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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 June 30, 2022 andMarch 31, 2022       | 2  |
|               |                                                                                                         |    |
|               | Consolidated Statements of Operations for the three months ended June 30, 2022 and 2021            | 3  |
|               | Consolidated Statements of Changes in Net Assets for the three months ended June 30, 2022 and 2021 | 4  |
|               | Consolidated Statements of Cash Flows for the three months ended June 30, 2022 and 2021            | 5  |
|               | Consolidated Schedules of Investments as of June 30, 2022 and March 31, 2022                  | 6  |
|               | Notes to Consolidated Financial Statements                                                              | 16 |
|               |                                                                                                         |    |
| Item 2.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations             |    |
|               |                                                                                                         |    |
|               | Overview                                                                                                | 41 |
|               | Results of Operations                                                                                   | 45 |
|               | Liquidity and Capital Resources                                                                         | 49 |
|               |                                                                                                         |    |
| Item 3.       | Quantitative and Qualitative Disclosures About Market Risk                                              | 57 |
|               |                                                                                                         |    |
| Item 4.       | Controls and Procedures                                                                                 | 57 |
|               |                                                                                                         |    |
| PART II. | OTHER INFORMATION:                                                                                  |    |
|               |                                                                                                         |    |
| Item 1.       | Legal Proceedings                                                                                       | 58 |
|               |                                                                                                         |    |
| Item 1A.      | Risk Factors                                                                                            | 58 |
|               |                                                                                                         |    |
| Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds                                             | 58 |
|               |                                                                                                         |    |
| Item 3.       | Defaults Upon Senior Securities                                                                         | 58 |
|               |                                                                                                         |    |
| Item 4.       | Mine Safety Disclosures                                                                                 | 58 |
|               |                                                                                                         |    |
| Item 5.       | Other Information                                                                                       | 58 |
|               |                                                                                                         |    |
| Item 6.       | Exhibits                                                                                                | 58 |
|               |                                                                                                         |    |
| SIGNATURES    | 59                                                                                                      |

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Table of Contents

|                                                                                                                   |               |               |               |               |   |               |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------|---------------|---------------|---------------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                                   | June 30,2022  |               | March 31,2022 |
| ASSETS                                                                                                            |               |               |               |
| Investments at fair value                                                                                         |               |               |               |
| Non-Control/Non-Affiliate investments (Cost of $342,578 and $388,773, respectively)                           | $             | 410,917  |               |               | $ | 442,124  |  |
| Affiliate investments (Cost of $279,955 and $279,855, respectively)                                               | 256,883  |               |               | 271,559  |   |
| Control investments (Cost of $21,620 and $620, respectively)                                                      | 21,713   |               |               | 713      |   |
| Cash and cash equivalents                                                                                         | 43,880   |               |               | 14,190   |   |
| Restricted cash and cash equivalents                                                                              | 396      |               |               | 305      |   |
| Interest receivable                                                                                               | 2,156    |               |               | 3,042    |   |
| Due from administrative agent                                                                                     | 4,712    |               |               | 6,406    |   |
| Deferred financing costs, net                                                                                     | 835      |               |               | 895      |   |
| Other assets, net                                                                                                 | 1,404    |               |               | 1,178    |   |
| TOTAL ASSETS                                                                                                      | $             | 742,896  |               |               | $ | 740,412  |  |
|                                                                                                                   |               |               |               |
| LIABILITIES                                                                                                       |               |               |               |
| Borrowings:                                                                                                   |               |               |               |
| Line of credit at fair value (Cost of $0 and $0, respectively)                                                    | $             | —  |               |               | $ | —  |  |
| Notes payable, net                                                                                                | 256,565  |               |               | 256,252  |   |
| Secured borrowing                                                                                                 | 5,096    |               |               | 5,096    |   |
| Total borrowings                                                                                                  | 261,661  |               |               | 261,348  |   |
| Accounts payable and accrued expenses                                                                             | 1,506    |               |               | 799      |   |
| Interest payable                                                                                                  | 2,189    |               |               | 2,190    |   |
| Fees due to Adviser(A)                                                                                            | 29,984   |               |               | 29,288   |   |
| Fee due to Administrator(A)                                                                                       | 695      |               |               | 627      |   |
| Other liabilities                                                                                                 | 452      |               |               | 330      |   |
| TOTAL LIABILITIES                                                                                                 | $             | 296,487  |               |               | $ | 294,582  |  |
| Commitments and contingencies(B)                                                                                  |               |               |               |
| NET ASSETS                                                                                                        | $             | 446,409  |               |               | $ | 445,830  |  |
|                                                                                                                   |               |               |               |
| 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                                                                                    | 397,021  |               |               | 397,948  |   |
|                                                                                                                   |               |               |               |
| Cumulative net unrealized appreciation (depreciation) of investments                                              | 45,360   |               |               | 45,148   |   |
| (Overdistributed) underdistributed net investment income                                                          | (8,162)       |               |               | (12,995)      |   |
| Accumulated net realized gain in excess of distributions                                                          | 12,157   |               |               | 15,696   |   |
| Total distributable earnings                                                                                      | 49,355   |               |               | 47,849   |   |
| TOTAL NET ASSETS                                                                                                  | $             | 446,409  |               |               | $ | 445,830  |  |
|                                                                                                                   |               |               |               |
| NET ASSET VALUE PER SHARE                                                                                         | $             | 13.44    |               |               | $ | 13.43    |  |

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|                                                              |                             |              |      |                  |   |              |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|-----------------------------|--------------|------|------------------|---|--------------|--|--|--|--|--|--|--|--|--|
|                                                              | Three Months Ended June 30, |              |      |
|                                                              | 2022                        |              | 2021 |                  |   |              |  |
| INVESTMENT INCOME                                            |                             |              |      |                  |   |              |  |
| Interest income                                              |                             |              |      |                  |   |              |  |
| Non-Control/Non-Affiliate investments                    | $                           | 8,728   |      |                  | $ | 6,877   |  |  |  |  |  |
| Affiliate investments                                        | 4,010                  |              |      | 8,831       |   |              |  |  |  |
| Control investments                                          | —                |              |      | 284         |   |              |  |  |  |
| Cash and cash equivalents                                    | 3                      |              |      | —     |   |              |  |  |  |
| Total interest income                                        | 12,741                 |              |      | 15,992      |   |              |  |  |  |
| Dividend income                                              |                             |              |      |                  |   |              |  |
| Non-Control/Non-Affiliate investments                    | 4                      |              |      | 2           |   |              |  |  |  |
| Affiliate investments                                        | 1,552                  |              |      | —     |   |              |  |  |  |
| Total dividend income                                        | 1,556                  |              |      | 2           |   |              |  |  |  |
| Success fee income                                           |                             |              |      |                  |   |              |  |
| Non-Control/Non-Affiliate investments                    | 5,000                  |              |      | —     |   |              |  |  |  |
| Affiliate investments                                        | —                |              |      | 2,032       |   |              |  |  |  |
| Total success fee income                                     | 5,000                  |              |      | 2,032       |   |              |  |  |  |
| Total investment income                                      | $                           | 19,297  |      |                  | $ | 18,026  |  |  |  |  |  |
|                                                              |                             |              |      |                  |   |              |  |
| EXPENSES                                                     |                             |              |      |                  |   |              |  |
| Base management fee(A)                                       | $                           | 3,563   |      |                  | $ | 3,320   |  |  |  |  |  |
| Loan servicing fee(A)                                        | 1,758                  |              |      | 1,868       |   |              |  |  |  |
| Incentive fee(A)                                             | 3,009                  |              |      | 12,248      |   |              |  |  |  |
| Administration fee(A)                                        | 380                    |              |      | 399         |   |              |  |  |  |
| Interest expense on borrowings                               | 3,784                  |              |      | 2,300       |   |              |  |  |  |
| Dividends on mandatorily redeemable preferred stock          | —                |              |      | 1,504       |   |              |  |  |  |
| Amortization of deferred financing costs and discounts       | 448                    |              |      | 456         |   |              |  |  |  |
| Professional fees                                            | 295                    |              |      | 306         |   |              |  |  |  |
| Other general and administrative expenses                    | 1,197                  |              |      | 1,048       |   |              |  |  |  |
| Expenses before credits from Adviser                         | 14,434                 |              |      | 23,449      |   |              |  |  |  |
| Credits to base management fee – loan servicing fee(A) | (1,758)                     |              |      | (1,868)          |   |              |  |  |  |
| Credits to fees from Adviser - other(A)                      | (750)                       |              |      | (1,251)          |   |              |  |  |  |
| Total expenses, net of credits to fees                       | 11,926                 |              |      | 20,330      |   |              |  |  |  |
| NET INVESTMENT INCOME (LOSS)                                 | $                           | 7,371   |      |                  | $ | (2,304)      |  |  |  |  |  |
|                                                              |                             |              |      |                  |   |              |  |
| REALIZED AND UNREALIZED GAIN (LOSS)                          |                             |              |      |                  |   |              |  |
| Net realized gain (loss):                                |                             |              |      |                  |   |              |  |
| Non-Control/Non-Affiliate investments                    | $                           | 4,729   |      |                  | $ | 143     |  |  |  |  |  |
| Affiliate investments                                        | —                |              |      | 1,786       |   |              |  |  |  |
| Control investments                                          | (277)                       |              |      | —     |   |              |  |  |  |
| Total net realized gain                                      | 4,452                  |              |      | 1,929       |   |              |  |  |  |
| Net unrealized appreciation (depreciation):              |                             |              |      |                  |   |              |  |
| Non-Control/Non-Affiliate investments                    | 14,989                 |              |      | 16,902      |   |              |  |  |  |
| Affiliate investments                                        | (14,777)                    |              |      | 29,208      |   |              |  |  |  |
| Control investments                                          | —                |              |      | 1,404       |   |              |  |  |  |
| Total net unrealized (depreciation) appreciation             | 212                    |              |      | 47,514      |   |              |  |  |  |
| Net realized and unrealized gain                             | 4,664                  |              |      | 49,443      |   |              |  |  |  |
|                                                              |                             |              |      |                  |   |              |  |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS         | $                           | 12,035  |      |                  | $ | 47,139  |  |  |  |  |  |
|                                                              |                             |              |      |                  |   |              |  |
| BASIC AND DILUTED PER COMMON SHARE:                      |                             |              |      |                  |   |              |  |
| Net investment income (loss)                                 | $                           | 0.22    |      |                  | $ | (0.07)       |  |  |  |  |  |
| Net increase in net assets resulting from operations         | $                           | 0.36    |      |                  | $ | 1.42    |  |  |  |  |  |
|                                                              |                             |              |      |                  |   |              |  |
| WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:     |                             |              |      |                  |   |              |  |
| Basic and diluted                                            | 33,205,023             |              |      | 33,205,023  |   |              |  |  |  |

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|                                                                                                           |               |               |      |               |   |               |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------|---------------|---------------|------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                           | 2022          |               | 2021 |
| NET ASSETS, MARCH 31                                                                                 | $             | 445,830  |      |               | $ | 382,364  |  |
| OPERATIONS                                                                                                |               |               |      |
| Net investment income (loss)                                                                              | 7,371    |               |      | (2,304)       |   |
| Net realized gain on investments                                                                          | 4,452    |               |      | 1,929    |   |
| Net unrealized appreciation (depreciation) of investments                                                 | 212      |               |      | 47,514   |   |
| Net increase in net assets from operations                                                                | 12,035   |               |      | 47,139   |   |
| DISTRIBUTIONS(A)                                                                                          |               |               |      |
| Distributions to common stockholders from net investment income ($0.10 and $0.20 per share, respectively) | (3,188)       |               |      | (6,593)       |   |
| Distributions to common stockholders from net realized gains ($0.25 and $0.07 per share, respectively)    | (8,268)       |               |      | (2,372)       |   |
| Net decrease in net assets from distributions                                                             | (11,456)      |               |      | (8,965)       |   |
| CAPITAL ACTIVITY                                                                                          |               |               |      |
| Issuance of common stock                                                                                  | —  |               |      | —  |   |
| Discounts, commissions, and offering costs for issuance of common stock                                   | —  |               |      | —  |   |
| Net increase in net assets from capital activity                                                          | —  |               |      | —  |   |
| NET INCREASE (DECREASE) IN NET ASSETS                                                                     | 579      |               |      | 38,174   |   |
| NET ASSETS, JUNE 30                                                                                       | $             | 446,409  |      |               | $ | 420,538  |  |
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Table of Contents

|                                                                                                                                           |                             |              |      |              |   |              |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|--------------|------|--------------|---|--------------|--|--|--|--|--|
|                                                                                                                                           | Three Months Ended June 30, |
|                                                                                                                                           | 2022                        |              | 2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                      |                             |              |      |
| Net increase in net assets resulting from operations                                                                                      | $                           | 12,035  |      |              | $ | 47,139  |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |                             |              |      |
| Purchase of investments                                                                                                                   | (27,800)                    |              |      | (17,150)     |   |
| Principal repayments of investments                                                                                                       | 48,000                 |              |      | 14,060  |   |
| Net proceeds from the sale of investments                                                                                                 | 9,352                  |              |      | 7,775   |   |
| Net realized gain on investments                                                                                                          | (4,452)                     |              |      | (1,929)      |   |
| Net unrealized appreciation of investments                                                                                                | (212)                       |              |      | (47,514)     |   |
| Amortization of premiums, discounts, and acquisition costs, net                                                                           | (5)                         |              |      | (5)          |   |
| Amortization of deferred financing costs and discounts                                                                                    | 448                    |              |      | 456     |   |
| Bad debt expense, net of recoveries                                                                                                       | 71                     |              |      | 55      |   |
| Changes in assets and liabilities:                                                                                                    |                             |              |      |
| Decrease in interest receivable                                                                                                           | 886                    |              |      | 806     |   |
| Decrease (increase) in due from administrative agent                                                                                      | 1,694                  |              |      | (659)        |   |
| Increase in other assets, net                                                                                                             | (239)                       |              |      | (68)         |   |
| Increase in accounts payable and accrued expenses                                                                                         | 708                    |              |      | 901     |   |
| (Decrease) increase in interest payable                                                                                                   | (1)                         |              |      | 571     |   |
| Increase in fees due to Adviser(A)                                                                                                        | 637                    |              |      | 9,708   |   |
| Increase in fee due to Administrator(A)                                                                                                   | 68                     |              |      | 94      |   |
| Increase in other liabilities                                                                                                             | 122                    |              |      | 179     |   |
| Net cash provided by operating activities                                                                                                 | 41,312                 |              |      | 14,419  |   |
|                                                                                                                                           |                             |              |      |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                      |                             |              |      |
| Proceeds from line of credit                                                                                                              | —                |              |      | 29,800  |   |
| Repayments on line of credit                                                                                                              | —                |              |      | (10,300)     |   |
| Deferred financing and offering costs                                                                                                     | (75)                        |              |      | (75)         |   |
| Distributions paid to common stockholders                                                                                                 | (11,456)                    |              |      | (8,965)      |   |
| Net cash (used in) provided by financing activities                                                                                       | (11,531)                    |              |      | 10,460  |   |
|                                                                                                                                           |                             |              |      |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS                                       | 29,781                 |              |      | 24,879  |   |
|                                                                                                                                           |                             |              |      |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD                                             | 14,495                 |              |      | 2,398   |   |
|                                                                                                                                           |                             |              |      |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD                                                   | $                           | 44,276  |      |              | $ | 27,277  |  |
|                                                                                                                                           |                             |              |      |
| CASH PAID FOR INTEREST                                                                                                                    | $                           | 3,330   |      |              | $ | 1,339   |  |

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|                                                                                                                         |  |                                      |             |              |               |            |              |               |               |   |             |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|-------------|--------------|---------------|------------|--------------|---------------|---------------|---|-------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                                      |  | Principal/Shares/Units(F)(I) |             | Cost         |               | Fair Value |
|                                                                                                                         |  |                                      |             |              |               |            |
| NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 92.0%                                                              |  |                                      |             |              |               |            |
| Secured First Lien Debt – 43.1%                                                                                   |  |                                      |             |              |               |            |
| Diversified/Conglomerate Manufacturing – 1.2%                                                                 |  |                                      |             |              |               |            |
| Phoenix Door Systems, Inc – Line of Credit, $0 available (L+7.0%, 9.0% Cash (0.3% Unused Fee), Due 3/2024)(J) |  | $                                    | 2,350  |              |               | $          | 2,350   |               |               | $ | 2,233  |  |
| Phoenix Door Systems, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 9/2024)(J)                                   |  | 3,200                           |             |              | 3,200    |            |              | 3,040    |               |
|                                                                                                                         |  |                                      |             | 5,550   |               |            | 5,273   |               |
| Diversified/Conglomerate Services – 18.0%                                                                     |  |                                      |             |              |               |            |
| Counsel Press, Inc. – Term Debt (L+11.8%, 13.5% Cash, Due 3/2023)(K)                                          |  | 21,100                          |             |              | 21,100   |            |              | 21,100   |               |
| Counsel Press, Inc. – Term Debt (L+13.0%, 14.8% Cash, Due 3/2023)(K)                                          |  | 6,400                           |             |              | 6,400    |            |              | 6,400    |               |
| Horizon Facilities Services, Inc. – Term Debt (L+9.5%, 12.0% Cash, Due 6/2024)(K)                             |  | 27,700                          |             |              | 27,700   |            |              | 27,700   |               |
| Mason West, LLC – Term Debt (L+10.0%, 12.5% Cash, Due 7/2025)(K)                                              |  | 25,250                          |             |              | 25,250   |            |              | 25,250   |               |
|                                                                                                                         |  |                                      |             | 80,450  |               |            | 80,450  |               |
| Healthcare, Education, and Childcare – 4.5%                                                                       |  |                                      |             |              |               |            |
| Educators Resource, Inc. – Term Debt (L+10.5%, 13.0% Cash, Due 11/2023) (K)                                   |  | 20,000                          |             |              | 20,000   |            |              | 20,000   |               |
|                                                                                                                         |  |                                      |             |              |               |            |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.5%                                     |  |                                      |             |              |               |            |
| Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023) (K)                            |  | 17,700                          |             |              | 17,700   |            |              | 17,700   |               |
| Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023) (K)                            |  | 6,850                           |             |              | 6,850    |            |              | 6,850    |               |
|                                                                                                                         |  |                                      |             | 24,550  |               |            | 24,550  |               |
| Hotels, Motels, Inns, and Gaming Total – 7.6%                                                                     |  |                                      |             |              |               |            |
| Nocturne Villa Rentals, Inc. – Line of Credit, $2,000 available (L+8.0%, 10.0% Cash, Due 6/2023)(K)           |  | —                         |             |              | —  |            |              | —  |               |
| Nocturne Villa Rentals, Inc. – Term Debt (L+10.5%, 12.5% Cash, Due 6/2026)(K)                                 |  | 34,050                          |             |              | 34,050   |            |              | 34,050   |               |
|                                                                                                                         |  |                                      |             | 34,050  |               |            | 34,050  |               |
| Leisure, Amusement, Motion Pictures, and Entertainment – 6.3%                                                     |  |                                      |             |              |               |            |
| Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 5/2025)(K)                                              |  | 27,981                          |             |              | 27,981   |            |              | 27,981   |               |
|                                                                                                                         |  |                                      |             |              |               |            |
| Total Secured First Lien Debt                                                                                           |  |                                      |             | $            | 192,581  |            |              | $             | 192,304  |   |
|                                                                                                                         |  |                                      |             |              |               |            |
| Secured Second Lien Debt – 15.2%                                                                                  |  |                                      |             |              |               |            |
| Aerospace and Defense – 5.7%                                                                                      |  |                                      |             |              |               |            |
| Galaxy Technologies Holdings, Inc. – Term Debt (L+4.1%, 7.1% Cash, Due 10/2026)(K)                            |  | $                                    | 6,500  |              |               | $          | 6,500   |               |               | $ | 6,500  |  |
| Galaxy Technologies Holdings, Inc. – Term Debt (L+7.0%, 10.0% Cash, Due 10/2026)(K)                           |  | 18,796                          |             |              | 18,796   |            |              | 18,796   |               |
|                                                                                                                         |  |                                      |             | 25,296  |               |            | 25,296  |               |
| Automobile – 0.3%                                                                                                 |  |                                      |             |              |               |            |
| Country Club Enterprises, LLC – Term Debt (L+8.0%, 10.0% Cash, Due 7/2027)(J)                                 |  | 1,500                           |             |              | 1,500    |            |              | 1,493    |               |
| Country Club Enterprises, LLC – Guaranty ($1,000) (Q)                                                             |  | —                         |             |              | —  |            |              | —  |               |
|                                                                                                                         |  |                                      |             | 1,500   |               |            | 1,493   |               |
|                                                                                                                         |  |                                      |             |              |               |            |
| Cargo Transport – 2.9%                                                                                            |  |                                      |             |              |               |            |
| Diligent Delivery Systems – Term Debt (L+9.0%, 11.0% Cash, Due 11/2022)(J)                                    |  | 13,000                          |             |              | 12,992   |            |              | 12,983   |               |
|                                                                                                                         |  |                                      |             |              |               |            |
| 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)(K)                               |  | 13,300                          |             |              | 13,300   |            |              | 13,300   |               |
|                                                                                                                         |  |                                      |             |              |               |            |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 3.3%                                          |  |                                      |             |              |               |            |
| SFEG Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(K)                                        |  | 3,128                           |             |              | 3,128    |            |              | 3,128    |               |
| SFEG Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(K)                                        |  | 11,736                          |             |              | 11,736   |            |              | 11,736   |               |
|                                                                                                                         |  |                                      |             | 14,864  |               |            | 14,864  |               |
|                                                                                                                         |  |                                      |             |              |               |            |
| Total Secured Second Lien Debt                                                                                          |  |                                      |             | $            | 67,952   |            |              | $             | 67,936   |   |
|                                                                                                                         |  |                                      |             |              |               |            |

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Table of Contents

|                                                                                           |  |                                      |              |              |               |              |              |               |               |               |              |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|--------------|--------------|---------------|---------------|---------------|--------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                        |  | Principal/Shares/Units(F)(I) |              | Cost         |               | Fair Value   |
|                                                                                           |  |                                      |              |              |               |              |
| Preferred Equity – 33.3%                                                            |  |                                      |              |              |               |              |
| Diversified/Conglomerate Services – 15.2%                                       |  |                                      |              |              |               |              |
| Counsel Press, Inc. – Preferred Stock(C)(K)                                         |  | 6,995                           |              |              | $             | 6,995   |              |               | $             | 29,364   |              |
| Horizon Facilities Services, Inc. – Preferred Stock(C)(K)                           |  | 10,080                          |              |              | 10,080   |              |              | 33,311   |               |
| Mason West, LLC – Preferred Stock(C)(K)                                             |  | 11,206                          |              |              | 11,206   |              |              | 5,293    |               |
|                                                                                           |  |                                      |              | 28,281  |               |              | 67,968  |               |
| Healthcare, Education, and Childcare – 4.1%                                         |  |                                      |              |              |               |              |
| Educators Resource, Inc. – Preferred Stock(C)(K)                                    |  | 8,560                           |              |              | 8,560    |              |              | 18,313   |               |
|                                                                                           |  |                                      |              |              |               |              |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 6.0%       |  |                                      |              |              |               |              |
| Brunswick Bowling Products, Inc. – Preferred Stock(C)(K)                            |  | 6,653                           |              |              | 6,653    |              |              | 26,388   |               |
| Ginsey Home Solutions, Inc. – Preferred Stock(C)(K)                                 |  | 19,280                          |              |              | 9,583    |              |              | 413      |               |
|                                                                                           |  |                                      |              | 16,236  |               |              | 26,801  |               |
| Hotels, Motels, Inns, and Gaming Total – 3.7%                                       |  |                                      |              |              |               |              |
| Nocturne Villa Rentals, Inc. – Preferred Stock (C)(K)                               |  | 6,600                           |              |              | 6,600    |              |              | 16,371   |               |
|                                                                                           |  |                                      |              |              |               |              |
| Leisure, Amusement, Motion Pictures, and Entertainment – 3.8%                       |  |                                      |              |              |               |              |
| Schylling, Inc. – Preferred Stock(C)(K)                                             |  | 4,000                           |              |              | 4,000    |              |              | 17,186   |               |
|                                                                                           |  |                                      |              |              |               |              |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.5%            |  |                                      |              |              |               |              |
| SFEG Holdings, Inc. – Preferred Stock(C)(K)                                         |  | 29,577                          |              |              | 4,643    |              |              | 2,068    |               |
|                                                                                           |  |                                      |              |              |               |              |
| Total Preferred Equity                                                                    |  |                                      |              | $            | 68,320   |              |              | $             | 148,707  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Common Equity/Equivalents – 0.4%                                                |  |                                      |              |              |               |              |
| Aerospace and Defense – 0.0%                                                        |  |                                      |              |              |               |              |
| Galaxy Technologies Holdings, Inc. – Common Stock(C)(K)                             |  | 16,957                          |              |              | $             | 11,513  |              |               | $             | —  |              |
|                                                                                           |  |                                      |              |              |               |              |
| Cargo Transport – 0.4%                                                              |  |                                      |              |              |               |              |
| Diligent Delivery Systems – Common Stock Warrants(C)(K)                             |  | 8                               | %            |              | 500      |              |              | 1,882    |               |
|                                                                                           |  |                                      |              |              |               |              |
| Diversified/Conglomerate Manufacturing– 0.0%                                    |  |                                      |              |              |               |              |
| Phoenix Door Systems, Inc. – Common Stock(C)(K)                                     |  | 3,195                           |              |              | 1,452    |              |              | —  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0%       |  |                                      |              |              |               |              |
| Ginsey Home Solutions, Inc. – Common Stock(C)(K)                                    |  | 63,747                          |              |              | 8        |              |              | —  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)- 0.0%                   |  |                                      |              |              |               |              |
| SFEG Holdings, Inc. – Common Stock(C)(K)                                            |  | 221,500                         |              |              | 222      |              |              | —  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%              |  |                                      |              |              |               |              |
| Funko Acquisition Holdings, LLC(L) – Common Units(C)(P)                             |  | 5,817                           |              |              | 30       |              |              | 88       |               |
|                                                                                           |  |                                      |              |              |               |              |
| Total Common Equity/Equivalents                                                       |  |                                      |              | $            | 13,725   |              |              | $             | 1,970    |               |
|                                                                                           |  |                                      |              |              |               |              |
| Total Non-Control/Non-Affiliate Investments                                           |  |                                      |              | $            | 342,578  |              |              | $             | 410,917  |               |
|                                                                                           |  |                                      |              |              |               |              |
| AFFILIATE INVESTMENTS(N) – 57.5%                                                    |  |                                      |              |              |               |              |
| Secured First Lien Debt – 41.4%                                                     |  |                                      |              |              |               |              |
| Chemicals, Plastics, and Rubber – 6.0%                                              |  |                                      |              |              |               |              |
| PSI Molded Plastics, Inc. – Term Debt (L+5.5%, 7.3% Cash, Due 1/2024)(K)        |  | $                                    | 26,618  |              |               | $            | 26,618  |               |               | $             | 26,618  |  |
|                                                                                           |  |                                      |              |              |               |              |
| Diversified/Conglomerate Manufacturing – 2.0%                                   |  |                                      |              |              |               |              |
| Edge Adhesives Holdings, Inc.(L) – Term Debt (L+5.5%, 7.5% Cash, Due 8/2024)(J) |  | 9,210                           |              |              | 9,210    |              |              | 8,968    |               |
|                                                                                           |  |                                      |              |              |               |              |

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Table of Contents

|                                                                                                                 |  |                                      |              |              |               |              |              |               |               |               |               |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|--------------|--------------|---------------|---------------|---------------|---------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                              |  | Principal/Shares/Units(F)(I) |              | Cost         |               | Fair Value   |
|                                                                                                                 |  |                                      |              |              |               |              |
| Diversified/Conglomerate Services – 19.3%                                                             |  |                                      |              |              |               |              |
| ImageWorks Display and Marketing Group, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 11/2022)(K)        |  | 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)                           |  | 16,500                          |              |              | 16,500   |              |              | 13,129   |               |
| J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+10.3%, 12.0% Cash, Due 10/2024) (G)(K)                   |  | 26,000                          |              |              | 26,000   |              |              | 20,688   |               |
| J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+6.0%, 8.0% Cash, Due 3/2023) (G)(K)                      |  | 2,438                           |              |              | 2,438    |              |              | 1,940    |               |
| The Maids International, LLC – Term Debt (L+10.5%, 12.3% Cash, Due 3/2025)(K)                         |  | 28,560                          |              |              | 28,560   |              |              | 28,560   |               |
|                                                                                                                 |  |                                      |              | 95,498  |               |              | 86,317  |               |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.6%                             |  |                                      |              |              |               |              |
| Old World Christmas, Inc. – Secured First Lien Term Loan (L+9.5%, 11.3% Cash, Due 12/2025)(K)         |  | 25,000                          |              |              | 25,000   |              |              | 25,000   |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Mining, Steel, Iron and Non-Precious Metals Total – 4.1%                                                  |  |                                      |              |              |               |              |
| Utah Pacific Bridge & Steel, Ltd., $2,000 available (L+8.5%, 10.3% Cash, Due 7/2022)(K)                 |  | —                         |              |              | —  |              |              | —  |               |
| Utah Pacific Bridge & Steel, Ltd. (L+10.0%, 11.8% Cash, Due 7/2026)(K)                                  |  | 18,250                          |              |              | 18,250   |              |              | 18,250   |               |
|                                                                                                                 |  |                                      |              | 18,250  |               |              | 18,250  |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.6%                                    |  |                                      |              |              |               |              |
| The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 5/2023)(G)(K)         |  | 3,400                           |              |              | 3,400    |              |              | 2,495    |               |
| The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 5/2023)(G)(K)         |  | 900                             |              |              | 900      |              |              | —  |               |
|                                                                                                                 |  |                                      |              | 4,300   |               |              | 2,495   |               |
| Telecommunications – 3.8%                                                                                 |  |                                      |              |              |               |              |
| B+T Group Acquisition, Inc.(L) – Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2024)(K)   |  | 2,800                           |              |              | 2,800    |              |              | 2,800    |               |
| B+T Group Acquisition, Inc.(L) – Term Debt (L+11.0%, 13.0% Cash, Due 12/2024)(K)                      |  | 14,000                          |              |              | 14,000   |              |              | 14,000   |               |
|                                                                                                                 |  |                                      |              | 16,800  |               |              | 16,800  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Total Secured First Lien Debt                                                                                   |  |                                      |              | $            | 195,676  |              |              | $             | 184,448  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Secured Second Lien Debt – 0.0%                                                                           |  |                                      |              |              |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%                                    |  |                                      |              |              |               |              |
| The Mountain Corporation – Term Debt (L+4.0%, 7.0% Cash, Due 4/2024)(G)(K)                            |  | $                                    | 11,700  |              |               | $            | 11,700  |               |               | $             | —  |  |
| The Mountain Corporation – Delayed Draw Term Debt, $0 available (L+4.0%, 7.0% Cash, Due 4/2024)(G)(K) |  | 1,500                           |              |              | 1,500    |              |              | —  |               |
|                                                                                                                 |  |                                      |              | $            | 13,200   |              |              | —  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Total Secured Second Lien Debt                                                                                  |  |                                      |              | $            | 13,200   |              |              | $             | —  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Preferred Equity – 15.3%                                                                                  |  |                                      |              |              |               |              |
| Chemicals, Plastics, and Rubber – 0.0%                                                                    |  |                                      |              |              |               |              |
| PSI Molded Plastics, Inc. – Preferred Stock(C)(K)                                                         |  | 158,598                         |              |              | $             | 19,730  |              |               | $             | —  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Diversified/Conglomerate Manufacturing – 0.0%                                                         |  |                                      |              |              |               |              |
| Edge Adhesives Holdings, Inc.(L) – Preferred Stock(C)(K)                                                  |  | 8,199                           |              |              | 8,199    |              |              | —  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Diversified/Conglomerate Services – 3.7%                                                              |  |                                      |              |              |               |              |
| ImageWorks Display and Marketing Group, Inc. – Preferred Stock(C)(K)                                      |  | 67,490                          |              |              | 6,749    |              |              | 15,273   |               |
| J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock(C)(K)                                               |  | 10,920                          |              |              | 10,920   |              |              | —  |               |
| The Maids International, LLC – Preferred Stock(C)(K)                                                      |  | 6,640                           |              |              | 6,640    |              |              | 1,424    |               |
|                                                                                                                 |  |                                      |              | 24,309  |               |              | 16,697  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 8.3%                             |  |                                      |              |              |               |              |
| Old World Christmas, Inc. – Preferred Stock(C)(K)                                                         |  | 6,180                           |              |              | —  |              |              | 37,168   |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Mining, Steel, Iron and Non-Precious Metals – 1.3%                                                        |  |                                      |              |              |               |              |
| Utah Pacific Bridge & Steel, Ltd. - Preferred Stock(C)(K)                                                   |  | 6,000                           |              |              | 6,000    |              |              | 6,000    |               |
|                                                                                                                 |  |                                      |              |              |               |              |

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Table of Contents

|                                                                              |  |                                      |   |      |               |              |  |               |               |              |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------|--|--------------------------------------|---|------|---------------|--------------|--|---------------|---------------|--------------|--|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                           |  | Principal/Shares/Units(F)(I) |   | Cost |               | Fair Value   |
|                                                                              |  |                                      |   |      |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% |  |                                      |   |      |               |              |
| The Mountain Corporation – Preferred Stock(C)(K)                       |  | 6,899                           |   |      | 6,899    |              |  | —  |               |
|                                                                              |  |                                      |   |      |               |              |
| Telecommunications – 2.0%                                              |  |                                      |   |      |               |              |
| B+T Group Acquisition, Inc.(L) – Preferred Stock(C)(K)                 |  | 14,304                          |   |      | 4,722    |              |  | 9,093    |               |
|                                                                              |  |                                      |   |      |               |              |
| Total Preferred Equity                                                       |  |                                      |   | $    | 69,859   |              |  | $             | 68,958   |              |
|                                                                              |  |                                      |   |      |               |              |
| Common Equity/Equivalents – 0.8%                                   |  |                                      |   |      |               |              |
| Diversified/Conglomerate Services – 0.7%                           |  |                                      |   |      |               |              |
| Nth Degree Investment Group, LLC – Common Stock(C)(K)                  |  | 14,360,000                      |   |      | $             | 1,219   |  |               | $             | 3,136   |  |
|                                                                              |  |                                      |   |      |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% |  |                                      |   |      |               |              |
| The Mountain Corporation – Common Stock(C)(K)                          |  | 751                             |   |      | 1        |              |  | —  |               |
|                                                                              |  |                                      |   |      |               |              |
| Telecommunications – 0.1%                                              |  |                                      |   |      |               |              |
| B+T Group Acquisition, Inc.(L) – Common Stock Warrants(C)(K)           |  | 3.5                             | % |      | —  |              |  | 341      |               |
|                                                                              |  |                                      |   |      |               |              |
| Total Common Equity/Equivalents                                          |  |                                      |   | $    | 1,220    |              |  | $             | 3,477    |              |
|                                                                              |  |                                      |   |      |               |              |
| Total Affiliate Investments                                                  |  |                                      |   | $    | 279,955  |              |  | $             | 256,883  |              |
|                                                                              |  |                                      |   |      |               |              |
| CONTROL INVESTMENTS(O) – 4.9%:                                     |  |                                      |   |      |               |              |
| Preferred Equity - 4.7%                                                      |  |                                      |   |      |               |              |
|    Buildings and Real Estate Total  - 4.7%                    |  |                                      |   |      |               |              |
| Dema/Mai Holdings, Inc - Preferred Equity                                |  | 21,000                          |   |      | $             | 21,000  |  |               | $             | 21,000  |  |
| Total Preferred Equity                                                       |  |                                      |   | $    | 21,000   |              |  | $             | 21,000   |              |
|                                                                              |  |                                      |   |      |               |              |
| Common Equity/Equivalents – 0.2%                                   |  |                                      |   |      |               |              |
| Leisure, Amusement, Motion Pictures, and Entertainment  – 0.2%         |  |                                      |   |      |               |              |
| Gladstone SOG Investments, Inc. - Common Stock(C)(K)                         |  | 100                             |   |      | $             | 620     |  |               | $             | 713     |  |
| Total Common Equity/Equivalents                                          |  |                                      |   | $    | 620      |              |  | $             | 713      |              |
|                                                                              |  |                                      |   |      |               |              |
| Total Control Investments                                                    |  |                                      |   | $    | 21,620   |              |  | $             | 21,713   |              |
|                                                                              |  |                                      |   |      |               |              |
| TOTAL INVESTMENTS – 154.4%                                             |  |                                      |   | $    | 644,153  |              |  | $             | 689,513  |              |

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Table of Contents

|                                                                                                                           |  |                                      |             |               |               |            |               |               |               |   |             |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|-------------|---------------|---------------|------------|---------------|---------------|---------------|---|-------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                                        |  | Principal/Shares/Units(F)(I) |             | Cost          |               | Fair Value |
|                                                                                                                           |  |                                      |             |               |               |            |
| NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 99.2%                                                                |  |                                      |             |               |               |            |
| Secured First Lien Debt – 52.4%                                                                                     |  |                                      |             |               |               |            |
| Diversified/Conglomerate Manufacturing – 1.1%                                                                   |  |                                      |             |               |               |            |
| Phoenix Door Systems, Inc – Line of Credit, $150 available (L+7.0%, 9.0% Cash (0.3% Unused Fee), Due 3/2024)(J) |  | $                                    | 2,000  |               |               | $          | 2,000    |               |               | $ | 1,920  |  |
| Phoenix Door Systems, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 9/2024)(J)                                     |  | 3,200                           |             |               | 3,200    |            |               | 3,072    |               |
|                                                                                                                           |  |                                      |             | 5,200    |               |            | 4,992    |               |
| Diversified/Conglomerate Services – 28.8%                                                                       |  |                                      |             |               |               |            |
| Bassett Creek Services, Inc. – Term Debt(L+10.0%, 12.0% Cash, Due 4/2023)(K)                                    |  | 48,000                          |             |               | 48,000   |            |               | 48,000   |               |
| Counsel Press, Inc. – Term Debt (L+11.8%, 12.8% Cash, Due 3/2023)(K)                                            |  | 21,100                          |             |               | 21,100   |            |               | 21,100   |               |
| Counsel Press, Inc. – Term Debt (L+13.0%, 14.0% Cash, Due 3/2023)(K)                                            |  | 6,400                           |             |               | 6,400    |            |               | 6,400    |               |
| Horizon Facilities Services, Inc. – Term Debt (L+9.5%, 12.0% Cash, Due 6/2024)(K)                               |  | 27,700                          |             |               | 27,700   |            |               | 27,700   |               |
| Mason West, LLC – Term Debt (L+10.0%, 12.5% Cash, Due 7/2025)(K)                                                |  | 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) (K)                                     |  | 20,000                          |             |               | 20,000   |            |               | 20,000   |               |
|                                                                                                                           |  |                                      |             |               |               |            |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.5%                                       |  |                                      |             |               |               |            |
| Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023) (K)                              |  | 17,700                          |             |               | 17,700   |            |               | 17,700   |               |
| Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023) (K)                              |  | 6,850                           |             |               | 6,850    |            |               | 6,850    |               |
|                                                                                                                           |  |                                      |             | 24,550   |               |            | 24,550   |               |
| Hotels, Motels, Inns, and Gaming Total – 6.2%                                                                       |  |                                      |             |               |               |            |
| Nocturne Villa Rentals, Inc. – Line of Credit, $2,000 available (L+8.0%, 10.0% Cash, Due 6/2023)(K)             |  | —                         |             |               | —  |            |               | —  |               |
| Nocturne Villa Rentals, Inc. – Term Debt (L+10.5%, 12.5% Cash, Due 6/2026)(K)                                   |  | 27,700                          |             |               | 27,700   |            |               | 27,700   |               |
|                                                                                                                           |  |                                      |             | 27,700   |               |            | 27,700   |               |
| Leisure, Amusement, Motion Pictures, and Entertainment – 6.3%                                                       |  |                                      |             |               |               |            |
| Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 5/2025)(K)                                                |  | 27,981                          |             |               | 27,981   |            |               | 27,981   |               |
|                                                                                                                           |  |                                      |             |               |               |            |
| Total Secured First Lien Debt                                                                                             |  |                                      |             | $             | 233,881  |            |               | $             | 233,673  |   |
|                                                                                                                           |  |                                      |             |               |               |            |
| Secured Second Lien Debt – 15.0%                                                                                    |  |                                      |             |               |               |            |
| Aerospace and Defense – 5.7%                                                                                        |  |                                      |             |               |               |            |
| Galaxy Technologies Holdings, Inc. – Term Debt (L+4.1%, 7.1% Cash, Due 10/2026)(K)                              |  | $                                    | 6,500  |               |               | $          | 6,500    |               |               | $ | 6,500  |  |
| Galaxy Technologies Holdings, Inc. – Term Debt (L+7.0%, 10.0% Cash, Due 10/2026)(K)                             |  | 18,796                          |             |               | 18,796   |            |               | 18,796   |               |
|                                                                                                                           |  |                                      |             | 25,296   |               |            | 25,296   |               |
| Automobile – 0.3%                                                                                                   |  |                                      |             |               |               |            |
| Country Club Enterprises, LLC – Term Debt (L+8.0%, 10.0% Cash, Due 7/2027)(J)                                   |  | 1,500                           |             |               | 1,500    |            |               | 1,498    |               |
| Country Club Enterprises, LLC - Guaranty ($1,000) (Q)                                                                     |  | —                         |             |               | —  |            |               | —  |               |
|                                                                                                                           |  |                                      |             | 1,500    |               |            | 1,498    |               |
|                                                                                                                           |  |                                      |             |               |               |            |
| Cargo Transport – 2.9%                                                                                              |  |                                      |             |               |               |            |
| Diligent Delivery Systems – Term Debt (L+9.0%, 11.0% Cash, Due 11/2022)(J)                                      |  | 13,000                          |             |               | 12,987   |            |               | 13,000   |               |
|                                                                                                                           |  |                                      |             |               |               |            |
| 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) – 3.1%                                            |  |                                      |             |               |               |            |
| SFEG Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(J)                                          |  | 3,128                           |             |               | 3,128    |            |               | 2,909    |               |
| SFEG Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(J)                                          |  | 11,736                          |             |               | 11,736   |            |               | 10,914   |               |
|                                                                                                                           |  |                                      |             | 14,864   |               |            | 13,823   |               |
|                                                                                                                           |  |                                      |             |               |               |            |
| Total Secured Second Lien Debt                                                                                            |  |                                      |             | $             | 67,947   |            |               | $             | 66,917   |   |
|                                                                                                                           |  |                                      |             |               |               |            |

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|                                                                                           |  |                                      |              |              |               |              |              |               |               |               |              |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|--------------|--------------|---------------|---------------|---------------|--------------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                        |  | Principal/Shares/Units(F)(I) |              | Cost         |               | Fair Value   |
|                                                                                           |  |                                      |              |              |               |              |
| Preferred Equity – 31.4%                                                            |  |                                      |              |              |               |              |
| Diversified/Conglomerate Services – 15.2%                                       |  |                                      |              |              |               |              |
| Bassett Creek Services, Inc. – Preferred Stock(C)(K)                                |  | 4,900                           |              |              | $             | 4,900   |              |               | $             | 17,150   |              |
| Counsel Press, Inc. – Preferred Stock(C)(K)                                         |  | 6,995                           |              |              | 6,995    |              |              | 25,374   |               |
| Horizon Facilities Services, Inc. – Preferred Stock(C)(K)                           |  | 10,080                          |              |              | 10,080   |              |              | 17,807   |               |
| Mason West, LLC – Preferred Stock(C)(K)                                             |  | 11,206                          |              |              | 11,206   |              |              | 7,553    |               |
|                                                                                           |  |                                      |              | 33,181  |               |              | 67,884  |               |
| Healthcare, Education, and Childcare – 4.3%                                         |  |                                      |              |              |               |              |
| Educators Resource, Inc. – Preferred Stock(C)(K)                                    |  | 8,560                           |              |              | 8,560    |              |              | 19,252   |               |
|                                                                                           |  |                                      |              |              |               |              |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.6%       |  |                                      |              |              |               |              |
| Brunswick Bowling Products, Inc. – Preferred Stock(C)(K)                            |  | 6,653                           |              |              | 6,653    |              |              | 21,485   |               |
| Ginsey Home Solutions, Inc. – Preferred Stock(C)(K)                                 |  | 19,280                          |              |              | 9,583    |              |              | 3,263    |               |
|                                                                                           |  |                                      |              | 16,236  |               |              | 24,748  |               |
| Hotels, Motels, Inns, and Gaming Total – 2.3%                                       |  |                                      |              |              |               |              |
| Nocturne Villa Rentals, Inc. – Preferred Stock (C)(K)                               |  | 6,600                           |              |              | 6,600    |              |              | 10,223   |               |
|                                                                                           |  |                                      |              |              |               |              |
| Leisure, Amusement, Motion Pictures, and Entertainment – 4.0%                       |  |                                      |              |              |               |              |
| Schylling, Inc. – Preferred Stock(C)(K)                                             |  | 4,000                           |              |              | 4,000    |              |              | 17,820   |               |
|                                                                                           |  |                                      |              |              |               |              |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.0%            |  |                                      |              |              |               |              |
| SFEG Holdings, Inc. – Preferred Stock(C)(K)                                         |  | 29,577                          |              |              | 4,643    |              |              | —  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Total Preferred Equity                                                                    |  |                                      |              | $            | 73,220   |              |              | $             | 139,927  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Common Equity/Equivalents – 0.4%                                                |  |                                      |              |              |               |              |
| Aerospace and Defense – 0.0%                                                        |  |                                      |              |              |               |              |
| Galaxy Technologies Holdings, Inc. – Common Stock(C)(K)                             |  | 16,957                          |              |              | $             | 11,513  |              |               | $             | —  |              |
|                                                                                           |  |                                      |              |              |               |              |
| Cargo Transport – 0.4%                                                              |  |                                      |              |              |               |              |
| Diligent Delivery Systems – Common Stock Warrants(C)(K)                             |  | 8                               | %            |              | 500      |              |              | 1,533    |               |
|                                                                                           |  |                                      |              |              |               |              |
| Diversified/Conglomerate Manufacturing– 0.0%                                    |  |                                      |              |              |               |              |
| Phoenix Door Systems, Inc. – Common Stock(C)(K)                                     |  | 3,195                           |              |              | 1,452    |              |              | —  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0%       |  |                                      |              |              |               |              |
| Ginsey Home Solutions, Inc. – Common Stock(C)(K)                                    |  | 63,747                          |              |              | 8        |              |              | —  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.0%            |  |                                      |              |              |               |              |
| SFEG Holdings, Inc. – Common Stock(C)(K)                                            |  | 221,500                         |              |              | 222      |              |              | —  |               |
|                                                                                           |  |                                      |              |              |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%              |  |                                      |              |              |               |              |
| Funko Acquisition Holdings, LLC(L) – Common Units(C)(P)                             |  | 6,290                           |              |              | 30       |              |              | 74       |               |
|                                                                                           |  |                                      |              |              |               |              |
| Total Common Equity/Equivalents                                                       |  |                                      |              | $            | 13,725   |              |              | $             | 1,607    |               |
|                                                                                           |  |                                      |              |              |               |              |
| Total Non-Control/Non-Affiliate Investments                                           |  |                                      |              | $            | 388,773  |              |              | $             | 442,124  |               |
|                                                                                           |  |                                      |              |              |               |              |
| AFFILIATE INVESTMENTS(N) – 60.8%                                                    |  |                                      |              |              |               |              |
| Secured First Lien Debt – 42.9%                                                     |  |                                      |              |              |               |              |
| Chemicals, Plastics, and Rubber – 6.0%                                              |  |                                      |              |              |               |              |
| PSI Molded Plastics, Inc. – Term Debt (L+5.5%, 7.0% Cash, Due 1/2024)(K)        |  | $                                    | 26,618  |              |               | $            | 26,618  |               |               | $             | 26,618  |  |
|                                                                                           |  |                                      |              |              |               |              |
| Diversified/Conglomerate Manufacturing – 2.0%                                   |  |                                      |              |              |               |              |
| Edge Adhesives Holdings, Inc.(L) – Term Debt (L+5.5%, 7.5% Cash, Due 8/2024)(J) |  | 9,210                           |              |              | 9,210    |              |              | 9,072    |               |
|                                                                                           |  |                                      |              |              |               |              |

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|                                                                                                                 |  |                                      |              |              |               |              |              |               |               |               |           |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|--------------|--------------|---------------|---------------|---------------|-----------|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                                                              |  | Principal/Shares/Units(F)(I) |              | Cost         |               | Fair Value   |
|                                                                                                                 |  |                                      |              |              |               |              |
| Diversified/Conglomerate Services – 20.5%                                                             |  |                                      |              |              |               |              |
| ImageWorks Display and Marketing Group, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 11/2022)(K)        |  | 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)                           |  | 16,500                          |              |              | 16,500   |              |              | 15,023   |               |
| J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+10.3%, 11.8% Cash, Due 10/2024) (G)(K)                   |  | 26,000                          |              |              | 26,000   |              |              | 23,672   |               |
| J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+6.0%, 8.0% Cash, Due 3/2023) (G)(K)                      |  | 2,438                           |              |              | 2,438    |              |              | 2,219    |               |
| J.R. Hobbs Co. - Atlanta, LLC - Guaranty ($9,250)(Q)                                                            |  | —                         |              |              | —  |              |              | —  |               |
| The Maids International, LLC – Term Debt (L+10.5%, 12.0% Cash, Due 3/2025)(K)                         |  | 28,560                          |              |              | 28,560   |              |              | 28,560   |               |
|                                                                                                                 |  |                                      |              | 95,498  |               |              | 91,474  |               |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.6%                             |  |                                      |              |              |               |              |
| Old World Christmas, Inc. – Secured First Lien Term Loan (L+9.5%, 11.0% Cash, Due 12/2025)(K)         |  | 25,000                          |              |              | 25,000   |              |              | 25,000   |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| 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)(K)                 |  | —                         |              |              | —  |              |              | —  |               |
| Utah Pacific Bridge & Steel, Ltd. (L+10.0%, 11.5% Cash, Due 7/2026)(K)                                  |  | 18,250                          |              |              | 18,250   |              |              | 18,250   |               |
|                                                                                                                 |  |                                      |              | 18,250  |               |              | 18,250  |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.0%                                    |  |                                      |              |              |               |              |
| The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 5/2022)(G)(K)         |  | 3,400                           |              |              | 3,400    |              |              | 3,400    |               |
| The Mountain Corporation – Line of Credit, $100 available (L+5.0%, 9.0% Cash, Due 5/2023)(G)(K)       |  | 800                             |              |              | 800      |              |              | 800      |               |
|                                                                                                                 |  |                                      |              | 4,200   |               |              | 4,200   |               |
| Telecommunications – 3.7%                                                                                 |  |                                      |              |              |               |              |
| B+T Group Acquisition, Inc.(L) – Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2024)(K)   |  | 2,800                           |              |              | 2,800    |              |              | 2,800    |               |
| B+T Group Acquisition, Inc.(L) – Term Debt (L+11.0%, 13.0% Cash, Due 12/2024)(K)                      |  | 14,000                          |              |              | 14,000   |              |              | 14,000   |               |
|                                                                                                                 |  |                                      |              | 16,800  |               |              | 16,800  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Total Secured First Lien Debt                                                                                   |  |                                      |              | $            | 195,576  |              |              | $             | 191,414  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Secured Second Lien Debt – 0.2%                                                                           |  |                                      |              |              |               |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%                                    |  |                                      |              |              |               |              |
| The Mountain Corporation – Term Debt (L+4.0%, 7.0% Cash, Due 4/2024)(G)(K)                            |  | $                                    | 11,700  |              |               | $            | 11,700  |               |               | $             | 923  |  |
| The Mountain Corporation – Delayed Draw Term Debt, $0 available (L+4.0%, 7.0% Cash, Due 4/2024)(G)(K) |  | 1,500                           |              |              | 1,500    |              |              | 118      |               |
|                                                                                                                 |  |                                      |              | $            | 13,200   |              |              | $             | 1,041    |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Total Secured Second Lien Debt                                                                                  |  |                                      |              | $            | 13,200   |              |              | $             | 1,041    |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Preferred Equity – 17.4%                                                                                  |  |                                      |              |              |               |              |
| Chemicals, Plastics, and Rubber – 0.0%                                                                    |  |                                      |              |              |               |              |
| PSI Molded Plastics, Inc. – Preferred Stock(C)(K)                                                         |  | 158,598                         |              |              | $             | 19,730  |              |               | $             | —  |           |
|                                                                                                                 |  |                                      |              |              |               |              |
| Diversified/Conglomerate Manufacturing – 0.0%                                                         |  |                                      |              |              |               |              |
| Edge Adhesives Holdings, Inc.(L) – Preferred Stock(C)(K)                                                  |  | 8,199                           |              |              | 8,199    |              |              | —  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Diversified/Conglomerate Services – 4.3%                                                              |  |                                      |              |              |               |              |
| ImageWorks Display and Marketing Group, Inc. – Preferred Stock(C)(K)                                      |  | 67,490                          |              |              | 6,749    |              |              | 16,405   |               |
| J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock(C)(K)                                               |  | 10,920                          |              |              | 10,920   |              |              | —  |               |
| The Maids International, LLC – Preferred Stock(C)(K)                                                      |  | 6,640                           |              |              | 6,640    |              |              | 2,679    |               |
|                                                                                                                 |  |                                      |              | 24,309  |               |              | 19,084  |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Home and Office Furnishings, Housewares, and Durable Consumer Products – 8.5%                             |  |                                      |              |              |               |              |
| Old World Christmas, Inc. – Preferred Stock(C)(K)                                                         |  | 6,180                           |              |              | —  |              |              | 37,842   |               |
|                                                                                                                 |  |                                      |              |              |               |              |
| Mining, Steel, Iron and Non-Precious Metals –1.3%                                                         |  |                                      |              |              |               |              |
| Utah Pacific Bridge & Steel, Ltd. - Preferred Stock(C)(K)                                                   |  | 6,000                           |              |              | 6,000    |              |              | 6,000    |               |

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|                                                                              |  |                                      |   |      |               |             |  |               |               |           |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------|--|--------------------------------------|---|------|---------------|-------------|--|---------------|---------------|-----------|--|--|--|--|--|--|--|--|--|--|
| Company and Investment(A)(B)(D)(E)                                           |  | Principal/Shares/Units(F)(I) |   | Cost |               | Fair Value  |
|                                                                              |  |                                      |   |      |               |             |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% |  |                                      |   |      |               |             |
| The Mountain Corporation – Preferred Stock(C)(K)                       |  | 6,899                           |   |      | 6,899    |             |  | —  |               |
|                                                                              |  |                                      |   |      |               |             |
| Telecommunications – 3.3%                                              |  |                                      |   |      |               |             |
| B+T Group Acquisition, Inc.(L) – Preferred Stock(C)(K)                 |  | 14,304                          |   |      | 4,722    |             |  | 14,746   |               |
|                                                                              |  |                                      |   |      |               |             |
| Total Preferred Equity                                                       |  |                                      |   | $    | 69,859   |             |  | $             | 77,672   |           |
|                                                                              |  |                                      |   |      |               |             |
| Common Equity/Equivalents – 0.3%                                   |  |                                      |   |      |               |             |
| Diversified/Conglomerate Services – 0.1%                           |  |                                      |   |      |               |             |
| Nth Degree Investment Group, LLC – Common Stock(C)(K)                  |  | 14,360,000                      |   |      | $             | 1,219  |  |               | $             | 511  |  |
|                                                                              |  |                                      |   |      |               |             |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% |  |                                      |   |      |               |             |
| The Mountain Corporation – Common Stock(C)(K)                          |  | 751                             |   |      | 1        |             |  | —  |               |
|                                                                              |  |                                      |   |      |               |             |
| Telecommunications – 0.2%                                              |  |                                      |   |      |               |             |
| B+T Group Acquisition, Inc.(L) – Common Stock Warrants(C)(K)           |  | 3.5                             | % |      | —  |             |  | 921      |               |
|                                                                              |  |                                      |   |      |               |             |
| Total Common Equity/Equivalents                                          |  |                                      |   | $    | 1,220    |             |  | $             | 1,432    |           |
|                                                                              |  |                                      |   |      |               |             |
| Total Affiliate Investments                                                  |  |                                      |   | $    | 279,855  |             |  | $             | 271,559  |           |
|                                                                              |  |                                      |   |      |               |             |
| CONTROL INVESTMENTS(O) – 0.2%:                                     |  |                                      |   |      |               |             |
| Common Equity/Equivalents – 0.2%                                   |  |                                      |   |      |               |             |
| Leisure, Amusement, Motion Pictures, and Entertainment  – 0.2%         |  |                                      |   |      |               |             |
| Gladstone SOG Investments, Inc. - Common Stock(C)(K)                         |  | 100                             |   |      | $             | 620    |  |               | $             | 713  |  |
| Total Common Equity/Equivalents                                          |  |                                      |   | $    | 620      |             |  | $             | 713      |           |
|                                                                              |  |                                      |   |      |               |             |
| Total Control Investments                                                    |  |                                      |   | $    | 620      |             |  | $             | 713      |           |
|                                                                              |  |                                      |   |      |               |             |
| TOTAL INVESTMENTS – 160.2%(R)                                          |  |                                      |   | $    | 669,248  |             |  | $             | 714,396  |           |

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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 June 30, 2022:              |               |               |                                                              |               |                                            |               |                                          |
| Secured first lien debt                    | $             | 376,752  |                                                              |               | $                                          | —  |                                          |  | $   | —  |  |  | $ | 376,752  |  |
| Secured second lien debt                   | 67,936   |               |                                                              | —  |                                            |               | —                             |  |     | 67,936   |  |
| Preferred equity                           | 238,665  |               |                                                              | —  |                                            |               | —                             |  |     | 238,665  |  |
| Common equity/equivalents              | 6,160    |               |                                                              | —  |                                            |               | 88                                  |  | (A) | 6,072    |  |
| Total Investments as of June 30, 2022 | $             | 689,513  |                                                              |               | $                                          | —  |                                          |  | $   | 88       |  |  | $ | 689,425  |  |

|                                             |               |               |                                                               |               |                                              |               |                                          |  |     |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|---------------|---------------|---------------------------------------------------------------|---------------|----------------------------------------------|---------------|------------------------------------------|--|-----|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                             |               |               | 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, 2022:              |               |               |                                                               |               |                                              |               |                                          |
| Secured first lien debt                     | $             | 425,087  |                                                               |               | $                                            | —  |                                          |  | $   | —  |  |  | $ | 425,087  |  |
| Secured second lien debt                    | 67,958   |               |                                                               | —  |                                              |               | —                             |  |     | 67,958   |  |
| Preferred equity                            | 217,599  |               |                                                               | —  |                                              |               | —                             |  |     | 217,599  |  |
| Common equity/equivalents               | 3,752    |               |                                                               | —  |                                              |               | 74                                  |  | (A) | 3,678    |  |
| Total Investments as of March 31, 2022 | $             | 714,396  |                                                               |               | $                                            | —  |                                          |  | $   | 74       |  |  | $ | 714,322  |  |

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Table of Contents

|                                                      |                                                                                                                                |               |                |               |   |               |  |  |  |  |  |
|------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------|---------------|----------------|---------------|---|---------------|--|--|--|--|--|
|                                                      | Total Recurring Fair Value MeasurementsReported in Consolidated Statementsof Assets and LiabilitiesValued Using Level 3 Inputs |
|                                                      | June 30, 2022                                                                                                                  |               | March 31, 2022 |
| Non-Control/Non-Affiliate Investments            |                                                                                                                                |               |                |
| Secured first lien debt                              | $                                                                                                                              | 192,304  |                |               | $ | 233,673  |  |
| Secured second lien debt                             | 67,936                                                                                                                    |               |                | 66,917   |   |
| Preferred equity                                     | 148,707                                                                                                                   |               |                | 139,927  |   |
| Common equity/equivalents(A)                     | 1,882                                                                                                                     |               |                | 1,533    |   |
| Total Non-Control/Non-Affiliate Investments      | 410,829                                                                                                                   |               |                | 442,050  |   |
|                                                      |                                                                                                                                |               |                |
| Affiliate Investments                                |                                                                                                                                |               |                |
| Secured first lien debt                              | 184,448                                                                                                                   |               |                | 191,414  |   |
| Secured second lien debt                             | —                                                                                                                   |               |                | 1,041    |   |
| Preferred equity                                     | 68,958                                                                                                                    |               |                | 77,672   |   |
| Common equity/equivalents                        | 3,477                                                                                                                     |               |                | 1,432    |   |
| Total Affiliate Investments                          | 256,883                                                                                                                   |               |                | 271,559  |   |
|                                                      |                                                                                                                                |               |                |
| Control Investments                                  |                                                                                                                                |               |                |
| Secured first lien debt                              | —                                                                                                                   |               |                | —  |   |
| Secured second lien debt                             | —                                                                                                                   |               |                | —  |   |
| Preferred equity                                     | 21,000                                                                                                                    |               |                | —  |   |
| Common equity/equivalents                        | 713                                                                                                                       |               |                | 713      |   |
| Total Control Investments                            | 21,713                                                                                                                    |               |                | 713      |   |
|                                                      |                                                                                                                                |               |                |
| Total investments at fair value using Level 3 inputs | $                                                                                                                              | 689,425  |                |               | $ | 714,322  |  |

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Table of Contents

|                                  |                                                                |               |                                    |               |                   |               |                                    |  |                                       |  |                                      |  |                                 |  |                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|----------------------------------------------------------------|---------------|------------------------------------|---------------|-------------------|---------------|------------------------------------|--|---------------------------------------|--|--------------------------------------|--|---------------------------------|--|------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                  | Quantitative Information about Level 3 Fair Value Measurements |
|                                  | Fair Value as of                                               |               | ValuationTechnique/Methodology |               | UnobservableInput |               | Range / Weighted-Average as of |
|                                  | June 30,2022                                                   |               | March 31,2022                      |               |                   |               | June 30,2022                       |  | March 31,2022                         |
| Secured first lien debt          | $                                                              | 362,511  |                                    |               | $                 | 411,023  |                                    |  | TEV                                   |  | EBITDA multiple                      |  | 3.4x – 8.0x / 6.7x    |  | 3.4x – 9.3x / 7.0x |
|                                  |                                                                |               |                                    |               |                   |               | EBITDA                             |  | $3,963–$15,692 /$8,655      |  | $3,990 – $13,707/$8,221    |
|                                  |                                                                |               |                                    |               |                   |               | Revenue multiple                   |  | 0.25x –0.5x / 0.27x         |  | 0.7x – 0.7x / 0.7x    |
|                                  |                                                                |               |                                    |               |                   |               | Revenue                            |  | $13,357 – $87,718 /$81,224  |  | $14,072 – $14,072 /$14,072 |
|                                  | 14,241                                                    |               |                                    | 14,064   |                   |               | Yield Analysis                     |  | Discount Rate                         |  | 12.4% – 15.9% / 15.3%      |  | 11.3% – 15.2% / 14.6% |
| Secured second lien debt         | 53,459                                                    |               |                                    | 39,637   |                   |               | TEV                                |  | EBITDA multiple                       |  | 5.4x – 6.5x / 5.8x    |  | 5.6x – 6.8x / 6.0x    |
|                                  |                                                                |               |                                    |               |                   |               | EBITDA                             |  | $3,767 – $5,319 /$4,881     |  | $3,953 – $5,488 /$4,959    |
|                                  |                                                                |               |                                    |               |                   |               | Revenue multiple                   |  | 0.5x –0.5x / 0.5x           |  | 0.7x – 0.7x /0.7x          |
|                                  |                                                                |               |                                    |               |                   |               | Revenue                            |  | $13,357 – $13,357 / $13,357 |  | $14,072 – $14,072 /$14,072 |
|                                  | 14,477                                                    |               |                                    | 28,321   |                   |               | Yield Analysis                     |  | Discount Rate                         |  | 10.1% –11.3% /11.2%        |  | 10.0% – 12.2% /11.6%  |
| Preferred equity(A)              | 238,665                                                   |               |                                    | 217,599  |                   |               | TEV                                |  | EBITDA multiple                       |  | 2.9x – 8.0x / 6.1x         |  | 3.4x – 9.3x /6.8 x    |
|                                  |                                                                |               |                                    |               |                   |               | EBITDA                             |  | $796 – $15,692 /$7,065      |  | $1,210– $13,707 / $6,926   |
|                                  |                                                                |               |                                    |               |                   |               | Revenue multiple                   |  | 0.25x – 0.5x / 0.35x        |  | 0.7x – 0.7x /0.7x          |
|                                  |                                                                |               |                                    |               |                   |               | Revenue                            |  | $13,357 – $87,718 /$58,927  |  | $14,072 – $14,072 /$14,072 |
| Common equity/equivalents(B) | 6,072                                                     |               |                                    | 3,678    |                   |               | TEV                                |  | EBITDA multiple                       |  | 4.6x – 8.0x / 5.6x         |  | 4.8x – 8.4x /5.8 x    |
|                                  |                                                                |               |                                    |               |                   |               | EBITDA                             |  | $838 – $15,692 / $5,944     |  | $829 – $13,707 /$5,709     |
|                                  |                                                                |               |                                    |               |                   |               | Revenue multiple                   |  | 0.5x – 0.5x / 0.5x          |  | 0.7x – 0.7x /0.7 x         |
|                                  |                                                                |               |                                    |               |                   |               | Revenue                            |  | $13,357 – $13,357 /$13,357  |  | $14,072 – $14,072 /$14,072 |
| Total                            | $                                                              | 689,425  |                                    |               | $                 | 714,322  |                                    |  |                                       |  |                                      |  |                                 |  |                              |

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Table of Contents

|                                                                                  |                        |               |                        |               |                 |              |                              |  |       |               |  |              |               |             |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|------------------------|---------------|------------------------|---------------|-----------------|--------------|------------------------------|--|-------|---------------|--|--------------|---------------|-------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                  | Secured First LienDebt |               | SecuredSecond LienDebt |               | PreferredEquity |              | CommonEquity/Equivalents |  | Total |
| Three Months ended June 30, 2022:                                       |                        |               |                        |               |                 |              |                              |  |       |
| Fair value as of March 31, 2022                                                  | $                      | 425,087  |                        |               | $               | 67,958  |                              |  | $     | 217,599  |  |              | $             | 3,678  |  |  | $ | 714,322  |  |
| Total gain (loss):                                                           |                        |               |                        |               |                 |              |                              |  |       |
| Net realized gain (loss)(A)                                                      | —           |               |                        | —  |                 |              | 4,728                   |  |       | —  |  |              | 4,728    |             |
| Net unrealized appreciation (depreciation)(B)                                    | (7,135)                |               |                        | (27)          |                 |              | 17,216                  |  |       | 2,394    |  |              | 12,448   |             |
| Reversal of previously recorded (appreciation)  depreciation upon realization(B) | —           |               |                        | —  |                 |              | (12,250)                     |  |       | —  |  |              | (12,250)      |             |
| New investments, repayments and settlements(C):                              |                        |               |                        |               |                 |              |                              |  |       |
| Issuances / originations                                                     | 6,800             |               |                        | 5        |                 |              | 21,000                  |  |       |               |  | 27,805  |               |
| Settlements / repayments                                                     | (48,000)               |               |                        | —  |                 |              | —                 |  |       | —  |  |              | (48,000)      |             |
| Sales                                                                            | —           |               |                        | —  |                 |              | (9,628)                      |  |       | —  |  |              | (9,628)       |             |
| Transfers(D)                                                                     | —           |               |                        | —  |                 |              | —                 |  |       | —  |  |              | —  |             |
| Fair value as of June 30, 2022                                              | $                      | 376,752  |                        |               | $               | 67,936  |                              |  | $     | 238,665  |  |              | $             | 6,072  |  |  | $ | 689,425  |  |

|                                                                                  |                       |               |                        |               |                 |               |                              |  |       |               |  |  |               |             |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|-----------------------|---------------|------------------------|---------------|-----------------|---------------|------------------------------|--|-------|---------------|--|--|---------------|-------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                  | SecuredFirst LienDebt |               | SecuredSecond LienDebt |               | PreferredEquity |               | CommonEquity/Equivalents |  | Total |
| Three Months ended June 30, 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)                                                      | —          |               |                        | —  |                 |               | 1,786                   |  |       | —  |  |  | 1,786    |             |
| Net unrealized appreciation (depreciation)(B)                                    | 5,850            |               |                        | 27       |                 |               | 42,855                  |  |       | (650)         |  |  | 48,082   |             |
| Reversal of previously recorded (appreciation)  depreciation upon realization(B) | 60               |               |                        | —  |                 |               | (628)                        |  |       | —  |  |  | (568)         |             |
| New investments, repayments and settlements(C):                              |                       |               |                        |               |                 |               |                              |  |       |
| Issuances / originations                                                     | 4,050            |               |                        | 6,505    |                 |               | 6,600                   |  |       | —  |  |  | 17,155   |             |
| Settlements / repayments                                                     | (14,060)              |               |                        | —  |                 |               | —                 |  |       | —  |  |  | (14,060)      |             |
| Sales                                                                            | —          |               |                        | —  |                 |               | (7,626)                      |  |       | —  |  |  | (7,626)       |             |
| Transfers(D)                                                                     | 52,385           |               |                        | (52,385)      |                 |               | —                 |  |       | —  |  |  | —  |             |
| Fair value as of June 30, 2021                                              | $                     | 416,973  |                        |               | $               | 57,044   |                              |  | $     | 202,465  |  |  | $             | 2,021  |  |  | $ | 678,503  |  |

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Table of Contents

|                               |               |               |                |             |      |               |            |               |   |             |               |  |            |               |  |               |   |            |   |               |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|---------------|---------------|----------------|-------------|------|---------------|------------|---------------|---|-------------|---------------|--|------------|---------------|--|---------------|---|------------|---|---------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                               | June 30, 2022 |               | March 31, 2022 |
|                               | Cost          |               | Fair Value     |             | Cost |               | Fair Value |
| Secured first lien debt       | $             | 388,257  |                | 60.3   | %    |               | $          | 376,752  |   | 54.6   | %             |  | $          | 429,457  |  | 64.2     | % |            | $ | 425,087  |  | 59.5   | % |
| Secured second lien debt      | 81,152   |               | 12.6      | %           |      | 67,936   |            | 9.9      | % |             | 81,147   |  | 12.1  | %             |  | 67,958   |   | 9.5   | % |
| Total debt                    | 469,409  |               | 72.9      | %           |      | 444,688  |            | 64.5     | % |             | 510,604  |  | 76.3  | %             |  | 493,045  |   | 69.0  | % |
|                               |               |               |                |             |      |               |            |               |   |             |               |
| Preferred equity              | 159,179  |               | 24.7      | %           |      | 238,665  |            | 34.6     | % |             | 143,079  |  | 21.4  | %             |  | 217,599  |   | 30.5  | % |
| Common equity/equivalents | 15,565   |               | 2.4       | %           |      | 6,160    |            | 0.9      | % |             | 15,565   |  | 2.3   | %             |  | 3,752    |   | 0.5   | % |
| Total equity/equivalents  | 174,744  |               | 27.1      | %           |      | 244,825  |            | 35.5     | % |             | 158,644  |  | 23.7  | %             |  | 221,351  |   | 31.0  | % |
| Total investments             | $             | 644,153  |                | 100.0  | %    |               | $          | 689,513  |   | 100.0  | %             |  | $          | 669,248  |  | 100.0    | % |            | $ | 714,396  |  | 100.0  | % |

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Table of Contents

|                                                                        |               |               |                                |            |             |   |                                 |   |               |               |   |             |   |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|---------------|---------------|--------------------------------|------------|-------------|---|---------------------------------|---|---------------|---------------|---|-------------|---|--|--|--|--|--|--|--|--|--|--|
|                                                                        | June 30, 2022 |               | March 31, 2022                 |
|                                                                        | Fair Value    |               | Percentage ofTotal Investments |            | Fair Value  |   | Percentage of Total Investments |
| Diversified/Conglomerate Services                                  | $             | 254,568  |                                |            | 36.9   | % |                                 | $ | 307,403  |               |   | 43.0   | % |
| Home and Office Furnishings, Housewares, and Durable Consumer Products | 126,819  |               |                                | 18.4  | %           |   | 125,440                    |   |               | 17.6     | % |
| Hotels, Motels, Inns, and Gaming                                       | 50,421   |               |                                | 7.3   | %           |   | 37,923                     |   |               | 5.3      | % |
| Leisure, Amusement, Motion Pictures, and Entertainment                 | 45,880   |               |                                | 6.6   | %           |   | 46,514                     |   |               | 6.5      | % |
| Healthcare, Education, and Childcare                                   | 38,313   |               |                                | 5.6   | %           |   | 39,252                     |   |               | 5.5      | % |
| Chemicals, Plastics, and Rubber                                        | 26,618   |               |                                | 3.9   | %           |   | 26,618                     |   |               | 3.7      | % |
| Telecommunications                                                     | 26,234   |               |                                | 3.8   | %           |   | 32,467                     |   |               | 4.6      | % |
| Aerospace and Defense                                                  | 25,296   |               |                                | 3.6   | %           |   | 25,296                     |   |               | 3.5      | % |
| Mining, Steel, Iron and Non-Precious Metals                            | 24,250   |               |                                | 3.5   | %           |   | 24,250                     |   |               | 3.4      | % |
| Buildings and Real Estate                                              | 21,000   |               |                                | 3.0   | %           |   | —                    |   |               | —  | % |
| Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)      | 16,932   |               |                                | 2.5   | %           |   | 13,823                     |   |               | 1.9      | % |
| Cargo Transport                                                        | 14,865   |               |                                | 2.2   | %           |   | 14,533                     |   |               | 2.0      | % |
| Diversified/Conglomerate Manufacturing                             | 14,241   |               |                                | 2.1   | %           |   | 14,064                     |   |               | 2.0      | % |
| Other < 2.0%                                                       | 4,076    |               |                                | 0.6   | %           |   | 6,813                      |   |               | 1.0      | % |
| Total investments                                                      | $             | 689,513  |                                |            | 100.0  | % |                                 | $ | 714,396  |               |   | 100.0  | % |

|                   |               |               |                                |            |             |   |                                |   |               |            |   |             |   |  |  |  |  |  |  |  |  |  |  |
|-------------------|---------------|---------------|--------------------------------|------------|-------------|---|--------------------------------|---|---------------|------------|---|-------------|---|--|--|--|--|--|--|--|--|--|--|
|                   | June 30, 2022 |               | March 31, 2022                 |
| Location          | Fair Value    |               | Percentage ofTotal Investments |            | Fair Value  |   | Percentage ofTotal Investments |
| Northeast         | $             | 207,361  |                                |            | 30.1   | % |                                | $ | 194,100  |            |   | 27.2   | % |
| West              | 189,184  |               |                                | 27.4  | %           |   | 158,607                   |   |               | 22.2  | % |
| South             | 181,478  |               |                                | 26.3  | %           |   | 188,978                   |   |               | 26.4  | % |
| Midwest           | 111,490  |               |                                | 16.2  | %           |   | 172,711                   |   |               | 24.2  | % |
| Total investments | $             | 689,513  |                                |            | 100.0  | % |                                | $ | 714,396  |            |   | 100.0  | % |

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Table of Contents

|                                                          |                                                                    |   |               |               |  |  |  |  |  |  |  |
|----------------------------------------------------------|--------------------------------------------------------------------|---|---------------|---------------|--|--|--|--|--|--|--|
|                                                          |                                                                    |   | Amount        |
| For the remaining nine months ending March 31, 2023 |                                                                    | $ | 89,488   |               |
| For the fiscal years ending March 31:           |                                                                    |   |
|                                                          | 2024                                                               |   | 53,268   |               |
|                                                          | 2025                                                               |   | 169,334  |               |
|                                                          | 2026                                                               |   | 78,231   |               |
|                                                          | 2027                                                               |   | 77,596   |               |
|                                                          | Thereafter                                                         |   | 1,500    |               |
|                                                          | Total contractual repayments                                       |   | $             | 469,417  |  |
|                                                          | Adjustments to cost basis of debt investments                      |   | (8)           |               |
|                                                          | Investments in equity securities                                   |   | 174,744  |               |
|                                                          | Total cost basis of investments held as of June 30, 2022: |   | $             | 644,153  |  |

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Table of Contents

|                                                           |                             |               |      |               |   |               |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------|-----------------------------|---------------|------|---------------|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                           | Three Months Ended June 30, |               |      |
|                                                           | 2022                        |               | 2021 |               |   |               |  |
| Average total assets subject to base management fee(A)    | $                           | 712,600  |      |               | $ | 664,000  |  |  |  |  |  |
| Multiplied by prorated annual base management fee of 2.0% | 0.5                    | %             |      | 0.5      | % |               |  |  |  |
| Base management fee(B)                                    | 3,563                  |               |      | 3,320    |   |               |  |  |  |
| Credits to fees from Adviser - other(B)                   | (750)                       |               |      | (1,251)       |   |               |  |  |  |
| Net base management fee                                   | $                           | 2,813    |      |               | $ | 2,069    |  |  |  |  |  |
|                                                           |                             |               |      |               |   |               |  |
| Loan servicing fee(B)                                     | 1,758                  |               |      | 1,868    |   |               |  |  |  |
| Credits to base management fee - loan servicing fee(B)    | (1,758)                     |               |      | (1,868)       |   |               |  |  |  |
| Net loan servicing fee                                    | $                           | —  |      |               | $ | —  |  |  |  |  |  |
|                                                           |                             |               |      |               |   |               |  |
| Incentive fee – income-based                        | $                           | 2,076    |      |               | $ | 1,938    |  |  |  |  |  |
| Incentive fee – capital gains-based(C)              | 933                    |               |      | 10,310   |   |               |  |  |  |
| Total incentive fee(B)                                    | $                           | 3,009    |      |               | $ | 12,248   |  |  |  |  |  |
| Credits to fees from Adviser - other(B)                   | —                |               |      | —  |   |               |  |  |  |
| Net total incentive fee                                   | $                           | 3,009    |      |               | $ | 12,248   |  |  |  |  |  |

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Table of Contents

|                                                                       |                     |              |                      |              |   |              |  |  |  |  |  |
|-----------------------------------------------------------------------|---------------------|--------------|----------------------|--------------|---|--------------|--|--|--|--|--|
|                                                                       | As of June 30, |              | As of March 31, |
|                                                                       | 2022                |              | 2022                 |
| Base management and loan servicing fee due to Adviser, net of credits | $                   | 1,486   |                      |              | $ | 1,648   |  |
| Incentive fee due to Adviser(A)                                       | 28,404         |              |                      | 27,577  |   |
| Other due to Adviser                                                  | 94             |              |                      | 63      |   |
| Total fees due to Adviser                                             | 29,984         |              |                      | 29,288  |   |
| Fee due to Administrator                                              | 695            |              |                      | 627     |   |
| Total related party fees due                                          | $                   | 30,679  |                      |              | $ | 29,915  |  |

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Table of Contents

|                                |                          |         |                           |   |         |  |  |  |  |  |  |
|--------------------------------|--------------------------|---------|---------------------------|---|---------|--|--|--|--|--|--|
|                                | As of June 30, 2022 |         | As of March 31, 2022 |
| Commitment amount              | $                        | 180,000 |                           | $ | 180,000 |
| Borrowings outstanding at cost | $                        | — |                           | $ | — |
| Availability(A)                | $                        | 180,000 |                           | $ | 180,000 |

|                                         |                                     |               |      |           |   |              |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|-------------------------------------|---------------|------|-----------|---|--------------|--|--|--|--|--|--|--|--|--|
|                                         | For the Three Months Ended June 30, |               |      |
|                                         | 2022                                |               | 2021 |           |   |              |  |
| Weighted-average borrowings outstanding | $                                   | —  |      |           | $ | 26,363  |  |  |  |  |  |
| Effective interest rate(B)              | 1.0                            | %             |      | 9.3  | % |              |  |  |  |
| Commitment (unused) fees incurred       | $                                   | 455      |      |           | $ | 389     |  |  |  |  |  |

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|                 |                                                                                                                                               |               |                |  |   |               |  |  |  |  |  |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|---------------|----------------|--|---|---------------|--|--|--|--|--|
|                 | Level 3 – Borrowings                                                                                                                    |
|                 | Recurring Fair Value MeasurementsReported in ConsolidatedStatements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) |
|                 | June 30, 2022                                                                                                                                 |               | March 31, 2022 |
| Credit Facility | $                                                                                                                                             | —  |                |  | $ | —  |  |

|                                                                                                                                                          |                 |               |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|---------------|--|--|--|
| Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities |
|                                                                                                                                                          | Credit Facility |
| Three Months Ended June 30, 2022:                                                                                                                    |                 |
| Fair value at March 31, 2022                                                                                                                             | $               | —  |  |
| Borrowings                                                                                                                                               | —    |               |
| Repayments                                                                                                                                               | —    |               |
| Unrealized appreciation (depreciation)                                                                                                                   | —    |               |
| Fair value at June 30, 2022                                                                                                                         | $               | —  |  |
|                                                                                                                                                          |                 |
|                                                                                                                                                          |                 |
|                                                                                                                                                          |                 |
|                                                                                                                                                          |                 |
|                                                                                                                                                          |                 |

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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 June 30, 2021:                                                                                                              |                 |
| Fair value at March 31, 2021                                                                                                                       | $               | 22,400  |  |
| Borrowings                                                                                                                                         | 29,800     |              |
| Repayments                                                                                                                                         | (10,300)        |              |
| Unrealized appreciation (depreciation)                                                                                                             | —    |              |
| Fair value at June 30, 2021                                                                                                                   | $               | 41,900  |  |
|                                                                                                                                                    |                 |
|                                                                                                                                                    |                 |
|                                                                                                                                                    |                 |
|                                                                                                                                                    |                 |
|                                                                                                                                                    |                 |

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|                                 |  |              |  |                 |  |                  |               |              |  |                  |  |                         |             |                           |  |               |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|--|--------------|--|-----------------|--|------------------|---------------|--------------|--|------------------|--|-------------------------|-------------|---------------------------|--|---------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| As of June 30, 2022:   |  |              |  |                 |  |                  |               |              |  |                  |  |                         |
| 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: Unamortized Discounts |  |              |  |                 |  | (5,923)          |               |
| Notes payable, net(C)           |  |              |  |                 |  | $                | 256,565  |              |

|                                 |  |              |  |                 |  |                  |               |              |  |                  |  |                         |             |                           |  |               |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|--|--------------|--|-----------------|--|------------------|---------------|--------------|--|------------------|--|-------------------------|-------------|---------------------------|--|---------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| As of March 31, 2022:  |  |              |  |                 |  |                  |               |              |  |                  |  |                         |
| 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: Unamortized Discounts |  |              |  |                 |  | (6,236)          |               |
| Notes payable, net(C)           |  |              |  |                 |  | $                | 256,252  |              |

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|                  |  |                |  |                |  |                                                      |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------|--|----------------|--|----------------|--|------------------------------------------------------|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| 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                                      |                  |  |
|                  |  |                |  | Total          |  | $                                                    | 0.39843750  |  |  |

|                                                                                                          |                             |              |      |                  |   |              |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------|-----------------------------|--------------|------|------------------|---|--------------|--|--|--|--|--|--|--|--|--|
|                                                                                                          | Three Months Ended June 30, |              |      |
|                                                                                                          | 2022                        |              | 2021 |                  |   |              |  |
| Net increase in net assets resulting from operations                                                     | $                           | 12,035  |      |                  | $ | 47,139  |  |  |  |  |  |
| Basic and diluted weighted-average common shares                                                         | 33,205,023             |              |      | 33,205,023  |   |              |  |  |  |
| Basic and diluted net increase in net assets resulting from operations per weighted-average common share | $                           | 0.36    |      |                  | $ | 1.42    |  |  |  |  |  |

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|                  |  |                                  |  |                |             |                               |             |     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------|--|----------------------------------|--|----------------|-------------|-------------------------------|-------------|-----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Declaration Date |  | Record Date                      |  | Payment Date   |             | Distribution per Common Share |             |
| April 12, 2022   |  | April 22, 2022                   |  | April 29, 2022 |             | $                             | 0.075  |     |  |
| April 12, 2022   |  | May 20, 2022                     |  | May 31, 2022   |             | 0.075                    |             |     |
| April 12, 2022   |  | June 6, 2022                     |  | June 15, 2022  |             | 0.120                    |             | (A) |
| April 12, 2022   |  | June 22, 2022                    |  | June 30, 2022  |             | 0.075                    |             |     |
|                  |  | Three Months Ended June 30, 2022 |  | $              | 0.345  |                               |             |

|                  |  |                                  |  |                |             |                               |             |     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------|--|----------------------------------|--|----------------|-------------|-------------------------------|-------------|-----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| 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                    |             |     |
|                  |  | Three Months Ended June 30, 2021 |  | $              | 0.270  |                               |             |

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|                                                              |               |             |                |              |   |              |  |  |  |  |  |
|--------------------------------------------------------------|---------------|-------------|----------------|--------------|---|--------------|--|--|--|--|--|
|                                                              | June 30, 2022 |             | March 31, 2022 |
| Unused line of credit and delayed draw term debt commitments | $             | 4,000  |                |              | $ | 4,250   |  |
| Guaranties                                                   | 1,000    |             |                | 10,250  |   |
| Total                                                        | $             | 5,000  |                |              | $ | 14,500  |  |

|                                                                                   |                             |               |      |                  |   |               |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------|-----------------------------|---------------|------|------------------|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                                                   | Three Months Ended June 30, |               |      |
|                                                                                   | 2022                        |               | 2021 |                  |   |               |  |
| Per Common Share Data:                                                        |                             |               |      |                  |   |               |  |
| Net asset value at beginning of period(A)                                         | $                           | 13.43    |      |                  | $ | 11.52    |  |  |  |  |  |
| Income from investment operations(B)                                              |                             |               |      |                  |   |               |  |
| Net investment income (loss)                                                      | 0.22                   |               |      | (0.07)           |   |               |  |  |  |
| Net realized gain (loss) on investments and other                                 | 0.13                   |               |      | 0.06        |   |               |  |  |  |
| Net unrealized appreciation (depreciation) of investments                         | 0.01                   |               |      | 1.43        |   |               |  |  |  |
| Total from investment operations                                                  | 0.36                   |               |      | 1.42        |   |               |  |  |  |
| Effect of equity capital activity(B)                                              |                             |               |      |                  |   |               |  |
| Cash distributions to common stockholders from net investment income(C)           | (0.10)                      |               |      | (0.20)           |   |               |  |  |  |
| Cash distributions to common stockholders from realized gains(C)                  | (0.25)                      |               |      | (0.07)           |   |               |  |  |  |
| Total from equity capital activity                                                | (0.35)                      |               |      | (0.27)           |   |               |  |  |  |
| Other, net(B)(D)                                                                  | —                |               |      | (0.01)           |   |               |  |  |  |
| Net asset value at end of period(A)                                               | $                           | 13.44    |      |                  | $ | 12.66    |  |  |  |  |  |
|                                                                                   |                             |               |      |                  |   |               |  |
| Per common share market value at beginning of period                              | $                           | 16.13    |      |                  | $ | 12.23    |  |  |  |  |  |
| Per common share market value at end of period                                    | $                           | 14.08    |      |                  | $ | 14.41    |  |  |  |  |  |
| Total investment return(E)                                                        | (10.58)                     | %             |      | 20.08       | % |               |  |  |  |
| Common stock outstanding at end of period(A)                                      | 33,205,023             |               |      | 33,205,023  |   |               |  |  |  |
|                                                                                   |                             |               |      |                  |   |               |  |
| Statement of Assets and Liabilities Data:                                     |                             |               |      |                  |   |               |  |
| Net assets at end of period                                                       | $                           | 446,409  |      |                  | $ | 420,538  |  |  |  |  |  |
| Average net assets(F)                                                             | $                           | 445,377  |      |                  | $ | 394,470  |  |  |  |  |  |
|                                                                                   |                             |               |      |                  |   |               |  |
| Senior Securities Data:                                                       |                             |               |      |                  |   |               |  |
| Total borrowings, at cost                                                         | $                           | 267,584  |      |                  | $ | 174,934  |  |  |  |  |  |
| Mandatorily redeemable preferred stock (G)                                        | $                           | —  |      |                  | $ | 94,371   |  |  |  |  |  |
|                                                                                   |                             |               |      |                  |   |               |  |
| Ratios/Supplemental Data:                                                 |                             |               |      |                  |   |               |  |
| Ratio of net expenses to average net assets – annualized(H)                 | 10.71                  | %             |      | 20.62       | % |               |  |  |  |
| Ratio of net investment income (loss) to average net assets – annualized(I) | 6.62                   | %             |      | (2.34)           | % |               |  |  |  |

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|                    |  |                            |  |                               |             |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------|--|----------------------------|--|-------------------------------|-------------|--|--|--|--|--|--|--|--|--|--|--|--|
| Record Date        |  | Payment Date               |  | Distribution per Common Share |             |
| July 22, 2022      |  | July 29, 2022              |  | $                             | 0.075  |  |  |
| August 23, 2022    |  | August 31, 2022            |  | 0.075                    |             |  |
| September 22, 2022 |  | September 30, 2022         |  | 0.075                    |             |  |
|                    |  | Total for the Quarter: |  | $                             | 0.225  |  |  |

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|                    |  |                            |  |                               |             |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------|--|----------------------------|--|-------------------------------|-------------|--|--|--|--|--|--|--|--|--|--|--|--|
| Record Date        |  | Payment Date               |  | Distribution per Common Share |
| July 22, 2022      |  | July 29, 2022              |  | $                             | 0.075  |  |  |
| August 23, 2022    |  | August 31, 2022            |  | 0.075                    |             |  |
| September 22, 2022 |  | September 30, 2022         |  | 0.075                    |             |  |
|                    |  | Total for the Quarter: |  | $                             | 0.225  |  |  |

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|                                                        |                                     |              |      |                  |          |              |               |  |   |               |   |  |        |   |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|-------------------------------------|--------------|------|------------------|----------|--------------|---------------|--|---|---------------|---|--|--------|---|--|--|--|--|--|--|--|--|--|
|                                                        | For the Three Months Ended June 30, |
|                                                        | 2022                                |              | 2021 |                  | $ Change |              | % Change      |
| INVESTMENT INCOME                                      |                                     |              |      |                  |          |              |               |
| Interest income                                        | $                                   | 12,741  |      |                  | $        | 15,992  |               |  | $ | (3,251)       |   |  | (20.3) | % |
| Dividend and success fee income                        | 6,556                          |              |      | 2,034       |          |              | 4,522    |  |   | 222.3    | % |
| Total investment income                                | 19,297                         |              |      | 18,026      |          |              | 1,271    |  |   | 7.1      | % |
|                                                        |                                     |              |      |                  |          |              |               |
| EXPENSES                                               |                                     |              |      |                  |          |              |               |
| Base management fee                                    | 3,563                          |              |      | 3,320       |          |              | 243      |  |   | 7.3      | % |
| Loan servicing fee                                     | 1,758                          |              |      | 1,868       |          |              | (110)         |  |   | (5.9)         | % |
| Incentive fee                                          | 3,009                          |              |      | 12,248      |          |              | (9,239)       |  |   | (75.4)        | % |
| Administration fee                                     | 380                            |              |      | 399         |          |              | (19)          |  |   | (4.8)         | % |
| Interest and dividend expense                          | 3,784                          |              |      | 3,804       |          |              | (20)          |  |   | (0.5)         | % |
| Amortization of deferred financing costs and discounts | 448                            |              |      | 456         |          |              | (8)           |  |   | (1.8)         | % |
| Other                                                  | 1,492                          |              |      | 1,354       |          |              | 138      |  |   | 10.2     | % |
| Expenses before credits from Adviser                   | 14,434                         |              |      | 23,449      |          |              | (9,015)       |  |   | (38.4)        | % |
| Credits to fees from Adviser                           | (2,508)                             |              |      | (3,119)          |          |              | 611      |  |   | (19.6)        | % |
| Total expenses, net of credits to fees                 | 11,926                         |              |      | 20,330      |          |              | (8,404)       |  |   | (41.3)        | % |
| NET INVESTMENT INCOME (LOSS)                           | 7,371                          |              |      | (2,304)          |          |              | 9,675    |  |   | NM            |
|                                                        |                                     |              |      |                  |          |              |               |
| REALIZED AND UNREALIZED GAIN (LOSS)                    |                                     |              |      |                  |          |              |               |
| Net realized gain on investments                       | 4,452                          |              |      | 1,929       |          |              | 2,523    |  |   | 130.8    | % |
| Net unrealized appreciation of investments             | 212                            |              |      | 47,514      |          |              | (47,302)      |  |   | (99.6)        | % |
| Net realized and unrealized gain                       | 4,664                          |              |      | 49,443      |          |              | (44,779)      |  |   | (90.6)        | % |
|                                                        |                                     |              |      |                  |          |              |               |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   | $                                   | 12,035  |      |                  | $        | 47,139  |               |  | $ | (35,104)      |   |  | (74.5) | % |
|                                                        |                                     |              |      |                  |          |              |               |
| 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 (loss)                           | $                                   | 0.22    |      |                  | $        | (0.07)       |               |  | $ | 0.29     |   |  | NM     |
| Net increase in net assets resulting from operations   | $                                   | 0.36    |      |                  | $        | 1.42    |               |  | $ | (1.06)        |   |  | (74.6) | % |

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|                                                           |                             |               |      |               |   |               |  |  |  |  |  |
|-----------------------------------------------------------|-----------------------------|---------------|------|---------------|---|---------------|--|--|--|--|--|
|                                                           | Three Months Ended June 30, |
|                                                           | 2022                        |               | 2021 |
| Average total assets subject to base management fee(A)    | $                           | 712,600  |      |               | $ | 664,000  |  |
| Multiplied by prorated annual base management fee of 2.0% | 0.5                    | %             |      | 0.5      | % |
| Base management fee(B)                                    | $                           | 3,563    |      |               | $ | 3,320    |  |
| Credits to fees from Adviser - other(B)                   | (750)                       |               |      | (1,251)       |   |
| Net base management fee                                   | $                           | 2,813    |      |               | $ | 2,069    |  |
|                                                           |                             |               |      |
| Loan servicing fee(B)                                     | $                           | 1,758    |      |               | $ | 1,868    |  |
| Credits to base management fee - loan servicing fee(B)    | (1,758)                     |               |      | (1,868)       |   |
| Net loan servicing fee                                    | $                           | —  |      |               | $ | —  |  |
|                                                           |                             |               |      |
| Incentive fee – income-based                        | $                           | 2,076    |      |               | $ | 1,938    |  |
| Incentive fee – capital gains-based(C)              | 933                    |               |      | 10,310   |   |
| Total incentive fee(B)                                    | $                           | 3,009    |      |               | $ | 12,248   |  |
| Credits to fees from Adviser - other(B)                   | —                |               |      | —  |   |
| Net total incentive fee                                   | $                           | 3,009    |      |               | $ | 12,248   |  |

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|                                              |  |                                  |               |                                        |               |                                                    |              |                 |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|----------------------------------|---------------|----------------------------------------|---------------|----------------------------------------------------|--------------|-----------------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                              |  | Three Months Ended June 30, 2022 |
| Portfolio Company                            |  | Realized Gain (Loss)             |               | Unrealized Appreciation (Depreciation) |               | Reversal of Unrealized (Appreciation) Depreciation |              | Net Gain (Loss) |
| Horizon Facilities Service, Inc.             |  | $                                | —  |                                        |               | $                                                  | 15,504  |                 |  | $ | —  |  |  | $ | 15,504  |  |
| Nocturne Villa Rentals, Inc.                 |  | —                     |               |                                        | 6,147    |                                                    |              | —    |  |   | 6,147    |  |
| Brunswick Bowling Products, Inc.             |  | —                     |               |                                        | 4,903    |                                                    |              | —    |  |   | 4,903    |  |
| Counsel Press, Inc.                          |  | —                     |               |                                        | 3,990    |                                                    |              | —    |  |   | 3,990    |  |
| SFEG Holdings, Inc.                          |  | —                     |               |                                        | 3,108    |                                                    |              | —    |  |   | 3,108    |  |
| Nth Degree Investment Group, LLC             |  | —                     |               |                                        | 2,625    |                                                    |              | —    |  |   | 2,625    |  |
| Old World Christmas, Inc.                    |  | —                     |               |                                        | (674)         |                                                    |              | —    |  |   | (674)         |  |
| Educators Resource, Inc.                     |  | —                     |               |                                        | (939)         |                                                    |              | —    |  |   | (939)         |  |
| ImageWorks Display and Marketing Group, Inc. |  | —                     |               |                                        | (1,132)       |                                                    |              | —    |  |   | (1,132)       |  |
| The Maids International, LLC                 |  | —                     |               |                                        | (1,254)       |                                                    |              | —    |  |   | (1,254)       |  |
| Mason West, LLC                              |  | —                     |               |                                        | (2,260)       |                                                    |              | —    |  |   | (2,260)       |  |
| The Mountain Corporation                     |  | —                     |               |                                        | (2,846)       |                                                    |              | —    |  |   | (2,846)       |  |
| Ginsey Home Solutions, Inc.                  |  | —                     |               |                                        | (2,850)       |                                                    |              | —    |  |   | (2,850)       |  |
| J.R. Hobbs Co. - Atlanta, LLC                |  | —                     |               |                                        | (5,158)       |                                                    |              | —    |  |   | (5,158)       |  |
| B+T Group Acquisition, Inc.                  |  | —                     |               |                                        | (6,234)       |                                                    |              | —    |  |   | (6,234)       |  |
| Bassett Creek Services, Inc.                 |  | 4,728                       |               |                                        | —  |                                                    |              | (12,250)        |  |   | (7,522)       |  |
| Other, net (<$1.0 million, net)          |  | (276)                            |               |                                        | (468)         |                                                    |              | —    |  |   | (744)         |  |
| Total                                        |  | $                                | 4,452    |                                        |               | $                                                  | 12,462  |                 |  | $ | (12,250)      |  |  | $ | 4,664   |  |

|                                              |  |                                  |               |                                        |               |                                                    |              |                 |  |   |               |  |  |   |              |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|----------------------------------|---------------|----------------------------------------|---------------|----------------------------------------------------|--------------|-----------------|--|---|---------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|
|                                              |  | Three Months Ended June 30, 2021 |
| Portfolio Company                            |  | Realized Gain (Loss)             |               | Unrealized Appreciation (Depreciation) |               | Reversal of Unrealized (Appreciation) Depreciation |              | Net Gain (Loss) |
| B+T Group Acquisition, Inc.                  |  | $                                | —  |                                        |               | $                                                  | 11,297  |                 |  | $ | —  |  |  | $ | 11,297  |  |
| Old World Christmas, Inc.                    |  | —                     |               |                                        | 8,650    |                                                    |              | —    |  |   | 8,650    |  |
| SOG Specialty Knives and Tools, LLC          |  | —                     |               |                                        | 5,785    |                                                    |              | —    |  |   | 5,785    |  |
| Educators Resource, Inc.                     |  | —                     |               |                                        | 5,204    |                                                    |              | —    |  |   | 5,204    |  |
| Schylling, Inc.                              |  | —                     |               |                                        | 4,244    |                                                    |              | —    |  |   | 4,244    |  |
| PSI Molded Plastics, Inc.                    |  | —                     |               |                                        | 3,633    |                                                    |              | —    |  |   | 3,633    |  |
| Horizon Facilities Service, Inc.             |  | —                     |               |                                        | 3,435    |                                                    |              | —    |  |   | 3,435    |  |
| Bassett Creek Services, Inc.                 |  | —                     |               |                                        | 3,013    |                                                    |              | —    |  |   | 3,013    |  |
| ImageWorks Display and Marketing Group, Inc. |  | —                     |               |                                        | 2,364    |                                                    |              | —    |  |   | 2,364    |  |
| Counsel Press, Inc.                          |  | —                     |               |                                        | 2,141    |                                                    |              | —    |  |   | 2,141    |  |
| Galaxy Tool Holding Corporation              |  | —                     |               |                                        | 1,404    |                                                    |              | —    |  |   | 1,404    |  |
| Brunswick Bowling Products, Inc.             |  | —                     |               |                                        | 1,172    |                                                    |              | —    |  |   | 1,172    |  |
| Head Country, Inc.                           |  | 3,627                       |               |                                        | —  |                                                    |              | (2,469)         |  |   | 1,158    |  |
| Channel Technologies Group, LLC              |  | (1,841)                          |               |                                        | —  |                                                    |              | 1,841      |  |   | —  |  |
| Diligent Delivery Systems                    |  | —                     |               |                                        | (669)         |                                                    |              | —    |  |   | (669)         |  |
| The Maids International, LLC                 |  | —                     |               |                                        | (819)         |                                                    |              | —    |  |   | (819)         |  |
| Mason West, LLC                              |  | —                     |               |                                        | (891)         |                                                    |              | —    |  |   | (891)         |  |
| Pioneer Square Brands, Inc.                  |  | —                     |               |                                        | (1,462)       |                                                    |              | —    |  |   | (1,462)       |  |
| Other, net (<$1.0 million, net)          |  | 143                         |               |                                        | (411)         |                                                    |              | 52         |  |   | (216)         |  |
| Total                                        |  | $                                | 1,929    |                                        |               | $                                                  | 48,090  |                 |  | $ | (576)         |  |  | $ | 49,443  |  |

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|                                                                 |                             |               |      |              |   |               |  |  |  |  |  |
|-----------------------------------------------------------------|-----------------------------|---------------|------|--------------|---|---------------|--|--|--|--|--|
|                                                                 | Three Months Ended June 30, |
|                                                                 | 2022                        |               | 2021 |
| Beginning investment portfolio, at fair value                   | $                           | 714,396  |      |              | $ | 633,829  |  |
| New investments                                                 | 21,000                 |               |      | 9,950   |   |
| Disbursements to existing portfolio companies                   | 6,800                  |               |      | 7,200   |   |
| Unscheduled principal repayments                                | (48,000)                    |               |      | (14,060)     |   |
| Net proceeds from sales of investments                          | (9,352)                     |               |      | (7,648)      |   |
| Net realized gain on investments                                | 4,452                  |               |      | 1,804   |   |
| Net unrealized appreciation (depreciation) of investments       | 12,462                 |               |      | 48,090  |   |
| Reversal of net unrealized appreciation of investments          | (12,250)                    |               |      | (576)        |   |
| Amortization of premiums, discounts, and acquisition costs, net | 5                      |               |      | 5       |   |
| Ending investment portfolio, at fair value                      | $                           | 689,513  |      |              | $ | 678,594  |  |

|                                                          |                                                                    |   |               |               |  |  |  |  |  |  |  |
|----------------------------------------------------------|--------------------------------------------------------------------|---|---------------|---------------|--|--|--|--|--|--|--|
|                                                          |                                                                    |   | Amount        |
| For the remaining nine months ending March 31, 2023 |                                                                    | $ | 89,488   |               |
| For the fiscal years ending March 31:           |                                                                    |   |
|                                                          | 2024                                                               |   | 53,268   |               |
|                                                          | 2025                                                               |   | 169,334  |               |
|                                                          | 2026                                                               |   | 78,231   |               |
|                                                          | 2027                                                               |   | 77,596   |               |
|                                                          | Thereafter                                                         |   | 1,500    |               |
|                                                          | Total contractual repayments                                       |   | $             | 469,417  |  |
|                                                          | Adjustments to cost basis of debt investments                      |   | (8)           |               |
|                                                          | Investments in equity securities                                   |   | 174,744  |               |
|                                                          | Total cost basis of investments held as of June 30, 2022: |   | $             | 644,153  |  |

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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) |  | 75,653            |               |                  | 15,143   |           |               | 30,115   |  |                   | 19,664   |  |  | 10,731   |               |
| Total                               |  | $                      | 343,237  |                  |               | $         | 15,143   |               |  | $                 | 35,211   |  |  | $             | 147,602  |  |  | $ | 145,281  |  |

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|                  |  |               |  |                |  |  |  |  |  |  |  |  |  |  |
|------------------|--|---------------|--|----------------|--|--|--|--|--|--|--|--|--|--|
| Rating           |  | June 30, 2022 |  | March 31, 2022 |
| Highest          |  | 9.0           |  | 9.0            |
| Average          |  | 6.5           |  | 6.5            |
| Weighted-average |  | 7.0           |  | 7.0            |
| Lowest           |  | 3.0           |  | 3.0            |

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|                             |  |               |   |                |               |   |  |  |  |  |  |  |  |  |
|-----------------------------|--|---------------|---|----------------|---------------|---|--|--|--|--|--|--|--|--|
| Rates:                  |  | June 30, 2022 |   | March 31, 2022 |
| Variable rates with a floor |  | 100.0    | % |                | 100.0    | % |
| Fixed rates                 |  | —  |   |                | —  | % |
| 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) |  |