                            | — |                           | $ | 22,400  |
| Availability(A)                | $                            | 180,000 |                           | $ | 157,600 |

|                                         |                                         |              |                                        |           |      |               |            |   |   |              |   |  |   |              |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|-----------------------------------------|--------------|----------------------------------------|-----------|------|---------------|------------|---|---|--------------|---|--|---|--------------|--|--|--|--|--|--|--|--|--|
|                                         | For the Three Months Ended December 31, |              | For the Nine Months Ended December 31, |
|                                         | 2021                                    |              | 2020                                   |           | 2021 |               | 2020       |
| Weighted-average borrowings outstanding | $                                       | 21,184  |                                        |           | $    | 104,829  |            |   | $ | 23,959  |   |  | $ | 88,652  |  |
| Effective interest rate(B)              | 11.1                               | %            |                                        | 3.8  | %    |               | 10.1  | % |   | 4.2     | % |
| Commitment (unused) fees incurred       | $                                       | 406     |                                        |           | $    | 95       |            |   | $ | 1,191   |   |  | $ | 585     |  |

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|                 |                                                                                                                                               |               |                |  |   |              |  |  |  |  |  |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|---------------|----------------|--|---|--------------|--|--|--|--|--|
|                 | Level 3 – Borrowings                                                                                                                    |
|                 | Recurring Fair Value MeasurementsReported in ConsolidatedStatements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) |
|                 | December 31, 2021                                                                                                                             |               | March 31, 2021 |
| Credit Facility | $                                                                                                                                             | —  |                |  | $ | 22,400  |  |

|                                                                                                                                                          |                 |               |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|---------------|--|--|--|
| Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities |
|                                                                                                                                                          | Credit Facility |
| Three Months Ended December 31, 2021:                                                                                                                |                 |
| Fair value at September 30, 2021                                                                                                                         | $               | 8,900    |  |
| Borrowings                                                                                                                                               | 49,000     |               |
| Repayments                                                                                                                                               | (57,900)        |               |
| Fair value at December 31, 2021                                                                                                                     | $               | —  |  |
|                                                                                                                                                          |                 |
| Nine Months Ended December 31, 2021:                                                                                                                 |                 |
| Fair value at March 31, 2021                                                                                                                        | $               | 22,400   |  |
| Borrowings                                                                                                                                               | 111,700    |               |
| Repayments                                                                                                                                               | (134,100)       |               |
| Fair value at December 31, 2021                                                                                                                     | $               | —  |  |

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|                                                                                                                                                    |                 |               |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|---------------|--|--|--|
| Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)Reported in Consolidated Statements of Assets and Liabilities |
|                                                                                                                                                    | Credit Facility |
| Three Months Ended December 31, 2020:                                                                                                          |                 |
| Fair value at September 30, 2020                                                                                                                   | $               | 116,600  |  |
| Borrowings                                                                                                                                         | 30,200     |               |
| Repayments                                                                                                                                         | (62,800)        |               |
| Fair value at December 31, 2020                                                                                                               | $               | 84,000   |  |
|                                                                                                                                                    |                 |
| Nine Months Ended December 31, 2020:                                                                                                           |                 |
| Fair value at March 31, 2020                                                                                                                  | $               | 49,200   |  |
| Borrowings                                                                                                                                         | 111,700    |               |
| Repayments                                                                                                                                         | (76,900)        |               |
| Fair value at December 31, 2020                                                                                                               | $               | 84,000   |  |

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|                                   |  |              |  |                 |  |                  |               |              |  |                  |  |                         |             |                           |  |               |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------|--|--------------|--|-----------------|--|------------------|---------------|--------------|--|------------------|--|-------------------------|-------------|---------------------------|--|---------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| As of December 31, 2021: |  |              |  |                 |  |                  |               |              |  |                  |  |                         |
| Description                       |  | TickerSymbol |  | Date Issued     |  | Maturity Date(A) |               | InterestRate |  | NotesOutstanding |  | PrincipalAmount perNote |             | AggregatePrincipal Amount |
| 2026 Notes                        |  | GAINN        |  | March 2, 2021   |  | May 1, 2026      |               | 5.00%        |  | 5,117,500        |  | $                       | 25.00  |                           |  | $             | 127,938  |  |
| 2028 Notes                        |  | GAINZ        |  | August 18, 2021 |  | November 1, 2028 |               | 4.875%       |  | 5,382,000        |  | $                       | 25.00  |                           |  | 134,550  |               |
| Notes payable, gross(B)           |  | 10,499,500   |  |                 |  | 262,488     |               |
| Less: Discounts               |  |              |  |                 |  | (6,549)          |               |
| Notes payable, net(C)             |  |              |  |                 |  | $                | 255,939  |              |

|                                |  |              |  |               |  |                  |               |              |  |                  |  |                         |             |                           |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--|--------------|--|---------------|--|------------------|---------------|--------------|--|------------------|--|-------------------------|-------------|---------------------------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| As of March 31, 2021: |  |              |  |               |  |                  |               |              |  |                  |  |                         |
| Description                    |  | TickerSymbol |  | Date Issued   |  | Maturity Date(A) |               | InterestRate |  | NotesOutstanding |  | PrincipalAmount perNote |             | AggregatePrincipal Amount |
| 2026 Notes                     |  | GAINN        |  | March 2, 2021 |  | May 1, 2026      |               | 5.00%        |  | 5,117,500        |  | $                       | 25.00  |                           |  | $ | 127,938  |  |
| Notes payable, gross(B)        |  |              |  |               |  | 127,938     |               |
| Less: Discounts            |  |              |  |               |  | (4,055)          |               |
| Notes payable, net(C)          |  |              |  |               |  | $                | 123,883  |              |

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|                                |  |              |  |                 |             |                               |              |              |              |                   |  |                                |             |                                |  |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--|--------------|--|-----------------|-------------|-------------------------------|--------------|--------------|--------------|-------------------|--|--------------------------------|-------------|--------------------------------|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Class ofTermPreferredStock     |  | TickerSymbol |  | Date Issued     |             | MandatoryRedemption Date |              | InterestRate |              | SharesOutstanding |  | LiquidationPreferenceper Share |             | AggregateLiquidationPreference |
| Series E                       |  | GAINL        |  | August 22, 2018 |             | August 31, 2025               |              | 6.375%       |              | 3,774,853         |  | $                              | 25.00  |                                |  | $ | 94,371  |  |
| Term preferred stock, gross(A) |  | 3,774,853    |  | $               | 25.00  |                               |              | $            | 94,371  |                   |
| Less: Discounts            |  |              |  |                 |             | (2,162)                       |              |
| Term preferred stock, net(B)   |  |              |  |                 |             | $                             | 92,209  |              |

|                  |  |                 |  |                 |  |                                                      |                  |     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------|--|-----------------|--|-----------------|--|------------------------------------------------------|------------------|-----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Declaration Date |  | Record Date     |  | PaymentDate     |  | Dividend perShare of Series E TermPreferred Stock(A) |                  |
| April 13, 2021   |  | April 23, 2021  |  | April 30, 2021  |  | $                                                    | 0.13281250  |     |  |
| April 13, 2021   |  | May 19, 2021    |  | May 28, 2021    |  | 0.13281250                                      |                  |     |
| April 13, 2021   |  | June 18, 2021   |  | June 30, 2021   |  | 0.13281250                                      |                  |     |
| July 13, 2021    |  | July 23, 2021   |  | July 30, 2021   |  | 0.13281250                                      |                  |     |
| July 13, 2021    |  | August 23, 2021 |  | August 31, 2021 |  | 0.07968750                                      |                  | (B) |
|                  |  |                 |  | Total           |  | $                                                    | 0.61093750  |     |  |

|                  |  |                    |  |                    |  |                                                      |                  |                                                      |                  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------|--|--------------------|--|--------------------|--|------------------------------------------------------|------------------|------------------------------------------------------|------------------|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Declaration Date |  | Record Date        |  | PaymentDate        |  | Dividend perShare of Series D TermPreferred Stock(C) |                  | Dividend perShare of Series E TermPreferred Stock(A) |
| April 14, 2020   |  | April 24, 2020     |  | April 30, 2020     |  | $                                                    | 0.13020833  |                                                      |                  | $ | 0.13281250  |  |
| April 14, 2020   |  | May 19, 2020       |  | May 29, 2020       |  | 0.13020833                                      |                  |                                                      | 0.13281250  |   |
| April 14, 2020   |  | June 19, 2020      |  | June 30, 2020      |  | 0.13020833                                      |                  |                                                      | 0.13281250  |   |
| July 14, 2020    |  | July 24, 2020      |  | July 31, 2020      |  | 0.13020833                                      |                  |                                                      | 0.13281250  |   |
| July 14, 2020    |  | August 24, 2020    |  | August 31, 2020    |  | 0.13020833                                      |                  |                                                      | 0.13281250  |   |
| July 14, 2020    |  | September 23, 2020 |  | September 30, 2020 |  | 0.13020833                                      |                  |                                                      | 0.13281250  |   |
| October 13, 2020 |  | October 23, 2020   |  | October 30, 2020   |  | 0.13020833                                      |                  |                                                      | 0.13281250  |   |
| October 13, 2020 |  | November 20, 2020  |  | November 30, 2020  |  | 0.13020833                                      |                  |                                                      | 0.13281250  |   |
| October 13, 2020 |  | December 23, 2020  |  | December 31, 2020  |  | 0.13020833                                      |                  |                                                      | 0.13281250  |   |
|                  |  |                    |  | Total              |  | $                                                    | 1.17187497  |                                                      |                  | $ | 1.19531250  |  |

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|                                                                                                          |                                 |              |                                |                  |      |              |                  |  |   |                  |  |  |   |              |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------|---------------------------------|--------------|--------------------------------|------------------|------|--------------|------------------|--|---|------------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|
|                                                                                                          | Three Months Ended December 31, |              | Nine Months Ended December 31, |
|                                                                                                          | 2021                            |              | 2020                           |                  | 2021 |              | 2020             |
| Net increase in net assets resulting from operations                                                     | $                               | 10,346  |                                |                  | $    | 15,271  |                  |  | $ | 85,620      |  |  | $ | 21,940  |  |
| Basic and diluted weighted-average common shares                                                         | 33,205,023                 |              |                                | 33,205,023  |      |              | 33,205,023  |  |   | 33,167,511  |  |
| Basic and diluted net increase in net assets resulting from operations per weighted-average common share | $                               | 0.31    |                                |                  | $    | 0.46    |                  |  | $ | 2.58        |  |  | $ | 0.66    |  |

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|                  |  |                                     |  |                    |             |                               |             |     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------|--|-------------------------------------|--|--------------------|-------------|-------------------------------|-------------|-----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Declaration Date |  | Record Date                         |  | Payment Date       |             | Distribution per Common Share |             |
| April 13, 2021   |  | April 23, 2021                      |  | April 30, 2021     |             | $                             | 0.070  |     |  |
| April 13, 2021   |  | May 19, 2021                        |  | May 28, 2021       |             | 0.070                    |             |     |
| April 13, 2021   |  | June 8, 2021                        |  | June 17, 2021      |             | 0.060                    |             | (A) |
| April 13, 2021   |  | June 18, 2021                       |  | June 30, 2021      |             | 0.070                    |             |     |
| July 13, 2021    |  | July 23, 2021                       |  | July 30, 2021      |             | 0.070                    |             |     |
| July 13, 2021    |  | August 23, 2021                     |  | August 31, 2021    |             | 0.070                    |             |     |
| July 13, 2021    |  | September 3, 2021                   |  | September 15, 2021 |             | 0.030                    |             | (A) |
| July 13, 2021    |  | September 22, 2021                  |  | September 30, 2021 |             | 0.070                    |             |     |
| October 12, 2021 |  | October 22, 2021                    |  | October 29, 2021   |             | 0.075                    |             |     |
| October 12, 2021 |  | November 19, 2021                   |  | November 30, 2021  |             | 0.075                    |             |     |
| October 12, 2021 |  | December 7, 2021                    |  | December 15, 2021  |             | 0.090                    |             | (A) |
| October 12, 2021 |  | December 23, 2021                   |  | December 31, 2021  |             | 0.075                    |             |     |
|                  |  | Nine Months Ended December 31, 2021 |  | $                  | 0.825  |                               |             |

|                  |  |                                     |  |                    |             |                               |             |     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------|--|-------------------------------------|--|--------------------|-------------|-------------------------------|-------------|-----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Declaration Date |  | Record Date                         |  | Payment Date       |             | Distribution per Common Share |             |
| April 14, 2020   |  | April 24, 2020                      |  | April 30, 2020     |             | $                             | 0.070  |     |  |
| April 14, 2020   |  | May 19, 2020                        |  | May 29, 2020       |             | 0.070                    |             |     |
| April 14, 2020   |  | June 8, 2020                        |  | June 17, 2020      |             | 0.090                    |             | (A) |
| April 14, 2020   |  | June 19, 2020                       |  | June 30, 2020      |             | 0.070                    |             |     |
| July 14, 2020    |  | July 24, 2020                       |  | July 31, 2020      |             | 0.070                    |             |     |
| July 14, 2020    |  | August 24, 2020                     |  | August 31, 2020    |             | 0.070                    |             |     |
| July 14, 2020    |  | September 23, 2020                  |  | September 30, 2020 |             | 0.070                    |             |     |
| October 13, 2020 |  | October 23, 2020                    |  | October 30, 2020   |             | 0.070                    |             |     |
| October 13, 2020 |  | November 20, 2020                   |  | November 30, 2020  |             | 0.070                    |             |     |
| October 13, 2020 |  | December 23, 2020                   |  | December 31, 2020  |             | 0.070                    |             |     |
|                  |  | Nine Months Ended December 31, 2020 |  | $                  | 0.720  |                               |             |

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|                                                              |                   |             |                |             |   |             |  |  |  |  |  |
|--------------------------------------------------------------|-------------------|-------------|----------------|-------------|---|-------------|--|--|--|--|--|
|                                                              | December 31, 2021 |             | March 31, 2021 |
| Unused line of credit and delayed draw term loan commitments | $                 | 4,600  |                |             | $ | 3,000  |  |
| Guaranties                                                   | 1,000        |             |                | 1,000  |   |
| Total                                                        | $                 | 5,600  |                |             | $ | 4,000  |  |

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|                                                                                   |                                 |               |                                |                  |      |               |                  |   |   |                  |   |  |   |               |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------|---------------------------------|---------------|--------------------------------|------------------|------|---------------|------------------|---|---|------------------|---|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                                                   | Three Months Ended December 31, |               | Nine Months Ended December 31, |
|                                                                                   | 2021                            |               | 2020                           |                  | 2021 |               | 2020             |
| Per Common Share Data:                                                        |                                 |               |                                |                  |      |               |                  |
| Net asset value at beginning of period(A)                                         | $                               | 13.27    |                                |                  | $    | 10.86    |                  |   | $ | 11.52       |   |  | $ | 11.17    |  |
| Income from investment operations(B)                                              |                                 |               |                                |                  |      |               |                  |
| Net investment income (loss)                                                      | 0.25                       |               |                                | 0.19        |      |               | 0.25        |   |   | 0.45        |   |
| Net realized gain (loss) on investments and other                                 | 0.67                       |               |                                | 0.27        |      |               | 0.68        |   |   | 0.31        |   |
| Net unrealized appreciation (depreciation) of investments                         | (0.61)                          |               |                                | —     |      |               | 1.65        |   |   | (0.10)           |   |
| Total from investment operations                                                  | 0.31                       |               |                                | 0.46        |      |               | 2.58        |   |   | 0.66        |   |
| Effect of equity capital activity(B)                                              |                                 |               |                                |                  |      |               |                  |
| Cash distributions to common stockholders from net investment income(C)           | (0.23)                          |               |                                | (0.20)           |      |               | (0.59)           |   |   | (0.68)           |   |
| Cash distributions to common stockholders from realized gains(C)                  | (0.09)                          |               |                                | (0.01)           |      |               | (0.24)           |   |   | (0.04)           |   |
| Total from equity capital activity                                                | (0.32)                          |               |                                | (0.21)           |      |               | (0.83)           |   |   | (0.72)           |   |
| Other, net(B)(D)                                                                  | 0.01                       |               |                                | —     |      |               | —     |   |   | —     |   |
| Net asset value at end of period(A)                                               | $                               | 13.27    |                                |                  | $    | 11.11    |                  |   | $ | 13.27       |   |  | $ | 11.11    |  |
|                                                                                   |                                 |               |                                |                  |      |               |                  |
| Per common share market value at beginning of period                              | $                               | 13.87    |                                |                  | $    | 9.10     |                  |   | $ | 12.23       |   |  | $ | 7.85     |  |
| Per common share market value at end of period                                    | $                               | 17.08    |                                |                  | $    | 10.09    |                  |   | $ | 17.08       |   |  | $ | 10.09    |  |
| Total investment return(E)                                                        | 25.52                      | %             |                                | 13.38       | %    |               | 47.50       | % |   | 38.22       | % |
| Common stock outstanding at end of period(A)                                      | 33,205,023                 |               |                                | 33,205,023  |      |               | 33,205,023  |   |   | 33,205,023  |   |
|                                                                                   |                                 |               |                                |                  |      |               |                  |
| Statement of Assets and Liabilities Data:                                     |                                 |               |                                |                  |      |               |                  |
| Net assets at end of period                                                       | $                               | 440,589  |                                |                  | $    | 368,823  |                  |   | $ | 440,589     |   |  | $ | 368,823  |  |
| Average net assets(F)                                                             | $                               | 439,754  |                                |                  | $    | 362,659  |                  |   | $ | 420,286     |   |  | $ | 362,862  |  |
|                                                                                   |                                 |               |                                |                  |      |               |                  |
| Senior Securities Data:                                                       |                                 |               |                                |                  |      |               |                  |
| Total borrowings, at cost                                                         | $                               | 267,584  |                                |                  | $    | 89,096   |                  |   | $ | 267,584     |   |  | $ | 89,096   |  |
| Mandatorily redeemable preferred stock (G)                                        | $                               | —  |                                |                  | $    | 151,871  |                  |   | $ | —     |   |  | $ | 151,871  |  |
|                                                                                   |                                 |               |                                |                  |      |               |                  |
| Ratios/Supplemental Data:                                                 |                                 |               |                                |                  |      |               |                  |
| Ratio of net expenses to average net assets – annualized(H)                 | 7.59                       | %             |                                | 12.26       | %    |               | 14.29       | % |   | 9.23        | % |
| Ratio of net investment income (loss) to average net assets – annualized(I) | 7.64                       | %             |                                | 6.90        | %    |               | 2.62        | % |   | 5.44        | % |

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|                   |  |                            |  |                               |             |     |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|----------------------------|--|-------------------------------|-------------|-----|--|--|--|--|--|--|--|--|--|--|--|
| Record Date       |  | Payment Date               |  | Distribution per Common Share |             |
| January 21, 2022  |  | January 31, 2022           |  | $                             | 0.075  |     |  |
| February 4, 2022  |  | February 14, 2022          |  | 0.120                    |             | (A) |
| February 18, 2022 |  | February 28, 2022          |  | 0.075                    |             |     |
| March 23, 2022    |  | March 31, 2022             |  | 0.075                    |             |     |
|                   |  | Total for the Quarter: |  | $                             | 0.345  |     |  |

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|                   |  |                            |  |                               |             |     |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|----------------------------|--|-------------------------------|-------------|-----|--|--|--|--|--|--|--|--|--|--|--|
| Record Date       |  | Payment Date               |  | Distribution per Common Share |
| January 21, 2022  |  | January 31, 2022           |  | $                             | 0.075  |     |  |
| February 4, 2022  |  | February 14, 2022          |  | 0.120                    |             | (A) |
| February 18, 2022 |  | February 28, 2022          |  | 0.075                    |             |     |
| March 23, 2022    |  | March 31, 2022             |  | 0.075                    |             |     |
|                   |  | Total for the Quarter: |  | $                             | 0.345  |     |  |

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|                                                        |                                         |              |      |                  |          |              |               |  |   |               |   |  |            |   |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|-----------------------------------------|--------------|------|------------------|----------|--------------|---------------|--|---|---------------|---|--|------------|---|--|--|--|--|--|--|--|--|--|
|                                                        | For the Three Months Ended December 31, |
|                                                        | 2021                                    |              | 2020 |                  | $ Change |              | % Change      |
| INVESTMENT INCOME                                      |                                         |              |      |                  |          |              |               |
| Interest income                                        | $                                       | 13,344  |      |                  | $        | 12,148  |               |  | $ | 1,196    |   |  | 9.8   | % |
| Dividend and success fee income                        | 3,398                              |              |      | 5,224       |          |              | (1,826)       |  |   | (35.0)        | % |
| Total investment income                                | 16,742                             |              |      | 17,372      |          |              | (630)         |  |   | (3.6)         | % |
|                                                        |                                         |              |      |                  |          |              |               |
| EXPENSES                                               |                                         |              |      |                  |          |              |               |
| Base management fee                                    | 3,630                              |              |      | 3,116       |          |              | 514      |  |   | 16.5     | % |
| Loan servicing fee                                     | 1,768                              |              |      | 1,786       |          |              | (18)          |  |   | (1.0)         | % |
| Incentive fee                                          | 2,587                              |              |      | 3,756       |          |              | (1,169)       |  |   | (31.1)        | % |
| Administration fee                                     | 437                                |              |      | 382         |          |              | 55       |  |   | 14.4     | % |
| Interest and dividend expense                          | 3,918                              |              |      | 3,383       |          |              | 535      |  |   | 15.8     | % |
| Amortization of deferred financing costs and discounts | 447                                |              |      | 451         |          |              | (4)           |  |   | (0.9)         | % |
| Other                                                  | 1,006                              |              |      | 818         |          |              | 188      |  |   | 23.0     | % |
| Expenses before credits from Adviser                   | 13,793                             |              |      | 13,692      |          |              | 101      |  |   | 0.7      | % |
| Credits to fees from Adviser                           | (5,450)                                 |              |      | (2,575)          |          |              | (2,875)       |  |   | 111.7    | % |
| Total expenses, net of credits to fees                 | 8,343                              |              |      | 11,117      |          |              | (2,774)       |  |   | (25.0)        | % |
| NET INVESTMENT INCOME                                  | 8,399                              |              |      | 6,255       |          |              | 2,144    |  |   | 34.3     | % |
|                                                        |                                         |              |      |                  |          |              |               |
| REALIZED AND UNREALIZED GAIN (LOSS)                    |                                         |              |      |                  |          |              |               |
| Net realized gain on investments                       | 22,049                             |              |      | 9,105       |          |              | 12,944   |  |   | 142.2    | % |
| Net unrealized depreciation of investments             | (20,102)                                |              |      | (89)             |          |              | (20,013)      |  |   | NM            |
| Net realized and unrealized gain (loss)                | 1,947                              |              |      | 9,016       |          |              | (7,069)       |  |   | NM            |
|                                                        |                                         |              |      |                  |          |              |               |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   | $                                       | 10,346  |      |                  | $        | 15,271  |               |  | $ | (4,925)       |   |  | (32.3)     | % |
|                                                        |                                         |              |      |                  |          |              |               |
| WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING    |                                         |              |      |                  |          |              |               |
| Basic and diluted                                      | 33,205,023                         |              |      | 33,205,023  |          |              | —  |  |   | —  |   |
|                                                        |                                         |              |      |                  |          |              |               |
| BASIC AND DILUTED PER COMMON SHARE:                |                                         |              |      |                  |          |              |               |
| Net investment income                                  | $                                       | 0.25    |      |                  | $        | 0.19    |               |  | $ | 0.06     |   |  | 31.6  | % |
| Net increase in net assets resulting from operations   | $                                       | 0.31    |      |                  | $        | 0.46    |               |  | $ | (0.15)        |   |  | (32.6)     | % |

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|                                                           |                                 |               |      |               |   |               |  |  |  |  |  |
|-----------------------------------------------------------|---------------------------------|---------------|------|---------------|---|---------------|--|--|--|--|--|
|                                                           | Three Months Ended December 31, |
|                                                           | 2021                            |               | 2020 |
| Average total assets subject to base management fee(A)    | $                               | 726,000  |      |               | $ | 623,200  |  |
| Multiplied by prorated annual base management fee of 2.0% | 0.5                        | %             |      | 0.5      | % |
| Base management fee(B)                                    | $                               | 3,630    |      |               | $ | 3,116    |  |
| Credits to fees from Adviser - other(B)                   | (3,682)                         |               |      | (789)         |   |
| Net base management fee                                   | $                               | (52)          |      |               | $ | 2,327    |  |
|                                                           |                                 |               |      |
| Loan servicing fee(B)                                     | $                               | 1,768    |      |               | $ | 1,786    |  |
| Credits to base management fee - loan servicing fee(B)    | (1,768)                         |               |      | (1,786)       |   |
| Net loan servicing fee                                    | $                               | —  |      |               | $ | —  |  |
|                                                           |                                 |               |      |
| Incentive fee – income-based                        | $                               | 2,197    |      |               | $ | 2,002    |  |
| Incentive fee – capital gains-based(C)              | 390                        |               |      | 1,754    |   |
| Total incentive fee(B)                                    | $                               | 2,587    |      |               | $ | 3,756    |  |
| Credits to fees from Adviser - other(B)                   | —                    |               |      | —  |   |
| Net total incentive fee                                   | $                               | 2,587    |      |               | $ | 3,756    |  |

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|                                              |  |                                      |               |                                        |               |                                                    |              |                 |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|--------------------------------------|---------------|----------------------------------------|---------------|----------------------------------------------------|--------------|-----------------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                              |  | Three Months Ended December 31, 2021 |
| Portfolio Company                            |  | Realized Gain (Loss)                 |               | Unrealized Appreciation (Depreciation) |               | Reversal of Unrealized (Appreciation) Depreciation |              | Net Gain (Loss) |
| Brunswick Bowling Products, Inc.             |  | $                                    | —  |                                        |               | $                                                  | 10,344  |                 |  | $ | —  |  |  | $ | 10,344  |  |
| Horizon Facilities Service, Inc.             |  | —                         |               |                                        | 5,129    |                                                    |              | —    |  |   | 5,129    |  |
| Schylling, Inc.                              |  | —                         |               |                                        | 2,931    |                                                    |              | —    |  |   | 2,931    |  |
| ImageWorks Display and Marketing Group, Inc. |  | —                         |               |                                        | 1,019    |                                                    |              | —    |  |   | 1,019    |  |
| The Maids International, LLC                 |  | —                         |               |                                        | (1,216)       |                                                    |              | —    |  |   | (1,216)       |  |
| J.R. Hobbs Co. – Atlanta, LLC          |  | —                         |               |                                        | (1,575)       |                                                    |              | —    |  |   | (1,575)       |  |
| Mason West, LLC                              |  | —                         |               |                                        | (3,390)       |                                                    |              | —    |  |   | (3,390)       |  |
| Pioneer Square Brands, Inc.                  |  | 21,939                          |               |                                        | —  |                                                    |              | (25,425)        |  |   | (3,486)       |  |
| Counsel Press, Inc.                          |  | —                         |               |                                        | (3,679)       |                                                    |              | —    |  |   | (3,679)       |  |
| Galaxy Technologies Holdings, Inc.           |  | —                         |               |                                        | (4,464)       |                                                    |              | —    |  |   | (4,464)       |  |
| Other, net (<$1.0 million, net)          |  | 110                             |               |                                        | 224      |                                                    |              | —    |  |   | 334      |  |
| Total                                        |  | $                                    | 22,049   |                                        |               | $                                                  | 5,323   |                 |  | $ | (25,425)      |  |  | $ | 1,947   |  |

|                                              |  |                                      |               |                                        |               |                                                    |              |                 |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|--------------------------------------|---------------|----------------------------------------|---------------|----------------------------------------------------|--------------|-----------------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|
|                                              |  | Three Months Ended December 31, 2020 |
| Portfolio Company                            |  | Realized Gain (Loss)                 |               | Unrealized Appreciation (Depreciation) |               | Reversal of Unrealized (Appreciation) Depreciation |              | Net Gain (Loss) |
| Pioneer Square Brands, Inc.                  |  | $                                    | —  |                                        |               | $                                                  | 4,420   |                 |  | $ | —  |  |  | $ | 4,420  |  |
| Educators Resource, Inc.                     |  | —                         |               |                                        | 3,488    |                                                    |              | —    |  |   | 3,488    |  |
| Old World Christmas, Inc.                    |  | 3,289                           |               |                                        | 27       |                                                    |              | —    |  |   | 3,316    |  |
| Diligent Delivery Systems                    |  | —                         |               |                                        | 2,961    |                                                    |              | —    |  |   | 2,961    |  |
| Frontier Packaging, Inc.                     |  | 14,032                          |               |                                        | —  |                                                    |              | (11,869)        |  |   | 2,163    |  |
| SOG Specialty Knives and Tools, LLC          |  | —                         |               |                                        | 1,806    |                                                    |              | —    |  |   | 1,806    |  |
| Schylling, Inc.                              |  | —                         |               |                                        | 1,138    |                                                    |              | —    |  |   | 1,138    |  |
| Head Country, Inc.                           |  | —                         |               |                                        | 916      |                                                    |              | —    |  |   | 916      |  |
| Horizon Facilities Service, Inc.             |  | —                         |               |                                        | 909      |                                                    |              | —    |  |   | 909      |  |
| The Maids International, LLC                 |  | —                         |               |                                        | 495      |                                                    |              | —    |  |   | 495      |  |
| Ginsey Home Solutions, Inc.                  |  | —                         |               |                                        | 480      |                                                    |              | —    |  |   | 480      |  |
| Bassett Creek Services, Inc.                 |  | —                         |               |                                        | 469      |                                                    |              | —    |  |   | 469      |  |
| PSI Molded Plastics, Inc.                    |  | —                         |               |                                        | 459      |                                                    |              | —    |  |   | 459      |  |
| ImageWorks Display and Marketing Group, Inc. |  | —                         |               |                                        | (1,411)       |                                                    |              | —    |  |   | (1,411)       |  |
| D.P.M.S., Inc.                               |  | —                         |               |                                        | (1,805)       |                                                    |              | —    |  |   | (1,805)       |  |
| Brunswick Bowling Products, Inc.             |  | —                         |               |                                        | (4,825)       |                                                    |              | —    |  |   | (4,825)       |  |
| SBS Industries Holdings, Inc.                |  | (8,470)                              |               |                                        | 1,580    |                                                    |              | —    |  |   | (6,890)       |  |
| Other, net (<$1.0 million, net)          |  | 254                             |               |                                        | 673      |                                                    |              | —    |  |   | 927      |  |
| Total                                        |  | $                                    | 9,105    |                                        |               | $                                                  | 11,780  |                 |  | $ | (11,869)      |  |  | $ | 9,016  |  |

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|                                                           |                                        |              |      |                  |          |              |              |  |   |              |    |  |             |    |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------|----------------------------------------|--------------|------|------------------|----------|--------------|--------------|--|---|--------------|----|--|-------------|----|--|--|--|--|--|--|--|--|--|
|                                                           | For the Nine Months Ended December 31, |
|                                                           | 2021                                   |              | 2020 |                  | $ Change |              | % Change     |
| INVESTMENT INCOME                                         |                                        |              |      |                  |          |              |              |
| Interest income                                           | $                                      | 43,634  |      |                  | $        | 34,513  |              |  | $ | 9,121   |    |  | 26.4   | %  |
| Dividend and success fee income                           | 9,672                             |              |      | 5,406       |          |              | 4,266   |  |   | 78.9    | %  |
| Total investment income                                   | 53,306                            |              |      | 39,919      |          |              | 13,387  |  |   | 33.5    | %  |
|                                                           |                                        |              |      |                  |          |              |              |
| EXPENSES                                                  |                                        |              |      |                  |          |              |              |
| Base management fee                                       | 10,527                            |              |      | 8,961       |          |              | 1,566   |  |   | 17.5    | %  |
| Loan servicing fee                                        | 5,430                             |              |      | 5,242       |          |              | 188     |  |   | 3.6     | %  |
| Incentive fee                                             | 22,186                            |              |      | 3,454       |          |              | 18,732  |  |   | NM           |
| Administration fee                                        | 1,407                             |              |      | 1,218       |          |              | 189     |  |   | 15.5    | %  |
| Interest and dividend expense                             | 11,606                            |              |      | 9,615       |          |              | 1,991   |  |   | 20.7    | %  |
| Amortization of deferred financing costs and discounts    | 1,355                             |              |      | 1,291       |          |              | 64      |  |   | 5.0     | %  |
| Other                                                     | 3,828                             |              |      | 3,178       |          |              | 650     |  |   | 20.5    | %  |
| Expenses before credits from Adviser                      | 56,339                            |              |      | 32,959      |          |              | 23,380  |  |   | 70.9    | %  |
| Credits to fees from Adviser                              | (11,293)                               |              |      | (7,836)          |          |              | (3,457)      |  |   | 44.1    | %  |
| Total expenses, net of credits to fees                    | 45,046                            |              |      | 25,123      |          |              | 19,923  |  |   | 79.3    | %  |
| NET INVESTMENT INCOME                                     | 8,260                             |              |      | 14,796      |          |              | (6,536)      |  |   | (44.2   | %) |
|                                                           |                                        |              |      |                  |          |              |              |
| REALIZED AND UNREALIZED GAIN (LOSS)                       |                                        |              |      |                  |          |              |              |
| Net realized gain on investments                          | 24,442                            |              |      | 10,479      |          |              | 13,963  |  |   | 133.2   | %  |
| Net realized loss on other                                | (1,998)                                |              |      | —     |          |              | (1,998)      |  |   | NM           |
| Net unrealized appreciation (depreciation) of investments | 54,916                            |              |      | (3,335)          |          |              | 58,251  |  |   | NM           |
| Net realized and unrealized gain (loss)                   | 77,360                            |              |      | 7,144       |          |              | 70,216  |  |   | NM           |
|                                                           |                                        |              |      |                  |          |              |              |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS      | $                                      | 85,620  |      |                  | $        | 21,940  |              |  | $ | 63,680  |    |  | 290.2  | %  |
|                                                           |                                        |              |      |                  |          |              |              |
| WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING       |                                        |              |      |                  |          |              |              |
| Basic and diluted                                         | 33,205,023                        |              |      | 33,167,511  |          |              | 37,512  |  |   | 0.1     | %  |
|                                                           |                                        |              |      |                  |          |              |              |
| BASIC AND DILUTED PER COMMON SHARE:                   |                                        |              |      |                  |          |              |              |
| Net investment income                                     | $                                      | 0.25    |      |                  | $        | 0.45    |              |  | $ | (0.20)       |    |  | (44.4  | %) |
| Net increase in net assets resulting from operations      | $                                      | 2.58    |      |                  | $        | 0.66    |              |  | $ | 1.92    |    |  | NM          |

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|                                                           |                                |               |      |               |   |               |  |  |  |  |  |
|-----------------------------------------------------------|--------------------------------|---------------|------|---------------|---|---------------|--|--|--|--|--|
|                                                           | Nine Months Ended December 31, |
|                                                           | 2021                           |               | 2020 |
| Average total assets subject to base management fee(A)    | $                              | 701,800  |      |               | $ | 597,400  |  |
| Multiplied by prorated annual base management fee of 2.0% | 1.5                       | %             |      | 1.5      | % |
| Base management fee(B)                                    | 10,527                    |               |      | 8,961    |   |
| Credits to fees from Adviser - other(B)                   | (5,863)                        |               |      | (2,594)       |   |
| Net base management fee                                   | $                              | 4,664    |      |               | $ | 6,367    |  |
|                                                           |                                |               |      |
| Loan servicing fee(B)                                     | 5,430                     |               |      | 5,242    |   |
| Credits to base management fee - loan servicing fee(B)    | (5,430)                        |               |      | (5,242)       |   |
| Net loan servicing fee                                    | $                              | —  |      |               | $ | —  |  |
|                                                           |                                |               |      |
| Incentive fee – income-based                        | $                              | 5,892    |      |               | $ | 2,002    |  |
| Incentive fee – capital gains-based(C)              | 16,294                    |               |      | 1,452    |   |
| Total incentive fee(B)                                    | $                              | 22,186   |      |               | $ | 3,454    |  |
| Credits to fees from Adviser - other(B)                   | —                   |               |      | —  |   |
| Net total incentive fee                                   | $                              | 22,186   |      |               | $ | 3,454    |  |

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|                                              |  |                                     |               |                                        |               |                                                    |              |                 |  |          |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|-------------------------------------|---------------|----------------------------------------|---------------|----------------------------------------------------|--------------|-----------------|--|----------|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                              |  | Nine Months Ended December 31, 2021 |
| Portfolio Company                            |  | Realized Gain (Loss)                |               | Unrealized Appreciation (Depreciation) |               | Reversal of Unrealized (Appreciation) Depreciation |              | Net Gain (Loss) |
| B+T Group Acquisition, Inc.                  |  | $                                   | —  |                                        |               | $                                                  | 15,279  |                 |  | $        | —  |  |  | $ | 15,279  |  |
| Brunswick Bowling Products, Inc.             |  | —                        |               |                                        | 13,842   |                                                    |              | —    |  |          | 13,842   |  |
| Old World Christmas, Inc.                    |  | —                        |               |                                        | 13,559   |                                                    |              | —    |  |          | 13,559   |  |
| Schylling, Inc.                              |  | —                        |               |                                        | 13,453   |                                                    |              | —    |  |          | 13,453   |  |
| Horizon Facilities Service, Inc.             |  | —                        |               |                                        | 11,547   |                                                    |              | —    |  |          | 11,547   |  |
| Educators Resource, Inc.                     |  | —                        |               |                                        | 8,876    |                                                    |              | —    |  |          | 8,876    |  |
| Bassett Creek Services, Inc.                 |  | —                        |               |                                        | 7,877    |                                                    |              | —    |  |          | 7,877    |  |
| SOG Specialty Knives & Tools, LLC        |  | —                        |               |                                        | 7,575    |                                                    |              | —    |  |          | 7,575    |  |
| ImageWorks Display and Marketing Group, Inc. |  | —                        |               |                                        | 6,321    |                                                    |              | —    |  |          | 6,321    |  |
| PSI Molded Plastics, Inc.                    |  | —                        |               |                                        | 3,633    |                                                    |              | —    |  |          | 3,633    |  |
| Counsel Press, Inc.                          |  | —                        |               |                                        | 3,366    |                                                    |              | —    |  |          | 3,366    |  |
| Nocturne Villa Rentals, Inc.                 |  | —                        |               |                                        | 1,504    |                                                    |              | —    |  |          | 1,504    |  |
| Galaxy Technologies Holdings, Inc.           |  | —                        |               |                                        | 1,404    |                                                    |              | —    |  |          | 1,404    |  |
| Head Country, Inc.                           |  | 3,627                          |               |                                        | —  |                                                    |              | (2,469)         |  |          | 1,158    |  |
| Channel Technologies Group, LLC              |  | (1,841)                             |               |                                        | —  |                                                    |              | 1,841      |  |          | —  |  |
| Diligent Delivery Systems                    |  | —                        |               |                                        | (903)         |                                                    |              | —    |  |          | (903)         |  |
| Mason West, LLC                              |  | —                        |               |                                        | (2,217)       |                                                    |              | —    |  |          | (2,217)       |  |
| SBS Industries Holdings, Inc.                |  | —                        |               |                                        | (3,314)       |                                                    |              | —    |  |          | (3,314)       |  |
| Ginsey Home Solutions, Inc.                  |  | —                        |               |                                        | (4,012)       |                                                    |              | —    |  |          | (4,012)       |  |
| J.R. Hobbs Co. – Atlanta, LLC          |  | —                        |               |                                        | (4,085)       |                                                    |              | —    |  |          | (4,085)       |  |
| Pioneer Square Brands, Inc.                  |  | 21,939                         |               |                                        | (1,245)       |                                                    |              | (25,425)        |  |          | (4,731)       |  |
| Galaxy Technologies Holdings, Inc.           |  | —                        |               |                                        | (10,784)      |                                                    |              | —    |  |          | (10,784)      |  |
| Other, net (<$1.0 million, net)          |  | 717                            |               |                                        | (759)         |                                                    |              | 52              |  | 10  |               |
| Total                                        |  | $                                   | 24,442   |                                        |               | $                                                  | 80,917  |                 |  | $        | (26,001)      |  |  | $ | 79,358  |  |

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|                                              |  |                                     |               |                                        |               |                                                    |              |                 |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|-------------------------------------|---------------|----------------------------------------|---------------|----------------------------------------------------|--------------|-----------------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                              |  | Nine Months Ended December 31, 2020 |
| Portfolio Company                            |  | Realized Gain (Loss)                |               | Unrealized Appreciation (Depreciation) |               | Reversal of Unrealized (Appreciation) Depreciation |              | Net Gain (Loss) |
| Pioneer Square Brands, Inc.                  |  | $                                   | —  |                                        |               | $                                                  | 20,635  |                 |  | $ | —  |  |  | $ | 20,635  |  |
| Frontier Packaging, Inc.                     |  | 14,032                         |               |                                        | 2,534    |                                                    |              | (11,869)        |  |   | 4,697    |  |
| Ginsey Home Solutions, Inc.                  |  | —                        |               |                                        | 4,151    |                                                    |              | —    |  |   | 4,151    |  |
| SOG Specialty Knives and Tools, LLC          |  | —                        |               |                                        | 3,964    |                                                    |              | —    |  |   | 3,964    |  |
| Educators Resource, Inc.                     |  | —                        |               |                                        | 3,335    |                                                    |              | —    |  |   | 3,335    |  |
| Old World Christmas, Inc.                    |  | 3,289                          |               |                                        | 37       |                                                    |              | —    |  |   | 3,326    |  |
| Diligent Delivery Systems                    |  | —                        |               |                                        | 2,409    |                                                    |              | —    |  |   | 2,409    |  |
| Galaxy Technologies, Inc.                    |  | —                        |               |                                        | 2,173    |                                                    |              | —    |  |   | 2,173    |  |
| Head Country, Inc.                           |  | —                        |               |                                        | 1,762    |                                                    |              | —    |  |   | 1,762    |  |
| Schylling, Inc.                              |  | —                        |               |                                        | 1,069    |                                                    |              | —    |  |   | 1,069    |  |
| Cambridge Sound Management, Inc.             |  | 740                            |               |                                        | —  |                                                    |              | —    |  |   | 740      |  |
| ImageWorks Display and Marketing Group, Inc. |  | —                        |               |                                        | (1,312)       |                                                    |              | —    |  |   | (1,312)       |  |
| Bassett Creek Services, Inc.                 |  | —                        |               |                                        | (1,359)       |                                                    |              | —    |  |   | (1,359)       |  |
| Counsel Press, Inc.                          |  | —                        |               |                                        | (1,850)       |                                                    |              | —    |  |   | (1,850)       |  |
| Nth Degree, Inc.                             |  | 113                            |               |                                        | (3,649)       |                                                    |              | —    |  |   | (3,536)       |  |
| PSI Molded Plastics, Inc.                    |  | —                        |               |                                        | (3,755)       |                                                    |              | —    |  |   | (3,755)       |  |
| D.P.M.S., Inc.                               |  | —                        |               |                                        | (4,442)       |                                                    |              | —    |  |   | (4,442)       |  |
| SBS Industries Holdings, Inc.                |  | (8,470)                             |               |                                        | 1,580    |                                                    |              | —    |  |   | (6,890)       |  |
| Brunswick Bowling Products, Inc.             |  | —                        |               |                                        | (18,048)      |                                                    |              | —    |  |   | (18,048)      |  |
| Other, net (<$1.0 million, net)          |  | 775                            |               |                                        | (700)         |                                                    |              | —    |  |   | 75       |  |
| Total                                        |  | $                                   | 10,479   |                                        |               | $                                                  | 8,534   |                 |  | $ | (11,869)      |  |  | $ | 7,144   |  |

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|                                                                 |                                |               |      |              |   |               |  |  |  |  |  |
|-----------------------------------------------------------------|--------------------------------|---------------|------|--------------|---|---------------|--|--|--|--|--|
|                                                                 | Nine Months Ended December 31, |
|                                                                 | 2021                           |               | 2020 |
| Beginning investment portfolio, at fair value                   | $                              | 633,829  |      |              | $ | 565,924  |  |
| New investments                                                 | 34,200                    |               |      | 46,902  |   |
| Disbursements to existing portfolio companies                   | 50,350                    |               |      | 42,669  |   |
| Unscheduled principal repayments                                | (46,898)                       |               |      | (20,734)     |   |
| Net proceeds from sales of investments                          | (49,421)                       |               |      | (29,410)     |   |
| Net realized gain on investments                                | 23,748                    |               |      | 8,858   |   |
| Net unrealized appreciation (depreciation) of investments       | 80,917                    |               |      | 8,534   |   |
| Reversal of net unrealized appreciation of investments          | (26,001)                       |               |      | (11,869)     |   |
| Amortization of premiums, discounts, and acquisition costs, net | 14                        |               |      | 14      |   |
| Ending investment portfolio, at fair value                      | $                              | 700,738  |      |              | $ | 610,888  |  |

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|                                                          |  |                                                                        |  |               |               |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------|--|------------------------------------------------------------------------|--|---------------|---------------|--|--|--|--|--|--|--|--|--|
|                                                          |  |                                                                        |  | Amount        |
| For the remaining three months ending March 31: |  | 2022                                                                   |  | $             | 4,000    |  |
| For the fiscal years ending March 31:           |  | 2023                                                                   |  | 90,950   |               |
|                                                          |  | 2024                                                                   |  | 96,168   |               |
|                                                          |  | 2025                                                                   |  | 204,187  |               |
|                                                          |  | 2026                                                                   |  | 52,250   |               |
|                                                          |  | Thereafter                                                             |  | 71,246   |               |
|                                                          |  | Total contractual repayments                                           |  | $             | 518,801  |  |
|                                                          |  | Adjustments to cost basis of debt investments                          |  | (17)          |               |
|                                                          |  | Investments in equity securities                                       |  | 156,772  |               |
|                                                          |  | Total cost basis of investments held as of December 31, 2021: |  | $             | 675,556  |  |

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|                                     |  |                        |               |                  |               |           |               |               |  |                   |               |  |  |               |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--|------------------------|---------------|------------------|---------------|-----------|---------------|---------------|--|-------------------|---------------|--|--|---------------|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     |  | Payments Due by Period |
| Contractual Obligations(A)          |  | Total                  |               | Less than 1 Year |               | 1-3 Years |               | 3-5 Years     |  | More than 5 Years |
| Credit Facility(B)                  |  | $                      | —  |                  |               | $         | —  |               |  | $                 | —  |  |  | $             | —  |  |  | $ | —  |  |
| Notes payable                       |  | 262,488           |               |                  | —  |           |               | —  |  |                   | 127,938  |  |  | 134,550  |               |
| Secured borrowing                   |  | 5,096             |               |                  | —  |           |               | —  |  |                   | 5,096    |  |  | —  |               |
| Interest payments on obligations(C) |  | 81,231            |               |                  | 15,143   |           |               | 30,292   |  |                   | 23,771   |  |  | 12,025   |               |
| Total                               |  | $                      | 348,815  |                  |               | $         | 15,143   |               |  | $                 | 30,292   |  |  | $             | 156,805  |  |  | $ | 146,575  |  |

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|                  |  |                   |  |                |  |  |  |  |  |  |  |  |  |  |
|------------------|--|-------------------|--|----------------|--|--|--|--|--|--|--|--|--|--|
| Rating           |  | December 31, 2021 |  | March 31, 2021 |
| Highest          |  | 9.0               |  | 9.0            |
| Average          |  | 6.6               |  | 6.2            |
| Weighted-average |  | 6.6               |  | 6.6            |
| Lowest           |  | 3.0               |  | 4.0            |

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|                             |  |                   |   |                |             |   |  |  |  |  |  |  |  |  |
|-----------------------------|--|-------------------|---|----------------|-------------|---|--|--|--|--|--|--|--|--|
| Rates:                  |  | December 31, 2021 |   | March 31, 2021 |
| Variable rates with a floor |  | 100.0        | % |                | 97.7   | % |
| Fixed rates                 |  | —      |   |                | 2.3    | % |
| Total                       |  | 100.0        | % |                | 100.0  | % |

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|             |  |                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |
|-------------|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| Exhibit     |  | Description                                                                                                                                                                                                                                                                |
| 3.1         |  | Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit A.2 to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-123699), filed May 13, 2005.                                 |
| 3.2         |  | Second Amended and Restated Bylaws, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00704), filed May 15, 2020.                                                                                                                   |
| 4.1         |  | Specimen Stock Certificate, incorporated by reference to Exhibit d to Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-123699), filed June 21, 2005.                                                              |
| 4.2         |  | Indenture, dated as of May 22, 2020, between Gladstone Investment Corporation and UMB Bank, National Association, as trustee incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00704), filed May 22, 2020.                          |
| 4.3         |  | Second Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of March 2, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00704), filed March 2, 2021. |
| 4.4         |  | Third Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of August 18, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00704), filed August 18, 2021.             |
| 31.1*       |  | Certification of Chief Executive Officer pursuant to section 302 of The Sarbanes-Oxley Act of 2002.                                                                                                                                                                   |
| 31.2*       |  | Certification of Chief Financial Officer and Treasurer pursuant to section 302 of The Sarbanes-Oxley Act of 2002.                                                                                                                                                     |
| 32.1† |  | Certification of Chief Executive Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.                                                                                                                                                                   |
| 32.2† |  | Certification of Chief Financial Officer and Treasurer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.                                                                                                                                                     |

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|                                  |                                              |  |  |  |  |  |  |  |
|----------------------------------|----------------------------------------------|--|--|--|--|--|--|--|
| GLADSTONE INVESTMENT CORPORATION |                                              |
|                                  |                                              |  |
| By:                          | /s/ Rachael Easton                   |  |
|                                  | Rachael Easton                               |  |
|                                  | Chief Financial Officer and Treasurer        |  |
|                                  | (principal financial and accounting officer) |  |