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| ​ | Delaware                                                      | ​ | ​ | 20-5951150                             | ​ |
|---------|---------------------------------------------------------------|---------|---------|----------------------------------------|---------|
| ​ | (State or other jurisdiction ofincorporation or organization) | ​ | ​ | (I.R.S. EmployerIdentification Number) | ​ |
| ​ | Title of each class                                          | ​ | ​ | Name of exchange on which registered                           | ​ |
|---------|--------------------------------------------------------------|---------|---------|----------------------------------------------------------------|---------|
| ​ | Common Stock, par value $0.01 per share6.125% Notes Due 2022 | ​ | ​ | The NASDAQ Global Select MarketThe NASDAQ Global Select Market | ​ |
| ​ | Large accelerated filer   ☐ | ​ | ​ | Accelerated filer   ☒ | ​ | ​ | Non-accelerated filer   ☐ | ​ | ​ | Smaller Reporting Company   ☐ | ​ |
|---------|--------------------------------------------------|---------|---------|--------------------------------------------|---------|---------|------------------------------------------------|---------|---------|----------------------------------------------------|---------|
| ​ | Emerging Growth Company   ☐ | ​ | ​ | ​                                    | ​ | ​ | ​                                        | ​ | ​ | ​                                            | ​ |

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| ​                                                                                                                                | ​ | ​ | Page    | ​ |
|----------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| Part I                                                                                                                            | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Item 1.Business ​                                                                                                           | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Item 1A.Risk Factors ​                                                                                                      | ​ | ​ | ​ | ​ | 19 | ​ | ​ |
| Item 1B.Unresolved Staff Comments ​                                                                                         | ​ | ​ | ​ | ​ | 44 | ​ | ​ |
| Item 2.Properties ​                                                                                                         | ​ | ​ | ​ | ​ | 44 | ​ | ​ |
| Item 3.Legal Proceedings ​                                                                                                  | ​ | ​ | ​ | ​ | 44 | ​ | ​ |
| Item 4.Mine Safety Disclosures ​                                                                                            | ​ | ​ | ​ | ​ | 44 | ​ | ​ |
| Part II                                                                                                                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ​ | ​ | ​ | ​ | ​ | 45 | ​ | ​ |
| Item 6.Selected Financial Data ​                                                                                            | ​ | ​ | ​ | ​ | 48 | ​ | ​ |
| Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations ​                        | ​ | ​ | ​ | ​ | 50 | ​ | ​ |
| Item 7A.Quantitative and Qualitative Disclosures About Market Risk ​                                                        | ​ | ​ | ​ | ​ | 72 | ​ | ​ |
| Item 8.Financial Statements and Supplementary Data ​                                                                        | ​ | ​ | ​ | ​ | 74 | ​ | ​ |
| Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ​                               | ​ | ​ | ​ | ​ | 74 | ​ | ​ |
| Item 9A.Controls and Procedures ​                                                                                           | ​ | ​ | ​ | ​ | 74 | ​ | ​ |
| Item 9B.Other Information ​                                                                                                 | ​ | ​ | ​ | ​ | 75 | ​ | ​ |
| Part III                                                                                                                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Item 10.Directors, Executive Officers and Corporate Governance ​                                                            | ​ | ​ | ​ | ​ | 76 | ​ | ​ |
| Item 11.Executive Compensation ​                                                                                            | ​ | ​ | ​ | ​ | 76 | ​ | ​ |
| Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ​                    | ​ | ​ | ​ | ​ | 76 | ​ | ​ |
| Item 13.Certain Relationships and Related Transactions, and Director Independence ​                                         | ​ | ​ | ​ | ​ | 76 | ​ | ​ |
| Item 14.Principal Accountant Fees and Services ​                                                                            | ​ | ​ | ​ | ​ | 76 | ​ | ​ |
| Part IV                                                                                                                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Item 15.Exhibits and Financial Statement Schedules ​                                                                        | ​ | ​ | ​ | ​ | 77 | ​ | ​ |
| Signatures                                                                                                                             | ​ | ​ | ​ | ​ | 78 | ​ | ​ |
| Financial Statements                                                                                                                   | ​ | ​ | ​ | ​ | F-1 | ​ | ​ |

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| ​                                       | ​ | ​ | December 31, 2018 | ​ | ​     | December 31, 2017 | ​ |
|-----------------------------------------------|---------|---------|------------------------|---------|-------------|------------------------|---------|
| ​                                       | ​ | ​ | Fair Value(1)          | ​ | ​     | per Share(1)           | ​ | ​ | Fair Value(1) | ​ | ​ | per Share(1) | ​ |
| Investments at fair value:                    | ​ | ​ | ​                | ​ | ​     | ​                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investments in short-term investments(2)      | ​ | ​ | ​                | $       | 44,756,478  | ​                | ​ | ​ | ​ | $ | 1.20 | ​ | ​ | ​ | ​ | $ | 77,300,320 | ​ | ​ | ​ | ​ | $ | 2.07 | ​ | ​ |
| Investments in debt securities                | ​ | ​ | ​                | ​ | 147,861,744 | ​                | ​ | ​ | ​ | ​ | 3.96 | ​ | ​ | ​ | ​ | ​ | 118,197,479 | ​ | ​ | ​ | ​ | ​ | 3.17 | ​ | ​ |
| Investments in CLO Fund Securities       | ​ | ​ | ​                | ​ | 44,325,000  | ​                | ​ | ​ | ​ | ​ | 1.19 | ​ | ​ | ​ | ​ | ​ | 51,678,673 | ​ | ​ | ​ | ​ | ​ | 1.38 | ​ | ​ |
| Investments in equity securities              | ​ | ​ | ​                | ​ | 14,504,687  | ​                | ​ | ​ | ​ | ​ | 0.39 | ​ | ​ | ​ | ​ | ​ | 4,414,684 | ​ | ​ | ​ | ​ | ​ | 0.12 | ​ | ​ |
| Investments in Asset Manager Affiliates       | ​ | ​ | ​                | ​ | 3,470,000   | ​                | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ | ​ | ​ | ​ | 1.04 | ​ | ​ |
| Investment in Joint Venture                   | ​ | ​ | ​                | ​ | 18,390,440  | ​                | ​ | ​ | ​ | ​ | 0.49 | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ | ​ | ​ | 0.58 | ​ | ​ |
| Cash                                          | ​ | ​ | ​                | ​ | 5,417,125   | ​                | ​ | ​ | ​ | ​ | 0.14 | ​ | ​ | ​ | ​ | ​ | 2,034,095 | ​ | ​ | ​ | ​ | ​ | 0.05 | ​ | ​ |
| Restricted Cash(3)                            | ​ | ​ | ​                | ​ | 3,907,341   | ​                | ​ | ​ | ​ | ​ | 0.10 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| All other assets                              | ​ | ​ | ​                | ​ | 2,831,866   | ​                | ​ | ​ | ​ | ​ | 0.08 | ​ | ​ | ​ | ​ | ​ | 5,818,723 | ​ | ​ | ​ | ​ | ​ | 0.16 | ​ | ​ |
| Total Assets                                  | ​ | ​ | ​                | $       | 285,464,681 | ​                | ​ | ​ | ​ | $ | 7.64 | ​ | ​ | ​ | ​ | $ | 319,808,974 | ​ | ​ | ​ | ​ | $ | 8.57 | ​ | ​ |
| 6.125% Notes Due 2022 (net of offering costs) | ​ | ​ | ​                | $       | 75,199,858  | ​                | ​ | ​ | ​ | $ | 2.01 | ​ | ​ | ​ | ​ | $ | 74,672,952 | ​ | ​ | ​ | ​ | $ | 2.00 | ​ | ​ |
| KCAP Funding I, LLC (net of offering costs)   | ​ | ​ | ​                | ​ | 25,200,331  | ​                | ​ | ​ | ​ | ​ | 0.68 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| 7.375% Notes Due 2019 (net of offering costs) | ​ | ​ | ​                | ​ | —     | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 26,740,365 | ​ | ​ | ​ | ​ | ​ | 0.72 | ​ | ​ |
| Payable for open trades                       | ​ | ​ | ​                | ​ | 23,204,564  | ​                | ​ | ​ | ​ | ​ | 0.62 | ​ | ​ | ​ | ​ | ​ | 34,215,195 | ​ | ​ | ​ | ​ | ​ | 0.92 | ​ | ​ |
| Other liabilities                             | ​ | ​ | ​                | ​ | 3,838,917   | ​                | ​ | ​ | ​ | ​ | 0.10 | ​ | ​ | ​ | ​ | ​ | 2,375,886 | ​ | ​ | ​ | ​ | ​ | 0.06 | ​ | ​ |
| Total Liabilities                             | ​ | ​ | ​                | ​ | 127,443,670 | ​                | ​ | ​ | ​ | ​ | 3.41 | ​ | ​ | ​ | ​ | ​ | 138,004,398 | ​ | ​ | ​ | ​ | ​ | 3.70 | ​ | ​ |
| NET ASSET VALUE                               | ​ | ​ | ​                | $       | 158,021,011 | ​                | ​ | ​ | ​ | $ | 4.23 | ​ | ​ | ​ | ​ | $ | 181,804,576 | ​ | ​ | ​ | ​ | $ | 4.87 | ​ | ​ |
| ​                                       |

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| ​        | ​ | ​ | During the Quarter | ​ | ​ | At Quarter End | ​ |
|----------------|---------|---------|--------------------|---------|---------|----------------|---------|
| ​        | ​ | ​ | High               | ​ | ​ | Low            | ​ | ​ | Close | ​ | ​ | NAV(1) | ​ |
| 2018:          | ​ | ​ | ​            | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth quarter | ​ | ​ | ​            | $       | 3.47    | ​        | ​ | ​ | ​ | $ | 2.93 | ​ | ​ | ​ | ​ | $ | 3.46 | ​ | ​ | ​ | ​ | $ | 4.23 | ​ | ​ |
| Third quarter  | ​ | ​ | ​            | $       | 3.39    | ​        | ​ | ​ | ​ | $ | 3.13 | ​ | ​ | ​ | ​ | $ | 3.31 | ​ | ​ | ​ | ​ | $ | 4.66 | ​ | ​ |
| Second quarter | ​ | ​ | ​            | $       | 3.28    | ​        | ​ | ​ | ​ | $ | 3.09 | ​ | ​ | ​ | ​ | $ | 3.25 | ​ | ​ | ​ | ​ | $ | 4.72 | ​ | ​ |
| First quarter  | ​ | ​ | ​            | $       | 3.57    | ​        | ​ | ​ | ​ | $ | 2.96 | ​ | ​ | ​ | ​ | $ | 3.14 | ​ | ​ | ​ | ​ | $ | 4.85 | ​ | ​ |
| 2017:          | ​ | ​ | ​            | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth quarter | ​ | ​ | ​            | $       | 3.98    | ​        | ​ | ​ | ​ | $ | 3.34 | ​ | ​ | ​ | ​ | $ | 3.41 | ​ | ​ | ​ | ​ | $ | 4.87 | ​ | ​ |
| Third quarter  | ​ | ​ | ​            | $       | 3.67    | ​        | ​ | ​ | ​ | $ | 3.32 | ​ | ​ | ​ | ​ | $ | 3.65 | ​ | ​ | ​ | ​ | $ | 4.95 | ​ | ​ |
| Second quarter | ​ | ​ | ​            | $       | 4.04    | ​        | ​ | ​ | ​ | $ | 3.37 | ​ | ​ | ​ | ​ | $ | 3.53 | ​ | ​ | ​ | ​ | $ | 5.10 | ​ | ​ |
| First quarter  | ​ | ​ | ​            | $       | 4.12    | ​        | ​ | ​ | ​ | $ | 3.93 | ​ | ​ | ​ | ​ | $ | 4.07 | ​ | ​ | ​ | ​ | $ | 5.14 | ​ | ​ |
| ​                 | ​ | ​ | Distributions | ​ | ​ | Declaration Date | ​ | ​ | Record Date | ​ | ​    | Pay Date | ​ |
|-------------------------|---------|---------|---------------|---------|---------|------------------|---------|---------|-------------|---------|------------|----------|---------|
| 2018:                   | ​ | ​ | ​       | ​ | ​ | ​          | ​ | ​ | ​     | ​ | ​    | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth quarter          | ​ | ​ | ​       | $       | 0.10    | ​          | ​ | ​ | ​     | ​ | 12/12/2018 | ​  | ​ | ​ | ​ | ​ | 1/7/2019(1) | ​ | ​ | ​ | ​ | ​ | 1/31/2019 | ​ | ​ |
| Third quarter           | ​ | ​ | ​       | ​ | 0.10    | ​          | ​ | ​ | ​     | ​ | 9/18/2018  | ​  | ​ | ​ | ​ | ​ | 10/9/2018 | ​ | ​ | ​ | ​ | ​ | 10/29/2018 | ​ | ​ |
| Second quarter          | ​ | ​ | ​       | ​ | 0.10    | ​          | ​ | ​ | ​     | ​ | 6/19/2018  | ​  | ​ | ​ | ​ | ​ | 7/6/2018 | ​ | ​ | ​ | ​ | ​ | 7/26/2018 | ​ | ​ |
| First quarter           | ​ | ​ | ​       | ​ | 0.10    | ​          | ​ | ​ | ​     | ​ | 3/20/2018  | ​  | ​ | ​ | ​ | ​ | 4/6/2018 | ​ | ​ | ​ | ​ | ​ | 4/27/2018 | ​ | ​ |
| Total declared for 2018 | ​ | ​ | ​       | $       | 0.40    | ​          | ​ | ​ | ​     | ​ | ​    | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| 2017:                   | ​ | ​ | ​       | ​ | ​ | ​          | ​ | ​ | ​     | ​ | ​    | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth quarter          | ​ | ​ | ​       | $       | 0.10    | ​          | ​ | ​ | ​     | ​ | 12/13/2017 | ​  | ​ | ​ | ​ | ​ | 1/5/2018(1) | ​ | ​ | ​ | ​ | ​ | 1/25/2018 | ​ | ​ |
| Third quarter           | ​ | ​ | ​       | ​ | 0.12    | ​          | ​ | ​ | ​     | ​ | 9/22/2017  | ​  | ​ | ​ | ​ | ​ | 10/10/2017 | ​ | ​ | ​ | ​ | ​ | 10/26/2017 | ​ | ​ |
| Second quarter          | ​ | ​ | ​       | ​ | 0.12    | ​          | ​ | ​ | ​     | ​ | 6/20/2017  | ​  | ​ | ​ | ​ | ​ | 7/7/2017 | ​ | ​ | ​ | ​ | ​ | 7/27/2017 | ​ | ​ |
| First quarter           | ​ | ​ | ​       | ​ | 0.12    | ​          | ​ | ​ | ​     | ​ | 3/21/2017  | ​  | ​ | ​ | ​ | ​ | 4/7/2017 | ​ | ​ | ​ | ​ | ​ | 4/28/2017 | ​ | ​ |
| Total declared for 2017 | ​ | ​ | ​       | $       | 0.46    | ​          | ​ | ​ | ​     | ​ | ​    | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
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| Plan Category                                         | ​ | ​ | Number of Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights | ​ | ​ | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | ​ | ​ | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | ​ |
|------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------|---------|---------|-----------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​                                                    | ​ | ​ | (a)                                                                                         | ​ | ​ | (b)                                                                         | ​ | ​ | (c)                                                                                                                                         | ​ |
| Equity Compensation Plans Approved by Security Holders(1)  | ​ | ​ | ​                                                                                     | ​ | 30,000  | ​                                                                     | ​ | ​ | ​                                                                                                                                     | $       | 4.88 | ​ | ​ | ​ | ​ | ​ | 984,702(2)(3) | ​ | ​ |
| Equity Compensation Plans Not Approved by Security Holders | ​ | ​ | ​                                                                                     | ​ | — | ​                                                                     | ​ | ​ | ​                                                                                                                                     | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total                                                      | ​ | ​ | ​                                                                                     | ​ | 30,000  | ​                                                                     | ​ | ​ | ​                                                                                                                                     | ​ | 4.88 | ​ | ​ | ​ | ​ | ​ | 984,702 | ​ | ​ |

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| ​                                                         | ​ | ​ | Year Ended December 31, 2018 | ​ | ​      | Year Ended December 31, 2017 | ​ | ​ | Year Ended December 31, 2016 | ​ | ​      | Year Ended December 31, 2015 | ​ | ​ | Year Ended December 31, 2014 | ​ |
|-----------------------------------------------------------------|---------|---------|-----------------------------------|---------|--------------|-----------------------------------|---------|---------|-----------------------------------|---------|--------------|-----------------------------------|---------|---------|-----------------------------------|---------|
| Income Statement Data:                                          | ​ | ​ | ​                           | ​ | ​      | ​                           | ​ | ​ | ​                           | ​ | ​      | ​                           | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest and related portfolio income:                          | ​ | ​ | ​                           | ​ | ​      | ​                           | ​ | ​ | ​                           | ​ | ​      | ​                           | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest and Dividends                                          | ​ | ​ | ​                           | $       | 22,494,890   | ​                           | ​ | ​ | ​                           | $       | 26,363,383   | ​                           | ​ | ​ | ​                           | $       | 34,131,571 | ​ | ​ | ​ | ​ | $ | 39,811,558 | ​ | ​ | ​ | ​ | $ | 34,802,690 | ​ | ​ |
| Fees and other income                                           | ​ | ​ | ​                           | ​ | 245,393      | ​                           | ​ | ​ | ​                           | ​ | 491,279      | ​                           | ​ | ​ | ​                           | ​ | 668,527 | ​ | ​ | ​ | ​ | ​ | 366,859 | ​ | ​ | ​ | ​ | ​ | 934,871 | ​ | ​ |
| Dividends from Asset Manager Affiliates                         | ​ | ​ | ​                           | ​ | 1,246,510    | ​                           | ​ | ​ | ​                           | ​ | 460,000      | ​                           | ​ | ​ | ​                           | ​ | 1,400,000 | ​ | ​ | ​ | ​ | ​ | 5,348,554 | ​ | ​ | ​ | ​ | ​ | 5,467,914 | ​ | ​ |
| Investment income – Joint Venture             | ​ | ​ | ​                           | ​ | 3,100,000    | ​                           | ​ | ​ | ​                           | ​ | 949,037      | ​                           | ​ | ​ | ​                           | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total interest and related portfolio income                     | ​ | ​ | ​                           | ​ | 27,086,793   | ​                           | ​ | ​ | ​                           | ​ | 28,263,699   | ​                           | ​ | ​ | ​                           | ​ | 36,200,098 | ​ | ​ | ​ | ​ | ​ | 45,526,971 | ​ | ​ | ​ | ​ | ​ | 41,205,475 | ​ | ​ |
| Expenses:                                                       | ​ | ​ | ​                           | ​ | ​      | ​                           | ​ | ​ | ​                           | ​ | ​      | ​                           | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest and amortization of debt issuance costs                | ​ | ​ | ​                           | ​ | 7,403,436    | ​                           | ​ | ​ | ​                           | ​ | 7,661,407    | ​                           | ​ | ​ | ​                           | ​ | 9,110,603 | ​ | ​ | ​ | ​ | ​ | 11,727,880 | ​ | ​ | ​ | ​ | ​ | 11,538,179 | ​ | ​ |
| Compensation                                                    | ​ | ​ | ​                           | ​ | 4,012,743    | ​                           | ​ | ​ | ​                           | ​ | 4,571,309    | ​                           | ​ | ​ | ​                           | ​ | 4,103,558 | ​ | ​ | ​ | ​ | ​ | 3,843,799 | ​ | ​ | ​ | ​ | ​ | 4,951,745 | ​ | ​ |
| Other                                                           | ​ | ​ | ​                           | ​ | 5,666,137    | ​                           | ​ | ​ | ​                           | ​ | 5,011,852    | ​                           | ​ | ​ | ​                           | ​ | 4,495,942 | ​ | ​ | ​ | ​ | ​ | 5,772,502 | ​ | ​ | ​ | ​ | ​ | 4,594,983 | ​ | ​ |
| Total operating expenses                                        | ​ | ​ | ​                           | ​ | 17,082,316   | ​                           | ​ | ​ | ​                           | ​ | 17,244,568   | ​                           | ​ | ​ | ​                           | ​ | 17,710,103 | ​ | ​ | ​ | ​ | ​ | 21,344,181 | ​ | ​ | ​ | ​ | ​ | 21,084,907 | ​ | ​ |
| Net Investment Income                                           | ​ | ​ | ​                           | ​ | 10,004,477   | ​                           | ​ | ​ | ​                           | ​ | 11,019,131   | ​                           | ​ | ​ | ​                           | ​ | 18,489,995 | ​ | ​ | ​ | ​ | ​ | 24,182,790 | ​ | ​ | ​ | ​ | ​ | 20,120,568 | ​ | ​ |
| Realized and unrealized (losses) gains on investments:          | ​ | ​ | ​                           | ​ | ​      | ​                           | ​ | ​ | ​                           | ​ | ​      | ​                           | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net realized (losses) gains                                     | ​ | ​ | ​                           | ​ | (16,672,029) | ​                           | ​ | ​ | ​                           | ​ | (11,021,042) | ​                           | ​ | ​ | ​                           | ​ | (6,341,678) | ​ | ​ | ​ | ​ | ​ | (6,647,478) | ​ | ​ | ​ | ​ | ​ | (11,132,491) | ​ | ​ |
| Net change in unrealized (losses) gains                    | ​ | ​ | ​                           | ​ | (2,903,994)  | ​                           | ​ | ​ | ​                           | ​ | 3,389,993    | ​                           | ​ | ​ | ​                           | ​ | (13,188,048) | ​ | ​ | ​ | ​ | ​ | (36,169,870) | ​ | ​ | ​ | ​ | ​ | 6,045,517 | ​ | ​ |
| Total net (losses) gains                                        | ​ | ​ | ​                           | ​ | (19,576,023) | ​                           | ​ | ​ | ​                           | ​ | (7,631,049)  | ​                           | ​ | ​ | ​                           | ​ | (19,529,726) | ​ | ​ | ​ | ​ | ​ | (42,817,348) | ​ | ​ | ​ | ​ | ​ | (5,086,974) | ​ | ​ |
| Net (decrease) increase in net assets resulting from operations | ​ | ​ | ​                           | $       | (9,571,546)  | ​                           | ​ | ​ | ​                           | $       | 3,388,082    | ​                           | ​ | ​ | ​                           | $       | (1,039,731) | ​ | ​ | ​ | ​ | $ | (18,634,558) | ​ | ​ | ​ | ​ | $ | 15,033,594 | ​ | ​ |
| ​                                                         |

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| ​                                                                                                                   | ​ | ​ | Year EndedDecember 31,2018 | ​ | ​     | Year EndedDecember 31,2017 | ​ | ​ | Year EndedDecember 31,2016 | ​ | ​     | Year EndedDecember 31,2015 | ​ | ​ | Year EndedDecember 31,2014 | ​ |
|---------------------------------------------------------------------------------------------------------------------------|---------|---------|---------------------------------|---------|-------------|---------------------------------|---------|---------|---------------------------------|---------|-------------|---------------------------------|---------|---------|---------------------------------|---------|
| Per Share:                                                                                                                | ​ | ​ | ​                         | ​ | ​     | ​                         | ​ | ​ | ​                         | ​ | ​     | ​                         | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Earnings per common share – basic                                                                       | ​ | ​ | ​                         | $       | (0.26)      | ​                         | ​ | ​ | ​                         | $       | 0.09        | ​                         | ​ | ​ | ​                         | $       | (0.03) | ​ | ​ | ​ | ​ | $ | (0.50) | ​ | ​ | ​ | ​ | $ | 0.44 | ​ | ​ |
| Earnings per common share –  diluted                                                               | ​ | ​ | ​                         | $       | (0.26)      | ​                         | ​ | ​ | ​                         | $       | 0.09        | ​                         | ​ | ​ | ​                         | $       | (0.03) | ​ | ​ | ​ | ​ | $ | (0.50) | ​ | ​ | ​ | ​ | $ | 0.43 | ​ | ​ |
| Net investment income per share – basic                                                                   | ​ | ​ | ​                         | $       | 0.27        | ​                         | ​ | ​ | ​                         | $       | 0.30        | ​                         | ​ | ​ | ​                         | $       | 0.50 | ​ | ​ | ​ | ​ | $ | 0.65 | ​ | ​ | ​ | ​ | $ | 0.59 | ​ | ​ |
| Net investment income per share – diluted                                                                      | ​ | ​ | ​                         | $       | 0.27        | ​                         | ​ | ​ | ​                         | $       | 0.30        | ​                         | ​ | ​ | ​                         | $       | 0.50 | ​ | ​ | ​ | ​ | $ | 0.65 | ​ | ​ | ​ | ​ | $ | 0.58 | ​ | ​ |
| Distributions declared per common share                                                                                   | ​ | ​ | ​                         | $       | 0.40        | ​                         | ​ | ​ | ​                         | $       | 0.46        | ​                         | ​ | ​ | ​                         | $       | 0.57 | ​ | ​ | ​ | ​ | $ | 0.78 | ​ | ​ | ​ | ​ | $ | 1.00 | ​ | ​ |
| Taxable Distributable Income per basic share                                                                              | ​ | ​ | ​                         | $       | 0.25        | ​                         | ​ | ​ | ​                         | $       | 0.16        | ​                         | ​ | ​ | ​                         | $       | 0.40 | ​ | ​ | ​ | ​ | $ | 0.63 | ​ | ​ | ​ | ​ | $ | 0.78 | ​ | ​ |
| Balance Sheet Data:                                                                                                       | ​ | ​ | ​                         | ​ | ​     | ​                         | ​ | ​ | ​                         | ​ | ​     | ​                         | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investment assets at fair value                                                                                           | ​ | ​ | ​                         | $       | 273,308,349 | ​                         | ​ | ​ | ​                         | $       | 311,956,156 | ​                         | ​ | ​ | ​                         | $       | 366,471,304 | ​ | ​ | ​ | ​ | $ | 409,570,495 | ​ | ​ | ​ | ​ | $ | 479,706,494 | ​ | ​ |
| Total assets                                                                                                              | ​ | ​ | ​                         | $       | 285,464,681 | ​                         | ​ | ​ | ​                         | $       | 319,808,974 | ​                         | ​ | ​ | ​                         | $       | 381,371,983 | ​ | ​ | ​ | ​ | $ | 421,204,697 | ​ | ​ | ​ | ​ | $ | 505,180,218 | ​ | ​ |
| Total debt outstanding                                                                                                    | ​ | ​ | ​                         | $       | 100,400,189 | ​                         | ​ | ​ | ​                         | $       | 101,413,317 | ​                         | ​ | ​ | ​                         | $       | 175,548,570 | ​ | ​ | ​ | ​ | $ | 201,103,761 | ​ | ​ | ​ | ​ | $ | 218,618,014 | ​ | ​ |
| Stockholders’ equity                                                                                                | ​ | ​ | ​                         | $       | 158,021,011 | ​                         | ​ | ​ | ​                         | $       | 181,804,756 | ​                         | ​ | ​ | ​                         | $       | 194,924,925 | ​ | ​ | ​ | ​ | $ | 216,100,470 | ​ | ​ | ​ | ​ | $ | 255,316,701 | ​ | ​ |
| Net asset value per common share                                                                                          | ​ | ​ | ​                         | $       | 4.23        | ​                         | ​ | ​ | ​                         | $       | 4.87        | ​                         | ​ | ​ | ​                         | $       | 5.24 | ​ | ​ | ​ | ​ | $ | 5.82 | ​ | ​ | ​ | ​ | $ | 6.94 | ​ | ​ |
| Common shares outstanding at end of year                                                                                  | ​ | ​ | ​                         | ​ | 37,326,846  | ​                         | ​ | ​ | ​                         | ​ | 37,339,224  | ​                         | ​ | ​ | ​                         | ​ | 37,178,294 | ​ | ​ | ​ | ​ | ​ | 37,100,005 | ​ | ​ | ​ | ​ | ​ | 36,775,127 | ​ | ​ |
| Other Data:                                                                                                               | ​ | ​ | ​                         | ​ | ​     | ​                         | ​ | ​ | ​                         | ​ | ​     | ​                         | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investments funded(1)                                                                                                     | ​ | ​ | ​                         | ​ | 118,159,373 | ​                         | ​ | ​ | ​                         | ​ | 227,722,823 | ​                         | ​ | ​ | ​                         | ​ | 75,724,590 | ​ | ​ | ​ | ​ | ​ | 130,954,741 | ​ | ​ | ​ | ​ | ​ | 235,905,130 | ​ | ​ |
| Principal collections related to investment repayments or sales(1)                                                        | ​ | ​ | ​                         | ​ | 112,052,177 | ​                         | ​ | ​ | ​                         | ​ | 323,531,633 | ​                         | ​ | ​ | ​                         | ​ | 129,191,854 | ​ | ​ | ​ | ​ | ​ | 129,793,338 | ​ | ​ | ​ | ​ | ​ | 193,554,964 | ​ | ​ |
| Number of portfolio investments at year end(1)                                                                            | ​ | ​ | ​                         | ​ | 86          | ​                         | ​ | ​ | ​                         | ​ | 77          | ​                         | ​ | ​ | ​                         | ​ | 125 | ​ | ​ | ​ | ​ | ​ | 130 | ​ | ​ | ​ | ​ | ​ | 141 | ​ | ​ |
| Weighted average interest rate on income producing debt investments(2)                                                    | ​ | ​ | ​                         | ​ | 10.0%       | ​                         | ​ | ​ | ​                         | ​ | 10.1%       | ​                         | ​ | ​ | ​                         | ​ | 7.0% | ​ | ​ | ​ | ​ | ​ | 7.4% | ​ | ​ | ​ | ​ | ​ | 7.3% | ​ | ​ |
| Weighted average interest rate on income producing debt investments (adjusted for non-accrual and partial non-accrual)(3) | ​ | ​ | ​                         | ​ | 9.1%        | ​                         | ​ | ​ | ​                         | ​ | 9.6%        | ​                         | ​ | ​ | ​                         | ​ | 7.0% | ​ | ​ | ​ | ​ | ​ | 7.4% | ​ | ​ | ​ | ​ | ​ | 7.3% | ​ | ​ |

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TABLE OF CONTENTS

| ​                               | ​ | ​ | Debt Securities | ​ | ​       | CLO FundSecurities | ​ | ​ | Equity Securities | ​ | ​      | Asset Manager Affiliates | ​ | ​ | Joint Venture | ​ | ​     | Total Portfolio | ​ |
|---------------------------------------|---------|---------|-----------------|---------|---------------|--------------------|---------|---------|-------------------|---------|--------------|--------------------------|---------|---------|---------------|---------|-------------|-----------------|---------|
| Fair Value at December 31, 2015  | ​ | ​ | ​         | $       | 284,639,244   | ​            | ​ | ​ | ​           | $       | 55,872,382   | ​                  | ​ | ​ | ​       | $       | 9,548,488   | ​         | ​ | ​ | ​ | $ | 57,381,000 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 407,441,114 | ​ | ​ |
| 2016 Activity:                        | ​ | ​ | ​         | ​ | ​       | ​            | ​ | ​ | ​           | ​ | ​      | ​                  | ​ | ​ | ​       | ​ | ​     | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Purchases/originations/draws          | ​ | ​ | ​         | ​ | 74,584,952    | ​            | ​ | ​ | ​           | ​ | 10,140,000   | ​                  | ​ | ​ | ​       | ​ | —     | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 84,724,952 | ​ | ​ |
| Pay-downs/pay-offs/sales              | ​ | ​ | ​         | ​ | (123,240,416) | ​            | ​ | ​ | ​           | ​ | (4,200,000)  | ​                  | ​ | ​ | ​       | ​ | (4,563,521) | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (132,003,937) | ​ | ​ |
| Net accretion (amortization)          | ​ | ​ | ​         | ​ | 407,492       | ​            | ​ | ​ | ​           | ​ | (2,192,071)  | ​                  | ​ | ​ | ​       | ​ | —     | ​         | ​ | ​ | ​ | ​ | (1,250,000) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (3,034,579) | ​ | ​ |
| Net realized losses                   | ​ | ​ | ​         | ​ | (540,649)     | ​            | ​ | ​ | ​           | ​ | (10,111,560) | ​                  | ​ | ​ | ​       | ​ | 4,484,742   | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (6,167,467) | ​ | ​ |
| Net increase (decrease) in fair value | ​ | ​ | ​         | ​ | 2,492,707     | ​            | ​ | ​ | ​           | ​ | 4,665,599    | ​                  | ​ | ​ | ​       | ​ | (4,413,354) | ​         | ​ | ​ | ​ | ​ | (15,933,000) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (13,188,048) | ​ | ​ |
| Fair Value at December 31, 2016  | ​ | ​ | ​         | ​ | 238,343,330   | ​            | ​ | ​ | ​           | ​ | 54,174,350   | ​                  | ​ | ​ | ​       | ​ | 5,056,355   | ​         | ​ | ​ | ​ | ​ | 40,198,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 337,772,035 | ​ | ​ |
| 2017 Activity:                        | ​ | ​ | ​         | ​ | ​       | ​            | ​ | ​ | ​           | ​ | ​      | ​                  | ​ | ​ | ​       | ​ | ​     | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Purchases/originations/draws          | ​ | ​ | ​         | ​ | 181,613,690   | ​            | ​ | ​ | ​           | ​ | 11,211,368   | ​                  | ​ | ​ | ​       | ​ | 182,000     | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 36,738,873 | ​ | ​ | ​ | ​ | ​ | 229,745,931 | ​ | ​ |
| Pay-downs/pay-offs/sales              | ​ | ​ | ​         | ​ | (300,625,104) | ​            | ​ | ​ | ​           | ​ | (25,598,497) | ​                  | ​ | ​ | ​       | ​ | —     | ​         | ​ | ​ | ​ | ​ | (2,750,000) | ​ | ​ | ​ | ​ | ​ | (11,824,015) | ​ | ​ | ​ | ​ | ​ | (340,797,616) | ​ | ​ |
| Net accretion (amortization)          | ​ | ​ | ​         | ​ | 304,904       | ​            | ​ | ​ | ​           | ​ | 11,139,633   | ​                  | ​ | ​ | ​       | ​ | —     | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 11,444,537 | ​ | ​ |
| Net realized gains (losses)           | ​ | ​ | ​         | ​ | (5,634,255)   | ​            | ​ | ​ | ​           | ​ | (1,264,789)  | ​                  | ​ | ​ | ​       | ​ | —     | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (6,899,044) | ​ | ​ |
| Net increase (decrease) in fair value | ​ | ​ | ​         | ​ | 4,194,914     | ​            | ​ | ​ | ​           | ​ | 2,016,608    | ​                  | ​ | ​ | ​       | ​ | (823,671)   | ​         | ​ | ​ | ​ | ​ | 1,401,000 | ​ | ​ | ​ | ​ | ​ | (3,398,858) | ​ | ​ | ​ | ​ | ​ | 3,389,993 | ​ | ​ |
| Fair Value at December 31, 2017  | ​ | ​ | ​         | ​ | 118,197,479   | ​            | ​ | ​ | ​           | ​ | 51,678,673   | ​                  | ​ | ​ | ​       | ​ | 4,414,684   | ​         | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ | ​ | ​ | 234,655,836 | ​ | ​ |
| 2018 Activity:                        | ​ | ​ | ​         | ​ | ​       | ​            | ​ | ​ | ​           | ​ | ​      | ​                  | ​ | ​ | ​       | ​ | ​     | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Purchases/originations/draws          | ​ | ​ | ​         | ​ | 92,911,178    | ​            | ​ | ​ | ​           | ​ | 12,781,528   | ​                  | ​ | ​ | ​       | ​ | 12,466,667  | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 118,159,373 | ​ | ​ |
| Pay-downs/pay-offs/sales              | ​ | ​ | ​         | ​ | (57,125,611)  | ​            | ​ | ​ | ​           | ​ | (19,033,322) | ​                  | ​ | ​ | ​       | ​ | (1,093,244) | ​         | ​ | ​ | ​ | ​ | (34,800,000) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (112,052,177) | ​ | ​ |
| Net accretion (amortization)          | ​ | ​ | ​         | ​ | 1,289,512     | ​            | ​ | ​ | ​           | ​ | 5,878,260    | ​                  | ​ | ​ | ​       | ​ | —     | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 7,167,772 | ​ | ​ |
| Net realized gains (losses)           | ​ | ​ | ​         | ​ | 9,933         | ​            | ​ | ​ | ​           | ​ | (16,484,872) | ​                  | ​ | ​ | ​       | ​ | —     | ​         | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (16,474,939) | ​ | ​ |
| Net increase (decrease) in fair value | ​ | ​ | ​         | ​ | (7,420,747)   | ​            | ​ | ​ | ​           | ​ | 9,504,733    | ​                  | ​ | ​ | ​       | ​ | (1,283,420) | ​         | ​ | ​ | ​ | ​ | (579,000) | ​ | ​ | ​ | ​ | ​ | (3,125,560) | ​ | ​ | ​ | ​ | ​ | (2,903,994) | ​ | ​ |
| Fair Value at December 31, 2018  | ​ | ​ | ​         | $       | 147,861,744   | ​            | ​ | ​ | ​           | $       | 44,325,000   | ​                  | ​ | ​ | ​       | $       | 14,504,687  | ​         | ​ | ​ | ​ | $ | 3,470,000 | ​ | ​ | ​ | ​ | $ | 18,390,440 | ​ | ​ | ​ | ​ | $ | 228,551,871 | ​ | ​ |
| ​                               |
| ​                     | ​ | ​ | December 31, 2018 | ​ | ​     | December 31, 2017 | ​ |
|-----------------------------|---------|---------|------------------------|---------|-------------|------------------------|---------|
| Security Type               | ​ | ​ | Cost/Amortized Cost    | ​ | ​     | Fair Value             | ​ | ​ | %(1) | ​ | ​ | Cost/Amortized Cost | ​ | ​ | Fair Value | ​ | ​ | %(1) | ​ |
| Short-term investments(2)   | ​ | ​ | ​                | $       | 44,756,478  | ​                | ​ | ​ | ​ | $ | 44,756,478 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ | ​ | ​ | $ | 77,300,320 | ​ | ​ | ​ | ​ | $ | 77,300,320 | ​ | ​ | ​ | ​ | ​ | 26% | ​ | ​ |
| Senior Secured Loan         | ​ | ​ | ​                | ​ | 86,040,921  | ​                | ​ | ​ | ​ | ​ | 77,616,209 | ​ | ​ | ​ | ​ | ​ | 28 | ​ | ​ | ​ | ​ | ​ | 48,337,900 | ​ | ​ | ​ | ​ | ​ | 44,960,146 | ​ | ​ | ​ | ​ | ​ | 14 | ​ | ​ |
| Junior Secured Loan         | ​ | ​ | ​                | ​ | 76,223,561  | ​                | ​ | ​ | ​ | ​ | 70,245,535 | ​ | ​ | ​ | ​ | ​ | 26 | ​ | ​ | ​ | ​ | ​ | 62,561,913 | ​ | ​ | ​ | ​ | ​ | 58,941,300 | ​ | ​ | ​ | ​ | ​ | 19 | ​ | ​ |
| Senior Unsecured Loan       | ​ | ​ | ​                | ​ | —     | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Senior Secured Bond         | ​ | ​ | ​                | ​ | —     | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,502,374 | ​ | ​ | ​ | ​ | ​ | 1,518,750 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| CLO Fund Securities    | ​ | ​ | ​                | ​ | 55,480,626  | ​                | ​ | ​ | ​ | ​ | 44,325,000 | ​ | ​ | ​ | ​ | ​ | 16 | ​ | ​ | ​ | ​ | ​ | 72,339,032 | ​ | ​ | ​ | ​ | ​ | 51,678,673 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| Equity Securities           | ​ | ​ | ​                | ​ | 21,944,430  | ​                | ​ | ​ | ​ | ​ | 14,504,687 | ​ | ​ | ​ | ​ | ​ | 5 | ​ | ​ | ​ | ​ | ​ | 10,571,007 | ​ | ​ | ​ | ​ | ​ | 4,414,684 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Asset Manager Affiliates(3) | ​ | ​ | ​                | ​ | 17,791,230  | ​                | ​ | ​ | ​ | ​ | 3,470,000 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 52,591,230 | ​ | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Joint Venture               | ​ | ​ | ​                | ​ | 24,914,858  | ​                | ​ | ​ | ​ | ​ | 18,390,440 | ​ | ​ | ​ | ​ | ​ | 7 | ​ | ​ | ​ | ​ | ​ | 24,914,858 | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ | ​ | ​ | 7 | ​ | ​ |
| Total                       | ​ | ​ | ​                | $       | 327,152,104 | ​                | ​ | ​ | ​ | $ | 273,308,349 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 362,895,917 | ​ | ​ | ​ | ​ | $ | 311,956,156 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                     |

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| ​                                       | ​ | ​ | December 31, 2018 | ​ | ​     | December 31, 2017 | ​ |
|-----------------------------------------------|---------|---------|------------------------|---------|-------------|------------------------|---------|
| Industry Classification                       | ​ | ​ | Cost/Amortized Cost    | ​ | ​     | Fair Value             | ​ | ​ | %(1) | ​ | ​ | Cost/Amortized Cost | ​ | ​ | Fair Value | ​ | ​ | %(1) | ​ |
| Aerospace and Defense                         | ​ | ​ | ​                | $       | 5,434,927   | ​                | ​ | ​ | ​ | $ | 4,049,940 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ | ​ | ​ | $ | 5,636,056 | ​ | ​ | ​ | ​ | $ | 4,115,487 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Asset Management Company(2)                   | ​ | ​ | ​                | ​ | 17,791,230  | ​                | ​ | ​ | ​ | ​ | 3,470,000 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 52,591,230 | ​ | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Banking, Finance, Insurance & Real Estate | ​ | ​ | ​                | ​ | 8,831,841   | ​                | ​ | ​ | ​ | ​ | 8,733,933 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 4,458,962 | ​ | ​ | ​ | ​ | ​ | 4,418,391 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Beverage, Food and Tobacco                    | ​ | ​ | ​                | ​ | 5,963,334   | ​                | ​ | ​ | ​ | ​ | 5,796,506 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 7,496,438 | ​ | ​ | ​ | ​ | ​ | 7,435,050 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Capital Equipment                             | ​ | ​ | ​                | ​ | 10,888,432  | ​                | ​ | ​ | ​ | ​ | 9,831,391 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 5,454,621 | ​ | ​ | ​ | ​ | ​ | 4,680,821 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Chemicals, Plastics and Rubber                | ​ | ​ | ​                | ​ | 4,862,063   | ​                | ​ | ​ | ​ | ​ | 4,801,645 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| CLO Fund Securities                      | ​ | ​ | ​                | ​ | 55,480,626  | ​                | ​ | ​ | ​ | ​ | 44,325,000 | ​ | ​ | ​ | ​ | ​ | 16 | ​ | ​ | ​ | ​ | ​ | 72,339,032 | ​ | ​ | ​ | ​ | ​ | 51,678,673 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| Construction & Building                   | ​ | ​ | ​                | ​ | 1,400,223   | ​                | ​ | ​ | ​ | ​ | 1,394,163 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1,004,093 | ​ | ​ | ​ | ​ | ​ | 999,872 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Consumer goods: Durable                       | ​ | ​ | ​                | ​ | 1,140,500   | ​                | ​ | ​ | ​ | ​ | 364,240 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,071,340 | ​ | ​ | ​ | ​ | ​ | 805,607 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Consumer goods: Non-durable                   | ​ | ​ | ​                | ​ | 1,434,568   | ​                | ​ | ​ | ​ | ​ | 1,440,525 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 691,234 | ​ | ​ | ​ | ​ | ​ | 694,662 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Electronics                                   | ​ | ​ | ​                | ​ | 3,007,500   | ​                | ​ | ​ | ​ | ​ | 3,007,500 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Energy: Oil & Gas                         | ​ | ​ | ​                | ​ | 16,827,204  | ​                | ​ | ​ | ​ | ​ | 8,946,568 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 14,932,542 | ​ | ​ | ​ | ​ | ​ | 11,433,777 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Environmental Industries                      | ​ | ​ | ​                | ​ | 8,371,180   | ​                | ​ | ​ | ​ | ​ | 6,939,794 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 6,330,630 | ​ | ​ | ​ | ​ | ​ | 5,766,437 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Forest Products & Paper                   | ​ | ​ | ​                | ​ | 1,564,583   | ​                | ​ | ​ | ​ | ​ | 1,553,920 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1,558,556 | ​ | ​ | ​ | ​ | ​ | 1,600,960 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Healthcare & Pharmaceuticals              | ​ | ​ | ​                | ​ | 38,638,822  | ​                | ​ | ​ | ​ | ​ | 32,287,288 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ | ​ | ​ | ​ | 30,367,449 | ​ | ​ | ​ | ​ | ​ | 25,512,654 | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ |
| High Tech Industries                          | ​ | ​ | ​                | ​ | 23,971,435  | ​                | ​ | ​ | ​ | ​ | 23,662,459 | ​ | ​ | ​ | ​ | ​ | 9 | ​ | ​ | ​ | ​ | ​ | 18,229,229 | ​ | ​ | ​ | ​ | ​ | 18,260,577 | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ |
| Hotel, Gaming & Leisure                   | ​ | ​ | ​                | ​ | 400,000     | ​                | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 400,000 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Joint Venture                                 | ​ | ​ | ​                | ​ | 24,914,858  | ​                | ​ | ​ | ​ | ​ | 18,390,440 | ​ | ​ | ​ | ​ | ​ | 7 | ​ | ​ | ​ | ​ | ​ | 24,914,858 | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ | ​ | ​ | 7 | ​ | ​ |
| Limited Partnership                           | ​ | ​ | ​                | ​ | 12,466,667  | ​                | ​ | ​ | ​ | ​ | 12,466,667 | ​ | ​ | ​ | ​ | ​ | 5 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Media: Advertising, Printing & Publishing | ​ | ​ | ​                | ​ | 6,113,852   | ​                | ​ | ​ | ​ | ​ | 5,590,863 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 3,371,086 | ​ | ​ | ​ | ​ | ​ | 3,318,296 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Related Party Loans                           | ​ | ​ | ​                | ​ | —     | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Services: Business                            | ​ | ​ | ​                | ​ | 10,398,710  | ​                | ​ | ​ | ​ | ​ | 9,213,416 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 3,563,574 | ​ | ​ | ​ | ​ | ​ | 2,366,400 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Telecommunications                            | ​ | ​ | ​                | ​ | 8,351,775   | ​                | ​ | ​ | ​ | ​ | 8,343,919 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 6,455,489 | ​ | ​ | ​ | ​ | ​ | 6,466,949 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Textiles and Leather                          | ​ | ​ | ​                | ​ | 10,140,662  | ​                | ​ | ​ | ​ | ​ | 9,940,294 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | 7,950,994 | ​ | ​ | ​ | ​ | ​ | 7,947,940 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ |
| Money Market Accounts                         | ​ | ​ | ​                | ​ | 34,757,129  | ​                | ​ | ​ | ​ | ​ | 34,757,129 | ​ | ​ | ​ | ​ | ​ | 13 | ​ | ​ | ​ | ​ | ​ | 52,293,570 | ​ | ​ | ​ | ​ | ​ | 52,293,570 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| Transportation: Cargo                         | ​ | ​ | ​                | ​ | 4,000,634   | ​                | ​ | ​ | ​ | ​ | 4,000,400 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 4,000,901 | ​ | ​ | ​ | ​ | ​ | 4,010,000 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| U.S. Government Obligations                   | ​ | ​ | ​                | ​ | 9,999,349   | ​                | ​ | ​ | ​ | ​ | 9,999,349 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | 25,006,750 | ​ | ​ | ​ | ​ | ​ | 25,006,750 | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ |
| Total                                         | ​ | ​ | ​                | $       | 327,152,104 | ​                | ​ | ​ | ​ | $ | 273,308,349 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 362,895,917 | ​ | ​ | ​ | ​ | $ | 311,956,156 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                       |

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| ​                          | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​             | ​ | ​ | December 31, 2018 | ​ | ​    | December 31, 2017 | ​ |
|----------------------------------|---------|---------|-------------------------|---------|---------|---------|---------|---------|---------------------|---------|---------|------------------------|---------|------------|------------------------|---------|
| CLO Fund Securities         | ​ | ​ | Investment              | ​ | ​ | %(1)    | ​ | ​ | Cost/Amortized Cost | ​ | ​ | Fair Value             | ​ | ​    | Cost/Amortized Cost    | ​ | ​ | Fair Value | ​ |
| Grant Grove CLO, Ltd.(3)         | ​ | ​ | Subordinated Securities | ​ | ​ | ​ | ​ | 0%      | ​             | ​ | ​ | ​                | $       | —    | ​                | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 2,485,886 | ​ | ​ | ​ | ​ | $ | 1,000 | ​ | ​ |
| Katonah III, Ltd.                | ​ | ​ | Preferred Shares        | ​ | ​ | ​ | ​ | 23.1    | ​             | ​ | ​ | ​                | ​ | 1,287,155  | ​                | ​ | ​ | ​ | ​ | 369,280 | ​ | ​ | ​ | ​ | ​ | 1,287,155 | ​ | ​ | ​ | ​ | ​ | 369,280 | ​ | ​ |
| Katonah 2007-I CLO Ltd.(2),      | ​ | ​ | Preferred Shares        | ​ | ​ | ​ | ​ | 0       | ​             | ​ | ​ | ​                | ​ | —    | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 20,524,908 | ​ | ​ | ​ | ​ | ​ | 10,770,486 | ​ | ​ |
| Trimaran CLO VII, Ltd.(2),(3)    | ​ | ​ | Income Notes            | ​ | ​ | ​ | ​ | 0       | ​             | ​ | ​ | ​                | ​ | —    | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 379,830 | ​ | ​ | ​ | ​ | ​ | 10,000 | ​ | ​ |
| Catamaran CLO 2012-1 Ltd.(2),(3) | ​ | ​ | Subordinated Notes      | ​ | ​ | ​ | ​ | 0       | ​             | ​ | ​ | ​                | ​ | —    | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 5,847,802 | ​ | ​ | ​ | ​ | ​ | 2,320,783 | ​ | ​ |
| Catamaran CLO 2013- 1 Ltd.(2)    | ​ | ​ | Subordinated Notes      | ​ | ​ | ​ | ​ | 23.3    | ​             | ​ | ​ | ​                | ​ | 6,378,611  | ​                | ​ | ​ | ​ | ​ | 7,016,733 | ​ | ​ | ​ | ​ | ​ | 5,017,307 | ​ | ​ | ​ | ​ | ​ | 6,923,699 | ​ | ​ |
| Dryden 30 Senior Loan Fund(2)    | ​ | ​ | Subordinated Notes      | ​ | ​ | ​ | ​ | 6.8     | ​             | ​ | ​ | ​                | ​ | 1,438,701  | ​                | ​ | ​ | ​ | ​ | 1,913,925 | ​ | ​ | ​ | ​ | ​ | 1,353,852 | ​ | ​ | ​ | ​ | ​ | 1,820,000 | ​ | ​ |
| Catamaran CLO 2014-1 Ltd.(2)     | ​ | ​ | Subordinated Notes      | ​ | ​ | ​ | ​ | 25.1    | ​             | ​ | ​ | ​                | ​ | 11,740,622 | ​                | ​ | ​ | ​ | ​ | 9,777,251 | ​ | ​ | ​ | ​ | ​ | 9,858,073 | ​ | ​ | ​ | ​ | ​ | 8,230,178 | ​ | ​ |
| KCAP F3C Senior Funding LLC      | ​ | ​ | Class E Notes      | ​ | ​ | ​ | ​ | 27.4    | ​             | ​ | ​ | ​                | ​ | 4,407,106  | ​                | ​ | ​ | ​ | ​ | 4,473,840 | ​ | ​ | ​ | ​ | ​ | 4,435,965 | ​ | ​ | ​ | ​ | ​ | 4,632,000 | ​ | ​ |
| Catamaran CLO 2014- 2 Ltd.(2)    | ​ | ​ | Subordinated Notes      | ​ | ​ | ​ | ​ | 24.9    | ​             | ​ | ​ | ​                | ​ | 6,314,484  | ​                | ​ | ​ | ​ | ​ | 2,158,200 | ​ | ​ | ​ | ​ | ​ | 6,642,805 | ​ | ​ | ​ | ​ | ​ | 4,500,962 | ​ | ​ |
| Catamaran CLO 2015-1 Ltd.(2)     | ​ | ​ | Subordinated Notes      | ​ | ​ | ​ | ​ | 9.9     | ​             | ​ | ​ | ​                | ​ | 4,353,347  | ​                | ​ | ​ | ​ | ​ | 3,048,698 | ​ | ​ | ​ | ​ | ​ | 4,418,647 | ​ | ​ | ​ | ​ | ​ | 3,569,600 | ​ | ​ |
| Catamaran CLO 2016-1 Ltd.(2)     | ​ | ​ | Subordinated Notes      | ​ | ​ | ​ | ​ | 24.9    | ​             | ​ | ​ | ​                | ​ | 9,717,150  | ​                | ​ | ​ | ​ | ​ | 7,067,073 | ​ | ​ | ​ | ​ | ​ | 10,086,802 | ​ | ​ | ​ | ​ | ​ | 8,530,685 | ​ | ​ |
| Catamaran CLO 2018-1 Ltd.(2)     | ​ | ​ | Subordinated Notes      | ​ | ​ | ​ | ​ | 24.8    | ​             | ​ | ​ | ​                | ​ | 9,843,450  | ​                | ​ | ​ | ​ | ​ | 8,500,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total                            | ​ | ​ | ​                 | ​ | ​ | ​ | ​ | ​ | ​             | ​ | ​ | ​                | $       | 55,480,626 | ​                | ​ | ​ | ​ | $ | 44,325,000 | ​ | ​ | ​ | ​ | $ | 72,339,032 | ​ | ​ | ​ | ​ | $ | 51,678,673 | ​ | ​ |
| ​                          |

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| ​                      | ​ | ​ | As of December 31, 2018 | ​ | ​    | As of December 31, 2017 | ​ |
|------------------------------|---------|---------|------------------------------|---------|------------|------------------------------|---------|
| Cash                         | ​ | ​ | ​                      | $       | —    | ​                      | ​ | ​ | ​ | $ | 1,717 | ​ | ​ |
| Investment at fair value     | ​ | ​ | ​                      | ​ | 32,621,188 | ​                      | ​ | ​ | ​ | ​ | 37,080,000 | ​ | ​ |
| Total Assets                 | ​ | ​ | ​                      | $       | 32,621,188 | ​                      | ​ | ​ | ​ | $ | 37,081,717 | ​ | ​ |
| Total Liabilities            | ​ | ​ | ​                      | $       | 1,970,455  | ​                      | ​ | ​ | ​ | $ | 1,221,916 | ​ | ​ |
| Total Equity                 | ​ | ​ | ​                      | ​ | 30,650,733 | ​                      | ​ | ​ | ​ | ​ | 35,859,801 | ​ | ​ |
| Total Liabilities and Equity | ​ | ​ | ​                      | $       | 32,621,188 | ​                      | ​ | ​ | ​ | $ | 37,081,717 | ​ | ​ |
| ​                      |
| ​                                | ​ | ​ | For the years ended December 31, | ​ |
|----------------------------------------|---------|---------|--------------------------------------------|---------|
| ​                                | ​ | ​ | 2018                                       | ​ | ​ | 2017 | ​ |
| Investment income                      | ​ | ​ | ​                                    | $       | 4,800,844 | ​ | ​ | ​ | ​ | $ | 2,531,331 | ​ | ​ |
| Operating expenses                     | ​ | ​ | ​                                    | ​ | (126,786) | ​ | ​ | ​ | ​ | ​ | (435,757) | ​ | ​ |
| Net investment income                  | ​ | ​ | ​                                    | ​ | 4,674,058 | ​ | ​ | ​ | ​ | ​ | 2,095,574 | ​ | ​ |
| Unrealized depreciation on investments | ​ | ​ | ​                                    | ​ | (4,951,938) | ​ | ​ | ​ | ​ | ​ | (5,063,254) | ​ | ​ |
| Net loss                               | ​ | ​ | ​                                    | $       | (277,880) | ​ | ​ | ​ | ​ | $ | (2,967,680) | ​ | ​ |
| ​                                |

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| Portfolio Company                  | ​ | ​ | Investment                                                        | ​ | ​ | Percentage Ownership by Joint Venture | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value | ​ |
|------------------------------------|---------|---------|-------------------------------------------------------------------|---------|---------|---------------------------------------|---------|---------|----------------|---------|---------|------------|---------|
| KCAP F3C Senior Funding, LLC(1)(2) | ​ | ​ | Subordinated Securities, effective interest 11.5%, 12/29 maturity | ​ | ​ | ​                               | ​ | 100.0%  | ​        | ​ | ​ | ​    | $       | 42,636,380 | ​ | ​ | ​ | ​ | $ | 32,621,188 | ​ | ​ |
| Total Investments                  | ​ | ​ | ​                                                           | ​ | ​ | ​                               | ​ | ​ | ​        | ​ | ​ | ​    | $       | 42,636,380 | ​ | ​ | ​ | ​ | $ | 32,621,188 | ​ | ​ |
| ​                            |
| Portfolio Company                  | ​ | ​ | Investment                                                        | ​ | ​ | Percentage Ownership by Joint Venture | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value | ​ |
|------------------------------------|---------|---------|-------------------------------------------------------------------|---------|---------|---------------------------------------|---------|---------|----------------|---------|---------|------------|---------|
| KCAP F3C Senior Funding, LLC(1)(2) | ​ | ​ | Subordinated Securities, effective interest 12.1%, 12/29 maturity | ​ | ​ | ​                               | ​ | 100.0%  | ​        | ​ | ​ | ​    | $       | 42,143,254 | ​ | ​ | ​ | ​ | $ | 37,080,000 | ​ | ​ |
| Total Investments                  | ​ | ​ | ​                                                           | ​ | ​ | ​                               | ​ | ​ | ​        | ​ | ​ | ​    | $       | 42,143,254 | ​ | ​ | ​ | ​ | $ | 37,080,000 | ​ | ​ |
| ​                            |

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| ​                                                                 | ​ | ​ | For the Years Ended December 31, | ​ |
|-------------------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                                 | ​ | ​ | 2018                                  | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| Investment Income:                                                      | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest from investments in debt securities                            | ​ | ​ | ​                               | $       | 16,005,663 | ​ | ​ | ​ | ​ | $ | 15,063,193 | ​ | ​ | ​ | ​ | $ | 20,828,916 | ​ | ​ |
| Interest from U.S. Treasury Bills and money market investments          | ​ | ​ | ​                               | ​ | 76,055 | ​ | ​ | ​ | ​ | ​ | 71,934 | ​ | ​ | ​ | ​ | ​ | 29,383 | ​ | ​ |
| Investment income on CLO Fund Securities managed by affiliates     | ​ | ​ | ​                               | ​ | 6,024,935 | ​ | ​ | ​ | ​ | ​ | 10,807,490 | ​ | ​ | ​ | ​ | ​ | 12,642,625 | ​ | ​ |
| Investment income on CLO Fund Securities managed by non-affiliates | ​ | ​ | ​                               | ​ | 388,237 | ​ | ​ | ​ | ​ | ​ | 420,766 | ​ | ​ | ​ | ​ | ​ | 630,647 | ​ | ​ |
| Dividends from Asset Manager Affiliates                                 | ​ | ​ | ​                               | ​ | 1,246,510 | ​ | ​ | ​ | ​ | ​ | 460,000 | ​ | ​ | ​ | ​ | ​ | 1,400,000 | ​ | ​ |
| Investment in Joint Venture                                             | ​ | ​ | ​                               | ​ | 3,100,000 | ​ | ​ | ​ | ​ | ​ | 949,037 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Capital structuring service fees                                        | ​ | ​ | ​                               | ​ | 245,393 | ​ | ​ | ​ | ​ | ​ | 491,279 | ​ | ​ | ​ | ​ | ​ | 668,527 | ​ | ​ |
| Total investment income                                                 | ​ | ​ | ​                               | $       | 27,086,793 | ​ | ​ | ​ | ​ | $ | 28,263,699 | ​ | ​ | ​ | ​ | $ | 36,200,098 | ​ | ​ |
| ​                                                                 |

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| ​                                          | ​ | ​ | For the Years Ended December 31, | ​ |
|--------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                          | ​ | ​ | 2018                                  | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| Expenses:                                        | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest and amortization of debt issuance costs | ​ | ​ | ​                               | $       | 7,403,436 | ​ | ​ | ​ | ​ | $ | 7,661,407 | ​ | ​ | ​ | ​ | $ | 9,110,603 | ​ | ​ |
| Compensation                                     | ​ | ​ | ​                               | ​ | 4,012,743 | ​ | ​ | ​ | ​ | ​ | 4,571,309 | ​ | ​ | ​ | ​ | ​ | 4,103,558 | ​ | ​ |
| Professional fees                                | ​ | ​ | ​                               | ​ | 3,470,269 | ​ | ​ | ​ | ​ | ​ | 2,942,059 | ​ | ​ | ​ | ​ | ​ | 2,391,038 | ​ | ​ |
| Insurance                                        | ​ | ​ | ​                               | ​ | 321,268 | ​ | ​ | ​ | ​ | ​ | 347,175 | ​ | ​ | ​ | ​ | ​ | 412,764 | ​ | ​ |
| Administrative and other                         | ​ | ​ | ​                               | ​ | 1,874,600 | ​ | ​ | ​ | ​ | ​ | 1,722,618 | ​ | ​ | ​ | ​ | ​ | 1,692,140 | ​ | ​ |
| Total expenses                                   | ​ | ​ | ​                               | $       | 17,082,316 | ​ | ​ | ​ | ​ | $ | 17,244,568 | ​ | ​ | ​ | ​ | $ | 17,710,103 | ​ | ​ |
| ​                                          |

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| ​                                                       | ​ | ​ | For the Years Ended December 31, | ​ |
|---------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                       | ​ | ​ | 2018                                  | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| Unrealized Gains (Losses) On Investments:                     | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net change in unrealized appreciation (depreciation) on:      | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Debt securities                                               | ​ | ​ | ​                               | $       | (7,420,747) | ​ | ​ | ​ | ​ | $ | 4,194,914 | ​ | ​ | ​ | ​ | $ | 2,492,707 | ​ | ​ |
| Equity securities                                             | ​ | ​ | ​                               | ​ | (1,283,420) | ​ | ​ | ​ | ​ | ​ | (823,671) | ​ | ​ | ​ | ​ | ​ | (4,413,354) | ​ | ​ |
| CLO Fund Securities managed by affiliates                | ​ | ​ | ​                               | ​ | 17,790,480 | ​ | ​ | ​ | ​ | ​ | 2,102,279 | ​ | ​ | ​ | ​ | ​ | 4,380,974 | ​ | ​ |
| CLO Fund Securities managed by non-affiliates            | ​ | ​ | ​                               | ​ | (8,285,747) | ​ | ​ | ​ | ​ | ​ | (85,671) | ​ | ​ | ​ | ​ | ​ | 284,625 | ​ | ​ |
| Asset Manager Affiliates investments                          | ​ | ​ | ​                               | ​ | (579,000) | ​ | ​ | ​ | ​ | ​ | 1,401,000 | ​ | ​ | ​ | ​ | ​ | (15,933,000) | ​ | ​ |
| Joint Venture Investment                                      | ​ | ​ | ​                               | ​ | (3,125,560) | ​ | ​ | ​ | ​ | ​ | (3,398,858) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total net unrealized gain (loss) from investment transactions | ​ | ​ | ​                               | $       | (2,903,994) | ​ | ​ | ​ | ​ | $ | 3,389,993 | ​ | ​ | ​ | ​ | $ | (13,188,048) | ​ | ​ |
| ​                                                       |

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| ​                  | ​ | ​ | Investments at Fair Value | ​ |
|--------------------------|---------|---------|---------------------------|---------|
| Security Type            | ​ | ​ | December 31, 2018    | ​ | ​ | December 31, 2017 | ​ |
| Cash                     | ​ | ​ | ​                   | $       | 5,417,125 | ​ | ​ | ​ | ​ | $ | 2,034,095 | ​ | ​ |
| Restricted Cash          | ​ | ​ | ​                   | ​ | 3,907,341 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Short term investments   | ​ | ​ | ​                   | ​ | 44,756,478 | ​ | ​ | ​ | ​ | ​ | 77,300,320 | ​ | ​ |
| Senior Secured Loan      | ​ | ​ | ​                   | ​ | 77,616,209 | ​ | ​ | ​ | ​ | ​ | 44,960,146 | ​ | ​ |
| Junior Secured Loan      | ​ | ​ | ​                   | ​ | 70,245,535 | ​ | ​ | ​ | ​ | ​ | 58,941,300 | ​ | ​ |
| Senior Unsecured Loan    | ​ | ​ | ​                   | ​ | — | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ |
| Senior Secured Bond      | ​ | ​ | ​                   | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,518,750 | ​ | ​ |
| CLO Fund Securities | ​ | ​ | ​                   | ​ | 44,325,000 | ​ | ​ | ​ | ​ | ​ | 51,678,673 | ​ | ​ |
| Equity Securities        | ​ | ​ | ​                   | ​ | 14,504,687 | ​ | ​ | ​ | ​ | ​ | 4,414,684 | ​ | ​ |
| Joint Venture            | ​ | ​ | ​                   | ​ | 18,390,440 | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ |
| Asset Manager Affiliates | ​ | ​ | ​                   | ​ | 3,470,000 | ​ | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ |
| Total                    | ​ | ​ | ​                   | $       | 282,632,815 | ​ | ​ | ​ | ​ | $ | 313,990,251 | ​ | ​ |
| ​                  |

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| ​                 | ​ | ​ | Distributions | ​ | ​ | Declaration Date | ​ | ​ | Record Date | ​ | ​    | Pay Date | ​ |
|-------------------------|---------|---------|---------------|---------|---------|------------------|---------|---------|-------------|---------|------------|----------|---------|
| 2018:                   | ​ | ​ | ​       | ​ | ​ | ​          | ​ | ​ | ​     | ​ | ​    | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth quarter          | ​ | ​ | ​       | $       | 0.10    | ​          | ​ | ​ | ​     | ​ | 12/12/2018 | ​  | ​ | ​ | ​ | ​ | 1/7/2019(1) | ​ | ​ | ​ | ​ | ​ | 1/31/2019 | ​ | ​ |
| Third quarter           | ​ | ​ | ​       | ​ | 0.10    | ​          | ​ | ​ | ​     | ​ | 9/18/2018  | ​  | ​ | ​ | ​ | ​ | 10/9/2018 | ​ | ​ | ​ | ​ | ​ | 10/29/2018 | ​ | ​ |
| Second quarter          | ​ | ​ | ​       | ​ | 0.10    | ​          | ​ | ​ | ​     | ​ | 6/19/2018  | ​  | ​ | ​ | ​ | ​ | 7/6/2018 | ​ | ​ | ​ | ​ | ​ | 7/26/2018 | ​ | ​ |
| First quarter           | ​ | ​ | ​       | ​ | 0.10    | ​          | ​ | ​ | ​     | ​ | 3/20/2018  | ​  | ​ | ​ | ​ | ​ | 4/6/2018 | ​ | ​ | ​ | ​ | ​ | 4/27/2018 | ​ | ​ |
| Total declared for 2018 | ​ | ​ | ​       | $       | 0.40    | ​          | ​ | ​ | ​     | ​ | ​    | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| 2017:                   | ​ | ​ | ​       | ​ | ​ | ​          | ​ | ​ | ​     | ​ | ​    | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth quarter          | ​ | ​ | ​       | $       | 0.10    | ​          | ​ | ​ | ​     | ​ | 12/13/2017 | ​  | ​ | ​ | ​ | ​ | 1/5/2018(1) | ​ | ​ | ​ | ​ | ​ | 1/25/2018 | ​ | ​ |
| Third quarter           | ​ | ​ | ​       | ​ | 0.12    | ​          | ​ | ​ | ​     | ​ | 9/22/2017  | ​  | ​ | ​ | ​ | ​ | 10/10/2017 | ​ | ​ | ​ | ​ | ​ | 10/26/2017 | ​ | ​ |
| Second quarter          | ​ | ​ | ​       | ​ | 0.12    | ​          | ​ | ​ | ​     | ​ | 6/20/2017  | ​  | ​ | ​ | ​ | ​ | 7/7/2017 | ​ | ​ | ​ | ​ | ​ | 7/27/2017 | ​ | ​ |
| First quarter           | ​ | ​ | ​       | ​ | 0.12    | ​          | ​ | ​ | ​     | ​ | 3/21/2017  | ​  | ​ | ​ | ​ | ​ | 4/7/2017 | ​ | ​ | ​ | ​ | ​ | 4/28/2017 | ​ | ​ |
| Total declared for 2017 | ​ | ​ | ​       | $       | 0.46    | ​          | ​ | ​ | ​     | ​ | ​    | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| ​                 |
| ​                           | ​ | ​ | Payments Due by Period | ​ |
|-----------------------------------|---------|---------|------------------------|---------|
| Contractual Obligations           | ​ | ​ | Total                  | ​ | ​ | Less than one year | ​ | ​ | 1 – 3 years | ​ | ​ | 3 – 5 years | ​ | ​ | More than 5 years | ​ |
| Long-term debt obligations        | ​ | ​ | ​                | $       | 103,763,285 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 103,763,285 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Obligations under long-term lease | ​ | ​ | ​                | $       | 4,310,040 | ​ | ​ | ​ | ​ | $ | 774,781 | ​ | ​ | ​ | ​ | $ | 1,600,872 | ​ | ​ | ​ | ​ | $ | 1,600,872 | ​ | ​ | ​ | ​ | $ | 333,515 | ​ | ​ |

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| ​                   | ​ | ​ | Impact on net investment income from a change in interest rates at: | ​ |
|---------------------------|---------|---------|---------------------------------------------------------------------|---------|
| ​                   | ​ | ​ | 1%                                                                  | ​ | ​ | 2% | ​ | ​ | 3% | ​ |
| Increase in interest rate | ​ | ​ | ​                                                             | $       | 1,308,997 | ​ | ​ | ​ | ​ | $ | 2,404,715 | ​ | ​ | ​ | ​ | $ | 3,500,433 | ​ | ​ |
| Decrease in interest rate | ​ | ​ | ​                                                             | $       | (1,095,718) | ​ | ​ | ​ | ​ | $ | (1,736,870) | ​ | ​ | ​ | ​ | $ | (1,799,887) | ​ | ​ |

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| ​ | ​                      | ​ | ​ | KCAP Financial, Inc.                                                                     | ​ |
|---------|------------------------------|---------|---------|------------------------------------------------------------------------------------------|---------|
| ​ | Date: February 26, 2019 | ​ | ​ | By/s/ Dayl W. Pearson​​Dayl W. Pearson President and Chief Executive Officer | ​ |
| Signature                                               | ​ | ​ | Title                                                                                                    | ​ | ​ | Date                   | ​ |
|---------------------------------------------------------|---------|---------|----------------------------------------------------------------------------------------------------------|---------|---------|------------------------|---------|
| /s/ Dayl W. Pearson​Dayl W. Pearson               | ​ | ​ | President and Chief Executive Officer (principal executive officer) and Member of the Board of Directors | ​ | ​ | February 26, 2019 | ​ |
| /s/ Edward U. Gilpin​Edward U. Gilpin             | ​ | ​ | Chief Financial Officer, Secretary and Treasurer (principal financial and accounting officer)            | ​ | ​ | February 26, 2019 | ​ |
| /s/ Christopher Lacovara​Christopher Lacovara     | ​ | ​ | Member of the Board of Directors                                                                         | ​ | ​ | February 26, 2019 | ​ |
| /s/ John Ward​John Ward                           | ​ | ​ | Member of the Board of Directors                                                                         | ​ | ​ | February 26, 2019 | ​ |
| /s/ C. Michael Jacobi​C. Michael Jacobi           | ​ | ​ | Member of the Board of Directors                                                                         | ​ | ​ | February 26, 2019 | ​ |
| /s/ Albert G. Pastino​Albert G. Pastino           | ​ | ​ | Member of the Board of Directors                                                                         | ​ | ​ | February 26, 2019 | ​ |
| /s/ C. Turney Stevens, Jr.​C. Turney Stevens, Jr. | ​ | ​ | Member of the Board of Directors                                                                         | ​ | ​ | February 26, 2019 | ​ |
| /s/ Dean C. Kehler​Dean C. Kehler                 | ​ | ​ | Member of the Board of Directors                                                                         | ​ | ​ | February 26, 2019 | ​ |

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| ​ | Reports of Independent Registered Public Accounting Firm                                                         | ​ | ​ | ​ | ​ | F-2  | ​ | ​ |
|---------|------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|------|---------|---------|
| ​ | Consolidated Balance Sheets as of December 31, 2018 and 2017                                                | ​ | ​ | ​ | ​ | F-4  | ​ | ​ |
| ​ | Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016             | ​ | ​ | ​ | ​ | F-5  | ​ | ​ |
| ​ | Consolidated Statements of Changes in Net Assets for the years ended December 31, 2018, 2017, and 2016 | ​ | ​ | ​ | ​ | F-6  | ​ | ​ |
| ​ | Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017, and 2016            | ​ | ​ | ​ | ​ | F-7  | ​ | ​ |
| ​ | Consolidated Schedules of Investments as of December 31, 2018 and 2017                                      | ​ | ​ | ​ | ​ | F-8  | ​ | ​ |
| ​ | Financial Highlights for the years ended December 31, 2018, 2017, 2016, 2015, and 2014                 | ​ | ​ | ​ | ​ | F-22 | ​ | ​ |
| ​ | Notes to Consolidated Financial Statements                                                                       | ​ | ​ | ​ | ​ | F-23 | ​ | ​ |

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| ​                                                                                                                                                                                                                             | ​ | ​ | As of December 31, 2018 | ​ | ​       | As of December 31, 2017 | ​ |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|------------------------------|---------|---------------|------------------------------|---------|
| ASSETS                                                                                                                                                                                                                              | ​ | ​ | ​                      | ​ | ​       | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investments at fair value:                                                                                                                                                                                                          | ​ | ​ | ​                      | ​ | ​       | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Short-term investments (cost: 2018 – $44,756,478; 2017 – $77,300,320)                                                                                                                           | ​ | ​ | ​                      | $       | 44,756,478    | ​                      | ​ | ​ | ​ | $ | 77,300,320 | ​ | ​ |
| Debt securities (amortized cost: 2018 – $162,264,482; 2017 – $125,179,470)                                                                                                                      | ​ | ​ | ​                      | ​ | 147,861,744   | ​                      | ​ | ​ | ​ | ​ | 118,197,479 | ​ | ​ |
| CLO Fund Securities managed by affiliates (amortized cost: 2018 – $4,407,106; 2017 – $67,212,139)                                                                                          | ​ | ​ | ​                      | ​ | 4,473,840     | ​                      | ​ | ​ | ​ | ​ | 49,488,393 | ​ | ​ |
| CLO Fund Securities managed by non-affiliates (amortized cost: 2018 – $51,073,520; 2017 – $5,126,893)                                                                                      | ​ | ​ | ​                      | ​ | 39,851,160    | ​                      | ​ | ​ | ​ | ​ | 2,190,280 | ​ | ​ |
| Equity securities (cost: 2018 – $21,944,430; 2017 – $10,571,007)                                                                                                                                | ​ | ​ | ​                      | ​ | 14,504,687    | ​                      | ​ | ​ | ​ | ​ | 4,414,684 | ​ | ​ |
| Asset Manager Affiliates (cost: 2018 – $17,791,230; 2017 – $52,591,230)                                                                                                                         | ​ | ​ | ​                      | ​ | 3,470,000     | ​                      | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ |
| Joint Venture (cost: 2018 – $24,914,858; 2017 – $24,914,858)                                                                                                                                    | ​ | ​ | ​                      | ​ | 18,390,440    | ​                      | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ |
| Total Investments at Fair Value (cost: 2018 – $327,152,104; 2017 – $362,895,917)                                                                                                                | ​ | ​ | ​                      | ​ | 273,308,349   | ​                      | ​ | ​ | ​ | ​ | 311,956,156 | ​ | ​ |
| Cash                                                                                                                                                                                                                                | ​ | ​ | ​                      | ​ | 5,417,125     | ​                      | ​ | ​ | ​ | ​ | 2,034,095 | ​ | ​ |
| Restricted cash                                                                                                                                                                                                                     | ​ | ​ | ​                      | ​ | 3,907,341     | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Interest receivable                                                                                                                                                                                                                 | ​ | ​ | ​                      | ​ | 1,342,970     | ​                      | ​ | ​ | ​ | ​ | 1,051,271 | ​ | ​ |
| Receivable for open trades                                                                                                                                                                                                          | ​ | ​ | ​                      | ​ | —       | ​                      | ​ | ​ | ​ | ​ | 2,993,750 | ​ | ​ |
| Due from affiliates                                                                                                                                                                                                                 | ​ | ​ | ​                      | ​ | 1,007,631     | ​                      | ​ | ​ | ​ | ​ | 1,243,493 | ​ | ​ |
| Other assets                                                                                                                                                                                                                        | ​ | ​ | ​                      | ​ | 481,265       | ​                      | ​ | ​ | ​ | ​ | 530,209 | ​ | ​ |
| Total Assets                                                                                                                                                                                                                        | ​ | ​ | ​                      | $       | 285,464,681   | ​                      | ​ | ​ | ​ | $ | 319,808,974 | ​ | ​ |
| LIABILITIES                                                                                                                                                                                                                         | ​ | ​ | ​                      | ​ | ​       | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| 6.125% Notes Due 2022 (net of offering costs of: 2018 – $2,207,342; 2017 – $2,734,248)                                                                                                          | ​ | ​ | ​                      | $       | 75,199,858    | ​                      | ​ | ​ | ​ | $ | 74,672,952 | ​ | ​ |
| KCAP Funding I, LLC Revolving Credit Facility (net of offering costs of: 2018 – $1,155,754)                                                                                                                       | ​ | ​ | ​                      | ​ | 25,200,331    | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| 7.375% Notes Due 2019 (net of offering costs of: 2017 – $259,635)                                                                                                                                                 | ​ | ​ | ​                      | ​ | —       | ​                      | ​ | ​ | ​ | ​ | 26,740,365 | ​ | ​ |
| Payable for open trades                                                                                                                                                                                                             | ​ | ​ | ​                      | ​ | 23,204,564    | ​                      | ​ | ​ | ​ | ​ | 34,215,195 | ​ | ​ |
| Accounts payable and accrued expenses                                                                                                                                                                                               | ​ | ​ | ​                      | ​ | 3,591,910     | ​                      | ​ | ​ | ​ | ​ | 2,350,803 | ​ | ​ |
| Accrued interest payable                                                                                                                                                                                                            | ​ | ​ | ​                      | ​ | 131,182       | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Due to affiliates                                                                                                                                                                                                                   | ​ | ​ | ​                      | ​ | 115,825       | ​                      | ​ | ​ | ​ | ​ | 25,083 | ​ | ​ |
| Total Liabilities                                                                                                                                                                                                                   | ​ | ​ | ​                      | ​ | 127,443,670   | ​                      | ​ | ​ | ​ | ​ | 138,004,398 | ​ | ​ |
| COMMITMENTS AND CONTINGENCIES (Note 8)                                                                                                                                                                                              | ​ | ​ | ​                      | ​ | ​       | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| STOCKHOLDERS’ EQUITY                                                                                                                                                                                                          | ​ | ​ | ​                      | ​ | ​       | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Common stock, par value $0.01 per share, 100,000,000 common shares authorized; 37,521,705 issued, and 37,326,846 outstanding at December 31, 2018, and 37,507,402 issued, and 37,339,224 outstanding at December 31, 2017 | ​ | ​ | ​                      | ​ | 373,268       | ​                      | ​ | ​ | ​ | ​ | 373,392 | ​ | ​ |
| Capital in excess of par value                                                                                                                                                                                                      | ​ | ​ | ​                      | ​ | 306,784,387   | ​                      | ​ | ​ | ​ | ​ | 329,789,716 | ​ | ​ |
| Total distributable (loss) earnings                                                                                                                                                                                                 | ​ | ​ | ​                      | ​ | (149,136,644) | ​                      | ​ | ​ | ​ | ​ | (148,358,532) | ​ | ​ |
| Total Stockholders’ Equity                                                                                                                                                                                                    | ​ | ​ | ​                      | ​ | 158,021,011   | ​                      | ​ | ​ | ​ | ​ | 181,804,576 | ​ | ​ |
| Total Liabilities and Stockholders’ Equity                                                                                                                                                                                    | ​ | ​ | ​                      | $       | 285,464,681   | ​                      | ​ | ​ | ​ | $ | 319,808,974 | ​ | ​ |
| NET ASSET VALUE PER COMMON SHARE                                                                                                                                                                                                    | ​ | ​ | ​                      | $       | 4.23          | ​                      | ​ | ​ | ​ | $ | 4.87 | ​ | ​ |
| ​                                                                                                                                                                                                                             |

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TABLE OF CONTENTS​

| ​                                                                                           | ​ | ​ | For the Years Ended December 31, | ​ |
|---------------------------------------------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                                                           | ​ | ​ | 2018                                  | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| Investment Income:                                                                                | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest from investments in debt securities                                                      | ​ | ​ | ​                               | $       | 14,939,309 | ​ | ​ | ​ | ​ | $ | 13,963,970 | ​ | ​ | ​ | ​ | $ | 19,763,577 | ​ | ​ |
| Payment-in-kind investment income                                                                 | ​ | ​ | ​                               | ​ | 1,066,354 | ​ | ​ | ​ | ​ | ​ | 1,099,223 | ​ | ​ | ​ | ​ | ​ | 1,065,339 | ​ | ​ |
| Interest from cash and time deposits                                                              | ​ | ​ | ​                               | ​ | 76,055 | ​ | ​ | ​ | ​ | ​ | 71,934 | ​ | ​ | ​ | ​ | ​ | 29,383 | ​ | ​ |
| Investment income on CLO Fund Securities managed by affiliates                               | ​ | ​ | ​                               | ​ | 6,024,935 | ​ | ​ | ​ | ​ | ​ | 10,807,490 | ​ | ​ | ​ | ​ | ​ | 12,642,625 | ​ | ​ |
| Investment income on CLO Fund Securities managed by non-affiliates                           | ​ | ​ | ​                               | ​ | 388,237 | ​ | ​ | ​ | ​ | ​ | 420,766 | ​ | ​ | ​ | ​ | ​ | 630,647 | ​ | ​ |
| Dividends from Asset Manager Affiliates                                                           | ​ | ​ | ​                               | ​ | 1,246,510 | ​ | ​ | ​ | ​ | ​ | 460,000 | ​ | ​ | ​ | ​ | ​ | 1,400,000 | ​ | ​ |
| Investment income from Joint Venture                                                              | ​ | ​ | ​                               | ​ | 3,100,000 | ​ | ​ | ​ | ​ | ​ | 949,037 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Capital structuring service fees                                                                  | ​ | ​ | ​                               | ​ | 245,393 | ​ | ​ | ​ | ​ | ​ | 491,279 | ​ | ​ | ​ | ​ | ​ | 668,527 | ​ | ​ |
| Total investment income                                                                           | ​ | ​ | ​                               | ​ | 27,086,793 | ​ | ​ | ​ | ​ | ​ | 28,263,699 | ​ | ​ | ​ | ​ | ​ | 36,200,098 | ​ | ​ |
| Expenses:                                                                                         | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest and amortization of debt issuance costs                                                  | ​ | ​ | ​                               | ​ | 7,403,436 | ​ | ​ | ​ | ​ | ​ | 7,661,407 | ​ | ​ | ​ | ​ | ​ | 9,110,603 | ​ | ​ |
| Compensation                                                                                      | ​ | ​ | ​                               | ​ | 4,012,743 | ​ | ​ | ​ | ​ | ​ | 4,571,309 | ​ | ​ | ​ | ​ | ​ | 4,103,558 | ​ | ​ |
| Professional fees                                                                                 | ​ | ​ | ​                               | ​ | 3,470,269 | ​ | ​ | ​ | ​ | ​ | 2,942,059 | ​ | ​ | ​ | ​ | ​ | 2,391,038 | ​ | ​ |
| Insurance                                                                                         | ​ | ​ | ​                               | ​ | 321,268 | ​ | ​ | ​ | ​ | ​ | 347,175 | ​ | ​ | ​ | ​ | ​ | 412,764 | ​ | ​ |
| Administrative and other                                                                          | ​ | ​ | ​                               | ​ | 1,874,600 | ​ | ​ | ​ | ​ | ​ | 1,722,618 | ​ | ​ | ​ | ​ | ​ | 1,692,140 | ​ | ​ |
| Total expenses                                                                                    | ​ | ​ | ​                               | ​ | 17,082,316 | ​ | ​ | ​ | ​ | ​ | 17,244,568 | ​ | ​ | ​ | ​ | ​ | 17,710,103 | ​ | ​ |
| Net Investment Income                                                                             | ​ | ​ | ​                               | ​ | 10,004,477 | ​ | ​ | ​ | ​ | ​ | 11,019,131 | ​ | ​ | ​ | ​ | ​ | 18,489,995 | ​ | ​ |
| Realized And Unrealized Gains (Losses) On Investments:                                            | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net realized losses from investment transactions                                                  | ​ | ​ | ​                               | ​ | (16,474,939) | ​ | ​ | ​ | ​ | ​ | (6,899,044) | ​ | ​ | ​ | ​ | ​ | (6,167,467) | ​ | ​ |
| Net change in unrealized (depreciation) appreciation on:                                          | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Debt securities                                                                                   | ​ | ​ | ​                               | ​ | (7,420,747) | ​ | ​ | ​ | ​ | ​ | 4,194,914 | ​ | ​ | ​ | ​ | ​ | 2,492,707 | ​ | ​ |
| Equity securities                                                                                 | ​ | ​ | ​                               | ​ | (1,283,420) | ​ | ​ | ​ | ​ | ​ | (823,671) | ​ | ​ | ​ | ​ | ​ | (4,413,354) | ​ | ​ |
| CLO Fund Securities managed by affiliates                                                    | ​ | ​ | ​                               | ​ | 17,790,480 | ​ | ​ | ​ | ​ | ​ | 2,102,279 | ​ | ​ | ​ | ​ | ​ | 4,380,974 | ​ | ​ |
| CLO Fund Securities managed by non-affiliates                                                | ​ | ​ | ​                               | ​ | (8,285,747) | ​ | ​ | ​ | ​ | ​ | (85,671) | ​ | ​ | ​ | ​ | ​ | 284,625 | ​ | ​ |
| Asset Manager Affiliates investments                                                              | ​ | ​ | ​                               | ​ | (579,000) | ​ | ​ | ​ | ​ | ​ | 1,401,000 | ​ | ​ | ​ | ​ | ​ | (15,933,000) | ​ | ​ |
| Joint Venture investment                                                                          | ​ | ​ | ​                               | ​ | (3,125,560) | ​ | ​ | ​ | ​ | ​ | (3,398,858) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total net (depreciation) appreciation from investment transactions                                | ​ | ​ | ​                               | ​ | (2,903,994) | ​ | ​ | ​ | ​ | ​ | 3,389,993 | ​ | ​ | ​ | ​ | ​ | (13,188,048) | ​ | ​ |
| Net realized and unrealized losses on investments                                                 | ​ | ​ | ​                               | ​ | (19,378,933) | ​ | ​ | ​ | ​ | ​ | (3,509,051) | ​ | ​ | ​ | ​ | ​ | (19,355,515) | ​ | ​ |
| Realized losses on extinguishments of debt                                                        | ​ | ​ | ​                               | ​ | (197,090) | ​ | ​ | ​ | ​ | ​ | (4,121,998) | ​ | ​ | ​ | ​ | ​ | (174,211) | ​ | ​ |
| Net (Decrease) Increase In Stockholders’ Equity Resulting From Operations                   | ​ | ​ | ​                               | $       | (9,571,546) | ​ | ​ | ​ | ​ | $ | 3,388,082 | ​ | ​ | ​ | ​ | $ | (1,039,731) | ​ | ​ |
| Net (Decrease) Increase in Stockholders’ Equity Resulting from Operations per Common Share: | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Basic:                                                                                            | ​ | ​ | ​                               | $       | (0.26) | ​ | ​ | ​ | ​ | $ | 0.09 | ​ | ​ | ​ | ​ | $ | (0.03) | ​ | ​ |
| Diluted:                                                                                          | ​ | ​ | ​                               | $       | (0.26) | ​ | ​ | ​ | ​ | $ | 0.09 | ​ | ​ | ​ | ​ | $ | (0.03) | ​ | ​ |
| Net Investment Income Per Common Share:                                                           | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Basic:                                                                                            | ​ | ​ | ​                               | $       | 0.27 | ​ | ​ | ​ | ​ | $ | 0.30 | ​ | ​ | ​ | ​ | $ | 0.50 | ​ | ​ |
| Diluted:                                                                                          | ​ | ​ | ​                               | $       | 0.27 | ​ | ​ | ​ | ​ | $ | 0.30 | ​ | ​ | ​ | ​ | $ | 0.50 | ​ | ​ |
| Weighted Average Shares of Common Stock Outstanding – Basic                     | ​ | ​ | ​                               | ​ | 37,356,241 | ​ | ​ | ​ | ​ | ​ | 37,235,130 | ​ | ​ | ​ | ​ | ​ | 37,149,663 | ​ | ​ |
| Weighted Average Shares of Common Stock Outstanding – Diluted                   | ​ | ​ | ​                               | ​ | 37,356,241 | ​ | ​ | ​ | ​ | ​ | 37,235,130 | ​ | ​ | ​ | ​ | ​ | 37,149,663 | ​ | ​ |

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TABLE OF CONTENTS​

| ​                                                                         | ​ | ​ | Years Ended December 31, | ​ |
|---------------------------------------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                                                         | ​ | ​ | 2018                          | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| Operations:                                                                     | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net investment income                                                           | ​ | ​ | ​                       | $       | 10,004,477 | ​ | ​ | ​ | ​ | $ | 11,019,131 | ​ | ​ | ​ | ​ | $ | 18,489,995 | ​ | ​ |
| Net realized losses from investment transactions                                | ​ | ​ | ​                       | ​ | (16,474,939) | ​ | ​ | ​ | ​ | ​ | (6,899,044) | ​ | ​ | ​ | ​ | ​ | (6,167,467) | ​ | ​ |
| Realized losses from extinguishments of debt                                    | ​ | ​ | ​                       | ​ | (197,090) | ​ | ​ | ​ | ​ | ​ | (4,121,998) | ​ | ​ | ​ | ​ | ​ | (174,211) | ​ | ​ |
| Net change in unrealized (depreciation) appreciation from investments           | ​ | ​ | ​                       | ​ | (2,903,994) | ​ | ​ | ​ | ​ | ​ | 3,389,993 | ​ | ​ | ​ | ​ | ​ | (13,188,048) | ​ | ​ |
| Net (decrease) increase in stockholders’ equity resulting from operations | ​ | ​ | ​                       | ​ | (9,571,546) | ​ | ​ | ​ | ​ | ​ | 3,388,082 | ​ | ​ | ​ | ​ | ​ | (1,039,731) | ​ | ​ |
| Stockholder distributions:                                                      | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Distributions of ordinary income                                                | ​ | ​ | ​                       | ​ | (9,192,977) | ​ | ​ | ​ | ​ | ​ | (6,035,683) | ​ | ​ | ​ | ​ | ​ | (14,761,679) | ​ | ​ |
| Return of capital                                                               | ​ | ​ | ​                       | ​ | (5,688,770) | ​ | ​ | ​ | ​ | ​ | (11,736,777) | ​ | ​ | ​ | ​ | ​ | (7,307,578) | ​ | ​ |
| Net decrease in net assets resulting from stockholder distributions             | ​ | ​ | ​                       | ​ | (14,881,747) | ​ | ​ | ​ | ​ | ​ | (17,772,460) | ​ | ​ | ​ | ​ | ​ | (22,069,257) | ​ | ​ |
| Capital share transactions:                                                     | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Issuance of common stock for:                                                   | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Common stock withheld for payroll taxes upon vesting of restricted stock        | ​ | ​ | ​                       | ​ | (86,743) | ​ | ​ | ​ | ​ | ​ | (224,944) | ​ | ​ | ​ | ​ | ​ | (247,926) | ​ | ​ |
| Dividend reinvestment plan                                                      | ​ | ​ | ​                       | ​ | 208,775 | ​ | ​ | ​ | ​ | ​ | 360,981 | ​ | ​ | ​ | ​ | ​ | 638,016 | ​ | ​ |
| Stock based compensation                                                        | ​ | ​ | ​                       | ​ | 547,696 | ​ | ​ | ​ | ​ | ​ | 1,127,992 | ​ | ​ | ​ | ​ | ​ | 1,543,353 | ​ | ​ |
| Net increase in net assets resulting from capital share transactions            | ​ | ​ | ​                       | ​ | 669,728 | ​ | ​ | ​ | ​ | ​ | 1,264,029 | ​ | ​ | ​ | ​ | ​ | 1,933,443 | ​ | ​ |
| Net assets at beginning of period                                               | ​ | ​ | ​                       | ​ | 181,804,576 | ​ | ​ | ​ | ​ | ​ | 194,924,925 | ​ | ​ | ​ | ​ | ​ | 216,100,470 | ​ | ​ |
| Net assets at end of period                                                     | ​ | ​ | ​                       | $       | 158,021,011 | ​ | ​ | ​ | ​ | $ | 181,804,576 | ​ | ​ | ​ | ​ | $ | 194,924,926 | ​ | ​ |
| Net asset value per common share                                                | ​ | ​ | ​                       | $       | 4.23 | ​ | ​ | ​ | ​ | $ | 4.87 | ​ | ​ | ​ | ​ | $ | 5.24 | ​ | ​ |
| Common shares outstanding at end of period                                      | ​ | ​ | ​                       | ​ | 37,326,846 | ​ | ​ | ​ | ​ | ​ | 37,339,224 | ​ | ​ | ​ | ​ | ​ | 37,178,294 | ​ | ​ |

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TABLE OF CONTENTS​

| ​                                                                                                                                                | ​ | ​ | Years Ended December 31, | ​ |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                                                                                                                                | ​ | ​ | 2018                          | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| OPERATING ACTIVITIES:                                                                                                                                  | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net (decrease) increase in stockholder’s equity resulting from operations                                                                        | ​ | ​ | ​                       | $       | (9,571,546) | ​ | ​ | ​ | ​ | $ | 3,388,082 | ​ | ​ | ​ | ​ | $ | (1,039,731) | ​ | ​ |
| Adjustments to reconcile net increase (decrease) in stockholder’s equity resulting from operations to net cash provided by operating activities: | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net realized losses on investment transactions                                                                                                         | ​ | ​ | ​                       | ​ | 16,474,939 | ​ | ​ | ​ | ​ | ​ | 6,899,044 | ​ | ​ | ​ | ​ | ​ | 6,167,467 | ​ | ​ |
| Net change in unrealized losses (gains) from investments                                                                                               | ​ | ​ | ​                       | ​ | 2,903,994 | ​ | ​ | ​ | ​ | ​ | (3,389,993) | ​ | ​ | ​ | ​ | ​ | 13,188,048 | ​ | ​ |
| Purchases of investments                                                                                                                               | ​ | ​ | ​                       | ​ | (118,159,373) | ​ | ​ | ​ | ​ | ​ | (277,367,657) | ​ | ​ | ​ | ​ | ​ | (110,229,217) | ​ | ​ |
| Proceeds from sales and redemptions of investments                                                                                                     | ​ | ​ | ​                       | ​ | 145,662,223 | ​ | ​ | ​ | ​ | ​ | 340,797,616 | ​ | ​ | ​ | ​ | ​ | 133,253,936 | ​ | ​ |
| Net accretion on investments                                                                                                                           | ​ | ​ | ​                       | ​ | (7,167,772) | ​ | ​ | ​ | ​ | ​ | (11,444,537) | ​ | ​ | ​ | ​ | ​ | 1,784,579 | ​ | ​ |
| Amortization of original issue discount on indebtedness                                                                                                | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | 352,340 | ​ | ​ | ​ | ​ | ​ | 621,171 | ​ | ​ |
| Amortization of debt issuance costs                                                                                                                    | ​ | ​ | ​                       | ​ | 893,745 | ​ | ​ | ​ | ​ | ​ | 745,581 | ​ | ​ | ​ | ​ | ​ | 845,793 | ​ | ​ |
| Realized losses on extinguishments of debt                                                                                                             | ​ | ​ | ​                       | ​ | 197,090 | ​ | ​ | ​ | ​ | ​ | 4,121,998 | ​ | ​ | ​ | ​ | ​ | 174,211 | ​ | ​ |
| Payment-in-kind interest income                                                                                                                        | ​ | ​ | ​                       | ​ | (1,066,354) | ​ | ​ | ​ | ​ | ​ | (1,099,223) | ​ | ​ | ​ | ​ | ​ | (1,065,339) | ​ | ​ |
| Stock-based compensation expense                                                                                                                       | ​ | ​ | ​                       | ​ | 548,200 | ​ | ​ | ​ | ​ | ​ | 1,127,992 | ​ | ​ | ​ | ​ | ​ | 1,543,353 | ​ | ​ |
| Changes in operating assets and liabilities:                                                                                                           | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| (Decrease) Increase in payable for open trades                                                                                                         | ​ | ​ | ​                       | ​ | (11,010,631) | ​ | ​ | ​ | ​ | ​ | 26,330,252 | ​ | ​ | ​ | ​ | ​ | 7,884,943 | ​ | ​ |
| (Increase) Decrease in interest and dividends receivable                                                                                               | ​ | ​ | ​                       | ​ | (291,699) | ​ | ​ | ​ | ​ | ​ | (17,354) | ​ | ​ | ​ | ​ | ​ | 778,707 | ​ | ​ |
| Decrease (Increase) in receivable for open trades                                                                                                      | ​ | ​ | ​                       | ​ | 2,993,750 | ​ | ​ | ​ | ​ | ​ | (43,092) | ​ | ​ | ​ | ​ | ​ | (2,950,658) | ​ | ​ |
| Decrease (Increase) in other assets                                                                                                                    | ​ | ​ | ​                       | ​ | 48,944 | ​ | ​ | ​ | ​ | ​ | (62,513) | ​ | ​ | ​ | ​ | ​ | 98,516 | ​ | ​ |
| Decrease (Increase) in due from affiliates                                                                                                             | ​ | ​ | ​                       | ​ | 235,862 | ​ | ​ | ​ | ​ | ​ | (630,639) | ​ | ​ | ​ | ​ | ​ | 1,504,241 | ​ | ​ |
| Increase (Decrease) in due to affiliates                                                                                                               | ​ | ​ | ​                       | ​ | 90,742 | ​ | ​ | ​ | ​ | ​ | 25,083 | ​ | ​ | ​ | ​ | ​ | (554,279) | ​ | ​ |
| Increase (Decrease) in accounts payable and accrued expenses                                                                                           | ​ | ​ | ​                       | ​ | 1,241,107 | ​ | ​ | ​ | ​ | ​ | 303,431 | ​ | ​ | ​ | ​ | ​ | (170,660) | ​ | ​ |
| Increase (Decrease) in accrued interest payable                                                                                                        | ​ | ​ | ​                       | ​ | 131,182 | ​ | ​ | ​ | ​ | ​ | (930,086) | ​ | ​ | ​ | ​ | ​ | (297,982) | ​ | ​ |
| Net cash (used in) operating activities                                                                                                                | ​ | ​ | ​                       | ​ | 24,154,403 | ​ | ​ | ​ | ​ | ​ | 89,106,325 | ​ | ​ | ​ | ​ | ​ | 51,537,099 | ​ | ​ |
| FINANCING ACTIVITIES:                                                                                                                                  | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Issuance of 6.125% Notes Due 2022                                                                                                                      | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | 77,407,200 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Debt issuance costs                                                                                                                                    | ​ | ​ | ​                       | ​ | (1,459,899) | ​ | ​ | ​ | ​ | ​ | (2,798,940) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Issuance of restricted shares                                                                                                                          | ​ | ​ | ​                       | ​ | 60 | ​ | ​ | ​ | ​ | ​ | 1,396 | ​ | ​ | ​ | ​ | ​ | 60 | ​ | ​ |
| Forfeitures of restricted shares                                                                                                                       | ​ | ​ | ​                       | ​ | (564) | ​ | ​ | ​ | ​ | ​ | (93) | ​ | ​ | ​ | ​ | ​ | (345) | ​ | ​ |
| Distributions to stockholders                                                                                                                          | ​ | ​ | ​                       | ​ | (14,672,972) | ​ | ​ | ​ | ​ | ​ | (17,411,479) | ​ | ​ | ​ | ​ | ​ | (21,431,241) | ​ | ​ |
| Repayment of Senior Funding Notes                                                                                                                      | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | (147,350,000) | ​ | ​ | ​ | ​ | ​ | (19,299,000) | ​ | ​ |
| Borrowings under KCAP Funding LLC, Revolving Credit Facility                                                                                           | ​ | ​ | ​                       | ​ | 49,781,592 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Repayments of KCAP Funding LLC, Revolving Credit Facility                                                                                              | ​ | ​ | ​                       | ​ | (23,425,506) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Repayment of 7.375% Notes Due 2019                                                                                                                     | ​ | ​ | ​                       | ​ | (27,000,000) | ​ | ​ | ​ | ​ | ​ | (6,530,925) | ​ | ​ | ​ | ​ | ​ | (7,861,364) | ​ | ​ |
| Common Stock withheld for payroll taxes upon vesting of restricted stock                                                                               | ​ | ​ | ​                       | ​ | (86,743) | ​ | ​ | ​ | ​ | ​ | (224,944) | ​ | ​ | ​ | ​ | ​ | (247,926) | ​ | ​ |
| Net cash (used in) provided by financing activities                                                                                                    | ​ | ​ | ​                       | ​ | (16,864,032) | ​ | ​ | ​ | ​ | ​ | (96,907,785) | ​ | ​ | ​ | ​ | ​ | (48,839,816) | ​ | ​ |
| CHANGE IN CASH AND RESTRICTED CASH                                                                                                                     | ​ | ​ | ​                       | ​ | 7,290,371 | ​ | ​ | ​ | ​ | ​ | (7,801,460) | ​ | ​ | ​ | ​ | ​ | 2,697,283 | ​ | ​ |
| CASH AND RESTRICTED CASH, BEGINNING OF YEAR                                                                                                            | ​ | ​ | ​                       | ​ | 2,034,095 | ​ | ​ | ​ | ​ | ​ | 9,835,555 | ​ | ​ | ​ | ​ | ​ | 7,138,272 | ​ | ​ |
| CASH AND RESTRICTED CASH, END OF YEAR                                                                                                                  | ​ | ​ | ​                       | $       | 9,324,466 | ​ | ​ | ​ | ​ | $ | 2,034,095 | ​ | ​ | ​ | ​ | $ | 9,835,555 | ​ | ​ |
| Supplemental Information:                                                                                                                              | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest paid during the period                                                                                                                        | ​ | ​ | ​                       | $       | 6,509,669 | ​ | ​ | ​ | ​ | $ | 6,563,486 | ​ | ​ | ​ | ​ | $ | 7,902,774 | ​ | ​ |
| Issuance of common stock under the dividend reinvestment plan                                                                                          | ​ | ​ | ​                       | $       | 208,775 | ​ | ​ | ​ | ​ | $ | 360,981 | ​ | ​ | ​ | ​ | $ | 638,016 | ​ | ​ |
| Supplemental non-cash information:                                                                                                                     | ​ | ​ | ​                       | ​ |
| Non-cash purchase of investments                                                                                                                       | ​ | ​ | ​                       | $       | 3,281,528 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Amounts per balance sheet:                                                                                                                             | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Cash                                                                                                                                                   | ​ | ​ | ​                       | $       | 5,417,125 | ​ | ​ | ​ | ​ | $ | 2,034,095 | ​ | ​ | ​ | ​ | $ | 1,307,257 | ​ | ​ |
| Restricted cash                                                                                                                                        | ​ | ​ | ​                       | ​ | 3,907,341 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,528,298 | ​ | ​ |
| Total Cash and Restricted cash                                                                                                                         | ​ | ​ | ​                       | $       | 9,324,466 | ​ | ​ | ​ | ​ | $ | 2,034,095 | ​ | ​ | ​ | ​ | $ | 9,835,555 | ​ | ​ |
| ​                                                                                                                                                |

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TABLE OF CONTENTS​

| Portfolio Company/Principal Business                                                                                       | ​ | ​ | Investment(15)Interest Rate(1)/Maturity                                                                                                                 | ​ | ​ | Initial Acquisition Date | ​ | ​    | Principal | ​ | ​ | Amortized Cost | ​ | ​   | Fair Value(2) |
|----------------------------------------------------------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|--------------------------|---------|------------|-----------|---------|---------|----------------|---------|-----------|---------------|
| Advanced Lighting Technologies, Inc.(5)(8)(13)Consumer goods: Durable                                                      | ​ | ​ | Junior Secured Loan — Second Lien Notes 9.8% Cash, 10.0% PIK, 3 month LIBOR (2.80%) + 7.00%; LIBOR Floor 1.00%, Due 10/23             | ​ | ​ | ​                  | ​ | 6/13/2012  | ​   | ​ | ​ | ​        | $       | 1,007,062 | ​       | ​ | ​ | ​ | $ | 958,499 | ​ | ​ | ​ | ​ | $ | 362,240 |
| AlixPartners, LLP(8)(13)Services: Business                                                                                 | ​ | ​ | Senior Secured Loan — 2017 Refinancing Term Loan5.3% Cash, 1 month LIBOR (2.52%) + 2.75%; LIBOR Floor 1.00%, Due 4/24            | ​ | ​ | ​                  | ​ | 12/28/2018 | ​   | ​ | ​ | ​        | ​ | 997,462   | ​       | ​ | ​ | ​ | ​ | 957,563 | ​ | ​ | ​ | ​ | ​ | 957,563 |
| Asurion, LLC (fka Asurion Corporation)(8)(13)Banking, Finance, Insurance & Real Estate                                 | ​ | ​ | Senior Secured Loan — Amendment No. 14 Replacement B-4 Term Loan5.5% Cash, 1 month LIBOR (2.52%) + 3.00%; LIBOR Floor 1.00%, Due 8/22 | ​ | ​ | ​                  | ​ | 12/28/2018 | ​   | ​ | ​ | ​        | ​ | 1,520,851 | ​       | ​ | ​ | ​ | ​ | 1,463,819 | ​ | ​ | ​ | ​ | ​ | 1,460,001 |
| BMC Acquisition, Inc. (aka BenefitMall)(8)(13)(14)Banking, Finance, Insurance & Real Estate                            | ​ | ​ | Senior Secured Loan — Initial Term Loan7.8% Cash, 6 month LIBOR (2.59%) + 5.25%; LIBOR Floor 1.00%, Due 12/24                         | ​ | ​ | ​                  | ​ | 1/2/2018   | ​   | ​ | ​ | ​        | ​ | 2,970,000 | ​       | ​ | ​ | ​ | ​ | 2,968,502 | ​ | ​ | ​ | ​ | ​ | 2,942,082 |
| BW NHHC Holdco Inc.(8)(13)(14)Healthcare & Pharmaceuticals                                                             | ​ | ​ | Senior Secured Loan — Initial Term Loan (First Lien) 7.5% Cash, 1 month LIBOR (2.47%) + 5.00%, Due 5/25                               | ​ | ​ | ​                  | ​ | 5/16/2018  | ​   | ​ | ​ | ​        | ​ | 1,990,000 | ​       | ​ | ​ | ​ | ​ | 1,962,751 | ​ | ​ | ​ | ​ | ​ | 1,950,200 |
| Carestream Health, Inc.(8)(13)Healthcare & Pharmaceuticals                                                             | ​ | ​ | Junior Secured Loan — Extended Term Loan (Second Lien)12.0% Cash, 1 month LIBOR (2.52%) + 9.50%; LIBOR Floor 1.00%, Due 6/21          | ​ | ​ | ​                  | ​ | 10/7/2014  | ​   | ​ | ​ | ​        | ​ | 1,510,955 | ​       | ​ | ​ | ​ | ​ | 1,496,079 | ​ | ​ | ​ | ​ | ​ | 1,480,736 |
| Child Development Schools, Inc.(8)(13)(14)Services: Business                                                               | ​ | ​ | Senior Secured Loan — Term Loan6.7% Cash, 3 month LIBOR (2.50%) + 4.25%, Due 5/23                                                     | ​ | ​ | ​                  | ​ | 6/6/2018   | ​   | ​ | ​ | ​        | ​ | 4,794,521 | ​       | ​ | ​ | ​ | ​ | 4,783,918 | ​ | ​ | ​ | ​ | ​ | 4,782,534 |
| Community Care Health Network, Inc. (aka Matrix Medical Network)(8)(14)Healthcare & Pharmaceuticals                    | ​ | ​ | Senior Secured Loan — Closing Date Term Loan 7.3% Cash, 1 month LIBOR (2.52%) + 4.75%; LIBOR Floor 1.00%, Due 2/25                    | ​ | ​ | ​                  | ​ | 2/9/2018   | ​   | ​ | ​ | ​        | ​ | 1,990,000 | ​       | ​ | ​ | ​ | ​ | 1,985,635 | ​ | ​ | ​ | ​ | ​ | 1,873,784 |
| Corsair Gaming, Inc.(8)High Tech Industries                                                                                | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 11.3% Cash, 3 month LIBOR (2.80%) + 8.50%; LIBOR Floor 1.00%, Due 8/25                  | ​ | ​ | ​                  | ​ | 9/29/2017  | ​   | ​ | ​ | ​        | ​ | 5,000,000 | ​       | ​ | ​ | ​ | ​ | 4,936,538 | ​ | ​ | ​ | ​ | ​ | 4,929,000 |
| Corsair Gaming, Inc.(8)(14)High Tech Industries                                                                            | ​ | ​ | Senior Secured Loan — Term Loan (First Lien) 7.1% Cash, 3 month LIBOR (2.80%) + 4.25%; LIBOR Floor 1.00%, Due 8/24                    | ​ | ​ | ​                  | ​ | 9/29/2017  | ​   | ​ | ​ | ​        | ​ | 1,989,954 | ​       | ​ | ​ | ​ | ​ | 1,985,554 | ​ | ​ | ​ | ​ | ​ | 1,968,678 |
| CSM Bakery Solutions Limited (fka CSM Bakery Supplies Limited)(8)Beverage, Food and Tobacco                                | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 10.2% Cash, 3 month LIBOR (2.41%) + 7.75%; LIBOR Floor 1.00%, Due 7/21                  | ​ | ​ | ​                  | ​ | 5/23/2013  | ​   | ​ | ​ | ​        | ​ | 3,000,000 | ​       | ​ | ​ | ​ | ​ | 3,006,304 | ​ | ​ | ​ | ​ | ​ | 2,841,300 |
| CT Technologies Intermediate Holdings, Inc. (Smart Holdings Corp.) (aka HealthPort)(8)(14)Healthcare & Pharmaceuticals | ​ | ​ | Senior Secured Loan — New Term Loan Facility 6.8% Cash, 1 month LIBOR (2.52%) + 4.25%; LIBOR Floor 1.00%, Due 12/21                   | ​ | ​ | ​                  | ​ | 11/19/2014 | ​   | ​ | ​ | ​        | ​ | 3,964,063 | ​       | ​ | ​ | ​ | ​ | 3,958,001 | ​ | ​ | ​ | ​ | ​ | 3,306,683 |
| Decolin Inc.(3)(13)(14)Textiles and Leather                                                                                | ​ | ​ | Senior Secured Loan — Initial Term Loan 7.0% Cash, 1 month LIBOR (2.51%) + 4.50%; LIBOR Floor 1.00%, Due 12/23                        | ​ | ​ | ​                  | ​ | 1/26/2018  | ​   | ​ | ​ | ​        | ​ | 2,190,363 | ​       | ​ | ​ | ​ | ​ | 2,181,096 | ​ | ​ | ​ | ​ | ​ | 2,092,454 |
| Dell International L.L.C. (EMC Corporation)(8)(13)High Tech Industries                                                     | ​ | ​ | Senior Secured Loan — Refinancing Term B Loan 4.5% Cash, 1 month LIBOR (2.53%) + 2.00%; LIBOR Floor 0.75%, Due 9/23                   | ​ | ​ | ​                  | ​ | 12/28/2018 | ​   | ​ | ​ | ​        | ​ | 2,000,000 | ​       | ​ | ​ | ​ | ​ | 1,930,000 | ​ | ​ | ​ | ​ | ​ | 1,930,000 |
| Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.)(8)(13)(14)High Tech Industries                         | ​ | ​ | Senior Secured Loan — Term Loan10.3% Cash, 3 month LIBOR (2.81%) + 7.50%; LIBOR Floor 1.50%, Due 7/24                                 | ​ | ​ | ​                  | ​ | 12/10/2018 | ​   | ​ | ​ | ​        | ​ | 4,987,469 | ​       | ​ | ​ | ​ | ​ | 4,938,132 | ​ | ​ | ​ | ​ | ​ | 4,937,594 |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                                                     | ​ | ​ | Investment(15)Interest Rate(1)/Maturity                                                                                                                | ​ | ​ | InitialAcquisitionDate | ​ | ​    | Principal | ​ | ​ | AmortizedCost | ​ | ​   | Fair Value(2) |
|--------------------------------------------------------------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|------------------------|---------|------------|-----------|---------|---------|---------------|---------|-----------|---------------|
| Drew Marine Group Inc.(8)(13)(14)Transportation: Cargo                                                                   | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 9.5% Cash, 1 month LIBOR (2.52%) + 7.00%; LIBOR Floor 1.00%, Due 5/21                  | ​ | ​ | ​                | ​ | 11/19/2013 | ​   | ​ | ​ | ​       | $       | 4,000,000 | ​       | ​ | ​ | ​ | $ | 4,000,634 | ​ | ​ | ​ | ​ | $ | 4,000,400 |
| Evergreen North America Acquisition, LLC (f/k/a Industrial Services Acquisition, LLC)(8)(13)(14)Environmental Industries | ​ | ​ | Senior Secured Loan — Term Loan7.8% Cash, 3 month LIBOR (2.81%) + 5.00%; LIBOR Floor 1.00%, Due 6/22                                 | ​ | ​ | ​                | ​ | 6/21/2016  | ​   | ​ | ​ | ​       | ​ | 1,103,728 | ​       | ​ | ​ | ​ | ​ | 1,107,755 | ​ | ​ | ​ | ​ | ​ | 1,103,728 |
| First American Payment Systems, L.P.(8)(13)(14)Banking, Finance, Insurance & Real Estate                             | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 13.0% Cash, 3 month LIBOR (2.54%) + 10.50%; LIBOR Floor 1.00%, Due 7/24                | ​ | ​ | ​                | ​ | 1/4/2017   | ​   | ​ | ​ | ​       | ​ | 1,500,000 | ​       | ​ | ​ | ​ | ​ | 1,466,870 | ​ | ​ | ​ | ​ | ​ | 1,399,200 |
| Flexera Software LLC (fka Flexera Software, Inc.)(8)High Tech Industries                                                 | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 9.8% Cash, 1 month LIBOR (2.53%) + 7.25%; LIBOR Floor 1.00%, Due 2/26     | ​ | ​ | ​                | ​ | 1/25/2018  | ​   | ​ | ​ | ​       | ​ | 1,099,654 | ​       | ​ | ​ | ​ | ​ | 1,111,477 | ​ | ​ | ​ | ​ | ​ | 1,090,032 |
| GI Advo Opco, LLC(5)(8)(13)(14)Healthcare & Pharmaceuticals                                                          | ​ | ​ | Senior Secured Loan — Term Loan9.5% Cash, Due 11/21                                                                                  | ​ | ​ | ​                | ​ | 11/19/2015 | ​   | ​ | ​ | ​       | ​ | 180,304   | ​       | ​ | ​ | ​ | ​ | 179,431 | ​ | ​ | ​ | ​ | ​ | 117,919 |
| GK Holdings, Inc. (aka Global Knowledge)(8)(13)Services: Business                                                        | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 13.1% Cash, 3 month LIBOR (2.80%) + 10.25%; LIBOR Floor 1.00%, Due 1/22   | ​ | ​ | ​                | ​ | 1/30/2015  | ​   | ​ | ​ | ​       | ​ | 1,500,000 | ​       | ​ | ​ | ​ | ​ | 1,486,831 | ​ | ​ | ​ | ​ | ​ | 1,376,250 |
| Global Tel*Link Corporation(8)(13)Telecommunications                                                                     | ​ | ​ | Junior Secured Loan — Loan (Second Lien) 11.0% Cash, 3 month LIBOR (2.71%) + 8.25%, Due 11/26                                        | ​ | ​ | ​                | ​ | 5/21/2013  | ​   | ​ | ​ | ​       | ​ | 5,000,000 | ​       | ​ | ​ | ​ | ​ | 4,915,960 | ​ | ​ | ​ | ​ | ​ | 4,912,500 |
| Global Tel*Link Corporation(8)(13)(14)Telecommunications                                                                 | ​ | ​ | Junior Secured Loan — Loan (Second Lien) 11.0% Cash, 3 month LIBOR (2.71%) + 8.25%, Due 11/26                                        | ​ | ​ | ​                | ​ | 5/21/2013  | ​   | ​ | ​ | ​       | ​ | 2,000,000 | ​       | ​ | ​ | ​ | ​ | 1,965,349 | ​ | ​ | ​ | ​ | ​ | 1,965,000 |
| Global Tel*Link Corporation(8)(13)(14)Telecommunications                                                                 | ​ | ​ | Senior Secured Loan — Term Loan (First Lien) 7.0% Cash, 3 month LIBOR (2.71%) + 4.25%, Due 11/25                                     | ​ | ​ | ​                | ​ | 12/7/2017  | ​   | ​ | ​ | ​       | ​ | 1,473,788 | ​       | ​ | ​ | ​ | ​ | 1,470,466 | ​ | ​ | ​ | ​ | ​ | 1,466,419 |
| Grupo HIMA San Pablo, Inc.(8)(13)Healthcare & Pharmaceuticals                                                        | ​ | ​ | Senior Secured Loan — Term B Loan (First Lien) 9.5% Cash, 3 month LIBOR (2.52%) + 7.00%; LIBOR Floor 1.50%, Due 1/18            | ​ | ​ | ​                | ​ | 1/30/2013  | ​   | ​ | ​ | ​       | ​ | 2,813,058 | ​       | ​ | ​ | ​ | ​ | 2,813,058 | ​ | ​ | ​ | ​ | ​ | 2,728,666 |
| Grupo HIMA San Pablo, Inc.(5)(13)(14)Healthcare & Pharmaceuticals                                                    | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 13.8% Cash, Due 7/18                                                                   | ​ | ​ | ​                | ​ | 1/30/2013  | ​   | ​ | ​ | ​       | ​ | 7,191,667 | ​       | ​ | ​ | ​ | ​ | 7,169,109 | ​ | ​ | ​ | ​ | ​ | 4,789,650 |
| Harland Clarke Holdings Corp. (fka Clarke American Corp.)(8)(13)(14)Media: Advertising, Printing & Publishing        | ​ | ​ | Senior Secured Loan — Initial Term Loan 7.6% Cash, 3 month LIBOR (2.80%) + 4.75%; LIBOR Floor 1.00%, Due 11/23                       | ​ | ​ | ​                | ​ | 6/18/2013  | ​   | ​ | ​ | ​       | ​ | 2,817,177 | ​       | ​ | ​ | ​ | ​ | 2,836,587 | ​ | ​ | ​ | ​ | ​ | 2,564,688 |
| Hoffmaster Group, Inc.(8)(13)(14)Forest Products & Paper                                                             | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 12.0% Cash, 1 month LIBOR (2.52%) + 9.50%; LIBOR Floor 1.00%, Due 11/24   | ​ | ​ | ​                | ​ | 5/6/2014   | ​   | ​ | ​ | ​       | ​ | 1,600,000 | ​       | ​ | ​ | ​ | ​ | 1,564,583 | ​ | ​ | ​ | ​ | ​ | 1,553,920 |
| Infobase Holdings, Inc.(8)(13)(14)High Tech Industries                                                                   | ​ | ​ | Senior Secured Loan — Term Loan7.1% Cash, 3 month LIBOR (2.63%) + 4.50%; LIBOR Floor 1.00%, Due 12/22                                | ​ | ​ | ​                | ​ | 12/13/2017 | ​   | ​ | ​ | ​       | ​ | 4,017,393 | ​       | ​ | ​ | ​ | ​ | 3,981,675 | ​ | ​ | ​ | ​ | ​ | 3,977,219 |
| Ion Media Networks, Inc.(8)(13)Media: Advertising, Printing & Publishing                                             | ​ | ​ | Senior Secured Loan — Term B-3 Loan5.3% Cash, 1 month LIBOR (2.53%) + 2.75%; LIBOR Floor 1.00%, Due 12/20                       | ​ | ​ | ​                | ​ | 12/28/2018 | ​   | ​ | ​ | ​       | ​ | 3,000,000 | ​       | ​ | ​ | ​ | ​ | 2,917,500 | ​ | ​ | ​ | ​ | ​ | 2,917,500 |
| Ivanti Software, Inc. (fka LANDesk Group, Inc.)(8)(13)High Tech Industries                                               | ​ | ​ | Junior Secured Loan — Loan (Second Lien) 11.4% Cash, 1 month LIBOR (2.35%) + 9.00%; LIBOR Floor 1.00%, Due 1/25                      | ​ | ​ | ​                | ​ | 3/10/2017  | ​   | ​ | ​ | ​       | ​ | 3,228,619 | ​       | ​ | ​ | ​ | ​ | 3,228,619 | ​ | ​ | ​ | ​ | ​ | 3,071,062 |
| Jane Street Group, LLC(8)(13)Banking, Finance, Insurance & Real Estate                                               | ​ | ​ | Senior Secured Loan — Dollar Term Loan (2018) 5.5% Cash, 1 month LIBOR (2.50%) + 3.00%, Due 8/22                                     | ​ | ​ | ​                | ​ | 12/28/2018 | ​   | ​ | ​ | ​       | ​ | 2,992,500 | ​       | ​ | ​ | ​ | ​ | 2,932,650 | ​ | ​ | ​ | ​ | ​ | 2,932,650 |
| Kellermeyer Bergensons Services, LLC(8)Services: Business                                                                | ​ | ​ | Senior Secured Loan — 2018 Replacement Term Loan (First Lien) 7.5% Cash, 3 month LIBOR (2.71%) + 4.75%; LIBOR Floor 1.00%, Due 10/21 | ​ | ​ | ​                | ​ | 10/31/2014 | ​   | ​ | ​ | ​       | ​ | 2,093,452 | ​       | ​ | ​ | ​ | ​ | 2,090,784 | ​ | ​ | ​ | ​ | ​ | 2,096,069 |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                             | ​ | ​ | Investment(15)Interest Rate(1)/Maturity                                                                                                                | ​ | ​ | InitialAcquisitionDate | ​ | ​    | Principal | ​ | ​ | AmortizedCost | ​ | ​    | Fair Value(2) |
|--------------------------------------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|------------------------|---------|------------|-----------|---------|---------|---------------|---------|------------|---------------|
| MB Aerospace Holdings II Corp.(8)(13)(14)Aerospace and Defense                                   | ​ | ​ | Senior Secured Loan — Initial Term Loan (First Lien) 6.0% Cash, 1 month LIBOR (2.52%) + 3.50%; LIBOR Floor 1.00%, Due 1/25      | ​ | ​ | ​                | ​ | 5/10/2013  | ​   | ​ | ​ | ​       | $       | 1,237,500  | ​       | ​ | ​ | ​ | $ | 1,232,118 | ​ | ​ | ​ | ​ | $ | 1,149,390 |
| Navex Topco, Inc.(8)(13)(14)Electronics                                                          | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 9.5% Cash, 1 month LIBOR (2.53%) + 7.00%, Due 9/26                        | ​ | ​ | ​                | ​ | 12/4/2018  | ​   | ​ | ​ | ​       | ​ | 3,000,000  | ​       | ​ | ​ | ​ | ​ | 3,007,500 | ​ | ​ | ​ | ​ | ​ | 3,007,500 |
| Playpower, Inc.(8)(13)(14)Construction & Building                                            | ​ | ​ | Senior Secured Loan — Initial Term Loan (First Lien) 7.6% Cash, 3 month LIBOR (2.80%) + 4.75%; LIBOR Floor 1.00%, Due 6/21      | ​ | ​ | ​                | ​ | 6/23/2015  | ​   | ​ | ​ | ​       | ​ | 1,393,745  | ​       | ​ | ​ | ​ | ​ | 1,400,223 | ​ | ​ | ​ | ​ | ​ | 1,394,163 |
| PSC Industrial Holdings Corp.(8)(13)Environmental Industries                                     | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 10.96% Cash, 1 month LIBOR (2.46%) + 8.50%; LIBOR Floor 1.00%, Due 10/25  | ​ | ​ | ​                | ​ | 10/5/2017  | ​   | ​ | ​ | ​       | ​ | 3,000,000  | ​       | ​ | ​ | ​ | ​ | 2,949,039 | ​ | ​ | ​ | ​ | ​ | 2,940,300 |
| PVHC Holding Corp(8)(13)(14)Chemicals, Plastics and Rubber                                       | ​ | ​ | Senior Secured Loan — Initial Term Loan 7.57% Cash, 3 month LIBOR (2.82%) + 4.75%; LIBOR Floor 1.00%, Due 8/24                       | ​ | ​ | ​                | ​ | 8/10/2018  | ​   | ​ | ​ | ​       | ​ | 2,872,800  | ​       | ​ | ​ | ​ | ​ | 2,859,340 | ​ | ​ | ​ | ​ | ​ | 2,859,872 |
| Q Holding Company (fka Lexington Precision Corporation)(8)(13)(14)Chemicals, Plastics and Rubber | ​ | ​ | Senior Secured Loan — Term B Loan 7.5% Cash, 1 month LIBOR (2.52%) + 5.00%; LIBOR Floor 1.00%, Due 12/21                             | ​ | ​ | ​                | ​ | 12/16/2016 | ​   | ​ | ​ | ​       | ​ | 1,979,381  | ​       | ​ | ​ | ​ | ​ | 2,002,724 | ​ | ​ | ​ | ​ | ​ | 1,941,773 |
| Ravn Air Group, Inc.(8)(13)(14)Aerospace and Defense                                             | ​ | ​ | Senior Secured Loan — Initial Term Loan 7.8% Cash, 3 month LIBOR (2.81%) + 5.00%; LIBOR Floor 1.00%, Due 7/21                        | ​ | ​ | ​                | ​ | 7/29/2015  | ​   | ​ | ​ | ​       | ​ | 1,894,549  | ​       | ​ | ​ | ​ | ​ | 1,894,549 | ​ | ​ | ​ | ​ | ​ | 1,894,549 |
| Robertshaw US Holding Corp. (fka Fox US Bidco Corp.)(8)(13)Capital Equipment                     | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 10.6% Cash, 1 month LIBOR (2.56%) + 8.00%; LIBOR Floor 1.00%, Due 2/26         | ​ | ​ | ​                | ​ | 2/15/2018  | ​   | ​ | ​ | ​       | ​ | 3,000,000  | ​       | ​ | ​ | ​ | ​ | 2,973,097 | ​ | ​ | ​ | ​ | ​ | 2,775,000 |
| Roscoe Medical, Inc.(8)(13)Healthcare & Pharmaceuticals                                      | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 11.25% Cash, Due 9/19                                                                  | ​ | ​ | ​                | ​ | 3/26/2014  | ​   | ​ | ​ | ​       | ​ | 1,700,000  | ​       | ​ | ​ | ​ | ​ | 1,697,733 | ​ | ​ | ​ | ​ | ​ | 1,525,750 |
| Roscoe Medical, Inc.(8)(13)(14)Healthcare & Pharmaceuticals                                  | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 11.25% Cash, Due 9/19                                                                  | ​ | ​ | ​                | ​ | 3/26/2014  | ​   | ​ | ​ | ​       | ​ | 5,000,000  | ​       | ​ | ​ | ​ | ​ | 4,993,345 | ​ | ​ | ​ | ​ | ​ | 4,487,500 |
| Salient CRGT Inc.(8)(13)(14)High Tech Industries                                                 | ​ | ​ | Senior Secured Loan — Initial Term Loan 8.3% Cash, 1 month LIBOR (2.52%) + 5.75%; LIBOR Floor 1.00%, Due 2/22                        | ​ | ​ | ​                | ​ | 2/27/2017  | ​   | ​ | ​ | ​       | ​ | 1,841,753  | ​       | ​ | ​ | ​ | ​ | 1,859,440 | ​ | ​ | ​ | ​ | ​ | 1,758,874 |
| SCSG EA Acquisition Company, Inc.(8)Healthcare & Pharmaceuticals                             | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 10.6% Cash, 3 month LIBOR (2.40%) + 8.25%; LIBOR Floor 1.00%, Due 9/24    | ​ | ​ | ​                | ​ | 8/18/2017  | ​   | ​ | ​ | ​       | ​ | 1,000,000  | ​       | ​ | ​ | ​ | ​ | 991,195 | ​ | ​ | ​ | ​ | ​ | 990,400 |
| SCSG EA Acquisition Company, Inc.(8)(14)Healthcare & Pharmaceuticals                         | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 10.6% Cash, 3 month LIBOR (2.40%) + 8.25%; LIBOR Floor 1.00%, Due 9/24    | ​ | ​ | ​                | ​ | 8/18/2017  | ​   | ​ | ​ | ​       | ​ | 5,000,000  | ​       | ​ | ​ | ​ | ​ | 4,959,445 | ​ | ​ | ​ | ​ | ​ | 4,952,000 |
| Sierra Enterprises, LLC (aka Lyons Magnus)(8)(13)(14)Beverage, Food and Tobacco                  | ​ | ​ | Senior Secured Loan — Tranche B-1 Term Loan (First Lien) 6.0% Cash, 1 month LIBOR (2.52%) + 3.50%; LIBOR Floor 1.00%, Due 11/24 | ​ | ​ | ​                | ​ | 11/3/2017  | ​   | ​ | ​ | ​       | ​ | 2,970,056  | ​       | ​ | ​ | ​ | ​ | 2,957,029 | ​ | ​ | ​ | ​ | ​ | 2,955,206 |
| Stafford Logistics, Inc.(dba Custom Ecology, Inc.)(5)(8)(13)Environmental Industries             | ​ | ​ | Junior Secured Loan — Restructured Term Loan 1.0% Cash, 8.3% PIK, 3 month LIBOR (2.80%) + 5.50%, Due 10/22                      | ​ | ​ | ​                | ​ | 6/25/2013  | ​   | ​ | ​ | ​       | ​ | 2,035,770  | ​       | ​ | ​ | ​ | ​ | 1,941,220 | ​ | ​ | ​ | ​ | ​ | 560,855 |
| Stafford Logistics, Inc.(dba Custom Ecology, Inc.)(8)(13)(14)Environmental Industries            | ​ | ​ | Senior Secured Loan — Term Loan14.8% Cash, 3 month LIBOR (2.82%) + 12.00%, Due 10/22                                                 | ​ | ​ | ​                | ​ | 6/25/2013  | ​   | ​ | ​ | ​       | ​ | 339,788    | ​       | ​ | ​ | ​ | ​ | 339,788 | ​ | ​ | ​ | ​ | ​ | 339,788 |
| Tank Partners Holdings, LLC(5)(8)(13)Energy: Oil & Gas                                       | ​ | ​ | Senior Secured Loan — Loan3.0% Cash, 12.5% PIK, 1 month PRIME (5.00%) +7.5%; PRIME Floor 3.00%, Due 8/19                             | ​ | ​ | ​                | ​ | 8/28/2014  | ​   | ​ | ​ | ​       | ​ | 15,295,083 | ​       | ​ | ​ | ​ | ​ | 14,149,836 | ​ | ​ | ​ | ​ | ​ | 7,398,223 |

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| Portfolio Company/Principal Business                                         | ​ | ​ | Investment(15)Interest Rate(1)/Maturity                                                                                                             | ​ | ​ | InitialAcquisitionDate | ​ | ​    | Principal | ​ | ​ | AmortizedCost | ​ | ​     | Fair Value(2) |
|------------------------------------------------------------------------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|------------------------|---------|------------|-----------|---------|---------|---------------|---------|-------------|---------------|
| Tex-Tech Industries, Inc.(8)(13)Textiles and Leather                         | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 11.5% Cash, 1 month LIBOR (2.52%) + 9.00%; LIBOR Floor 1.00%, Due 8/24              | ​ | ​ | ​                | ​ | 8/24/2017  | ​   | ​ | ​ | ​       | $       | 8,008,000   | ​       | ​ | ​ | ​ | $ | 7,959,567 | ​ | ​ | ​ | ​ | $ | 7,847,840 |
| Time Manufacturing Acquisition, LLC(8)(13)(14)Capital Equipment              | ​ | ​ | Senior Secured Loan — Term Loan7.6% Cash, 6 month LIBOR (2.63%) + 5.00%; LIBOR Floor 1.00%, Due 2/23                              | ​ | ​ | ​                | ​ | 2/3/2017   | ​   | ​ | ​ | ​       | ​ | 3,446,143   | ​       | ​ | ​ | ​ | ​ | 3,447,715 | ​ | ​ | ​ | ​ | ​ | 3,430,291 |
| TronAir Parent Inc.(8)(13)(14)Aerospace and Defense                          | ​ | ​ | Senior Secured Loan — Initial Term Loan (First Lien) 7.6% Cash, 6 month LIBOR (2.82%) + 4.75%; LIBOR Floor 1.00%, Due 9/23   | ​ | ​ | ​                | ​ | 9/30/2016  | ​   | ​ | ​ | ​       | ​ | 987,374     | ​       | ​ | ​ | ​ | ​ | 985,337 | ​ | ​ | ​ | ​ | ​ | 954,001 |
| TRSO I, Inc.(8)(13)Energy: Oil & Gas                                     | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 14.0% Cash, Due 12/19                                                          | ​ | ​ | ​                | ​ | 12/24/2012 | ​   | ​ | ​ | ​       | ​ | 1,000,000   | ​       | ​ | ​ | ​ | ​ | 997,207 | ​ | ​ | ​ | ​ | ​ | 1,000,000 |
| Verdesian Life Sciences, LLC(8)(13)(14)Environmental Industries              | ​ | ​ | Senior Secured Loan — Initial Term Loan 7.5% Cash, 1 month LIBOR (2.53%) + 5.00%; LIBOR Floor 1.00%, Due 7/20                     | ​ | ​ | ​                | ​ | 6/25/2014  | ​   | ​ | ​ | ​       | ​ | 2,075,305   | ​       | ​ | ​ | ​ | ​ | 2,033,378 | ​ | ​ | ​ | ​ | ​ | 1,993,123 |
| Weiman Products, LLC(8)(13)(14)Consumer goods: Non-durable                   | ​ | ​ | Senior Secured Loan — Term Loan7.3% Cash, 3 month LIBOR (2.80%) + 4.50%; LIBOR Floor 1.00%, Due 11/21                             | ​ | ​ | ​                | ​ | 11/22/2013 | ​   | ​ | ​ | ​       | ​ | 1,440,525   | ​       | ​ | ​ | ​ | ​ | 1,434,568 | ​ | ​ | ​ | ​ | ​ | 1,440,525 |
| WireCo WorldGroup Inc.(8)(13)Capital Equipment                               | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 11.5% Cash, 1 month LIBOR (2.52%) + 9.00%; LIBOR Floor 1.00%, Due 9/24 | ​ | ​ | ​                | ​ | 8/9/2016   | ​   | ​ | ​ | ​       | ​ | 3,000,000   | ​       | ​ | ​ | ​ | ​ | 2,967,619 | ​ | ​ | ​ | ​ | ​ | 2,957,100 |
| Zest Acquisition Corp.(8)(13)Healthcare & Pharmaceuticals                | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 10.0% Cash, 1 month LIBOR (2.45%) + 7.50%; LIBOR Floor 1.00%, Due 3/26 | ​ | ​ | ​                | ​ | 3/8/2018   | ​   | ​ | ​ | ​       | ​ | 3,500,000   | ​       | ​ | ​ | ​ | ​ | 3,479,741 | ​ | ​ | ​ | ​ | ​ | 3,430,000 |
| Total Investment in Equity Securities (94% of net asset value at fair value) | ​ | ​ | ​                                                                                                                                             | ​ | ​ | ​                | ​ | ​    | ​   | ​ | ​ | ​       | $       | 164,541,812 | ​       | ​ | ​ | ​ | $ | 162,264,482 | ​ | ​ | ​ | ​ | $ | 147,861,744 |
| ​                                                                      |

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| Portfolio Company/Principal Business                                                                                    | ​ | ​ | Investment(15)        | ​ | ​ | Initial Acquisition Date | ​ | ​    | Percentage Ownership/​Shares | ​ | ​ | Cost    | ​ | ​ | Fair Value(2) | ​ |
|-------------------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------|---------|---------|--------------------------|---------|------------|------------------------------------|---------|---------|---------|---------|---------|---------------|---------|
| Advanced Lighting Technologies, Inc,(8)(13)Consumer goods: Durable                                                      | ​ | ​ | Warrants              | ​ | ​ | ​                  | ​ | 6/13/2012  | ​                            | ​ | ​ | ​ | ​ | 1.90%   | ​       | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 1,000 | ​ | ​ |
| Advanced Lighting Technologies, Inc.(8)(13)Consumer goods: Durable                                                      | ​ | ​ | Membership Interests  | ​ | ​ | ​                  | ​ | 6/13/2012  | ​                            | ​ | ​ | ​ | ​ | 0.40%   | ​       | ​ | ​ | ​ | ​ | 181,999 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Aerostructures Holdings L.P.(8)(13)Aerospace and Defense                                                                | ​ | ​ | Partnership Interests | ​ | ​ | ​                  | ​ | 2/28/2007  | ​                            | ​ | ​ | ​ | ​ | 1.16%   | ​       | ​ | ​ | ​ | ​ | 157,717 | ​ | ​ | ​ | ​ | ​ | 50,000 | ​ | ​ |
| BCP Great Lakes Fund LP(17)Limited Partnership                                                                     | ​ | ​ | Partnership Interest  | ​ | ​ | ​                  | ​ | 12/11/2018 | ​                            | ​ | ​ | ​ | ​ | 55.6%   | ​       | ​ | ​ | ​ | ​ | 12,466,667 | ​ | ​ | ​ | ​ | ​ | 12,466,667 | ​ | ​ |
| Caribe Media Inc. (fka Caribe Information Investments Incorporated)(8)(13)Media: Advertising, Printing & Publishing | ​ | ​ | Common                | ​ | ​ | ​                  | ​ | 12/18/2006 | ​                            | ​ | ​ | ​ | ​ | 1.17%   | ​       | ​ | ​ | ​ | ​ | 359,765 | ​ | ​ | ​ | ​ | ​ | 108,675 | ​ | ​ |
| eInstruction Acquisition, LLC(8)(13)Services: Business                                                                  | ​ | ​ | Membership Units      | ​ | ​ | ​                  | ​ | 7/2/2007   | ​                            | ​ | ​ | ​ | ​ | 1.10%   | ​       | ​ | ​ | ​ | ​ | 1,079,617 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| FP WRCA Coinvestment Fund VII, Ltd.(3)(13)Capital Equipment                                                        | ​ | ​ | Class A Shares   | ​ | ​ | ​                  | ​ | 2/2/2007   | ​                            | ​ | ​ | ​ | ​ | 0.41%   | ​       | ​ | ​ | ​ | ​ | 1,500,000 | ​ | ​ | ​ | ​ | ​ | 669,000 | ​ | ​ |
| New Millennium Holdco, Inc. (Millennium Health, LLC)(8)(13)Healthcare & Pharmaceuticals                             | ​ | ​ | Common                | ​ | ​ | ​                  | ​ | 10/7/2014  | ​                            | ​ | ​ | ​ | ​ | 0.20%   | ​       | ​ | ​ | ​ | ​ | 1,953,299 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Perseus Holding Corp.(8)(13)Hotel, Gaming & Leisure                                                                 | ​ | ​ | Common                | ​ | ​ | ​                  | ​ | 4/5/2007   | ​                            | ​ | ​ | ​ | ​ | 0.19%   | ​       | ​ | ​ | ​ | ​ | 400,000 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Roscoe Investors, LLC(8)(13)Healthcare & Pharmaceuticals                                                            | ​ | ​ | Class A Units    | ​ | ​ | ​                  | ​ | 3/26/2014  | ​                            | ​ | ​ | ​ | ​ | 1.56%   | ​       | ​ | ​ | ​ | ​ | 1,000,000 | ​ | ​ | ​ | ​ | ​ | 653,000 | ​ | ​ |
| Stafford Logistics, Inc.(dba Custom Ecology, Inc.)(8)(13)Environmental Industries                                       | ​ | ​ | Class B Units    | ​ | ​ | ​                  | ​ | 6/25/2013  | ​                            | ​ | ​ | ​ | ​ | 1.56%   | ​       | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Stafford Logistics, Inc.(dba Custom Ecology, Inc.)(8)(13)Environmental Industries                                       | ​ | ​ | Class B Equity   | ​ | ​ | ​                  | ​ | 6/25/2013  | ​                            | ​ | ​ | ​ | ​ | 1.56%   | ​       | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Tank Partners Holdings, LLC(8)(10)(13)Aerospace and Defense                                                             | ​ | ​ | Unit                  | ​ | ​ | ​                  | ​ | 8/28/2014  | ​                            | ​ | ​ | ​ | ​ | 15.5%   | ​       | ​ | ​ | ​ | ​ | 980,000 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Tank Partners Holdings, LLC(8)(13)Aerospace and Defense                                                                 | ​ | ​ | Warrants              | ​ | ​ | ​                  | ​ | 8/28/2014  | ​                            | ​ | ​ | ​ | ​ | 1.04%   | ​       | ​ | ​ | ​ | ​ | 185,205 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| TRSO II, Inc.(8)(13)Energy: Oil & Gas                                                                               | ​ | ​ | Common Stock          | ​ | ​ | ​                  | ​ | 12/24/2012 | ​                            | ​ | ​ | ​ | ​ | 5.40%   | ​       | ​ | ​ | ​ | ​ | 1,680,161 | ​ | ​ | ​ | ​ | ​ | 548,345 | ​ | ​ |
| Total Investment in Equity Securities (9% of net asset value at fair value)                                   | ​ | ​ | ​               | ​ | ​ | ​                  | ​ | ​    | ​                            | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | $ | 21,944,430 | ​ | ​ | ​ | ​ | $ | 14,504,687 | ​ | ​ |
| ​                                                                                                                 |

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| Portfolio Company                               | ​ | ​ | Investment(15)(11)                                                 | ​ | ​ | Initial Acquisition Date | ​ | ​    | Percentage Ownership | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value | ​ |
|-------------------------------------------------|---------|---------|--------------------------------------------------------------------|---------|---------|--------------------------|---------|------------|----------------------|---------|---------|----------------|---------|---------|------------|---------|
| Katonah III, Ltd.(3)(12)(13)                    | ​ | ​ | Subordinated Securities, effective interest N/M(16), 5/15 maturity | ​ | ​ | ​                  | ​ | 12/11/2006 | ​              | ​ | ​ | ​        | ​ | 23.1%   | ​    | ​ | ​ | ​ | $ | 1,287,155 | ​ | ​ | ​ | ​ | $ | 369,280 | ​ | ​ |
| Catamaran CLO 2013- 1 Ltd.(3)(13)               | ​ | ​ | Subordinated Securities, effective interest 21.9%, 1/28 maturity   | ​ | ​ | ​                  | ​ | 6/4/2013   | ​              | ​ | ​ | ​        | ​ | 23.3%   | ​    | ​ | ​ | ​ | ​ | 6,378,611 | ​ | ​ | ​ | ​ | ​ | 7,016,733 | ​ | ​ |
| Catamaran CLO 2014-1 Ltd.(3)(13)                | ​ | ​ | Subordinated Securities, effective interest 13.6%, 4/30 maturity   | ​ | ​ | ​                  | ​ | 5/6/2014   | ​              | ​ | ​ | ​        | ​ | 25.1%   | ​    | ​ | ​ | ​ | ​ | 11,740,622 | ​ | ​ | ​ | ​ | ​ | 9,777,251 | ​ | ​ |
| Dryden 30 Senior Loan Fund(3)(13)               | ​ | ​ | Subordinated Securities, effective interest 27.0%, 12/29 maturity  | ​ | ​ | ​                  | ​ | 10/10/2013 | ​              | ​ | ​ | ​        | ​ | 6.8%    | ​    | ​ | ​ | ​ | ​ | 1,438,701 | ​ | ​ | ​ | ​ | ​ | 1,913,925 | ​ | ​ |
| Catamaran CLO 2014-2 Ltd.(3)(13)                | ​ | ​ | Subordinated Securities, effective interest 10.4%, 11/25 maturity  | ​ | ​ | ​                  | ​ | 8/15/2014  | ​              | ​ | ​ | ​        | ​ | 24.9%   | ​    | ​ | ​ | ​ | ​ | 6,314,484 | ​ | ​ | ​ | ​ | ​ | 2,158,200 | ​ | ​ |
| Catamaran CLO 2015-1 Ltd.(3)(13)                | ​ | ​ | Subordinated Securities, effective interest 11.4%, 10/26 maturity  | ​ | ​ | ​                  | ​ | 5/5/2015   | ​              | ​ | ​ | ​        | ​ | 9.9%    | ​    | ​ | ​ | ​ | ​ | 4,353,347 | ​ | ​ | ​ | ​ | ​ | 3,048,698 | ​ | ​ |
| Catamaran CLO 2016-1 Ltd.(3)(13)                | ​ | ​ | Subordinated Securities, effective interest 9.1%, 4/27 maturity    | ​ | ​ | ​                  | ​ | 12/21/2016 | ​              | ​ | ​ | ​        | ​ | 24.9%   | ​    | ​ | ​ | ​ | ​ | 9,717,150 | ​ | ​ | ​ | ​ | ​ | 7,067,073 | ​ | ​ |
| Catamaran CLO 2018-1 Ltd(3)(13)                 | ​ | ​ | Subordinated Securities, effective interest 14.5%, 10/31 maturity  | ​ | ​ | ​                  | ​ | 9/27/2018  | ​              | ​ | ​ | ​        | ​ | 24.8%   | ​    | ​ | ​ | ​ | ​ | 9,843,450 | ​ | ​ | ​ | ​ | ​ | 8,500,000 | ​ | ​ |
| Total Investment in CLO Subordinated Securities | ​ | ​ | ​                                                            | ​ | ​ | ​                  | ​ | ​    | ​              | ​ | ​ | ​        | ​ | ​ | ​    | ​ | ​ | ​ | $ | 51,073,520 | ​ | ​ | ​ | ​ | $ | 39,851,160 | ​ | ​ |
| ​                                         |
| Portfolio Company                                                                   | ​ | ​ | Investment(15)                                                                 | ​ | ​ | Initial Acquisition Date | ​ | ​    | Percentage Ownership | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value | ​ |
|-------------------------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------------------|---------|---------|--------------------------|---------|------------|----------------------|---------|---------|----------------|---------|---------|------------|---------|
| KCAP 2017-1A(6)(13)                                                                 | ​ | ​ | Class E Notes, 10.29% Cash, 3 month LIBOR (2.79%) + 7.50%, Due 12/29 | ​ | ​ | ​                  | ​ | 10/24/2017 | ​              | ​ | ​ | ​        | ​ | 27.4%   | ​    | ​ | ​ | ​ | $ | 4,407,106 | ​ | ​ | ​ | ​ | $ | 4,473,840 | ​ | ​ |
| Total Investment in CLO Rated-Note                                                  | ​ | ​ | ​                                                                        | ​ | ​ | ​                  | ​ | ​    | ​              | ​ | ​ | ​        | ​ | ​ | ​    | ​ | ​ | ​ | $ | 4,407,106 | ​ | ​ | ​ | ​ | $ | 4,473,840 | ​ | ​ |
| Total Investment in CLO Fund Securities (28% of net asset value at fair value) | ​ | ​ | ​                                                                        | ​ | ​ | ​                  | ​ | ​    | ​              | ​ | ​ | ​        | ​ | ​ | ​    | ​ | ​ | ​ | $ | 55,480,626 | ​ | ​ | ​ | ​ | $ | 44,325,000 | ​ | ​ |
| ​                                                                             |
| Portfolio Company/Principal Business                                               | ​ | ​ | Investment(15)           | ​ | ​ | Initial Acquisition Date | ​ | ​    | Percentage Ownership | ​ | ​ | Cost    | ​ | ​ | Fair Value(2) | ​ |
|------------------------------------------------------------------------------------|---------|---------|--------------------------|---------|---------|--------------------------|---------|------------|----------------------|---------|---------|---------|---------|---------|---------------|---------|
| Asset Manager Affiliates(8)(13)(17)                                                | ​ | ​ | Asset Management Company | ​ | ​ | ​                  | ​ | 12/11/2006 | ​              | ​ | ​ | ​ | ​ | 100%    | ​       | ​ | ​ | ​ | $ | 17,791,230 | ​ | ​ | ​ | ​ | $ | 3,470,000 | ​ | ​ |
| Total Investment in Asset Manager Affiliates (2% of net asset value at fair value) | ​ | ​ | ​                  | ​ | ​ | ​                  | ​ | ​    | ​              | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | $ | 17,791,230 | ​ | ​ | ​ | ​ | $ | 3,470,000 | ​ | ​ |
| ​                                                                            |
| Portfolio Company/Principal Business                                      | ​ | ​ | Investment(15) | ​ | ​ | Initial Acquisition Date | ​ | ​   | Percentage Ownership | ​ | ​ | Cost    | ​ | ​ | Fair Value | ​ |
|---------------------------------------------------------------------------|---------|---------|----------------|---------|---------|--------------------------|---------|-----------|----------------------|---------|---------|---------|---------|---------|------------|---------|
| KCAP Freedom 3 LLC(9)(13)                                                 | ​ | ​ | Joint Venture  | ​ | ​ | ​                  | ​ | 7/19/2017 | ​              | ​ | ​ | ​ | ​ | 60%     | ​    | ​ | ​ | ​ | $ | 24,914,858 | ​ | ​ | ​ | ​ | $ | 18,390,440 | ​ | ​ |
| Total Investment in Joint Ventures (12% of net asset value at fair value) | ​ | ​ | ​        | ​ | ​ | ​                  | ​ | ​   | ​              | ​ | ​ | ​ | ​ | ​ | ​    | ​ | ​ | ​ | $ | 24,914,858 | ​ | ​ | ​ | ​ | $ | 18,390,440 | ​ | ​ |
| ​                                                                   |

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| Short-term Investments                                              | ​ | ​ | Investment(15)             | ​ | ​ | Initial Acquisition Date | ​ | ​ | Yield   | ​ | ​ | Par/Amortized Cost | ​ | ​ | Fair Value(2) | ​ |
|---------------------------------------------------------------------|---------|---------|----------------------------|---------|---------|--------------------------|---------|---------|---------|---------|---------|--------------------|---------|---------|---------------|---------|
| US Bank Money Market Account(7)(8)                                  | ​ | ​ | Money Market Account       | ​ | ​ | ​                  | ​ | N/A     | ​ | ​ | ​ | ​            | ​ | 0.20%   | ​       | ​ | ​ | ​ | $ | 34,757,129 | ​ | ​ | ​ | ​ | $ | 34,757,129 | ​ | ​ |
| US Treasury Bill (Cusip:912796UH0)(8)                               | ​ | ​ | U.S. Government Obligation | ​ | ​ | ​                  | ​ | ​ | ​ | ​ | ​ | ​            | ​ | 1.04%   | ​       | ​ | ​ | ​ | ​ | 9,999,349 | ​ | ​ | ​ | ​ | ​ | 9,999,349 | ​ | ​ |
| Total Short-term Investments (28% of net asset value at fair value) | ​ | ​ | ​                    | ​ | ​ | ​                  | ​ | ​ | ​ | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​ | $ | 44,756,478 | ​ | ​ | ​ | ​ | $ | 44,756,478 | ​ | ​ |
| Total Investments(4)                                                | ​ | ​ | ​                    | ​ | ​ | ​                  | ​ | ​ | ​ | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​ | $ | 327,152,104 | ​ | ​ | ​ | ​ | $ | 273,308,349 | ​ | ​ |
| ​                                                             |

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| Portfolio Company/Principal Business                                                            | ​ | ​ | Investment Interest Rate(1)/Maturity                                                                                                                 | ​ | ​ | Principal | ​ | ​   | Amortized Cost | ​ | ​ | Fair Value(2) | ​ |
|-------------------------------------------------------------------------------------------------|---------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|----------------|---------|---------|---------------|---------|
| Advanced Lighting Technologies, Inc.(8)(14)Consumer goods: Durable                              | ​ | ​ | Junior Secured Loan — Second Lien Notes 8.7% Cash, 10.0% PIK, 3 month LIBOR (1.70%) + 17.00%; LIBOR Floor 1.00%, Due 10/23    | ​ | ​ | ​   | $       | 889,340   | ​        | ​ | ​ | ​       | $       | 889,338 | ​ | ​ | ​ | ​ | $ | 803,598 | ​ | ​ |
| Advantage Sales & Marketing Inc.(8)(14)Services: Business                                   | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 7.9% Cash, 3 month LIBOR (1.38%) + 6.50%; LIBOR Floor 1.00%, Due 7/22                | ​ | ​ | ​   | ​ | 1,000,000 | ​        | ​ | ​ | ​       | ​ | 1,001,438 | ​ | ​ | ​ | ​ | ​ | 988,000 | ​ | ​ |
| API Technologies Corp.(8)High Tech Industries                                                   | ​ | ​ | Senior Secured Loan — Initial Term Loan 8.2% Cash, 3 month LIBOR (1.69%) + 6.50%; LIBOR Floor 1.00%, Due 4/22                 | ​ | ​ | ​   | ​ | 3,080,305 | ​        | ​ | ​ | ​       | ​ | 3,110,759 | ​ | ​ | ​ | ​ | ​ | 3,111,108 | ​ | ​ |
| Avalign Technologies, Inc.(8)Healthcare & Pharmaceuticals                                   | ​ | ​ | Senior Secured Loan — Initial Term Loan (First Lien) 6.1% Cash, 1 month LIBOR (1.57%) + 4.50%; LIBOR Floor 1.00%, Due 7/21    | ​ | ​ | ​   | ​ | 1,065,342 | ​        | ​ | ​ | ​       | ​ | 1,062,983 | ​ | ​ | ​ | ​ | ​ | 1,054,689 | ​ | ​ |
| Avalign Technologies, Inc.(8)(14)Healthcare & Pharmaceuticals                               | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 9.7% Cash, 6 month LIBOR (1.46%) + 8.25%; LIBOR Floor 1.00%, Due 7/22   | ​ | ​ | ​   | ​ | 1,500,000 | ​        | ​ | ​ | ​       | ​ | 1,488,964 | ​ | ​ | ​ | ​ | ​ | 1,467,300 | ​ | ​ |
| BMC Acquisition, Inc. (aka BenefitMall)(8)(14)Banking, Finance, Insurance & Real Estate     | ​ | ​ | Senior Secured Loan — Initial Term Loan 7.0% Cash, 3 month LIBOR (1.84%) + 5.17%; LIBOR Floor 1.00%, Due 12/24                     | ​ | ​ | ​   | ​ | 3,000,000 | ​        | ​ | ​ | ​       | ​ | 2,998,125 | ​ | ​ | ​ | ​ | ​ | 2,970,000 | ​ | ​ |
| Carolina Beverage Group LLC(8)(14)Beverage, Food and Tobacco                                    | ​ | ​ | Senior Secured Bond — 10.625% –  08/2018 – 143818AA0 144A 10.6% Cash, Due 8/18                 | ​ | ​ | ​   | ​ | 1,500,000 | ​        | ​ | ​ | ​       | ​ | 1,502,374 | ​ | ​ | ​ | ​ | ​ | 1,518,750 | ​ | ​ |
| CSM Bakery Solutions Limited (fka CSM Bakery Supplies Limited)(8)(14)Beverage, Food and Tobacco | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 9.1% Cash, 3 month LIBOR (1.33%) + 7.75%; LIBOR Floor 1.00%, Due 7/21                | ​ | ​ | ​   | ​ | 3,000,000 | ​        | ​ | ​ | ​       | ​ | 3,008,816 | ​ | ​ | ​ | ​ | ​ | 2,914,800 | ​ | ​ |
| DigiCert, Inc.(8)High Tech Industries                                                           | ​ | ​ | Junior Secured Loan — Initial Loan (Second Lien) 9.4% Cash, 3 month LIBOR (1.38%) + 8.00%; LIBOR Floor 1.00%, Due 10/25            | ​ | ​ | ​   | ​ | 1,000,000 | ​        | ​ | ​ | ​       | ​ | 995,059 | ​ | ​ | ​ | ​ | ​ | 979,100 | ​ | ​ |
| Drew Marine Group Inc.(8)Transportation: Cargo                                                  | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 8.6% Cash, 1 month LIBOR (1.57%) + 7.00%; LIBOR Floor 1.00%, Due 5/21                | ​ | ​ | ​   | ​ | 4,000,000 | ​        | ​ | ​ | ​       | ​ | 4,000,901 | ​ | ​ | ​ | ​ | ​ | 4,010,000 | ​ | ​ |
| EagleTree-Carbide Acquisition Corp. (aka Corsair Components, Inc.)(8)(14)High Tech Industries   | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 10.2% Cash, 3 month LIBOR (1.69%) + 8.50%; LIBOR Floor 1.00%, Due 8/25               | ​ | ​ | ​   | ​ | 5,000,000 | ​        | ​ | ​ | ​       | ​ | 4,927,010 | ​ | ​ | ​ | ​ | ​ | 4,997,500 | ​ | ​ |
| First American Payment Systems, L.P.(8)Banking, Finance, Insurance & Real Estate            | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 11.9% Cash, 1 month LIBOR (1.39%) + 10.50%; LIBOR Floor 1.00%, Due 7/24              | ​ | ​ | ​   | ​ | 1,500,000 | ​        | ​ | ​ | ​       | ​ | 1,460,837 | ​ | ​ | ​ | ​ | ​ | 1,448,400 | ​ | ​ |
| Flexera Software LLC (fka Flexera Software, Inc.)(8)High Tech Industries                        | ​ | ​ | Senior Secured Loan — Term Loan (First Lien) 5.1% Cash, 1 month LIBOR (1.57%) + 3.50%; LIBOR Floor 1.00%, Due 4/20                 | ​ | ​ | ​   | ​ | 2,000,000 | ​        | ​ | ​ | ​       | ​ | 1,995,443 | ​ | ​ | ​ | ​ | ​ | 2,000,000 | ​ | ​ |
| GI Advo Opco, LLC(8)Healthcare & Pharmaceuticals                                            | ​ | ​ | Senior Secured Loan — Term Loan6.2% Cash, 3 month LIBOR (1.69%) + 4.50%; LIBOR Floor 1.00%, Due 11/21                              | ​ | ​ | ​   | ​ | 230,756   | ​        | ​ | ​ | ​       | ​ | 229,252 | ​ | ​ | ​ | ​ | ​ | 230,732 | ​ | ​ |
| GK Holdings, Inc. (aka Global Knowledge)(8)Services: Business                                   | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 11.9% Cash, 3 month LIBOR (1.69%) + 10.25%; LIBOR Floor 1.00%, Due 1/22 | ​ | ​ | ​   | ​ | 1,500,000 | ​        | ​ | ​ | ​       | ​ | 1,482,520 | ​ | ​ | ​ | ​ | ​ | 1,376,400 | ​ | ​ |

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| Portfolio Company/Principal Business                                                                          | ​ | ​ | InvestmentInterest Rate(1)/Maturity                                                                                                                  | ​ | ​ | Principal | ​ | ​   | AmortizedCost | ​ | ​ | Fair Value(2) | ​ |
|---------------------------------------------------------------------------------------------------------------|---------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------------|---------|---------|---------------|---------|
| Global Tel*Link Corporation(8)Telecommunications                                                              | ​ | ​ | Senior Secured Loan — Term Loan (First Lien) 5.7% Cash, 3 month LIBOR (1.69%) + 4.00%; LIBOR Floor 1.25%, Due 5/20                 | ​ | ​ | ​   | $       | 1,495,689 | ​       | ​ | ​ | ​       | $       | 1,492,021 | ​ | ​ | ​ | ​ | $ | 1,491,949 | ​ | ​ |
| Global Tel*Link Corporation(8)(14)Telecommunications                                                          | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 9.9% Cash, 3 month LIBOR (1.69%) + 8.25%; LIBOR Floor 1.25%, Due 11/20               | ​ | ​ | ​   | ​ | 5,000,000 | ​       | ​ | ​ | ​       | ​ | 4,963,469 | ​ | ​ | ​ | ​ | ​ | 4,975,000 | ​ | ​ |
| Grupo HIMA San Pablo, Inc.(8)Healthcare & Pharmaceuticals                                                 | ​ | ​ | Senior Secured Loan — Term B Loan (First Lien) 8.5% Cash, 3 month LIBOR (1.50%) + 7.00%; LIBOR Floor 1.50%, Due 1/18          | ​ | ​ | ​   | ​ | 2,850,000 | ​       | ​ | ​ | ​       | ​ | 2,849,063 | ​ | ​ | ​ | ​ | ​ | 2,593,500 | ​ | ​ |
| Grupo HIMA San Pablo, Inc.(8)(14)Healthcare & Pharmaceuticals                                             | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 13.8% Cash, Due 7/18                                                                 | ​ | ​ | ​   | ​ | 7,191,667 | ​       | ​ | ​ | ​       | ​ | 7,174,676 | ​ | ​ | ​ | ​ | ​ | 4,566,708 | ​ | ​ |
| Harland Clarke Holdings Corp. (fka Clarke American Corp.)(8)(14)Media: Advertising, Printing & Publishing | ​ | ​ | Senior Secured Loan — Initial Term Loan 6.4% Cash, 3 month LIBOR (1.69%) + 4.75%; LIBOR Floor 1.00%, Due 11/23                     | ​ | ​ | ​   | ​ | 2,986,482 | ​       | ​ | ​ | ​       | ​ | 3,011,321 | ​ | ​ | ​ | ​ | ​ | 3,003,281 | ​ | ​ |
| Hoffmaster Group, Inc.(8)(14)Forest Products & Paper                                                      | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 11.2% Cash, 3 month LIBOR (1.69%) + 9.50%; LIBOR Floor 1.00%, Due 11/24 | ​ | ​ | ​   | ​ | 1,600,000 | ​       | ​ | ​ | ​       | ​ | 1,558,556 | ​ | ​ | ​ | ​ | ​ | 1,600,960 | ​ | ​ |
| Industrial Services Acquisition, LLC (aka Evergreen/NAIC)(8)(14)Environmental Industries                      | ​ | ​ | Senior Secured Loan — Term Loan6.6% Cash, 1 month LIBOR (1.63%) + 5.00%; LIBOR Floor 1.00%, Due 6/22                          | ​ | ​ | ​   | ​ | 1,167,909 | ​       | ​ | ​ | ​       | ​ | 1,173,405 | ​ | ​ | ​ | ​ | ​ | 1,167,909 | ​ | ​ |
| Infobase Holdings, Inc.(8)(14)High Tech Industries                                                            | ​ | ​ | Senior Secured Loan — Term Loan8.0% Cash, Prime LIBOR (0.00%) + 8.00%; LIBOR Floor 0.00%, Due 12/22                                | ​ | ​ | ​   | ​ | 2,000,000 | ​       | ​ | ​ | ​       | ​ | 1,980,000 | ​ | ​ | ​ | ​ | ​ | 1,980,000 | ​ | ​ |
| Ivanti Software, Inc. (fka LANDesk Group, Inc.)(8)High Tech Industries                                        | ​ | ​ | Junior Secured Loan — Loan (Second Lien) 10.6% Cash, 1 month LIBOR (1.57%) + 9.00%; LIBOR Floor 1.00%, Due 1/25                    | ​ | ​ | ​   | ​ | 3,228,619 | ​       | ​ | ​ | ​       | ​ | 3,228,619 | ​ | ​ | ​ | ​ | ​ | 3,200,530 | ​ | ​ |
| MB Aerospace ACP Holdings II Corp.(8)(14)Aerospace and Defense                                                | ​ | ​ | Senior Secured Loan — Initial Term Loan 7.1% Cash, 1 month LIBOR (1.63%) + 5.50%; LIBOR Floor 1.00%, Due 12/22                     | ​ | ​ | ​   | ​ | 980,000   | ​       | ​ | ​ | ​       | ​ | 981,158 | ​ | ​ | ​ | ​ | ​ | 980,000 | ​ | ​ |
| MB Aerospace ACP Holdings III Corp.(8)(14)Aerospace and Defense                                               | ​ | ​ | Senior Secured Loan — Term Loan5.1% Cash, 1 month LIBOR (1.58%) + 3.50%; LIBOR Floor 1.00%, Due 1/25                               | ​ | ​ | ​   | ​ | 1,250,000 | ​       | ​ | ​ | ​       | ​ | 1,243,750 | ​ | ​ | ​ | ​ | ​ | 1,243,750 | ​ | ​ |
| National Home Health Care Corp.(8)(14)Healthcare & Pharmaceuticals                                        | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 10.4% Cash, 1 month LIBOR (1.43%) + 9.00%; LIBOR Floor 1.00%, Due 12/22              | ​ | ​ | ​   | ​ | 1,500,728 | ​       | ​ | ​ | ​       | ​ | 1,482,044 | ​ | ​ | ​ | ​ | ​ | 1,458,257 | ​ | ​ |
| Onex Carestream Finance LP(8)Healthcare & Pharmaceuticals                                                 | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 10.2% Cash, 3 month LIBOR (1.69%) + 8.50%; LIBOR Floor 1.00%, Due 12/19              | ​ | ​ | ​   | ​ | 1,495,995 | ​       | ​ | ​ | ​       | ​ | 1,495,995 | ​ | ​ | ​ | ​ | ​ | 1,487,618 | ​ | ​ |
| Playpower, Inc.(8)(14)Construction & Building                                                             | ​ | ​ | Senior Secured Loan — Initial Term Loan (First Lien) 6.4% Cash, 3 month LIBOR (1.69%) + 4.75%; LIBOR Floor 1.00%, Due 6/21         | ​ | ​ | ​   | ​ | 994,898   | ​       | ​ | ​ | ​       | ​ | 1,004,093 | ​ | ​ | ​ | ​ | ​ | 999,872 | ​ | ​ |
| PSC Industrial Holdings Corp.(8)(14)Environmental Industries                                                  | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 10.0% Cash, 1 month LIBOR (1.46%) + 8.50%; LIBOR Floor 1.00%, Due 10/25 | ​ | ​ | ​   | ​ | 3,000,000 | ​       | ​ | ​ | ​       | ​ | 2,941,524 | ​ | ​ | ​ | ​ | ​ | 2,940,000 | ​ | ​ |
| RESIC Enterprises, LLC (aka Lyons Magnus)(8)Beverage, Food and Tobacco                                        | ​ | ​ | Senior Secured Loan — Initial Term Loan (First Lien) 5.7% Cash, 1 month LIBOR (1.43%) + 4.25%; LIBOR Floor 1.00%, Due 11/24        | ​ | ​ | ​   | ​ | 3,000,000 | ​       | ​ | ​ | ​       | ​ | 2,985,247 | ​ | ​ | ​ | ​ | ​ | 3,001,500 | ​ | ​ |
| Roscoe Medical, Inc.(8)(14)Healthcare & Pharmaceuticals                                                   | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 11.3% Cash, Due 9/19                                                                 | ​ | ​ | ​   | ​ | 6,700,000 | ​       | ​ | ​ | ​       | ​ | 6,678,900 | ​ | ​ | ​ | ​ | ​ | 6,468,850 | ​ | ​ |
| Salient CRGT Inc.(8)High Tech Industries                                                                      | ​ | ​ | Senior Secured Loan — Initial Term Loan 7.3% Cash, 1 month LIBOR (1.57%) + 5.75%; LIBOR Floor 1.00%, Due 2/22                      | ​ | ​ | ​   | ​ | 1,967,742 | ​       | ​ | ​ | ​       | ​ | 1,992,339 | ​ | ​ | ​ | ​ | ​ | 1,992,339 | ​ | ​ |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                  | ​ | ​ | InvestmentInterest Rate(1)/Maturity                                                                                                                   | ​ | ​ | Principal | ​ | ​     | AmortizedCost | ​ | ​ | Fair Value(2) | ​ |
|---------------------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-----------|---------|-------------|---------------|---------|---------|---------------|---------|
| SCSG EA Acquisition Company, Inc.(8)Healthcare & Pharmaceuticals                  | ​ | ​ | Senior Secured Loan — Initial Term Loan (Second Lien) 9.7% Cash, 3 month LIBOR (1.48%) + 8.25%; LIBOR Floor 1.00%, Due 9/24         | ​ | ​ | ​   | $       | 5,000,000   | ​       | ​ | ​ | ​       | $       | 4,952,274 | ​ | ​ | ​ | ​ | $ | 4,955,000 | ​ | ​ |
| Stafford Logistics, Inc.(dba Custom Ecology, Inc.)(8)(13)(14)Environmental Industries | ​ | ​ | Junior Secured Loan —  Restructured Term Loan 8.2% Cash, 7.2% PIK, 3 month LIBOR (1.57%) + 6.62%; LIBOR Floor 1.00%, Due 10/22 | ​ | ​ | ​   | ​ | 1,883,914   | ​       | ​ | ​ | ​       | ​ | 1,875,914 | ​ | ​ | ​ | ​ | ​ | 1,318,740 | ​ | ​ |
| Stafford Logistics, Inc.(dba Custom Ecology, Inc.)(8)(14)Environmental Industries     | ​ | ​ | Senior Secured Loan — Term Loan13.7% Cash, 3 month LIBOR (1.69%) + 12.00%; LIBOR Floor 1.00%, Due 10/22                             | ​ | ​ | ​   | ​ | 339,788     | ​       | ​ | ​ | ​       | ​ | 339,788 | ​ | ​ | ​ | ​ | ​ | 339,788 | ​ | ​ |
| Tank Partners Holdings, LLC(8)(13)Energy: Oil & Gas                               | ​ | ​ | Senior Secured Loan — Loan2.0% Cash, 12.8% PIK, Base Rate (4.25%) + 10.5%, Due 8/19                                                 | ​ | ​ | ​   | ​ | 12,739,078  | ​       | ​ | ​ | ​       | ​ | 12,258,031 | ​ | ​ | ​ | ​ | ​ | 9,153,028 | ​ | ​ |
| Tex-Tech Industries, Inc.(8)Textiles and Leather                                      | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 10.6% Cash, 1 month LIBOR (1.57%) + 9.00%; LIBOR Floor 1.00%, Due 8/24                | ​ | ​ | ​   | ​ | 8,008,000   | ​       | ​ | ​ | ​       | ​ | 7,950,994 | ​ | ​ | ​ | ​ | ​ | 7,947,940 | ​ | ​ |
| Time Manufacturing Acquisition, LLC(8)Capital Equipment                               | ​ | ​ | Senior Secured Loan — Term Loan6.8% Cash, 3 month LIBOR (1.75%) + 5.00%; LIBOR Floor 1.00%, Due 2/23                           | ​ | ​ | ​   | ​ | 994,987     | ​       | ​ | ​ | ​       | ​ | 992,633 | ​ | ​ | ​ | ​ | ​ | 999,962 | ​ | ​ |
| Trimaran Advisors, L.L.C.(8)(9)(14)Related Party Loan                                 | ​ | ​ | Senior Unsecured Loan — Term Loan Series 1 10.5% Cash, Due 4/30                                                                | ​ | ​ | ​   | ​ | 8,359,051   | ​       | ​ | ​ | ​       | ​ | 8,359,051 | ​ | ​ | ​ | ​ | ​ | 8,359,051 | ​ | ​ |
| Trimaran Advisors, L.L.C.(8)(9)(14)Related Party Loan                                 | ​ | ​ | Senior Unsecured Loan — Term Loan Series 2 10.5% Cash, Due 1/28                                                                | ​ | ​ | ​   | ​ | 4,418,232   | ​       | ​ | ​ | ​       | ​ | 4,418,232 | ​ | ​ | ​ | ​ | ​ | 4,418,232 | ​ | ​ |
| TronAir Parent Inc.(8)(14)Aerospace and Defense                                       | ​ | ​ | Senior Secured Loan — Initial Term Loan (First Lien) 6.2% Cash, 1 month LIBOR (1.41%) + 4.75%; LIBOR Floor 1.00%, Due 9/23          | ​ | ​ | ​   | ​ | 997,475     | ​       | ​ | ​ | ​       | ​ | 994,981 | ​ | ​ | ​ | ​ | ​ | 997,076 | ​ | ​ |
| TRSO I, Inc.(8)(14)Energy: Oil & Gas                                              | ​ | ​ | Junior Secured Loan — Term Loan (Second Lien) 14.0% Cash, 3 month LIBOR (1.00%) + 13.00%; LIBOR Floor 1.00%, Due 12/19              | ​ | ​ | ​   | ​ | 1,000,000   | ​       | ​ | ​ | ​       | ​ | 994,351 | ​ | ​ | ​ | ​ | ​ | 1,000,000 | ​ | ​ |
| Weiman Products, LLC(8)(14)Consumer goods: Non-durable                                | ​ | ​ | Senior Secured Loan — Term Loan (2013) 6.2% Cash, 3 month LIBOR (1.69%) + 4.50%; LIBOR Floor 1.00%, Due 11/21                       | ​ | ​ | ​   | ​ | 694,662     | ​       | ​ | ​ | ​       | ​ | 691,234 | ​ | ​ | ​ | ​ | ​ | 694,662 | ​ | ​ |
| WireCo WorldGroup Inc.(8)(14)Capital Equipment                                        | ​ | ​ | Junior Secured Loan — Initial Term Loan (Second Lien) 10.5% Cash, 3 month LIBOR (1.48%) + 9.00%; LIBOR Floor 1.00%, Due 9/24        | ​ | ​ | ​   | ​ | 3,000,000   | ​       | ​ | ​ | ​       | ​ | 2,961,988 | ​ | ​ | ​ | ​ | ​ | 2,991,600 | ​ | ​ |
| Total Investment in Debt Securities (65% of net asset value at fair value)       | ​ | ​ | ​                                                                                                                                               | ​ | ​ | ​   | $       | 126,110,659 | ​       | ​ | ​ | ​       | $       | 125,179,470 | ​ | ​ | ​ | ​ | $ | 118,197,479 | ​ | ​ |
| ​                                                                               |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                                                    | ​ | ​ | Investment                        | ​ | ​ | Percentage Ownership/​Shares | ​ | ​ | Cost    | ​ | ​ | Fair Value(2) | ​ |
|-------------------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|---------|------------------------------------|---------|---------|---------|---------|---------|---------------|---------|
| Aerostructures Holdings L.P.(8)(14)Aerospace and Defense                                                                | ​ | ​ | Partnership Interests             | ​ | ​ | ​                            | ​ | 1.2%    | ​ | ​ | ​ | ​       | $       | 1,000,000 | ​ | ​ | ​ | ​ | $ | 1,000 | ​ | ​ |
| Aerostructures Holdings L.P.(8)(14)Aerospace and Defense                                                                | ​ | ​ | Series A Preferred Interests | ​ | ​ | ​                            | ​ | 1.2%    | ​ | ​ | ​ | ​       | ​ | 250,960 | ​ | ​ | ​ | ​ | ​ | 891,661 | ​ | ​ |
| DBI Holding LLC(8)(14)Services: Business                                                                                | ​ | ​ | Warrants                          | ​ | ​ | ​                            | ​ | 3.2%    | ​ | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| eInstruction Acquisition, LLC(8)(14)Services: Business                                                                  | ​ | ​ | Membership Units                  | ​ | ​ | ​                            | ​ | 1.1%    | ​ | ​ | ​ | ​       | ​ | 1,079,617 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| FP WRCA Coinvestment Fund VII, Ltd.(3)(14)Capital Equipment                                                        | ​ | ​ | Class A Shares               | ​ | ​ | ​                            | ​ | 0.0%    | ​ | ​ | ​ | ​       | ​ | 1,500,000 | ​ | ​ | ​ | ​ | ​ | 689,259 | ​ | ​ |
| New Millennium Holdco, Inc. (Millennium Health, LLC)(8)(14)Healthcare & Pharmaceuticals                             | ​ | ​ | Common                            | ​ | ​ | ​                            | ​ | 0.2%    | ​ | ​ | ​ | ​       | ​ | 1,953,299 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Perseus Holding Corp.(14)Hotel, Gaming & Leisure                                                                    | ​ | ​ | Common                            | ​ | ​ | ​                            | ​ | — | ​ | ​ | ​ | ​       | ​ | 400,000 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Roscoe Investors, LLC(8)(14)Healthcare & Pharmaceuticals                                                            | ​ | ​ | Class A Units                | ​ | ​ | ​                            | ​ | 1.6%    | ​ | ​ | ​ | ​       | ​ | 1,000,000 | ​ | ​ | ​ | ​ | ​ | 1,229,000 | ​ | ​ |
| Stafford Logistics, Inc.(dba Custom Ecology, Inc.)(8)(14)Environmental Industries                                       | ​ | ​ | Class A Equity               | ​ | ​ | ​                            | ​ | 1.6%    | ​ | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Stafford Logistics, Inc.(dba Custom Ecology, Inc.)(8)(14)Environmental Industries                                       | ​ | ​ | Class B Units                | ​ | ​ | ​                            | ​ | 1.5%    | ​ | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Tank Partners Holdings, LLC(8)(10)(14)Energy: Oil & Gas                                                             | ​ | ​ | Unit                              | ​ | ​ | ​                            | ​ | 1.3%    | ​ | ​ | ​ | ​       | ​ | 980,000 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Tank Partners Holdings, LLC(8)(14)Energy: Oil & Gas                                                                 | ​ | ​ | Warrants                          | ​ | ​ | ​                            | ​ | 1.3%    | ​ | ​ | ​ | ​       | ​ | 185,205 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| TRSO II, Inc.(8)(14)Energy: Oil & Gas                                                                               | ​ | ​ | Common Stock                      | ​ | ​ | ​                            | ​ | 5.4%    | ​ | ​ | ​ | ​       | ​ | 1,680,161 | ​ | ​ | ​ | ​ | ​ | 1,280,749 | ​ | ​ |
| Advanced Lighting Technologies, Inc,(8)(14)Consumer goods: Durable                                                      | ​ | ​ | Warrants                          | ​ | ​ | ​                            | ​ | 1.9%    | ​ | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Advanced Lighting Technologies, Inc.(8)(14)Consumer goods: Durable                                                      | ​ | ​ | Membership Interests              | ​ | ​ | ​                            | ​ | 0.4%    | ​ | ​ | ​ | ​       | ​ | 182,000 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ |
| Caribe Media Inc. (fka Caribe Information Investments Incorporated)(8)(14)Media: Advertising, Printing & Publishing | ​ | ​ | Common                            | ​ | ​ | ​                            | ​ | 1.2%    | ​ | ​ | ​ | ​       | ​ | 359,765 | ​ | ​ | ​ | ​ | ​ | 315,015 | ​ | ​ |
| Total Investment in Equity Securities (2% of net asset value at fair value)                                        | ​ | ​ | ​                           | ​ | ​ | ​                            | ​ | ​ | ​ | ​ | ​ | ​       | $       | 10,571,007 | ​ | ​ | ​ | ​ | $ | 4,414,684 | ​ | ​ |
| ​                                                                                                                 |

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TABLE OF CONTENTS

| Portfolio Company                               | ​ | ​ | Investment(11)                                                    | ​ | ​ | Percentage Ownership | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value | ​ |
|-------------------------------------------------|---------|---------|-------------------------------------------------------------------|---------|---------|----------------------|---------|---------|----------------|---------|---------|------------|---------|
| Grant Grove CLO, Ltd.(3)(12)(14)                | ​ | ​ | Subordinated Securities, effective interest N/M, 1/21 maturity    | ​ | ​ | ​              | ​ | 22.2%   | ​        | ​ | ​ | ​    | $       | 2,485,886 | ​ | ​ | ​ | ​ | $ | 1,000 | ​ | ​ |
| Katonah III, Ltd.(3)(12)(14)                    | ​ | ​ | Subordinated Securities, effective interest N/M, 5/15 maturity    | ​ | ​ | ​              | ​ | 23.1%   | ​        | ​ | ​ | ​    | ​ | 1,287,155 | ​ | ​ | ​ | ​ | ​ | 369,280 | ​ | ​ |
| Katonah 2007-I CLO Ltd.(3)(6)(12)(14)           | ​ | ​ | Subordinated Securities, effective interest 9.2%, 4/22 maturity   | ​ | ​ | ​              | ​ | 100.0%  | ​        | ​ | ​ | ​    | ​ | 20,524,908 | ​ | ​ | ​ | ​ | ​ | 10,770,486 | ​ | ​ |
| Trimaran CLO VII, Ltd.(3)(6)(12)(14)            | ​ | ​ | Subordinated Securities, effective interest N/M, 6/21 maturity    | ​ | ​ | ​              | ​ | 10.5%   | ​        | ​ | ​ | ​    | ​ | 379,830 | ​ | ​ | ​ | ​ | ​ | 10,000 | ​ | ​ |
| Catamaran CLO 2012-1 Ltd.(3)(6)(14)             | ​ | ​ | Subordinated Securities, effective interest 15.5%, 12/23 maturity | ​ | ​ | ​              | ​ | 24.9%   | ​        | ​ | ​ | ​    | ​ | 5,847,802 | ​ | ​ | ​ | ​ | ​ | 2,320,783 | ​ | ​ |
| Catamaran CLO 2013- 1 Ltd.(3)(6)(14)            | ​ | ​ | Subordinated Securities, effective interest 25.1%, 1/28 maturity  | ​ | ​ | ​              | ​ | 18.3%   | ​        | ​ | ​ | ​    | ​ | 5,017,307 | ​ | ​ | ​ | ​ | ​ | 6,923,699 | ​ | ​ |
| Catamaran CLO 2014-1 Ltd.(3)(6)(14)             | ​ | ​ | Subordinated Securities, effective interest 28.4%, 4/30 maturity  | ​ | ​ | ​              | ​ | 20.1%   | ​        | ​ | ​ | ​    | ​ | 9,858,073 | ​ | ​ | ​ | ​ | ​ | 8,230,178 | ​ | ​ |
| Dryden 30 Senior Loan Fund(3)(14)               | ​ | ​ | Subordinated Securities, effective interest 28.7%, 12/29 maturity | ​ | ​ | ​              | ​ | 6.8%    | ​        | ​ | ​ | ​    | ​ | 1,353,852 | ​ | ​ | ​ | ​ | ​ | 1,820,000 | ​ | ​ |
| Catamaran CLO 2014-2 Ltd.(3)(6)(14)             | ​ | ​ | Subordinated Securities, effective interest 11.5%, 11/25 maturity | ​ | ​ | ​              | ​ | 24.9%   | ​        | ​ | ​ | ​    | ​ | 6,642,805 | ​ | ​ | ​ | ​ | ​ | 4,500,962 | ​ | ​ |
| Catamaran CLO 2015-1 Ltd.(3)(6)(14)             | ​ | ​ | Subordinated Securities, effective interest 11.8%, 10/26 maturity | ​ | ​ | ​              | ​ | 9.9%    | ​        | ​ | ​ | ​    | ​ | 4,418,647 | ​ | ​ | ​ | ​ | ​ | 3,569,600 | ​ | ​ |
| Catamaran CLO 2016-1 Ltd.(3)(6)(14)             | ​ | ​ | Subordinated Securities, effective interest 9.6%, 4/27 maturity   | ​ | ​ | ​              | ​ | 24.9%   | ​        | ​ | ​ | ​    | ​ | 10,086,802 | ​ | ​ | ​ | ​ | ​ | 8,530,685 | ​ | ​ |
| Total Investment in CLO Subordinated Securities | ​ | ​ | ​                                                           | ​ | ​ | ​              | ​ | ​ | ​        | ​ | ​ | ​    | $       | 67,903,067 | ​ | ​ | ​ | ​ | $ | 47,046,673 | ​ | ​ |
| ​                                         |
| Portfolio Company                                                                   | ​ | ​ | Investment                                                              | ​ | ​ | Percentage Ownership | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value | ​ |
|-------------------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------------|---------|---------|----------------------|---------|---------|----------------|---------|---------|------------|---------|
| KCAP F3C Senior Funding LLC(3)(6)(14)                                               | ​ | ​ | Class E Notes, 8.9% Cash, 3 month LIBOR (1.40%) + 7.50%, Due 12/29 | ​ | ​ | ​              | ​ | 27.4%   | ​        | ​ | ​ | ​    | ​ | 4,435,965 | ​ | ​ | ​ | ​ | ​ | 4,632,000 | ​ | ​ |
| Total Investment in CLO Rated-Note                                                  | ​ | ​ | ​                                                                 | ​ | ​ | ​              | ​ | ​ | ​        | ​ | ​ | ​    | $       | 4,435,965 | ​ | ​ | ​ | ​ | $ | 4,632,000 | ​ | ​ |
| Total Investment in CLO Fund Securities (28% of net asset value at fair value) | ​ | ​ | ​                                                                 | ​ | ​ | ​              | ​ | ​ | ​        | ​ | ​ | ​    | $       | 72,339,032 | ​ | ​ | ​ | ​ | $ | 51,678,673 | ​ | ​ |
| ​                                                                             |
| Portfolio Company/Principal Business                                                | ​ | ​ | Investment               | ​ | ​ | Percentage Ownership | ​ | ​ | Cost    | ​ | ​ | Fair Value(2) | ​ |
|-------------------------------------------------------------------------------------|---------|---------|--------------------------|---------|---------|----------------------|---------|---------|---------|---------|---------|---------------|---------|
| Asset Manager Affiliates(8)(9)(14)                                                  | ​ | ​ | Asset Management Company | ​ | ​ | ​              | ​ | 100%    | ​ | ​ | ​ | ​       | $       | 52,591,230 | ​ | ​ | ​ | ​ | $ | 38,849,000 | ​ | ​ |
| Total Investment in Asset Manager Affiliates (21% of net asset value at fair value) | ​ | ​ | ​                  | ​ | ​ | ​              | ​ | ​ | ​ | ​ | ​ | ​       | $       | 52,591,230 | ​ | ​ | ​ | ​ | $ | 38,849,000 | ​ | ​ |
| ​                                                                             |
| Portfolio Company/Principal Business                                      | ​ | ​ | Investment    | ​ | ​ | Percentage Ownership | ​ | ​ | Cost    | ​ | ​ | Fair Value | ​ |
|---------------------------------------------------------------------------|---------|---------|---------------|---------|---------|----------------------|---------|---------|---------|---------|---------|------------|---------|
| KCAP Freedom 3 LLC(9)(14)                                                 | ​ | ​ | Joint Venture | ​ | ​ | ​              | ​ | 60%     | ​ | ​ | ​ | ​    | $       | 24,914,858 | ​ | ​ | ​ | ​ | $ | 21,516,000 | ​ | ​ |
| Total Investment in Joint Ventures (12% of net asset value at fair value) | ​ | ​ | ​       | ​ | ​ | ​              | ​ | ​ | ​ | ​ | ​ | ​    | $       | 24,914,858 | ​ | ​ | ​ | ​ | $ | 21,516,000 | ​ | ​ |
| ​                                                                   |

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TABLE OF CONTENTS

| Short-term Investments                                              | ​ | ​ | Investment                 | ​ | ​ | Yield   | ​ | ​ | Par/Amortized Cost | ​ | ​ | Fair Value(2) | ​ |
|---------------------------------------------------------------------|---------|---------|----------------------------|---------|---------|---------|---------|---------|--------------------|---------|---------|---------------|---------|
| US Bank Money Market Account(7)(8)                                  | ​ | ​ | Money Market Account       | ​ | ​ | ​ | ​ | 0.20%   | ​            | ​ | ​ | ​       | $       | 52,293,570 | ​ | ​ | ​ | ​ | $ | 52,293,570 | ​ | ​ |
| U.S Treasury Bills – CUSIP: 912796MLO(8)          | ​ | ​ | U.S. Government Obligation | ​ | ​ | ​ | ​ | 1.04%   | ​            | ​ | ​ | ​       | ​ | 25,006,750 | ​ | ​ | ​ | ​ | ​ | 25,006,750 | ​ | ​ |
| Total Short-term Investments (43% of net asset value at fair value) | ​ | ​ | ​                    | ​ | ​ | ​ | ​ | ​ | ​            | ​ | ​ | ​       | $       | 77,300,320 | ​ | ​ | ​ | ​ | $ | 77,300,320 | ​ | ​ |
| Total Investments(4)                                                | ​ | ​ | ​                    | ​ | ​ | ​ | ​ | ​ | ​            | ​ | ​ | ​       | $       | 362,895,917 | ​ | ​ | ​ | ​ | $ | 311,956,156 | ​ | ​ |
| ​                                                             |

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TABLE OF CONTENTS​

| ​                                                                            | ​ | ​ | For the Years Ended December 31, | ​ |
|------------------------------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                                            | ​ | ​ | 2018                                  | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ | ​ | 2015 | ​ | ​ | 2014 | ​ |
| Per Share Data:                                                                    | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net asset value, at beginning of period                                            | ​ | ​ | ​                               | $       | 4.87 | ​ | ​ | ​ | ​ | $ | 5.24 | ​ | ​ | ​ | ​ | $ | 5.82 | ​ | ​ | ​ | ​ | $ | 6.94 | ​ | ​ | ​ | ​ | $ | 7.51 | ​ | ​ |
| Net investment income(1)                                                           | ​ | ​ | ​                               | ​ | 0.27 | ​ | ​ | ​ | ​ | ​ | 0.30 | ​ | ​ | ​ | ​ | ​ | 0.50 | ​ | ​ | ​ | ​ | ​ | 0.65 | ​ | ​ | ​ | ​ | ​ | 0.59 | ​ | ​ |
| Net realized losses from investment transactions(1)                                | ​ | ​ | ​                               | ​ | (0.44) | ​ | ​ | ​ | ​ | ​ | (0.19) | ​ | ​ | ​ | ​ | ​ | (0.17) | ​ | ​ | ​ | ​ | ​ | (0.17) | ​ | ​ | ​ | ​ | ​ | (0.30) | ​ | ​ |
| Realized losses from extinguishments of debt(1)                                    | ​ | ​ | ​                               | ​ | (0.01) | ​ | ​ | ​ | ​ | ​ | (0.11) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (0.01) | ​ | ​ | ​ | ​ | ​ | (0.02) | ​ | ​ |
| Net change in unrealized appreciation (depreciation) of investments(1)             | ​ | ​ | ​                               | ​ | (0.08) | ​ | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ | ​ | ​ | ​ | (0.36) | ​ | ​ | ​ | ​ | ​ | (0.97) | ​ | ​ | ​ | ​ | ​ | 0.17 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                    | ​ | ​ | ​                               | ​ | (0.26) | ​ | ​ | ​ | ​ | ​ | 0.09 | ​ | ​ | ​ | ​ | ​ | (0.03) | ​ | ​ | ​ | ​ | ​ | (0.50) | ​ | ​ | ​ | ​ | ​ | 0.44 | ​ | ​ |
| Net decrease in net assets resulting from distributions:                           | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Distribution of ordinary income                                                    | ​ | ​ | ​                               | ​ | (0.25) | ​ | ​ | ​ | ​ | ​ | (0.16) | ​ | ​ | ​ | ​ | ​ | (0.40) | ​ | ​ | ​ | ​ | ​ | (0.63) | ​ | ​ | ​ | ​ | ​ | (0.78) | ​ | ​ |
| Return of capital                                                                  | ​ | ​ | ​                               | ​ | (0.15) | ​ | ​ | ​ | ​ | ​ | (0.32) | ​ | ​ | ​ | ​ | ​ | (0.19) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (0.22) | ​ | ​ |
| Net decrease in net assets resulting from stockholder distributions                | ​ | ​ | ​                               | ​ | (0.40) | ​ | ​ | ​ | ​ | ​ | (0.48) | ​ | ​ | ​ | ​ | ​ | (0.59) | ​ | ​ | ​ | ​ | ​ | (0.63) | ​ | ​ | ​ | ​ | ​ | (1.00) | ​ | ​ |
| Net increase  (decrease) in net assets relating to capital share transactions      | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Offering of common stock                                                           | ​ | ​ | ​                               | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 0.02 | ​ | ​ |
| Common stock withheld for payroll taxes upon vesting of restricted stock           | ​ | ​ | ​                               | ​ | — | ​ | ​ | ​ | ​ | ​ | (0.01) | ​ | ​ | ​ | ​ | ​ | 0.01 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Dividend reinvestment plan                                                         | ​ | ​ | ​                               | ​ | 0.01 | ​ | ​ | ​ | ​ | ​ | 0.01 | ​ | ​ | ​ | ​ | ​ | (0.01) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Stock based compensation                                                           | ​ | ​ | ​                               | ​ | 0.01 | ​ | ​ | ​ | ​ | ​ | 0.02 | ​ | ​ | ​ | ​ | ​ | 0.04 | ​ | ​ | ​ | ​ | ​ | 0.01 | ​ | ​ | ​ | ​ | ​ | (0.03) | ​ | ​ |
| Net increase (decrease) in net assets relating to capital share transactions  | ​ | ​ | ​                               | ​ | 0.02 | ​ | ​ | ​ | ​ | ​ | 0.02 | ​ | ​ | ​ | ​ | ​ | 0.04 | ​ | ​ | ​ | ​ | ​ | 0.01 | ​ | ​ | ​ | ​ | ​ | (0.01) | ​ | ​ |
| Net asset value, end of period                                                     | ​ | ​ | ​                               | $       | 4.23 | ​ | ​ | ​ | ​ | $ | 4.87 | ​ | ​ | ​ | ​ | $ | 5.24 | ​ | ​ | ​ | ​ | $ | 5.82 | ​ | ​ | ​ | ​ | $ | 6.94 | ​ | ​ |
| Total net asset value return(2)                                                    | ​ | ​ | ​                               | ​ | (4.7)% | ​ | ​ | ​ | ​ | ​ | 2.0% | ​ | ​ | ​ | ​ | ​ | 0.2% | ​ | ​ | ​ | ​ | ​ | (7.2)% | ​ | ​ | ​ | ​ | ​ | 5.7% | ​ | ​ |
| Ratio/Supplemental Data:                                                           | ​ | ​ | ​                               | ​ | ​ | ​ |
| Per share market value at beginning of period                                      | ​ | ​ | ​                               | $       | 3.41 | ​ | ​ | ​ | ​ | $ | 3.98 | ​ | ​ | ​ | ​ | $ | 4.07 | ​ | ​ | ​ | ​ | $ | 6.82 | ​ | ​ | ​ | ​ | $ | 8.07 | ​ | ​ |
| Per share market value at end of period                                            | ​ | ​ | ​                               | $       | 3.46 | ​ | ​ | ​ | ​ | $ | 3.41 | ​ | ​ | ​ | ​ | $ | 3.98 | ​ | ​ | ​ | ​ | $ | 4.07 | ​ | ​ | ​ | ​ | $ | 6.82 | ​ | ​ |
| Total market return(3)                                                             | ​ | ​ | ​                               | ​ | 13.2% | ​ | ​ | ​ | ​ | ​ | (2.3)% | ​ | ​ | ​ | ​ | ​ | 13.3% | ​ | ​ | ​ | ​ | ​ | (31.2)% | ​ | ​ | ​ | ​ | ​ | (3.1)% | ​ | ​ |
| Shares outstanding at end of period                                                | ​ | ​ | ​                               | ​ | 37,326,846 | ​ | ​ | ​ | ​ | ​ | 37,339,224 | ​ | ​ | ​ | ​ | ​ | 37,178,294 | ​ | ​ | ​ | ​ | ​ | 37,100,005 | ​ | ​ | ​ | ​ | ​ | 36,775,127 | ​ | ​ |
| Net assets at end of period                                                        | ​ | ​ | ​                               | $       | 158,021,011 | ​ | ​ | ​ | ​ | $ | 181,804,576 | ​ | ​ | ​ | ​ | $ | 194,924,925 | ​ | ​ | ​ | ​ | $ | 216,100,470 | ​ | ​ | ​ | ​ | $ | 255,316,701 | ​ | ​ |
| Portfolio turnover rate(4)                                                         | ​ | ​ | ​                               | ​ | 38.3% | ​ | ​ | ​ | ​ | ​ | 100.5% | ​ | ​ | ​ | ​ | ​ | 34.3% | ​ | ​ | ​ | ​ | ​ | 32.5% | ​ | ​ | ​ | ​ | ​ | 45.8% | ​ | ​ |
| Average par debt outstanding                                                       | ​ | ​ | ​                               | $       | 105,230,252 | ​ | ​ | ​ | ​ | $ | 134,020,367 | ​ | ​ | ​ | ​ | $ | 189,836,675 | ​ | ​ | ​ | ​ | $ | 224,498,433 | ​ | ​ | ​ | ​ | $ | 196,622,077 | ​ | ​ |
| Asset coverage ratio                                                               | ​ | ​ | ​                               | ​ | 249% | ​ | ​ | ​ | ​ | ​ | 271% | ​ | ​ | ​ | ​ | ​ | 205% | ​ | ​ | ​ | ​ | ​ | 202% | ​ | ​ | ​ | ​ | ​ | 211% | ​ | ​ |
| Ratio of net investment income to average net assets                               | ​ | ​ | ​                               | ​ | 5.9% | ​ | ​ | ​ | ​ | ​ | 5.8% | ​ | ​ | ​ | ​ | ​ | 9.0% | ​ | ​ | ​ | ​ | ​ | 9.8% | ​ | ​ | ​ | ​ | ​ | 7.9% | ​ | ​ |
| Ratio of total expenses to average net assets                                 | ​ | ​ | ​                               | ​ | 10.1% | ​ | ​ | ​ | ​ | ​ | 9.2% | ​ | ​ | ​ | ​ | ​ | 8.6% | ​ | ​ | ​ | ​ | ​ | 8.6% | ​ | ​ | ​ | ​ | ​ | 8.2% | ​ | ​ |
| Ratio of interest expense to average net assets                                    | ​ | ​ | ​                               | ​ | 4.4% | ​ | ​ | ​ | ​ | ​ | 4.1% | ​ | ​ | ​ | ​ | ​ | 4.3% | ​ | ​ | ​ | ​ | ​ | 4.7% | ​ | ​ | ​ | ​ | ​ | 4.5% | ​ | ​ |
| Ratio of non-interest expenses to average net assets                               | ​ | ​ | ​                               | ​ | 5.7% | ​ | ​ | ​ | ​ | ​ | 5.1% | ​ | ​ | ​ | ​ | ​ | 4.2% | ​ | ​ | ​ | ​ | ​ | 3.9% | ​ | ​ | ​ | ​ | ​ | 3.7% | ​ | ​ |

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| ​                                                                                                               | ​ | ​ | For the Years ended December 31, | ​ |
|-----------------------------------------------------------------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                                                                               | ​ | ​ | 2018                                  | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| Net (decrease) increase in net assets resulting from operations                                                       | ​ | ​ | ​                               | $       | (9,571,546) | ​ | ​ | ​ | ​ | $ | 3,388,082 | ​ | ​ | ​ | ​ | $ | (1,039,731) | ​ | ​ |
| Net decrease (increase) in net assets allocated to unvested share awards                                              | ​ | ​ | ​                               | ​ | 58,220 | ​ | ​ | ​ | ​ | ​ | (27,288) | ​ | ​ | ​ | ​ | ​ | 14,520 | ​ | ​ |
| Net (decrease) increase in net assets available to common stockholders                                                | ​ | ​ | ​                               | $       | (9,513,326) | ​ | ​ | ​ | ​ | $ | 3,360,794 | ​ | ​ | ​ | ​ | $ | (1,025,211) | ​ | ​ |
| Weighted average number of common shares outstanding for basic shares computation                                     | ​ | ​ | ​                               | ​ | 37,356,241 | ​ | ​ | ​ | ​ | ​ | 37,235,130 | ​ | ​ | ​ | ​ | ​ | 37,149,663 | ​ | ​ |
| Weighted average number of common and common stock equivalent shares outstanding for diluted shares computation  | ​ | ​ | ​                               | ​ | 37,356,241 | ​ | ​ | ​ | ​ | ​ | 37,235,130 | ​ | ​ | ​ | ​ | ​ | 37,149,663 | ​ | ​ |
| Net increase in net assets per basic common shares:                                                                   | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net increase in net assets from operations                                                                            | ​ | ​ | ​                               | $       | (0.26) | ​ | ​ | ​ | ​ | $ | 0.09 | ​ | ​ | ​ | ​ | $ | (0.03) | ​ | ​ |
| Net increase in net assets per diluted shares:                                                                        | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net increase in net assets from operations                                                                            | ​ | ​ | ​                               | $       | (0.26) | ​ | ​ | ​ | ​ | $ | 0.09 | ​ | ​ | ​ | ​ | $ | (0.03) | ​ | ​ |

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| ​                     | ​ | ​ | December 31, 2018 | ​ | ​     | December 31, 2017 | ​ |
|-----------------------------|---------|---------|------------------------|---------|-------------|------------------------|---------|
| Security Type               | ​ | ​ | Cost/Amortized Cost    | ​ | ​     | Fair Value             | ​ | ​ | %(1) | ​ | ​ | Cost/Amortized Cost | ​ | ​ | Fair Value | ​ | ​ | %(1) | ​ |
| Short-term investments(2)   | ​ | ​ | ​                | $       | 44,756,478  | ​                | ​ | ​ | ​ | $ | 44,756,478 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ | ​ | ​ | $ | 77,300,320 | ​ | ​ | ​ | ​ | $ | 77,300,320 | ​ | ​ | ​ | ​ | ​ | 26% | ​ | ​ |
| Senior Secured Loan         | ​ | ​ | ​                | ​ | 86,040,921  | ​                | ​ | ​ | ​ | ​ | 77,616,209 | ​ | ​ | ​ | ​ | ​ | 28 | ​ | ​ | ​ | ​ | ​ | 48,337,900 | ​ | ​ | ​ | ​ | ​ | 44,960,146 | ​ | ​ | ​ | ​ | ​ | 14 | ​ | ​ |
| Junior Secured Loan         | ​ | ​ | ​                | ​ | 76,223,561  | ​                | ​ | ​ | ​ | ​ | 70,245,535 | ​ | ​ | ​ | ​ | ​ | 26 | ​ | ​ | ​ | ​ | ​ | 62,561,913 | ​ | ​ | ​ | ​ | ​ | 58,941,300 | ​ | ​ | ​ | ​ | ​ | 19 | ​ | ​ |
| Senior Unsecured Loan       | ​ | ​ | ​                | ​ | —     | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Senior Secured Bond         | ​ | ​ | ​                | ​ | —     | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,502,374 | ​ | ​ | ​ | ​ | ​ | 1,518,750 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| CLO Fund Securities    | ​ | ​ | ​                | ​ | 55,480,626  | ​                | ​ | ​ | ​ | ​ | 44,325,000 | ​ | ​ | ​ | ​ | ​ | 16 | ​ | ​ | ​ | ​ | ​ | 72,339,032 | ​ | ​ | ​ | ​ | ​ | 51,678,673 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| Equity Securities           | ​ | ​ | ​                | ​ | 21,944,430  | ​                | ​ | ​ | ​ | ​ | 14,504,687 | ​ | ​ | ​ | ​ | ​ | 5 | ​ | ​ | ​ | ​ | ​ | 10,571,007 | ​ | ​ | ​ | ​ | ​ | 4,414,684 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Asset Manager Affiliates(3) | ​ | ​ | ​                | ​ | 17,791,230  | ​                | ​ | ​ | ​ | ​ | 3,470,000 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 52,591,230 | ​ | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Joint Venture               | ​ | ​ | ​                | ​ | 24,914,858  | ​                | ​ | ​ | ​ | ​ | 18,390,440 | ​ | ​ | ​ | ​ | ​ | 7 | ​ | ​ | ​ | ​ | ​ | 24,914,858 | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ | ​ | ​ | 7 | ​ | ​ |
| Total                       | ​ | ​ | ​                | $       | 327,152,104 | ​                | ​ | ​ | ​ | $ | 273,308,349 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 362,895,917 | ​ | ​ | ​ | ​ | $ | 311,956,156 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                     |

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| ​                                       | ​ | ​ | December 31, 2018 | ​ | ​     | December 31, 2017 | ​ |
|-----------------------------------------------|---------|---------|------------------------|---------|-------------|------------------------|---------|
| Industry Classification                       | ​ | ​ | Cost/Amortized Cost    | ​ | ​     | Fair Value             | ​ | ​ | %(1) | ​ | ​ | Cost/Amortized Cost | ​ | ​ | Fair Value | ​ | ​ | %(1) | ​ |
| Aerospace and Defense                         | ​ | ​ | ​                | $       | 5,434,927   | ​                | ​ | ​ | ​ | $ | 4,049,940 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ | ​ | ​ | $ | 5,636,056 | ​ | ​ | ​ | ​ | $ | 4,115,487 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Asset Management Company(2)                   | ​ | ​ | ​                | ​ | 17,791,230  | ​                | ​ | ​ | ​ | ​ | 3,470,000 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 52,591,230 | ​ | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Banking, Finance, Insurance & Real Estate | ​ | ​ | ​                | ​ | 8,831,841   | ​                | ​ | ​ | ​ | ​ | 8,733,933 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 4,458,962 | ​ | ​ | ​ | ​ | ​ | 4,418,391 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Beverage, Food and Tobacco                    | ​ | ​ | ​                | ​ | 5,963,334   | ​                | ​ | ​ | ​ | ​ | 5,796,506 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 7,496,438 | ​ | ​ | ​ | ​ | ​ | 7,435,050 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Capital Equipment                             | ​ | ​ | ​                | ​ | 10,888,432  | ​                | ​ | ​ | ​ | ​ | 9,831,391 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 5,454,621 | ​ | ​ | ​ | ​ | ​ | 4,680,821 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Chemicals, Plastics and Rubber                | ​ | ​ | ​                | ​ | 4,862,063   | ​                | ​ | ​ | ​ | ​ | 4,801,645 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| CLO Fund Securities                      | ​ | ​ | ​                | ​ | 55,480,626  | ​                | ​ | ​ | ​ | ​ | 44,325,000 | ​ | ​ | ​ | ​ | ​ | 16 | ​ | ​ | ​ | ​ | ​ | 72,339,032 | ​ | ​ | ​ | ​ | ​ | 51,678,673 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| Construction & Building                   | ​ | ​ | ​                | ​ | 1,400,223   | ​                | ​ | ​ | ​ | ​ | 1,394,163 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1,004,093 | ​ | ​ | ​ | ​ | ​ | 999,872 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Consumer goods: Durable                       | ​ | ​ | ​                | ​ | 1,140,500   | ​                | ​ | ​ | ​ | ​ | 364,240 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,071,340 | ​ | ​ | ​ | ​ | ​ | 805,607 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Consumer goods: Non-durable                   | ​ | ​ | ​                | ​ | 1,434,568   | ​                | ​ | ​ | ​ | ​ | 1,440,525 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 691,234 | ​ | ​ | ​ | ​ | ​ | 694,662 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Electronics                                   | ​ | ​ | ​                | ​ | 3,007,500   | ​                | ​ | ​ | ​ | ​ | 3,007,500 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Energy: Oil & Gas                         | ​ | ​ | ​                | ​ | 16,827,204  | ​                | ​ | ​ | ​ | ​ | 8,946,568 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 14,932,542 | ​ | ​ | ​ | ​ | ​ | 11,433,777 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Environmental Industries                      | ​ | ​ | ​                | ​ | 8,371,180   | ​                | ​ | ​ | ​ | ​ | 6,939,794 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 6,330,630 | ​ | ​ | ​ | ​ | ​ | 5,766,437 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Forest Products & Paper                   | ​ | ​ | ​                | ​ | 1,564,583   | ​                | ​ | ​ | ​ | ​ | 1,553,920 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1,558,556 | ​ | ​ | ​ | ​ | ​ | 1,600,960 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Healthcare & Pharmaceuticals              | ​ | ​ | ​                | ​ | 38,638,822  | ​                | ​ | ​ | ​ | ​ | 32,287,288 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ | ​ | ​ | ​ | 30,367,449 | ​ | ​ | ​ | ​ | ​ | 25,512,654 | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ |
| High Tech Industries                          | ​ | ​ | ​                | ​ | 23,971,435  | ​                | ​ | ​ | ​ | ​ | 23,662,459 | ​ | ​ | ​ | ​ | ​ | 9 | ​ | ​ | ​ | ​ | ​ | 18,229,229 | ​ | ​ | ​ | ​ | ​ | 18,260,577 | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ |
| Hotel, Gaming & Leisure                   | ​ | ​ | ​                | ​ | 400,000     | ​                | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 400,000 | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Joint Venture                                 | ​ | ​ | ​                | ​ | 24,914,858  | ​                | ​ | ​ | ​ | ​ | 18,390,440 | ​ | ​ | ​ | ​ | ​ | 7 | ​ | ​ | ​ | ​ | ​ | 24,914,858 | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ | ​ | ​ | 7 | ​ | ​ |
| Limited Partnership                           | ​ | ​ | ​                | ​ | 12,466,667  | ​                | ​ | ​ | ​ | ​ | 12,466,667 | ​ | ​ | ​ | ​ | ​ | 5 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Media: Advertising, Printing & Publishing | ​ | ​ | ​                | ​ | 6,113,852   | ​                | ​ | ​ | ​ | ​ | 5,590,863 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 3,371,086 | ​ | ​ | ​ | ​ | ​ | 3,318,296 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Related Party Loans                           | ​ | ​ | ​                | ​ | —     | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ | ​ | ​ | ​ | 12,777,283 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ |
| Services: Business                            | ​ | ​ | ​                | ​ | 10,398,710  | ​                | ​ | ​ | ​ | ​ | 9,213,416 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 3,563,574 | ​ | ​ | ​ | ​ | ​ | 2,366,400 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Telecommunications                            | ​ | ​ | ​                | ​ | 8,351,775   | ​                | ​ | ​ | ​ | ​ | 8,343,919 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 6,455,489 | ​ | ​ | ​ | ​ | ​ | 6,466,949 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| Textiles and Leather                          | ​ | ​ | ​                | ​ | 10,140,662  | ​                | ​ | ​ | ​ | ​ | 9,940,294 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | 7,950,994 | ​ | ​ | ​ | ​ | ​ | 7,947,940 | ​ | ​ | ​ | ​ | ​ | 3 | ​ | ​ |
| Money Market Accounts                         | ​ | ​ | ​                | ​ | 34,757,129  | ​                | ​ | ​ | ​ | ​ | 34,757,129 | ​ | ​ | ​ | ​ | ​ | 13 | ​ | ​ | ​ | ​ | ​ | 52,293,570 | ​ | ​ | ​ | ​ | ​ | 52,293,570 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| Transportation: Cargo                         | ​ | ​ | ​                | ​ | 4,000,634   | ​                | ​ | ​ | ​ | ​ | 4,000,400 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 4,000,901 | ​ | ​ | ​ | ​ | ​ | 4,010,000 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| U.S. Government Obligations                   | ​ | ​ | ​                | ​ | 9,999,349   | ​                | ​ | ​ | ​ | ​ | 9,999,349 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | 25,006,750 | ​ | ​ | ​ | ​ | ​ | 25,006,750 | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ |
| Total                                         | ​ | ​ | ​                | $       | 327,152,104 | ​                | ​ | ​ | ​ | $ | 273,308,349 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 362,895,917 | ​ | ​ | ​ | ​ | $ | 311,956,156 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                       |

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| ​                      | ​ | ​ | As of December 31, 2018 | ​ | ​    | As of December 31, 2017 | ​ |
|------------------------------|---------|---------|------------------------------|---------|------------|------------------------------|---------|
| Cash                         | ​ | ​ | ​                      | $       | —    | ​                      | ​ | ​ | ​ | $ | 1,717 | ​ | ​ |
| Investment at fair value     | ​ | ​ | ​                      | ​ | 32,621,188 | ​                      | ​ | ​ | ​ | ​ | 37,080,000 | ​ | ​ |
| Total Assets                 | ​ | ​ | ​                      | $       | 32,621,188 | ​                      | ​ | ​ | ​ | $ | 37,081,717 | ​ | ​ |
| Total Liabilities            | ​ | ​ | ​                      | $       | 1,970,455  | ​                      | ​ | ​ | ​ | $ | 1,221,916 | ​ | ​ |
| Total Equity                 | ​ | ​ | ​                      | ​ | 30,650,733 | ​                      | ​ | ​ | ​ | ​ | 35,859,801 | ​ | ​ |
| Total Liabilities and Equity | ​ | ​ | ​                      | $       | 32,621,188 | ​                      | ​ | ​ | ​ | $ | 37,081,717 | ​ | ​ |
| ​                      |
| ​                               | ​ | ​ | For the years ended December 31, | ​ |
|---------------------------------------|---------|---------|--------------------------------------------|---------|
| ​                               | ​ | ​ | 2018                                       | ​ | ​ | 2017 | ​ |
| Investment income                     | ​ | ​ | ​                                    | $       | 4,800,844 | ​ | ​ | ​ | ​ | $ | 2,531,331 | ​ | ​ |
| Operating expenses                    | ​ | ​ | ​                                    | ​ | (126,786) | ​ | ​ | ​ | ​ | ​ | (435,757) | ​ | ​ |
| Net investment income                 | ​ | ​ | ​                                    | ​ | 4,674,058 | ​ | ​ | ​ | ​ | ​ | 2,095,574 | ​ | ​ |
| Unrealized depreciation on investment | ​ | ​ | ​                                    | ​ | (4,951,938) | ​ | ​ | ​ | ​ | ​ | (5,063,254) | ​ | ​ |
| Net loss                              | ​ | ​ | ​                                    | $       | (277,880) | ​ | ​ | ​ | ​ | $ | (2,967,680) | ​ | ​ |
| ​                               |
| Portfolio Company                  | ​ | ​ | Investment                                                        | ​ | ​ | Percentage Ownership by Joint Venture | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value | ​ |
|------------------------------------|---------|---------|-------------------------------------------------------------------|---------|---------|---------------------------------------|---------|---------|----------------|---------|---------|------------|---------|
| KCAP F3C Senior Funding, LLC(1)(2) | ​ | ​ | Subordinated Securities, effective interest 11.5%, 12/29 maturity | ​ | ​ | ​                               | ​ | 100.0%  | ​        | ​ | ​ | ​    | $       | 42,636,380 | ​ | ​ | ​ | ​ | $ | 32,621,188 | ​ | ​ |
| Total Investments                  | ​ | ​ | ​                                                           | ​ | ​ | ​                               | ​ | ​ | ​        | ​ | ​ | ​    | $       | 42,636,380 | ​ | ​ | ​ | ​ | $ | 32,621,188 | ​ | ​ |
| ​                            |

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| Portfolio Company                  | ​ | ​ | Investment                                                        | ​ | ​ | Percentage Ownership by Joint Venture | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value | ​ |
|------------------------------------|---------|---------|-------------------------------------------------------------------|---------|---------|---------------------------------------|---------|---------|----------------|---------|---------|------------|---------|
| KCAP F3C Senior Funding, LLC(1)(2) | ​ | ​ | Subordinated Securities, effective interest 12.1%, 12/29 maturity | ​ | ​ | ​                               | ​ | 100.0%  | ​        | ​ | ​ | ​    | $       | 42,143,254 | ​ | ​ | ​ | ​ | $ | 37,080,000 | ​ | ​ |
| Total Investments                  | ​ | ​ | ​                                                           | ​ | ​ | ​                               | ​ | ​ | ​        | ​ | ​ | ​    | $       | 42,143,254 | ​ | ​ | ​ | ​ | $ | 37,080,000 | ​ | ​ |
| ​                            |

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TABLE OF CONTENTS

| ​                                                | ​ | ​ | Industry Classification  | ​ | ​ | Fair Value at of December 31, 2017 | ​ | ​     | Purchases/​(Sales) of or Advances/​(Distributions) | ​ | ​ | Net Accretion | ​ | ​      | Transfers In/(Out) of Affiliates | ​ | ​ | Unrealized Gain/(Loss) | ​ | ​   | Realized Gain/(Loss) | ​ | ​ | Fair Value at of December 31, 2018 | ​ | ​      | Interest Income | ​ | ​ | Dividend Income | ​ |
|--------------------------------------------------------|---------|---------|--------------------------|---------|---------|-----------------------------------------|---------|-------------|----------------------------------------------------------------|---------|---------|---------------|---------|--------------|----------------------------------|---------|---------|------------------------|---------|-----------|----------------------|---------|---------|-----------------------------------------|---------|--------------|-----------------|---------|---------|-----------------|---------|
| Asset Manager Affiliates(4)(5)(7)                      | ​ | ​ | Asset Management Company | ​ | ​ | ​                                 | $       | 38,849,000  | ​                                                        | ​ | ​ | ​       | $       | (34,800,000) | ​                          | ​ | ​ | ​                | $       | —   | ​              | ​ | ​ | ​                                 | $       | —      | ​         | ​ | ​ | ​         | $       | (579,000) | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 3,470,000 | ​ | ​ | ​ | ​ | $ | ​ | ​ | ​ | ​ | ​ | $ | 1,246,510 | ​ | ​ |
| Trimaran Advisors, LLC Revolving Credit Facility(4)(5) | ​ | ​ | Related Party Loans      | ​ | ​ | ​                                 | ​ | —     | ​                                                        | ​ | ​ | ​       | ​ | —      | ​                          | ​ | ​ | ​                | ​ | —   | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,170,825 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Trimaran Advisors, LLC Related Party Loan(4)(5)        | ​ | ​ | Related Party Loans      | ​ | ​ | ​                                 | ​ | 8,359,051   | ​                                                        | ​ | ​ | ​       | ​ | (8,359,051)  | ​                          | ​ | ​ | ​                | ​ | —   | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 765,963 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Trimaran Advisors, LLC Related Party Loan(4)(5)        | ​ | ​ | Related Party Loans      | ​ | ​ | ​                                 | ​ | 4,418,232   | ​                                                        | ​ | ​ | ​       | ​ | (4,418,232)  | ​                          | ​ | ​ | ​                | ​ | —   | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 229,380 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Katonah 2007-I CLO, Ltd.(1)(2)(3)(4)                   | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 10,770,486  | ​                                                        | ​ | ​ | ​       | ​ | (10,676,556) | ​                          | ​ | ​ | ​                | ​ | 271,658   | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | 9,754,423 | ​ | ​ | ​ | ​ | ​ | (10,120,011) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 271,658 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Trimaran CLO VII, Ltd.(1)(2)(3)(4)                     | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 10,000      | ​                                                        | ​ | ​ | ​       | ​ | ​      | ​                          | ​ | ​ | ​                | ​ | (6,725)   | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | 369,831 | ​ | ​ | ​ | ​ | ​ | (373,105) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (6,725) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2012-1,Ltd.(1)(2)(3)(4)                  | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 2,320,783   | ​                                                        | ​ | ​ | ​       | ​ | (2,596,571)  | ​                          | ​ | ​ | ​                | ​ | 264,746   | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | 3,527,018 | ​ | ​ | ​ | ​ | ​ | (3,515,976) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 264,746 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2013-1, Ltd.(1)(2)(4)                    | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 6,923,699   | ​                                                        | ​ | ​ | ​       | ​ | 147,497      | ​                          | ​ | ​ | ​                | ​ | 1,213,807 | ​              | ​ | ​ | ​                                 | ​ | (7,016,734)  | ​         | ​ | ​ | ​         | ​ | (1,268,269) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,213,807 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2014-1, Ltd.(1)(2)(4)                    | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 8,230,178   | ​                                                        | ​ | ​ | ​       | ​ | 535,309      | ​                          | ​ | ​ | ​                | ​ | 1,347,240 | ​              | ​ | ​ | ​                                 | ​ | (9,777,251)  | ​         | ​ | ​ | ​         | ​ | (335,476) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,347,240 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2014-2, Ltd.(1)(2)(4)                    | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 4,500,962   | ​                                                        | ​ | ​ | ​       | ​ | (985,241)    | ​                          | ​ | ​ | ​                | ​ | 656,919   | ​              | ​ | ​ | ​                                 | ​ | (2,158,200)  | ​         | ​ | ​ | ​         | ​ | (2,014,440) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 656,919 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2015-1, Ltd.(1)(2)(4)                    | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 3,569,600   | ​                                                        | ​ | ​ | ​       | ​ | (573,089)    | ​                          | ​ | ​ | ​                | ​ | 507,789   | ​              | ​ | ​ | ​                                 | ​ | (3,048,696)  | ​         | ​ | ​ | ​         | ​ | (455,604) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 507,789 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2016-1, Ltd.(1)(2)(4)                    | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 8,530,685   | ​                                                        | ​ | ​ | ​       | ​ | (1,282,923)  | ​                          | ​ | ​ | ​                | ​ | 913,272   | ​              | ​ | ​ | ​                                 | ​ | (7,067,073)  | ​         | ​ | ​ | ​         | ​ | (1,093,961) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 913,272 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2018-1, Ltd.(1)(2)(4)                    | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | —     | ​                                                        | ​ | ​ | ​       | ​ | 9,500,000    | ​                          | ​ | ​ | ​                | ​ | 343,450   | ​              | ​ | ​ | ​                                 | ​ | (8,500,000)  | ​         | ​ | ​ | ​         | ​ | (1,343,450) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 343,450 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| KCAP F3C Senior Funding Rated Notes(2)(4)              | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                                 | ​ | 4,632,000   | ​                                                        | ​ | ​ | ​       | ​ | —      | ​                          | ​ | ​ | ​                | ​ | 37,298    | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | (195,458) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,473,840 | ​ | ​ | ​ | ​ | ​ | 468,755 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| BCP Great Lakes Fund LP(7)                        | ​ | ​ | Limited Partnership      | ​ | ​ | ​                                 | ​ | —     | ​                                                        | ​ | ​ | ​       | ​ | 12,466,667   | ​                          | ​ | ​ | ​                | ​ | —   | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 12,466,667 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| KCAP Freedom 3, LLC(4)(6)                              | ​ | ​ | Joint Venture            | ​ | ​ | ​                                 | ​ | 21,516,000  | ​                                                        | ​ | ​ | ​       | ​ | —      | ​                          | ​ | ​ | ​                | ​ | —   | ​              | ​ | ​ | ​                                 | ​ | —      | ​         | ​ | ​ | ​         | ​ | (3,125,560) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 18,390,440 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 3,100,000 | ​ | ​ |
| Tank Partners Holdings, LLC(4)                         | ​ | ​ | Unit                     | ​ | ​ | ​                                 | ​ | —     | ​                                                        | ​ | ​ | ​       | ​ | —      | ​                          | ​ | ​ | ​                | ​ | —   | ​              | ​ | ​ | ​                                 | ​ | 980,000      | ​         | ​ | ​ | ​         | ​ | (979,000) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total Affiliated Investments                           | ​ | ​ | ​                  | ​ | ​ | ​                                 | $       | 122,630,676 | ​                                                        | ​ | ​ | ​       | $       | (41,042,190) | ​                          | ​ | ​ | ​                | $       | 5,549,454 | ​              | ​ | ​ | ​                                 | $       | (36,587,954) | ​         | ​ | ​ | ​         | $       | 2,261,054 | ​ | ​ | ​ | ​ | $ | (14,009,092) | ​ | ​ | ​ | ​ | $ | 38,801,947 | ​ | ​ | ​ | ​ | $ | 8,147,079 | ​ | ​ | ​ | ​ | $ | 4,346,510 | ​ | ​ |
| ​                                                |

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| ​                                                   | ​ | ​ | Industry Classification  | ​ | ​ | Fair Value at December 31, 2016 | ​ | ​    | Purchases/​(Sales) of or Advances/​(Distributions) | ​ | ​ | Net Accretion | ​ | ​      | Transfers In/(Out) of Affiliates | ​ | ​ | Unrealized Gain/(Loss) | ​ | ​    | Realized Gain/(Loss) | ​ | ​ | Fair Value at of December 31, 2017 | ​ | ​ | Interest Income | ​ | ​ | Dividend Income | ​ |
|-----------------------------------------------------------|---------|---------|--------------------------|---------|---------|--------------------------------------|---------|------------|----------------------------------------------------------------|---------|---------|---------------|---------|--------------|----------------------------------|---------|---------|------------------------|---------|------------|----------------------|---------|---------|-----------------------------------------|---------|---------|-----------------|---------|---------|-----------------|---------|
| Asset Manager Affiliates(4)(5)(7)                         | ​ | ​ | Asset Management Company | ​ | ​ | ​                              | $       | 40,198,000 | ​                                                        | ​ | ​ | ​       | $       | (2,750,000)  | ​                          | ​ | ​ | ​                | $       | —    | ​              | ​ | ​ | ​                                 | $       | — | ​         | ​ | ​ | ​         | $       | 1,401,000 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 38,849,000 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 460,000 | ​ | ​ |
| Trimaran Advisors, LLC Revolving Credit Facility(4)(5)(7) | ​ | ​ | Related Party Loans      | ​ | ​ | ​                              | ​ | —    | ​                                                        | ​ | ​ | ​       | ​ | —      | ​                          | ​ | ​ | ​                | ​ | —    | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 916,765 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Trimaran Advisors, LLC Related Party Loan(4)(5)(7)        | ​ | ​ | Related Party Loans      | ​ | ​ | ​                              | ​ | —    | ​                                                        | ​ | ​ | ​       | ​ | 8,359,051    | ​                          | ​ | ​ | ​                | ​ | ​    | ​              | ​ | ​ | ​                                 | ​ | ​ | ​         | ​ | ​ | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8,359,051 | ​ | ​ | ​ | ​ | ​ | 148,721 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Trimaran Advisors, LLC Related Party Loan(4)(5)(7)        | ​ | ​ | Related Party Loans      | ​ | ​ | ​                              | ​ | —    | ​                                                        | ​ | ​ | ​       | ​ | 4,418,232    | ​                          | ​ | ​ | ​                | ​ | ​    | ​              | ​ | ​ | ​                                 | ​ | ​ | ​         | ​ | ​ | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,418,232 | ​ | ​ | ​ | ​ | ​ | 16,752 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Katonah 2007-I CLO,Ltd.(1)(2)(3)(4)                       | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 20,453,099 | ​                                                        | ​ | ​ | ​       | ​ | (13,157,760) | ​                          | ​ | ​ | ​                | ​ | 5,660,026  | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | (2,184,878) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 10,770,486 | ​ | ​ | ​ | ​ | ​ | 5,660,026 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Trimaran CLO VII, Ltd.(1)(2)(3)(4)                        | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 1,195,152  | ​                                                        | ​ | ​ | ​       | ​ | (1,264,090)  | ​                          | ​ | ​ | ​                | ​ | —    | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | 78,938 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 10,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2012-1, Ltd.(1)(2)(4)                       | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 2,819,412  | ​                                                        | ​ | ​ | ​       | ​ | (771,743)    | ​                          | ​ | ​ | ​                | ​ | 699,611    | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | (426,497) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,320,783 | ​ | ​ | ​ | ​ | ​ | 699,611 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2013-1, Ltd.(1)(2)(4)                       | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 4,918,807  | ​                                                        | ​ | ​ | ​       | ​ | (1,054,362)  | ​                          | ​ | ​ | ​                | ​ | 834,448    | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | 2,224,807 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 6,923,699 | ​ | ​ | ​ | ​ | ​ | 834,448 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2014-1, Ltd.(1)(2)(4)                       | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 4,546,682  | ​                                                        | ​ | ​ | ​       | ​ | 2,319,047    | ​                          | ​ | ​ | ​                | ​ | 1,079,850  | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | 1,643,907 | ​ | ​ | ​ | ​ | ​ | (1,359,309) | ​ | ​ | ​ | ​ | ​ | 8,230,178 | ​ | ​ | ​ | ​ | ​ | 1,079,850 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2014-2, Ltd.(1)(2)(4)                       | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 5,092,087  | ​                                                        | ​ | ​ | ​       | ​ | (1,130,813)  | ​                          | ​ | ​ | ​                | ​ | 806,058    | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | (266,370) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,500,962 | ​ | ​ | ​ | ​ | ​ | 806,058 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2015-1, Ltd.(1)(2)(4)                       | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 3,223,255  | ​                                                        | ​ | ​ | ​       | ​ | (571,562)    | ​                          | ​ | ​ | ​                | ​ | 446,893    | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | 471,017 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 3,569,600 | ​ | ​ | ​ | ​ | ​ | 446,893 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Catamaran CLO 2016-1, Ltd.(1)(2)(4)                       | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 8,350,290  | ​                                                        | ​ | ​ | ​       | ​ | (1,146,242)  | ​                          | ​ | ​ | ​                | ​ | 1,093,043  | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | 233,593 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 8,530,685 | ​ | ​ | ​ | ​ | ​ | 1,093,043 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| CRMN2014-1A(1)(2)(4)                                      | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | 1,310,000  | ​                                                        | ​ | ​ | ​       | ​ | (1,545,506)  | ​                          | ​ | ​ | ​                | ​ | 9,259      | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | 131,727 | ​ | ​ | ​ | ​ | ​ | 94,520 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 97,885 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| KCAP F3C Senior Funding Rated Notes(2)(4)                 | ​ | ​ | CLO Fund Securities | ​ | ​ | ​                              | ​ | —    | ​                                                        | ​ | ​ | ​       | ​ | 4,346,290    | ​                          | ​ | ​ | ​                | ​ | 89,676     | ​              | ​ | ​ | ​                                 | ​ | ​ | ​         | ​ | ​ | ​         | ​ | 196,035 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,632,000 | ​ | ​ | ​ | ​ | ​ | 89,676 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| KCAP Freedom 3, LLC(4)(6)                                 | ​ | ​ | Joint Venture            | ​ | ​ | ​                              | ​ | —    | ​                                                        | ​ | ​ | ​       | ​ | 24,914,858   | ​                          | ​ | ​ | ​                | ​ | —    | ​              | ​ | ​ | ​                                 | ​ | — | ​         | ​ | ​ | ​         | ​ | (3,398,858) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 949,037 | ​ | ​ |
| Total Affiliated Investments                              | ​ | ​ | ​                  | ​ | ​ | ​                              | $       | 92,106,784 | ​                                                        | ​ | ​ | ​       | $       | 20,965,400   | ​                          | ​ | ​ | ​                | $       | 10,718,864 | ​              | ​ | ​ | ​                                 | $       | — | ​         | ​ | ​ | ​         | $       | 104,421 | ​ | ​ | ​ | ​ | $ | (1,264,789) | ​ | ​ | ​ | ​ | $ | 122,630,676 | ​ | ​ | ​ | ​ | $ | 11,889,728 | ​ | ​ | ​ | ​ | $ | 1,409,037 | ​ | ​ |
| ​                                                   |

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| ​                  | ​ | ​ | As of December 31, 2018 | ​ |
|--------------------------|---------|---------|------------------------------|---------|
| ​                  | ​ | ​ | Level I                      | ​ | ​ | Level II | ​ | ​ | Level III | ​ | ​ | NAV | ​ | ​ | Total | ​ |
| Short Term investments   | ​ | ​ | ​                      | $       | 9,999,349 | ​ | ​ | ​ | ​ | $ | 34,757,129 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 44,756,478 | ​ | ​ |
| Debt securities          | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | 41,120,073 | ​ | ​ | ​ | ​ | ​ | 106,741,671 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 147,861,744 | ​ | ​ |
| CLO fund securities      | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 44,325,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 44,325,000 | ​ | ​ |
| Equity securities        | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,038,020 | ​ | ​ | ​ | ​ | ​ | 12,466,667 | ​ | ​ | ​ | ​ | ​ | 14,504,687 | ​ | ​ |
| Asset Manager Affiliates | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 3,470,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 3,470,000 | ​ | ​ |
| Joint Venture            | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 18,390,440 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 18,390,440 | ​ | ​ |
| Total                    | ​ | ​ | ​                      | $       | 9,999,349 | ​ | ​ | ​ | ​ | $ | 75,877,202 | ​ | ​ | ​ | ​ | $ | 174,965,131 | ​ | ​ | ​ | ​ | $ | 12,466,667 | ​ | ​ | ​ | ​ | $ | 273,308,349 | ​ | ​ |
| ​                  |
| ​                  | ​ | ​ | As of December 31, 2017 | ​ | ​    |
|--------------------------|---------|---------|------------------------------|---------|------------|
| ​                  | ​ | ​ | Level I                      | ​ | ​    | Level II | ​ | ​ | Level III | ​ | ​ | NAV | ​ | ​ | Total | ​ | ​ |
| Short Term investments   | ​ | ​ | ​                      | $       | 25,006,750 | ​ | ​ | ​ | ​ | $ | 52,293,570 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 77,300,320 | ​ | ​ | ​ |
| Debt securities          | ​ | ​ | ​                      | ​ | —    | ​ | ​ | ​ | ​ | ​ | 48,312,024 | ​ | ​ | ​ | ​ | ​ | 69,885,455 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 118,197,479 | ​ | ​ | ​ | ​ | ​ |
| CLO fund securities      | ​ | ​ | ​                      | ​ | —    | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 51,678,673 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 51,678,673 | ​ | ​ | ​ |
| Equity securities        | ​ | ​ | ​                      | ​ | —    | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,414,684 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 4,414,684 | ​ | ​ | ​ |
| Asset Manager Affiliates | ​ | ​ | ​                      | ​ | —    | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 38,849,000 | ​ | ​ | ​ |
| Joint Venture            | ​ | ​ | ​                      | ​ | —    | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 21,516,000 | ​ | ​ | ​ |
| Total                    | ​ | ​ | ​                      | $       | 25,006,750 | ​ | ​ | ​ | ​ | $ | 100,605,594 | ​ | ​ | ​ | ​ | $ | 186,343,812 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 311,956,156 | ​ | ​ | ​ |
| ​                  |

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| ​                                                                                                       | ​ | ​ | Year Ended December 31, 2018 | ​ |
|---------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|
| ​                                                                                                       | ​ | ​ | Debt Securities                   | ​ | ​ | CLO Fund Securities | ​ | ​ | Equity Securities | ​ | ​ | Asset Manager Affiliate | ​ | ​ | Joint Venture | ​ | ​ | Total | ​ |
| Balance, December 31, 2017                                                                               | ​ | ​ | ​                           | $       | 69,885,455 | ​ | ​ | ​ | ​ | $ | 51,678,673 | ​ | ​ | ​ | ​ | $ | 4,414,684 | ​ | ​ | ​ | ​ | $ | 38,849,000 | ​ | ​ | ​ | ​ | $ | 21,516,000 | ​ | ​ | ​ | ​ | $ | 186,343,812 | ​ | ​ |
| Transfers out of Level III(1)                                                                                 | ​ | ​ | ​                           | ​ | (230,732) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (230,732) | ​ | ​ |
| Transfers into Level III(2)                                                                                   | ​ | ​ | ​                           | ​ | 16,474,663 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 16,474,663 | ​ | ​ |
| Net accretion                                                                                                 | ​ | ​ | ​                           | ​ | 125,614 | ​ | ​ | ​ | ​ | ​ | 5,878,260 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 6,003,874 | ​ | ​ |
| Purchases                                                                                                     | ​ | ​ | ​                           | ​ | 38,099,644 | ​ | ​ | ​ | ​ | ​ | 12,781,528 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 50,881,172 | ​ | ​ |
| Sales/Paydowns/Return of Capital                                                                              | ​ | ​ | ​                           | ​ | (11,116,360) | ​ | ​ | ​ | ​ | ​ | (19,033,322) | ​ | ​ | ​ | ​ | ​ | (1,093,244) | ​ | ​ | ​ | ​ | ​ | (34,800,000) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (66,042,926) | ​ | ​ |
| Total realized loss included in earnings                                                                      | ​ | ​ | ​                           | ​ | (51,674) | ​ | ​ | ​ | ​ | ​ | (16,484,872) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (16,536,546) | ​ | ​ |
| Change in unrealized gain (loss) included in earnings                                                         | ​ | ​ | ​                           | ​ | (6,444,939) | ​ | ​ | ​ | ​ | ​ | 9,504,733 | ​ | ​ | ​ | ​ | ​ | (1,283,420) | ​ | ​ | ​ | ​ | ​ | (579,000) | ​ | ​ | ​ | ​ | ​ | (3,125,560) | ​ | ​ | ​ | ​ | ​ | (1,928,186) | ​ | ​ |
| Balance, December 31, 2018                                                                               | ​ | ​ | ​                           | $       | 106,741,671 | ​ | ​ | ​ | ​ | $ | 44,325,000 | ​ | ​ | ​ | ​ | $ | 2,038,020 | ​ | ​ | ​ | ​ | $ | 3,470,000 | ​ | ​ | ​ | ​ | $ | 18,390,440 | ​ | ​ | ​ | ​ | $ | 174,965,131 | ​ | ​ |
| Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date | ​ | ​ | ​                           | $       | (5,197,940) | ​ | ​ | ​ | ​ | $ | 6,631,424 | ​ | ​ | ​ | ​ | $ | (1,283,420) | ​ | ​ | ​ | ​ | $ | (579,000) | ​ | ​ | ​ | ​ | $ | (3,125,560) | ​ | ​ | ​ | ​ | $ | (681,187) | ​ | ​ |
| ​                                                                                                       |
| ​                                                                                                       | ​ | ​ | Year Ended December 31, 2017 | ​ |
|---------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|
| ​                                                                                                       | ​ | ​ | Debt Securities                   | ​ | ​ | CLO Fund Securities | ​ | ​ | Equity Securities | ​ | ​ | Asset Manager Affiliate | ​ | ​ | Joint Venture | ​ | ​ | Total | ​ |
| Balance, December 31, 2016                                                                               | ​ | ​ | ​                           | $       | 153,741,745 | ​ | ​ | ​ | ​ | $ | 54,174,350 | ​ | ​ | ​ | ​ | $ | 5,056,355 | ​ | ​ | ​ | ​ | $ | 40,198,000 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 253,170,450 | ​ | ​ |
| Transfers out of Level III(1)                                                                                 | ​ | ​ | ​                           | ​ | (3,867,400) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (3,867,400) | ​ | ​ |
| Transfers into Level III(2)                                                                                   | ​ | ​ | ​                           | ​ | 2,477,500 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,477,500 | ​ | ​ |
| Net accretion                                                                                                 | ​ | ​ | ​                           | ​ | 246,238 | ​ | ​ | ​ | ​ | ​ | 11,139,633 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 11,385,871 | ​ | ​ |
| Purchases                                                                                                     | ​ | ​ | ​                           | ​ | 53,219,762 | ​ | ​ | ​ | ​ | ​ | 11,211,368 | ​ | ​ | ​ | ​ | ​ | 182,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 36,738,873 | ​ | ​ | ​ | ​ | ​ | 101,352,003 | ​ | ​ |
| Sales/Paydowns/Return of Capital                                                                              | ​ | ​ | ​                           | ​ | (136,020,685) | ​ | ​ | ​ | ​ | ​ | (25,598,497) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (2,750,000) | ​ | ​ | ​ | ​ | ​ | (11,824,015) | ​ | ​ | ​ | ​ | ​ | (176,193,197) | ​ | ​ |
| Total realized gain included in earnings                                                                      | ​ | ​ | ​                           | ​ | (2,121,907) | ​ | ​ | ​ | ​ | ​ | (1,264,789) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (3,386,696) | ​ | ​ |
| Total unrealized gain (loss) included in earnings                                                             | ​ | ​ | ​                           | ​ | 2,210,202 | ​ | ​ | ​ | ​ | ​ | 2,016,608 | ​ | ​ | ​ | ​ | ​ | (823,671) | ​ | ​ | ​ | ​ | ​ | 1,401,000 | ​ | ​ | ​ | ​ | ​ | (3,398,858) | ​ | ​ | ​ | ​ | ​ | 1,405,281 | ​ | ​ |
| Balance, December 31, 2017                                                                               | ​ | ​ | ​                           | $       | 69,885,455 | ​ | ​ | ​ | ​ | $ | 51,678,673 | ​ | ​ | ​ | ​ | $ | 4,414,684 | ​ | ​ | ​ | ​ | $ | 38,849,000 | ​ | ​ | ​ | ​ | $ | 21,516,000 | ​ | ​ | ​ | ​ | $ | 186,343,812 | ​ | ​ |
| Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date | ​ | ​ | ​                           | $       | (479,087) | ​ | ​ | ​ | ​ | $ | 2,016,608 | ​ | ​ | ​ | ​ | $ | (823,671) | ​ | ​ | ​ | ​ | $ | 1,401,000 | ​ | ​ | ​ | ​ | $ | (3,398,858) | ​ | ​ | ​ | ​ | $ | (1,284,008) | ​ | ​ |
| ​                                                                                                       |

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| ​ | ​                | Type                        | ​    | ​ | ​                               | Fair Value | ​ | ​           | ​ | Primary Valuation Methodology | ​ | ​               | ​              | Unobservable Inputs | ​ | ​                                | ​                   | Range of Inputs (Weighted Average) | ​ | ​ |
|---------|------------------------|-----------------------------|------------|---------|---------------------------------------|------------|---------|-------------------|---------|-------------------------------|---------|-----------------------|----------------------|---------------------|---------|----------------------------------------|---------------------------|------------------------------------|---------|---------|
| ​ | ​                | Debt Securities             | ​    | ​ | ​                               | ​    | $       | 8,661,114         | ​ | ​                       | ​ | ​               | Enterprise Value     | ​             | ​ | ​                                | Average EBITDA            | ​                            | ​ | ​ | 5.0x – 8.0x (5.2x) | ​ | ​ |
| ​ | Multiple/WACC          | ​                     | ​    | ​ | 15.8%                                 | ​    | ​ |
| ​ | ​                | ​                     | 98,080,557 | ​ | ​                               | ​    | ​ | Income Approach   | ​ | ​                       | ​ | Implied Discount Rate | ​              | ​             | ​ | 6.3% – 26.8% (11.8%) | ​                   | ​                            |
| ​ | ​                | Equity Securities           | ​    | ​ | ​                               | ​    | ​ | 1,979,020         | ​ | ​                       | ​ | ​               | Enterprise Value     | ​             | ​ | ​                                | Average EBITDA Multiple   | ​                            | ​ | ​ | 4.5x – 11.0x (9.5x) | ​ | ​ |
| ​ | ​                | ​                     | 59,000     | ​ | ​                               | ​    | ​ | Options Value     | ​ | ​                       | ​ | Qualitative Inputs(1) | ​              | ​             | ​ | ​                                | ​                   | ​                            |
| ​ | ​                | CLO Fund Securities    | ​    | ​ | ​                               | ​    | ​ | 35,455,720        | ​ | ​                       | ​ | ​               | Discounted Cash Flow | ​             | ​ | ​                                | Discount Rate             | ​                            | ​ | ​ | 13.5% – 14.0% (13.9%) | ​ | ​ |
| ​ | Probability of Default | ​                     | ​    | ​ | 0.75% – 2% (1.4%)   | ​    | ​ |
| ​ | Loss Severity          | ​                     | ​    | ​ | 20% – 36% (28.3%)   | ​    | ​ |
| ​ | Recovery Rate          | ​                     | ​    | ​ | 63.5% – 80% (71.7%) | ​    | ​ |
| ​ | Prepayment Rate        | ​                     | ​    | ​ | 10% – 20% (15%)     | ​    | ​ |
| ​ | ​                | ​                     | 369,280    | ​ | ​                               | ​    | ​ | Liquidation Value | ​ | ​                       | ​ | Qualitative Inputs(2) | ​              | ​             | ​ | ​                                | ​                   | ​                            |
| ​ | ​                | ​                     | 8,500,000  | ​ | ​                               | ​    | ​ | Market Approach   | ​ | ​                       | ​ | Third Party Quote     | ​              | ​             | ​ | 85.0%                                  | ​                   | ​                            |
| ​ | ​                | Asset Manager Affiliate     | ​    | ​ | ​                               | ​    | ​ | 3,470,000         | ​ | ​                       | ​ | ​               | Discounted Cash Flow | ​             | ​ | ​                                | Discount Rate             | ​                            | ​ | ​ | 4.0% – 10.0% (7.77%) | ​ | ​ |
| ​ | ​                | Joint Venture               | ​    | ​ | ​                               | ​    | ​ | 18,390,440        | ​ | ​                       | ​ | ​               | Enterprise Value     | ​             | ​ | ​                                | Underlying NAV of the CLO | ​                            | ​ | ​ | ​ | ​ | ​ |
| ​ | ​                | Total Level III Investments | ​    | ​ | ​                               | ​    | $       | 174,965,131       | ​ | ​                       | ​ | ​               | ​              | ​             | ​ | ​                                | ​                   | ​                            | ​ | ​ | ​ | ​ | ​ |
| ​ | ​                | ​                     | ​    | ​ | ​                               | ​    | ​ | ​           | ​ | ​                       | ​ | ​               | ​              | ​             | ​ | ​                                | ​                   | ​                            | ​ | ​ | ​ | ​ | ​ |

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| ​ | ​                | Type                        | ​    | ​ | ​ | Fair Value | ​ | ​           | ​ | Primary Valuation Methodology | ​ | ​               | ​              | Unobservable Inputs | ​ | ​                                 | ​                      | Range of Inputs (Weighted Average) | ​ | ​ |
|---------|------------------------|-----------------------------|------------|---------|---------|------------|---------|-------------------|---------|-------------------------------|---------|-----------------------|----------------------|---------------------|---------|-----------------------------------------|------------------------------|------------------------------------|---------|---------|
| ​ | ​                | Debt Securities             | ​    | ​ | ​ | ​    | $       | 14,059,524        | ​ | ​                       | ​ | ​               | Enterprise Value     | ​             | ​ | ​                                 | Average EBITDA Multiple/WACC | ​                            | ​ | ​ | 5.1x – 6.1x (5.2x)15.2% – 18.5% (17.4%) | ​ | ​ |
| ​ | ​                | ​                     | 55,825,931 | ​ | ​ | ​    | ​ | Income Approach   | ​ | ​                       | ​ | Implied Discount Rate | ​              | ​             | ​ | 6.4% – 23.5% (12.0%)  | ​                      | ​                            |
| ​ | ​                | Equity Securities           | ​    | ​ | ​ | ​    | ​ | 4,405,684         | ​ | ​                       | ​ | ​               | Enterprise Value     | ​             | ​ | ​                                 | Average EBITDA Multiple/WACC | ​                            | ​ | ​ | 4.5x – 15.2x (9.8x) 10.8% – 15.1% (12.2%) | ​ | ​ |
| ​ | ​                | ​                     | 9,000      | ​ | ​ | ​    | ​ | Options Value     | ​ | ​                       | ​ | Qualitative Inputs(1) | ​              | ​             | ​ | ​                                 | ​                      | ​                            |
| ​ | ​                | CLO Fund Securities    | ​    | ​ | ​ | ​    | ​ | 18,922,030        | ​ | ​                       | ​ | ​               | Discounted Cash Flow | ​             | ​ | ​                                 | Discount Rate                | ​                            | ​ | ​ | 12.0% | ​ | ​ |
| ​ | Probability of Default | ​                     | ​    | ​ | 2.0%    | ​    | ​ |
| ​ | Loss Severity          | ​                     | ​    | ​ | 25.9%   | ​    | ​ |
| ​ | Recovery Rate          | ​                     | ​    | ​ | 74.1%   | ​    | ​ |
| ​ | Prepayment Rate        | ​                     | ​    | ​ | 25.0%   | ​    | ​ |
| ​ | ​                | ​                     | 11,150,766 | ​ | ​ | ​    | ​ | Liquidation Value | ​ | ​                       | ​ | Qualitative Inputs(2) | ​              | ​             | ​ | ​                                 | ​                      | ​                            |
| ​ | ​                | ​                     | 21,605,877 | ​ | ​ | ​    | ​ | Market Approach   | ​ | ​                       | ​ | Third Party Quote     | ​              | ​             | ​ | 56.0% – 96.5% (69.7%) | ​                      | ​                            |
| ​ | ​                | Asset Manager Affiliate     | ​    | ​ | ​ | ​    | ​ | 38,849,000        | ​ | ​                       | ​ | ​               | Discounted Cash Flow | ​             | ​ | ​                                 | Discount Rate                | ​                            | ​ | ​ | 2.66% – 12.0% (6.56%) | ​ | ​ |
| ​ | ​                | Joint Venture               | ​    | ​ | ​ | ​    | ​ | 21,516,000        | ​ | ​                       | ​ | ​               | Market Approach      | ​             | ​ | ​                                 | Third Party Quote            | ​                            | ​ | ​ | 90% | ​ | ​ |
| ​ | ​                | Total Level III Investments | ​    | ​ | ​ | ​    | $       | 186,343,812       | ​ | ​                       | ​ | ​               | ​              | ​             | ​ | ​                                 | ​                      | ​                            | ​ | ​ | ​ | ​ | ​ |
| ​ | ​                | ​                     | ​    | ​ | ​ | ​    | ​ | ​           | ​ | ​                       | ​ | ​               | ​              | ​             | ​ | ​                                 | ​                      | ​                            | ​ | ​ | ​ | ​ | ​ |

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| ​                         | ​ | ​ | As of December 31, 2018 | ​ | ​   | As of December 31, 2017 | ​ |
|---------------------------------|---------|---------|------------------------------|---------|-----------|------------------------------|---------|
| Cash                            | ​ | ​ | ​                      | $       | 1,335,004 | ​                      | ​ | ​ | ​ | $ | 4,655,662 | ​ | ​ |
| Investments                     | ​ | ​ | ​                      | ​ | —   | ​                      | ​ | ​ | ​ | ​ | 79,901,209 | ​ | ​ |
| Intangible Assets               | ​ | ​ | ​                      | ​ | —   | ​                      | ​ | ​ | ​ | ​ | 22,830,000 | ​ | ​ |
| Other Assets                    | ​ | ​ | ​                      | ​ | 129,880   | ​                      | ​ | ​ | ​ | ​ | 4,471,250 | ​ | ​ |
| Total Assets                    | ​ | ​ | ​                      | $       | 1,464,884 | ​                      | ​ | ​ | ​ | $ | 111,858,121 | ​ | ​ |
| Borrowings                      | ​ | ​ | ​                      | $       | —   | ​                      | ​ | ​ | ​ | $ | 69,802,500 | ​ | ​ |
| Borrowings from related parties | ​ | ​ | ​                      | ​ | —   | ​                      | ​ | ​ | ​ | ​ | 12,792,218 | ​ | ​ |
| Other Liabilities               | ​ | ​ | ​                      | ​ | 995,270   | ​                      | ​ | ​ | ​ | ​ | 6,789,433 | ​ | ​ |
| Total Liabilities               | ​ | ​ | ​                      | ​ | 995,270   | ​                      | ​ | ​ | ​ | ​ | 89,384,151 | ​ | ​ |
| Total Equity                    | ​ | ​ | ​                      | ​ | 469,614   | ​                      | ​ | ​ | ​ | ​ | 22,473,970 | ​ | ​ |
| Total Liabilities and Equity    | ​ | ​ | ​                      | $       | 1,464,884 | ​                      | ​ | ​ | ​ | $ | 111,858,121 | ​ | ​ |
| ​                         |

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| ​                                                                        | ​ | ​ | For the year ended December 31, | ​ |
|--------------------------------------------------------------------------------|---------|---------|--------------------------------------|---------|
| ​                                                                        | ​ | ​ | 2018                                 | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| Fee Revenue                                                                    | ​ | ​ | ​                              | $       | 11,548,457 | ​ | ​ | ​ | ​ | $ | 15,283,064 | ​ | ​ | ​ | ​ | $ | 12,835,603 | ​ | ​ |
| Interest Income                                                                | ​ | ​ | ​                              | ​ | 3,041,889 | ​ | ​ | ​ | ​ | ​ | 232,300 | ​ | ​ | ​ | ​ | ​ | 1,024,760 | ​ | ​ |
| Total Income                                                                   | ​ | ​ | ​                              | ​ | 14,590,346 | ​ | ​ | ​ | ​ | ​ | 15,515,364 | ​ | ​ | ​ | ​ | ​ | 13,860,363 | ​ | ​ |
| Operating Expenses                                                             | ​ | ​ | ​                              | ​ | 10,700,629 | ​ | ​ | ​ | ​ | ​ | 10,937,980 | ​ | ​ | ​ | ​ | ​ | 11,443,319 | ​ | ​ |
| Amortization of Intangibles                                                    | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | 327,541 | ​ | ​ | ​ | ​ | ​ | 1,310,164 | ​ | ​ |
| Interest Expense                                                               | ​ | ​ | ​                              | ​ | 3,987,891 | ​ | ​ | ​ | ​ | ​ | 1,044,242 | ​ | ​ | ​ | ​ | ​ | 1,821,517 | ​ | ​ |
| Total Expenses                                                                 | ​ | ​ | ​                              | ​ | 14,688,520 | ​ | ​ | ​ | ​ | ​ | 12,309,763 | ​ | ​ | ​ | ​ | ​ | 14,575,000 | ​ | ​ |
| (Loss) income before unrealized gains (losses) on investments and income taxes | ​ | ​ | ​                              | ​ | (98,174) | ​ | ​ | ​ | ​ | ​ | 3,205,601 | ​ | ​ | ​ | ​ | ​ | (714,637) | ​ | ​ |
| Net realized and unrealized gains (losses) on investments                      | ​ | ​ | ​                              | ​ | 7,570,688 | ​ | ​ | ​ | ​ | ​ | (2,674,885) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Income (loss) before income taxes                                              | ​ | ​ | ​                              | ​ | 7,472,514 | ​ | ​ | ​ | ​ | ​ | 530,716 | ​ | ​ | ​ | ​ | ​ | (714,637) | ​ | ​ |
| Income tax benefit                                                             | ​ | ​ | ​                              | ​ | (1,971,043) | ​ | ​ | ​ | ​ | ​ | (165,449) | ​ | ​ | ​ | ​ | ​ | (81,022) | ​ | ​ |
| Net Income (loss)                                                              | ​ | ​ | ​                              | $       | 9,443,557 | ​ | ​ | ​ | ​ | $ | 696,165 | ​ | ​ | ​ | ​ | $ | (633,615) | ​ | ​ |
| ​                                                                        |
| ​                         | ​ | ​ | As of December 31, 2018 | ​ | ​ | As of December 31, 2017 | ​ |
|---------------------------------|---------|---------|------------------------------|---------|---------|------------------------------|---------|
| Total investments at fair value | ​ | ​ | ​                      | $       | — | ​                      | ​ | ​ | ​ | $ | 778,828 | ​ | ​ |
| Cash                            | ​ | ​ | ​                      | ​ | — | ​                      | ​ | ​ | ​ | ​ | 1,673,789 | ​ | ​ |
| Receivable for investments sold | ​ | ​ | ​                      | ​ | — | ​                      | ​ | ​ | ​ | ​ | 8,750,934 | ​ | ​ |
| Total assets                    | ​ | ​ | ​                      | $       | — | ​                      | ​ | ​ | ​ | $ | 11,203,551 | ​ | ​ |
| CLO Debt at fair value          | ​ | ​ | ​                      | ​ | — | ​                      | ​ | ​ | ​ | ​ | 10,770,486 | ​ | ​ |
| Total liabilities               | ​ | ​ | ​                      | ​ | — | ​                      | ​ | ​ | ​ | ​ | 10,854,495 | ​ | ​ |
| Total Net Assets                | ​ | ​ | ​                      | $       | — | ​                      | ​ | ​ | ​ | $ | 349,056 | ​ | ​ |
| ​                         |
| ​                                                     | ​ | ​ | Year Ended December 31, 2018 | ​ | ​      | Year Ended December 31, 2017 | ​ | ​ | Year Ended December 31, 2016 | ​ |
|-------------------------------------------------------------|---------|---------|-----------------------------------|---------|--------------|-----------------------------------|---------|---------|-----------------------------------|---------|
| Interest income from investments                            | ​ | ​ | ​                           | $       | —      | ​                           | ​ | ​ | ​                           | $       | 4,829,636 | ​ | ​ | ​ | ​ | $ | 9,381,680 | ​ | ​ |
| Total income                                                | ​ | ​ | ​                           | ​ | —      | ​                           | ​ | ​ | ​                           | ​ | 4,866,033 | ​ | ​ | ​ | ​ | ​ | 9,767,270 | ​ | ​ |
| Interest expense                                            | ​ | ​ | ​                           | ​ | 10,627,258   | ​                           | ​ | ​ | ​                           | ​ | 15,704,243 | ​ | ​ | ​ | ​ | ​ | 8,798,483 | ​ | ​ |
| Total expenses                                              | ​ | ​ | ​                           | ​ | (10,764,092) | ​                           | ​ | ​ | ​                           | ​ | (16,425,383) | ​ | ​ | ​ | ​ | ​ | (9,780,406) | ​ | ​ |
| Net realized and unrealized losses                          | ​ | ​ | ​                           | ​ | 10,415,035   | ​                           | ​ | ​ | ​                           | ​ | 10,212,198 | ​ | ​ | ​ | ​ | ​ | 5,482,606 | ​ | ​ |
| (Decrease) increase in net assets resulting from operations | ​ | ​ | ​                           | ​ | (349,056)    | ​                           | ​ | ​ | ​                           | ​ | (1,347,152) | ​ | ​ | ​ | ​ | ​ | 5,469,470 | ​ | ​ |

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| ​                                                                                                                    | ​ | ​ | As of December 31, 2018 | ​ | ​     | As of December 31, 2017 | ​ |
|----------------------------------------------------------------------------------------------------------------------------|---------|---------|------------------------------|---------|-------------|------------------------------|---------|
| 6.125% Notes Due 2022 (net of offering costs of: 2018 — $2,207,342; 2017 — $2,734,248) | ​ | ​ | ​                      | $       | 75,199,858  | ​                      | ​ | ​ | ​ | $ | 74,672,952 | ​ | ​ |
| KCAP Funding I, LLC Revolving Credit Facility (net of offering costs of: 2018 — $1,155,754)              | ​ | ​ | ​                      | ​ | 25,200,331  | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| 7.375% Notes Due 2019 (net of offering costs of: 2017 — $259,635)                                        | ​ | ​ | ​                      | ​ | —     | ​                      | ​ | ​ | ​ | ​ | 26,740,365 | ​ | ​ |
| ​                                                                                                                    | ​ | ​ | ​                      | $       | 100,400,189 | ​                      | ​ | ​ | ​ | $ | 101,413,317 | ​ | ​ |
| ​                                                                                                                    |

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| ​                                         | ​ | ​ | Year Ended December 31, | ​ |
|-------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                         | ​ | ​ | 2018                         | ​ | ​ | 2017 | ​ |
| Capital in excess of par value                  | ​ | ​ | ​                      | $       | (18,021,247) | ​ | ​ | ​ | ​ | $ | (13,199,386) | ​ | ​ |
| Accumulated undistributed net investment income | ​ | ​ | ​                      | $       | 158,263 | ​ | ​ | ​ | ​ | $ | (281,754) | ​ | ​ |
| Accumulated net realized losses                 | ​ | ​ | ​                      | $       | 17,862,984 | ​ | ​ | ​ | ​ | $ | 13,481,140 | ​ | ​ |
| ​                                                                                               | ​ | ​ | Year Ended December 31, 2018 | ​ | ​     | Year Ended December 31, 2017 | ​ |
|-------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|-------------|-----------------------------------|---------|
| Net increase (decrease) in net assets resulting from operations                                       | ​ | ​ | ​                           | $       | (9,571,546) | ​                           | ​ | ​ | ​ | $ | 3,388,082 | ​ | ​ |
| Net change in unrealized appreciation from investments                                                | ​ | ​ | ​                           | ​ | 2,903,994   | ​                           | ​ | ​ | ​ | ​ | (3,389,993) | ​ | ​ |
| Net realized losses                                                                                   | ​ | ​ | ​                           | ​ | 16,672,029  | ​                           | ​ | ​ | ​ | ​ | 11,021,043 | ​ | ​ |
| Book tax differences on CLO equity investments                                                        | ​ | ​ | ​                           | ​ | (2,953,177) | ​                           | ​ | ​ | ​ | ​ | (5,915,827) | ​ | ​ |
| Other book tax differences                                                                            | ​ | ​ | ​                           | ​ | 2,141,677   | ​                           | ​ | ​ | ​ | ​ | 932,378 | ​ | ​ |
| Taxable income before deductions for distributions                                                    | ​ | ​ | ​                           | $       | 9,192,977   | ​                           | ​ | ​ | ​ | $ | 6,035,683 | ​ | ​ |
| Taxable income before deductions for distributions per weighted average basic shares for the period   | ​ | ​ | ​                           | $       | 0.25        | ​                           | ​ | ​ | ​ | $ | 0.16 | ​ | ​ |
| Taxable income before deductions for distributions per weighted average diluted shares for the period | ​ | ​ | ​                           | $       | 0.25        | ​                           | ​ | ​ | ​ | $ | 0.16 | ​ | ​ |

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| ​                  | ​ | ​ | Year Ended December 31, | ​ |
|--------------------------|---------|---------|------------------------------|---------|
| ​                  | ​ | ​ | 2018                         | ​ | ​ | 2017 | ​ | ​ | 2016 | ​ |
| Distributions paid from: | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Ordinary income          | ​ | ​ | ​                      | $       | 9,192,977 | ​ | ​ | ​ | ​ | $ | 6,035,683 | ​ | ​ | ​ | ​ | $ | 14,761,679 | ​ | ​ |
| Return of Capital        | ​ | ​ | ​                      | ​ | 5,688,770 | ​ | ​ | ​ | ​ | ​ | 11,736,777 | ​ | ​ | ​ | ​ | ​ | 7,307,578 | ​ | ​ |
| Total                    | ​ | ​ | ​                      | $       | 14,881,747 | ​ | ​ | ​ | ​ | $ | 17,772,460 | ​ | ​ | ​ | ​ | $ | 22,069,257 | ​ | ​ |
| ​                  |
| ​                     | ​ | ​ | Year Ended December 31, | ​ |
|-----------------------------|---------|---------|------------------------------|---------|
| ​                     | ​ | ​ | 2018                         | ​ | ​ | 2017 | ​ |
| Capital loss carryforward   | ​ | ​ | ​                      | $       | (86,744,479) | ​ | ​ | ​ | ​ | $ | (88,590,153) | ​ | ​ |
| Other temporary differences | ​ | ​ | ​                      | $       | (1,264,153) | ​ | ​ | ​ | ​ | $ | (1,155,193) | ​ | ​ |
| Net unrealized depreciation | ​ | ​ | ​                      | $       | (61,128,013) | ​ | ​ | ​ | ​ | $ | (58,613,185) | ​ | ​ |

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| ​                     | ​ | ​ | Payments Due by Period | ​ |
|-----------------------------|---------|---------|------------------------|---------|
| Contractual Obligations     | ​ | ​ | 2019                   | ​ | ​ | 2020 | ​ | ​ | 2021 | ​ | ​ | 2022 | ​ | ​ | 2023 | ​ | ​ | More than 5 years | ​ |
| Operating lease obligations | ​ | ​ | ​                | $       | 774,781 | ​ | ​ | ​ | ​ | $ | 800,436 | ​ | ​ | ​ | ​ | $ | 800,436 | ​ | ​ | ​ | ​ | $ | 800,436 | ​ | ​ | ​ | ​ | $ | 800,436 | ​ | ​ | ​ | ​ | $ | 333,515 | ​ | ​ |

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| ​                                       | ​ | ​ | Shares  | ​ | ​  | Weighted Average Exercise Price per Share | ​ | ​ | Weighted Average Contractual Remaining Term (years) | ​ | ​ | Aggregate Intrinsic Value(1) | ​ |
|-----------------------------------------------|---------|---------|---------|---------|----------|-------------------------------------------|---------|---------|-----------------------------------------------------|---------|---------|------------------------------|---------|
| Options outstanding at January 1, 2017   | ​ | ​ | ​ | ​ | 50,000   | ​                                   | ​ | ​ | ​                                             | $       | 7.72    | ​                      | ​ | ​ | ​ | ​ | 2.4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Granted                                       | ​ | ​ | ​ | ​ | —  | ​                                   | ​ | ​ | ​                                             | $       | — | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Exercised                                     | ​ | ​ | ​ | ​ | —  | ​                                   | ​ | ​ | ​                                             | $       | — | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Forfeited                                     | ​ | ​ | ​ | ​ | —  | ​                                   | ​ | ​ | ​                                             | $       | — | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Options outstanding at December 31, 2017 | ​ | ​ | ​ | ​ | 50,000   | ​                                   | ​ | ​ | ​                                             | $       | 7.72    | ​                      | ​ | ​ | ​ | ​ | 2.4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Granted                                       | ​ | ​ | ​ | ​ | —  | ​                                   | ​ | ​ | ​                                             | $       | — | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Exercised                                     | ​ | ​ | ​ | ​ | —  | ​                                   | ​ | ​ | ​                                             | $       | — | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Forfeited                                     | ​ | ​ | ​ | ​ | —  | ​                                   | ​ | ​ | ​                                             | $       | — | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Expired unexercised                           | ​ | ​ | ​ | ​ | (5,000)  | ​                                   | ​ | ​ | ​                                             | $       | 11.97   | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Cancelled                                     | ​ | ​ | ​ | ​ | (15,000) | ​                                   | ​ | ​ | ​                                             | $       | 11.97   | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Outstanding at December 31, 2018         | ​ | ​ | ​ | ​ | 30,000   | ​                                   | ​ | ​ | ​                                             | $       | 4.88    | ​                      | ​ | ​ | ​ | ​ | 0.9 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Total vested at December 31, 2018        | ​ | ​ | ​ | ​ | 30,000   | ​                                   | ​ | ​ | ​                                             | $       | 4.88    | ​                      | ​ | ​ | ​ | ​ | 0.9 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

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| ​                                                 | ​ | ​ | Non-Vested Restricted Shares | ​ |
|---------------------------------------------------------|---------|---------|------------------------------|---------|
| Non-vested shares outstanding at January 1, 2017   | ​ | ​ | ​                      | ​ | 411,479 | ​ | ​ |
| Granted                                                 | ​ | ​ | ​                      | ​ | 139,620 | ​ | ​ |
| Vested                                                  | ​ | ​ | ​                      | ​ | (242,918) | ​ | ​ |
| Forfeited                                               | ​ | ​ | ​                      | ​ | (10,982) | ​ | ​ |
| Non-vested shares outstanding at December 31, 2017 | ​ | ​ | ​                      | ​ | 297,199 | ​ | ​ |
| Granted                                                 | ​ | ​ | ​                      | ​ | 6,000 | ​ | ​ |
| Vested                                                  | ​ | ​ | ​                      | ​ | (122,878) | ​ | ​ |
| Forfeited                                               | ​ | ​ | ​                      | ​ | (56,368) | ​ | ​ |
| Non-vested shares outstanding at December 31, 2018 | ​ | ​ | ​                      | ​ | 123,953 | ​ | ​ |
| ​                                                 |

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| ​                                                                                                         | ​ | ​ | Q1 2018 | ​ | ​   | Q2 2018 | ​ | ​ | Q3 2018 | ​ | ​     | Q4 2018 | ​ |
|-----------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|-----------|---------|---------|---------|---------|---------|-------------|---------|---------|
| Total interest and related portfolio income                                                                     | ​ | ​ | ​ | $       | 6,826,477 | ​ | ​ | ​ | ​ | $       | 6,848,443   | ​ | ​ | ​ | ​ | $ | 7,158,750 | ​ | ​ | ​ | ​ | $ | 6,253,124 | ​ | ​ |
| Net investment income                                                                                           | ​ | ​ | ​ | $       | 2,460,742 | ​ | ​ | ​ | ​ | $       | 2,528,920   | ​ | ​ | ​ | ​ | $ | 2,954,529 | ​ | ​ | ​ | ​ | $ | 2,060,286 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                                                 | ​ | ​ | ​ | $       | 2,609,394 | ​ | ​ | ​ | ​ | $       | (1,311,771) | ​ | ​ | ​ | ​ | $ | 1,348,849 | ​ | ​ | ​ | ​ | $ | (12,218,016) | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations per share – basic and diluted | ​ | ​ | ​ | $       | 0.07      | ​ | ​ | ​ | ​ | $       | (0.04)      | ​ | ​ | ​ | ​ | $ | 0.04 | ​ | ​ | ​ | ​ | $ | (0.33) | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations per share – diluted           | ​ | ​ | ​ | $       | 0.07      | ​ | ​ | ​ | ​ | $       | (0.04)      | ​ | ​ | ​ | ​ | $ | 0.04 | ​ | ​ | ​ | ​ | $ | (0.33) | ​ | ​ |
| Net investment income per share – basic                                                       | ​ | ​ | ​ | $       | 0.07      | ​ | ​ | ​ | ​ | $       | 0.07        | ​ | ​ | ​ | ​ | $ | 0.08 | ​ | ​ | ​ | ​ | $ | 0.06 | ​ | ​ |
| Net investment income per share – diluted                                                     | ​ | ​ | ​ | $       | 0.07      | ​ | ​ | ​ | ​ | $       | 0.07        | ​ | ​ | ​ | ​ | $ | 0.08 | ​ | ​ | ​ | ​ | $ | 0.06 | ​ | ​ |
| ​                                                                                                         | ​ | ​ | Q1 2017 | ​ | ​   | Q2 2017 | ​ | ​ | Q3 2017 | ​ | ​   | Q4 2017 | ​ |
|-----------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|-----------|---------|---------|---------|---------|---------|-----------|---------|---------|
| Total interest and related portfolio income                                                                     | ​ | ​ | ​ | $       | 7,774,397 | ​ | ​ | ​ | ​ | $       | 7,659,732 | ​ | ​ | ​ | ​ | $ | 6,253,343 | ​ | ​ | ​ | ​ | $ | 6,576,226 | ​ | ​ |
| Net investment income                                                                                           | ​ | ​ | ​ | $       | 3,218,141 | ​ | ​ | ​ | ​ | $       | 2,608,768 | ​ | ​ | ​ | ​ | $ | 2,529,495 | ​ | ​ | ​ | ​ | $ | 2,662,728 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                                                 | ​ | ​ | ​ | $       | 385,552   | ​ | ​ | ​ | ​ | $       | 2,521,725 | ​ | ​ | ​ | ​ | $ | (669,449) | ​ | ​ | ​ | ​ | $ | 1,150,252 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations per share – basic and diluted | ​ | ​ | ​ | $       | 0.01      | ​ | ​ | ​ | ​ | $       | 0.07      | ​ | ​ | ​ | ​ | $ | (0.02) | ​ | ​ | ​ | ​ | $ | 0.03 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations per share – diluted           | ​ | ​ | ​ | $       | 0.01      | ​ | ​ | ​ | ​ | $       | 0.07      | ​ | ​ | ​ | ​ | $ | (0.02) | ​ | ​ | ​ | ​ | $ | 0.03 | ​ | ​ |
| Net investment income per share – basic                                                       | ​ | ​ | ​ | $       | 0.09      | ​ | ​ | ​ | ​ | $       | 0.07      | ​ | ​ | ​ | ​ | $ | 0.07 | ​ | ​ | ​ | ​ | $ | 0.07 | ​ | ​ |
| Net investment income per share – diluted                                                     | ​ | ​ | ​ | $       | 0.09      | ​ | ​ | ​ | ​ | $       | 0.07      | ​ | ​ | ​ | ​ | $ | 0.07 | ​ | ​ | ​ | ​ | $ | 0.07 | ​ | ​ |

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| ​ | Report of Independent Certified Public Accountants                                                                      | ​ | ​ | ​ | ​ | S-2 | ​ | ​ |
|---------|-------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|-----|---------|---------|
| ​ | Combined Balance Sheets as of December 31, 2017 and 2016                                                           | ​ | ​ | ​ | ​ | S-3 | ​ | ​ |
| ​ | Combined Statements of Operations for the years ended December 31, 2017, 2016 and 2015                        | ​ | ​ | ​ | ​ | S-4 | ​ | ​ |
| ​ | Combined Statements of Changes in Member’s Equity for the years ended December 31, 2017, 2016, and 2015 | ​ | ​ | ​ | ​ | S-5 | ​ | ​ |
| ​ | Combined Statements of Cash Flows for the years ended December 31, 2017, 2016, and 2015                       | ​ | ​ | ​ | ​ | S-6 | ​ | ​ |
| ​ | Notes to Combined Financial Statements                                                                                  | ​ | ​ | ​ | ​ | S-7 | ​ | ​ |
| ​ | Report of Independent Certified Public Accountants                                                                                      | ​ | ​ | ​ | ​ | S-19 | ​ | ​ |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|------|---------|---------|
| ​ | Statements of Net Assets as of December 31, 2016 and December 31, 2015                                                        | ​ | ​ | ​ | ​ | S-20 | ​ | ​ |
| ​ | Statements of Operations for the years ended December 31, 2016, December 31, 2015 and December 31, 2014             | ​ | ​ | ​ | ​ | S-21 | ​ | ​ |
| ​ | Statements of Changes in Net Assets for the years ended December 31, 2016, December 31, 2015, and December 31, 2014 | ​ | ​ | ​ | ​ | S-22 | ​ | ​ |
| ​ | Statements of Cash Flows for the year ended December 31, 2016, December 31, 2015, and December 31, 2014                  | ​ | ​ | ​ | ​ | S-23 | ​ | ​ |
| ​ | Schedules of Investment as of December 31, 2016 and December 31, 2015                                                         | ​ | ​ | ​ | ​ | S-24 | ​ | ​ |
| ​ | Notes to Combined Financial Statements                                                                                                  | ​ | ​ | ​ | ​ | S-34 | ​ | ​ |

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| ​                                                                                              | ​ | ​ | As of December 31, 2017 | ​ | ​      | As of December 31, 2016 | ​ |
|------------------------------------------------------------------------------------------------------|---------|---------|------------------------------|---------|--------------|------------------------------|---------|
| ASSETS                                                                                               | ​ | ​ | ​                      | ​ | ​      | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investments, at fair value (cost: 2017 – $82,576,095; 2016 – $0) | ​ | ​ | ​                      | $       | 79,901,209   | ​                      | ​ | ​ | ​ | $ | — | ​ | ​ |
| Cash                                                                                                 | ​ | ​ | ​                      | ​ | 4,655,662    | ​                      | ​ | ​ | ​ | ​ | 3,425,709 | ​ | ​ |
| Accrued management fees receivable                                                                   | ​ | ​ | ​                      | ​ | 2,346,490    | ​                      | ​ | ​ | ​ | ​ | 2,176,833 | ​ | ​ |
| Due from affiliates                                                                                  | ​ | ​ | ​                      | ​ | 146,838      | ​                      | ​ | ​ | ​ | ​ | 86,615 | ​ | ​ |
| Intangible assets                                                                                    | ​ | ​ | ​                      | ​ | 22,830,000   | ​                      | ​ | ​ | ​ | ​ | 23,157,541 | ​ | ​ |
| Other assets                                                                                         | ​ | ​ | ​                      | ​ | 1,977,922    | ​                      | ​ | ​ | ​ | ​ | 2,760,726 | ​ | ​ |
| Total assets                                                                                         | ​ | ​ | ​                      | $       | 111,858,121  | ​                      | ​ | ​ | ​ | $ | 31,607,424 | ​ | ​ |
| LIABILITIES                                                                                          | ​ | ​ | ​                      | ​ | ​      | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Borrowings                                                                                           | ​ | ​ | ​                      | $       | 69,802,500   | ​                      | ​ | ​ | ​ | $ | — | ​ | ​ |
| Borrowings from related parties                                                                      | ​ | ​ | ​                      | ​ | 12,792,218   | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Accrued interest payable                                                                             | ​ | ​ | ​                      | ​ | 230,034      | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Accounts payable and accrued expenses                                                                | ​ | ​ | ​                      | ​ | 3,724,943    | ​                      | ​ | ​ | ​ | ​ | 3,431,496 | ​ | ​ |
| Due to affiliates                                                                                    | ​ | ​ | ​                      | ​ | 943,557      | ​                      | ​ | ​ | ​ | ​ | 612,983 | ​ | ​ |
| Deferred tax liability                                                                               | ​ | ​ | ​                      | ​ | 1,890,899    | ​                      | ​ | ​ | ​ | ​ | 2,575,140 | ​ | ​ |
| Total liabilities                                                                                    | ​ | ​ | ​                      | ​ | 89,384,151   | ​                      | ​ | ​ | ​ | ​ | 6,619,619 | ​ | ​ |
| Commitments and Contingencies                                                                        | ​ | ​ | ​                      | ​ | —      | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| MEMBER’S EQUITY                                                                                | ​ | ​ | ​                      | ​ | ​      | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Member’s contributions                                                                         | ​ | ​ | ​                      | ​ | 52,519,916   | ​                      | ​ | ​ | ​ | ​ | 52,519,916 | ​ | ​ |
| Accumulated deficit                                                                                  | ​ | ​ | ​                      | ​ | (30,045,946) | ​                      | ​ | ​ | ​ | ​ | (27,532,111) | ​ | ​ |
| Total member’s equity                                                                          | ​ | ​ | ​                      | ​ | 22,473,970   | ​                      | ​ | ​ | ​ | ​ | 24,987,805 | ​ | ​ |
| Total liabilities and member’s equity                                                          | ​ | ​ | ​                      | $       | 111,858,121  | ​                      | ​ | ​ | ​ | $ | 31,607,424 | ​ | ​ |
| ​                                                                                              |

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| ​                                                                | ​ | ​ | For the Years Ended December 31, | ​ |
|------------------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                                | ​ | ​ | 2017                                  | ​ | ​ | 2016 | ​ | ​ | 2015 | ​ |
| Revenues                                                               | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Management and incentive fee revenues                                  | ​ | ​ | ​                               | $       | 15,283,064 | ​ | ​ | ​ | ​ | $ | 12,835,603 | ​ | ​ | ​ | ​ | $ | 22,617,240 | ​ | ​ |
| Investment income                                                      | ​ | ​ | ​                               | ​ | 232,300 | ​ | ​ | ​ | ​ | ​ | 1,024,760 | ​ | ​ | ​ | ​ | ​ | 2,787,334 | ​ | ​ |
| Total revenues                                                         | ​ | ​ | ​                               | ​ | 15,515,364 | ​ | ​ | ​ | ​ | ​ | 13,860,363 | ​ | ​ | ​ | ​ | ​ | 25,404,574 | ​ | ​ |
| Expenses                                                               | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest expense                                                       | ​ | ​ | ​                               | ​ | 1,044,242 | ​ | ​ | ​ | ​ | ​ | 1,821,517 | ​ | ​ | ​ | ​ | ​ | 1,726,781 | ​ | ​ |
| Compensation                                                           | ​ | ​ | ​                               | ​ | 7,470,218 | ​ | ​ | ​ | ​ | ​ | 7,596,726 | ​ | ​ | ​ | ​ | ​ | 9,441,607 | ​ | ​ |
| Insurance                                                              | ​ | ​ | ​                               | ​ | 354,466 | ​ | ​ | ​ | ​ | ​ | 408,959 | ​ | ​ | ​ | ​ | ​ | 450,460 | ​ | ​ |
| Professional fees                                                      | ​ | ​ | ​                               | ​ | 575,067 | ​ | ​ | ​ | ​ | ​ | 980,605 | ​ | ​ | ​ | ​ | ​ | 903,119 | ​ | ​ |
| Amortization of intangible assets                                      | ​ | ​ | ​                               | ​ | 327,541 | ​ | ​ | ​ | ​ | ​ | 1,310,164 | ​ | ​ | ​ | ​ | ​ | 2,308,123 | ​ | ​ |
| Administrative and other                                               | ​ | ​ | ​                               | ​ | 2,538,229 | ​ | ​ | ​ | ​ | ​ | 2,457,029 | ​ | ​ | ​ | ​ | ​ | 2,391,184 | ​ | ​ |
| Total expenses                                                         | ​ | ​ | ​                               | ​ | 12,309,763 | ​ | ​ | ​ | ​ | ​ | 14,575,000 | ​ | ​ | ​ | ​ | ​ | 17,221,274 | ​ | ​ |
| Income (loss) before unrealized losses on investments and income taxes | ​ | ​ | ​                               | ​ | 3,205,601 | ​ | ​ | ​ | ​ | ​ | (714,637) | ​ | ​ | ​ | ​ | ​ | 8,183,300 | ​ | ​ |
| Unrealized losses on investments                                       | ​ | ​ | ​                               | ​ | (2,674,885) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Income (loss) before income taxes                                      | ​ | ​ | ​                               | ​ | 530,716 | ​ | ​ | ​ | ​ | ​ | (714,637) | ​ | ​ | ​ | ​ | ​ | 8,183,300 | ​ | ​ |
| Income tax (benefit) expense                                           | ​ | ​ | ​                               | ​ | (165,449) | ​ | ​ | ​ | ​ | ​ | (81,022) | ​ | ​ | ​ | ​ | ​ | 5,642,225 | ​ | ​ |
| Net income (loss)                                                      | ​ | ​ | ​                               | $       | 696,165 | ​ | ​ | ​ | ​ | $ | (633,615) | ​ | ​ | ​ | ​ | $ | 2,541,075 | ​ | ​ |
| ​                                                                |

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| ​                         | ​ | ​ | Member’s Contributions | ​ | ​    | Accumulated Earnings (Deficit) | ​ | ​ | Total Member’s Equity | ​ |
|---------------------------------|---------|---------|------------------------------|---------|------------|--------------------------------|---------|---------|-----------------------------|---------|
| Total at January 1, 2015   | ​ | ​ | ​                      | $       | 52,519,916 | ​                        | ​ | ​ | ​                     | $       | (17,739,571) | ​ | ​ | ​ | ​ | $ | 34,780,345 | ​ | ​ |
| Net income                      | ​ | ​ | ​                      | ​ | —    | ​                        | ​ | ​ | ​                     | ​ | 2,541,075 | ​ | ​ | ​ | ​ | ​ | 2,541,075 | ​ | ​ |
| Distributions                   | ​ | ​ | ​                      | ​ | —    | ​                        | ​ | ​ | ​                     | ​ | (9,050,000) | ​ | ​ | ​ | ​ | ​ | (9,050,000) | ​ | ​ |
| Total at December 31, 2015 | ​ | ​ | ​                      | ​ | 52,519,916 | ​                        | ​ | ​ | ​                     | ​ | (24,248,496) | ​ | ​ | ​ | ​ | ​ | 28,271,420 | ​ | ​ |
| Net loss                        | ​ | ​ | ​                      | ​ | —    | ​                        | ​ | ​ | ​                     | ​ | (633,615) | ​ | ​ | ​ | ​ | ​ | (633,615) | ​ | ​ |
| Distributions                   | ​ | ​ | ​                      | ​ | —    | ​                        | ​ | ​ | ​                     | ​ | (2,650,000) | ​ | ​ | ​ | ​ | ​ | (2,650,000) | ​ | ​ |
| Total at December 31, 2016 | ​ | ​ | ​                      | ​ | 52,519,916 | ​                        | ​ | ​ | ​                     | ​ | (27,532,111) | ​ | ​ | ​ | ​ | ​ | 24,987,805 | ​ | ​ |
| Net income                      | ​ | ​ | ​                      | ​ | —    | ​                        | ​ | ​ | ​                     | ​ | 696,165 | ​ | ​ | ​ | ​ | ​ | 696,165 | ​ | ​ |
| Distributions                   | ​ | ​ | ​                      | ​ | —    | ​                        | ​ | ​ | ​                     | ​ | (3,210,000) | ​ | ​ | ​ | ​ | ​ | (3,210,000) | ​ | ​ |
| Total at December 31, 2017 | ​ | ​ | ​                      | $       | 52,519,916 | ​                        | ​ | ​ | ​                     | $       | (30,045,946) | ​ | ​ | ​ | ​ | $ | 22,473,970 | ​ | ​ |
| ​                         |

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| ​                                                                                  | ​ | ​ | Years Ended December 31, | ​ |
|------------------------------------------------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                                                                  | ​ | ​ | 2017                          | ​ | ​ | 2016 | ​ | ​ | 2015 | ​ |
| OPERATING ACTIVITIES:                                                                    | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net income (loss)                                                                        | ​ | ​ | ​                       | $       | 696,165 | ​ | ​ | ​ | ​ | $ | (633,615) | ​ | ​ | ​ | ​ | $ | 2,541,075 | ​ | ​ |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Deferred taxes                                                                           | ​ | ​ | ​                       | ​ | (684,241) | ​ | ​ | ​ | ​ | ​ | 1,925,170 | ​ | ​ | ​ | ​ | ​ | 4,226,118 | ​ | ​ |
| Amortization of intangible assets                                                        | ​ | ​ | ​                       | ​ | 327,541 | ​ | ​ | ​ | ​ | ​ | 1,310,164 | ​ | ​ | ​ | ​ | ​ | 2,308,123 | ​ | ​ |
| Accretion of interest income                                                             | ​ | ​ | ​                       | ​ | (2,687) | ​ | ​ | ​ | ​ | ​ | (1,016,614) | ​ | ​ | ​ | ​ | ​ | (1,089,679) | ​ | ​ |
| Unrealized depreciation                                                                  | ​ | ​ | ​                       | ​ | 2,674,885 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Changes in operating assets and liabilities:                                             | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| (Increase) decrease in accrued management fees                                           | ​ | ​ | ​                       | ​ | (169,657) | ​ | ​ | ​ | ​ | ​ | 1,245,576 | ​ | ​ | ​ | ​ | ​ | 3,236,504 | ​ | ​ |
| (Increase) decrease in due from affiliates                                               | ​ | ​ | ​                       | ​ | (60,223) | ​ | ​ | ​ | ​ | ​ | 556,737 | ​ | ​ | ​ | ​ | ​ | (389,848) | ​ | ​ |
| Decrease (increase) in other assets                                                      | ​ | ​ | ​                       | ​ | 782,805 | ​ | ​ | ​ | ​ | ​ | 45,251 | ​ | ​ | ​ | ​ | ​ | (2,341,414) | ​ | ​ |
| Decrease (increase) in accounts payable and accrued expenses                             | ​ | ​ | ​                       | ​ | 293,447 | ​ | ​ | ​ | ​ | ​ | (866,355) | ​ | ​ | ​ | ​ | ​ | (5,505,086) | ​ | ​ |
| Increase (decrease) in accrued interest payable                                          | ​ | ​ | ​                       | ​ | 230,034 | ​ | ​ | ​ | ​ | ​ | (178,250) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Increase (decrease) in due to affiliates                                                 | ​ | ​ | ​                       | ​ | 330,574 | ​ | ​ | ​ | ​ | ​ | (1,504,112) | ​ | ​ | ​ | ​ | ​ | 1,889,707 | ​ | ​ |
| Net cash provided by operating activities                                                | ​ | ​ | ​                       | ​ | 4,418,643 | ​ | ​ | ​ | ​ | ​ | 883,952 | ​ | ​ | ​ | ​ | ​ | 4,875,500 | ​ | ​ |
| Investing activities:                                                                    | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Purchases of investment                                                                  | ​ | ​ | ​                       | ​ | (102,573,408) | ​ | ​ | ​ | ​ | ​ | (7,000,000) | ​ | ​ | ​ | ​ | ​ | (22,000,000) | ​ | ​ |
| Proceeds from sales/redemptions/maturities of investments                                | ​ | ​ | ​                       | ​ | 20,000,000 | ​ | ​ | ​ | ​ | ​ | 31,106,293 | ​ | ​ | ​ | ​ | ​ | 22,506,850 | ​ | ​ |
| Net cash (used in) provided by investing activities                                      | ​ | ​ | ​                       | ​ | (82,573,408) | ​ | ​ | ​ | ​ | ​ | 24,106,293 | ​ | ​ | ​ | ​ | ​ | 506,850 | ​ | ​ |
| Financing Activities:                                                                    | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Member’s distributions                                                             | ​ | ​ | ​                       | ​ | (3,210,000) | ​ | ​ | ​ | ​ | ​ | (2,650,000) | ​ | ​ | ​ | ​ | ​ | (9,050,000) | ​ | ​ |
| Debt offering proceeds                                                                   | ​ | ​ | ​                       | ​ | 127,594,718 | ​ | ​ | ​ | ​ | ​ | 7,000,000 | ​ | ​ | ​ | ​ | ​ | 36,000,000 | ​ | ​ |
| Repayments of Debt                                                                       | ​ | ​ | ​                       | ​ | (45,000,000) | ​ | ​ | ​ | ​ | ​ | (30,000,000) | ​ | ​ | ​ | ​ | ​ | (36,000,000) | ​ | ​ |
| Net cash provided by (used in) financing activities                                      | ​ | ​ | ​                       | ​ | 79,384,718 | ​ | ​ | ​ | ​ | ​ | (25,650,000) | ​ | ​ | ​ | ​ | ​ | (9,050,000) | ​ | ​ |
| CHANGE IN CASH                                                                           | ​ | ​ | ​                       | ​ | 1,229,953 | ​ | ​ | ​ | ​ | ​ | (659,755) | ​ | ​ | ​ | ​ | ​ | (3,667,650) | ​ | ​ |
| CASH, BEGINNING OF YEAR                                                                  | ​ | ​ | ​                       | ​ | 3,425,709 | ​ | ​ | ​ | ​ | ​ | 4,085,464 | ​ | ​ | ​ | ​ | ​ | 7,753,114 | ​ | ​ |
| CASH, END OF YEAR                                                                        | ​ | ​ | ​                       | $       | 4,655,662 | ​ | ​ | ​ | ​ | $ | 3,425,709 | ​ | ​ | ​ | ​ | $ | 4,085,464 | ​ | ​ |
| Supplemental Information:                                                                | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Cash paid for interest                                                                   | ​ | ​ | ​                       | $       | 918,000 | ​ | ​ | ​ | ​ | $ | 1,999,767 | ​ | ​ | ​ | ​ | $ | 1,817,480 | ​ | ​ |
| Cash paid for taxes                                                                      | ​ | ​ | ​                       | $       | 17,526 | ​ | ​ | ​ | ​ | $ | 170,000 | ​ | ​ | ​ | ​ | $ | 5,477,493 | ​ | ​ |

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| ​          | ​ | ​ | Fair Value    | ​ |
|------------------|---------|---------|---------------|---------|
| ​          | ​ | ​ | (in millions) | ​ |
| Catamaran 2013-1 | ​ | ​ | ​       | $       | 26.7 | ​ | ​ |
| Catamaran 2014-1 | ​ | ​ | ​       | ​ | 33.5 | ​ | ​ |
| Catamaran 2015-1 | ​ | ​ | ​       | ​ | 19.7 | ​ | ​ |
| ​          | ​ | ​ | ​       | $       | 79.9 | ​ | ​ |
| ​          |
| Security Type                                  | ​ | ​ | Cost/Amortized Cost | ​ | ​    | Fair Value | ​ |
|------------------------------------------------|---------|---------|---------------------|---------|------------|------------|---------|
| Short-term investments                         | ​ | ​ | ​             | $       | —    | ​    | ​ | ​ | ​ | $ | — | ​ | ​ |
| Debt securities                                | ​ | ​ | ​             | ​ | 75,735,482 | ​    | ​ | ​ | ​ | ​ | 75,960,178 | ​ | ​ |
| Residual interests in CLO Fund Securities | ​ | ​ | ​             | ​ | 6,840,613  | ​    | ​ | ​ | ​ | ​ | 3,941,031 | ​ | ​ |
| Total                                          | ​ | ​ | ​             | $       | 82,576,095 | ​    | ​ | ​ | ​ | $ | 79,901,209 | ​ | ​ |
| ​                                        |

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| ​                                        | ​ | ​ | As of December 31, 2017 | ​ |
|------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                        | ​ | ​ | Level I                      | ​ | ​ | Level II | ​ | ​ | Level III | ​ | ​ | Total | ​ |
| Debt securities                                | ​ | ​ | ​                      | $       | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 75,960,178 | ​ | ​ | ​ | ​ | $ | 75,960,178 | ​ | ​ |
| Residual interests in CLO Fund Securities | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 3,941,031 | ​ | ​ | ​ | ​ | ​ | 3,941,031 | ​ | ​ |
| Total                                          | ​ | ​ | ​                      | $       | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 79,901,209 | ​ | ​ | ​ | ​ | $ | 79,901,209 | ​ | ​ |
| ​                                        |
| ​                                                                                                       | ​ | ​ | Year Ended December 31, 2017 | ​ |
|---------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|
| ​                                                                                                       | ​ | ​ | Debt Securities                   | ​ | ​ | Beneficial residual interests in CLO Fund Securities | ​ | ​ | Total | ​ |
| Purchases                                                                                                     | ​ | ​ | ​                           | $       | 75,735,481 | ​ | ​ | ​ | ​ | $ | 26,837,926 | ​ | ​ | ​ | ​ | $ | 102,573,407 | ​ | ​ |
| Proceeds from sales/redemptions/maturities                                                                    | ​ | ​ | ​                           | ​ | — | ​ | ​ | ​ | ​ | ​ | (20,000,000) | ​ | ​ | ​ | ​ | ​ | (20,000,000) | ​ | ​ |
| Net accretion (amortization)                                                                                  | ​ | ​ | ​                           | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,687 | ​ | ​ | ​ | ​ | ​ | 2,687 | ​ | ​ |
| Total unrealized gain (loss) included in earnings                                                             | ​ | ​ | ​                           | ​ | 224,697 | ​ | ​ | ​ | ​ | ​ | (2,899,582) | ​ | ​ | ​ | ​ | ​ | (2,674,885) | ​ | ​ |
| Balance, December 31, 2017                                                                               | ​ | ​ | ​                           | $       | 75,960,178 | ​ | ​ | ​ | ​ | $ | 3,941,031 | ​ | ​ | ​ | ​ | $ | 79,901,209 | ​ | ​ |
| Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date | ​ | ​ | ​                           | $       | 224,697 | ​ | ​ | ​ | ​ | $ | (2,899,582) | ​ | ​ | ​ | ​ | $ | (2,674,885) | ​ | ​ |
| ​                                                                                                       |
| ​ | ​ | Type                                           | ​ | ​ | ​ | Fair Value | ​ | ​    | ​ | Primary Valuation Methodology | ​ | ​ | ​         | Unobservable Inputs | ​ | ​ | ​         | Significant Inputs or Range of Inputs and (Weighted Average) | ​ | ​ |
|---------|---------|------------------------------------------------|---------|---------|---------|------------|---------|------------|---------|-------------------------------|---------|---------|-----------------|---------------------|---------|---------|-----------------|--------------------------------------------------------------|---------|---------|
| ​ | ​ | Debt Securities                                | ​ | ​ | ​ | ​    | $       | 75,960,178 | ​ | ​                       | ​ | ​ | Market Approach | ​             | ​ | ​ | 3rd party quote | ​                                                      | ​ | ​ | 93.1% – 100.5% (100.0%) | ​ | ​ |
| ​ | ​ | Residual interests in CLO Fund Securities | ​ | ​ | ​ | ​    | ​ | 3,941,031  | ​ | ​                       | ​ | ​ | Market Approach | ​             | ​ | ​ | 3rd party quote | ​                                                      | ​ | ​ | 59.9% – 75.3% | ​ | ​ |
| ​ | ​ | Total Level III Investments                    | ​ | ​ | ​ | ​    | $       | 79,901,209 | ​ | ​                       | ​ | ​ | ​         | ​             | ​ | ​ | ​         | ​                                                      | ​ | ​ | ​ | ​ | ​ |
| ​ | ​ | ​                                        | ​ | ​ | ​ | ​    | ​ | ​    | ​ | ​                       | ​ | ​ | ​         | ​             | ​ | ​ | ​         | ​                                                      | ​ | ​ | ​ | ​ | ​ |

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| Description              | ​ | ​ | Principal | ​ |
|--------------------------|---------|---------|-----------|---------|
| KCAP Term Loan 1         | ​ | ​ | ​   | $       | 8,359,051 | ​ | ​ |
| KCAP Term Loan 2         | ​ | ​ | ​   | ​ | 4,433,167 | ​ | ​ |
| Third Party Borrowing I  | ​ | ​ | ​   | ​ | 50,117,500 | ​ | ​ |
| Third Party Borrowing II | ​ | ​ | ​   | ​ | 19,685,000 | ​ | ​ |
| Total                    | ​ | ​ | ​   | $       | 82,594,718 | ​ | ​ |
| ​                  |

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| ​                                         | ​ | ​ | For the year ended December 31, | ​ |
|-------------------------------------------------|---------|---------|--------------------------------------|---------|
| ​                                         | ​ | ​ | 2017                                 | ​ | ​ | 2016 | ​ | ​ | 2015 | ​ |
| Current income tax (benefit) expense:           | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Federal                                         | ​ | ​ | ​                              | $       | 518,921 | ​ | ​ | ​ | ​ | $ | (1,957,900) | ​ | ​ | ​ | ​ | $ | 1,290,664 | ​ | ​ |
| State & local                               | ​ | ​ | ​                              | ​ | (129) | ​ | ​ | ​ | ​ | ​ | (48,292) | ​ | ​ | ​ | ​ | ​ | 125,443 | ​ | ​ |
| Total net current income tax (benefit) expense  | ​ | ​ | ​                              | ​ | 518,792 | ​ | ​ | ​ | ​ | ​ | (2,006,192) | ​ | ​ | ​ | ​ | ​ | 1,416,107 | ​ | ​ |
| Deferred income tax expense (benefit):          | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Federal                                         | ​ | ​ | ​                              | ​ | (661,770) | ​ | ​ | ​ | ​ | ​ | 2,011,068 | ​ | ​ | ​ | ​ | ​ | 3,250,138 | ​ | ​ |
| State & local                               | ​ | ​ | ​                              | ​ | (22,471) | ​ | ​ | ​ | ​ | ​ | (85,898) | ​ | ​ | ​ | ​ | ​ | 975,980 | ​ | ​ |
| Total net deferred income tax expense (benefit) | ​ | ​ | ​                              | ​ | (684,241) | ​ | ​ | ​ | ​ | ​ | 1,925,170 | ​ | ​ | ​ | ​ | ​ | 4,226,118 | ​ | ​ |
| Total income tax (benefit) expense              | ​ | ​ | ​                              | $       | (165,449) | ​ | ​ | ​ | ​ | $ | (81,022) | ​ | ​ | ​ | ​ | $ | 5,642,225 | ​ | ​ |
| ​                                         |
| ​                                        | ​ | ​ | For the year ended December 31, | ​ |
|------------------------------------------------|---------|---------|--------------------------------------|---------|
| ​                                        | ​ | ​ | 2017                                 | ​ | ​ | 2016 | ​ |
| Deferred income tax assets:                    | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net operating loss and tax credit carryforward | ​ | ​ | ​                              | $       | 213,152 | ​ | ​ | ​ | ​ | $ | 44,125 | ​ | ​ |
| Restricted stock                               | ​ | ​ | ​                              | ​ | 80,705 | ​ | ​ | ​ | ​ | ​ | 322,008 | ​ | ​ |
| Intangible depreciation/amortization           | ​ | ​ | ​                              | ​ | 2,005,236 | ​ | ​ | ​ | ​ | ​ | 3,522,391 | ​ | ​ |
| Compensation                                   | ​ | ​ | ​                              | ​ | 464,736 | ​ | ​ | ​ | ​ | ​ | 715,400 | ​ | ​ |
| Unrealized loss                                | ​ | ​ | ​                              | ​ | 564,219 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other                                          | ​ | ​ | ​                              | ​ | 75,450 | ​ | ​ | ​ | ​ | ​ | 73,228 | ​ | ​ |
| Less: Valuation allowance                      | ​ | ​ | ​                              | ​ | (3,403,497) | ​ | ​ | ​ | ​ | ​ | (4,677,152) | ​ | ​ |
| Total deferred tax assets                      | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Deferred income tax liabilities:               | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Goodwill amortization                          | ​ | ​ | ​                              | ​ | (1,899,477) | ​ | ​ | ​ | ​ | ​ | (2,575,140) | ​ | ​ |
| Other                                          | ​ | ​ | ​                              | ​ | 8,578 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total deferred tax liabilities                 | ​ | ​ | ​                              | ​ | (1,890,899) | ​ | ​ | ​ | ​ | ​ | (2,575,140) | ​ | ​ |
| Net deferred tax liabilities                   | ​ | ​ | ​                              | $       | (1,890,899) | ​ | ​ | ​ | ​ | $ | (2,575,140) | ​ | ​ |
| ​                                        |

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| ​                       | ​ | ​ | Federal | ​ | ​ | State   | ​ | ​ | Local   | ​ |
|-------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| Year Ending December 31: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| 2036                          | ​ | ​ | ​ | $       | — | ​ | ​ | ​ | ​ | $       | 36,699 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| 2037                          | ​ | ​ | ​ | ​ | 981,022 | ​ | ​ | ​ | ​ | ​ | 5,879 | ​ | ​ | ​ | ​ | ​ | 65,446 | ​ | ​ |
| ​                       | ​ | ​ | ​ | $       | 981,022 | ​ | ​ | ​ | ​ | $       | 42,578 | ​ | ​ | ​ | ​ | $ | 65,446 | ​ | ​ |
| ​                       |
| Contractual Obligations     | ​ | ​ | 2018    | ​ | ​ | 2019    | ​ | ​ | 2020    | ​ | ​  | 2021    | ​ | ​ | 2022    | ​ | ​ | More than 5 years | ​ |
|-----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|----------|---------|---------|---------|---------|---------|---------|------------------------|---------|
| Operating lease obligations | ​ | ​ | ​ | $       | 738,864 | ​ | ​ | ​ | ​ | $       | 774,7811 | ​ | ​ | ​ | ​ | $       | 800,436 | ​                | ​ | ​ | ​ | $ | 800,436 | ​ | ​ | ​ | ​ | $ | 800,436 | ​ | ​ | ​ | ​ | $ | 1,133,951 | ​ | ​ |

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| ​                               | ​ | ​ | As of December 31, 2016 | ​ | ​     | As of December 31, 2015 | ​ |
|---------------------------------------|---------|---------|------------------------------|---------|-------------|------------------------------|---------|
| ASSETS                                | ​ | ​ | ​                      | ​ | ​     | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investments at fair value:            | ​ | ​ | ​                      | ​ | ​     | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Debt securities                       | ​ | ​ | ​                      | $       | 170,702,652 | ​                      | ​ | ​ | ​ | $ | 234,403,150 | ​ | ​ |
| Equity securities                     | ​ | ​ | ​                      | ​ | 150,524     | ​                      | ​ | ​ | ​ | ​ | 2,830 | ​ | ​ |
| CLO rated notes                       | ​ | ​ | ​                      | ​ | 5,831,800   | ​                      | ​ | ​ | ​ | ​ | 12,360,525 | ​ | ​ |
| Total investments at fair value       | ​ | ​ | ​                      | ​ | 176,684,976 | ​                      | ​ | ​ | ​ | ​ | 246,766,505 | ​ | ​ |
| Cash                                  | ​ | ​ | ​                      | ​ | 34,982,770  | ​                      | ​ | ​ | ​ | ​ | 17,301,178 | ​ | ​ |
| Accrued interest receivable           | ​ | ​ | ​                      | ​ | 492,417     | ​                      | ​ | ​ | ​ | ​ | 501,574 | ​ | ​ |
| Receivable for open trades            | ​ | ​ | ​                      | ​ | —     | ​                      | ​ | ​ | ​ | ​ | 820,593 | ​ | ​ |
| Total assets                          | ​ | ​ | ​                      | $       | 212,160,163 | ​                      | ​ | ​ | ​ | $ | 265,389,850 | ​ | ​ |
| LIABILITIES                           | ​ | ​ | ​                      | ​ | ​     | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| CLO Fund liabilities at fair value    | ​ | ​ | ​                      | $       | 208,812,164 | ​                      | ​ | ​ | ​ | $ | 261,433,473 | ​ | ​ |
| Accrued interest payable              | ​ | ​ | ​                      | ​ | 1,518,793   | ​                      | ​ | ​ | ​ | ​ | 1,565,632 | ​ | ​ |
| Payable for open trades               | ​ | ​ | ​                      | ​ | —     | ​                      | ​ | ​ | ​ | ​ | 6,006,038 | ​ | ​ |
| Accounts payable and accrued expenses | ​ | ​ | ​                      | ​ | 132,967     | ​                      | ​ | ​ | ​ | ​ | 154,079 | ​ | ​ |
| Due to affiliates                     | ​ | ​ | ​                      | ​ | 30          | ​                      | ​ | ​ | ​ | ​ | 3,889 | ​ | ​ |
| Total liabilities                     | ​ | ​ | ​                      | ​ | 210,463,954 | ​                      | ​ | ​ | ​ | ​ | 269,163,111 | ​ | ​ |
| Commitments and Contingencies         | ​ | ​ | ​                      | ​ | —     | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| NET ASSETS                            | ​ | ​ | ​                      | ​ | ​     | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Total net assets                      | ​ | ​ | ​                      | $       | 1,696,209   | ​                      | ​ | ​ | ​ | $ | (3,773,261) | ​ | ​ |
| ​                               |

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| ​                                                     | ​ | ​ | For the Years Ended December 31, | ​ |
|-------------------------------------------------------------|---------|---------|---------------------------------------|---------|
| ​                                                     | ​ | ​ | 2016                                  | ​ | ​ | 2015 | ​ | ​ | 2014 | ​ |
| Income                                                      | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest income from investments                            | ​ | ​ | ​                               | $       | 9,381,680 | ​ | ​ | ​ | ​ | $ | 10,178,631 | ​ | ​ | ​ | ​ | $ | 11,690,586 | ​ | ​ |
| Interest income from cash and time deposits                 | ​ | ​ | ​                               | ​ | 18,324 | ​ | ​ | ​ | ​ | ​ | 1,288 | ​ | ​ | ​ | ​ | ​ | 1,922 | ​ | ​ |
| Other income                                                | ​ | ​ | ​                               | ​ | 367,266 | ​ | ​ | ​ | ​ | ​ | 425,490 | ​ | ​ | ​ | ​ | ​ | 32,346 | ​ | ​ |
| Total income                                                | ​ | ​ | ​                               | ​ | 9,767,270 | ​ | ​ | ​ | ​ | ​ | 10,605,409 | ​ | ​ | ​ | ​ | ​ | 11,724,854 | ​ | ​ |
| Expenses                                                    | ​ | ​ | ​                               | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest expense                                            | ​ | ​ | ​                               | ​ | 8,798,483 | ​ | ​ | ​ | ​ | ​ | 9,146,858 | ​ | ​ | ​ | ​ | ​ | 10,736,878 | ​ | ​ |
| Management fees                                             | ​ | ​ | ​                               | ​ | 659,347 | ​ | ​ | ​ | ​ | ​ | 714,061 | ​ | ​ | ​ | ​ | ​ | 805,526 | ​ | ​ |
| Trustee fees                                                | ​ | ​ | ​                               | ​ | 75,663 | ​ | ​ | ​ | ​ | ​ | 77,443 | ​ | ​ | ​ | ​ | ​ | 109,164 | ​ | ​ |
| Professional fees                                           | ​ | ​ | ​                               | ​ | 166,488 | ​ | ​ | ​ | ​ | ​ | 180,463 | ​ | ​ | ​ | ​ | ​ | 178,954 | ​ | ​ |
| Administrative and other                                    | ​ | ​ | ​                               | ​ | 80,425 | ​ | ​ | ​ | ​ | ​ | 86,528 | ​ | ​ | ​ | ​ | ​ | 125,224 | ​ | ​ |
| Total expenses                                              | ​ | ​ | ​                               | ​ | 9,780,406 | ​ | ​ | ​ | ​ | ​ | 10,205,353 | ​ | ​ | ​ | ​ | ​ | 11,955,746 | ​ | ​ |
| Net realized and unrealized gains (losses)                  | ​ | ​ | ​                               | ​ | 5,482,606 | ​ | ​ | ​ | ​ | ​ | (387,924) | ​ | ​ | ​ | ​ | ​ | (9,089,440) | ​ | ​ |
| Increase (Decrease) in net assets resulting from operations | ​ | ​ | ​                               | $       | 5,469,470 | ​ | ​ | ​ | ​ | $ | 12,132 | ​ | ​ | ​ | ​ | $ | (9,320,332) | ​ | ​ |
| ​                                                     |

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| ​                                          | ​ | ​ | Net Assets | ​ |
|--------------------------------------------------|---------|---------|------------|---------|
| Balance at January 1, 2014                  | ​ | ​ | ​    | $       | 5,534,939 | ​ | ​ |
| Decrease in net assets resulting from operations | ​ | ​ | ​    | ​ | (9,320,332) | ​ | ​ |
| Balance at December 31, 2014                | ​ | ​ | ​    | ​ | (3,785,393) | ​ | ​ |
| Increase in net assets resulting from operations | ​ | ​ | ​    | ​ | 12,132 | ​ | ​ |
| Balance at December 31, 2015                | ​ | ​ | ​    | ​ | (3,773,261) | ​ | ​ |
| Increase in net assets resulting from operations | ​ | ​ | ​    | ​ | 5,469,470 | ​ | ​ |
| Balance at December 31, 2016                | ​ | ​ | ​    | $       | 1,696,209 | ​ | ​ |
| ​                                          |

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| ​                                                                                                                            | ​ | ​ | Years Ended December 31, | ​ |
|------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------|---------|
| ​                                                                                                                            | ​ | ​ | 2016                          | ​ | ​ | 2015 | ​ | ​ | 2014 | ​ |
| OPERATING ACTIVITIES:                                                                                                              | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Increase (Decrease) in net assets resulting from operations                                                                        | ​ | ​ | ​                       | $       | 5,469,470 | ​ | ​ | ​ | ​ | ​ | 12,132 | ​ | ​ | ​ | ​ | $ | (9,320,332) | ​ | ​ |
| Adjustments to reconcile increase (decrease) in net assets resulting from operations to net cash provided by operating activities: | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net realized and unrealized (gains) losses on investments                                                                          | ​ | ​ | ​                       | ​ | (7,040,542) | ​ | ​ | ​ | ​ | ​ | 6,651,428 | ​ | ​ | ​ | ​ | ​ | 5,807,622 | ​ | ​ |
| Change in unrealized losses (gains) on debt                                                                                        | ​ | ​ | ​                       | ​ | 1,557,935 | ​ | ​ | ​ | ​ | ​ | (6,263,504) | ​ | ​ | ​ | ​ | ​ | 3,281,818 | ​ | ​ |
| Purchase of investments                                                                                                            | ​ | ​ | ​                       | ​ | (82,554,227) | ​ | ​ | ​ | ​ | ​ | (93,243,381) | ​ | ​ | ​ | ​ | ​ | (29,960,071) | ​ | ​ |
| Proceeds from sale and redemption of investments                                                                                   | ​ | ​ | ​                       | ​ | 159,676,298 | ​ | ​ | ​ | ​ | ​ | 113,199,395 | ​ | ​ | ​ | ​ | ​ | 61,206,288 | ​ | ​ |
| Changes in operating assets and liabilities:                                                                                       | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Decrease in accrued interest receivable                                                                                            | ​ | ​ | ​                       | ​ | 9,157 | ​ | ​ | ​ | ​ | ​ | 129,814 | ​ | ​ | ​ | ​ | ​ | 43,523 | ​ | ​ |
| (Decrease) increase in accounts payable and accrued expenses                                                                       | ​ | ​ | ​                       | ​ | (21,112) | ​ | ​ | ​ | ​ | ​ | (30,556) | ​ | ​ | ​ | ​ | ​ | 3,621 | ​ | ​ |
| Decrease (increase) in receivable for open trades                                                                                  | ​ | ​ | ​                       | ​ | 820,593 | ​ | ​ | ​ | ​ | ​ | (820,593) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| (Decrease) increase in due to affiliates                                                                                           | ​ | ​ | ​                       | ​ | (3,859) | ​ | ​ | ​ | ​ | ​ | (6,964) | ​ | ​ | ​ | ​ | ​ | 6,745 | ​ | ​ |
| Decrease in due from affiliates                                                                                                    | ​ | ​ | ​                       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 10,852 | ​ | ​ |
| (Decrease) increase in payable for open trades                                                                                     | ​ | ​ | ​                       | ​ | (6,006,038) | ​ | ​ | ​ | ​ | ​ | 6,006,038 | ​ | ​ | ​ | ​ | ​ | (4,013,750) | ​ | ​ |
| Decrease in accrued interest payable                                                                                               | ​ | ​ | ​                       | ​ | (46,839) | ​ | ​ | ​ | ​ | ​ | (270,176) | ​ | ​ | ​ | ​ | ​ | (254,559) | ​ | ​ |
| Net cash provided by operating activities                                                                                          | ​ | ​ | ​                       | ​ | 71,860,836 | ​ | ​ | ​ | ​ | ​ | 25,363,633 | ​ | ​ | ​ | ​ | ​ | 26,811,757 | ​ | ​ |
| Cash used in Financing Activities:                                                                                                 | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Repayments of Debt                                                                                                                 | ​ | ​ | ​                       | ​ | (54,179,244) | ​ | ​ | ​ | ​ | ​ | (23,002,449) | ​ | ​ | ​ | ​ | ​ | (27,132,006) | ​ | ​ |
| ​                                                                                                                            | ​ | ​ | ​                       | ​ | (54,179,244) | ​ | ​ | ​ | ​ | ​ | (23,002,449) | ​ | ​ | ​ | ​ | ​ | (27,132,006) | ​ | ​ |
| CHANGE IN CASH                                                                                                                     | ​ | ​ | ​                       | ​ | 17,681,592 | ​ | ​ | ​ | ​ | ​ | 2,361,184 | ​ | ​ | ​ | ​ | ​ | (320,249) | ​ | ​ |
| CASH, BEGINNING OF YEAR                                                                                                            | ​ | ​ | ​                       | ​ | 17,301,178 | ​ | ​ | ​ | ​ | ​ | 14,939,994 | ​ | ​ | ​ | ​ | ​ | 15,260,243 | ​ | ​ |
| CASH, END OF YEAR                                                                                                                  | ​ | ​ | ​                       | $       | 34,982,770 | ​ | ​ | ​ | ​ | ​ | 17,301,178 | ​ | ​ | ​ | ​ | $ | 14,939,994 | ​ | ​ |
| Supplemental Information:                                                                                                          | ​ | ​ | ​                       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest paid                                                                                                                      | ​ | ​ | ​                       | $       | 8,751,644 | ​ | ​ | ​ | ​ | ​ | 9,417,035 | ​ | ​ | ​ | ​ | $ | 10,991,437 | ​ | ​ |

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TABLE OF CONTENTS​

| Portfolio Company/Principal Business                                                     | ​ | ​ | InvestmentInterest Rate/Maturity                                       | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|------------------------------------------------------------------------------------------|---------|---------|------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| Advantage Sales & Marketing Inc.Services: Business                                   | ​ | ​ | Initial Term Loan (First Lien) — 4.3% Cash, Due 7/21 | ​ | ​ | ​   | $       | 1,478,170 | ​ | ​ | ​ | ​    | $       | 1,465,743 | ​ | ​ | ​ | ​ | $ | 1,485,930 | ​ | ​ |
| Aramark CorporationDiversified/Conglomerate Service                                      | ​ | ​ | U.S. Term F Loan — 3.5% Cash, Due 2/21               | ​ | ​ | ​   | ​ | 2,500,766 | ​ | ​ | ​ | ​    | ​ | 2,434,568 | ​ | ​ | ​ | ​ | ​ | 2,527,775 | ​ | ​ |
| Ascena Retail Group, Inc. (Anntaylor Retail, Inc.)Retail Stores                          | ​ | ​ | Tranche B Term Loan — 5.3% Cash, Due 8/22            | ​ | ​ | ​   | ​ | 1,847,840 | ​ | ​ | ​ | ​    | ​ | 1,727,053 | ​ | ​ | ​ | ​ | ​ | 1,807,880 | ​ | ​ |
| Aspect Software, Inc.Electronics                                                         | ​ | ​ | Term Loan (First Lien) — 11.3% Cash, Due 5/20        | ​ | ​ | ​   | ​ | 1,987,421 | ​ | ​ | ​ | ​    | ​ | 1,982,675 | ​ | ​ | ​ | ​ | ​ | 1,990,730 | ​ | ​ |
| Asurion, LLC (fka Asurion Corporation)Insurance                                          | ​ | ​ | Replacement B-2 Term Loan — 4.0% Cash, Due 7/20      | ​ | ​ | ​   | ​ | 434,119   | ​ | ​ | ​ | ​    | ​ | 417,800 | ​ | ​ | ​ | ​ | ​ | 438,528 | ​ | ​ |
| Avis Budget Car Rental, LLCPersonal Transportation                                       | ​ | ​ | Tranche B Term Loan — 3.3% Cash, Due 3/19            | ​ | ​ | ​   | ​ | 4,747,663 | ​ | ​ | ​ | ​    | ​ | 4,764,002 | ​ | ​ | ​ | ​ | ​ | 4,761,527 | ​ | ​ |
| Berry Plastics CorporationContainers, Packaging and Glass                                | ​ | ​ | Term G Loan — 3.5% Cash, Due 1/21                    | ​ | ​ | ​   | ​ | 2,591,612 | ​ | ​ | ​ | ​    | ​ | 2,487,866 | ​ | ​ | ​ | ​ | ​ | 2,612,138 | ​ | ​ |
| Burlington Coat Factory Warehouse CorporationRetail Stores                               | ​ | ​ | Term B-4 Loan — 3.5% Cash, Due 8/21                  | ​ | ​ | ​   | ​ | 2,321,888 | ​ | ​ | ​ | ​    | ​ | 2,286,350 | ​ | ​ | ​ | ​ | ​ | 2,342,611 | ​ | ​ |
| Capital Automotive L.P.Finance                                                           | ​ | ​ | Tranche B-1 Term Loan Facility — 4.0% Cash, Due 4/19 | ​ | ​ | ​   | ​ | 1,447,883 | ​ | ​ | ​ | ​    | ​ | 1,444,407 | ​ | ​ | ​ | ​ | ​ | 1,464,852 | ​ | ​ |
| Capsugel Holdings US, Inc.Healthcare, Education and Childcare                            | ​ | ​ | New Dollar Term Loan — 4.0% Cash, Due 7/21           | ​ | ​ | ​   | ​ | 713,586   | ​ | ​ | ​ | ​    | ​ | 712,640 | ​ | ​ | ​ | ​ | ​ | 716,783 | ​ | ​ |
| Cedar Fair, L.P.Leisure, Amusement, Motion Pictures, Entertainment                       | ​ | ​ | U.S. Term Facility — 3.3% Cash, Due 3/20             | ​ | ​ | ​   | ​ | 956,905   | ​ | ​ | ​ | ​    | ​ | 955,817 | ​ | ​ | ​ | ​ | ​ | 964,383 | ​ | ​ |
| Change Healthcare Holdings, Inc. (fka Emdeon Inc.)Electronics                            | ​ | ​ | Term B-2 Loan — 3.8% Cash, Due 11/18                 | ​ | ​ | ​   | ​ | 173,151   | ​ | ​ | ​ | ​    | ​ | 173,481 | ​ | ​ | ​ | ​ | ​ | 173,692 | ​ | ​ |
| Charter Communications Operating, LLC (aka CCO Safari LLC)Broadcasting and Entertainment | ​ | ​ | Term F Loan — 3.0% Cash, Due 1/21                    | ​ | ​ | ​   | ​ | 1,468,488 | ​ | ​ | ​ | ​    | ​ | 1,462,213 | ​ | ​ | ​ | ​ | ​ | 1,477,461 | ​ | ​ |
| CHS/Community Health Systems, Inc.Healthcare, Education and Childcare                    | ​ | ​ | Incremental 2018 Term F Loan — 4.2% Cash, Due 12/18  | ​ | ​ | ​   | ​ | 1,034,498 | ​ | ​ | ​ | ​    | ​ | 493,113 | ​ | ​ | ​ | ​ | ​ | 1,020,057 | ​ | ​ |
| CHS/Community Health Systems, Inc.Healthcare, Education and Childcare                    | ​ | ​ | Incremental 2019 Term G Loan — 3.8% Cash, Due 12/19  | ​ | ​ | ​   | ​ | 1,019,212 | ​ | ​ | ​ | ​    | ​ | 1,017,557 | ​ | ​ | ​ | ​ | ​ | 991,505 | ​ | ​ |
| CHS/Community Health Systems, Inc.Healthcare, Education and Childcare                    | ​ | ​ | Incremental 2021 Term H Loan — 4.0% Cash, Due 1/21   | ​ | ​ | ​   | ​ | 2,073,288 | ​ | ​ | ​ | ​    | ​ | 2,055,059 | ​ | ​ | ​ | ​ | ​ | 2,014,117 | ​ | ​ |
| Ciena CorporationElectronics                                                             | ​ | ​ | Term Loan — 3.8% Cash, Due 7/19                      | ​ | ​ | ​   | ​ | 2,947,236 | ​ | ​ | ​ | ​    | ​ | 2,958,279 | ​ | ​ | ​ | ​ | ​ | 2,965,656 | ​ | ​ |
| Commscope, Inc.Telecommunications                                                        | ​ | ​ | Tranche 4 Term Loan — 3.3% Cash, Due 1/18            | ​ | ​ | ​   | ​ | 111,875   | ​ | ​ | ​ | ​    | ​ | 111,920 | ​ | ​ | ​ | ​ | ​ | 112,679 | ​ | ​ |
| Container Store, Inc., TheRetail Stores                                                  | ​ | ​ | Term Facility — 4.3% Cash, Due 4/19                  | ​ | ​ | ​   | ​ | 1,660,005 | ​ | ​ | ​ | ​    | ​ | 1,662,549 | ​ | ​ | ​ | ​ | ​ | 1,524,441 | ​ | ​ |
| CSM Bakery Solutions Limited (fka CSM Bakery Supplies Limited)Beverage, Food and Tobacco | ​ | ​ | Term Loan (First Lien) — 5.0% Cash, Due 7/20         | ​ | ​ | ​   | ​ | 3,000,000 | ​ | ​ | ​ | ​    | ​ | 2,914,353 | ​ | ​ | ​ | ​ | ​ | 2,725,500 | ​ | ​ |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                         | ​ | ​ | InvestmentInterest Rate/Maturity                                             | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|----------------------------------------------------------------------------------------------|---------|---------|------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| Cyanco Intermediate Corp.Chemicals, Plastics and Rubber                                      | ​ | ​ | Term Loan — 5.5% Cash, Due 5/20                            | ​ | ​ | ​   | $       | 621,075   | ​ | ​ | ​ | ​    | $       | 627,103 | ​ | ​ | ​ | ​ | $ | 624,569 | ​ | ​ |
| David’s Bridal, Inc.Retail Stores                                                      | ​ | ​ | Initial Term Loan — 5.3% Cash, Due 10/19                   | ​ | ​ | ​   | ​ | 473,111   | ​ | ​ | ​ | ​    | ​ | 471,233 | ​ | ​ | ​ | ​ | ​ | 419,690 | ​ | ​ |
| Delta 2 (Lux) S.a r.l (aka Formula One)Leisure, Amusement, Motion Pictures, Entertainment    | ​ | ​ | Facility B3 (USD) — 5.1% Cash, Due 7/21                    | ​ | ​ | ​   | ​ | 3,421,774 | ​ | ​ | ​ | ​    | ​ | 3,404,142 | ​ | ​ | ​ | ​ | ​ | 3,461,603 | ​ | ​ |
| Dex Media, Inc.Printing and Publishing                                                       | ​ | ​ | Loan — 11.0% Cash, Due 7/21                                | ​ | ​ | ​   | ​ | 217,160   | ​ | ​ | ​ | ​    | ​ | 212,886 | ​ | ​ | ​ | ​ | ​ | 217,974 | ​ | ​ |
| E.W. Scripps Company, TheBroadcasting and Entertainment                                      | ​ | ​ | Tranche B Term Loan — 3.3% Cash, Due 11/20                 | ​ | ​ | ​   | ​ | 2,575,710 | ​ | ​ | ​ | ​    | ​ | 2,553,469 | ​ | ​ | ​ | ​ | ​ | 2,588,048 | ​ | ​ |
| Education Management II LLCHealthcare, Education and Childcare                               | ​ | ​ | Tranche A Term Loan — 5.5% Cash, Due 7/20                  | ​ | ​ | ​   | ​ | 200,289   | ​ | ​ | ​ | ​    | ​ | 201,078 | ​ | ​ | ​ | ​ | ​ | 50,386 | ​ | ​ |
| Education Management II LLCHealthcare, Education and Childcare                               | ​ | ​ | Tranche B Term Loan — 2.0% Cash, Due 7/20                  | ​ | ​ | ​   | ​ | 374,420   | ​ | ​ | ​ | ​    | ​ | 375,734 | ​ | ​ | ​ | ​ | ​ | 18,347 | ​ | ​ |
| Electric Lightwave Holdings, Inc. (f.k.a. Integra Telecom Holdings, Inc.)Telecommunications  | ​ | ​ | Term B-1 Loan — 5.3% Cash, Due 8/20                        | ​ | ​ | ​   | ​ | 2,392,107 | ​ | ​ | ​ | ​    | ​ | 2,325,632 | ​ | ​ | ​ | ​ | ​ | 2,402,872 | ​ | ​ |
| EnergySolutions, LLC (aka Envirocare of Utah, LLC)Ecological                                 | ​ | ​ | Term Advance — 6.8% Cash, Due 5/20                         | ​ | ​ | ​   | ​ | 918,742   | ​ | ​ | ​ | ​    | ​ | 920,945 | ​ | ​ | ​ | ​ | ​ | 927,930 | ​ | ​ |
| Envigo Laboratories, Inc. (fka BPA Laboratories Inc.)Healthcare, Education and Childcare     | ​ | ​ | Term Loan (First Lien) — 3.4% Cash, Due 4/20               | ​ | ​ | ​   | ​ | 1,743,896 | ​ | ​ | ​ | ​    | ​ | 1,649,728 | ​ | ​ | ​ | ​ | ​ | 1,534,628 | ​ | ​ |
| Envigo Laboratories, Inc. (fka BPA Laboratories Inc.)Healthcare, Education and Childcare     | ​ | ​ | Term Loan (Second Lien) — 3.4% Cash, Due 7/17              | ​ | ​ | ​   | ​ | 1,516,318 | ​ | ​ | ​ | ​    | ​ | 1,493,015 | ​ | ​ | ​ | ​ | ​ | 1,048,784 | ​ | ​ |
| Essential Power, LLCUtilities                                                                | ​ | ​ | Term Loan — 4.8% Cash, Due 8/19                            | ​ | ​ | ​   | ​ | 856,721   | ​ | ​ | ​ | ​    | ​ | 851,938 | ​ | ​ | ​ | ​ | ​ | 869,572 | ​ | ​ |
| Evertec Group, LLC (fka Evertec, LLC)Banking, Finance, Insurance & Real Estate           | ​ | ​ | Term A Loan — 2.9% Cash, Due 4/18                          | ​ | ​ | ​   | ​ | 1,380,234 | ​ | ​ | ​ | ​    | ​ | 1,366,553 | ​ | ​ | ​ | ​ | ​ | 1,373,767 | ​ | ​ |
| EWT Holdings III Corp. (fka WTG Holdings III Corp.)Ecological                                | ​ | ​ | Incremental 2016 First LienTerm Loan — 5.5% Cash, Due 1/21 | ​ | ​ | ​   | ​ | 2,274,670 | ​ | ​ | ​ | ​    | ​ | 2,285,613 | ​ | ​ | ​ | ​ | ​ | 2,301,693 | ​ | ​ |
| EWT Holdings III Corp. (fka WTG Holdings III Corp.)Ecological                                | ​ | ​ | Term Loan (First Lien) — 4.8% Cash, Due 1/21               | ​ | ​ | ​   | ​ | 970,000   | ​ | ​ | ​ | ​    | ​ | 972,349 | ​ | ​ | ​ | ​ | ​ | 978,492 | ​ | ​ |
| FCA US LLC (fka Chrysler Group LLC)Automobile                                                | ​ | ​ | Term Loan B — 3.5% Cash, Due 5/17                          | ​ | ​ | ​   | ​ | 4,172,621 | ​ | ​ | ​ | ​    | ​ | 4,156,392 | ​ | ​ | ​ | ​ | ​ | 4,189,562 | ​ | ​ |
| Federal-Mogul CorporationAutomobile                                                          | ​ | ​ | Tranche B Term Loan (2014) — 4.0% Cash, Due 4/18           | ​ | ​ | ​   | ​ | 1,550,593 | ​ | ​ | ​ | ​    | ​ | 1,529,850 | ​ | ​ | ​ | ​ | ​ | 1,550,981 | ​ | ​ |
| Fender Musical Instruments CorporationPersonal and Non Durable Consumer Products (Mfg. Only) | ​ | ​ | Initial Loan — 5.8% Cash, Due 4/19                         | ​ | ​ | ​   | ​ | 1,759,725 | ​ | ​ | ​ | ​    | ​ | 1,753,723 | ​ | ​ | ​ | ​ | ​ | 1,737,025 | ​ | ​ |
| Filtration Group CorporationEcological                                                       | ​ | ​ | Term Loan (First Lien) — 4.3% Cash, Due 11/20              | ​ | ​ | ​   | ​ | 624,502   | ​ | ​ | ​ | ​    | ​ | 626,008 | ​ | ​ | ​ | ​ | ​ | 630,160 | ​ | ​ |
| First Data CorporationBanking, Finance, Insurance & Real Estate                          | ​ | ​ | 2021C New Dollar Term Loan — 3.8% Cash, Due 3/21           | ​ | ​ | ​   | ​ | 2,095,106 | ​ | ​ | ​ | ​    | ​ | 2,092,615 | ​ | ​ | ​ | ​ | ​ | 2,122,018 | ​ | ​ |
| Gardner Denver, Inc.Machinery (Non-Agriculture, Non-Construction, Non-Electronic)            | ​ | ​ | Initial Dollar Term Loan — 4.6% Cash, Due 7/20             | ​ | ​ | ​   | ​ | 2,210,025 | ​ | ​ | ​ | ​    | ​ | 2,172,541 | ​ | ​ | ​ | ​ | ​ | 2,191,439 | ​ | ​ |
| General Nutrition Centers, Inc.Retail Stores                                                 | ​ | ​ | Amended Tranche B Term Loan — 3.3% Cash, Due 3/19          | ​ | ​ | ​   | ​ | 4,364,001 | ​ | ​ | ​ | ​    | ​ | 4,365,677 | ​ | ​ | ​ | ​ | ​ | 4,113,071 | ​ | ​ |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                                                       | ​ | ​ | InvestmentInterest Rate/Maturity                                                          | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|----------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| Getty Images, Inc.Printing and Publishing                                                                                  | ​ | ​ | Initial Term Loan — 4.8% Cash, Due 10/19                                | ​ | ​ | ​   | $       | 2,601,451 | ​ | ​ | ​ | ​    | $       | 2,591,053 | ​ | ​ | ​ | ​ | $ | 2,278,429 | ​ | ​ |
| Harland Clarke Holdings Corp. (fka Clarke American Corp.)Printing and Publishing                                           | ​ | ​ | Tranche B-3 Term Loan — 7.0% Cash, Due 5/18                             | ​ | ​ | ​   | ​ | 487,985   | ​ | ​ | ​ | ​    | ​ | 487,985 | ​ | ​ | ​ | ​ | ​ | 489,815 | ​ | ​ |
| Harland Clarke Holdings Corp. (fka Clarke American Corp.)Printing and Publishing                                           | ​ | ​ | Tranche B-5 Term Loan — 7.0% Cash, Due 12/19                            | ​ | ​ | ​   | ​ | 4,450,523 | ​ | ​ | ​ | ​    | ​ | 4,451,323 | ​ | ​ | ​ | ​ | ​ | 4,484,458 | ​ | ​ |
| HCR Healthcare, LLCHealthcare, Education and Childcare                                                                     | ​ | ​ | Initial Term Loan — 5.0% Cash, Due 4/18                                 | ​ | ​ | ​   | ​ | 471,250   | ​ | ​ | ​ | ​    | ​ | 470,402 | ​ | ​ | ​ | ​ | ​ | 413,647 | ​ | ​ |
| Hercules Achievement, Inc.(aka Varsity Brands, Inc.)Home and Office Furnishings, Housewares, and Durable Consumer Products | ​ | ​ | Initial Term Loan (First Lien) — 5.0% Cash, Due 12/21                   | ​ | ​ | ​   | ​ | 997,455   | ​ | ​ | ​ | ​    | ​ | 1,007,140 | ​ | ​ | ​ | ​ | ​ | 1,013,913 | ​ | ​ |
| Huntsman International LLCChemicals, Plastics and Rubber                                                                   | ​ | ​ | 2015 Extended Term B Dollar Loan — 3.7% Cash, Due 4/19                  | ​ | ​ | ​   | ​ | 1,075,034 | ​ | ​ | ​ | ​    | ​ | 1,045,099 | ​ | ​ | ​ | ​ | ​ | 1,081,081 | ​ | ​ |
| Ineos US Finance LLCChemicals, Plastics and Rubber                                                                         | ​ | ​ | 2020 Dollar Term Loan — 3.8% Cash, Due 12/20                            | ​ | ​ | ​   | ​ | 3,944,682 | ​ | ​ | ​ | ​    | ​ | 3,955,292 | ​ | ​ | ​ | ​ | ​ | 3,969,751 | ​ | ​ |
| Infor (US), Inc. (fka Lawson Software Inc.)Electronics                                                                     | ​ | ​ | Tranche B-5 Term Loan — 3.8% Cash, Due 6/20                             | ​ | ​ | ​   | ​ | 2,287,677 | ​ | ​ | ​ | ​    | ​ | 2,296,269 | ​ | ​ | ​ | ​ | ​ | 2,294,586 | ​ | ​ |
| J. Crew Group, Inc.Retail Stores                                                                                           | ​ | ​ | Initial Loan — 4.0% Cash, Due 3/21                                      | ​ | ​ | ​   | ​ | 3,841,375 | ​ | ​ | ​ | ​    | ​ | 3,843,639 | ​ | ​ | ​ | ​ | ​ | 2,203,989 | ​ | ​ |
| JBS USA Lux S.A. (fka JBS USA, LLC)Beverage, Food and Tobacco                                                              | ​ | ​ | Initial Term Loan  — 3.8% Cash, Due 5/18                                | ​ | ​ | ​   | ​ | 4,711,566 | ​ | ​ | ​ | ​    | ​ | 4,720,855 | ​ | ​ | ​ | ​ | ​ | 4,729,235 | ​ | ​ |
| KAR Auction Services, Inc.Automobile                                                                                       | ​ | ​ | Tranche B-2 Term Loan — 4.2% Cash, Due 3/21                             | ​ | ​ | ​   | ​ | 243,611   | ​ | ​ | ​ | ​    | ​ | 246,267 | ​ | ​ | ​ | ​ | ​ | 246,048 | ​ | ​ |
| Key Safety Systems, Inc.Automobile                                                                                         | ​ | ​ | Initial Term Loan — 5.5% Cash, Due 8/21                                 | ​ | ​ | ​   | ​ | 1,283,781 | ​ | ​ | ​ | ​    | ​ | 1,265,173 | ​ | ​ | ​ | ​ | ​ | 1,300,150 | ​ | ​ |
| Kronos Worldwide, Inc.Diversified/Conglomerate Service                                                                     | ​ | ​ | 2015 Refinancing Term Loan — 4.0% Cash, Due 2/20                        | ​ | ​ | ​   | ​ | 778,000   | ​ | ​ | ​ | ​    | ​ | 766,847 | ​ | ​ | ​ | ​ | ​ | 787,725 | ​ | ​ |
| Las Vegas Sands, LLCHotels, Motels, Inns, and Gaming                                                                       | ​ | ​ | Refinancing Term Loan — 3.0% Cash, Due 12/20                            | ​ | ​ | ​   | ​ | 3,168,926 | ​ | ​ | ​ | ​    | ​ | 3,128,432 | ​ | ​ | ​ | ​ | ​ | 3,189,968 | ​ | ​ |
| LPL Holdings, Inc.Finance                                                                                                  | ​ | ​ | 2021 Tranche B Term Loan — 4.3% Cash, Due 3/21                     | ​ | ​ | ​   | ​ | 1,911,195 | ​ | ​ | ​ | ​    | ​ | 1,903,632 | ​ | ​ | ​ | ​ | ​ | 1,933,900 | ​ | ​ |
| MCC Iowa LLCBroadcasting and Entertainment                                                                                 | ​ | ​ | Tranche J Term Loan — 3.5% Cash, Due 6/21                               | ​ | ​ | ​   | ​ | 683,429   | ​ | ​ | ​ | ​    | ​ | 675,784 | ​ | ​ | ​ | ​ | ​ | 689,836 | ​ | ​ |
| Mediacom Illinois, LLC (fka Mediacom Communications, LLC)Broadcasting and Entertainment                                    | ​ | ​ | Tranche F Term Loan — 3.2% Cash, Due 3/18                               | ​ | ​ | ​   | ​ | 5,835,000 | ​ | ​ | ​ | ​    | ​ | 5,830,528 | ​ | ​ | ​ | ​ | ​ | 5,860,557 | ​ | ​ |
| Mitchell International, Inc.Electronics                                                                                    | ​ | ​ | Initial Term Loan — 4.5% Cash, Due 10/20                                | ​ | ​ | ​   | ​ | 1,979,675 | ​ | ​ | ​ | ​    | ​ | 1,836,869 | ​ | ​ | ​ | ​ | ​ | 1,986,069 | ​ | ​ |
| National CineMedia, LLCLeisure, Amusement, Motion Pictures, Entertainment                                                  | ​ | ​ | Term Loan (2013) — 3.5% Cash, Due 11/19                                 | ​ | ​ | ​   | ​ | 1,000,000 | ​ | ​ | ​ | ​    | ​ | 996,689 | ​ | ​ | ​ | ​ | ​ | 1,009,065 | ​ | ​ |
| NEP/NCP Holdco, Inc.Broadcasting and Entertainment                                                                         | ​ | ​ | Amendment No. 4 IncrementalTerm Loan (First Lien) — 4.3% Cash, Due 1/20 | ​ | ​ | ​   | ​ | 4,211,244 | ​ | ​ | ​ | ​    | ​ | 4,190,414 | ​ | ​ | ​ | ​ | ​ | 4,237,564 | ​ | ​ |
| OCI Beaumont LLCChemicals, Plastics and Rubber                                                                             | ​ | ​ | Term B-3 Loan — 8.0% Cash, Due 8/19                                     | ​ | ​ | ​   | ​ | 2,393,807 | ​ | ​ | ​ | ​    | ​ | 2,407,888 | ​ | ​ | ​ | ​ | ​ | 2,441,684 | ​ | ​ |
| Onex Carestream Finance LPHealthcare, Education and Childcare                                                              | ​ | ​ | Term Loan (First Lien 2013) — 5.0% Cash, Due 6/19                       | ​ | ​ | ​   | ​ | 2,290,548 | ​ | ​ | ​ | ​    | ​ | 2,301,501 | ​ | ​ | ​ | ​ | ​ | 2,231,372 | ​ | ​ |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                     | ​ | ​ | InvestmentInterest Rate/Maturity                                              | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| Otter Products, LLC (OtterBox Holdings, Inc.)Consumer goods: Durable                     | ​ | ​ | Term B Loan — 5.8% Cash, Due 6/20                           | ​ | ​ | ​   | $       | 2,125,900 | ​ | ​ | ​ | ​    | $       | 1,914,366 | ​ | ​ | ​ | ​ | $ | 2,050,218 | ​ | ​ |
| Pacific Drilling S.AOil and Gas1                                                         | ​ | ​ | Term Loan — 4.5% Cash, Due 6/18                             | ​ | ​ | ​   | ​ | 2,163,350 | ​ | ​ | ​ | ​    | ​ | 2,165,248 | ​ | ​ | ​ | ​ | ​ | 784,214 | ​ | ​ |
| Petroleum GEO-Services ASA (PGS Finance, Inc)Oil and Gas                                 | ​ | ​ | Extended Term Loan — 3.5% Cash, Due 3/21                    | ​ | ​ | ​   | ​ | 4,862,500 | ​ | ​ | ​ | ​    | ​ | 4,862,500 | ​ | ​ | ​ | ​ | ​ | 3,954,841 | ​ | ​ |
| QCE, LLC (Quiznos)(2)Personal, Food and Miscellaneous Services                           | ​ | ​ | Existing Term Loan — 0.0% Cash, Due 6/19                    | ​ | ​ | ​   | ​ | 449,499   | ​ | ​ | ​ | ​    | ​ | 449,486 | ​ | ​ | ​ | ​ | ​ | 36,522 | ​ | ​ |
| Quad/Graphics, IncPrinting and Publishing                                                | ​ | ​ | Term B Loan — 4.3% Cash, Due 4/21                           | ​ | ​ | ​   | ​ | 1,484,772 | ​ | ​ | ​ | ​    | ​ | 1,383,304 | ​ | ​ | ​ | ​ | ​ | 1,495,907 | ​ | ​ |
| Regal Cinemas CorporationLeisure, Amusement, Motion Pictures, Entertainment              | ​ | ​ | Refinancing Term Loan — 3.3% Cash, Due 4/22                 | ​ | ​ | ​   | ​ | 958,853   | ​ | ​ | ​ | ​    | ​ | 965,417 | ​ | ​ | ​ | ​ | ​ | 967,756 | ​ | ​ |
| RGIS Services, LLCDiversified/Conglomerate Service                                       | ​ | ​ | Tranche C Term Loan — 5.5% Cash, Due 10/17                  | ​ | ​ | ​   | ​ | 2,559,107 | ​ | ​ | ​ | ​    | ​ | 2,546,630 | ​ | ​ | ​ | ​ | ​ | 2,367,174 | ​ | ​ |
| Select Medical CorporationHealthcare, Education and Childcare                            | ​ | ​ | Series E Tranche B Term Loan — 6.0% Cash, Due 6/18     | ​ | ​ | ​   | ​ | 2,075,986 | ​ | ​ | ​ | ​    | ​ | 2,069,075 | ​ | ​ | ​ | ​ | ​ | 2,110,582 | ​ | ​ |
| Semiconductor Components Industries, LLC (On Semiconductor)Electronics                   | ​ | ​ | Term Loan — 2.6% Cash, Due 1/18                             | ​ | ​ | ​   | ​ | 3,718,750 | ​ | ​ | ​ | ​    | ​ | 3,695,931 | ​ | ​ | ​ | ​ | ​ | 3,718,750 | ​ | ​ |
| Sensata Technologies B.V. (Sensata Technologies Finance Company, LLC)Electronics         | ​ | ​ | Sixth Amendment Term Loan — 3.0% Cash, Due 10/21            | ​ | ​ | ​   | ​ | 534,542   | ​ | ​ | ​ | ​    | ​ | 531,559 | ​ | ​ | ​ | ​ | ​ | 538,885 | ​ | ​ |
| SGS Cayman, L.P.Diversified/Conglomerate Service                                         | ​ | ​ | Initial Cayman Term Loan — 6.0% Cash, Due 4/21              | ​ | ​ | ​   | ​ | 132,834   | ​ | ​ | ​ | ​    | ​ | 131,878 | ​ | ​ | ​ | ​ | ​ | 131,090 | ​ | ​ |
| Sinclair Television Group, Inc.Broadcasting and Entertainment                            | ​ | ​ | New Tranche B Term Loan — 3.0% Cash, Due 4/20               | ​ | ​ | ​   | ​ | 66,296    | ​ | ​ | ​ | ​    | ​ | 66,296 | ​ | ​ | ​ | ​ | ​ | 66,379 | ​ | ​ |
| Steinway Musical Instruments, Inc.Personal and Non Durable Consumer Products (Mfg. Only) | ​ | ​ | Loan (First Lien) — 4.8% Cash, Due 9/19                     | ​ | ​ | ​   | ​ | 1,991,985 | ​ | ​ | ​ | ​    | ​ | 1,981,249 | ​ | ​ | ​ | ​ | ​ | 1,922,265 | ​ | ​ |
| Sutherland Global Services Inc.Diversified/Conglomerate Service                          | ​ | ​ | Initial U.S. Term Loan — 6.0% Cash, Due 4/21                | ​ | ​ | ​   | ​ | 570,647   | ​ | ​ | ​ | ​    | ​ | 566,540 | ​ | ​ | ​ | ​ | ​ | 563,157 | ​ | ​ |
| Toys ‘R’ US-Delaware, Inc.Retail Stores                                      | ​ | ​ | Term B-2 Loan — 5.3% Cash, Due 5/18                         | ​ | ​ | ​   | ​ | 1,488,194 | ​ | ​ | ​ | ​    | ​ | 1,428,809 | ​ | ​ | ​ | ​ | ​ | 1,406,716 | ​ | ​ |
| Transdigm Inc.Aerospace and Defense                                                      | ​ | ​ | Tranche C Term Loan — 4.0% Cash, Due 2/20                   | ​ | ​ | ​   | ​ | 3,752,368 | ​ | ​ | ​ | ​    | ​ | 3,715,669 | ​ | ​ | ​ | ​ | ​ | 3,785,782 | ​ | ​ |
| Tribune Media Company (fka Tribune Company)Broadcasting and Entertainment                | ​ | ​ | Term B Loan — 3.8% Cash, Due 12/20                          | ​ | ​ | ​   | ​ | 2,078,894 | ​ | ​ | ​ | ​    | ​ | 2,066,155 | ​ | ​ | ​ | ​ | ​ | 2,099,943 | ​ | ​ |
| Tronox Pigments (Netherlands) B. V.Chemicals, Plastics and Rubber                        | ​ | ​ | New Term Loan — 4.5% Cash, Due 3/20                         | ​ | ​ | ​   | ​ | 2,473,836 | ​ | ​ | ​ | ​    | ​ | 2,467,847 | ​ | ​ | ​ | ​ | ​ | 2,487,058 | ​ | ​ |
| United Air Lines, Inc. (fka Continental Airlines, Inc.)Personal Transportation           | ​ | ​ | Class B Term Loan — 3.3% Cash, Due 4/19                | ​ | ​ | ​   | ​ | 2,034,432 | ​ | ​ | ​ | ​    | ​ | 2,036,638 | ​ | ​ | ​ | ​ | ​ | 2,049,374 | ​ | ​ |
| Univision Communications Inc.Broadcasting and Entertainment                              | ​ | ​ | Replacement First-LienTerm Loan (C-4) — 4.0% Cash, Due 3/20 | ​ | ​ | ​   | ​ | 3,204,971 | ​ | ​ | ​ | ​    | ​ | 3,189,172 | ​ | ​ | ​ | ​ | ​ | 3,226,716 | ​ | ​ |
| Valeant Pharmaceuticals International, Inc.Healthcare, Education and Childcare      | ​ | ​ | Series C-2 Tranche B Term Loan — 5.3% Cash, Due 12/19  | ​ | ​ | ​   | ​ | 1,339,121 | ​ | ​ | ​ | ​    | ​ | 1,306,042 | ​ | ​ | ​ | ​ | ​ | 1,339,241 | ​ | ​ |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                             | ​ | ​ | InvestmentInterest Rate/Maturity                                  | ​ | ​ | Principal | ​ | ​     | Cost    | ​ | ​ | Fair Value | ​ |
|--------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------|---------|---------|-----------|---------|-------------|---------|---------|---------|------------|---------|
| Walter Investment Management Corp.Finance                                                        | ​ | ​ | Tranche B Term Loan — 4.8% Cash, Due 12/20      | ​ | ​ | ​   | $       | 2,454,158   | ​ | ​ | ​ | ​    | $       | 2,447,189 | ​ | ​ | ​ | ​ | $ | 2,349,243 | ​ | ​ |
| WESCO Distribution, Inc.Machinery (Non-Agriculture, Non-Construction, Non-Electronic)            | ​ | ​ | Tranche B-1 Loan — 4.0% Cash, Due 12/19         | ​ | ​ | ​   | ​ | 206,786     | ​ | ​ | ​ | ​    | ​ | 205,914 | ​ | ​ | ​ | ​ | ​ | 207,497 | ​ | ​ |
| West CorporationDiversified/Conglomerate Service                                                 | ​ | ​ | Refinanced Term B-14 Loan — 3.3% Cash, Due 6/21 | ​ | ​ | ​   | ​ | 5,472,534   | ​ | ​ | ​ | ​    | ​ | 5,451,789 | ​ | ​ | ​ | ​ | ​ | 5,489,663 | ​ | ​ |
| Windstream Services, LLC (fka Windstream Corporation)Telecommunications                          | ​ | ​ | Tranche B-5 Term Loan — 3.5% Cash, Due 8/19     | ​ | ​ | ​   | ​ | 5,893,671   | ​ | ​ | ​ | ​    | ​ | 5,893,671 | ​ | ​ | ​ | ​ | ​ | 5,908,405 | ​ | ​ |
| Zekelman Industries, Inc. (fka JMC Steel Group, Inc.)Mining, Steel, Iron and Non-Precious Metals | ​ | ​ | Term Loan — 6.0% Cash, Due 6/21                 | ​ | ​ | ​   | ​ | 1,287,097   | ​ | ​ | ​ | ​    | ​ | 1,281,369 | ​ | ​ | ​ | ​ | ​ | 1,301,576 | ​ | ​ |
| Total Investment in Debt Securities                                                              | ​ | ​ | ​                                                           | ​ | ​ | ​   | ​ | 177,257,703 | ​ | ​ | ​ | ​    | ​ | 175,174,493 | ​ | ​ | ​ | ​ | ​ | 170,702,652 | ​ | ​ |
| ​                                                                                          |
| Portfolio Company/Principal Business                                | ​ | ​ | Equity Investment                | ​ | ​ | Shares  | ​ | ​ | Cost    | ​ | ​ | Fair Value | ​ |
|---------------------------------------------------------------------|---------|---------|----------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|------------|---------|
| Education Management CorporationHealthcare, Education and Childcare | ​ | ​ | Series A-1 Preferred Shares | ​ | ​ | ​ | ​ | 2,670   | ​ | ​ | ​ | ​    | $       | — | ​ | ​ | ​ | ​ | $ | 748 | ​ | ​ |
| Dex Media, Inc.Printing and Publishing                              | ​ | ​ | Common Stock                     | ​ | ​ | ​ | ​ | 59,785  | ​ | ​ | ​ | ​    | ​ | — | ​ | ​ | ​ | ​ | ​ | 149,462 | ​ | ​ |
| QCE, LLC (Quiznos) – Retail Stores                | ​ | ​ | New Common Stock                 | ​ | ​ | ​ | ​ | 1,256   | ​ | ​ | ​ | ​    | ​ | — | ​ | ​ | ​ | ​ | ​ | 314 | ​ | ​ |
| Total Investment in Equity Securities                               | ​ | ​ | ​                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​    | ​ | — | ​ | ​ | ​ | ​ | ​ | 150,524 | ​ | ​ |
| ​                                                             |
| Portfolio Company                        | ​ | ​ | CLO Investment                                                                           | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|------------------------------------------|---------|---------|------------------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| MDPK 2007-4A(1)CLO Rated Notes           | ​ | ​ | Floating – 03/2021 – D – 55817UAF7 | ​ | ​ | ​   | $       | 2,000,000 | ​ | ​ | ​ | ​    | $       | 2,000,000 | ​ | ​ | ​ | ​ | $ | 1,931,600 | ​ | ​ |
| TRAL 2007-1A(1)CLO Rated Notes           | ​ | ​ | Floating – 04/2022 – C – 89288BAG6 | ​ | ​ | ​   | ​ | 3,000,000 | ​ | ​ | ​ | ​    | ​ | 3,000,000 | ​ | ​ | ​ | ​ | ​ | 2,924,700 | ​ | ​ |
| TRAL 2007-1A(1)CLO Rated Notes           | ​ | ​ | Floating – 04/2022 – D – 89288AAA1 | ​ | ​ | ​   | ​ | 1,000,000 | ​ | ​ | ​ | ​    | ​ | 1,000,000 | ​ | ​ | ​ | ​ | ​ | 975,500 | ​ | ​ |
| Total Investment in CLO Rated Notes | ​ | ​ | ​                                                                                  | ​ | ​ | ​   | ​ | 6,000,000 | ​ | ​ | ​ | ​    | ​ | 6,000,000 | ​ | ​ | ​ | ​ | ​ | 5,831,800 | ​ | ​ |
| Total Investments                        | ​ | ​ | ​                                                                                  | ​ | ​ | ​   | ​ | ​   | ​ | ​ | ​ | ​    | $       | 181,174,493 | ​ | ​ | ​ | ​ | $ | 176,684,976 | ​ | ​ |
| ​                                  |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                     | ​ | ​ | InvestmentInterest Rate(1)/Maturity                                                | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|------------------------------------------------------------------------------------------|---------|---------|------------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| AdvancePierre Foods, Inc.Beverage, Food and Tobacco                                      | ​ | ​ | Term Loan (First Lien) — 5.8% Cash, Due 7/17                     | ​ | ​ | ​   | $       | 2,469,655 | ​ | ​ | ​ | ​    | $       | 2,484,379 | ​ | ​ | ​ | ​ | $ | 2,465,790 | ​ | ​ |
| Allison Transmission, Inc.Automobile                                                     | ​ | ​ | Term B-3 Loan — 3.5% Cash, Due 8/19                              | ​ | ​ | ​   | ​ | 4,720,274 | ​ | ​ | ​ | ​    | ​ | 4,688,227 | ​ | ​ | ​ | ​ | ​ | 4,698,160 | ​ | ​ |
| Aramark CorporationDiversified/Conglomerate Service                                      | ​ | ​ | U.S. Term F Loan — 3.3% Cash, Due 2/21                           | ​ | ​ | ​   | ​ | 2,526,481 | ​ | ​ | ​ | ​    | ​ | 2,443,445 | ​ | ​ | ​ | ​ | ​ | 2,506,484 | ​ | ​ |
| Armstrong World Industries, Inc.(3)Buildings and Real Estate(3)                          | ​ | ​ | Term Loan B — 3.5% Cash, Due 3/20                                | ​ | ​ | ​   | ​ | 972,500   | ​ | ​ | ​ | ​    | ​ | 972,500 | ​ | ​ | ​ | ​ | ​ | 967,638 | ​ | ​ |
| Ascena Retail Group, Inc. (Anntaylor Retail, Inc.)Retail Stores                          | ​ | ​ | Tranche B Term Loan — 5.3% Cash, Due 8/22                        | ​ | ​ | ​   | ​ | 2,000,000 | ​ | ​ | ​ | ​    | ​ | 1,846,016 | ​ | ​ | ​ | ​ | ​ | 1,880,000 | ​ | ​ |
| Asurion, LLC (fka Asurion Corporation)Insurance                                          | ​ | ​ | Incremental Tranche B-1 Term Loan — 5.0% Cash, Due 5/19          | ​ | ​ | ​   | ​ | 1,121,067 | ​ | ​ | ​ | ​    | ​ | 1,095,258 | ​ | ​ | ​ | ​ | ​ | 1,053,456 | ​ | ​ |
| Avis Budget Car Rental, LLCPersonal Transportation                                       | ​ | ​ | Tranche B Term Loan — 3.0% Cash, Due 3/19                        | ​ | ​ | ​   | ​ | 1,544,939 | ​ | ​ | ​ | ​    | ​ | 1,534,683 | ​ | ​ | ​ | ​ | ​ | 1,543,324 | ​ | ​ |
| Belfor USA Group Inc.Ecological                                                          | ​ | ​ | Tranche B Term Loan — 3.8% Cash, Due 4/19                        | ​ | ​ | ​   | ​ | 1,611,699 | ​ | ​ | ​ | ​    | ​ | 1,615,203 | ​ | ​ | ​ | ​ | ​ | 1,601,626 | ​ | ​ |
| Berry Plastics CorporationContainers, Packaging and Glass                                | ​ | ​ | Term E Loan — 3.8% Cash, Due 1/21                                | ​ | ​ | ​   | ​ | 2,591,612 | ​ | ​ | ​ | ​    | ​ | 2,507,141 | ​ | ​ | ​ | ​ | ​ | 2,559,386 | ​ | ​ |
| Burlington Coat Factory Warehouse CorporationRetail Stores                               | ​ | ​ | Term B-3 Loan — 4.3% Cash, Due 8/21                              | ​ | ​ | ​   | ​ | 2,321,888 | ​ | ​ | ​ | ​    | ​ | 2,290,743 | ​ | ​ | ​ | ​ | ​ | 2,298,669 | ​ | ​ |
| Capital Automotive L.P.Finance                                                           | ​ | ​ | Tranche B-1 Term Loan Facility — 4.0% Cash, Due 4/19             | ​ | ​ | ​   | ​ | 1,267,378 | ​ | ​ | ​ | ​    | ​ | 1,260,465 | ​ | ​ | ​ | ​ | ​ | 1,268,170 | ​ | ​ |
| Capsugel Holdings US, Inc.Healthcare, Education and Childcare                            | ​ | ​ | Initial Term Loan — 3.5% Cash, Due 8/18                          | ​ | ​ | ​   | ​ | 721,164   | ​ | ​ | ​ | ​    | ​ | 719,601 | ​ | ​ | ​ | ​ | ​ | 710,123 | ​ | ​ |
| Cedar Fair, L.P.Leisure, Amusement, Motion Pictures, Entertainment                       | ​ | ​ | U.S. Term Facility — 3.3% Cash,Due 3/20                          | ​ | ​ | ​   | ​ | 966,429   | ​ | ​ | ​ | ​    | ​ | 964,983 | ​ | ​ | ​ | ​ | ​ | 969,449 | ​ | ​ |
| Celanese US Holdings LLCChemicals, Plastics and Rubber                                   | ​ | ​ | Dollar Term C-3 Loan — 2.5% Cash, Due 10/18                      | ​ | ​ | ​   | ​ | 1,251,599 | ​ | ​ | ​ | ​    | ​ | 1,214,068 | ​ | ​ | ​ | ​ | ​ | 1,254,509 | ​ | ​ |
| Cequel Communications, LLCBroadcasting and Entertainment                                 | ​ | ​ | Term Loan — 3.8% Cash, Due 2/19                                  | ​ | ​ | ​   | ​ | 1,879,918 | ​ | ​ | ​ | ​    | ​ | 1,871,491 | ​ | ​ | ​ | ​ | ​ | 1,854,070 | ​ | ​ |
| Charter Communications Operating, LLC (aka CCO Safari LLC)Broadcasting and Entertainment | ​ | ​ | Term F Loan — 3.0% Cash, Due 1/21                                | ​ | ​ | ​   | ​ | 1,483,706 | ​ | ​ | ​ | ​    | ​ | 1,475,779 | ​ | ​ | ​ | ​ | ​ | 1,457,370 | ​ | ​ |
| CHS/Community Health Systems, Inc.Healthcare, Education and Childcare                    | ​ | ​ | Incremental 2018 Term F Loans — 3.7% Cash, Due 12/18             | ​ | ​ | ​   | ​ | 1,209,226 | ​ | ​ | ​ | ​    | ​ | 258,686 | ​ | ​ | ​ | ​ | ​ | 1,195,368 | ​ | ​ |
| CHS/Community Health Systems, Inc.Healthcare & Pharmaceuticals                       | ​ | ​ | Incremental 2019 Term G Loan — 3.8% Cash, Due 12/19              | ​ | ​ | ​   | ​ | 1,062,209 | ​ | ​ | ​ | ​    | ​ | 1,059,907 | ​ | ​ | ​ | ​ | ​ | 1,038,145 | ​ | ​ |
| CHS/Community Health Systems, Inc.Healthcare, Education and Childcare                    | ​ | ​ | Incremental 2021 Term H Loan — 4.0% Cash, Due 1/21               | ​ | ​ | ​   | ​ | 2,160,738 | ​ | ​ | ​ | ​    | ​ | 2,137,064 | ​ | ​ | ​ | ​ | ​ | 2,131,415 | ​ | ​ |
| Ciena CorporationElectronics                                                             | ​ | ​ | Term Loan — 3.8% Cash, Due 7/19                                  | ​ | ​ | ​   | ​ | 2,977,387 | ​ | ​ | ​ | ​    | ​ | 2,992,956 | ​ | ​ | ​ | ​ | ​ | 2,953,195 | ​ | ​ |
| Commscope, Inc.Telecommunications                                                        | ​ | ​ | Tranche 4 Term Loan — 3.3% Cash, Due 1/18                        | ​ | ​ | ​   | ​ | 261,875   | ​ | ​ | ​ | ​    | ​ | 262,083 | ​ | ​ | ​ | ​ | ​ | 261,057 | ​ | ​ |
| Consolidated Communications, Inc.Telecommunications                                      | ​ | ​ | Initial Term Loan — 4.3% Cash, Due 12/20                         | ​ | ​ | ​   | ​ | 2,917,802 | ​ | ​ | ​ | ​    | ​ | 2,898,785 | ​ | ​ | ​ | ​ | ​ | 2,903,227 | ​ | ​ |
| Container Store, Inc., TheRetail Stores                                                  | ​ | ​ | Term Facility — 4.3% Cash, Due 4/19                              | ​ | ​ | ​   | ​ | 1,678,935 | ​ | ​ | ​ | ​    | ​ | 1,682,649 | ​ | ​ | ​ | ​ | ​ | 1,553,015 | ​ | ​ |
| ConvaTec Inc.Healthcare, Education and Childcare                                         | ​ | ​ | Dollar Term Loan — 4.3% Cash, Due 6/20                           | ​ | ​ | ​   | ​ | 1,162,658 | ​ | ​ | ​ | ​    | ​ | 1,165,259 | ​ | ​ | ​ | ​ | ​ | 1,145,223 | ​ | ​ |
| Crown Castle Operating Company(3)Buildings and Real Estate(3)                            | ​ | ​ | Extended Incremental Tranche B-2 Term Loan — 3.0% Cash, Due 1/21 | ​ | ​ | ​   | ​ | 2,888,746 | ​ | ​ | ​ | ​    | ​ | 2,878,350 | ​ | ​ | ​ | ​ | ​ | 2,881,235 | ​ | ​ |
| David’s Bridal, Inc.Retail Stores                                                  | ​ | ​ | Initial Term Loan — 5.3% Cash, Due 10/19                         | ​ | ​ | ​   | ​ | 477,723   | ​ | ​ | ​ | ​    | ​ | 475,142 | ​ | ​ | ​ | ​ | ​ | 397,942 | ​ | ​ |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                         | ​ | ​ | InvestmentInterest Rate(1)/Maturity                                      | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|----------------------------------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| Dealer Computer Services, Inc. (Reynolds & Reynolds)Electronics                          | ​ | ​ | Tranche B Term Loan — 2.4% Cash, Due 4/16              | ​ | ​ | ​   | $       | 2,242,828 | ​ | ​ | ​ | ​    | $       | 2,242,828 | ​ | ​ | ​ | ​ | $ | 2,242,827 | ​ | ​ |
| Delta 2 (Lux) S.a r.l (aka Formula One)Leisure, Amusement, Motion Pictures, Entertainment    | ​ | ​ | Facility B3 (USD) — 4.8% Cash, Due 7/21                | ​ | ​ | ​   | ​ | 3,421,774 | ​ | ​ | ​ | ​    | ​ | 3,400,280 | ​ | ​ | ​ | ​ | ​ | 3,319,121 | ​ | ​ |
| Delta Air Lines, Inc.Personal Transportation                                                 | ​ | ​ | 2014 Term B-2 Loan — 2.7% Cash, Due 4/16               | ​ | ​ | ​   | ​ | 3,402,908 | ​ | ​ | ​ | ​    | ​ | 3,406,970 | ​ | ​ | ​ | ​ | ​ | 3,397,583 | ​ | ​ |
| Dex Media West LLCPrinting and Publishing                                                    | ​ | ​ | New Term Loan — 8.0% Cash, Due 12/16                   | ​ | ​ | ​   | ​ | 695,444   | ​ | ​ | ​ | ​    | ​ | 692,438 | ​ | ​ | ​ | ​ | ​ | 379,017 | ​ | ​ |
| DJO Finance LLCHealthcare, Education and Childcare                                           | ​ | ​ | Initial Term Loan — 4.3% Cash, Due 6/20                | ​ | ​ | ​   | ​ | 1,955,250 | ​ | ​ | ​ | ​    | ​ | 1,980,808 | ​ | ​ | ​ | ​ | ​ | 1,908,813 | ​ | ​ |
| Drumm Investors LLC (aka Golden Living)Healthcare, Education and Childcare                   | ​ | ​ | Term Loan — 6.8% Cash, Due 5/18                        | ​ | ​ | ​   | ​ | 3,731,318 | ​ | ​ | ​ | ​    | ​ | 3,718,832 | ​ | ​ | ​ | ​ | ​ | 3,689,341 | ​ | ​ |
| Education Management II LLC(2)Healthcare, Education and Childcare                            | ​ | ​ | Tranche A Term Loan — 5.5% Cash, Due 7/20              | ​ | ​ | ​   | ​ | 200,289   | ​ | ​ | ​ | ​    | ​ | 201,304 | ​ | ​ | ​ | ​ | ​ | 50,071 | ​ | ​ |
| Education Management II LLC(2)Healthcare, Education and Childcare                            | ​ | ​ | Tranche B Term Loan — 8.5% Cash, Due 7/20              | ​ | ​ | ​   | ​ | 350,666   | ​ | ​ | ​ | ​    | ​ | 352,357 | ​ | ​ | ​ | ​ | ​ | 37,872 | ​ | ​ |
| Envigo Laboratories, Inc. (fka BPA Laboratories Inc.)Healthcare, Education and Childcare     | ​ | ​ | Term Loan (First Lien) — 2.8% Cash, Due 7/17           | ​ | ​ | ​   | ​ | 1,743,896 | ​ | ​ | ​ | ​    | ​ | 1,663,494 | ​ | ​ | ​ | ​ | ​ | 1,409,286 | ​ | ​ |
| Envigo Laboratories, Inc. (fka BPA Laboratories Inc.)Healthcare, Education and Childcare     | ​ | ​ | Term Loan (Second Lien) — 2.8% Cash, Due 7/17          | ​ | ​ | ​   | ​ | 1,516,318 | ​ | ​ | ​ | ​    | ​ | 1,446,409 | ​ | ​ | ​ | ​ | ​ | 1,232,009 | ​ | ​ |
| Essential Power, LLCUtilities                                                                | ​ | ​ | Term Loan — 4.8% Cash, Due 8/19                        | ​ | ​ | ​   | ​ | 932,448   | ​ | ​ | ​ | ​    | ​ | 925,235 | ​ | ​ | ​ | ​ | ​ | 921,668 | ​ | ​ |
| FCA US LLC (fka Chrysler Group LLC)Automobile                                                | ​ | ​ | Term Loan B — 3.5% Cash, Due 5/17                      | ​ | ​ | ​   | ​ | 3,067,549 | ​ | ​ | ​ | ​    | ​ | 2,960,527 | ​ | ​ | ​ | ​ | ​ | 3,061,797 | ​ | ​ |
| Federal-Mogul CorporationAutomobile                                                          | ​ | ​ | Tranche B Term Loan (2014) —  4.0% Cash, Due 4/18      | ​ | ​ | ​   | ​ | 1,566,456 | ​ | ​ | ​ | ​    | ​ | 1,529,147 | ​ | ​ | ​ | ​ | ​ | 1,415,191 | ​ | ​ |
| Fender Musical Instruments CorporationPersonal and Non Durable Consumer Products (Mfg. Only) | ​ | ​ | Initial Loan — 5.8% Cash, Due 4/19                     | ​ | ​ | ​   | ​ | 1,884,150 | ​ | ​ | ​ | ​    | ​ | 1,874,862 | ​ | ​ | ​ | ​ | ​ | 1,867,664 | ​ | ​ |
| First Data CorporationBanking, Finance, Insurance & Real Estate                          | ​ | ​ | 2018 New Dollar Term Loan —  3.9% Cash, Due 3/18       | ​ | ​ | ​   | ​ | 2,903,500 | ​ | ​ | ​ | ​    | ​ | 2,900,493 | ​ | ​ | ​ | ​ | ​ | 2,870,632 | ​ | ​ |
| First Data CorporationBanking, Finance, Insurance & Real Estate                          | ​ | ​ | New 2022B Dollar Term Loan —  4.2% Cash, Due 7/22      | ​ | ​ | ​   | ​ | 2,546,500 | ​ | ​ | ​ | ​    | ​ | 2,546,500 | ​ | ​ | ​ | ​ | ​ | 2,513,714 | ​ | ​ |
| Gardner Denver, Inc.Machinery (Non-Agriculture, Non-Construction, Non-Electronic)            | ​ | ​ | Initial Dollar Term Loan — 4.3% Cash, Due 7/20         | ​ | ​ | ​   | ​ | 2,232,868 | ​ | ​ | ​ | ​    | ​ | 2,184,383 | ​ | ​ | ​ | ​ | ​ | 2,016,838 | ​ | ​ |
| General Nutrition Centers, Inc.Retail Stores                                                 | ​ | ​ | Amended Tranche B Term Loan — 3.3% Cash, Due 3/19      | ​ | ​ | ​   | ​ | 870,762   | ​ | ​ | ​ | ​    | ​ | 873,222 | ​ | ​ | ​ | ​ | ​ | 848,997 | ​ | ​ |
| Getty Images, Inc.Printing and Publishing                                                    | ​ | ​ | Initial Term Loan — 4.8% Cash, Due 10/19               | ​ | ​ | ​   | ​ | 2,910,000 | ​ | ​ | ​ | ​    | ​ | 2,894,196 | ​ | ​ | ​ | ​ | ​ | 1,847,850 | ​ | ​ |
| Harland Clarke Holdings Corp. (fka Clarke American Corp.)Printing and Publishing             | ​ | ​ | Tranche B-2 Term Loan — 5.9% Cash, Due 6/17            | ​ | ​ | ​   | ​ | 2,414,520 | ​ | ​ | ​ | ​    | ​ | 2,417,333 | ​ | ​ | ​ | ​ | ​ | 2,342,084 | ​ | ​ |
| Harland Clarke Holdings Corp. (fka Clarke American Corp.)Printing and Publishing             | ​ | ​ | Tranche B-3 Term Loan — 7.0% Cash, Due 5/18            | ​ | ​ | ​   | ​ | 943,396   | ​ | ​ | ​ | ​    | ​ | 943,396 | ​ | ​ | ​ | ​ | ​ | 940,472 | ​ | ​ |
| HCA Inc.Healthcare, Education and Childcare                                                  | ​ | ​ | Tranche B-4 Term Loan — 3.4% Cash, Due 5/18            | ​ | ​ | ​   | ​ | 2,932,500 | ​ | ​ | ​ | ​    | ​ | 2,893,337 | ​ | ​ | ​ | ​ | ​ | 2,932,515 | ​ | ​ |
| HCR Healthcare, LLCHealthcare, Education and Childcare                                       | ​ | ​ | Initial Term Loan — 5.0% Cash, Due 4/18                | ​ | ​ | ​   | ​ | 476,250   | ​ | ​ | ​ | ​    | ​ | 474,710 | ​ | ​ | ​ | ​ | ​ | 452,142 | ​ | ​ |
| Hertz Corporation, ThePersonal Transportation                                                | ​ | ​ | Tranche B-1 Term Loan — 3.8% Cash, Due 3/18            | ​ | ​ | ​   | ​ | 3,894,660 | ​ | ​ | ​ | ​    | ​ | 3,894,343 | ​ | ​ | ​ | ​ | ​ | 3,891,252 | ​ | ​ |
| Hertz Corporation, ThePersonal Transportation                                                | ​ | ​ | Tranche B-2 Term Loan — 3.0% Cash, Due 3/18            | ​ | ​ | ​   | ​ | 953,050   | ​ | ​ | ​ | ​    | ​ | 950,930 | ​ | ​ | ​ | ​ | ​ | 946,198 | ​ | ​ |
| Huntsman International LLCChemicals, Plastics and Rubber                                     | ​ | ​ | 2015 Extended Term B Dollar Loan — 3.3% Cash, Due 4/19 | ​ | ​ | ​   | ​ | 2,719,781 | ​ | ​ | ​ | ​    | ​ | 2,610,970 | ​ | ​ | ​ | ​ | ​ | 2,678,304 | ​ | ​ |
| Ineos US Finance LLCChemicals, Plastics and Rubber                                           | ​ | ​ | 2020 Dollar Term Loan — 3.8% Cash, Due 12/20           | ​ | ​ | ​   | ​ | 6,376,839 | ​ | ​ | ​ | ​    | ​ | 6,398,337 | ​ | ​ | ​ | ​ | ​ | 6,137,707 | ​ | ​ |

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TABLE OF CONTENTS

| Portfolio Company/Principal Business                                                           | ​ | ​ | InvestmentInterest Rate(1)/Maturity                                                       | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| Infor (US), Inc. (fka Lawson Software Inc.)Electronics                                    | ​ | ​ | Tranche B-5 Term Loan — 3.8% Cash, Due 6/20                             | ​ | ​ | ​   | $       | 2,352,008 | ​ | ​ | ​ | ​    | $       | 2,363,429 | ​ | ​ | ​ | ​ | $ | 2,214,321 | ​ | ​ |
| Integra Telecom Holdings, Inc.Telecommunications                                               | ​ | ​ | Term B-1 Loan — 5.3% Cash, Due 8/20                                     | ​ | ​ | ​   | ​ | 416,454   | ​ | ​ | ​ | ​    | ​ | 417,393 | ​ | ​ | ​ | ​ | ​ | 404,377 | ​ | ​ |
| International Architectural Products, Inc. (2)Mining, Steel, Iron and Non-Precious Metals | ​ | ​ | Term Loan — 0.0% Cash, Due 5/15                                         | ​ | ​ | ​   | ​ | 81,467    | ​ | ​ | ​ | ​    | ​ | 81,467 | ​ | ​ | ​ | ​ | ​ | 326 | ​ | ​ |
| J. Crew Group, Inc.Retail Stores                                                               | ​ | ​ | Initial Loan — 4.0% Cash, Due 3/21                                      | ​ | ​ | ​   | ​ | 3,880,774 | ​ | ​ | ​ | ​    | ​ | 3,883,610 | ​ | ​ | ​ | ​ | ​ | 2,528,324 | ​ | ​ |
| Jarden CorporationPersonal and Non Durable Consumer Products (Mfg. Only)                       | ​ | ​ | New Tranche B Term Loan — 3.0% Cash, Due 3/18                           | ​ | ​ | ​   | ​ | 4,769,734 | ​ | ​ | ​ | ​    | ​ | 4,749,934 | ​ | ​ | ​ | ​ | ​ | 4,773,216 | ​ | ​ |
| JBS USA, LLCBeverage, Food and Tobacco                                                         | ​ | ​ | Initial Term Loan — 3.8% Cash, Due 5/18                                 | ​ | ​ | ​   | ​ | 861,507   | ​ | ​ | ​ | ​    | ​ | 860,028 | ​ | ​ | ​ | ​ | ​ | 859,353 | ​ | ​ |
| JMC Steel Group, Inc.Mining, Steel, Iron and Non-Precious Metals                               | ​ | ​ | Term Loan — 4.8% Cash, Due 4/17                                         | ​ | ​ | ​   | ​ | 1,293,564 | ​ | ​ | ​ | ​    | ​ | 1,291,965 | ​ | ​ | ​ | ​ | ​ | 1,251,524 | ​ | ​ |
| Jo-Ann Stores, Inc.Retail Stores                                                               | ​ | ​ | Term B Loan — 4.0% Cash, Due 3/18                                       | ​ | ​ | ​   | ​ | 941,546   | ​ | ​ | ​ | ​    | ​ | 943,733 | ​ | ​ | ​ | ​ | ​ | 885,054 | ​ | ​ |
| KAR Auction Services, Inc.Automobile                                                           | ​ | ​ | Tranche B-1 Term Loan — 3.1% Cash, Due 3/17                             | ​ | ​ | ​   | ​ | 679,145   | ​ | ​ | ​ | ​    | ​ | 680,354 | ​ | ​ | ​ | ​ | ​ | 679,430 | ​ | ​ |
| KAR Auction Services, Inc.Automobile                                                           | ​ | ​ | Tranche B-2 Term Loan — 3.5% Cash, Due 3/21                             | ​ | ​ | ​   | ​ | 3,407,047 | ​ | ​ | ​ | ​    | ​ | 3,453,066 | ​ | ​ | ​ | ​ | ​ | 3,402,788 | ​ | ​ |
| Key Safety Systems, Inc.Automobile                                                             | ​ | ​ | Initial Term Loan — 4.8% Cash, Due 8/21                                 | ​ | ​ | ​   | ​ | 1,364,058 | ​ | ​ | ​ | ​    | ​ | 1,340,031 | ​ | ​ | ​ | ​ | ​ | 1,329,956 | ​ | ​ |
| Kronos IncorporatedDiversified/Conglomerate Service                                            | ​ | ​ | Incremental Term Loan (First Lien) — 4.5% Cash, Due 10/19               | ​ | ​ | ​   | ​ | 978,389   | ​ | ​ | ​ | ​    | ​ | 975,600 | ​ | ​ | ​ | ​ | ​ | 964,941 | ​ | ​ |
| Landry’s Inc. (fka Landry’s Restaurants, Inc.)Beverage, Food and Tobacco           | ​ | ​ | B Term Loan — 4.0% Cash, Due 4/18                                       | ​ | ​ | ​   | ​ | 1,538,848 | ​ | ​ | ​ | ​    | ​ | 1,548,166 | ​ | ​ | ​ | ​ | ​ | 1,533,324 | ​ | ​ |
| Las Vegas Sands, LLCHotels, Motels, Inns, and Gaming                                           | ​ | ​ | Term B Loan — 3.3% Cash, Due 12/20                                      | ​ | ​ | ​   | ​ | 3,201,595 | ​ | ​ | ​ | ​    | ​ | 3,172,481 | ​ | ​ | ​ | ​ | ​ | 3,174,782 | ​ | ​ |
| Live Nation Entertainment, Inc.Leisure, Amusement, Motion Pictures, Entertainment              | ​ | ​ | Term B-1 Loan — 3.5% Cash, Due 8/20                                     | ​ | ​ | ​   | ​ | 472,878   | ​ | ​ | ​ | ​    | ​ | 471,316 | ​ | ​ | ​ | ​ | ​ | 472,434 | ​ | ​ |
| LPL Holdings, Inc.Finance                                                                      | ​ | ​ | 2021 Tranche B Term Loan — 4.3% Cash, Due 3/21                          | ​ | ​ | ​   | ​ | 1,930,500 | ​ | ​ | ​ | ​    | ​ | 1,921,055 | ​ | ​ | ​ | ​ | ​ | 1,901,543 | ​ | ​ |
| MCC Iowa LLCBroadcasting and Entertainment                                                     | ​ | ​ | Tranche J Term Loan — 3.8% Cash, Due 6/21                               | ​ | ​ | ​   | ​ | 690,439   | ​ | ​ | ​ | ​    | ​ | 680,992 | ​ | ​ | ​ | ​ | ​ | 685,046 | ​ | ​ |
| Mediacom Illinois, LLC (fka Mediacom Communications, LLC)Broadcasting and Entertainment        | ​ | ​ | Tranche F Term Loan — 2.9% Cash, Due 3/18                               | ​ | ​ | ​   | ​ | 5,895,000 | ​ | ​ | ​ | ​    | ​ | 5,886,840 | ​ | ​ | ​ | ​ | ​ | 5,801,063 | ​ | ​ |
| National CineMedia, LLCLeisure, Amusement, Motion Pictures, Entertainment                      | ​ | ​ | Term Loan (2013) — 3.2% Cash, Due 11/19                                 | ​ | ​ | ​   | ​ | 1,000,000 | ​ | ​ | ​ | ​    | ​ | 995,545 | ​ | ​ | ​ | ​ | ​ | 996,250 | ​ | ​ |
| NBTY, INC.Personal and Non Durable Consumer Products (Mfg. Only)                               | ​ | ​ | Term B-2 Loan — 3.5% Cash, Due 10/17                                    | ​ | ​ | ​   | ​ | 3,391,643 | ​ | ​ | ​ | ​    | ​ | 3,392,700 | ​ | ​ | ​ | ​ | ​ | 3,351,791 | ​ | ​ |
| NEP/NCP Holdco, Inc.  – Broadcasting and Entertainment                       | ​ | ​ | Amendment No. 4 IncrementalTerm Loan (First Lien) — 4.3% Cash, Due 1/20 | ​ | ​ | ​   | ​ | 2,454,312 | ​ | ​ | ​ | ​    | ​ | 2,435,744 | ​ | ​ | ​ | ​ | ​ | 2,313,189 | ​ | ​ |
| Newsday, LLCPrinting and Publishing                                                            | ​ | ​ | Term Loan — 3.9% Cash, Due 10/16                                        | ​ | ​ | ​   | ​ | 3,984,627 | ​ | ​ | ​ | ​    | ​ | 3,989,720 | ​ | ​ | ​ | ​ | ​ | 3,989,608 | ​ | ​ |
| Nielsen Finance LLC (VNU, Inc.)Broadcasting and Entertainment                                  | ​ | ​ | Class B-1 Term Loan — 2.5% Cash, Due 5/17                          | ​ | ​ | ​   | ​ | 5,402,525 | ​ | ​ | ​ | ​    | ​ | 5,407,617 | ​ | ​ | ​ | ​ | ​ | 5,400,283 | ​ | ​ |
| NRG Energy, Inc.Utilities                                                                      | ​ | ​ | Term Loan (2013) — 2.8% Cash, Due 7/18                                  | ​ | ​ | ​   | ​ | 955,481   | ​ | ​ | ​ | ​    | ​ | 954,306 | ​ | ​ | ​ | ​ | ​ | 932,191 | ​ | ​ |
| OCI Beaumont LLCChemicals, Plastics and Rubber                                                 | ​ | ​ | Term B-3 Loan — 6.5% Cash, Due 8/19                                     | ​ | ​ | ​   | ​ | 2,486,113 | ​ | ​ | ​ | ​    | ​ | 2,518,346 | ​ | ​ | ​ | ​ | ​ | 2,510,974 | ​ | ​ |
| Omnova Solutions, Inc.Chemicals, Plastics and Rubber                                           | ​ | ​ | Term B-1 Loan — 4.3% Cash, Due 5/18                                     | ​ | ​ | ​   | ​ | 359,276   | ​ | ​ | ​ | ​    | ​ | 358,928 | ​ | ​ | ​ | ​ | ​ | 358,827 | ​ | ​ |
| Onex Carestream Finance LPHealthcare, Education and Childcare                                  | ​ | ​ | Term Loan (First Lien 2013) — 5.0% Cash, Due 6/19                       | ​ | ​ | ​   | ​ | 2,429,369 | ​ | ​ | ​ | ​    | ​ | 2,445,779 | ​ | ​ | ​ | ​ | ​ | 2,200,608 | ​ | ​ |

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| Portfolio Company/Principal Business                                                                | ​ | ​ | InvestmentInterest Rate(1)/Maturity                                          | ​ | ​ | Principal | ​ | ​   | Cost    | ​ | ​ | Fair Value | ​ |
|-----------------------------------------------------------------------------------------------------|---------|---------|------------------------------------------------------------------------------|---------|---------|-----------|---------|-----------|---------|---------|---------|------------|---------|
| Pacific Drilling S.AOil and Gas                                                                     | ​ | ​ | Term Loan — 4.5% Cash, Due 6/18                            | ​ | ​ | ​   | $       | 2,185,768 | ​ | ​ | ​ | ​    | $       | 2,189,041 | ​ | ​ | ​ | ​ | $ | 961,738 | ​ | ​ |
| PetCo Animal Supplies, Inc.Retail Stores                                                            | ​ | ​ | New Loan — 4.0% Cash, Due 11/17                            | ​ | ​ | ​   | ​ | 5,328,526 | ​ | ​ | ​ | ​    | ​ | 5,297,286 | ​ | ​ | ​ | ​ | ​ | 5,321,359 | ​ | ​ |
| Petroleum GEO-Services ASA (PGS Finance, Inc)Oil and Gas                                            | ​ | ​ | Extended Term Loan — 3.3% Cash, Due 3/21                   | ​ | ​ | ​   | ​ | 4,912,500 | ​ | ​ | ​ | ​    | ​ | 4,912,500 | ​ | ​ | ​ | ​ | ​ | 3,468,225 | ​ | ​ |
| PQ CorporationChemicals, Plastics and Rubber                                                        | ​ | ​ | 2014 Term Loan — 4.0% Cash, Due 8/17                       | ​ | ​ | ​   | ​ | 4,916,982 | ​ | ​ | ​ | ​    | ​ | 4,915,840 | ​ | ​ | ​ | ​ | ​ | 4,887,013 | ​ | ​ |
| QCE, LLC (Quiznos)(2)Personal, Food and Miscellaneous Services                                      | ​ | ​ | Existing Term Loan — 0.0% Cash, Due 9/20                   | ​ | ​ | ​   | ​ | 449,499   | ​ | ​ | ​ | ​    | ​ | 449,486 | ​ | ​ | ​ | ​ | ​ | 59,932 | ​ | ​ |
| Quikrete Holdings, Inc.(3)Buildings and Real Estate(3)                                              | ​ | ​ | Initial Loan (First Lien) — 3.0% Cash, Due 9/20            | ​ | ​ | ​   | ​ | 2,230,000 | ​ | ​ | ​ | ​    | ​ | 2,218,850 | ​ | ​ | ​ | ​ | ​ | 2,208,748 | ​ | ​ |
| R.H. Donnelley Inc.Printing and Publishing                                                          | ​ | ​ | Loan — 9.8% Cash, Due 4/22                                 | ​ | ​ | ​   | ​ | 421,935   | ​ | ​ | ​ | ​    | ​ | 420,869 | ​ | ​ | ​ | ​ | ​ | 181,565 | ​ | ​ |
| Regal Cinemas CorporationLeisure, Amusement, Motion Pictures, Entertainment                         | ​ | ​ | Term Loan — 3.8% Cash, Due 11/17                           | ​ | ​ | ​   | ​ | 963,677   | ​ | ​ | ​ | ​    | ​ | 969,660 | ​ | ​ | ​ | ​ | ​ | 962,728 | ​ | ​ |
| Revlon Consumer Products CorporationPersonal and Non Durable Consumer Products (Mfg. Only)          | ​ | ​ | Replacement Term Loan — 3.3% Cash, Due 12/18               | ​ | ​ | ​   | ​ | 4,480,361 | ​ | ​ | ​ | ​    | ​ | 4,498,987 | ​ | ​ | ​ | ​ | ​ | 4,476,150 | ​ | ​ |
| Reynolds Group Holdings Inc.Containers, Packaging and Glass                                         | ​ | ​ | Incremental U.S. Term Loan — 4.5% Cash, Due 10/17          | ​ | ​ | ​   | ​ | 2,058,619 | ​ | ​ | ​ | ​    | ​ | 2,058,619 | ​ | ​ | ​ | ​ | ​ | 2,042,109 | ​ | ​ |
| RGIS Services, LLCDiversified/Conglomerate Service                                                  | ​ | ​ | Tranche C Term Loan — 5.5% Cash, Due 11/18                 | ​ | ​ | ​   | ​ | 2,597,871 | ​ | ​ | ​ | ​    | ​ | 2,569,219 | ​ | ​ | ​ | ​ | ​ | 1,850,983 | ​ | ​ |
| RPI Finance TrustHealthcare, Education and Childcare                                                | ​ | ​ | Term B-3 Term Loan — 3.3% Cash, Due 6/18                   | ​ | ​ | ​   | ​ | 2,487,277 | ​ | ​ | ​ | ​    | ​ | 2,506,353 | ​ | ​ | ​ | ​ | ​ | 2,483,385 | ​ | ​ |
| Schaeffler AG (formerly named INA Beteiligungsgesellschaft mit beschränkter Haftung)Automobile | ​ | ​ | Facility B-USD — 4.3% Cash, Due 5/20                       | ​ | ​ | ​   | ​ | 1,015,385 | ​ | ​ | ​ | ​    | ​ | 1,020,391 | ​ | ​ | ​ | ​ | ​ | 1,018,685 | ​ | ​ |
| Select Medical CorporationHealthcare, Education and Childcare                                       | ​ | ​ | Series E Tranche B Term Loan — 5.0% Cash, Due 1/18    | ​ | ​ | ​   | ​ | 2,104,406 | ​ | ​ | ​ | ​    | ​ | 2,092,431 | ​ | ​ | ​ | ​ | ​ | 2,091,254 | ​ | ​ |
| Semiconductor Components Industries, LLC (On Semiconductor)Electronics                              | ​ | ​ | Term Loan — 2.1% Cash, Due 10/21                           | ​ | ​ | ​   | ​ | 4,593,750 | ​ | ​ | ​ | ​    | ​ | 4,537,373 | ​ | ​ | ​ | ​ | ​ | 4,455,938 | ​ | ​ |
| Sensata Technologies B.V. (Sensata Technologies Finance Company, LLC)Electronics                    | ​ | ​ | Sixth Amendment Term Loan — 3.0% Cash, Due 4/20            | ​ | ​ | ​   | ​ | 560,135   | ​ | ​ | ​ | ​    | ​ | 556,355 | ​ | ​ | ​ | ​ | ​ | 551,851 | ​ | ​ |
| Sinclair Television Group, Inc.Broadcasting and Entertainment                                       | ​ | ​ | New Tranche B Term Loan — 3.0% Cash, Due 9/19              | ​ | ​ | ​   | ​ | 66,983    | ​ | ​ | ​ | ​    | ​ | 66,865 | ​ | ​ | ​ | ​ | ​ | 65,978 | ​ | ​ |
| Steinway Musical Instruments, Inc.Personal and Non Durable Consumer Products (Mfg. Only)            | ​ | ​ | Loan (First Lien) — 4.8% Cash, Due 3/19                    | ​ | ​ | ​   | ​ | 2,000,000 | ​ | ​ | ​ | ​    | ​ | 1,985,239 | ​ | ​ | ​ | ​ | ​ | 1,972,500 | ​ | ​ |
| Telesat CanadaTelecommunications                                                                    | ​ | ​ | U.S. Term B-2 Loan — 3.5% Cash, Due 12/17                  | ​ | ​ | ​   | ​ | 2,960,078 | ​ | ​ | ​ | ​    | ​ | 2,937,884 | ​ | ​ | ​ | ​ | ​ | 2,920,605 | ​ | ​ |
| TPF Generation Holdings, LLCUtilities                                                               | ​ | ​ | Term Loan — 4.8% Cash, Due 2/20                            | ​ | ​ | ​   | ​ | 188,393   | ​ | ​ | ​ | ​    | ​ | 182,268 | ​ | ​ | ​ | ​ | ​ | 168,611 | ​ | ​ |
| TransDigm Inc.Aerospace and Defense                                                                 | ​ | ​ | Tranche C Term Loan — 3.8% Cash, Due 3/20                  | ​ | ​ | ​   | ​ | 3,791,455 | ​ | ​ | ​ | ​    | ​ | 3,742,603 | ​ | ​ | ​ | ​ | ​ | 3,708,251 | ​ | ​ |
| Tronox Pigments (Netherlands) B. V.Chemicals, Plastics and Rubber                                   | ​ | ​ | New Term Loan — 4.5% Cash, Due 2/20                        | ​ | ​ | ​   | ​ | 2,499,471 | ​ | ​ | ​ | ​    | ​ | 2,487,925 | ​ | ​ | ​ | ​ | ​ | 2,224,005 | ​ | ​ |
| TWCC Holding Corp.Broadcasting and Entertainment                                                    | ​ | ​ | Term B-1 Loan — 5.8% Cash, Due 3/20                        | ​ | ​ | ​   | ​ | 2,924,754 | ​ | ​ | ​ | ​    | ​ | 2,905,902 | ​ | ​ | ​ | ​ | ​ | 2,926,318 | ​ | ​ |
| Univision Communications Inc.Broadcasting and Entertainment                                         | ​ | ​ | Replacement First-LienTerm Loan — 4.0% Cash, Due 12/19     | ​ | ​ | ​   | ​ | 3,239,279 | ​ | ​ | ​ | ​    | ​ | 3,218,251 | ​ | ​ | ​ | ​ | ​ | 3,176,113 | ​ | ​ |
| UPC Financing PartnershipBroadcasting and Entertainment                                             | ​ | ​ | Facility AH — 3.3% Cash, Due 6/21                          | ​ | ​ | ​   | ​ | 700,000   | ​ | ​ | ​ | ​    | ​ | 704,142 | ​ | ​ | ​ | ​ | ​ | 688,517 | ​ | ​ |
| Valeant Pharmaceuticals International, Inc.Healthcare, Education and Childcare                      | ​ | ​ | Series C-2 Tranche B Term Loan — 3.8% Cash, Due 10/19 | ​ | ​ | ​   | ​ | 1,389,000 | ​ | ​ | ​ | ​    | ​ | 1,343,190 | ​ | ​ | ​ | ​ | ​ | 1,344,205 | ​ | ​ |
| Vertafore, Inc.Electronics                                                                          | ​ | ​ | Term Loan (2013) — 4.3% Cash, Due 11/19                    | ​ | ​ | ​   | ​ | 892,097   | ​ | ​ | ​ | ​    | ​ | 892,097 | ​ | ​ | ​ | ​ | ​ | 885,964 | ​ | ​ |

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| Portfolio Company/Principal Business                                                  | ​ | ​ | InvestmentInterest Rate(1)/Maturity                           | ​ | ​ | Principal | ​ | ​     | Cost    | ​ | ​ | Fair Value | ​ |
|---------------------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------|---------|---------|-----------|---------|-------------|---------|---------|---------|------------|---------|
| VFH Parent LLCFinance                                                                 | ​ | ​ | Term Loan (2013) — 5.3% Cash, Due 12/20     | ​ | ​ | ​   | $       | 985,103     | ​ | ​ | ​ | ​    | $       | 994,592 | ​ | ​ | ​ | ​ | $ | 980,177 | ​ | ​ |
| Walter Investment Management Corp.Finance                                             | ​ | ​ | Tranche B Term Loan — 4.8% Cash, Due 12/19  | ​ | ​ | ​   | ​ | 2,454,158   | ​ | ​ | ​ | ​    | ​ | 2,445,426 | ​ | ​ | ​ | ​ | ​ | 2,124,393 | ​ | ​ |
| WESCO Distribution, Inc.Machinery (Non-Agriculture, Non-Construction, Non-Electronic) | ​ | ​ | Tranche B-1 Loan — 3.8% Cash, Due 6/18      | ​ | ​ | ​   | ​ | 249,643     | ​ | ​ | ​ | ​    | ​ | 248,233 | ​ | ​ | ​ | ​ | ​ | 248,551 | ​ | ​ |
| West CorporationDiversified/Conglomerate Service                                      | ​ | ​ | Term B-10 Loan — 3.3% Cash, Due 7/17        | ​ | ​ | ​   | ​ | 3,776,796   | ​ | ​ | ​ | ​    | ​ | 3,756,691 | ​ | ​ | ​ | ​ | ​ | 3,722,844 | ​ | ​ |
| WideOpenWest Finance, LLCTelecommunications                                           | ​ | ​ | Term B-1 Loan 2013 — 3.8% Cash, Due 8/19    | ​ | ​ | ​   | ​ | 4,724,229   | ​ | ​ | ​ | ​    | ​ | 4,740,543 | ​ | ​ | ​ | ​ | ​ | 4,598,234 | ​ | ​ |
| Windstream Services, LLC (fka Windstream Corporation)Telecommunications               | ​ | ​ | Tranche B-5 Term Loan — 3.5% Cash, Due 2/17 | ​ | ​ | ​   | ​ | 5,954,430   | ​ | ​ | ​ | ​    | ​ | 5,954,430 | ​ | ​ | ​ | ​ | ​ | 5,801,848 | ​ | ​ |
| WireCo WorldGroup Inc.Machinery (Non-Agriculture, Non-Construction, Non-Electronic)   | ​ | ​ | Term Loan — 6.0% Cash, Due 2/20             | ​ | ​ | ​   | ​ | 1,829,576   | ​ | ​ | ​ | ​    | ​ | 1,825,076 | ​ | ​ | ​ | ​ | ​ | 1,767,828 | ​ | ​ |
| Zuffa, LLCLeisure, Amusement, Motion Pictures, Entertainment                          | ​ | ​ | Initial Term Loan — 3.8% Cash, Due 6/19     | ​ | ​ | ​   | ​ | 2,294,791   | ​ | ​ | ​ | ​    | ​ | 2,287,980 | ​ | ​ | ​ | ​ | ​ | 2,242,011 | ​ | ​ |
| Total Investment in Debt Securities                                                   | ​ | ​ | ​                                                       | ​ | ​ | ​   | ​ | 246,578,754 | ​ | ​ | ​ | ​    | ​ | 244,325,246 | ​ | ​ | ​ | ​ | ​ | 234,403,150 | ​ | ​ |
| ​                                                                               |
| Portfolio Company/Principal Business                                               | ​ | ​ | Equity Investment                | ​ | ​ | Shares  | ​ | ​ | Cost    | ​ | ​ | Value(2) | ​ |
|------------------------------------------------------------------------------------|---------|---------|----------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|----------|---------|
| Education Management Corporation(2)                                                | ​ | ​ | Series A-1 Preferred Shares | ​ | ​ | ​ | ​ | 2,670   | ​ | ​ | ​ | ​  | $       | — | ​ | ​ | ​ | ​ | $ | 2,670 | ​ | ​ |
| QCE, LLC (Quiznos)(2)                                                              | ​ | ​ | New Common Stock                 | ​ | ​ | ​ | ​ | 1,256   | ​ | ​ | ​ | ​  | ​ | — | ​ | ​ | ​ | ​ | ​ | 160 | ​ | ​ |
| Total Investment in Equity Securities (100% of net asset value at fair value) | ​ | ​ | ​                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | $       | — | ​ | ​ | ​ | ​ | $ | 2,830 | ​ | ​ |
| ​                                                                            |
| Portfolio Company                   | ​ | ​ | CLO Investment                                                                           | ​ | ​ | Principal | ​ | ​     | Cost    | ​ | ​ | Value   | ​ |
|-------------------------------------|---------|---------|------------------------------------------------------------------------------------------|---------|---------|-----------|---------|-------------|---------|---------|---------|---------|---------|
| APID 2007-5A(1)CLO Rated Notes      | ​ | ​ | Floating – 04/2021 – D – 03761XAG5 | ​ | ​ | ​   | $       | 1,000,000   | ​ | ​ | ​ | ​ | $       | 1,000,000 | ​ | ​ | ​ | ​ | $ | 963,108 | ​ | ​ |
| HLCNL 2007-2A(1)CLO Rated Notes     | ​ | ​ | Floating – 04/2021 – D – 40537AAA3 | ​ | ​ | ​   | ​ | 3,000,000   | ​ | ​ | ​ | ​ | ​ | 2,968,134 | ​ | ​ | ​ | ​ | ​ | 2,902,077 | ​ | ​ |
| MDPK 2007-4A(1)CLO Rated Notes      | ​ | ​ | Floating – 03/2021 – D – 55817UAF7 | ​ | ​ | ​   | ​ | 2,000,000   | ​ | ​ | ​ | ​ | ​ | 2,000,000 | ​ | ​ | ​ | ​ | ​ | 1,869,623 | ​ | ​ |
| NAVIG 2007-2A(1)CLO Rated Notes     | ​ | ​ | Floating – 04/2021 – D – 63937HAD0 | ​ | ​ | ​   | ​ | 3,000,000   | ​ | ​ | ​ | ​ | ​ | 3,000,000 | ​ | ​ | ​ | ​ | ​ | 2,910,373 | ​ | ​ |
| TRAL 2007-1A(1)CLO Rated Notes      | ​ | ​ | Floating – 04/2022 – C – 89288BAG6 | ​ | ​ | ​   | ​ | 3,000,000   | ​ | ​ | ​ | ​ | ​ | 3,000,000 | ​ | ​ | ​ | ​ | ​ | 2,778,118 | ​ | ​ |
| TRAL 2007-1A(1)CLO Rated Notes      | ​ | ​ | Floating – 04/2022 – D – 89288AAA1 | ​ | ​ | ​   | ​ | 1,000,000   | ​ | ​ | ​ | ​ | ​ | 1,000,000 | ​ | ​ | ​ | ​ | ​ | 937,226 | ​ | ​ |
| Total Investment in CLO Rated Notes | ​ | ​ | ​                                                                                  | ​ | ​ | ​   | ​ | 13,000,000  | ​ | ​ | ​ | ​ | ​ | 12,968,134 | ​ | ​ | ​ | ​ | ​ | 12,360,525 | ​ | ​ |
| Total Investments                   | ​ | ​ | ​                                                                                  | ​ | ​ | ​   | $       | 259,578,754 | ​ | ​ | ​ | ​ | $       | 257,293,380 | ​ | ​ | ​ | ​ | $ | 246,766,505 | ​ | ​ |
| ​                             |

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| December 31, 2016    | ​ |
|---------------------------|---------|
| ($ in millions)           | ​ | ​ | Fair Value | ​ | ​ | Quoted Prices in Active Markets for Identical Assets (Level 1) | ​ | ​ | Significant Other Observable Inputs (Level 2) | ​ | ​ | Significant Unobservable Inputs (Level 3) | ​ |
| Assets:                   | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investments               | ​ | ​ | ​ | $ | 176,684,976 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | 176,684,976 | ​ | ​ |
| Liabilities:              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| CLO Fund Liabilities | ​ | ​ | ​ | $ | 208,812,164 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | 208,812,164 | ​ | ​ |
| December 31, 2015    | ​ |
|---------------------------|---------|
| ($ in millions)           | ​ | ​ | Fair Value | ​ | ​ | Quoted Prices in Active Markets for Identical Assets (Level 1) | ​ | ​ | Significant Other Observable Inputs (Level 2) | ​ | ​ | Significant Unobservable Inputs (Level 3) | ​ |
| Assets:                   | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investments               | ​ | ​ | ​ | $ | 246,766,505 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | 246,766,505 | ​ | ​ |
| Liabilities:              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| CLO Fund Liabilities | ​ | ​ | ​ | $ | 261,433,473 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | 261,433,473 | ​ | ​ |
| ​                                                                                                                    | ​ | ​ | For the year ended December 31, 2016 | ​ |
|----------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|
| Beginning balance                                                                                                          | ​ | ​ | ​                                   | $       | 246,766,505 | ​ | ​ |
| Purchase of investments                                                                                                    | ​ | ​ | ​                                   | ​ | 82,554,227 | ​ | ​ |
| Proceeds from sale and redemption of investments                                                                           | ​ | ​ | ​                                   | ​ | (159,676,298) | ​ | ​ |
| Net Realized and Unrealized (losses)                                                                                       | ​ | ​ | ​                                   | ​ | 7,040,542 | ​ | ​ |
| Ending balance                                                                                                             | ​ | ​ | ​                                   | $       | 176,684,976 | ​ | ​ |
| Changes in unrealized appreciation (depreciation) included in earnings related to investments still held at reporting date | ​ | ​ | ​                                   | $       | 3,636,405 | ​ | ​ |

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| ​                                                                                                                    | ​ | ​ | For the year ended December 31, 2015 | ​ |
|----------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|
| Beginning balance                                                                                                          | ​ | ​ | ​                                   | $       | 273,373,948 | ​ | ​ |
| Purchase of investments                                                                                                    | ​ | ​ | ​                                   | ​ | 93,243,381 | ​ | ​ |
| Proceeds from sale and redemption of investments                                                                           | ​ | ​ | ​                                   | ​ | (113,199,395) | ​ | ​ |
| Net realized and unrealized (losses)                                                                                       | ​ | ​ | ​                                   | ​ | (6,651,429) | ​ | ​ |
| Ending balance                                                                                                             | ​ | ​ | ​                                   | $       | 246,766,505 | ​ | ​ |
| Changes in unrealized appreciation (depreciation) included in earnings related to investments still held at reporting date | ​ | ​ | ​                                   | $       | (5,313,969) | ​ | ​ |
| Type                     | ​ | ​ | Fair Value | ​ | ​     | Valuation Technique | ​ | ​ | Unobservable inputs  | ​ | ​ | Range of Inputs                 | ​ |
|--------------------------|---------|---------|------------|---------|-------------|---------------------|---------|---------|----------------------|---------|---------|---------------------------------|---------|
| Debt Securities          | ​ | ​ | ​    | $       | 3,787,243   | ​             | ​ | ​ | Income Approach      | ​ | ​ | Implied Effective Discount Rate | ​ | ​ |  6.72% – 7.89% | ​ |
| ​                  | ​ | ​ | ​    | ​ | 166,915,409 | ​             | ​ | ​ | Market Quote         | ​ | ​ | Third-Party Bid-Ask Mid         | ​ | ​ | 4.9% – 102.0% | ​ |
| Equity Securities        | ​ | ​ | ​    | ​ | 150,524     | ​             | ​ | ​ | Market Quote         | ​ | ​ | Third-Party Bid-Ask Mid         | ​ | ​ | 0.25 – 2.50 | ​ |
| CLO Fund Securities | ​ | ​ | ​    | ​ | 5,831,800   | ​             | ​ | ​ | Discounted Cash Flow | ​ | ​ | Discount Rate                   | ​ | ​ | 3.52% – 5.57% | ​ |
| ​                  | ​ | ​ | ​    | $       | 176,684,976 | ​             | ​ | ​ | ​              | ​ | ​ | ​                         | ​ | ​ | ​ | ​ |
| ​                  |
| Type                     | ​ | ​ | Fair Value | ​ | ​     | Valuation Technique | ​ | ​ | Unobservable inputs  | ​ | ​ | Range of Inputs         | ​ |
|--------------------------|---------|---------|------------|---------|-------------|---------------------|---------|---------|----------------------|---------|---------|-------------------------|---------|
| Debt Securities          | ​ | ​ | ​    | ​ | 234,403,150 | ​             | ​ | ​ | Market Quote         | ​ | ​ | Third-Party Bid-Ask Mid | ​ | ​ | 10.8% – 101.0% | ​ |
| Equity Securities        | ​ | ​ | ​    | ​ | 2,830       | ​             | ​ | ​ | Market Quote         | ​ | ​ | Third-Party Bid-Ask Mid | ​ | ​ | 0.13 – 1.0 | ​ |
| CLO Fund Securities | ​ | ​ | ​    | ​ | 12,360,525  | ​             | ​ | ​ | Discounted Cash Flow | ​ | ​ | Discount Rate           | ​ | ​ | 3.82% – 5.89% | ​ |
| ​                  | ​ | ​ | ​    | $       | 246,766,505 | ​             | ​ | ​ | ​              | ​ | ​ | ​                 | ​ | ​ | ​ | ​ |
| ​                  |
| ​                                                                                                                    | ​ | ​ | For the year ended December 31, 2016 | ​ |
|----------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|
| Beginning balance                                                                                                          | ​ | ​ | ​                                   | $       | 261,433,473 | ​ | ​ |
| Repayments                                                                                                                 | ​ | ​ | ​                                   | ​ | (54,179,244) | ​ | ​ |
| Unrealized depreciation                                                                                                    | ​ | ​ | ​                                   | ​ | 1,557,935 | ​ | ​ |
| Ending balance                                                                                                             | ​ | ​ | ​                                   | $       | 208,812,164 | ​ | ​ |
| Changes in unrealized appreciation (depreciation) included in earnings related to liabilities still held at reporting date | ​ | ​ | ​                                   | $       | 1,557,935 | ​ | ​ |

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| ​                                                                                                     | ​ | ​ | For the year ended December 31, 2015 | ​ |
|-------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|
| Beginning balance                                                                                           | ​ | ​ | ​                                   | $       | 290,699,426 | ​ | ​ |
| Repayments                                                                                                  | ​ | ​ | ​                                   | ​ | (23,002,449) | ​ | ​ |
| Unrealized depreciation                                                                                     | ​ | ​ | ​                                   | ​ | (6,263,504) | ​ | ​ |
| Ending balance                                                                                              | ​ | ​ | ​                                   | $       | 261,433,473 | ​ | ​ |
| Changes in unrealized appreciation included in earnings related to liabilities still held at reporting date | ​ | ​ | ​                                   | $       | (6,263,504) | ​ | ​ |

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| Title of Debt Security              | ​ | ​ | Principal Amount | ​ | ​     | Amount Outstanding | ​ | ​ | Interest Rate | ​ | ​     | Maturity | ​ | ​ | Fair Value    | ​ |
|-------------------------------------|---------|---------|------------------|---------|-------------|--------------------|---------|---------|---------------|---------|-------------|----------|---------|---------|---------------|---------|
| Class A-1L Floating Rate Notes | ​ | ​ | ​          | $       | 122,686,300 | ​            | ​ | ​ | ​       | $       | 122,686,300 | ​  | ​ | ​ | LIBOR + 0.85% | ​ | ​ | April 23, 2022 | ​ | ​ | ​ | $ | 122,673,114 | ​ | ​ |
| Class A-2L Floating Rate Notes | ​ | ​ | ​          | ​ | 26,000,000  | ​            | ​ | ​ | ​       | ​ | 26,000,000  | ​  | ​ | ​ | LIBOR + 1.50% | ​ | ​ | April 23, 2022 | ​ | ​ | ​ | ​ | 26,062,401 | ​ | ​ |
| Class A-3L Floating Rate Notes | ​ | ​ | ​          | ​ | 18,000,000  | ​            | ​ | ​ | ​       | ​ | 18,000,000  | ​  | ​ | ​ | LIBOR + 2.00% | ​ | ​ | April 23, 2022 | ​ | ​ | ​ | ​ | 18,059,400 | ​ | ​ |
| Class B-1L Floating Rate Notes | ​ | ​ | ​          | ​ | 11,000,000  | ​            | ​ | ​ | ​       | ​ | 11,000,000  | ​  | ​ | ​ | LIBOR + 3.00% | ​ | ​ | April 23, 2022 | ​ | ​ | ​ | ​ | 11,025,300 | ​ | ​ |
| Class B-2L Floating Rate Notes | ​ | ​ | ​          | ​ | 10,500,000  | ​            | ​ | ​ | ​       | ​ | 10,500,000  | ​  | ​ | ​ | LIBOR + 5.00% | ​ | ​ | April 23, 2022 | ​ | ​ | ​ | ​ | 10,538,850 | ​ | ​ |
| Preferred Shares                    | ​ | ​ | ​          | ​ | 31,411,736  | ​            | ​ | ​ | ​       | ​ | 31,411,736  | ​  | ​ | ​ | N/A           | ​ | ​ | April 23, 2022 | ​ | ​ | ​ | ​ | 20,453,099 | ​ | ​ |
| ​                             | ​ | ​ | ​          | $       | 219,598,036 | ​            | ​ | ​ | ​       | $       | 219,598,036 | ​  | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | $ | 208,812,164 | ​ | ​ |

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| ​ | Exhibit Number | ​ | ​ | Description                                                                                                                                                                                                                                                                                                                                                 | ​ |
|---------|---------------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ |  3.1          | ​ | ​ | Form of Certificate of Incorporation of the Company.(1)                                                                                                                                                                                                                                                                                                     | ​ |
| ​ |  3.2          | ​ | ​ | Second Amended and Restated Bylaws of KCAP Financial, Inc., dated as of December 12, 2018(2)                                                                                                                                                                                                                                                           | ​ |
| ​ |  4.1          | ​ | ​ | Specimen certificate of the Company’s common stock, par value $0.01 per share.(1)                                                                                                                                                                                                                                                                     | ​ |
| ​ |  4.2          | ​ | ​ | Form of Dividend Reinvestment Plan.(3)                                                                                                                                                                                                                                                                                                                      | ​ |
| ​ |  4.3          | ​ | ​ | Form of Base Indenture between the Company and U.S. Bank National Association(4)                                                                                                                                                                                                                                                                            | ​ |
| ​ |  4.4          | ​ | ​ | Second Supplemental Indenture between the Company and U.S. Bank National Association relating to the 6.125% Notes Due 2022(8)                                                                                                                                                                                                                               | ​ |
| ​ |  4.5          | ​ | ​ | Form of 6.125% Notes Due 2022 (included as part of Exhibit 4.6).(8)                                                                                                                                                                                                                                                                                    | ​ |
| ​ | 10.1                | ​ | ​ | KCAP Financial, Inc. 2017 Equity Incentive Plan.(9) *                                                                                                                                                                                                                                                                                                       | ​ |
| ​ | 10.2                | ​ | ​ | KCAP Financial, Inc. 2017 Non-Employee Director Plan.(10 )                                                                                                                                                                                                                                                                                                  | ​ |
| ​ | 10.3                | ​ | ​ | Form of Company Non-Qualified Stock Option Certificate.(3) *                                                                                                                                                                                                                                                                                                | ​ |
| ​ | 10.4                | ​ | ​ | Form of Custodian Agreement.(3)                                                                                                                                                                                                                                                                                                                             | ​ |
| ​ | 10.5                | ​ | ​ | Form of Executive Employment Agreement.(6) *                                                                                                                                                                                                                                                                                                                | ​ |
| ​ | 10.6                | ​ | ​ | Form of Indemnification Agreement for Officers and Directors of the Company.(7)                                                                                                                                                                                                                                                                             | ​ |
| ​ | 10.7                | ​ | ​ | Amended and Restated Limited Liability Company Agreement of KCAP Freedom 3 LLC, dated July 19, 2017, by and between KCAP Financial, Inc. and Freedom 3 Opportunities LLC(11)                                                                                                                                                                           | ​ |
| ​ | 10.8                | ​ | ​ | Agreement and Plan of Merger, dated as of November 8, 2018, by and among the Company, Commodore Holdings, L.L.C., Katonah Debt Advisors, L.L.C., Trimaran Advisors, L.L.C., Trimaran Advisors Management, L.L.C., LibreMax Intermediate Holdings, LP, LM Rubicon Merger Sub 1, LLC, LM Rubicon Merger Sub 2, LLC, and LM Rubicon Merger Sub 3, LLC(12) | ​ |
| ​ | 10.9                | ​ | ​ | Stock Purchase and Transaction Agreement, dated December 14, 2018, by and between KCAP Financial, Inc. and BC Partners Advisors L.P(13)                                                                                                                                                                                                                | ​ |
| ​ |  10.10        | ​ | ​ | Form of Voting and Support Agreement, dated December 14, 2018, by and between BC Partners Advisors L.P. and the members of the board of directors of KCAP Financial, Inc.(13)                                                                                                                                                                          | ​ |
| ​ | 11.1                | ​ | ​ | Computation of Per Share Earnings (included in the notes to the audited financial statements contained in this report).                                                                                                                                                                                                                                     | ​ |
| ​ | 21.1                | ​ | ​ | List of Subsidiaries.**                                                                                                                                                                                                                                                                                                                                     | ​ |
| ​ | 23.1                | ​ | ​ | Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm relating to KCAP Financial, Inc.**                                                                                                                                                                                                                                          | ​ |
| ​ | 23.2                | ​ | ​ | Consent of Ernst & Young LLP, Independent Auditors relating to the Asset Manager Affiliates.**                                                                                                                                                                                                                                                          | ​ |
| ​ | 23.3                | ​ | ​ | Consent of Ernst & Young LLP, Independent Auditors relating to Katonah 2007-I CLO.**                                                                                                                                                                                                                                                                    | ​ |
| ​ | 31.1                | ​ | ​ | Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**                                                                                                                                                                     | ​ |
| ​ | 31.2                | ​ | ​ | Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**                                                                                                                                                                              | ​ |
| ​ | 32.1                | ​ | ​ | Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**                                                                                                                                                               | ​ |
| ​ | 32.2                | ​ | ​ | Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**                                                                                                                                                               | ​ |

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