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

|        |                                                                                        |  |  |  |  |
|--------|----------------------------------------------------------------------------------------|--|--|--|--|
| þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE   SECURITIES EXCHANGE ACT OF 1934 |
|        | For the fiscal year ended December 31, 2021                                       |

|        |                                                                                                                                                                                                                   |  |  |  |  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                          |
|        | For the transition period from                      to           |

|                                                             |        |                     |  |  |  |  |  |  |
|-------------------------------------------------------------|--------|---------------------|--|--|--|--|--|--|
| Maryland                                                    |   | 85-0654007          |
| (State or other jurisdiction of                             |   | (I.R.S. Employer    |
| incorporation or organization)                              |   | Identification No.) |
|                                                             |        |
| 300 South Tryon Street, Suite 2500Charlotte, North Carolina |   | 28202               |
| (Address of principal executive offices)                    |   | (Zip Code)          |

|                     |                |                                           |  |  |  |  |  |  |
|---------------------|----------------|-------------------------------------------|--|--|--|--|--|--|
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
| None                | None           | None                                      |

|                                                                                                                                                                                                                                                                         |  |                                          |  |                                              |  |                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|------------------------------------------|--|----------------------------------------------|--|-------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Large accelerated filer  ̈                                                                                                                                                                                                                           |  | Accelerated filer   ̈ |  | Non-accelerated filer  þ |  | Smaller reporting company   ̈ |
|                                                                                                                                                                                                                                                                         |  |                                          |  | Emerging growth company  þ         |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ̈ |

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

----

|               |                                                                                                                    |        |  |  |  |  |  |  |
|---------------|--------------------------------------------------------------------------------------------------------------------|--------|--|--|--|--|--|--|
|               |                                                                                                                    |        |
|          |                                                                                                               | Page   |
|               |                                                                                                                    |        |
|          | PART I                                                                                                             |   |
| Item 1.  | Business                                                                                                           | 4      |
| Item 1A. | Risk Factors                                                                                                       | 31     |
| Item 1B. | Unresolved Staff Comments                                                                                          | 57     |
| Item 2.  | Properties                                                                                                         | 57     |
| Item 3.  | Legal Proceedings                                                                                                  | 57     |
| Item 4.  | Mine Safety Disclosures                                                                                            | 57     |
|               |                                                                                                                    |        |
|               | PART II                                                                                                            |        |
| Item 5.  | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 58     |
| Item 6.  | Reserved                                                                                                           | 60     |
| Item 7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 61     |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk                                                         | 81     |
| Item 8.  | Financial Statements and Supplementary Data                                                                        | 81     |
| Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 81     |
| Item 9A. | Controls and Procedures                                                                                            | 81     |
| Item 9B. | Other Information                                                                                                  | 82     |
| Item 9C.      | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections                                                | 82     |
|               |                                                                                                                    |        |
|               | PART III                                                                                                           |        |
| Item 10. | Directors, Executive Officers and Corporate Governance                                                             | 83     |
| Item 11. | Executive Compensation                                                                                             | 83     |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters                      | 83     |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence                                          | 83     |
| Item 14. | Principal Accountant Fees and Services                                                                             | 83     |
|               |                                                                                                                    |        |
|               | PART IV                                                                                                            |        |
| Item 15. | Exhibits and Financial Statement Schedules                                                                         | 84     |
| Signatures    | 87                                                                                                                 |
| Exhibits      |                                                                                                                    |

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|                                                                                                      |                                                  |   |        |   |           |   |            |   |            |   |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------|--------------------------------------------------|---|--------|---|-----------|---|------------|---|------------|---|--|--|--|--|--|--|--|
|                                                                                                      | Assumed Return on our Portfolio(Net of Expenses) |
|                                                                                                      | (10.0)                                           | % | (5.0)  | % | 0.0  | % | 5.0   | % | 10.0  | % |
| Corresponding return to common stockholder assuming actual asset coverage as of December 31, 2021(1) | (22.1)                                           | % | (12.1) | % | (2.2)     | % | 7.8   | % | 17.8  | % |
| Corresponding return to common stockholder assuming 150% asset coverage as of December 31, 2021(2)   | (34.9)                                           | % | (19.7) | % | (4.4)     | % | 10.8  | % | 26.1  | % |

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|                                     |  |                              |            |            |           |           |   |  |  |  |  |  |  |  |
|-------------------------------------|--|------------------------------|------------|------------|-----------|-----------|---|--|--|--|--|--|--|--|
|                                     |  | Year Ended December 31, 2021 |
|                                     |  | Amount                       |            | % of Total |
| Ordinary income                     |  | $                            | 1.83  |            |           | 100  | % |
| Total reported on IRS Form 1099-DIV |  | 1.83                    |            |            | 100  | %         |

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|                   |  |                                      |  |                          |                  |                   |     |     |  |  |  |  |  |  |  |  |  |
|-------------------|--|--------------------------------------|--|--------------------------|------------------|-------------------|-----|-----|--|--|--|--|--|--|--|--|--|
|                   |  | For the year ended December 31, 2021 |  |
| Share Issue Date  |  | Shares Issued                        |  | Aggregate Offering Price |                  |
| January 25, 2021  |  | 2,548,656                       |  |                          | $                | 55,000,000   |     | (1) |
| January 28, 2021  |  | 185,357                         |  |                          | 4,000,000   |                   | (2) |
| April 14, 2021    |  | 2,272,624                       |  |                          | 49,975,000  |                   | (3) |
| July 15, 2021     |  | 2,864,110                       |  |                          | 63,554,600  |                   | (4) |
| August 31, 2021   |  | 2,164,290                       |  |                          | 47,289,734  |                   |     |
| October 15, 2021  |  | 1,687,190                       |  |                          | 37,523,100  |                   |     |
| December 20, 2021 |  | 4,390,467                       |  |                          | 97,424,462  |                   | (5) |
| Total             |  | 16,112,694                      |  |                          | $                | 354,766,896  |     |     |

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|                                      |  |                   |                   |                                   |               |            |   |                                        |   |                   |               |   |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|-------------------|-------------------|-----------------------------------|---------------|------------|---|----------------------------------------|---|-------------------|---------------|---|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | Cost              |                   | Percentage ofTotal Portfolio |               | Fair Value |   | Percentage ofTotal Portfolio |   |
| December 31, 2021:          |  |                   |                   |                                   |               |            |   |                                        |   |
| Senior debt and 1st lien notes       |  | 618,911,377  |                   |                                   | 72       | %          |   | 620,928,379                       |   |                   | 72       | % |           |
| Subordinated debt and 2nd lien notes |  | 91,066,896   |                   |                                   | 11       |            |   | 92,296,962                        |   |                   | 11       |   |           |
| Structured products                  |  | 29,477,005   |                   |                                   | 3        |            |   | 30,899,661                        |   |                   | 3        |   |           |
| Equity shares                        |  | 56,430,844   |                   |                                   | 7        |            |   | 59,600,905                        |   |                   | 7        |   |           |
| Equity warrants                      |  | 68,122       |                   |                                   | —  |            |   | 163,323                           |   |                   | —  |   |           |
| Investments in joint ventures        |  | 58,688,618   |                   |                                   | 7        |            |   | 61,252,661                        |   |                   | 7        |   |           |
|                                      |  |                   |                   |                                   |               |            |   |                                        |   |
|                                      |  | $                 | 854,642,862  |                                   |               | 100   | % |                                        | $ | 865,141,891  |               |   | 100  | % |  |
| December 31, 2020:          |  |                   |                   |                                   |               |            |   |                                        |   |
| Senior debt and 1st lien notes       |  | 158,812,630  |                   |                                   | 76       | %          |   | 164,238,687                       |   |                   | 76       | % |           |
| Subordinated debt and 2nd lien notes |  | 8,963,185    |                   |                                   | 4        |            |   | 9,021,686                         |   |                   | 4        |   |           |
| Structured products                  |  | 9,774,483    |                   |                                   | 5        |            |   | 10,382,698                        |   |                   | 5        |   |           |
| Equity shares                        |  | 218,903      |                   |                                   | —  |            |   | 206,595                           |   |                   | —  |   |           |
| Equity warrants                      |  | 68,122       |                   |                                   | —  |            |   | 111,578                           |   |                   | —  |   |           |
| Short-term investments               |  | 31,100,605   |                   |                                   | 15       |            |   | 31,100,444                        |   |                   | 15       |   |           |
|                                      |  | $                 | 208,937,928  |                                   |               | 100   | % |                                        | $ | 215,061,688  |               |   | 100  | % |  |

----

|                                                |                              |                   |                                      |                  |                     |                  |                  |  |                 |                  |                               |  |                       |                  |       |                  |   |               |                   |  |   |                     |  |  |   |                  |  |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|------------------------------|-------------------|--------------------------------------|------------------|---------------------|------------------|------------------|--|-----------------|------------------|-------------------------------|--|-----------------------|------------------|-------|------------------|---|---------------|-------------------|--|---|---------------------|--|--|---|------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021                         | Senior Debtand 1st LienNotes |                   | Subordinated Debt and 2nd Lien Notes |                  | Structured Products |                  | Equity Shares    |  | Equity Warrants |                  | Investments in Joint Ventures |  | Short-termInvestments |                  | Total |
| Fair value, beginning of period                | $                            | 164,238,687  |                                      |                  | $                   | 9,021,686   |                  |  | $               | 10,382,698  |                               |  | $                     | 206,595     |       |                  | $ | 111,578  |                   |  | $ | —        |  |  | $ | 31,100,444  |  |  | $ | 215,061,688  |  |
| New investments                                | 703,553,154             |                   |                                      | 96,116,135  |                     |                  | 21,959,589  |  |                 | 56,393,427  |                               |  | —          |                  |       | 58,688,619  |   |               | 187,908,273  |  |   | 1,124,619,197  |  |
| Proceeds from sales of investments             | (178,433,785)                |                   |                                      | (3,888,800)      |                     |                  | —     |  |                 | (366,754)        |                               |  | —          |                  |       | —     |   |               | (219,007,567)     |  |   | (401,696,906)       |  |
| Loan origination fees received                 | (17,557,476)                 |                   |                                      | (2,754,756)      |                     |                  | —     |  |                 | —     |                               |  | —          |                  |       | —     |   |               | —      |  |   | (20,312,232)        |  |
| Principal repayments received                  | (52,006,422)                 |                   |                                      | (7,688,347)      |                     |                  | (2,258,142)      |  |                 | —     |                               |  | —          |                  |       | —     |   |               | —      |  |   | (61,952,911)        |  |
| Payment-in-kind interest                       | 1,767,822               |                   |                                      | —     |                     |                  | —     |  |                 | —     |                               |  | —          |                  |       | —     |   |               | —      |  |   | 1,767,822      |  |
| Accretion of loan premium/discount         | 1,579,508               |                   |                                      | 185,367     |                     |                  | 1,074       |  |                 | —     |                               |  | —          |                  |       | —     |   |               | —      |  |   | 1,765,949      |  |
| Accretion of deferred loan origination revenue | 2,281,346               |                   |                                      | 137,735     |                     |                  | —     |  |                 | —     |                               |  | —          |                  |       | —     |   |               | —      |  |   | 2,419,081      |  |
| Realized gain (loss)                           | (1,085,400)                  |                   |                                      | (3,622)          |                     |                  | —     |  |                 | 185,266     |                               |  | —          |                  |       | —     |   |               | (1,310)           |  |   | (905,066)           |  |
| Unrealized appreciation (depreciation)         | (3,409,055)                  |                   |                                      | 1,171,564   |                     |                  | 814,442     |  |                 | 3,182,371   |                               |  | 51,745           |                  |       | 2,564,042   |   |               | 160          |  |   | 4,375,269      |  |
| Fair value, end of period                      | $                            | 620,928,379  |                                      |                  | $                   | 92,296,962  |                  |  | $               | 30,899,661  |                               |  | $                     | 59,600,905  |       |                  | $ | 163,323  |                   |  | $ | 61,252,661     |  |  | $ | —     |  |  | $ | 865,141,891  |  |

|                                                                      |                              |                   |                                      |                  |                     |                 |                 |  |                 |                  |                       |  |               |               |  |                   |   |               |                   |  |   |                  |  |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------|------------------------------|-------------------|--------------------------------------|------------------|---------------------|-----------------|-----------------|--|-----------------|------------------|-----------------------|--|---------------|---------------|--|-------------------|---|---------------|-------------------|--|---|------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| From July 13, 2020 (commencement of operations) to December 31, 2020 | Senior Debtand 1st LienNotes |                   | Subordinated Debt and 2nd Lien Notes |                  | Structured Products |                 | Equity Shares   |  | Equity Warrants |                  | Short-termInvestments |  | Total         |
| Fair value, beginning of period                                      | $                            | —      |                                      |                  | $                   | —    |                 |  | $               | —     |                       |  | $             | —  |  |                   | $ | —  |                   |  | $ | —     |  |  | $ | —      |  |
| New investments                                                      | 209,771,404             |                   |                                      | 10,342,123  |                     |                 | 9,885,806  |  |                 | 218,903     |                       |  | 68,122   |               |  | 167,417,859  |   |               | 397,704,217  |  |
| Proceeds from sales of investments                                   | (48,375,495)                 |                   |                                      | (1,497,165)      |                     |                 | —    |  |                 | —     |                       |  | —  |               |  | (136,305,118)     |   |               | (186,177,778)     |  |
| Loan origination fees received                                       | (3,437,343)                  |                   |                                      | (45,832)         |                     |                 | —    |  |                 | —     |                       |  | —  |               |  | —      |   |               | (3,483,175)       |  |
| Principal repayments received                                        | (1,784,880)                  |                   |                                      | —     |                     |                 | (111,323)       |  |                 | —     |                       |  | —  |               |  | —      |   |               | (1,896,203)       |  |
| Payment-in-kind interest payments earned                             | 144,715                 |                   |                                      | —     |                     |                 | —    |  |                 | —     |                       |  | —  |               |  | —      |   |               | 144,715      |  |
| Accretion of loan premium/discount                               | 488,302                 |                   |                                      | 57,687      |                     |                 | —    |  |                 | —     |                       |  | —  |               |  | —      |   |               | 545,989      |  |
| Accretion of deferred loan origination revenue                       | 91,656                  |                   |                                      | 2,727       |                     |                 | —    |  |                 | —     |                       |  | —  |               |  | —      |   |               | 94,383       |  |
| Realized gain (loss)                                                 | 1,914,269               |                   |                                      | 103,647     |                     |                 | —    |  |                 | —     |                       |  | —  |               |  | (12,136)          |   |               | 2,005,780    |  |
| Unrealized appreciation (depreciation)                               | 5,426,059               |                   |                                      | 58,499      |                     |                 | 608,215    |  |                 | (12,308)         |                       |  | 43,456   |               |  | (161)             |   |               | 6,123,760    |  |
| Fair value, end of period                                            | $                            | 164,238,687  |                                      |                  | $                   | 9,021,686  |                 |  | $               | 10,382,698  |                       |  | $             | 206,595  |  |                   | $ | 111,578  |                   |  | $ | 31,100,444  |  |  | $ | 215,061,688  |  |

----

|                                                                                                        |  |                   |                  |                                                                   |                 |   |                 |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------|--|-------------------|------------------|-------------------------------------------------------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|--|--|
|                                                                                                   |  | Year Ended        |                  | For the period from July 13, 2020 (commencement of operations) to |                 |   |
|                                                                                                   |  | December 31, 2021 |                  | December 31, 2020                                                 |                 |   |
| Total investment income                                                                                |  | $                 | 41,143,508  |                                                                   |                 | $ | 3,938,811  |  |  |  |
| Total operating expenses                                                                               |  | 16,464,484   |                  |                                                                   | 2,613,986  |   |                 |  |
|     Net investment income before taxes                                             |  | 24,679,024   |                  |                                                                   | 1,324,825  |   |                 |  |
| Income taxes, including excise tax expense                                                             |  | 231,333      |                  |                                                                   | 172,735    |   |                 |  |
|     Net investment income after taxes                                              |  | 24,447,691   |                  |                                                                   | 1,152,090  |   |                 |  |
| Net realized gains (losses)                                                                            |  | (2,594,722)       |                  |                                                                   | 2,543,488  |   |                 |  |
| Net unrealized appreciation                                                                            |  | 11,883,874   |                  |                                                                   | 3,976,534  |   |                 |  |
| Net realized gains (losses) and unrealized appreciation on investments and foreign currency borrowings |  | 9,289,152    |                  |                                                                   | 6,520,022  |   |                 |  |
|                                                                                                        |  |                   |                  |                                                                   |                 |   |
| Loss on extinguishment of debt                                                                         |  | (153,833)         |                  |                                                                   | —    |   |                 |  |
|     Net increase in net assets resulting from operations                           |  | $                 | 33,583,010  |                                                                   |                 | $ | 7,672,112  |  |  |  |

|                                                 |                   |                  |                                                                   |               |   |                 |  |  |  |  |  |
|-------------------------------------------------|-------------------|------------------|-------------------------------------------------------------------|---------------|---|-----------------|--|--|--|--|--|
|                                            | Year Ended        |                  | For the period from July 13, 2020 (commencement of operations) to |
|                                            | December 31, 2021 |                  | December 31, 2020                                                 |
| Total interest income                           | $                 | 31,222,954  |                                                                   |               | $ | 3,357,386  |  |
| Total dividend income                           | 4,796,546    |                  |                                                                   | —  |   |
| Total fee and other income                      | 3,349,549    |                  |                                                                   | 269,192  |   |
| Total payment-in-kind interest income           | 1,774,459    |                  |                                                                   | 312,233  |   |
|                                                 |                   |                  |                                                                   |
|     Total investment income | $                 | 41,143,508  |                                                                   |               | $ | 3,938,811  |  |

----

|                                                  |  |                   |                  |                                                                   |                 |   |                 |  |  |  |  |  |  |  |
|--------------------------------------------------|--|-------------------|------------------|-------------------------------------------------------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
|                                             |  | Year Ended        |                  | For the period from July 13, 2020 (commencement of operations) to |
|                                             |  | December 31, 2021 |                  | December 31, 2020                                                 |
| Interest and other financing fees                |  | $                 | 8,026,275   |                                                                   |                 | $ | 559,024    |  |
| Base management fee                              |  | 719,611      |                  |                                                                   | 82,888     |   |
| Incentive management fees                        |  | 4,947,972    |                  |                                                                   | 1,080,565  |   |
|                                                  |  |                   |                  |                                                                   |
| Offering costs                                   |  | 136,291      |                  |                                                                   | 137,219    |   |
| Professional fees                                |  | 991,208      |                  |                                                                   | 401,744    |   |
| Directors fees                                   |  | 255,000      |                  |                                                                   | 135,000    |   |
|                                                  |  |                   |                  |                                                                   |
| Custody and administrative fees                  |  | 400,266      |                  |                                                                   | 120,992    |   |
| Other general and administrative expenses        |  | 987,861      |                  |                                                                   | 96,554     |   |
|     Total operating expenses |  | $                 | 16,464,484  |                                                                   |                 | $ | 2,613,986  |  |
|                                                  |  |                   |                  |                                                                   |
|                                                  |  |                   |                  |                                                                   |

----

|                                             |                   |             |                                                                   |                 |   |                 |  |  |  |  |  |
|---------------------------------------------|-------------------|-------------|-------------------------------------------------------------------|-----------------|---|-----------------|--|--|--|--|--|
|                                        | Year Ended        |             | For the period from July 13, 2020 (commencement of operations) to |
|                                        | December 31, 2021 |             | December 31, 2020                                                 |
| Non-Control / Non-Affiliate investments | $                 | (905,066)   |                                                                   |                 | $ | 2,005,780  |  |
|                                             |                   |             |                                                                   |
|                                             |                   |             |                                                                   |
| Net realized gains (losses) on investments  | (905,066)         |             |                                                                   | 2,005,780  |   |
| Foreign currency transactions               | (1,689,656)       |             |                                                                   | 537,708    |   |
| Net realized gains (losses)                 | $                 | (2,594,722) |                                                                   |                 | $ | 2,543,488  |  |

----

|                                             |                   |                  |                                                                   |                 |   |                 |  |  |  |  |  |
|---------------------------------------------|-------------------|------------------|-------------------------------------------------------------------|-----------------|---|-----------------|--|--|--|--|--|
|                                        | Year Ended        |                  | For the period from July 13, 2020 (commencement of operations) to |
|                                        | December 31, 2021 |                  | December 31, 2020                                                 |
| Non-Control / Non-Affiliate investments | $                 | 239,448     |                                                                   |                 | $ | 6,123,760  |  |
| Affiliate investments                       | 4,135,821    |                  |                                                                   | —    |   |
|                                             |                   |                  |                                                                   |
| Net unrealized appreciation on investments  | 4,375,269    |                  |                                                                   | 6,123,760  |   |
| Foreign currency transactions               | 7,508,605    |                  |                                                                   | (2,147,226)     |   |
| Net unrealized appreciation                 | $                 | 11,883,874  |                                                                   |                 | $ | 3,976,534  |  |

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|                                                   |                   |                 |                                                                   |               |   |               |  |  |  |  |  |
|---------------------------------------------------|-------------------|-----------------|-------------------------------------------------------------------|---------------|---|---------------|--|--|--|--|--|
|                                                   | Year Ended        |                 | For the period from July 13, 2020 (commencement of operations) to |
|                                                   | December 31, 2021 |                 | December 31, 2020                                                 |
| Recurring Fee Income:                         |                   |                 |                                                                   |
| Amortization of loan origination fees             | $                 | 1,457,694  |                                                                   |               | $ | 86,307   |  |
| Management, valuation and other fees              | 496,672      |                 |                                                                   | 39,604   |   |
| Total Recurring Fee Income                        | 1,954,366    |                 |                                                                   | 125,911  |   |
| Non-Recurring Fee Income:                     |                   |                 |                                                                   |
| Prepayment fees                                   | 73,186       |                 |                                                                   | —  |   |
| Acceleration of unamortized loan origination fees | 961,387      |                 |                                                                   | 8,076    |   |
| Advisory, loan amendment and other fees           | 360,610      |                 |                                                                   | 135,205  |   |
| Total Non-Recurring Fee Income                    | 1,395,183    |                 |                                                                   | 143,281  |   |
| Total Fee Income                                  | $                 | 3,349,549  |                                                                   |               | $ | 269,192  |  |

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----

|                                                   |                         |                   |               |  |  |  |  |  |
|---------------------------------------------------|-------------------------|-------------------|---------------|--|--|--|--|--|
| Portfolio Company                                 | Investment Type         | December 31, 2021 |
| Acclime Holdings HK Limited(1)                    | Delayed Draw Term Loan  | $                 | 141,161  |  |
| Acclime Holdings HK Limited(1)                    | Delayed Draw Term Loan  | 776,387      |               |
| Air Comm Corporation, LLC(1)(2)                   | Delayed Draw Term Loan  | 108,108      |               |
| Air Comm Corporation, LLC(1)(2)                   | Delayed Draw Term Loan  | 1,149,886    |               |
| Amtech LLC(1)(2)                                  | Delayed Draw Term Loan  | 909,091      |               |
| Amtech LLC(1)(2)                                  | Revolver                | 227,273      |               |
| AnalytiChem Holding GmbH(1)(2)(3)                 | Delayed Draw Term Loan  | 2,581,665    |               |
| Aquavista Watersides 2 LTD(1)(4)                  | Bridge Revolver         | 150,638      |               |
| Aquavista Watersides 2 LTD(1)(4)                  | Acquisition Facility    | 941,485      |               |
| Astra Bidco Limited(1)(4)                         | Delayed Draw Term Loan  | 769,359      |               |
| Avance Clinical Bidco Pty Ltd(1)(5)               | Delayed Draw Term Loan  | 1,046,400    |               |
| Azalea Buyer, Inc.(1)(2)                          | Delayed Draw Term Loan  | 641,026      |               |
| Azalea Buyer, Inc.(1)(2)                          | Revolver                | 320,513      |               |
| Bariacum S.A(1)(3)                                | Acquisition Facility    | 682,320      |               |
| Beyond Risk Management, Inc.(1)(2)                | Delayed Draw Term Loan  | 2,573,333    |               |
| BigHand UK Bidco Limited(1)(2)(4)                 | Acquisition Facility    | 99,318       |               |
| Bounteous, Inc.(1)(2)                             | Delayed Draw Term Loan  | 2,580,030    |               |
| Brightpay Limited(1)(2)(3)                        | Delayed Draw Term Loan  | 388,718      |               |
| Brightpay Limited(1)(2)(3)                        | Delayed Draw Term Loan  | 129,573      |               |
| BrightSign LLC(1)                                 | Revolver                | 715,418      |               |
| British Engineering Services Holdco Limited(1)(4) | Bridge Revolver         | 86,146       |               |
| CAi Software, LLC(1)(2)                           | Revolver                | 707,239      |               |
| Canadian Orthodontic Partners Corp.(1)(2)(6)      | Delayed Draw Term Loan  | 160,022      |               |
| Ceres Pharma NV(1)(2)(3)                          | Delayed Draw Term Loan  | 996,198      |               |
| Coastal Marina Holdings, LLC(1)                   | PIK Tranche B Term Loan | 655,610      |               |

----

|                                                |                            |                   |  |  |  |  |  |  |
|------------------------------------------------|----------------------------|-------------------|--|--|--|--|--|--|
| Portfolio Company                              | Investment Type            | December 31, 2021 |
| Coastal Marina Holdings, LLC(1)                | Tranche A Term Loan        | 1,787,946    |  |
| Coyo Uprising GmbH(1)(2)(3)                    | Delayed Draw Term Loan     | 1,076,265    |  |
| Crash Champions, LLC(1)(2)                     | Delayed Draw Term Loan     | 2,712,275    |  |
| CSL DualCom(1)(4)                              | Acquisition Term Loan      | 1,242,464    |  |
| DecksDirect, LLC(1)(2)                         | Revolver                   | 218,182      |  |
| Dune Group(1)(2)(3)                            | Delayed Draw Term Loan     | 1,044,351    |  |
| Dwyer Instruments, Inc.(1)                     | Delayed Draw Term Loan     | 1,093,866    |  |
| Eclipse Business Capital, LLC(1)               | Revolver                   | 5,839,572    |  |
| EMI Porta Holdco LLC(1)(2)                     | Delayed Draw Term Loan     | 5,338,983    |  |
| EMI Porta Holdco LLC(1)(2)                     | Revolver                   | 1,271,186    |  |
| EPS NASS Parent, Inc.(1)(2)                    | Delayed Draw Term Loan     | 425,481      |  |
| eShipping, LLC(1)(2)                           | Delayed Draw Term Loan     | 1,923,116    |  |
| eShipping, LLC(1)(2)                           | Revolver                   | 929,506      |  |
| Fineline Technologies, Inc.(1)                 | Delayed Draw Term Loan     | 240,000      |  |
|                                                |                            |                   |
|                                                |                            |                   |
| FragilePak LLC(1)                              | Delayed Draw Term Loan     | 3,778,926    |  |
| Heartland Veterinary Partners, LLC(1)(2)       | Delayed Draw Term Loan     | 234,881      |  |
| IGL Holdings III Corp.(1)                      | Delayed Draw Term Loan     | 360,155      |  |
| Innovad Group II BV(1)(2)(3)                   | Delayed Draw Term Loan     | 1,205,739    |  |
| INOS 19-090 GmbH(1)(2)(3)                      | Acquisition Facility       | 878,158      |  |
| ITI Intermodal, Inc.(1)(2)                     | Delayed Draw Term Loan     | 103,058      |  |
| ITI Intermodal, Inc.(1)(2)                     | Revolver                   | 124,006      |  |
| Jaguar Merger Sub Inc.(1)(2)                   | Delayed Draw Term Loan     | 1,960,784    |  |
| Jaguar Merger Sub Inc.(1)(2)                   | Revolver                   | 490,196      |  |
| Kano Laboratories LLC(1)(2)                    | Delayed Draw Term Loan     | 1,903,337    |  |
| Kano Laboratories LLC(1)(2)                    | Delayed Draw Term Loan     | 1,573,803    |  |
| Lambir Bidco Limited(1)(3)                     | Bridge Revolver            | 665,843      |  |
| Lambir Bidco Limited(1)(3)                     | Delayed Draw Term Loan     | 1,331,685    |  |
| LivTech Purchaser, Inc.(1)                     | Delayed Draw Term Loan     | 315,504      |  |
| Marmoutier Holding B.V.(1)(3)                  | Delayed Draw Term Loan     | 405,082      |  |
| Marmoutier Holding B.V.(1)(3)                  | Revolver                   | 162,033      |  |
| MC Group Ventures Corporation(1)               | Delayed Draw Term Loan     | 860,530      |  |
| Modern Star Holdings Bidco Pty Limited(1)(5)   | CapEx Term Loan            | 359,617      |  |
| Murphy Midco Limited(1)(4)                     | Delayed Draw Term Loan     | 906,410      |  |
| Narda Acquisitionco., Inc.(1)(2)               | Revolver                   | 683,691      |  |
| Navia Benefit Solutions, Inc.(1)               | Delayed Draw Term Loan     | 4,337,578    |  |
| Nexus Underwriting Management Limited(1)(2)(4) | Revolver                   | 53,015       |  |
| Nexus Underwriting Management Limited(1)(2)(4) | Acquisition Facility       | 989,268      |  |
| OA Buyer, Inc.(1)(2)                           | Revolver                   | 1,331,244    |  |
| OG III B.V.(1)(2)(3)                           | Acquisition CapEx Facility | 1,086,701    |  |
| Omni Intermediate Holdings, LLC(1)(2)          | Delayed Draw Term Loan     | 683,076      |  |
| Omni Intermediate Holdings, LLC(1)(2)          | Delayed Draw Term Loan     | 3,643,075    |  |

----

|                                                              |                            |                   |                   |  |  |  |  |  |
|--------------------------------------------------------------|----------------------------|-------------------|-------------------|--|--|--|--|--|
| Portfolio Company                                            | Investment Type            | December 31, 2021 |
| OSP Hamilton Purchaser, LLC(1)(2)                            | Revolver                   | 186,567      |                   |
| Pacific Health Supplies Bidco Pty Limited(1)(2)(5)           | CapEx Term Loan            | 343,224      |                   |
| PDQ.Com Corporation(1)(2)                                    | Delayed Draw Term Loan     | 868,167      |                   |
| Polara Enterprises, L.L.C.(1)(2)                             | Revolver                   | 272,617      |                   |
| Policy Services Company, LLC(1)(2)                           | Delayed Draw Term Loan     | 2,631,579    |                   |
| Premium Invest(1)(2)(3)                                      | Acquisition Facility       | 833,946      |                   |
| Protego Bidco B.V.(1)(2)(3)                                  | Delayed Draw Term Loan     | 224,176      |                   |
| QPE7 SPV1 BidCo Pty Ltd(1)(5)                                | Acquisition Term loan      | 461,037      |                   |
| Questel Unite(1)(2)(3)                                       | CapEx Acquisition Facility | 2,944,342    |                   |
|                                                              |                            |                   |
| REP SEKO MERGER SUB LLC(1)(2)                                | Delayed Draw Term Loan     | 727,273      |                   |
| Reward Gateway (UK) Ltd(1)(2)(4)                             | Acquisition Facility       | 1,300,451    |                   |
| Riedel Beheer B.V.(1)(3)                                     | Revolver                   | 229,711      |                   |
| Riedel Beheer B.V.(1)(3)                                     | Delayed Draw Term Loan     | 153,141      |                   |
| Safety Products Holdings, LLC(1)                             | Delayed Draw Term Loan     | 2,593,581    |                   |
| Scaled Agile, Inc.(1)(2)                                     | Delayed Draw Term Loan     | 416,188      |                   |
| Scaled Agile, Inc.(1)(2)                                     | Revolver                   | 335,821      |                   |
| Smartling, Inc.(1)(2)                                        | Delayed Draw Term Loan     | 1,176,471    |                   |
| Smartling, Inc.(1)(2)                                        | Revolver                   | 588,235      |                   |
| SSCP Pegasus Midco Limited(1)(4)                             | Delayed Draw Term Loan     | 1,895,302    |                   |
| Superjet Buyer, LLC(1)                                       | Revolver                   | 1,460,235    |                   |
| Syntax Systems Ltd(1)(2)                                     | Revolver                   | 336,118      |                   |
| Syntax Systems Ltd(1)(2)                                     | Delayed Draw Term Loan     | 1,141,972    |                   |
| Techone B.V.(1)(3)                                           | Delayed Draw Term Loan     | 484,970      |                   |
| Techone B.V.(1)(3)                                           | Revolver                   | 129,325      |                   |
| Tencarva Machinery Company, LLC(1)(2)                        | Delayed Draw Term Loan     | 590,602      |                   |
| Tencarva Machinery Company, LLC(1)(2)                        | Revolver                   | 752,390      |                   |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Delayed Draw Term Loan     | 2,706,853    |                   |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Revolver                   | 795,941      |                   |
| Turbo Buyer, Inc.(1)(2)                                      | Delayed Draw Term Loan     | 1,493,482    |                   |
|                                                              |                            |                   |
| W2O Holdings, Inc.(1)                                        | Delayed Draw Term Loan     | 1,548,621    |                   |
| Waccamaw River(2)                                            | Joint Venture              | 11,280,000   |                   |
| Woodland Foods, LLC(1)(2)                                    | Revolver                   | 967,245      |                   |
| Total unused commitments to extend financing                 |                            | $                 | 116,977,088  |  |

----

----

----

----

|                                                                                                                                                                                        |      |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|--|--|--|--|
|                                                                                                                                                                                   | Page |
| Report of Independent Registered Public Accounting Firm                                                                                                                                | F-1  |
| Consolidated Balance Sheets as of December 31, 2021 and 2020                                                                                                                      | F-2  |
| Consolidated Statements of Operations for the year endedDecember 31, 2021 and for the period from July 13, 2020 (commencement of operations) to December 31, 2020            | F-3  |
| Consolidated Statements of Changes in Net Assets for theyear ended December 31, 2021 and for the period from July 13, 2020 (commencement of operations) to December 31, 2020 | F-5  |
| Consolidated Statements of Cash Flows for the year ended December 31, 2021 and for the period from July 13, 2020 (commencement of operations) to December 31, 2020           | F-6  |
| Consolidated Schedule of Investments as of December 31, 2021                                                                                                                      | F-7  |
| Consolidated Schedule of Investments as of December 31, 2020                                                                                                                      | F-20 |
| Notes to Consolidated Financial Statements                                                                                                                                             | F-25 |

|        |                                                                                                                                                                                                                                                                                                                                                  |  |  |  |  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Number | Exhibit                                                                                                                                                                                                                                                                                                                                          |
| 3.1    | Articles of Amendment and Restatement of the Registrant (Filed as Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                                                            |
|        |                                                                                                                                                                                                                                                                                                                                                  |
| 3.2    | Bylaws of the Registrant (Filed as Exhibit 3.2 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                                                                                           |
|        |                                                                                                                                                                                                                                                                                                                                                  |
| 4.1    | Description of Registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (Filed as Exhibit 4.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 23, 2021 and incorporated herein by reference). |
|        |                                                                                                                                                                                                                                                                                                                                                  |
| 10.1   | Investment Advisory Agreement, dated June 24, 2020, between the Company and the Adviser (Filed as Exhibit 10.1 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on August 5, 2020 and incorporated herein by reference).                                          |
|        |                                                                                                                                                                                                                                                                                                                                                  |
| 10.2   | Form of Sub-Advisory Agreement between the Registrant, the Adviser and the Sub-Adviser (Filed as Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                            |
|        |                                                                                                                                                                                                                                                                                                                                                  |
| 10.3   | Administration Agreement, dated June 24, 2020 between the Company and the Administrator (Filed as Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                           |
|        |                                                                                                                                                                                                                                                                                                                                                  |

----

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |  |  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Number | Exhibit                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.4   | Trademark License Agreement, dated June 24, 2020, between the Company and the Adviser (Filed as Exhibit 10.4 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                                                                                                                                                 |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.5   | Dividend Reinvestment Plan (Filed as Exhibit 10.5 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                                                                                                                                                                                                            |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.6   | Form of Indemnification Agreement for Directors and Officers (Filed as Exhibit 10.6 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                                                                                                                                                                          |
| 10.7   | Master Custodian Agreement, dated August 2, 2018, by and between the Company and State Street Bank and Trust Company (Filed as Exhibit 10.7 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                                                                                                                  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.8   | Form of Subscription Agreement for the Company’s Common Stock (Filed as Exhibit 10.8 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).                                                                                                                                                                                   |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.9   | Revolving Credit Agreement, dated as of September 21, 2020, by and between the Registrant and Société Générale (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 25, 2020 and incorporated herein by reference).                                                                                                                                              |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.10  | Borrower Security Agreement, dated as of September 21, 2020, by and between the Registrant and Société Générale (Filed as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with theSecurities and Exchange Commission on September 25, 2020 and incorporated herein by reference).                                                                                                                                              |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.11  | Borrower Pledge of Collateral Account, dated as of September 21, 2020, by and between the Registrant and Société Générale (Filed as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed with theSecurities and Exchange Commission on September 25, 2020 and incorporated herein by reference).                                                                                                                                    |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.12  | Senior Secured Revolving Credit Agreement, dated as of January 15, 2021, among the Company, the lenders party thereto and ING Capital LLC, as administrative agent (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with theSecurities and Exchange Commission on January 22, 2021 and incorporated herein by reference).                                                                                                           |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.13  | Guarantee, Pledge and Security Agreement, dated as of January 15, 2021, among the Company, the subsidiary guarantors thereto, each financing agent or designated indebtedness holder party thereto and ING Capital LLC, as administrative agent and collateral agent (Filed as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with theSecurities and Exchange Commission on January 22, 2021 and incorporated herein by reference).               |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.14  | First Amendment to Revolving Credit Agreement, dated as of April 12, 2021, by and among the Registrant, the banks and financial institutions from time to time party thereto, as lenders, and Société Générale, as the administrative agent and a lender (Filed as Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2021 and incorporated herein by reference).           |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.15  | Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 30, 2021, among Barings Capital Investment Corporation, the lenders party thereto and ING Capital LLC, as administrative agent (Filed as Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2021 and incorporated herein by reference).                                                                       |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.16  | Second Amendment to Revolving Credit Agreement, dated as of June 23, 2021, by and among the Registrant, the banks and financial institutions from time to time party thereto, as lenders, and Société Générale, as the administrative agent and a lender. (Filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2021 and incorporated herein by reference). |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

----

|        |                                                                                                                                                                                                                                                                                                                                                                                                                       |  |  |  |  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Number | Exhibit                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.17  | Incremental Commitment and Assumption Agreement, dated as of July 22, 2021, among Barings Capital Investment Corporation, the subsidiary guarantor party thereto, the lenders party thereto and ING Capital LLC, as administrative agent (Filed as Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 26, 2021 and incorporated herein by reference). |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.18  | Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 29, 2021, among Barings Capital Investment Corporation, the lenders party thereto and ING Capital LLC, as administrative agent.*^                                                                                                                                                                         |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 21.1   | List of Subsidiaries*                                                                                                                                                                                                                                                                                                                                                                                                 |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 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 Exchange 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.**                                                                                                                                                                                                                                   |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 99.1   | Form of Fund of Funds Agreement between Registrant (as Acquired Fund) and Certain Stockholder(s)*                                                                                                                                                                                                                                                                                                                     |

|       |                                                                                                                                                                                                                                                       |  |  |  |  |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| *     | Filed herewith.                                                                                                                                                                                                                                       |
| **    | Furnished herewith.                                                                                                                                                                                                                                   |
| ^ |  Exhibits and/or schedules to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and/or schedules to the SEC upon its request. |
|       |                                                                                                                                                                                                                                                       |

----

|  |        |                                        |        |                                                     |  |  |  |  |  |  |  |  |  |  |
|--|--------|----------------------------------------|--------|-----------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
|  |        | BARINGS CAPITAL INVESTMENT CORPORATION |
|  |        |
|  |   |   By:                    |        | /s/    Ian Fowler       |
|  |   |                                        |   | Name:  Ian Fowler                               |
|  |   |                                        |   | Title:    Chief Executive Officer and President |

|                                                           |  |                                                                    |        |                   |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------|--|--------------------------------------------------------------------|--------|-------------------|--|--|--|--|--|--|--|--|--|--|
| Signature                                                 |  | Title                                                              |   | Date              |
| /s/    Ian Fowler             |  | Chief Executive Officer and President(Principal Executive Officer) |   | February 23, 2022 |
| Ian Fowler                                                |  |                                                                    |
|                                                           |  |                                                                    |        |                   |
| /s/    Jonathan Bock          |  | Chief Financial Officer (Principal Financial Officer)              |   | February 23, 2022 |
| Jonathan Bock                                             |  |                                                                    |
|                                                           |  |                                                                    |        |
| /s/    Elizabeth A. Murray    |  | Controller (Principal Accounting Officer)                          |        | February 23, 2022 |
| Elizabeth A. Murray                                       |  |                                                                    |        |
|                                                           |  |                                                                    |        |                   |
| /s/    Eric Lloyd             |  | Chairman of the Board                                              |   | February 23, 2022 |
| Eric Lloyd                                                |  |                                                                    |        |
|                                                           |  |                                                                    |        |                   |
| /s/    Bernard A. Harris, Jr. |  | Director                                                           |   | February 23, 2022 |
| Bernard A. Harris, Jr.                                    |  |                                                                    |        |
|                                                           |  |                                                                    |        |
| /s/    Mark F. Mulhern        |  | Director                                                           |   | February 23, 2022 |
| Mark F. Mulhern                                           |  |                                                                    |        |
|                                                           |  |                                                                    |        |
| /s/    David Mihalick         |  | Director                                                           |   | February 23, 2022 |
| David Mihalick                                            |  |                                                                    |        |
|                                                           |  |                                                                    |        |
| /s/    Thomas W. Okel         |  | Director                                                           |        | February 23, 2022 |
| Thomas W. Okel                                            |  |                                                                    |        |
|                                                           |  |                                                                    |        |                   |
| /s/    Jill Olmstead          |  | Director                                                           |   | February 23, 2022 |
| Jill Olmstead                                             |  |                                                                    |        |
|                                                           |  |                                                                    |        |                   |
| /s/    John A. Switzer        |  | Director                                                           |        | February 23, 2022 |
| John A. Switzer                                           |  |                                                                    |        |

----

|                                                                                                                                                                                   |              |        |      |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|------|--|--|--|--|--|--|--|--|
|                                                                                                                                                                              |    |        | Page |
| Report of Independent Registered Public Accounting Firm                                                                                                                           |    |   | F-1  |
| Consolidated Balance Sheetsas of December 31,2021 and 2020                                                                                                                   |    |   | F-2  |
| Consolidated Statements of Operations for the year ended December 31, 2021 and for the period from July 13, 2020 (commencement of operations) to December 31, 2020           |    |   | F-3  |
| Consolidated Statements of Changes in Net Assets for the year ended December 31,2021 and for the period from July 13, 2020 (commencement of operations) to December 31, 2020 |    |   | F-5  |
| Consolidated Statements of Cash Flows for the year ended December 31, 2021 and for the period from July 13, 2020 (commencement of operations) to December 31, 2020           |    |   | F-6  |
| Consolidated Schedule of Investments as of December 31, 2021                                                                                                                 |              |        | F-7  |
| Consolidated Schedule of Investments as of December 31, 2020                                                                                                                 |    |   | F-20 |
| Notes to Consolidated Financial Statements                                                                                                                                        |    |   | F-25 |
|                                                                                                                                                                                   |              |        |      |

----

----

|                                                                                                                                                                                 |  |                   |                   |      |                   |   |                   |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------|-------------------|------|-------------------|---|-------------------|--|--|--|--|--|--|--|
|                                                                                                                                                                            |  | December 31, |
|                                                                                                                                                                            |  | 2021              |                   | 2020 |
| Assets:                                                                                                                                                                     |  |                   |                   |      |
| Investments at fair value:                                                                                                                                                  |  |                   |                   |      |
| Non-Control / Non-Affiliate investments (cost of $748,497,732 and $177,837,323 as of December 31, 2021 and 2020, respectively)                                              |  | $                 | 754,860,940  |      |                   | $ | 183,961,244  |  |
| Affiliate investments (cost of $106,145,130 and $0 as of December 31, 2021 and 2020, respectively)                                                                              |  | 110,280,951  |                   |      | —      |   |
|                                                                                                                                                                                 |  |                   |                   |      |
| Short-term investments (cost of $0 and $31,100,605 as of December 31, 2021 and 2020, respectively)                                                                              |  | —      |                   |      | 31,100,444   |   |
| Total investments at fair value                                                                                                                                                 |  | 865,141,891  |                   |      | 215,061,688  |   |
| Cash                                                                                                                                                                            |  | 41,950,995   |                   |      | 1,928,403    |   |
| Foreign currencies (cost of $3,071,845 and $4,516,684 as of December 31, 2021 and 2020, respectively)                                                                           |  | 3,098,414    |                   |      | 4,577,775    |   |
| Interest and fees receivable                                                                                                                                                    |  | 11,876,087   |                   |      | 1,955,371    |   |
| Prepaid expenses and other assets                                                                                                                                               |  | 639,922      |                   |      | 1,168,788    |   |
| Deferred financing fees                                                                                                                                                         |  | 3,338,026    |                   |      | 913,375      |   |
| Receivable from unsettled transactions                                                                                                                                          |  | 40,994,033   |                   |      | 2,616,480    |   |
| Total assets                                                                                                                                                                    |  | $                 | 967,039,368  |      |                   | $ | 228,221,880  |  |
| Liabilities:                                                                                                                                                                |  |                   |                   |      |
| Accounts payable and accrued liabilities                                                                                                                                        |  | $                 | 854,191      |      |                   | $ | 331,717      |  |
| Interest payable                                                                                                                                                                |  | 515,464      |                   |      | 32,527       |   |
| Administrative fees payable                                                                                                                                                     |  | 200,000      |                   |      | 10,000       |   |
| Base management fees payable                                                                                                                                                    |  | 285,372      |                   |      | 50,811       |   |
| Incentive management fees payable                                                                                                                                               |  | 3,570,361    |                   |      | 1,058,352    |   |
|                                                                                                                                                                                 |  |                   |                   |      |
| Derivative liability                                                                                                                                                            |  | 537,196      |                   |      | 1,150,208    |   |
| Payable from unsettled transactions                                                                                                                                             |  | 18,139,765   |                   |      | 1,603,129    |   |
| Borrowings under subscription and credit facilities                                                                                                                             |  | 458,108,622  |                   |      | 116,593,920  |   |
|                                                                                                                                                                                 |  |                   |                   |      |
|                                                                                                                                                                                 |  |                   |                   |      |
| Total liabilities                                                                                                                                                               |  | 482,210,971  |                   |      | 120,830,664  |   |
| Commitments and contingencies (Note 7)                                                                                                                                          |  |                   |                   |      |
| Net Assets:                                                                                                                                                                 |  |                   |                   |      |
| Common stock, $0.001 par value per share (500,000,000 shares authorized, 21,614,872 and 4,976,474 shares issued and outstanding as of December 31, 2021 and 2020, respectively) |  | 21,615       |                   |      | 4,976        |   |
| Additional paid-in capital                                                                                                                                                      |  | 465,630,783  |                   |      | 99,655,070   |   |
| Total distributable earnings                                                                                                                                                    |  | 19,175,999   |                   |      | 7,731,170    |   |
| Total net assets                                                                                                                                                                |  | 484,828,397  |                   |      | 107,391,216  |   |
| Total liabilities and net assets                                                                                                                                                |  | $                 | 967,039,368  |      |                   | $ | 228,221,880  |  |
| Net asset value per share                                                                                                                                                       |  | $                 | 22.43        |      |                   | $ | 21.58        |  |

----

|                                                    |  |  |  |                   |                  |                                                                   |                 |   |                 |  |  |  |  |  |  |  |
|----------------------------------------------------|--|--|--|-------------------|------------------|-------------------------------------------------------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
|                                               |  |  |  | Year Ended        |                  | For the period from July 13, 2020 (commencement of operations) to |
|                                               |  |  |  | December 31, 2021 |                  | December 31, 2020                                                 |
| Investment income:                             |  |  |  |                   |                  |                                                                   |
| Interest income:                               |  |  |  |                   |                  |                                                                   |
| Non-Control / Non-Affiliate investments        |  |  |  | $                 | 31,123,370  |                                                                   |                 | $ | 3,338,521  |  |
| Affiliate investments                              |  |  |  | 92,160       |                  |                                                                   | —    |   |
|                                                    |  |  |  |                   |                  |                                                                   |
| Short-term investments                             |  |  |  | 7,424        |                  |                                                                   | 18,865     |   |
| Total interest income                              |  |  |  | 31,222,954   |                  |                                                                   | 3,357,386  |   |
| Dividend income:                               |  |  |  |                   |                  |                                                                   |
| Non-Control / Non-Affiliate investments        |  |  |  | 125,544      |                  |                                                                   | —    |   |
| Affiliate investments                              |  |  |  | 4,671,002    |                  |                                                                   | —    |   |
|                                                    |  |  |  |                   |                  |                                                                   |
| Total dividend income                              |  |  |  | 4,796,546    |                  |                                                                   | —    |   |
| Fee and other income:                          |  |  |  |                   |                  |                                                                   |
| Non-Control / Non-Affiliate investments        |  |  |  | 3,329,435    |                  |                                                                   | 269,192    |   |
| Affiliate investments                              |  |  |  | 20,114       |                  |                                                                   | —    |   |
|                                                    |  |  |  |                   |                  |                                                                   |
| Total fee and other income                         |  |  |  | 3,349,549    |                  |                                                                   | 269,192    |   |
| Payment-in-kind interest income:               |  |  |  |                   |                  |                                                                   |
| Non-Control / Non-Affiliate investments        |  |  |  | 1,774,459    |                  |                                                                   | 312,233    |   |
|                                                    |  |  |  |                   |                  |                                                                   |
|                                                    |  |  |  |                   |                  |                                                                   |
| Total payment-in-kind interest income              |  |  |  | 1,774,459    |                  |                                                                   | 312,233    |   |
|                                                    |  |  |  |                   |                  |                                                                   |
| Total investment income                            |  |  |  | 41,143,508   |                  |                                                                   | 3,938,811  |   |
| Operating expenses:                            |  |  |  |                   |                  |                                                                   |
| Interest and other financing fees                  |  |  |  | 8,026,275    |                  |                                                                   | 559,024    |   |
| Base management fee (Note 2)                       |  |  |  | 719,611      |                  |                                                                   | 82,888     |   |
| Incentive management fees (Note 2)                 |  |  |  | 4,947,972    |                  |                                                                   | 1,080,565  |   |
|                                                    |  |  |  |                   |                  |                                                                   |
| Offering costs                                     |  |  |  | 136,291      |                  |                                                                   | 137,219    |   |
| Professional fees                                  |  |  |  | 991,208      |                  |                                                                   | 401,744    |   |
| Directors fees                                     |  |  |  | 255,000      |                  |                                                                   | 135,000    |   |
|                                                    |  |  |  |                   |                  |                                                                   |
| Custody and administrative fees                    |  |  |  | 400,266      |                  |                                                                   | 120,992    |   |
| Other general and administrative expenses (Note 2) |  |  |  | 987,861      |                  |                                                                   | 96,554     |   |
| Total operating expenses                           |  |  |  | 16,464,484   |                  |                                                                   | 2,613,986  |   |
|                                                    |  |  |  |                   |                  |                                                                   |
|                                                    |  |  |  |                   |                  |                                                                   |
| Net investment income before taxes                 |  |  |  | 24,679,024   |                  |                                                                   | 1,324,825  |   |
| Income taxes, including excise tax expense         |  |  |  | 231,333      |                  |                                                                   | 172,735    |   |
| Net investment income after taxes                  |  |  |  | 24,447,691   |                  |                                                                   | 1,152,090  |   |

----

|                                                                                                                          |  |  |  |                   |                  |                                                                   |                 |   |                 |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------|--|--|--|-------------------|------------------|-------------------------------------------------------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
| Barings Capital Investment CorporationConsolidated Statement of Operations — (Continued)                           |
|                                                                                                                          |  |  |  | Year Ended        |                  | For the period from July 13, 2020 (commencement of operations) to |
|                                                                                                                          |  |  |  | December 31, 2021 |                  | December 31, 2020                                                 |
| Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions: |  |  |  |                   |                  |                                                                   |
| Net realized gains (losses):                                                                                         |  |  |  |                   |                  |                                                                   |
| Non-Control / Non-Affiliate investments                                                                              |  |  |  | (905,066)         |                  |                                                                   | 2,005,780  |   |
|                                                                                                                          |  |  |  |                   |                  |                                                                   |
|                                                                                                                          |  |  |  |                   |                  |                                                                   |
| Net realized gains on investments                                                                                        |  |  |  | (905,066)         |                  |                                                                   | 2,005,780  |   |
| Foreign currency transactions                                                                                            |  |  |  | (1,689,656)       |                  |                                                                   | 537,708    |   |
| Net realized gains (losses)                                                                                              |  |  |  | (2,594,722)       |                  |                                                                   | 2,543,488  |   |
| Net unrealized appreciation (depreciation):                                                                          |  |  |  |                   |                  |                                                                   |
| Non-Control / Non-Affiliate investments                                                                              |  |  |  | 239,448      |                  |                                                                   | 6,123,760  |   |
| Affiliate investments                                                                                                    |  |  |  | 4,135,821    |                  |                                                                   | —    |   |
|                                                                                                                          |  |  |  |                   |                  |                                                                   |
| Net unrealized appreciation on investments                                                                               |  |  |  | 4,375,269    |                  |                                                                   | 6,123,760  |   |
| Foreign currency transactions                                                                                            |  |  |  | 7,508,605    |                  |                                                                   | (2,147,226)     |   |
| Net unrealized appreciation                                                                                              |  |  |  | 11,883,874   |                  |                                                                   | 3,976,534  |   |
| Net realized gains (losses) and unrealized appreciation on investments and foreign currency transactions                 |  |  |  | 9,289,152    |                  |                                                                   | 6,520,022  |   |
| Loss on extinguishment of debt                                                                                           |  |  |  | (153,833)         |                  |                                                                   | —    |   |
|                                                                                                                          |  |  |  |                   |                  |                                                                   |
| Net increase in net assets resulting from operations                                                                     |  |  |  | $                 | 33,583,010  |                                                                   |                 | $ | 7,672,112  |  |
| Net investment income per share — basic and diluted                                                                |  |  |  | $                 | 2.06        |                                                                   |                 | $ | 0.25       |  |
| Net increase in net assets resulting from operations per share — basic and diluted                                 |  |  |  | $                 | 2.83        |                                                                   |                 | $ | 1.68       |  |
| Dividends / distributions per share:                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                          |  |  |  |                   |                  |                                                                   |
|                                                                                                                          |  |  |  |                   |                  |                                                                   |
| Total dividends / distributions                                                                                      |  |  |  | $                 | 1.83        |                                                                   |                 | $ | —    |  |
| Weighted average number of shares outstanding — basic and diluted                                                  |  |  |  | 11,863,843   |                  |                                                                   | 4,558,929  |   |

----

|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |                  |  |   |                   |  |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------|--|----------------------|--|--------------------------|---------------|-------------------------------------|--|-------------------|---|-------------------|------------------|--|---|-------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                |  | Common Stock         |  | AdditionalPaid-InCapital |               | Total Distributable Earnings (Loss) |  |                   |
|                                                                                |  | Numberof Shares |  | ParValue                 |               |                                     |  | TotalNet Assets   |
| Balance, July 13, 2020(1)                                                      |  | —         |  |                          | $             | —                        |  |                   | $ | —      |                  |  | $ | (280,896)         |  |  | $ | (280,896)         |  |
| Net investment income                                                          |  | —         |  |                          | —  |                                     |  | —      |   |                   | 1,152,090   |  |   | 1,152,090    |  |
| Net realized gain on investments / foreign currency transactions           |  | —         |  |                          | —  |                                     |  | —      |   |                   | 2,543,488   |  |   | 2,543,488    |  |
| Net unrealized appreciation on investments / foreign currency transactions |  | —         |  |                          | —  |                                     |  | —      |   |                   | 3,976,534   |  |   | 3,976,534    |  |
| Return of capital and other tax related adjustments                            |  | —         |  |                          | —  |                                     |  | (339,954)         |   |                   | 339,954     |  |   | —      |  |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
| Issuance of common stock                                                       |  | 4,976,474       |  |                          | 4,976    |                                     |  | 99,995,024   |   |                   | —     |  |   | 100,000,000  |  |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
| Balance, December 31, 2020                                                |  | 4,976,474       |  |                          | $             | 4,976                          |  |                   | $ | 99,655,070   |                  |  | $ | 7,731,170    |  |  | $ | 107,391,216  |  |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
| Net investment income                                                          |  | —         |  |                          | —  |                                     |  | —      |   |                   | 24,447,691  |  |   | 24,447,691   |  |
| Net realized loss on investments / foreign currency transactions           |  | —         |  |                          | —  |                                     |  | —      |   |                   | (2,594,722)      |  |   | (2,594,722)       |  |
| Net unrealized appreciation on investments / foreign currency transactions |  | —         |  |                          | —  |                                     |  | —      |   |                   | 11,883,874  |  |   | 11,883,874   |  |
| Loss on extinguishment of debt                                                 |  | —         |  |                          | —  |                                     |  | —      |   |                   | (153,833)        |  |   | (153,833)         |  |
| Return of capital and other tax related adjustments                            |  | —         |  |                          | —  |                                     |  | (373,480)         |   |                   | 373,480     |  |   | —      |  |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
| Issuance of common stock                                                       |  | 16,112,694      |  |                          | 16,114   |                                     |  | 354,750,782  |   |                   | —     |  |   | 354,766,896  |  |
| Distributions declared from earnings and dividends reinvested                  |  | 525,704         |  |                          | 525      |                                     |  | 11,598,411   |   |                   | (22,511,661)     |  |   | (10,912,725)      |  |
|                                                                                |  |                      |  |                          |               |                                     |  |                   |   |                   |
| Balance, December 31, 2021                                                     |  | 21,614,872      |  |                          | $             | 21,615                         |  |                   | $ | 465,630,783  |                  |  | $ | 19,175,999   |  |  | $ | 484,828,397  |  |

----

|                                                                                                                             |  |  |  |                   |                  |                                                                   |                   |   |                 |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------|--|--|--|-------------------|------------------|-------------------------------------------------------------------|-------------------|---|-----------------|--|--|--|--|--|--|--|
|                                                                                                                        |  |  |  | Year Ended        |                  | For the period from July 13, 2020 (commencement of operations) to |
|                                                                                                                        |  |  |  | December 31, 2021 |                  | December 31, 2020                                                 |
| Cash flows from operating activities:                                                                                   |  |  |  |                   |                  |                                                                   |
| Net increase in net assets resulting from operations                                                                        |  |  |  | $                 | 33,583,010  |                                                                   |                   | $ | 7,672,112  |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |  |  |                   |                  |                                                                   |
| Purchases of portfolio investments                                                                                          |  |  |  | (920,174,289)     |                  |                                                                   | (228,683,230)     |   |
| Repayments received / sales of portfolio investments                                                                    |  |  |  | 206,532,367  |                  |                                                                   | 49,152,383   |   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
| Purchases of short-term investments                                                                                         |  |  |  | (187,908,273)     |                  |                                                                   | (167,417,859)     |   |
| Sales of short-term investments                                                                                             |  |  |  | 219,007,567  |                  |                                                                   | 136,305,118  |   |
| Loan origination and other fees received                                                                                    |  |  |  | 20,312,232   |                  |                                                                   | 3,483,175    |   |
| Net realized (gain) loss on investments                                                                                     |  |  |  | 905,066      |                  |                                                                   | (2,005,780)       |   |
| Net realized (gain) loss on foreign currency transactions                                                                   |  |  |  | 1,689,656    |                  |                                                                   | (537,708)         |   |
| Net unrealized appreciation on investments                                                                                  |  |  |  | (4,375,269)       |                  |                                                                   | (6,123,760)       |   |
| Net unrealized (appreciation) depreciation on foreign currency transactions                                                 |  |  |  | (7,508,605)       |                  |                                                                   | 2,147,226    |   |
| Payment-in-kind interest                                                                                                    |  |  |  | (1,774,459)       |                  |                                                                   | (304,610)         |   |
| Amortization of deferred financing fees                                                                                     |  |  |  | 1,103,046    |                  |                                                                   | 148,114      |   |
| Loss on extinguishment of debt                                                                                              |  |  |  | 153,833      |                  |                                                                   | —      |   |
| Amortization of offering costs                                                                                              |  |  |  | 136,291      |                  |                                                                   | 137,219      |   |
| Accretion of loan origination and other fees                                                                                |  |  |  | (2,419,081)       |                  |                                                                   | (94,383)          |   |
| Amortization / accretion of purchased loan premium / discount                                                       |  |  |  | (1,765,949)       |                  |                                                                   | (545,989)         |   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
| Changes in operating assets and liabilities:                                                                            |  |  |  |                   |                  |                                                                   |
| Interest and fees receivable                                                                                                |  |  |  | (11,388,027)      |                  |                                                                   | (1,540,389)       |   |
| Prepaid expenses and other assets                                                                                           |  |  |  | 2,195,032    |                  |                                                                   | 249,616      |   |
| Accounts payable and accrued liabilities                                                                                    |  |  |  | 1,179,042    |                  |                                                                   | 925,104      |   |
| Interest payable                                                                                                            |  |  |  | 482,151      |                  |                                                                   | 32,391       |   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
| Net cash used in operating activities                                                                                       |  |  |  | (650,034,659)     |                  |                                                                   | (207,001,250)     |   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
| Cash flows from financing activities:                                                                                   |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
| Borrowings under subscription and credit facilities                                                                         |  |  |  | 461,878,146  |                  |                                                                   | 114,568,917  |   |
| Repayments of subscription and credit facilities                                                                            |  |  |  | (113,472,897)     |                  |                                                                   | —      |   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
| Financing fees paid                                                                                                         |  |  |  | (3,681,530)       |                  |                                                                   | (1,061,489)       |   |
| Issuance of common stock                                                                                                    |  |  |  | 354,766,896  |                  |                                                                   | 100,000,000  |   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
| Cash dividends / distributions paid                                                                                     |  |  |  | (10,912,725)      |                  |                                                                   | —      |   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
|                                                                                                                             |  |  |  |                   |                  |                                                                   |
| Net cash provided by financing activities                                                                                   |  |  |  | 688,577,890  |                  |                                                                   | 213,507,428  |   |
| Net increase in cash and foreign currencies                                                                                 |  |  |  | 38,543,231   |                  |                                                                   | 6,506,178    |   |
| Cash and foreign currencies, beginning of year                                                                              |  |  |  | 6,506,178    |                  |                                                                   | —      |   |
| Cash and foreign currencies, end of year                                                                                    |  |  |  | $                 | 45,049,409  |                                                                   |                   | $ | 6,506,178  |  |
| Supplemental disclosure of cash flow information:                                                                       |  |  |  |                   |                  |                                                                   |
| Cash paid for interest                                                                                                      |  |  |  | $                 | 5,631,277   |                                                                   |                   | $ | 304,856    |  |
| Supplemental Information:                                                                                               |  |  |  |                   |                  |                                                                   |
| Excise taxes paid during the period                                                                                         |  |  |  | $                 | 179,934     |                                                                   |                   | $ | —    |  |
| Dividends/distributions paid through DRIP share issuances                                                               |  |  |  | $                 | 11,598,936  |                                                                   |                   | $ | —    |  |

----

|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------|--|------------------|------------------|--------------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                                      |  | Industry                                                                                                |                 | Type of Investment(1) (2)                                                                                  |  | PrincipalAmount  |                  | Cost         |                  | FairValue        |
| Non–Control / Non–Affiliate Investments:               |  |                                                                                                         |                 |                                                                                                            |  |                  |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Acclime Holdings HK Limited (0.8%)*(3) (6) (7) (9)                         |  | Business Services                                                                                       |                 | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)           |  | $                | 4,023,097   |              |                  | $                | 3,888,371  |                  |  | $ | 3,895,050  |  |
|                                                                            |  |                                                                                                         |                 | 4,023,097                                                                                             |  |                  | 3,888,371   |              |                  | 3,895,050   |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| ADB Safegate (1.1%)*(3) (7) (9)                                            |  | Aerospace & Defense                                                                                 |                 | Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 07/25)         |  | 5,500,000   |                  |              | 5,091,328   |                  |                 | 5,105,815   |  |
|                                                                            |  |                                                                                                         |                 | 5,500,000                                                                                             |  |                  | 5,091,328   |              |                  | 5,105,815   |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Advantage Software Company (The), LLC (0.0%)*(6)                           |  | Advertising, Printing & Publishing                                                                  |                 | Class A1 Partnership Units (3,012.94 Units, Acquired 12/21)                                            |  |                  |                  | 97,114  |                  |                  | 97,114     |                  |
|                                                                            |  | Class A2 Partnership Units (777.09 Units, Acquired 12/21)                                           |                 |                                                                                                            |  | 25,055      |                  |              | 25,055      |                  |
|                                                                            |  | Class B1 Partnership Units (3,012.94 Units, Acquired 12/21)                                         |                 |                                                                                                            |  | 3,119       |                  |              | 3,119       |                  |
|                                                                            |  | Class B2 Partnership Units 777.09 Units, Acquired 12/21)                                            |                 |                                                                                                            |  | 804         |                  |              | 804         |                  |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  | 126,092     |                  |              | 126,092     |                  |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Air Canada 2020-2 Class B Pass Through Trust (0.5%)*                       |  | Airlines                                                                                                |                 | Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)                           |  | 2,056,774   |                  |              | 2,056,774   |                  |                 | 2,274,094   |  |
|                                                                            |  |                                                                                                         |                 | 2,056,774                                                                                             |  |                  | 2,056,774   |              |                  | 2,274,094   |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Air Comm Corporation, LLC (3.4%)* (6) (7) (9)                              |  | Aerospace & Defense                                                                                 |                 | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)           |  | 16,717,289  |                  |              | 16,371,759  |                  |                 | 16,357,783  |  |
|                                                                            |  |                                                                                                         |                 | 16,717,289                                                                                            |  |                  | 16,371,759  |              |                  | 16,357,783  |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| AIT Worldwide Logistics Holdings, Inc. (1.1%)*(6)                          |  | Transportation Services                                                                                 |                 | Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/29)(7) (9)  |  | 4,849,092   |                  |              | 4,747,241   |                  |                 | 4,849,092   |  |
|                                                                            |  | Partnership Units (161.64 Units, Acquired 04/21)                                                    |                 |                                                                                                            |  | 161,636     |                  |              | 319,366     |                  |
|                                                                            |  |                                                                                                         |                 | 4,849,092                                                                                             |  |                  | 4,908,877   |              |                  | 5,168,458   |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Alpine US Bidco LLC (3.7%)*(6) (7) (9)                                     |  | Agricultural Products                                                                                   |                 | Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)          |  | 18,156,509  |                  |              | 17,642,081  |                  |                 | 17,974,944  |  |
|                                                                            |  |                                                                                                         |                 | 18,156,509                                                                                            |  |                  | 17,642,081  |              |                  | 17,974,944  |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Amtech LLC (0.3%)*(6) (7)                                                  |  | Technology                                                                                              |                 | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(8)        |  | 1,363,636   |                  |              | 1,319,298   |                  |                 | 1,318,182   |  |
|                                                                            |  | Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)                                |                 |                                                                                                            |  | (4,423)          |                  |              | (4,545)          |                  |
|                                                                            |  |                                                                                                         |                 | 1,363,636                                                                                             |  |                  | 1,314,875   |              |                  | 1,313,637   |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Anagram Holdings, LLC (1.3%)*(3)                                           |  | Chemicals, Plastics, & Rubber                                                                       |                 | First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)                   |  | 5,758,085   |                  |              | 5,383,716   |                  |                 | 6,420,268   |  |
|                                                                            |  |                                                                                                         |                 | 5,758,085                                                                                             |  |                  | 5,383,716   |              |                  | 6,420,268   |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| AnalytiChem Holding Gmbh (0.7%)* (3) (6) (7)                               |  | Chemicals                                                                                               |                 | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(18)       |  | 937,304     |                  |              | 918,739     |                  |                 | 913,871     |  |
|                                                                            |  | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(13) |                 | 2,010,601                                                                                             |  |                  | 1,922,341   |              |                  | 1,895,795   |                 |
|                                                                            |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(9)    |                 | 613,899                                                                                               |  |                  | 613,899     |              |                  | 598,551     |                 |
|                                                                            |  |                                                                                                         |                 | 3,561,804                                                                                             |  |                  | 3,454,979   |              |                  | 3,408,217   |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Aptus 1829. GmbH (0.6%)*(3) (6)                                            |  | Chemicals, Plastics, & Rubber                                                                       |                 | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(7) (13) |  | 3,053,883   |                  |              | 3,093,690   |                  |                 | 2,985,949   |  |
|                                                                            |  | Preferred Stock (9 Units, Acquired 09/21)                                                           |                 |                                                                                                            |  | 78,595      |                  |              | 77,108      |                  |
|                                                                            |  | Common Stock (32 Units, Acquired 09/21)                                                             |                 |                                                                                                            |  | 7,860       |                  |              | 7,623       |                  |
|                                                                            |  |                                                                                                         |                 | 3,053,883                                                                                             |  |                  | 3,180,145   |              |                  | 3,070,680   |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| Apus Bidco Limited (0.6%)*(3) (6) (7) (16)                                 |  | Banking, Finance, Insurance & Real Estate                                                           |                 | First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)           |  | 2,789,762   |                  |              | 2,769,656   |                  |                 | 2,733,217   |  |
|                                                                            |  |                                                                                                         | 2,789,762  |                                                                                                            |  | 2,769,656   |                  |              | 2,733,217   |                  |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |
| AQA Acquisition Holding, Inc. (f/k/a SmartBear) (4.3%)*(6) (7) (9) |  | High Tech Industries                                                                                    |                 | Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29)          |  | 21,000,000  |                  |              | 20,503,969  |                  |                 | 21,000,000  |  |
|                                                                            |  |                                                                                                         |                 | 21,000,000                                                                                            |  |                  | 20,503,969  |              |                  | 21,000,000  |                 |
|                                                                            |  |                                                                                                         |                 |                                                                                                            |  |                  |                  |              |                  |                  |

----

|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------|------------------|-------------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                 |  | Industry                                                                                            |                  | Type of Investment(1) (2)                                                                                         |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Aquavista Watersides 2 LTD (0.4%)*(3) (6) (7) (16)    |  | Transportation Services                                                                             |                  | First Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28)                  |  | $                | 1,807,652   |      |                  | $                | 1,704,146  |                  |  | $ | 1,725,178  |  |
|                                                       |  | Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28)         |                  | 451,912                                                                                                      |  |                  | 432,779     |      |                  | 438,355     |                 |
|                                                       |  | Revolver (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28)                               |                  |                                                                                                                   |  | (1,306)          |                  |      | (1,506)          |                  |
|                                                       |  |                                                                                                     |                  | 2,259,564                                                                                                    |  |                  | 2,135,619   |      |                  | 2,162,027   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Archimede (2.3%)*(3) (6) (7) (13)                     |  | Consumer Services                                                                                   |                  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)                |  | 11,485,717  |                  |      | 11,937,607  |                  |                 | 11,266,903  |  |
|                                                       |  |                                                                                                     | 11,485,717  |                                                                                                                   |  | 11,937,607  |                  |      | 11,266,903  |                  |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Argus Bidco Limited (0.1%)*(3) (6) (7)                |  | High Tech Industries                                                                                |                  | First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(15)              |  | 518,387     |                  |      | 494,676     |                  |                 | 518,387     |  |
|                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(9) |                  | 119,048                                                                                                      |  |                  | 115,764     |      |                  | 119,048     |                 |
|                                                       |  |                                                                                                     |                  | 637,435                                                                                                      |  |                  | 610,440     |      |                  | 637,435     |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Ascensus, Inc (1.5%)*(7) (9)                          |  | Brokerage, Asset Managers & Exchanges                                                           |                  | Second Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 05/21, Due 08/29)                 |  | 7,510,730   |                  |      | 7,438,589   |                  |                 | 7,510,730   |  |
|                                                       |  |                                                                                                     | 7,510,730   |                                                                                                                   |  | 7,438,589   |                  |      | 7,510,730   |                  |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Astra Bidco Limited (0.3%)*(3) (6) (7) (15)           |  | Healthcare                                                                                          |                  | First Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28)                 |  | 1,731,057   |                  |      | 1,639,155   |                  |                 | 1,656,045   |  |
|                                                       |  |                                                                                                     |                  | 1,731,057                                                                                                    |  |                  | 1,639,155   |      |                  | 1,656,045   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Avance Clinical Bidco Pty Ltd (0.4%)*(3) (6) (7) (18) |  | Healthcare                                                                                          |                  | First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 11/21, Due 11/27)                   |  | 1,931,815   |                  |      | 1,807,106   |                  |                 | 1,842,469   |  |
|                                                       |  |                                                                                                     |                  | 1,931,815                                                                                                    |  |                  | 1,807,106   |      |                  | 1,842,469   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| AVSC Holding Corp. (1.0%)*                            |  | Advertising                                                                                         |                  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/20, Due 10/26)(7) (9) |  | 249,416     |                  |      | 230,878     |                  |                 | 230,977     |  |
|                                                       |  | First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)       |                  | 3,791,072                                                                                                    |  |                  | 3,711,415   |      |                  | 4,403,331   |                 |
|                                                       |  |                                                                                                     |                  | 4,040,488                                                                                                    |  |                  | 3,942,293   |      |                  | 4,634,308   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Azalea Buyer, Inc. (0.8%)*(6)                         |  | Technology                                                                                          |                  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)              |  | 3,070,513   |                  |      | 2,997,220   |                  |                 | 2,996,282   |  |
|                                                       |  | Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 05/28)                               |                  | 839,744                                                                                                      |  |                  | 823,105     |      |                  | 822,949     |                 |
|                                                       |  | Common Stock (108,205.13 Shares, Acquired 11/21)                                                |                  |                                                                                                                   |  | 128,205     |                  |      | 128,205     |                  |
|                                                       |  | Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)                           |                  |                                                                                                                   |  | (6,318)          |                  |      | (6,410)          |                  |
|                                                       |  |                                                                                                     |                  | 3,910,257                                                                                                    |  |                  | 3,942,212   |      |                  | 3,941,026   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Bariacum S.A. (0.4%)*(3) (6) (7) (13)                 |  | Consumer Products                                                                                   |                  | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)                |  | 1,933,240   |                  |      | 1,858,861   |                  |                 | 1,861,312   |  |
|                                                       |  |                                                                                                     |                  | 1,933,240                                                                                                    |  |                  | 1,858,861   |      |                  | 1,861,312   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Beyond Risk Management, Inc. (0.5%)*(6) (7) (9)       |  | Other Financial                                                                                     |                  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/21, Due 09/27)                  |  | 2,426,667   |                  |      | 2,335,532   |                  |                 | 2,326,667   |  |
|                                                       |  |                                                                                                     |                  | 2,426,667                                                                                                    |  |                  | 2,335,532   |      |                  | 2,326,667   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Bidwax (0.5%)*(3) (6) (7) (13)                        |  | Non-durable Consumer Goods                                                                          |                  | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28)                |  | 2,388,119   |                  |      | 2,417,665   |                  |                 | 2,322,446   |  |
|                                                       |  |                                                                                                     |                  | 2,388,119                                                                                                    |  |                  | 2,417,665   |      |                  | 2,322,446   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| BigHand UK Bidco Limited (0.0%)*(3) (6) (7) (12)      |  | High Tech Industries                                                                                |                  | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.4% Cash, Acquired 01/21, Due 01/28)             |  | 219,588     |                  |      | 212,332     |                  |                 | 212,049     |  |
|                                                       |  |                                                                                                     |                  | 219,588                                                                                                      |  |                  | 212,332     |      |                  | 212,049     |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Blue Ribbon, LLC (2.6%)*(6) (7) (9)                   |  | Brewers                                                                                             |                  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 05/21, Due 05/28)                  |  | 12,798,913  |                  |      | 12,502,000  |                  |                 | 12,766,916  |  |
|                                                       |  |                                                                                                     |                  | 12,798,913                                                                                                   |  |                  | 12,502,000  |      |                  | 12,766,916  |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Bounteous, Inc. (1.2%)*(6) (7) (9)                    |  | Technology                                                                                          |                  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)                  |  | 6,090,563   |                  |      | 5,919,475   |                  |                 | 5,917,151   |  |
|                                                       |  |                                                                                                     |                  | 6,090,563                                                                                                    |  |                  | 5,919,475   |      |                  | 5,917,151   |                 |
|                                                       |  |                                                                                                     |                  |                                                                                                                   |  |                  |                  |      |                  |                  |

----

|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                               |  | Industry                                                                                             |  | Type of Investment(1) (2)                                                                                  |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Brightline Trains Florida LLC (0.4%)*(6)                            |  | Transportation                                                                                       |  | Senior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)                                         |  | $                | 2,000,000   |      |                  | $                | 2,000,000  |                  |  | $ | 2,002,000  |  |
|                                                                     |  |                                                                                                      |  | 2,000,000                                                                                             |  |                  | 2,000,000   |      |                  | 2,002,000   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Brightpay Limited (0.3%)*(3) (6) (7) (13)                           |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)        |  | 1,727,633   |                  |      | 1,708,298   |                  |                 | 1,677,099   |  |
|                                                                     |  |                                                                                                      |  | 1,727,633                                                                                             |  |                  | 1,708,298   |      |                  | 1,677,099   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| BrightSign LLC (1.5%)*(6)                                           |  | Media & Entertainment                                                                            |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27)(7) (9)   |  | 6,896,428   |                  |      | 6,829,391   |                  |                 | 6,827,463   |  |
|                                                                     |  | LLC units (596,181.48 Units, Acquired 10/21)                                                     |  |                                                                                                            |  | 596,181     |                  |      | 611,086     |                  |
|                                                                     |  | Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27)(7) (9)                        |  |                                                                                                            |  | (6,916)          |                  |      | (7,154)          |                  |
|                                                                     |  |                                                                                                      |  | 6,896,428                                                                                             |  |                  | 7,418,656   |      |                  | 7,431,395   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| British Airways 2020-1 Class B Pass Through Trust (0.2%)*           |  | Airlines                                                                                             |  | Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)                           |  | 809,722     |                  |      | 809,722     |                  |                 | 915,587     |  |
|                                                                     |  |                                                                                                      |  | 809,722                                                                                               |  |                  | 809,722     |      |                  | 915,587     |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| British Engineering Services Holdco Limited (0.5%)*(3) (6) (7) (16) |  | Commercial Services & Supplies                                                                   |  | First Lien Senior Secured Term Loan (SONIA + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27)          |  | 2,440,813   |                  |      | 2,366,901   |                  |                 | 2,421,286   |  |
|                                                                     |  | Revolver (SONIA + 6.75%, 7.0% Cash, Acquired 12/20, Due 06/22)                               |  |                                                                                                            |  | (219)            |                  |      | (689)            |                  |
|                                                                     |  |                                                                                                      |  | 2,440,813                                                                                             |  |                  | 2,366,682   |      |                  | 2,420,597   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| CAi Software, LLC (1.4%)*(6) (7) (9)                                |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)          |  | 6,792,761   |                  |      | 6,657,692   |                  |                 | 6,656,906   |  |
|                                                                     |  | Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)                               |  |                                                                                                            |  | (14,053)         |                  |      | (14,145)         |                  |
|                                                                     |  |                                                                                                      |  | 6,792,761                                                                                             |  |                  | 6,643,639   |      |                  | 6,642,761   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Canadian Orthodontic Partners Corp.(0.3%)*(3) (6) (7) (19)          |  | Healthcare                                                                                           |  | First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)            |  | 1,574,724   |                  |      | 1,623,777   |                  |                 | 1,560,638   |  |
|                                                                     |  |                                                                                                      |  | 1,574,724                                                                                             |  |                  | 1,623,777   |      |                  | 1,560,638   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Carlson Travel, Inc. (1.0%)*                                        |  | Business Equipment & Services                                                                    |  | First Lien Senior Secured Note (8.5% Cash, Acquired 11/21, Due 11/26)                              |  | 2,898,121   |                  |      | 2,656,526   |                  |                 | 2,951,388   |  |
|                                                                     |  | Common Stock (62,770 Shares, Acquired 11/21)                                                     |  |                                                                                                            |  | 1,103,618   |                  |      | 2,055,718   |                  |
|                                                                     |  |                                                                                                      |  | 2,898,121                                                                                             |  |                  | 3,760,144   |      |                  | 5,007,106   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Ceres Pharma NV (0.4%)*(3) (6) (7) (14)                             |  | Pharmaceuticals                                                                                      |  | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 10/21, Due 10/28)         |  | 2,111,942   |                  |      | 2,060,049   |                  |                 | 2,018,698   |  |
|                                                                     |  |                                                                                                      |  | 2,111,942                                                                                             |  |                  | 2,060,049   |      |                  | 2,018,698   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Cineworld Group PLC (0.5%)*(3)                                      |  | Leisure Products                                                                                     |  | Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)                    |  | 1,197,773   |                  |      | 1,066,887   |                  |                 | 1,426,475   |  |
|                                                                     |  | Super Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 07/21, Due 05/24)(7) (10) |  | 666,118                                                                                               |  |                  | 644,293     |      |                  | 706,918     |                 |
|                                                                     |  | Warrants (371,024 Units, Acquired 12/20)                                                         |  |                                                                                                            |  | 68,122      |                  |      | 163,323     |                  |
|                                                                     |  |                                                                                                      |  | 1,863,891                                                                                             |  |                  | 1,779,302   |      |                  | 2,296,716   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Coastal Marina Holdings, LLC (1.8%)*(6)                             |  | Other Financial                                                                                      |  | Subordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31)                                      |  | 8,803,918   |                  |      | 7,982,529   |                  |                 | 7,982,852   |  |
|                                                                     |  | LLC Units (273,796 Units, Acquired 11/21)                                                        |  |                                                                                                            |  | 821,387     |                  |      | 821,388     |                  |
|                                                                     |  |                                                                                                      |  | 8,803,918                                                                                             |  |                  | 8,803,916   |      |                  | 8,804,240   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Cobham Slip Rings SAS (0.4%)*(3) (6) (7) (9)                        |  | Diversified Manufacturing                                                                            |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.4% Cash, Acquired 11/21, Due 11/28)          |  | 1,994,957   |                  |      | 1,946,497   |                  |                 | 1,945,083   |  |
|                                                                     |  |                                                                                                      |  | 1,994,957                                                                                             |  |                  | 1,946,497   |      |                  | 1,945,083   |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Coyo Uprising GmbH (2.1%)*(3) (6)                                   |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28)(7) (13) |  | 9,686,391   |                  |      | 9,704,825   |                  |                 | 9,417,551   |  |
|                                                                     |  | Class A Units (531 Units, Acquired 09/21)                                                        |  |                                                                                                            |  | 247,800     |                  |      | 708,045     |                  |
|                                                                     |  | Class B Units (231 Units, Acquired 09/21)                                                        |  |                                                                                                            |  | 538,100     |                  |      | 305,109     |                  |
|                                                                     |  |                                                                                                      |  | 9,686,391                                                                                             |  |                  | 10,490,725  |      |                  | 10,430,705  |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Crash Champions (2.4%)*(6) (7) (9)                                  |  | Automotive                                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)           |  | 12,275,592  |                  |      | 11,924,598  |                  |                 | 11,825,956  |  |
|                                                                     |  |                                                                                                      |  | 12,275,592                                                                                            |  |                  | 11,924,598  |      |                  | 11,825,956  |                 |
|                                                                     |  |                                                                                                      |  |                                                                                                            |  |                  |                  |      |                  |                  |

----

|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                  |  | Industry                                                                                                |  | Type of Investment(1) (2)                                                                                 |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| CSL DualCom (0.2%)*(3) (6) (7) (12)                    |  | Tele-communications                                                                                     |  | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)      |  | $                | 1,213,828   |      |                  | $                | 1,081,352  |                  |  | $ | 1,171,320  |  |
|                                                        |  |                                                                                                         |  | 1,213,828                                                                                            |  |                  | 1,081,352   |      |                  | 1,171,320   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| Cvent, Inc. (0.1%)*(7) (8)                             |  | Internet Software & Services                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.8% Cash, Acquired 07/20, Due 11/24)         |  | 678,803     |                  |      | 601,658     |                  |                 | 677,317     |  |
|                                                        |  |                                                                                                         |  | 678,803                                                                                              |  |                  | 601,658     |      |                  | 677,317     |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| CVL 3 (2.0%)*(3) (6) (7)                               |  | Capital Equipment                                                                                       |  | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(13)    |  | 5,913,439   |                  |      | 5,724,297   |                  |                 | 5,765,603   |  |
|                                                        |  | First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(20)     |  | 3,382,200                                                                                            |  |                  | 3,297,943   |      |                  | 3,297,645   |                 |
|                                                        |  | 6-Month Bridge Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/22)(13)             |  | 796,040                                                                                              |  |                  | 771,707     |      |                  | 788,079     |                 |
|                                                        |  |                                                                                                         |  | 10,091,679                                                                                           |  |                  | 9,793,947   |      |                  | 9,851,327   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| CW Group Holdings, LLC (1.7%)*(6)                      |  | High Tech Industries                                                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(7) (9)   |  | 8,042,457   |                  |      | 7,884,776   |                  |                 | 7,917,131   |  |
|                                                        |  | LLC Units (403,441.04 Units, Acquired 01/21)                                                        |  |                                                                                                           |  | 403,441     |                  |      | 280,392     |                  |
|                                                        |  |                                                                                                         |  | 8,042,457                                                                                            |  |                  | 8,288,217   |      |                  | 8,197,523   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| DecksDirect, LLC (0.2%)*(6)                            |  | Building Materials                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(7) (8)   |  | 727,273     |                  |      | 712,749     |                  |                 | 712,727     |  |
|                                                        |  | Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(7) (9)                            |  |                                                                                                           |  | (4,357)          |                  |      | (4,364)          |                  |
|                                                        |  | LLC Units (1,280.8 Units, Acquired 12/21)                                                           |  |                                                                                                           |  | 54,545      |                  |      | 54,549      |                  |
|                                                        |  |                                                                                                         |  | 727,273                                                                                              |  |                  | 762,937     |      |                  | 762,912     |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| Discovery Education, Inc. (0.8%)*(6) (7) (9)           |  | Publishing                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)         |  | 3,951,316   |                  |      | 3,893,872   |                  |                 | 3,951,316   |  |
|                                                        |  |                                                                                                         |  | 3,951,316                                                                                            |  |                  | 3,893,872   |      |                  | 3,951,316   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| Dragon Bidco (0.6%)*(3) (6) (7) (14)                   |  | Technology                                                                                              |  | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)       |  | 3,070,439   |                  |      | 3,172,717   |                  |                 | 3,011,020   |  |
|                                                        |  |                                                                                                         |  | 3,070,439                                                                                            |  |                  | 3,172,717   |      |                  | 3,011,020   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| Dune Group (0.7%)*(3) (6) (7)                          |  | Health Care Equipment                                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28)(9)      |  | 3,177,252   |                  |      | 3,123,319   |                  |                 | 3,104,439   |  |
|                                                        |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(13) |  | 206,569                                                                                              |  |                  | 173,440     |      |                  | 177,901     |                 |
|                                                        |  |                                                                                                         |  | 3,383,821                                                                                            |  |                  | 3,296,759   |      |                  | 3,282,340   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| Dwyer Instruments, Inc. (1.1%)*(6) (7) (9)             |  | Electric                                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 07/21, Due 07/27)          |  | 5,219,519   |                  |      | 5,099,096   |                  |                 | 5,162,698   |  |
|                                                        |  |                                                                                                         |  | 5,219,519                                                                                            |  |                  | 5,099,096   |      |                  | 5,162,698   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| Echo Global Logistics, Inc. (2.2%)*(6)                 |  | Air Transportation                                                                                      |  | Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 11/21, Due 11/29)(7) (9) |  | 10,604,545  |                  |      | 10,420,855  |                  |                 | 10,418,965  |  |
|                                                        |  | Partnership Units (289.22 units, Acquired 11/21)                                                    |  |                                                                                                           |  | 289,215     |                  |      | 289,220     |                  |
|                                                        |  |                                                                                                         |  | 10,604,545                                                                                           |  |                  | 10,710,070  |      |                  | 10,708,185  |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| Ellkay, LLC (0.8%)*(6) (7) (9)                         |  | Healthcare & Pharmaceuticals                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)         |  | 3,761,835   |                  |      | 3,689,446   |                  |                 | 3,694,051   |  |
|                                                        |  |                                                                                                         |  | 3,761,835                                                                                            |  |                  | 3,689,446   |      |                  | 3,694,051   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| EMI Porta Holdco LLC (1.7%)*(6) (7) (9)                |  | Diversified Manufacturing                                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)         |  | 8,389,831   |                  |      | 8,118,427   |                  |                 | 8,115,254   |  |
|                                                        |  | Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)                                  |  |                                                                                                           |  | (25,083)         |                  |      | (25,424)         |                  |
|                                                        |  |                                                                                                         |  | 8,389,831                                                                                            |  |                  | 8,093,344   |      |                  | 8,089,830   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| Entact Environmental Services, Inc. (0.8%)*(6) (7) (9) |  | Environmental Industries                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)         |  | 4,043,577   |                  |      | 4,009,631   |                  |                 | 3,991,010   |  |
|                                                        |  |                                                                                                         |  | 4,043,577                                                                                            |  |                  | 4,009,631   |      |                  | 3,991,010   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |
| EPS NASS Parent, Inc. (0.9%)*(6) (7) (9)               |  | Electrical Components & Equipment                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)         |  | 4,244,171   |                  |      | 4,153,743   |                  |                 | 4,172,571   |  |
|                                                        |  |                                                                                                         |  | 4,244,171                                                                                            |  |                  | 4,153,743   |      |                  | 4,172,571   |                 |
|                                                        |  |                                                                                                         |  |                                                                                                           |  |                  |                  |      |                  |                  |

----

|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------|--|---------------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------|--|------------------|------------------|-----------------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                             |  | Industry                                                                  |  | Type of Investment(1) (2)                                                                                 |  | PrincipalAmount  |                  | Cost            |                  | FairValue        |
| eShipping, LLC (1.7%)*(6) (7)                                     |  | Transportation Services                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(8)      |  | $                | 8,275,811   |                 |                  | $                | 8,076,363  |                  |  | $ | 8,071,833  |  |
|                                                                   |  | Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(9) |  | 192,312                                                                                              |  |                  | 170,451     |                 |                  | 169,875     |                 |
|                                                                   |  |                                                                           |  | 8,468,123                                                                                            |  |                  | 8,246,814   |                 |                  | 8,241,708   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Ferrellgas L.P. (0.6%)*(3) (6)                                    |  | Oil & Gas Equipment & Services                                    |  | OpCo Preferred Units (2,886 Units, Acquired 3/21)                                                     |  |                  |                  | 2,799,420  |                  |                  | 3,145,740  |                  |
|                                                                   |  |                                                                           |  |                                                                                                           |  | 2,799,420   |                  |                 | 3,145,740   |                  |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Fineline Technologies, Inc. (0.4%)*(6) (7) (9)                    |  | Consumer Services                                                         |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28)         |  | 1,744,617   |                  |                 | 1,714,210   |                  |                 | 1,744,617   |  |
|                                                                   |  |                                                                           |  | 1,744,617                                                                                            |  |                  | 1,714,210   |                 |                  | 1,744,617   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| FitzMark Buyer, LLC (0.5%)*(6) (7) (9)                            |  | Cargo & Transportation                                                |  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/20, Due 12/26)          |  | 2,484,926   |                  |                 | 2,442,675   |                  |                 | 2,435,228   |  |
|                                                                   |  |                                                                           |  | 2,484,926                                                                                            |  |                  | 2,442,675   |                 |                  | 2,435,228   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Flexential Issuer, LLC (2.0%)*                                    |  | Information Technology                                                    |  | Structured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51)                          |  | 10,000,000  |                  |                 | 9,260,697   |                  |                 | 9,755,469   |  |
|                                                                   |  |                                                                           |  | 10,000,000                                                                                           |  |                  | 9,260,697   |                 |                  | 9,755,469   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| FragilePak LLC (1.7%)*(6)                                         |  | Transportation Services                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(7) (8)  |  | 7,538,958   |                  |                 | 7,246,583   |                  |                 | 7,289,104   |  |
|                                                                   |  | Partnership Units (889.3 Units, Acquired 05/21)                       |  |                                                                                                           |  | 889,341     |                  |                 | 878,331     |                  |
|                                                                   |  |                                                                           |  | 7,538,958                                                                                            |  |                  | 8,135,924   |                 |                  | 8,167,435   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Front Line Power Construction LLC (0.1%)*                         |  | Construction Machinery                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, 11/28)(6) (7) (9) |  | 700,000     |                  |                 | 677,609     |                  |                 | 679,000     |  |
|                                                                   |  | Common Stock (8,898 shares, Acquired 11/21)                           |  |                                                                                                           |  | 22,779      |                  |                 | 19,487      |                  |
|                                                                   |  |                                                                           |  | 700,000                                                                                              |  |                  | 700,388     |                 |                  | 698,487     |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| FSS Buyer LLC (3.1%)*(6)                                          |  | Technology                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(7) (9)  |  | 14,851,257  |                  |                 | 14,561,334  |                  |                 | 14,587,231  |  |
|                                                                   |  | LP Interest (1,973.6 Units, Acquired 08/21)                           |  |                                                                                                           |  | 19,736      |                  |                 | 50,996      |                  |
|                                                                   |  | LP Units (8,677.3 Units, Acquired 08/21)                              |  |                                                                                                           |  | 86,773      |                  |                 | 224,215     |                  |
|                                                                   |  |                                                                           |  | 14,851,257                                                                                           |  |                  | 14,667,843  |                 |                  | 14,862,442  |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.8%) |  | Airlines                                                                  |  | Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)                         |  | 3,156,618   |                  |                 | 3,156,618   |                  |                 | 3,737,182   |  |
|                                                                   |  |                                                                           |  | 3,156,618                                                                                            |  |                  | 3,156,618   |                 |                  | 3,737,182   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Heartland Veterinary Partners, LLC (0.7%)*(6)                     |  | Healthcare                                                                |  | Subordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28)                                     |  | 3,339,395   |                  |                 | 3,251,752   |                  |                 | 3,250,038   |  |
|                                                                   |  |                                                                           |  | 3,339,395                                                                                            |  |                  | 3,251,752   |                 |                  | 3,250,038   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Hoffmaster Group Inc. (0.5%)*(7) (9)                              |  | Packaging                                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 07/20, Due 11/23)          |  | 2,514,094   |                  |                 | 2,260,346   |                  |                 | 2,332,727   |  |
|                                                                   |  |                                                                           |  | 2,514,094                                                                                            |  |                  | 2,260,346   |                 |                  | 2,332,727   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Home Care Assistance, LLC (0.9%)*(6) (7) (9)                      |  | Healthcare & Pharmaceuticals                                          |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 03/21, Due 03/27)         |  | 4,546,335   |                  |                 | 4,465,552   |                  |                 | 4,455,408   |  |
|                                                                   |  |                                                                           |  | 4,546,335                                                                                            |  |                  | 4,465,552   |                 |                  | 4,455,408   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Houghton Mifflin Harcourt Publishers Inc. (0.0%)*(7) (8)          |  | Paper Products                                                            |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/20, Due 11/24)         |  | 148,224     |                  |                 | 140,746     |                  |                 | 147,899     |  |
|                                                                   |  |                                                                           |  | 148,224                                                                                              |  |                  | 140,746     |                 |                  | 147,899     |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| IGL Holdings III Corp. (0.7%)*(6) (7) (9)                         |  | Commercial Printing                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)         |  | 3,624,768   |                  |                 | 3,557,477   |                  |                 | 3,584,919   |  |
|                                                                   |  |                                                                           |  | 3,624,768                                                                                            |  |                  | 3,557,477   |                 |                  | 3,584,919   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| IM Square (0.7%)*(3) (6) (7) (14)                                 |  | Banking, Finance, Insurance & Real Estate                             |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28)       |  | 3,639,039   |                  |                 | 3,724,012   |                  |                 | 3,580,815   |  |
|                                                                   |  |                                                                           |  | 3,639,039                                                                                            |  |                  | 3,724,012   |                 |                  | 3,580,815   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |
| Infoblox, Inc. (0.6%)*(7) (9)                                     |  | Technology                                                                |  | Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 09/20, Due 12/28)        |  | 2,842,720   |                  |                 | 2,829,983   |                  |                 | 2,854,261   |  |
|                                                                   |  |                                                                           |  | 2,842,720                                                                                            |  |                  | 2,829,983   |                 |                  | 2,854,261   |                 |
|                                                                   |  |                                                                           |  |                                                                                                           |  |                  |                  |                 |                  |                  |

----

|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                                        |  | Industry                                                                                                       |  | Type of Investment(1) (2)                                                                                  |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Infoniqa Holdings GmbH (0.6%)*(3) (6) (7) (13)                               |  | Technology                                                                                                     |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28)        |  | $                | 2,765,521   |      |                  | $                | 2,676,893  |                  |  | $ | 2,689,469  |  |
|                                                                              |  |                                                                                                                |  | 2,765,521                                                                                             |  |                  | 2,676,893   |      |                  | 2,689,469   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Innovad Group II BV (0.8%)*(3) (6) (7) (13)                                  |  | Beverage, Food & Tobacco                                                                                   |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28)        |  | 4,133,958   |                  |      | 4,177,092   |                  |                 | 3,882,992   |  |
|                                                                              |  |                                                                                                                |  | 4,133,958                                                                                             |  |                  | 4,177,092   |      |                  | 3,882,992   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| INOS 19-090 GmbH (0.2%)*(3) (6) (7) (13)                                     |  | Aerospace & Defense                                                                                        |  | First Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27)        |  | 873,347     |                  |      | 905,343     |                  |                 | 871,595     |  |
|                                                                              |  |                                                                                                                |  | 873,347                                                                                               |  |                  | 905,343     |      |                  | 871,595     |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| ITI Intermodal, Inc. (0.1%)*(6) (7)                                          |  | Transportation Services                                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(8)       |  | 721,407     |                  |      | 704,989     |                  |                 | 704,918     |  |
|                                                                              |  | Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(9)                                      |  |                                                                                                            |  | (2,468)          |                  |      | (2,480)          |                  |
|                                                                              |  |                                                                                                                |  | 721,407                                                                                               |  |                  | 702,521     |      |                  | 702,438     |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Jaguar Merger Sub Inc. (d/b/a National Auto Care) (0.5%)*(6) (7) (9) |  | Other Financial                                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 9/24)           |  | 2,542,556   |                  |      | 2,486,904   |                  |                 | 2,486,264   |  |
|                                                                              |  | Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 9/24)                                          |  |                                                                                                            |  | (6,055)          |                  |      | (6,127)          |                  |
|                                                                              |  |                                                                                                                |  | 2,542,556                                                                                             |  |                  | 2,480,849   |      |                  | 2,480,137   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| JetBlue 2019-1 Class B Pass Through Trust (0.4%)*                            |  | Airlines                                                                                                       |  | Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)                           |  | 1,666,032   |                  |      | 1,666,032   |                  |                 | 1,922,166   |  |
|                                                                              |  |                                                                                                                |  | 1,666,032                                                                                             |  |                  | 1,666,032   |      |                  | 1,922,166   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| JF Acquisition, LLC (0.7%)*(6) (7) (9)                                       |  | Automotive                                                                                                     |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)           |  | 3,641,741   |                  |      | 3,545,144   |                  |                 | 3,496,071   |  |
|                                                                              |  |                                                                                                                |  | 3,641,741                                                                                             |  |                  | 3,545,144   |      |                  | 3,496,071   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Kano Laboratories LLC (1.3%)*(6)                                             |  | Chemicals, Plastics & Rubber                                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 11/26)(7) (10)   |  | 6,421,552   |                  |      | 6,242,658   |                  |                 | 6,223,578   |  |
|                                                                              |  | Partnership Equity (78.7 Units, Acquired 11/20)                                                            |  |                                                                                                            |  | 78,690      |                  |      | 79,408      |                  |
|                                                                              |  |                                                                                                                |  | 6,421,552                                                                                             |  |                  | 6,321,348   |      |                  | 6,302,986   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Kid Distro Holdings, LLC (4.0%)*(6)                                          |  | Media & Entertainment                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/21, Due 10/27)(7) (9)    |  | 19,148,936  |                  |      | 18,779,149  |                  |                 | 18,765,957  |  |
|                                                                              |  | Partnership Units (850,236.1 Units, Acquired 10/21)                                                        |  |                                                                                                            |  | 851,064     |                  |      | 850,236     |                  |
|                                                                              |  |                                                                                                                |  | 19,148,936                                                                                            |  |                  | 19,630,213  |      |                  | 19,616,193  |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Kona Buyer, LLC (1.2%)*(6) (7) (9)                                           |  | High Tech Industries                                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)           |  | 5,706,812   |                  |      | 5,585,993   |                  |                 | 5,706,812   |  |
|                                                                              |  |                                                                                                                |  | 5,706,812                                                                                             |  |                  | 5,585,993   |      |                  | 5,706,812   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| LAF International (0.1%)*(3) (6) (7) (14)                                    |  | Healthcare & Pharmaceuticals                                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)         |  | 341,160     |                  |      | 356,103     |                  |                 | 334,358     |  |
|                                                                              |  |                                                                                                                |  | 341,160                                                                                               |  |                  | 356,103     |      |                  | 334,358     |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Lambir Bidco Limited (0.9%)*(3) (6)                                          |  | Healthcare                                                                                                     |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/28)(7) (13) |  | 3,551,159   |                  |      | 3,376,657   |                  |                 | 3,404,673   |  |
|                                                                              |  | Second Lien Senior Secured Term Loan (12.0% PIK, Acquired 12/21, Due 06/29)                            |  | 1,003,202                                                                                             |  |                  | 965,037     |      |                  | 973,106     |                 |
|                                                                              |  | Revolver (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/24)(7) (13)                                |  | 221,948                                                                                               |  |                  | 206,952     |      |                  | 208,631     |                 |
|                                                                              |  |                                                                                                                |  | 4,776,309                                                                                             |  |                  | 4,548,646   |      |                  | 4,586,410   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| Learfield Communications, LLC   (1.2%)*                                      |  | Broadcasting                                                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(7) (8)   |  | 67,689      |                  |      | 47,721      |                  |                 | 63,931      |  |
|                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(9) |  | 5,679,685                                                                                             |  |                  | 5,647,651   |      |                  | 5,683,263   |                 |
|                                                                              |  |                                                                                                                |  | 5,747,374                                                                                             |  |                  | 5,695,372   |      |                  | 5,747,194   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |
| LivTech Purchaser, Inc. (0.7%)*(6) (7) (9)                                   |  | Business Services                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/25)          |  | 3,533,189   |                  |      | 3,493,752   |                  |                 | 3,502,400   |  |
|                                                                              |  |                                                                                                                |  | 3,533,189                                                                                             |  |                  | 3,493,752   |      |                  | 3,502,400   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                            |  |                  |                  |      |                  |                  |

----

|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |                 |                 |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------|--|-------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------|--|-----------------|-----------------|------|-----------------|-----------------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                          |  | Industry                                                                      |  | Type of Investment(1) (2)                                                                                |  | PrincipalAmount |                 | Cost |                 | FairValue       |
| Marmoutier Holding B.V. (0.4%)*(3) (6) (7) (13)                |  | Consumer Products                                                             |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/21, Due 12/28)      |  | $               | 1,944,392  |      |                 | $               | 1,872,008  |                 |  | $ | 1,879,782  |  |
|                                                                |  | Revolver (EURIBOR + 5.0%, 5.0% Cash, Acquired 12/21, Due 6/27)        |  |                                                                                                          |  | (4,417)         |                 |      | (4,456)         |                 |
|                                                                |  |                                                                               |  | 1,944,392                                                                                           |  |                 | 1,867,591  |      |                 | 1,875,326  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| MC Group Ventures Corporation (0.9%)*(6)                       |  | Business Services                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(7) (9)  |  | 3,882,774  |                 |      | 3,788,818  |                 |                 | 3,849,571  |  |
|                                                                |  | Partnership Equity Units (373.33 units, Acquired 06/21)                   |  |                                                                                                          |  | 373,331    |                 |      | 380,560    |                 |
|                                                                |  |                                                                               |  | 3,882,774                                                                                           |  |                 | 4,162,149  |      |                 | 4,230,131  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| MNS Buyer, Inc. (0.2%)*(6)                                     |  | Construction & Building                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(7) (8)  |  | 920,769    |                 |      | 903,330    |                 |                 | 904,707    |  |
|                                                                |  | Partnership Units (76.92 Units, Acquired 08/21)                           |  |                                                                                                          |  | 76,923     |                 |      | 78,462     |                 |
|                                                                |  |                                                                               |  | 920,769                                                                                             |  |                 | 980,253    |      |                 | 983,169    |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| Modern Star Holdings Bidco Pty Limited (0.4%)*(3) (6) (7) (17) |  | Non-durable Consumer Goods                                                    |  | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)         |  | 2,111,991  |                 |      | 2,063,672  |                 |                 | 2,088,059  |  |
|                                                                |  |                                                                               |  | 2,111,991                                                                                           |  |                 | 2,063,672  |      |                 | 2,088,059  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| MSG National Properties (1.0%)*(3) (6) (7) (9)                 |  | Hotel, Gaming, & Leisure                                                  |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25)        |  | 4,950,000  |                 |      | 4,830,150  |                 |                 | 5,049,000  |  |
|                                                                |  |                                                                               |  | 4,950,000                                                                                           |  |                 | 4,830,150  |      |                 | 5,049,000  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| Murphy Midco Limited (0.2%)*(3) (6) (7) (12)                   |  | Media, Diversified & Production                                           |  | First Lien Senior Secured Term Loan (GBP LIBOR + 4.75%, 4.8% Cash, Acquired 11/20, Due 11/27)    |  | 1,079,864  |                 |      | 1,009,938  |                 |                 | 1,042,510  |  |
|                                                                |  |                                                                               |  | 1,079,864                                                                                           |  |                 | 1,009,938  |      |                 | 1,042,510  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| Music Reports, Inc. (1.1%)*(6) (7) (9)                         |  | Media & Entertainment                                                     |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 08/20, Due 08/26)         |  | 5,355,357  |                 |      | 5,249,356  |                 |                 | 5,248,249  |  |
|                                                                |  |                                                                               |  | 5,355,357                                                                                           |  |                 | 5,249,356  |      |                 | 5,248,249  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| Narda Acquisitionco., Inc. (0.7%)*(6)                          |  | Aerospace & Defense                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(7) (9) |  | 2,962,661  |                 |      | 2,911,329  |                 |                 | 2,910,814  |  |
|                                                                |  | Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(7) (9) |  |                                                                                                          |  | (11,825)        |                 |      | (11,965)        |                 |
|                                                                |  | Class B Common Stock (265.88 Shares, Acquired 12/21)                      |  |                                                                                                          |  | 26,588     |                 |      | 26,588     |                 |
|                                                                |  | Class A Preferred Stock (2,392.92 Shares, Acquired 12/21)                 |  |                                                                                                          |  | 239,292    |                 |      | 239,292    |                 |
|                                                                |  |                                                                               |  | 2,962,661                                                                                           |  |                 | 3,165,384  |      |                 | 3,164,729  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| Navia Benefit Solutions, Inc. (1.9%)* (6) (7) (9)              |  | Healthcare & Pharmaceuticals                                              |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27)        |  | 9,382,489  |                 |      | 9,178,828  |                 |                 | 9,300,168  |  |
|                                                                |  |                                                                               |  | 9,382,489                                                                                           |  |                 | 9,178,828  |      |                 | 9,300,168  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| Nexus Underwriting Management Limited (0.6%)*(3) (6) (7) (16)  |  | Other Financial                                                               |  | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)        |  | 2,721,811  |                 |      | 2,627,937  |                 |                 | 2,619,756  |  |
|                                                                |  | Revolver (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 4/22)         |  | 53,015                                                                                              |  |                 | 52,363     |      |                 | 51,690     |                 |
|                                                                |  |                                                                               |  | 2,774,826                                                                                           |  |                 | 2,680,300  |      |                 | 2,671,446  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| Northstar Recycling, LLC (0.8%)*(6) (7) (9)                    |  | Environmental Industries                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/21, Due 9/27)         |  | 3,994,499  |                 |      | 3,917,443  |                 |                 | 3,914,609  |  |
|                                                                |  |                                                                               |  | 3,994,499                                                                                           |  |                 | 3,917,443  |      |                 | 3,914,609  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| OA Buyer, Inc. (1.8%)*(6)                                      |  | Healthcare                                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(7) (9)  |  | 8,500,512  |                 |      | 8,331,137  |                 |                 | 8,330,502  |  |
|                                                                |  | Revolver (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(7) (9)  |  |                                                                                                          |  | (26,502)        |                 |      | (26,625)        |                 |
|                                                                |  | Partnership Units (210,920.1 units, Acquired 12/21)                       |  |                                                                                                          |  | 210,920    |                 |      | 210,920    |                 |
|                                                                |  |                                                                               |  | 8,500,512                                                                                           |  |                 | 8,515,555  |      |                 | 8,514,797  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| Odeon Cinemas Group Limited (1.7%)*(3)                         |  | Hotel, Gaming, & Leisure                                                  |  | First Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23)                      |  | 7,907,559  |                 |      | 8,100,545  |                 |                 | 8,065,710  |  |
|                                                                |  |                                                                               |  | 7,907,559                                                                                           |  |                 | 8,100,545  |      |                 | 8,065,710  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |
| OG III B.V. (1.2%)*(3) (6) (7) (13)                            |  | Containers & Glass Products                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)      |  | 5,960,428  |                 |      | 6,095,871  |                 |                 | 5,817,040  |  |
|                                                                |  |                                                                               |  | 5,960,428                                                                                           |  |                 | 6,095,871  |      |                 | 5,817,040  |                 |
|                                                                |  |                                                                               |  |                                                                                                          |  |                 |                 |      |                 |                 |

----

|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |                  |                  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|--|-------------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|------------------|------------------|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                             |  | Industry                                                                                                |  | Type of Investment(1) (2)                                                                                         |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Omni Intermediate Holdings, LLC (2.1%)*(6) (7) (8)                |  | Transportation                                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)                  |  | $                | 10,577,534  |      |                  | $                | 10,286,772  |                  |  | $ | 10,279,460  |  |
|                                                                   |  |                                                                                                         |  | 10,577,534                                                                                                   |  |                  | 10,286,772  |      |                  | 10,279,460  |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Oracle Vision Bidco Limited (0.3%)*(3) (6) (7) (16)               |  | Healthcare                                                                                              |  | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28)                 |  | 1,437,093   |                  |      | 1,455,981   |                  |                  | 1,403,562   |  |
|                                                                   |  |                                                                                                         |  | 1,437,093                                                                                                    |  |                  | 1,455,981   |      |                  | 1,403,562   |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Origin Bidco Limited (0.2%)*(3) (6) (7)                           |  | Technology                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(9)              |  | 597,094     |                  |      | 581,740     |                  |                  | 583,730     |  |
|                                                                   |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(13) |  | 377,231                                                                                                      |  |                  | 393,798     |      |                  | 368,788     |                  |
|                                                                   |  |                                                                                                         |  | 974,325                                                                                                      |  |                  | 975,538     |      |                  | 952,518     |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| OSP Hamilton Purchaser, LLC (0.5%)*(6) (7)                        |  | Technology                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27)(8)              |  | 2,280,849   |                  |      | 2,235,301   |                  |                  | 2,235,232   |  |
|                                                                   |  | Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27)(9)                               |  |                                                                                                                   |  | (3,725)          |                  |      | (3,731)          |                  |
|                                                                   |  |                                                                                                         |  | 2,280,849                                                                                                    |  |                  | 2,231,576   |      |                  | 2,231,501   |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Pacific Health Supplies Bidco Pty Limited (0.2%)*(3) (6) (7) (18) |  | Healthcare & Pharmaceuticals                                                                        |  | First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)                   |  | 846,857     |                  |      | 838,028     |                  |                  | 817,336     |  |
|                                                                   |  |                                                                                                         |  | 846,857                                                                                                      |  |                  | 838,028     |      |                  | 817,336     |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| PDQ.Com Corporation (2.9%)*(6)                                    |  | Business Equipment & Services                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)(7) (9)           |  | 14,048,392  |                  |      | 13,798,487  |                  |                  | 13,787,351  |  |
|                                                                   |  | Class A-2 Partnership Units (86.39 Units, Acquired 08/21)                                           |  |                                                                                                                   |  | 86,384      |                  |      | 86,998      |                  |
|                                                                   |  |                                                                                                         |  | 14,048,392                                                                                                   |  |                  | 13,884,871  |      |                  | 13,874,349  |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Permaconn BidCo Pty Ltd (1.0%)*(3) (6) (7) (17)                   |  | Tele-communications                                                                                     |  | First Lien Senior Secured Term Loan (BBSY + 6.5%, 6.5% Cash, Acquired 12/21, Due 12/27)                   |  | 5,236,413   |                  |      | 5,018,074   |                  |                  | 5,092,411   |  |
|                                                                   |  |                                                                                                         |  | 5,236,413                                                                                                    |  |                  | 5,018,074   |      |                  | 5,092,411   |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Polara Enterprises, L.L.C. (0.5%)*(6)                             |  | Capital Equipment                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)          |  | 2,121,317   |                  |      | 2,079,365   |                  |                  | 2,078,891   |  |
|                                                                   |  | Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)                           |  |                                                                                                                   |  | (5,382)          |                  |      | (5,452)          |                  |
|                                                                   |  | Partnership Units (1,910.22 Units, Acquired 12/21)                                                  |  |                                                                                                                   |  | 191,022     |                  |      | 191,022     |                  |
|                                                                   |  |                                                                                                         |  | 2,121,317                                                                                                    |  |                  | 2,265,005   |      |                  | 2,264,461   |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Policy Services Company, LLC (3.4%)*(6)                           |  | Property & Casualty Insurance                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, 4.0% PIK, Acquired 12/21, Due 06/26)(7) (9) |  | 17,368,421  |                  |      | 16,680,619  |                  |                  | 16,677,511  |  |
|                                                                   |  | Warrants - Class A (10,710 units, Acquired 12/21)                                                   |  |                                                                                                                   |  | —     |                  |      | —     |                  |
|                                                                   |  | Warrants - Class B (3,614 units, Acquired 12/21)                                                    |  |                                                                                                                   |  | —     |                  |      | —     |                  |
|                                                                   |  | Warrants - Class CC (372 units, Acquired 12/21)                                                     |  |                                                                                                                   |  | —     |                  |      | —     |                  |
|                                                                   |  | Warrants - Class D (955 units, Acquired 12/21)                                                      |  |                                                                                                                   |  | —     |                  |      | —     |                  |
|                                                                   |  |                                                                                                         |  | 17,368,421                                                                                                   |  |                  | 16,680,619  |      |                  | 16,677,511  |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Premium Franchise Brands, LLC (3.0%)*(6) (7) (9)                  |  | Research & Consulting Services                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)                 |  | 14,987,500  |                  |      | 14,711,824  |                  |                  | 14,687,750  |  |
|                                                                   |  |                                                                                                         |  | 14,987,500                                                                                                   |  |                  | 14,711,824  |      |                  | 14,687,750  |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Premium Invest (1.0%)*(3) (6) (7) (13)                            |  | Brokerage, Asset Managers & Exchanges                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28)                |  | 5,079,492   |                  |      | 5,173,255   |                  |                  | 4,996,702   |  |
|                                                                   |  |                                                                                                         |  | 5,079,492                                                                                                    |  |                  | 5,173,255   |      |                  | 4,996,702   |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Preqin MC Limited (0.6%)*(3) (6) (7) (21)                         |  | Banking, Finance, Insurance & Real Estate                                                           |  | First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28)                   |  | 3,147,172   |                  |      | 3,057,199   |                  |                  | 3,118,847   |  |
|                                                                   |  |                                                                                                         |  | 3,147,172                                                                                                    |  |                  | 3,057,199   |      |                  | 3,118,847   |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |
| Protego Bidco B.V. (0.2%)*(3) (6) (7) (13)                        |  | Aerospace & Defense                                                                                 |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27)               |  | 771,496     |                  |      | 785,844     |                  |                  | 760,123     |  |
|                                                                   |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)      |  | 370,050                                                                                                      |  |                  | 372,688     |      |                  | 356,912     |                  |
|                                                                   |  |                                                                                                         |  | 1,141,546                                                                                                    |  |                  | 1,158,532   |      |                  | 1,117,035   |                  |
|                                                                   |  |                                                                                                         |  |                                                                                                                   |  |                  |                  |      |                  |                  |

----

|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|------------------------------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                           |  | Industry                                                                                             |  | Type of Investment(1) (2)                                                                                |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| QPE7 SPV1 BidCo Pty Ltd (0.5%)*(3) (6) (7) (18) |  | Consumer Cyclical                                                                                    |  | First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26)          |  | $                | 2,612,544   |      |                  | $                | 2,518,174  |                  |  | $ | 2,571,564  |  |
|                                                 |  |                                                                                                      |  | 2,612,544                                                                                           |  |                  | 2,518,174   |      |                  | 2,571,564   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Questel Unite (0.6%)*(3) (6) (7)                |  | Business Services                                                                                    |  | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(13)  |  | 2,453,160   |                  |      | 2,440,918   |                  |                 | 2,420,774   |  |
|                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)(9) |  | 367,305                                                                                             |  |                  | 362,464     |      |                  | 365,101     |                 |
|                                                 |  |                                                                                                      |  | 2,820,465                                                                                           |  |                  | 2,803,382   |      |                  | 2,785,875   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Recovery Point Systems, Inc. (1.1%)*(6)         |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 08/26)(7) (9)  |  | 5,058,703   |                  |      | 4,977,053   |                  |                 | 5,058,704   |  |
|                                                 |  | Partnership Equity (81,313 Units, Acquired 03/21)                                                |  |                                                                                                          |  | 81,313      |                  |      | 65,050      |                  |
|                                                 |  |                                                                                                      |  | 5,058,703                                                                                           |  |                  | 5,058,366   |      |                  | 5,123,754   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Renovation Parent Holdings, LLC (2.0%)*(6)      |  | Home Furnishings                                                                                     |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 11/21, Due 11/27)(7) (10) |  | 9,708,738   |                  |      | 9,470,482   |                  |                 | 9,466,019   |  |
|                                                 |  | Partnership Units (394,736.8 Units, Acquired 11/21)                                              |  |                                                                                                          |  | 394,737     |                  |      | 406,579     |                  |
|                                                 |  |                                                                                                      |  | 9,708,738                                                                                           |  |                  | 9,865,219   |      |                  | 9,872,598   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| REP SEKO MERGER SUB LLC(2.8%)*(6) (7)           |  | Air Freight & Logistics                                                                          |  | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)(13)   |  | 9,686,848   |                  |      | 9,730,114   |                  |                 | 9,541,546   |  |
|                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)(9)  |  | 4,230,000                                                                                           |  |                  | 4,121,815   |      |                  | 4,155,641   |                 |
|                                                 |  |                                                                                                      |  | 13,916,848                                                                                          |  |                  | 13,851,929  |      |                  | 13,697,187  |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Resonetics, LLC (0.4%)*(6) (7) (9)              |  | Health Care Equipment                                                                                |  | Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29)        |  | 1,859,225   |                  |      | 1,823,508   |                  |                 | 1,822,041   |  |
|                                                 |  |                                                                                                      |  | 1,859,225                                                                                           |  |                  | 1,823,508   |      |                  | 1,822,041   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Reward Gateway (UK) Ltd (2.0%)*(3) (6) (7) (16) |  | Precious Metals & Minerals                                                                       |  | First Lien Senior Secured Term Loan (SONIA + 6.75%, 6.8% Cash, Acquired 08/21, Due 06/28)        |  | 9,771,582   |                  |      | 9,701,587   |                  |                 | 9,509,061   |  |
|                                                 |  |                                                                                                      |  | 9,771,582                                                                                           |  |                  | 9,701,587   |      |                  | 9,509,061   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Riedel Beheer B.V. (0.4%)*(3) (6) (7) (13)      |  | Food & Beverage                                                                                  |  | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)       |  | 1,898,944   |                  |      | 1,834,819   |                  |                 | 1,842,512   |  |
|                                                 |  | Super Senior Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/28) |  | 229,711                                                                                             |  |                  | 222,459     |      |                  | 223,394     |                 |
|                                                 |  | Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)                              |  |                                                                                                          |  | (4,558)          |                  |      | (4,594)          |                  |
|                                                 |  |                                                                                                      |  | 2,128,655                                                                                           |  |                  | 2,052,720   |      |                  | 2,061,312   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| RPX Corporation (3.2%)*(6) (7) (9)              |  | Research & Consulting Services                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25)         |  | 15,644,341  |                  |      | 15,328,215  |                  |                 | 15,322,664  |  |
|                                                 |  |                                                                                                      |  | 15,644,341                                                                                          |  |                  | 15,328,215  |      |                  | 15,322,664  |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Safety Products Holdings, LLC (1.0%)*(6)        |  | Non-durable Consumer Goods                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(7) (8)  |  | 4,847,275   |                  |      | 4,703,758   |                  |                 | 4,679,856   |  |
|                                                 |  | Common Stock (84.8 Units, Acquired 12/20)                                                        |  |                                                                                                          |  | 84,818      |                  |      | 116,220     |                  |
|                                                 |  |                                                                                                      |  | 4,847,275                                                                                           |  |                  | 4,788,576   |      |                  | 4,796,076   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Scaled Agile, Inc. (0.3%)*(6) (7) (9)           |  | Research & Consulting Services                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28)         |  | 1,747,991   |                  |      | 1,705,099   |                  |                 | 1,704,707   |  |
|                                                 |  | Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28)                                |  |                                                                                                          |  | (6,668)          |                  |      | (6,716)          |                  |
|                                                 |  |                                                                                                      |  | 1,747,991                                                                                           |  |                  | 1,698,431   |      |                  | 1,697,991   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Serta Simmons Bedding LLC (0.4%)*(7) (8)        |  | Home Furnishings                                                                                     |  | Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 09/20, Due 08/23)                   |  | 1,975,000   |                  |      | 1,763,194   |                  |                 | 1,842,241   |  |
|                                                 |  |                                                                                                      |  | 1,975,000                                                                                           |  |                  | 1,763,194   |      |                  | 1,842,241   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| SISU ACQUISITIONCO., INC. (1.0%)*(6) (7) (9)    |  | Aerospace & Defense                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26)        |  | 4,950,000   |                  |      | 4,865,322   |                  |                 | 4,781,700   |  |
|                                                 |  |                                                                                                      |  | 4,950,000                                                                                           |  |                  | 4,865,322   |      |                  | 4,781,700   |                 |
|                                                 |  |                                                                                                      |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Smartling, Inc. (1.7%)*(6) (7) (9)              |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)        |  | 8,235,294   |                  |      | 8,050,978   |                  |                 | 8,047,058   |  |
|                                                 |  | Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)                               |  |                                                                                                          |  | (11,479)         |                  |      | (11,765)         |                  |
|                                                 |  |                                                                                                      |  | 8,235,294                                                                                           |  |                  | 8,039,499   |      |                  | 8,035,293   |                 |

----

|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------|--|--------------------------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                             |  | Industry                                                                                         |  | Type of Investment(1) (2)                                                                                |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| SN BUYER, LLC (1.0%)*(6) (7) (8)                                  |  | Health Care Services                                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/20, Due 12/26)        |  | $                | 4,633,333   |      |                  | $                | 4,554,089  |                  |  | $ | 4,633,333  |  |
|                                                                   |  |                                                                                                  |  | 4,633,333                                                                                           |  |                  | 4,554,089   |      |                  | 4,633,333   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| SPT Acquico Limited (0.2%)*(3) (6) (7) (9)                        |  | High Tech Industries                                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27)        |  | 920,709     |                  |      | 900,342     |                  |                 | 920,709     |  |
|                                                                   |  |                                                                                                  |  | 920,709                                                                                             |  |                  | 900,342     |      |                  | 920,709     |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| SSCP Pegasus Midco Limited (0.1%)*(3) (6) (7) (11)                |  | Healthcare & Pharmaceuticals                                                                 |  | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27)    |  | 519,000     |                  |      | 454,712     |                  |                 | 509,342     |  |
|                                                                   |  |                                                                                                  |  | 519,000                                                                                             |  |                  | 454,712     |      |                  | 509,342     |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Starnmeer B.V. (1.8%)*(3) (6) (7) (9)                             |  | Technology                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 6.4%, 6.9% Cash, Acquired 10/21, Due 04/27)         |  | 8,639,613   |                  |      | 8,513,649   |                  |                 | 8,510,019   |  |
|                                                                   |  |                                                                                                  |  | 8,639,613                                                                                           |  |                  | 8,513,649   |      |                  | 8,510,019   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Superjet Buyer, LLC (3.7%)*(6) (7) (9)                            |  | Technology                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)        |  | 18,539,765  |                  |      | 18,168,970  |                  |                 | 18,168,970  |  |
|                                                                   |  | Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)                           |  |                                                                                                          |  | (29,205)         |                  |      | (29,205)         |                  |
|                                                                   |  |                                                                                                  |  | 18,539,765                                                                                          |  |                  | 18,139,765  |      |                  | 18,139,765  |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Syniverse Holdings, Inc. (0.9%)*(7) (9)                           |  | Technology Distributors                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/20, Due 03/23)         |  | 4,625,138   |                  |      | 4,109,487   |                  |                 | 4,592,392   |  |
|                                                                   |  |                                                                                                  |  | 4,625,138                                                                                           |  |                  | 4,109,487   |      |                  | 4,592,392   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Syntax Systems Ltd (0.9%)*(3) (6) (7) (8)                         |  | Technology                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/28)         |  | 4,168,199   |                  |      | 4,117,008   |                  |                 | 4,115,098   |  |
|                                                                   |  | Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/26)                            |  | 261,248                                                                                             |  |                  | 255,486     |      |                  | 255,275     |                 |
|                                                                   |  |                                                                                                  |  | 4,429,447                                                                                           |  |                  | 4,372,494   |      |                  | 4,370,373   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| TA SL Cayman Aggregator Corp.(0.2%)*(6)                           |  | Technology                                                                                       |  | Subordinated Term Loan (8.8% PIK, Acquired 07/21, Due 07/28)                                     |  | 924,672     |                  |      | 907,245     |                  |                 | 908,746     |  |
|                                                                   |  | Common Stock (736 Shares, Acquired 07/21)                                                    |  |                                                                                                          |  | 23,110      |                  |      | 30,066      |                  |
|                                                                   |  |                                                                                                  |  | 924,672                                                                                             |  |                  | 930,355     |      |                  | 938,812     |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Techone B.V. (0.5%)*(3) (6) (7) (13)                              |  | Technology                                                                                       |  | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)       |  | 2,610,755   |                  |      | 2,521,526   |                  |                 | 2,525,623   |  |
|                                                                   |  | Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 05/28)                          |  | 32,331                                                                                              |  |                  | 28,888      |      |                  | 29,098      |                 |
|                                                                   |  |                                                                                                  |  | 2,643,086                                                                                           |  |                  | 2,550,414   |      |                  | 2,554,721   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Tencarva Machinery Company, LLC (0.7%)*(6) (7) (9)                |  | Capital Equipment                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)         |  | 3,657,008   |                  |      | 3,593,300   |                  |                 | 3,593,010   |  |
|                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/23) |  |                                                                                                          |  | (10,281)         |                  |      | (10,336)         |                  |
|                                                                   |  | Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)                            |  |                                                                                                          |  | (13,096)         |                  |      | (13,167)         |                  |
|                                                                   |  |                                                                                                  |  | 3,657,008                                                                                           |  |                  | 3,569,923   |      |                  | 3,569,507   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) (0.8%)*(6) |  | Brokerage, Asset Managers & Exchanges                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(7) (9) |  | 815,571     |                  |      | 747,464     |                  |                 | 747,162     |  |
|                                                                   |  | Revolver (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(7) (9)                    |  |                                                                                                          |  | (13,866)         |                  |      | (13,929)         |                  |
|                                                                   |  | Subordinated Term Loan (7.75% PIK, Acquired 10/21, Due 10/28)                            |  | 3,209,622                                                                                           |  |                  | 3,146,621   |      |                  | 3,145,430   |                 |
|                                                                   |  |                                                                                                  |  | 4,025,193                                                                                           |  |                  | 3,880,219   |      |                  | 3,878,663   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Trident Maritime Systems, Inc. (3.5%)*(6) (7) (9)                 |  | Aerospace & Defense                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27)         |  | 16,872,500  |                  |      | 16,620,782  |                  |                 | 16,872,500  |  |
|                                                                   |  |                                                                                                  |  | 16,872,500                                                                                          |  |                  | 16,620,782  |      |                  | 16,872,500  |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Turbo Buyer, Inc. (1.2%)*(6) (7) (9)                              |  | Finance Companies                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/21, Due 12/25)         |  | 6,082,149   |                  |      | 5,935,100   |                  |                 | 5,930,636   |  |
|                                                                   |  |                                                                                                  |  | 6,082,149                                                                                           |  |                  | 5,935,100   |      |                  | 5,930,636   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |
| Turnberry Solutions, Inc. (1.5%)*(6) (7) (9)                      |  | Consumer Cyclical                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/21, Due 09/26)         |  | 7,500,000   |                  |      | 7,362,239   |                  |                 | 7,370,833   |  |
|                                                                   |  |                                                                                                  |  | 7,500,000                                                                                           |  |                  | 7,362,239   |      |                  | 7,370,833   |                 |
|                                                                   |  |                                                                                                  |  |                                                                                                          |  |                  |                  |      |                  |                  |

----

|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |                  |                  |                   |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|-------------------|------------------|------------------|-------------------|-------------------|------------------|------------------|------------------|-------------------|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company (5)                                                     |  | Industry                                                                                             |  | Type of Investment(1) (2)                                                                               |                   | PrincipalAmount  |                  | Cost              |                   | FairValue        |
| UKFast Leaders Limited (0.2%)*(3) (6) (7) (15)                            |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (SONIA + 7.0%, 7.1% Cash, Acquired 09/20, Due 09/27)        |                   | $                | 1,129,067   |                   |                   | $                | 1,045,185   |                  |                   | $ | 1,108,744  |  |
|                                                                           |  |                                                                                                      |  | 1,129,067                                                                                          |                   |                  | 1,045,185   |                   |                   | 1,108,744   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Utac Ceram (0.2%)*(3) (6) (7)                                             |  | Business Services                                                                                    |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/20, Due 09/27)(13) |                   | 796,040     |                  |                   | 822,033      |                  |                  | 780,838     |                   |
|                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 5.5% Cash, Acquired 02/21, Due 09/27)(9) |  | 363,900                                                                                            |                   |                  | 363,900     |                   |                   | 356,951     |                  |
|                                                                           |  |                                                                                                      |  | 1,159,940                                                                                          |                   |                  | 1,185,933   |                   |                   | 1,137,789   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| VistaJet Pass Through Trust 2021-1B (2.0%)                                |  | Airlines                                                                                             |  | Structured Secured Note - Class B (6.3% Cash, Acquired 11/21, Due 02/29)                        |                   | 10,000,000  |                  |                   | 10,000,000   |                  |                  | 9,810,970   |                   |
|                                                                           |  |                                                                                                      |  | 10,000,000                                                                                         |                   |                  | 10,000,000  |                   |                   | 9,810,970   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Vital Buyer, LLC (2.6%)*(6)                                               |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/28)(7) (9) |                   | 12,742,193  |                  |                   | 12,499,704   |                  |                  | 12,536,904  |                   |
|                                                                           |  | Partnership Equity (16,442.9 Units, Acquired 06/21)                                              |  |                                                                                                         |                   | 164,429     |                  |                   | 170,924      |                  |
|                                                                           |  |                                                                                                      |  | 12,742,193                                                                                         |                   |                  | 12,664,133  |                   |                   | 12,707,828  |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| W2O Holdings, Inc. (0.2%)*(6) (7) (9)                                     |  | Healthcare Technology                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 06/25)       |                   | 869,906     |                  |                   | 844,924      |                  |                  | 869,906     |                   |
|                                                                           |  |                                                                                                      |  | 869,906                                                                                            |                   |                  | 844,924     |                   |                   | 869,906     |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Willis Engine Structured Trust VI (0.5%)*                                 |  | Structured Finance                                                                                   |  | Structured Secured Note - Series 2021-1 Class C (7.4% Cash, Acquired 05/21, Due 05/46)          |                   | 2,527,197   |                  |                   | 2,527,164    |                  |                  | 2,484,193   |                   |
|                                                                           |  |                                                                                                      |  | 2,527,197                                                                                          |                   |                  | 2,527,164   |                   |                   | 2,484,193   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Woodland Foods, LLC (1.3%)*(6)                                            |  | Food & Beverage                                                                                  |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(7) (9) |                   | 5,379,644   |                  |                   | 5,273,311    |                  |                  | 5,272,050   |                   |
|                                                                           |  | Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(7) (9)                         |  | 80,470                                                                                             |                   |                  | 59,761      |                   |                   | 59,516      |                  |
|                                                                           |  | Common Stock (777,260.13 shares, Acquired 12/21)                                                 |  |                                                                                                         |                   | 777,260     |                  |                   | 777,260      |                  |
|                                                                           |  |                                                                                                      |  | 5,460,114                                                                                          |                   |                  | 6,110,332   |                   |                   | 6,108,826   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Subtotal Non–Control / Non–Affiliate Investments (155.7%) |  | 753,264,762                                                                                     |  |                                                                                                         | 748,497,732  |                  |                  | 754,860,940  |                   |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Affiliate Investments: (4)                                            |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Banff Partners LP (2.6%)*(3)                                              |  | Investment Funds & Vehicles                                                                      |  | 10% Partnership Interest, Acquired 03/21                                                            |                   |                  |                  | 12,645,628   |                   |                  | 12,859,306  |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   | 12,645,628  |                  |                   | 12,859,306   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Eclipse Business Capital, LLC (10.1%)*(6)                                 |  | Banking, Finance, Insurance & Real Estate                                                        |  | Second Lien Senior Secured Term Loan (7.5% Cash, Acquired 07/21, Due 07/28)                     |                   | 2,245,989   |                  |                   | 2,224,724    |                  |                  | 2,341,242   |                   |
|                                                                           |  | Revolver (LIBOR + 7.25%, Acquired 07/21. Due 07/28)(9)                                       |  | 898,396                                                                                            |                   |                  | 835,551     |                   |                   | 898,396     |                  |
|                                                                           |  | LLC Units (44,197,541 units, Acquired 07/21)                                                     |  |                                                                                                         |                   | 44,396,237  |                  |                   | 45,788,652   |                  |
|                                                                           |  |                                                                                                      |  | 3,144,385                                                                                          |                   |                  | 47,456,512  |                   |                   | 49,028,290  |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Thompson Rivers LLC (7.2%)*(3)                                            |  | Investment Funds & Vehicles                                                                      |  | 6.5% Member Interest, Acquired 06/21                                                                |                   |                  |                  | 32,286,860   |                   |                  | 34,892,669  |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   | 32,286,860  |                  |                   | 34,892,669   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Waccamaw River LLC (2.8%)*(3)                                             |  | Investment Funds & Vehicles                                                                      |  | 20% Member Interest, Acquired 04/21                                                                 |                   |                  |                  | 13,756,130   |                   |                  | 13,500,686  |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   | 13,756,130  |                  |                   | 13,500,686   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
| Subtotal Affiliate Investments (22.7%)                                    |  | 3,144,385                                                                                       |  |                                                                                                         | 106,145,130  |                  |                  | 110,280,951  |                   |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |
|                                                                           |  |                                                                                                      |  |                                                                                                         |                   |                  |                  |                   |
| Total Investments, December 31, 2021 (178.4%)*                       |  |                                                                                                      |  | $                                                                                                       | 756,409,147  |                  |                  | $                 | 854,642,862  |                  |                  | $                | 865,141,891  |   |

----

|                                                                  |  |                                 |  |                            |  |                |              |                  |  |                                        |         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------|--|---------------------------------|--|----------------------------|--|----------------|--------------|------------------|--|----------------------------------------|---------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Foreign Currency Forward Contracts:                          |  |                                 |  |                            |  |                |              |                  |  |                                        |
| Description                                                      |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Counterparty   |              | Settlement Date  |  | Unrealized Appreciation (Depreciation) |
| Foreign currency forward contract (AUD)                          |  | A$12,250,000                    |  | $8,905,661                 |  | HSBC Bank USA  |              | 01/06/22 |  | $                                      | (1,110) |  |
| Foreign currency forward contract (AUD)                          |  | $8,833,853                      |  | A$12,250,000               |  | HSBC Bank USA  |              | 01/06/22 |  | (70,697)                               |         |
| Foreign currency forward contract (AUD)                          |  | $5,502,516                      |  | A$7,658,810                |  | HSBC Bank USA  |              | 04/08/22 |  | (66,080)                               |         |
|                                                                  |  |                                 |  |                            |  |                |              |                  |  |                                        |
| Foreign currency forward contract (CAD)                          |  | C$5,580,274                     |  | $4,365,564                 |  | HSBC Bank USA  |              | 01/06/22 |  | 43,621                            |         |
| Foreign currency forward contract (CAD)                          |  | $4,373,494                      |  | C$5,580,274                |  | HSBC Bank USA  |              | 01/06/22 |  | (35,690)                               |         |
| Foreign currency forward contract (CAD)                          |  | $269,528                        |  | C$348,766                  |  | BNP Paribas SA |              | 04/08/22 |  | (5,960)                                |         |
| Foreign currency forward contract (CAD)                          |  | $4,438,652                      |  | C$5,675,455                |  | HSBC Bank USA  |              | 04/08/22 |  | (44,351)                               |         |
|                                                                  |  |                                 |  |                            |  |                |              |                  |  |                                        |
| Foreign currency forward contract (DKK)                          |  | 3,525,861kr.                    |  | $537,276                   |  | HSBC Bank USA  |              | 01/06/22 |  | 2,219                             |         |
| Foreign currency forward contract (DKK)                          |  | $551,385                        |  | 3,525,861kr.               |  | HSBC Bank USA  |              | 01/06/22 |  | 11,889                            |         |
| Foreign currency forward contract (DKK)                          |  | $531,331                        |  | 3,481,454kr.               |  | HSBC Bank USA  |              | 04/08/22 |  | (2,453)                                |         |
|                                                                  |  |                                 |  |                            |  |                |              |                  |  |                                        |
| Foreign currency forward contract (EUR)                          |  | €20,806,831               |  | $23,557,013                |  | HSBC Bank USA  |              | 01/06/22 |  | 118,979                           |         |
| Foreign currency forward contract (EUR)                          |  | $5,181,237                      |  | €4,500,000           |  | BNP Paribas SA |              | 01/06/22 |  | 60,708                            |         |
| Foreign currency forward contract (EUR)                          |  | $18,704,141                     |  | €16,306,831          |  | HSBC Bank USA  |              | 01/06/22 |  | 148,677                           |         |
| Foreign currency forward contract (EUR)                          |  | $10,435,755                     |  | €9,200,000           |  | BNP Paribas SA |              | 04/08/22 |  | (53,669)                               |         |
| Foreign currency forward contract (EUR)                          |  | $25,361,911                     |  | €22,357,095          |  | HSBC Bank USA  |              | 04/08/22 |  | (128,636)                              |         |
|                                                                  |  |                                 |  |                            |  |                |              |                  |  |                                        |
| Foreign currency forward contract (GBP)                          |  | £8,565,540                 |  | $11,504,279                |  | HSBC Bank USA  |              | 01/06/22 |  | 96,433                            |         |
| Foreign currency forward contract (GBP)                          |  | £4,067,592                 |  | $5,418,163                 |  | HSBC Bank USA  |              | 04/08/22 |  | 88,335                            |         |
| Foreign currency forward contract (GBP)                          |  | $11,472,162                     |  | £8,565,540            |  | HSBC Bank USA  |              | 01/06/22 |  | (128,550)                              |         |
| Total Foreign Currency Forward Contracts, December 31, 2021 |  |                                 |  |                            |  | $              | 33,665  |                  |

----

|                                   |                                                  |                    |                      |                                |                                  |                         |                                                       |               |                 |                 |                  |                 |                  |                 |                 |   |                   |                  |   |                 |               |  |  |  |  |  |
|-----------------------------------|--------------------------------------------------|--------------------|----------------------|--------------------------------|----------------------------------|-------------------------|-------------------------------------------------------|---------------|-----------------|-----------------|------------------|-----------------|------------------|-----------------|-----------------|---|-------------------|------------------|---|-----------------|---------------|--|--|--|--|--|
|                                   | December 31, 2020 Value                          | Gross Additions(b) | Gross Reductions (c) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | December 31, 2021 Value | Amount of Interest or Dividends Credited to Income(d) |
| Portfolio Company                 | Type of Investment(a)                            |
| Banff Partners LP                 | 10% Partnership Interest                         | $                  | —         |                                | $                                | 12,645,627         |                                                       | $             | —    |                 | $                | —    |                  | $               | 213,679    |   | $                 | 12,859,306  |   | $               | —  |  |
|                                   | —                                     |                    | 12,645,627      |                                | —                     |                         | —                                          |               | 213,679    |                 | 12,859,306  |                 | —     |                 |
|                                   |                                                  |                    |                      |                                |                                  |                         |                                                       |               |
| Eclipse Business Capital, LLC (e) | Second Lien Senior Secured Term Loan (7.5% Cash) | —       |                      | 2,224,724                 |                                  | —            |                                                       | —  |                 | 116,518    |                  | 2,341,242  |                  | 90,553     |                 |
| Revolver  (LIBOR + 7.25%)         | —                                     |                    | 835,551         |                                | —                     |                         | —                                          |               | 62,845     |                 | 898,396     |                 | 21,720      |                 |
| LLC Units (44,197,541 units)      | —                                     |                    | 44,396,237      |                                | —                     |                         | —                                          |               | 1,392,415  |                 | 45,788,652  |                 | 1,769,929   |                 |
|                                   | —                                     |                    | 47,456,512      |                                | —                     |                         | —                                          |               | 1,571,778  |                 | 49,028,290  |                 | 1,882,202   |                 |
|                                   |                                                  |                    |                      |                                |                                  |                         |                                                       |               |
| Thompson Rivers LLC               | 6.5% Member Interest                             | —       |                      | 32,286,861                |                                  | —            |                                                       | —  |                 | 2,605,808  |                  | $               | 34,892,669  |                 | 2,621,074  |   |
|                                   | —                                     |                    | 32,286,861      |                                | —                     |                         | —                                          |               | 2,605,808  |                 | 34,892,669  |                 | 2,621,074   |                 |
|                                   |                                                  |                    |                      |                                |                                  |                         |                                                       |               |
| Waccamaw River LLC                | 20% Member Interest                              | —       |                      | 13,756,130                |                                  | —            |                                                       | —  |                 | (255,444)       |                  | $               | 13,500,686  |                 | 280,000    |   |
|                                   | —                                     |                    | 13,756,130      |                                | —                     |                         | —                                          |               | (255,444)       |                 | 13,500,686  |                 | 280,000     |                 |
|                                   |                                                  |                    |                      |                                |                                  |                         |                                                       |               |
| Total Affiliate Investments       | $                                                | —       |                      | $                              | 106,145,130                 |                         | $                                                     | —  |                 | $               | —     |                 | $                | 4,135,821  |                 | $ | 110,280,951  |                  | $ | 4,783,276  |               |

----

|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |                 |                 |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------|--|-----------------|-----------------|------|-----------------|-----------------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                   |  | Industry                                                                                             |                 | Type of Investment(1) (2)                                                                                       |  | PrincipalAmount |                 | Cost |                 | FairValue       |
| Non–Control / Non–Affiliate Investments:        |  |                                                                                                      |                 |                                                                                                                 |  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| AEP Holdings, Inc. (4.2%)*(4) (5)                                   |  | Wholesale                                                                                            |                 | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25)(13)         |  | $               | 1,511,059  |      |                 | $               | 1,435,213  |                 |  | $ | 1,480,838  |  |
|                                                                     |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25)(7) |                 | 3,083,397                                                                                                  |  |                 | 3,022,858  |      |                 | 3,021,729  |                 |
|                                                                     |  |                                                                                                      |                 | 4,594,456                                                                                                  |  |                 | 4,458,071  |      |                 | 4,502,567  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Ahead DB Borrower, LLC. (0.7%)*(4) (5) (7)                          |  | Technology Distributors                                                                              |                 | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 10/20, Due 10/28)               |  | 741,557    |                 |      | 719,673    |                 |                 | 719,310    |  |
|                                                                     |  |                                                                                                      |                 | 741,557                                                                                                    |  |                 | 719,673    |      |                 | 719,310    |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Air Canada 2020-2 Class B Pass Through Trust (2.5%)*                |  | Airlines                                                                                             |                 | Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)                                |  | 2,500,000  |                 |      | 2,500,000  |                 |                 | 2,692,389  |  |
|                                                                     |  |                                                                                                      |                 | 2,500,000                                                                                                  |  |                 | 2,500,000  |      |                 | 2,692,389  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Anagram Holdings, LLC (5.8%)*(3)                                    |  | Chemicals, Plastics, & Rubber                                                                    |                 | First Lien Senior Secured Note (10.0% Cash, 5% PIK, Acquired 08/20, Due 08/25)                          |  | 5,469,512  |                 |      | 5,026,115  |                 |                 | 6,235,244  |  |
|                                                                     |  |                                                                                                      |                 | 5,469,512                                                                                                  |  |                 | 5,026,115  |      |                 | 6,235,244  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Apex Tool Group, LLC (0.4%)*(5) (6)                                 |  | Industrial Machinery                                                                                 |                 | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.5% Cash, Acquired 07/20, Due 08/24)               |  | 411,915    |                 |      | 392,826    |                 |                 | 406,371    |  |
|                                                                     |  |                                                                                                      | 411,915    |                                                                                                                 |  | 392,826    |                 |      | 406,371    |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Archimede (7.0%)*(3) (4) (5) (12)                                   |  | Consumer Services                                                                                    |                 | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)              |  | 7,708,364  |                 |      | 7,320,487  |                 |                 | 7,515,655  |  |
|                                                                     |  |                                                                                                      | 7,708,364  |                                                                                                                 |  | 7,320,487  |                 |      | 7,515,655  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Argus Bidco Limited (0.9%)*(3) (4) (5) (10)                         |  | High Tech Industries                                                                                 |                 | First Lien Senior Secured Term Loan (GBP LIBOR + 5.50%, 5.8% Cash, Acquired 12/20, Due 12/27)           |  | 1,012,555  |                 |      | 953,786    |                 |                 | 982,179    |  |
|                                                                     |  |                                                                                                      |                 | 1,012,555                                                                                                  |  |                 | 953,786    |      |                 | 982,179    |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| AVSC Holding Corp. (3.8%)*(5)                                       |  | Advertising                                                                                          |                 | First Lien Senior Secured Term Loan (LIBOR + 4.50%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25) (7) |  | 249,372    |                 |      | 227,574    |                 |                 | 221,941    |  |
|                                                                     |  | First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)        |                 | 3,404,342                                                                                                  |  |                 | 3,310,680  |      |                 | 3,897,972  |                 |
|                                                                     |  |                                                                                                      |                 | 3,653,714                                                                                                  |  |                 | 3,538,254  |      |                 | 4,119,913  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| British Airways 2020-1 Class B Pass Through Trust (1.5%)*           |  | Airlines                                                                                             |                 | Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)                                |  | 1,500,000  |                 |      | 1,500,000  |                 |                 | 1,661,827  |  |
|                                                                     |  |                                                                                                      |                 | 1,500,000                                                                                                  |  |                 | 1,500,000  |      |                 | 1,661,827  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| British Engineering Services Holdco Limited (1.3%)*(3) (4) (5) (10) |  | Engineering Services                                                                                 |                 | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.5% Cash, Acquired 12/20, Due 12/27)           |  | 1,478,002  |                 |      | 1,368,637  |                 |                 | 1,403,233  |  |
|                                                                     |  |                                                                                                      |                 | 1,478,002                                                                                                  |  |                 | 1,368,637  |      |                 | 1,403,233  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Carlson Travel, Inc. (4.1%)*                                        |  | Business Equipment & Services                                                                    |                 | First Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25)                                   |  | 2,000,000  |                 |      | 1,575,000  |                 |                 | 1,647,500  |  |
|                                                                     |  | Super Senior Senior Secured Term Loan (10.5% Cash, Acquired 11/20, Due 03/25)                |                 | 2,660,000                                                                                                  |  |                 | 2,603,913  |      |                 | 2,746,450  |                 |
|                                                                     |  | Common Stock (1,231 units, Acquired 11/20)(4)                                                    |                 |                                                                                                                 |  | 55,395     |                 |      | 43,085     |                 |
|                                                                     |  |                                                                                                      |                 | 4,660,000                                                                                                  |  |                 | 4,234,308  |      |                 | 4,437,035  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Cineworld Group PLC (5.1%)*(3) (5)                                  |  | Leisure Products                                                                                     |                 | First Lien Senior Secured Term Loan (LIBOR + 2.50%, 2.8% Cash, Acquired 04/20, Due 02/25) (7)           |  | 6,081,689  |                 |      | 3,874,533  |                 |                 | 4,104,167  |  |
|                                                                     |  | Super Senior Secured Term Loan (7.00% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)             |                 | 1,084,989                                                                                                  |  |                 | 970,160    |      |                 | 1,287,524  |                 |
|                                                                     |  | Warrants (371,024 units, Acquired 12/20)                                                         |                 |                                                                                                                 |  | 68,122     |                 |      | 111,578    |                 |
|                                                                     |  |                                                                                                      |                 | 7,166,678                                                                                                  |  |                 | 4,912,815  |      |                 | 5,503,269  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| CSL DualCom (4.2%)*(3) (4) (5) (10)                                 |  | Tele-communications                                                                                  |                 | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 09/20, Due 09/27)            |  | 4,702,236  |                 |      | 4,209,846  |                 |                 | 4,539,434  |  |
|                                                                     |  |                                                                                                      |                 | 4,702,236                                                                                                  |  |                 | 4,209,846  |      |                 | 4,539,434  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |
| Cvent, Inc. (1.8%)*(5) (6)                                          |  | Internet Software & Services                                                                     |                 | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.9% Cash, Acquired 07/20, Due 11/24)               |  | 1,971,413  |                 |      | 1,704,131  |                 |                 | 1,892,557  |  |
|                                                                     |  |                                                                                                      |                 | 1,971,413                                                                                                  |  |                 | 1,704,131  |      |                 | 1,892,557  |                 |
|                                                                     |  |                                                                                                      |                 |                                                                                                                 |  |                 |                 |      |                 |                 |

----

|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |                 |                 |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|--|------------------|-----------------|------|-----------------|-----------------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                  |  | Industry                                                                                                        |  | Type of Investment(1) (2)                                                                               |  | PrincipalAmount  |                 | Cost |                 | FairValue       |
| Discovery Education, Inc. (6.9%)*(4) (5) (6)                       |  | Publishing                                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)       |  | $                | 7,500,000  |      |                 | $               | 7,371,942  |                 |  | $ | 7,368,750  |  |
|                                                                    |  |                                                                                                                 |  | 7,500,000                                                                                          |  |                  | 7,371,942  |      |                 | 7,368,750  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| FitzMark Buyer, LLC (1.6%)*(4) (5) (6)                             |  | Cargo & Transportation                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26)       |  | 1,764,706   |                 |      | 1,714,927  |                 |                 | 1,714,706  |  |
|                                                                    |  |                                                                                                                 |  | 1,764,706                                                                                          |  |                  | 1,714,927  |      |                 | 1,714,706  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Foundation Risk Partners, Corp.  (3.1%)*(4) (5) (7)                |  | Financial Services                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23)       |  | 2,835,412   |                 |      | 2,766,405  |                 |                 | 2,766,684  |  |
|                                                                    |  | Second Lien Senior Secured Term Loan (LIBOR + 8.50%, 9.5% Cash, Acquired 09/20, Due 11/24)              |  | 555,556                                                                                            |  |                  | 512,450    |      |                 | 516,889    |                 |
|                                                                    |  |                                                                                                                 |  | 3,390,968                                                                                          |  |                  | 3,278,855  |      |                 | 3,283,573  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Hawaiian Airlines 2020-1 Class B Pass Through Certificates (3.7%)* |  | Airlines                                                                                                        |  | Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)                       |  | 3,885,806   |                 |      | 3,885,806  |                 |                 | 4,009,264  |  |
|                                                                    |  |                                                                                                                 |  | 3,885,806                                                                                          |  |                  | 3,885,806  |      |                 | 4,009,264  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Hoffmaster Group Inc. (2.1%)*(5) (7)                               |  | Packaging                                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 07/20, Due 11/23)        |  | 2,540,558   |                 |      | 2,167,502  |                 |                 | 2,222,988  |  |
|                                                                    |  |                                                                                                                 |  | 2,540,558                                                                                          |  |                  | 2,167,502  |      |                 | 2,222,988  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Houghton Mifflin Harcourt Publishers Inc. (0.4%)*(3) (5) (6)       |  | Paper Products                                                                                                  |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/20, Due 11/24)       |  | 487,179     |                 |      | 455,484    |                 |                 | 466,679    |  |
|                                                                    |  |                                                                                                                 |  | 487,179                                                                                            |  |                  | 455,484    |      |                 | 466,679    |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| IGL Holdings III Corp. (4.4%)*(4) (5) (7)                          |  | Commercial Printing                                                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)       |  | 4,857,627   |                 |      | 4,722,806  |                 |                 | 4,719,507  |  |
|                                                                    |  |                                                                                                                 |  | 4,857,627                                                                                          |  |                  | 4,722,806  |      |                 | 4,719,507  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Infoblox, Inc. (2.7%)*(5) (8)                                      |  | Technology                                                                                                      |  | Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 09/20, Due 11/28)      |  | 2,842,720   |                 |      | 2,828,609  |                 |                 | 2,860,487  |  |
|                                                                    |  |                                                                                                                 |  | 2,842,720                                                                                          |  |                  | 2,828,609  |      |                 | 2,860,487  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| INOS 19-090 GmbH (3.8%)*(3) (4) (5) (13)                           |  | Aerospace & Defense                                                                                         |  | First Lien Senior Secured Term Loan (EURIBOR + 6.1%, 6.1% Cash, Acquired 12/20, Due 10/27)      |  | 4,251,776   |                 |      | 4,117,699  |                 |                 | 4,133,671  |  |
|                                                                    |  |                                                                                                                 |  | 4,251,776                                                                                          |  |                  | 4,117,699  |      |                 | 4,133,671  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| JetBlue 2019-1 Class B Pass Through Trust (1.9%)*                  |  | Airlines                                                                                                        |  | Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)                        |  | 1,888,677   |                 |      | 1,888,677  |                 |                 | 2,019,218  |  |
|                                                                    |  |                                                                                                                 |  | 1,888,677                                                                                          |  |                  | 1,888,677  |      |                 | 2,019,218  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Kano Laboratories LLC (3.2%)*(4) (5) (7)                           |  | Chemicals, Plastics & Rubber                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26)        |  | 3,419,558   |                 |      | 3,321,458  |                 |                 | 3,319,691  |  |
|                                                                    |  | Partnership Equity (78.7 units, Acquired 11/20)                                                             |  |                                                                                                         |  | 78,690      |                 |      | 78,690     |                 |
|                                                                    |  |                                                                                                                 |  | 3,419,558                                                                                          |  |                  | 3,400,148  |      |                 | 3,398,381  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Kona Buyer, LLC (9.1%)*(4) (5) (7)                                 |  | High Tech Industries                                                                                            |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)        |  | 10,000,000  |                 |      | 9,752,134  |                 |                 | 9,750,000  |  |
|                                                                    |  |                                                                                                                 |  | 10,000,000                                                                                         |  |                  | 9,752,134  |      |                 | 9,750,000  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Learfield Communications, LLC   (4.8%)*                            |  | Broadcasting                                                                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(5)(6) |  | 68,401      |                 |      | 48,223     |                 |                 | 61,536     |  |
|                                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 3.00%, 3.2% Cash, 10.0% PIK, Acquired 08/20, Due 12/23)(7) |  | 5,129,549                                                                                          |  |                  | 5,083,688  |      |                 | 5,095,335  |                 |
|                                                                    |  |                                                                                                                 |  | 5,197,950                                                                                          |  |                  | 5,131,911  |      |                 | 5,156,871  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Modern Star Holdings Bidco Pty Limited. (3.3%)*(3) (4) (5) (15)    |  | Non-durable Consumer Goods                                                                                      |  | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)        |  | 3,630,729   |                 |      | 3,454,445  |                 |                 | 3,498,798  |  |
|                                                                    |  |                                                                                                                 |  | 3,630,729                                                                                          |  |                  | 3,454,445  |      |                 | 3,498,798  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| MSG National Properties (4.7%)*(3) (4) (5) (7)                     |  | Hotel, Gaming, & Leisure                                                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25)       |  | 5,000,000   |                 |      | 4,852,932  |                 |                 | 5,025,000  |  |
|                                                                    |  |                                                                                                                 |  | 5,000,000                                                                                          |  |                  | 4,852,932  |      |                 | 5,025,000  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |
| Murphy Midco Limited (3.1%)*(3) (4) (5) (11)                       |  | Media, Diversified & Production                                                                             |  | First Lien Senior Secured Term Loan (GBP LIBOR + 5.50%, 5.5% Cash, Acquired 11/20, Due 11/27)   |  | 3,430,406   |                 |      | 3,196,205  |                 |                 | 3,293,189  |  |
|                                                                    |  |                                                                                                                 |  | 3,430,406                                                                                          |  |                  | 3,196,205  |      |                 | 3,293,189  |                 |
|                                                                    |  |                                                                                                                 |  |                                                                                                         |  |                  |                 |      |                 |                 |

----

|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |                 |                 |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------|--|-----------------------------------------------|--|-------------------------------------------------------------------------------------------------------|--|-----------------|-----------------|------|-----------------|-----------------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                 |  | Industry                                      |  | Type of Investment(1) (2)                                                                             |  | PrincipalAmount |                 | Cost |                 | FairValue       |
| Music Reports, Inc. (2.1%)*(4) (5) (6)                            |  | Media & Entertainment                     |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 08/20, Due 08/26)     |  | $               | 2,285,363  |      |                 | $               | 2,230,977  |                 |  | $ | 2,234,894  |  |
|                                                                   |  |                                               |  | 2,285,363                                                                                        |  |                 | 2,230,977  |      |                 | 2,234,894  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Omni Intermediate Holdings, LLC (2.3%)*(4) (5) (6)                |  | Transportation                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)      |  | 2,500,000  |                 |      | 2,425,066  |                 |                 | 2,425,000  |  |
|                                                                   |  |                                               |  | 2,500,000                                                                                        |  |                 | 2,425,066  |      |                 | 2,425,000  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Omnitracs, LLC (4.6%)*(5) (6)                                     |  | Application Software                          |  | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 8.1% Cash, Acquired 09/20, Due 09/28)     |  | 5,000,000  |                 |      | 4,902,454  |                 |                 | 4,925,000  |  |
|                                                                   |  |                                               |  | 5,000,000                                                                                        |  |                 | 4,902,454  |      |                 | 4,925,000  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Pacific Health Supplies Bidco Pty Limited (4.5%)*(3) (4) (5) (14) |  | Healthcare & Pharmaceuticals              |  | First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)       |  | 4,947,897  |                 |      | 4,612,849  |                 |                 | 4,795,353  |  |
|                                                                   |  |                                               |  | 4,947,897                                                                                        |  |                 | 4,612,849  |      |                 | 4,795,353  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| PerTronix, LLC (2.6%)*(4) (5) (8)                                 |  | Automotive                                    |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26)     |  | 2,877,664  |                 |      | 2,835,535  |                 |                 | 2,834,499  |  |
|                                                                   |  |                                               |  | 2,877,664                                                                                        |  |                 | 2,835,535  |      |                 | 2,834,499  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Playtika Holding Corp. (0.5%)*(5) (7)                             |  | Leisure, Amusement & Entertainment        |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 12/24)      |  | 487,179    |                 |      | 491,628    |                 |                 | 489,562    |  |
|                                                                   |  |                                               |  | 487,179                                                                                          |  |                 | 491,628    |      |                 | 489,562    |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Premium Franchise Brands, LLC (4.6%)*(4) (5) (7)                  |  | Research & Consulting Services            |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)     |  | 5,000,000  |                 |      | 4,900,333  |                 |                 | 4,900,000  |  |
|                                                                   |  |                                               |  | 5,000,000                                                                                        |  |                 | 4,900,333  |      |                 | 4,900,000  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Questel Unite (1.6%)*(3) (4) (5) (13)                             |  | Business Services                             |  | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/27)   |  | 1,791,868  |                 |      | 1,734,376  |                 |                 | 1,748,611  |  |
|                                                                   |  |                                               |  | 1,791,868                                                                                        |  |                 | 1,734,376  |      |                 | 1,748,611  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Radwell International, LLC (0.7%)*(4) (5) (7)                     |  | Wholesale                                     |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26)     |  | 815,089    |                 |      | 795,255    |                 |                 | 795,089    |  |
|                                                                   |  |                                               |  | 815,089                                                                                          |  |                 | 795,255    |      |                 | 795,089    |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Recovery Point Systems, Inc. (4.8%)*(4) (5) (6)                   |  | Technology                                    |  | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 07/26)      |  | 5,122,737  |                 |      | 5,025,591  |                 |                 | 5,109,930  |  |
|                                                                   |  |                                               |  | 5,122,737                                                                                        |  |                 | 5,025,591  |      |                 | 5,109,930  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| REP SEKO MERGER SUB LLC(3.9%)*(4) (5) (6)                         |  | Air Freight & Logistics                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)      |  | 4,272,727  |                 |      | 4,145,244  |                 |                 | 4,172,727  |  |
|                                                                   |  |                                               |  | 4,272,727                                                                                        |  |                 | 4,145,244  |      |                 | 4,172,727  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| RPX Corporation (4.6%)*(4) (5) (7)                                |  | Research & Consulting Services            |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25)      |  | 5,000,000  |                 |      | 4,891,445  |                 |                 | 4,887,500  |  |
|                                                                   |  |                                               |  | 5,000,000                                                                                        |  |                 | 4,891,445  |      |                 | 4,887,500  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Safety Products Holdings, LLC (3.3%)* (5) (4)                     |  | Non-durable Consumer Goods                    |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26) (7)  |  | 3,621,713  |                 |      | 3,511,811  |                 |                 | 3,511,122  |  |
|                                                                   |  | Common Stock (84.8 units, Acquired 12/20) |  |                                                                                                       |  | 84,818     |                 |      | 84,820     |                 |
|                                                                   |  |                                               |  | 3,621,713                                                                                        |  |                 | 3,596,629  |      |                 | 3,595,942  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| Serta Simmons Bedding LLC (1.7%)*(5) (6)                          |  | Home Furnishings                              |  | Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 09/20, Due 08/23)                |  | 1,995,000  |                 |      | 1,672,442  |                 |                 | 1,791,929  |  |
|                                                                   |  |                                               |  | 1,995,000                                                                                        |  |                 | 1,672,442  |      |                 | 1,791,929  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| SISU ACQUISITIONCO., INC. (4.6%)*(4) (5) (7)                      |  | Aerospace & Defense                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26)     |  | 5,000,000  |                 |      | 4,900,380  |                 |                 | 4,900,000  |  |
|                                                                   |  |                                               |  | 5,000,000                                                                                        |  |                 | 4,900,380  |      |                 | 4,900,000  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| SN BUYER, LLC (4.6%)*(4) (5) (7)                                  |  | Health Care Services                          |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 11/26)     |  | 5,000,000  |                 |      | 4,900,628  |                 |                 | 4,900,000  |  |
|                                                                   |  |                                               |  | 5,000,000                                                                                        |  |                 | 4,900,628  |      |                 | 4,900,000  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |
| SSCP Pegasus Midco Limited (2.5%)*(3) (4) (5) (11)                |  | Healthcare & Pharmaceuticals              |  | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27) |  | 2,874,608  |                 |      | 2,692,724  |                 |                 | 2,730,986  |  |
|                                                                   |  |                                               |  | 2,874,608                                                                                        |  |                 | 2,692,724  |      |                 | 2,730,986  |                 |
|                                                                   |  |                                               |  |                                                                                                       |  |                 |                 |      |                 |                 |

----

|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |                  |                 |                   |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------|--|-------------------------|--|-------------------------------------------------------------------------------------------------------|-------------------|------------------|------------------|-------------------|-------------------|-----------------|------------------|-----------------|-------------------|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                |  | Industry                |  | Type of Investment(1) (2)                                                                             |                   | PrincipalAmount  |                  | Cost              |                   | FairValue       |
| Syniverse Holdings, Inc. (3.9%)*(5) (7)                          |  | Technology Distributors |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/20, Due 03/23)      |                   | $                | 4,661,084   |                   |                   | $               | 3,771,502   |                 |                   | $ | 4,199,497  |  |
|                                                                  |  |                         |  | 4,661,084                                                                                        |                   |                  | 3,771,502   |                   |                   | 4,199,497  |                  |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| UKFast Leaders Limited (5.5%)*(3) (4) (5) (9)                    |  | Technology              |  | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 09/20, Due 09/27) |                   | 6,056,570   |                  |                   | 5,535,216    |                 |                  | 5,906,367  |                   |
|                                                                  |  |                         |  | 6,056,570                                                                                        |                   |                  | 5,535,216   |                   |                   | 5,906,367  |                  |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| Utac Ceram (4.6%)*(3) (4) (5) (13)                               |  | Business Services       |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/20, Due 09/27)   |                   | 5,138,910   |                  |                   | 4,732,803    |                 |                  | 4,981,607  |                   |
|                                                                  |  |                         |  | 5,138,910                                                                                        |                   |                  | 4,732,803   |                   |                   | 4,981,607  |                  |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| W2O Holdings, Inc. (-0.0%)*(4) (5)                               |  | Technology Distributors |  | Undrawn Delayed Draw Term Loan (LIBOR + 5.0%, 5.0% Cash, Acquired 10/20, Due 06/25)           |                   |                  |                  | (46,877)          |                   |                 | (42,121)         |                 |
|                                                                  |  |                         |  |                                                                                                       |                   | (46,877)         |                  |                   | (42,121)          |                 |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| Winebow Group, LLC, (The)     (2.0%)* (5) (6)                    |  | Consumer Goods          |  | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 08/20, Due 07/21)     |                   | 2,348,162   |                  |                   | 2,032,092    |                 |                  | 2,146,807  |                   |
|                                                                  |  |                         |  | 2,348,162                                                                                        |                   |                  | 2,032,092   |                   |                   | 2,146,807  |                  |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| Subtotal Non–Control / Non–Affiliate Investments |  | 188,455,633        |  |                                                                                                       | 177,837,323  |                  |                  | 183,961,244  |                   |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| Short-Term Investments:                                      |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| BlackRock, Inc. (14.2%)*                                         |  | Money Market Fund       |  | BlackRock Liquidity Temporary Fund (0.08% yield)                                                      |                   |                  |                  | 15,201,727   |                   |                 | 15,201,647  |                 |
|                                                                  |  |                         |  |                                                                                                       |                   | 15,201,727  |                  |                   | 15,201,647   |                 |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| HSBC Holdings PLC (0.1%)*                                        |  | Money Market Fund       |  | HSBC Funds U.S. Government Money Market Fund (0.03% yield)                                            |                   |                  |                  | 95,051       |                   |                 | 95,051      |                 |
|                                                                  |  |                         |  |                                                                                                       |                   | 95,051      |                  |                   | 95,051       |                 |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| JPMorgan Chase & Co. (14.7%)*                                |  | Money Market Fund       |  | JPMorgan Prime Money Market Fund (0.09% yield)                                                        |                   |                  |                  | 15,803,827   |                   |                 | 15,803,746  |                 |
|                                                                  |  |                         |  |                                                                                                       |                   | 15,803,827  |                  |                   | 15,803,746   |                 |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |                   |                 |
| Subtotal Short-Term Investments                                  |  |                         |  | 31,100,605                                                                                       |                   |                  | 31,100,444  |                   |
|                                                                  |  |                         |  |                                                                                                       |                   |                  |                  |                   |
| Total Investments, December 31, 2020 (200.26%)*                  |  |                         |  | $                                                                                                     | 188,455,633  |                  |                  | $                 | 208,937,928  |                 |                  | $               | 215,061,688  |   |

|                                                             |  |                                 |  |                            |  |  |  |                  |           |                                        |          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------|--|---------------------------------|--|----------------------------|--|--|--|------------------|-----------|----------------------------------------|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Foreign Currency Forward Contracts:                     |  |                                 |  |                            |  |  |  |                  |           |                                        |
| Description                                                 |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  |  |  | Settlement Date  |           | Unrealized Appreciation (Depreciation) |
| Foreign currency forward contract (AUD)                     |  | $1,487,900                      |  | A$2,000,000                |  |  |  | 01/05/21 |           | $                                      | (53,700) |  |
| Foreign currency forward contract (AUD)                     |  | A$2,000,000                     |  | $1,511,040                 |  |  |  | 01/05/21 |           | 30,560                            |          |
|                                                             |  |                                 |  |                            |  |  |  |                  |           |                                        |
| Foreign currency forward contract (EUR)                     |  | $6,397,074                      |  | €5,400,000           |  |  |  | 01/05/21 |           | (206,855)                              |          |
| Foreign currency forward contract (EUR)                     |  | €5,400,000                |  | $6,492,420                 |  |  |  | 01/05/21 |           | 111,509                           |          |
|                                                             |  |                                 |  |                            |  |  |  |                  |           |                                        |
| Foreign currency forward contract (GBP)                     |  | $13,554,563                     |  | £10,570,000           |  |  |  | 01/05/21 |           | (889,334)                              |          |
| Foreign currency forward contract (GBP)                     |  | $93,335                         |  | £68,497               |  |  |  | 04/06/21 |           | (319)                                  |          |
| Foreign currency forward contract (GBP)                     |  | £10,570,000                |  | $13,618,935                |  |  |  | 01/05/21 |           | 824,961                           |          |
|                                                             |  |                                 |  |                            |  |  |  |                  |           |                                        |
| Total Foreign Currency Forward Contracts, December 31, 2020 |  |                                 |  |                            |  |  |  | $                | (183,178) |                                        |

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----

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|                                         |                  |                   |                    |                 |                   |                          |                     |                    |                    |       |                                               |          |          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|------------------|-------------------|--------------------|-----------------|-------------------|--------------------------|---------------------|--------------------|--------------------|-------|-----------------------------------------------|----------|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021:                  | Fair Value       |                   | ValuationModel     |                 | Level 3Input      |                          | Range ofInputs      |                    | Weighted Average   |       | Impact to Valuation from an Increase in Input |
| Senior debt and 1st lien notes(1)       | $                | 320,215,300  |                    |                 | Yield Analysis    |                          | Market Yield        |                    | 5.2% – 16.2% |       | 7.4%                                          |          | Decrease |
| 243,352,327                        |                  |                   | Recent Transaction |                 | Transaction Price |                          | 97.0% – 99.0% |                    | 97.8%              |       | Increase                                      |
| Subordinated debt and 2nd lien notes(2) | 39,802,370  |                   |                    | Yield Analysis  |                   | Market Yield             |                     | 5.3% – 9.9%  |                    | 9.1%  |                                               | Decrease |
| 19,048,843                         |                  |                   | Recent Transaction |                 | Transaction Price |                          | 97.0% – 98.3% |                    | 98.0%              |       | Increase                                      |
| Equity shares(3)                        | 51,486,576  |                   |                    | Market Approach |                   | Adjusted EBITDA Multiple |                     | 6.5x – 54.0x |                    | 15.3x |                                               | Increase |
| 2,893,385                          |                  |                   | Recent Transaction |                 | Transaction Price |                          | $1 – $1000    |                    | $119               |       | Increase                                      |
|                                         |                  |                   |                    |                 |                   |                          |                     |                    |                    |       |                                               |
|                                         |                  |                   |                    |                 |                   |                          |                     |                    |                    |       |                                               |

----

|                                         |               |                  |                    |                    |                   |                   |                    |                     |                    |        |                                               |          |          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|---------------|------------------|--------------------|--------------------|-------------------|-------------------|--------------------|---------------------|--------------------|--------|-----------------------------------------------|----------|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2020:                  | Fair Value    |                  | ValuationModel     |                    | Level 3Input      |                   | Range ofInputs     |                     | Weighted Average   |        | Impact to Valuation from an Increase in Input |
| Senior debt and 1st lien notes(1)       | $             | 60,618,463  |                    |                    | Yield Analysis    |                   | Market Yield       |                     | 5.7% – 13.2% |        | 7.3%                                          |          | Decrease |
| 59,681,166                         |               |                  | Recent Transaction |                    | Transaction Price |                   | 96.0% – 100% |                     | 97.6%              |        | Increase                                      |
| Subordinated debt and 2nd lien notes(2) | 516,889  |                  |                    | Yield Analysis     |                   | Market Yield      |                    | 10.1% – 10.9% |                    | 10.2%  |                                               | Decrease |
| Equity shares(3)                        | 78,690   |                  |                    | Recent Transaction |                   | Transaction Price |                    | $1,000              |                    | $1,000 |                                               | Increase |
|                                         |               |                  |                    |                    |                   |                   |                    |                     |                    |        |                                               |
|                                         |               |                  |                    |                    |                   |                   |                    |                     |                    |        |                                               |

----

----

|                                                   |                   |                 |                                                                   |               |   |               |  |  |  |  |  |
|---------------------------------------------------|-------------------|-----------------|-------------------------------------------------------------------|---------------|---|---------------|--|--|--|--|--|
|                                                   | Year Ended        |                 | For the period from July 13, 2020 (commencement of operations) to |
|                                                   | December 31, 2021 |                 | December 31, 2020                                                 |
| Recurring Fee Income:                         |                   |                 |                                                                   |
| Amortization of loan origination fees             | $                 | 1,457,694  |                                                                   |               | $ | 86,307   |  |
| Management, valuation and other fees              | 496,672      |                 |                                                                   | 39,604   |   |
| Total Recurring Fee Income                        | 1,954,366    |                 |                                                                   | 125,911  |   |
| Non-Recurring Fee Income:                     |                   |                 |                                                                   |
| Prepayment fees                                   | 73,186       |                 |                                                                   | —  |   |
| Acceleration of unamortized loan origination fees | 961,387      |                 |                                                                   | 8,076    |   |
| Advisory, loan amendment and other fees           | 360,610      |                 |                                                                   | 135,205  |   |
| Total Non-Recurring Fee Income                    | 1,395,183    |                 |                                                                   | 143,281  |   |
| Total Fee Income                                  | $                 | 3,349,549  |                                                                   |               | $ | 269,192  |  |

----

----

|                                        |  |                   |            |                    |  |                         |                  |                   |                 |                                        |                  |                 |  |   |                  |  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------|--|-------------------|------------|--------------------|--|-------------------------|------------------|-------------------|-----------------|----------------------------------------|------------------|-----------------|--|---|------------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Declared                               |  | Record            |            | Payable            |  | Per    ShareAmount |                  | AmountPaid inCash |                 | Amount Settled via Newly Issued Shares |                  | Total           |
| March 23, 2021                         |  | March 31, 2021    |            | April 30, 2021     |  | $                       | 0.38        |                   |                 | $                                      | 1,112,691   |                 |  | $ | 1,817,293   |  |  | $ | 2,929,984  |  |
| May 6, 2021                            |  | June 9, 2021      |            | June 16, 2021      |  | 0.45               |                  |                   | 1,931,181  |                                        |                  | 2,599,114  |  |   | 4,530,295   |  |
| August 5, 2021                         |  | August 10, 2021   |            | September 15, 2021 |  | 0.50               |                  |                   | 3,151,300  |                                        |                  | 3,373,514  |  |   | 6,524,814   |  |
| November 9, 2021                       |  | November 24, 2021 |            | December 1, 2021   |  | 0.50               |                  |                   | 4,717,553  |                                        |                  | 3,809,015  |  |   | 8,526,568   |  |
| Total 2021 dividends and distributions |  | $                 | 1.83  |                    |  | $                       | 10,912,725  |                   |                 | $                                      | 11,598,936  |                 |  | $ | 22,511,661  |  |

----

----

----

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|                                      |  |                  |                   |                               |               |            |   |                                |   |                                 |               |  |           |               |   |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|------------------|-------------------|-------------------------------|---------------|------------|---|--------------------------------|---|---------------------------------|---------------|--|-----------|---------------|---|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | Cost             |                   | Percent ofTotalPortfolio |               | Fair Value |   | Percent ofTotal Portfolio |   | Percent ofTotal Net Assets |
| December 31, 2021:               |  |                  |                   |                               |               |            |   |                                |   |                                 |
| Senior debt and 1st lien notes       |  | $                | 618,911,377  |                               |               | 72    | % |                                | $ | 620,928,379                |               |  | 72   | %             |   | 128  | % |
| Subordinated debt and 2nd lien notes |  | 91,066,896  |                   |                               | 11       |            |   | 92,296,962                |   |                                 | 11       |  |           | 19       |   |
| Structured products                  |  | 29,477,005  |                   |                               | 3        |            |   | 30,899,661                |   |                                 | 3        |  |           | 6        |   |
| Equity shares                        |  | 56,430,844  |                   |                               | 7        |            |   | 59,600,905                |   |                                 | 7        |  |           | 12       |   |
| Equity warrants                      |  | 68,122      |                   |                               | —  |            |   | 163,323                   |   |                                 | —  |  |           | —  |   |
| Investments in joint ventures        |  | 58,688,618  |                   |                               | 7        |            |   | 61,252,661                |   |                                 | 7        |  |           | 13       |   |
|                                      |  |                  |                   |                               |               |            |   |                                |   |                                 |
|                                      |  | $                | 854,642,862  |                               |               | 100   | % |                                | $ | 865,141,891                |               |  | 100  | %             |   | 178  | % |
| December 31, 2020:          |  |                  |                   |                               |               |            |   |                                |   |                                 |
| Senior debt and 1st lien notes       |  | $                | 158,812,630  |                               |               | 76    | % |                                | $ | 164,238,687                |               |  | 76   | %             |   | 153  | % |
| Subordinated debt and 2nd lien notes |  | 8,963,185   |                   |                               | 4        |            |   | 9,021,686                 |   |                                 | 4        |  |           | 8        | % |
| Structured products                  |  | 9,774,483   |                   |                               | 5        |            |   | 10,382,698                |   |                                 | 5        |  |           | 10       | % |
| Equity shares                        |  | 218,903     |                   |                               | —  |            |   | 206,595                   |   |                                 | —  |  |           | —  | % |
| Equity warrants                      |  | 68,122      |                   |                               | —  |            |   | 111,578                   |   |                                 | —  |  |           | —  | % |
| Short-term investments               |  | 31,100,605  |                   |                               | 15       |            |   | 31,100,444                |   |                                 | 15       |  |           | 29       | % |
|                                      |  | $                | 208,937,928  |                               |               | 100   | % |                                | $ | 215,061,688                |               |  | 100  | %             |   | 200  | % |

----

|                                                 |                   |                      |               |                   |                      |                  |   |                   |  |             |   |  |  |  |  |  |  |
|-------------------------------------------------|-------------------|----------------------|---------------|-------------------|----------------------|------------------|---|-------------------|--|-------------|---|--|--|--|--|--|--|
|                                                 | December 31, 2021 | Percent of Portfolio |               | December 31, 2020 | Percent of Portfolio |
| Aerospace and Defense                           | $                 | 48,271,158      |               | 5.6          | %                    |                  | $ | 9,033,671    |  | 4.9    | % |
| Automotive                                      | 11,825,956   |                      | 1.4      |                   |                      | 2,834,499   |   | 1.6          |  |
| Banking, Finance, Insurance and Real Estate     | 99,003,026   |                      | 11.5     |                   |                      | 3,283,573   |   | 1.8          |  |
| Beverage, Food and Tobacco                      | 42,794,990   |                      | 4.9      |                   |                      | 2,146,807   |   | 1.2          |  |
| Capital Equipment                               | 17,630,378   |                      | 2.0      |                   |                      | —     |   | —      |  |
| Chemicals, Plastics, and Rubber                 | 19,202,150   |                      | 2.2      |                   |                      | 9,633,625   |   | 5.2          |  |
| Construction and Building                       | 9,072,999    |                      | 1.1      |                   |                      | —     |   | —      |  |
| Consumer goods: Durable                     | 12,477,752   |                      | 1.4      |                   |                      | 2,198,300   |   | 1.2          |  |
| Consumer goods: Non-durable                 | 9,206,581    |                      | 1.1      |                   |                      | 7,094,740   |   | 3.9          |  |
| Containers, Packaging and Glass                 | 8,149,767    |                      | 0.9      |                   |                      | 2,222,988   |   | 1.2          |  |
|                                                 |                   |                      |               |                   |                      |
| Energy: Oil and Gas                         | 3,145,740    |                      | 0.4      |                   |                      | —     |   | —      |  |
| Environmental Industries                        | 7,905,619    |                      | 0.9      |                   |                      | —     |   | —      |  |
| Healthcare and Pharmaceuticals                  | 53,681,034   |                      | 6.2      |                   |                      | 12,426,339  |   | 6.8          |  |
| High Tech Industries                            | 63,862,050   |                      | 7.4      |                   |                      | 14,801,538  |   | 8.0          |  |
| Hotel, Gaming and Leisure                       | 24,215,667   |                      | 2.8      |                   |                      | 10,528,269  |   | 5.7          |  |
| Investment Funds and Vehicles                   | 61,252,661   |                      | 7.1      |                   |                      | —     |   | —      |  |
| Media: Advertising, Printing and Publishing | 8,859,614    |                      | 1.0      |                   |                      | 11,955,342  |   | 6.5          |  |
| Media: Broadcasting and Subscription        | 5,312,180    |                      | 0.6      |                   |                      | 2,296,431   |   | 1.2          |  |
| Media: Diversified and Production           | 14,157,169   |                      | 1.6      |                   |                      | 8,388,524   |   | 4.6          |  |
|                                                 |                   |                      |               |                   |                      |
|                                                 |                   |                      |               |                   |                      |
| Services: Business                          | 194,120,068  |                      | 22.4     |                   |                      | 29,137,858  |   | 15.8         |  |
| Services: Consumer                          | 53,623,664   |                      | 6.2      |                   |                      | 12,415,655  |   | 6.7          |  |
| Structured Products                             | 21,144,192   |                      | 2.4      |                   |                      | 10,382,698  |   | 5.6          |  |
| Telecommunications                              | 11,964,867   |                      | 1.4      |                   |                      | 14,645,298  |   | 8.0          |  |
| Transportation: Cargo                       | 59,400,098   |                      | 6.9      |                   |                      | 13,237,433  |   | 7.2          |  |
| Transportation: Consumer                    | 4,164,026    |                      | 0.5      |                   |                      | —     |   | —      |  |
| Utilities: Electric                         | 698,485      |                      | 0.1      |                   |                      | —     |   | —      |  |
|                                                 |                   |                      |               |                   |                      |
| Wholesale                                       | —      |                      | —  |                   |                      | 5,297,656   |   | 2.9          |  |
| Total                                           | $                 | 865,141,891     |               | 100.0        | %                    |                  | $ | 183,961,244  |  | 100.0  | % |

----

|                                                                                                                                                                                                                                                                                                                                                                     |                                      |                  |              |                  |         |                  |                  |                   |   |                   |  |  |   |                   |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------|--------------|------------------|---------|------------------|------------------|-------------------|---|-------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                     | Fair Value at December 31, 2021 |
|                                                                                                                                                                                                                                                                                                                                                                     | Level 1                              |                  | Level 2 |                  | Level 3 |                  | Total            |
| Senior debt and 1st lien notes                                                                                                                                                                                                                                                                                                                                      | $                                    | —     |              |                  | $       | 36,639,782  |                  |                   | $ | 584,288,597  |  |  | $ | 620,928,379  |  |
| Subordinated debt and 2nd lien notes                                                                                                                                                                                                                                                                                                                                | —                         |                  |              | 15,470,805  |         |                  | 76,826,157  |                   |   | 92,296,962   |  |
| Structured products                                                                                                                                                                                                                                                                                                                                                 | —                         |                  |              | 30,899,661  |         |                  | —     |                   |   | 30,899,661   |  |
| Equity shares                                                                                                                                                                                                                                                                                                                                                       | 19,487                          |                  |              | 2,055,717   |         |                  | 57,525,701  |                   |   | 59,600,905   |  |
| Equity warrants                                                                                                                                                                                                                                                                                                                                                     | —                         |                  |              | 163,323     |         |                  | —     |                   |   | 163,323      |  |
|                                                                                                                                                                                                                                                                                                                                                                     |                                      |                  |              |                  |         |                  |                  |
|                                                                                                                                                                                                                                                                                                                                                                     | $                                    | 19,487      |              |                  | $       | 85,229,288  |                  |                   | $ | 718,640,455  |  |  | $ | 803,889,230  |  |
| Investment in joint venture(1)                                                                                                                                                                                                                                                                                                                                      |                                      |                  |              |                  |         |                  | 61,252,661  |                   |
|                                                                                                                                                                                                                                                                                                                                                                     |                                      |                  |              |                  |         |                  | $                | 865,141,891  |   |
|                                                                                                                                                                                                                                                                                                                                                                     |                                      |                  |              |                  |         |                  |                  |
| (1) The Company's investments in Banff, Thompson Rivers and Waccamaw River are measured at fair value using net asset value and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet. |
|                                                                                                                                                                                                                                                                                                                                                                     |                                      |                  |              |                  |         |                  |                  |
|                                                                                                                                                                                                                                                                                                                                                                | Fair Value at December 31, 2020 |
|                                                                                                                                                                                                                                                                                                                                                                | Level 1                              |                  | Level 2 |                  | Level 3 |                  | Total            |
| Senior debt and 1st lien notes                                                                                                                                                                                                                                                                                                                                      | $                                    | —     |              |                  | $       | 38,914,058  |                  |                   | $ | 125,324,629  |  |  | $ | 164,238,687  |  |
| Subordinated debt and 2nd lien notes                                                                                                                                                                                                                                                                                                                                | —                         |                  |              | 7,785,486   |         |                  | 1,236,200   |                   |   | 9,021,686    |  |
| Structured products                                                                                                                                                                                                                                                                                                                                                 | —                         |                  |              | 10,382,698  |         |                  | —     |                   |   | 10,382,698   |  |
| Equity shares                                                                                                                                                                                                                                                                                                                                                       | —                         |                  |              | 84,820      |         |                  | 121,775     |                   |   | 206,595      |  |
| Equity warrants                                                                                                                                                                                                                                                                                                                                                     | —                         |                  |              | 111,578     |         |                  | —     |                   |   | 111,578      |  |
| Short-term investments                                                                                                                                                                                                                                                                                                                                              | 31,100,444                      |                  |              | —     |         |                  | —     |                   |   | 31,100,444   |  |
|                                                                                                                                                                                                                                                                                                                                                                     | $                                    | 31,100,444  |              |                  | $       | 57,278,640  |                  |                   | $ | 126,682,604  |  |  | $ | 215,061,688  |  |
|                                                                                                                                                                                                                                                                                                                                                                     |                                      |                  |              |                  |         |                  |                  |
|                                                                                                                                                                                                                                                                                                                                                                     |                                      |                  |              |                  |         |                  |                  |

----

|                                                                                       |                              |                   |                                      |                  |   |                  |               |               |                  |  |               |                   |  |  |   |                   |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------|------------------------------|-------------------|--------------------------------------|------------------|---|------------------|---------------|---------------|------------------|--|---------------|-------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|
| Year Ended December 31, 2021:                                                | Senior Debtand 1st LienNotes |                   | Subordinated Debt and 2nd Lien Notes |                  |   |                  | Equity Shares |               | Total            |
| Fair value, beginning of period                                                       | $                            | 125,324,629  |                                      |                  | $ | 1,236,200   |               |               |                  |  | $             | 121,775      |  |  | $ | 126,682,604  |  |
| New investments                                                                       | 686,165,938             |                   |                                      | 91,056,135  |   |                  |               |               | 52,467,611  |  |               | 829,689,684  |  |
|                                                                                       |                              |                   |                                      |                  |   |                  |               |               |                  |
| Transfers in (out) of Level 3, net                                                    | 7,363,467               |                   |                                      | (7,435,622)      |   |                  |               |               | 2,884,240   |  |               | 2,812,085    |  |
| Proceeds from sales of investments                                                    | (168,498,275)                |                   |                                      | (3,888,800)      |   |                  |               |               | (366,753)        |  |               | (172,753,828)     |  |
| Loan origination fees received                                                        | (17,231,390)                 |                   |                                      | (2,754,755)      |   |                  |               |               | —     |  |               | (19,986,145)      |  |
| Principal repayments received                                                         | (47,215,893)                 |                   |                                      | (2,688,347)      |   |                  |               |               | —     |  |               | (49,904,240)      |  |
| Payment in kind interest                                                              | 425,661                      |                   | —                         |                  |   |                  |               | —  |                  |  | 425,661  |                   |
|                                                                                       |                              |                   |                                      |                  |   |                  |               |               |                  |
| Accretion of loan premium/discount                                                | 38,878                  |                   |                                      | 53,222      |   |                  |               |               | —     |  |               | 92,100       |  |
| Accretion of deferred loan origination revenue                                        | 2,145,257               |                   |                                      | 137,733     |   |                  |               |               | —     |  |               | 2,282,990    |  |
| Realized gain (loss)                                                                  | (1,175,315)                  |                   |                                      | (3,622)          |   |                  |               |               | 185,266     |  |               | (993,671)         |  |
| Unrealized appreciation (depreciation)                                                | (3,054,360)                  |                   |                                      | 1,114,013   |   |                  |               |               | 2,233,562   |  |               | 293,215      |  |
| Fair value, end of period                                                             | $                            | 584,288,597  |                                      |                  | $ | 76,826,157  |               |               |                  |  | $             | 57,525,701   |  |  | $ | 718,640,455  |  |
|                                                                                       |                              |                   |                                      |                  |   |                  |               |               |                  |
| For the period from July 13, 2020 (commencement of operations) to December, 2020: | Senior Debtand 1st LienNotes |                   | Subordinated Debt and 2nd Lien Notes |                  |   |                  | Equity Shares |               | Total            |
| Fair value, beginning of period                                                       | $                            | —      |                                      |                  | $ | —     |               |               |                  |  | $             | —      |  |  | $ | —      |  |
| New investments                                                                       | 128,992,364             |                   |                                      | 1,135,978   |   |                  |               |               | 134,085     |  |               | 130,262,427  |  |
|                                                                                       |                              |                   |                                      |                  |   |                  |               |               |                  |
| Transfers in (out) of Level 3, net                                                    | (1,890,467)                  |                   |                                      | 93,056      |   |                  |               |               | —     |  |               | (1,797,411)       |  |
| Proceeds from sales of investments                                                    | (1,722)                      |                   |                                      | —     |   |                  |               |               | —     |  |               | (1,722)           |  |
| Loan origination fees received                                                        | (2,938,407)                  |                   |                                      | —     |   |                  |               |               | —     |  |               | (2,938,407)       |  |
| Principal repayments received                                                         | (1,530,336)                  |                   |                                      | —     |   |                  |               |               | —     |  |               | (1,530,336)       |  |
|                                                                                       |                              |                   |                                      |                  |   |                  |               |               |                  |
|                                                                                       |                              |                   |                                      |                  |   |                  |               |               |                  |
| Accretion of loan premium/discount                                                | 13,552                  |                   |                                      | 362         |   |                  |               |               | —     |  |               | 13,914       |  |
| Accretion of deferred loan origination revenue                                        | 79,160                  |                   |                                      | 2,727       |   |                  |               |               | —     |  |               | 81,887       |  |
| Realized gain                                                                         | 5,237                   |                   |                                      | —     |   |                  |               |               | —     |  |               | 5,237        |  |
| Unrealized appreciation (depreciation)                                                | 2,595,248               |                   |                                      | 4,077       |   |                  |               |               | (12,310)         |  |               | 2,587,015    |  |
| Fair value, end of period                                                             | $                            | 125,324,629  |                                      |                  | $ | 1,236,200   |               |               |                  |  | $             | 121,775      |  |  | $ | 126,682,604  |  |

----

|                                      |                 |                   |                              |         |            |   |                                        |   |                   |         |  |           |   |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|-----------------|-------------------|------------------------------|---------|------------|---|----------------------------------------|---|-------------------|---------|--|-----------|---|--|--|--|--|--|--|--|--|--|--|
|                                      | Cost            |                   | Percentage ofTotal Portfolio |         | Fair Value |   | Percentage ofTotal Portfolio |
| December 31, 2021:               |                 |                   |                              |         |            |   |                                        |
| Senior debt and 1st lien notes       | $               | 129,776,713  |                              |         | 97    | % |                                        | $ | 128,231,102  |         |  | 97   | % |
| Subordinated debt and 2nd lien notes | 3,894,057  |                   |                              | 3  |            |   | 4,000,000                         |   |                   | 3  |  |
|                                      |                 |                   |                              |         |            |   |                                        |
|                                      |                 |                   |                              |         |            |   |                                        |
|                                      |                 |                   |                              |         |            |   |                                        |
|                                      |                 |                   |                              |         |            |   |                                        |
|                                      |                 |                   |                              |         |            |   |                                        |
|                                      | $               | 133,670,770  |                              |         | 100   | % |                                        | $ | 132,231,102  |         |  | 100  | % |

|                                                 |                   |                   |          |           |   |  |  |  |  |  |  |  |
|-------------------------------------------------|-------------------|-------------------|----------|-----------|---|--|--|--|--|--|--|--|
|                                                 | December 31, 2021 |                   |          |
| Aerospace and Defense                           | $                 | 15,345,615   |          | 12   | % |  |  |  |  |
|                                                 |                   |                   |          |           |   |  |
| Banking, Finance, Insurance and Real Estate     | 23,178,085   |                   | 17  |           |   |  |  |  |
| Beverage, Food and Tobacco                      | 6,113,837    |                   | 5   |           |   |  |  |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
| Consumer Goods: Non-durable                 | 6,422,487    |                   | 5   |           |   |  |  |  |
| Containers, Packaging and Glass                 | 5,704,658    |                   | 4   |           |   |  |  |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
| Healthcare and Pharmaceuticals                  | 15,760,352   |                   | 12  |           |   |  |  |  |
| High Tech Industries                            | 17,511,409   |                   | 13  |           |   |  |  |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
| Media: Advertising, Printing and Publishing | 3,473,684    |                   | 3   |           |   |  |  |  |
|                                                 |                   |                   |          |           |   |  |
| Media: Diversified and Production           | 2,497,901    |                   | 2   |           |   |  |  |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
| Services: Business                          | 21,776,414   |                   | 16  |           |   |  |  |  |
| Services: Consumer                          | 9,772,807    |                   | 7   |           |   |  |  |  |
|                                                 |                   |                   |          |           |   |  |
| Telecommunications                              | 3,385,785    |                   | 3   |           |   |  |  |  |
| Transportation: Cargo                       | 1,288,068    |                   | 1   |           |   |  |  |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
|                                                 |                   |                   |          |           |   |  |
| Total                                           | $                 | 132,231,102  |          | 100  | % |  |  |  |  |

----

|                |                   |                   |  |          |           |   |  |  |  |  |  |
|----------------|-------------------|-------------------|--|----------|-----------|---|--|--|--|--|--|
|                | December 31, 2021 |
| Australia      | $                 | 6,425,490    |  |          | 5    | % |
| Belgium        | 6,113,837    |                   |  | 5   |           |
| Canada         | 2,729,459    |                   |  | 2   |           |
| France         | 31,520,996   |                   |  | 24  |           |
| Germany        | 3,075,288    |                   |  | 2   |           |
| Netherlands    | 8,079,897    |                   |  | 6   |           |
| United Kingdom | 28,496,315   |                   |  | 21  |           |
| USA            | 45,789,820   |                   |  | 35  |           |
| Total          | $                 | 132,231,102  |  |          | 100  | % |

----

|                                                          |                   |                     |                              |               |            |   |                                        |   |                     |               |  |           |   |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------|-------------------|---------------------|------------------------------|---------------|------------|---|----------------------------------------|---|---------------------|---------------|--|-----------|---|--|--|--|--|--|--|--|--|--|--|
|                                                          | Cost              |                     | Percentage ofTotal Portfolio |               | Fair Value |   | Percentage ofTotal Portfolio |
| December 31, 2021:                                   |                   |                     |                              |               |            |   |                                        |
| Federal Housing Administration (“FHA”) loans | $                 | 2,799,868,603  |                              |               | 93    | % |                                        | $ | 2,839,495,339  |               |  | 93   | % |
| Veterans Affairs (“VA”) loans                | 224,659,875  |                     |                              | 7        |            |   | 223,540,415                       |   |                     | 7        |  |
|                                                          | $                 | 3,024,528,478  |                              |               | 100   | % |                                        | $ | 3,063,035,754  |               |  | 100  | % |
| December 31, 2020:                                   |                   |                     |                              |               |            |   |                                        |
| Federal Housing Administration (“FHA”) loans | $                 | 712,854,085    |                              |               | 100   |   |                                        | $ | 712,854,085    |               |  | 100  |   |
| Veterans Affairs (“VA”) loans                | —      |                     |                              | —  |            |   | —                           |   |                     | —  |  |
|                                                          | $                 | 712,854,085    |                              |               | 100   | % |                                        | $ | 712,854,085    |               |  | 100  | % |

----

|                                                                      |  |                              |                   |                              |     |   |                   |  |     |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------|--|------------------------------|-------------------|------------------------------|-----|---|-------------------|--|-----|--|--|--|--|--|--|--|--|
|                                                                      |  | As of December 31, 2021 |                   | As of December 31, 2020 |     |
| Total contributed capital by Barings Capital Investment Corporation  |  | $                            | 32,286,861   |                              | (1) | $ | —      |  |     |
| Total contributed capital by all members                             |  | $                            | 482,120,173  |                              | (2) | $ | 100,000,000  |  | (3) |  |
|                                                                      |  |                              |                   |                              |     |
| Total unfunded commitments by Barings Capital Investment Corporation |  | $                            | —      |                              |     | $ | —      |  |     |
| Total unfunded commitments by all members                            |  | $                            | —      |                              |     | $ | —      |  |     |

----

|                                                                                |  |                              |                  |  |     |  |  |  |  |  |  |
|--------------------------------------------------------------------------------|--|------------------------------|------------------|--|-----|--|--|--|--|--|--|
|                                                                                |  | As of December 31, 2021 |                  |
| Total contributed capital by Barings Capital Investment Corporation            |  | $                            | 15,450,000  |  |     |
| Total contributed capital by all members                                       |  | $                            | 82,620,000  |  | (1) |
|                                                                                |  |                              |                  |
| Total return of capital (recallable) by Barings Capital Investment Corporation |  | $                            | (1,730,000)      |  |     |
| Total return of capital (recallable) by all members                            |  | $                            | (14,020,000)     |  | (2) |
|                                                                                |  |                              |                  |
| Total unfunded commitments by Barings Capital Investment Corporation           |  | $                            | 11,280,000  |  |     |
| Total unfunded commitments by all members                                      |  | $                            | 56,400,000  |  | (3) |

|                             |                    |  |                                            |  |                   |                   |                        |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------|--------------------|--|--------------------------------------------|--|-------------------|-------------------|------------------------|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Issuance Date               | Maturity Date      |  | Interest Rate as of December 31, 2021 |  | December 31, 2021 |                   | December 31, 2020 |
| Subscription Facility:  |                    |  |                                            |  |                   |                   |                        |
| September 21, 2020          | September 21, 2022 |  | 1.879%                                     |  | $                 | 67,954,286   |                        |  | $ | 116,593,920  |  |
| Total Subscription Facility |                    |  |                                            |  | $                 | 67,954,286   |                        |  | $ | 116,593,920  |  |
| ING Credit Facility:    |                    |  |                                            |  |                   |                   |                        |
| January 15, 2021            | April 30, 2026     |  | 2.257%                                     |  | $                 | 390,154,336  |                        |  | $ | —      |  |
| Total ING Credit Facility   |                    |  |                                            |  | $                 | 390,154,336  |                        |  | $ | —      |  |

----

----

----

----

|                              |  |  |  |                        |               |                                                                   |  |   |               |  |  |  |  |  |  |  |
|------------------------------|--|--|--|------------------------|---------------|-------------------------------------------------------------------|--|---|---------------|--|--|--|--|--|--|--|
|                         |  |  |  | Year Ended             |               | For the period from July 13, 2020 (commencement of operations) to |
|                         |  |  |  | December 31, 2021 |               | December 31, 2020                                            |
| Additional paid-in capital   |  |  |  | $                      | (373,480)     |                                                                   |  | $ | (339,954)     |  |
| Total distributable earnings |  |  |  | $                      | 373,480  |                                                                   |  | $ | 339,954  |  |

|                              |  |  |  |                        |                  |                                                                   |  |   |               |  |  |  |  |  |  |  |
|------------------------------|--|--|--|------------------------|------------------|-------------------------------------------------------------------|--|---|---------------|--|--|--|--|--|--|--|
|                         |  |  |  | Year Ended             |                  | For the period from July 13, 2020 (commencement of operations) to |
|                         |  |  |  | December 31, 2021 |                  | December 31, 2020                                            |
| Ordinary income              |  |  |  | $                      | 22,511,661  |                                                                   |  | $ | —  |  |
| Distributions on a tax basis |  |  |  | $                      | 22,511,661  |                                                                   |  | $ | —  |  |

|                                                  |  |  |  |                        |                  |                                                                   |                 |   |                 |  |  |  |  |  |  |  |
|--------------------------------------------------|--|--|--|------------------------|------------------|-------------------------------------------------------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
|                                             |  |  |  | Year Ended             |                  | For the period from July 13, 2020 (commencement of operations) to |
|                                             |  |  |  | December 31, 2021 |                  | December 31, 2020                                            |
| Undistributed net investment income              |  |  |  | $                      | 5,583,076   |                                                                   |                 | $ | 4,586,067  |  |
|                                                  |  |  |  |                        |                  |                                                                   |
|                                                  |  |  |  |                        |                  |                                                                   |
| Other temporary differences                      |  |  |  | (2,245,480)            |                  |                                                                   | (1,014,608)     |   |
| Unrealized appreciation                          |  |  |  | 15,838,403        |                  |                                                                   | 4,159,711  |   |
| Components of distributable earnings at year end |  |  |  | $                      | 19,175,999  |                                                                   |                 | $ | 7,731,170  |  |

----

----

|                                              |  |                                 |  |                            |  |                  |              |                                                 |         |  |  |                                       |                                  |                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|---------------------------------|--|----------------------------|--|------------------|--------------|-------------------------------------------------|---------|--|--|---------------------------------------|----------------------------------|----------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| As of December 31, 2021:Description |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Maturity Date    |              | Gross Amount of Recognized Assets (Liabilities) |         |  |  | Balance Sheet Location of Net Amounts |
| Foreign currency forward contract (AUD)      |  | A$12,250,000                    |  | $8,905,661                 |  | 01/06/22 |              | $                                               | (1,110) |  |  |                                       |                                  | Derivative liability |
| Foreign currency forward contract (AUD)      |  | $8,833,853                      |  | A$12,250,000               |  | 01/06/22 |              | (70,697)                                        |         |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (AUD)      |  | $5,502,516                      |  | A$7,658,810                |  | 04/08/22 |              | (66,080)                                        |         |  |  |                                       | Derivative liability             |
|                                              |  |                                 |  |                            |  |                  |              |                                                 |         |  |  |                                       |
| Foreign currency forward contract (CAD)      |  | C$5,580,274                     |  | $4,365,564                 |  | 01/06/22 |              | 43,621                                     |         |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (CAD)      |  | $4,373,494                      |  | C$5,580,274                |  | 01/06/22 |              | (35,690)                                        |         |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (CAD)      |  | $269,528                        |  | C$348,766                  |  | 04/08/22 |              | (5,960)                                         |         |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (CAD)      |  | $4,438,652                      |  | C$5,675,455                |  | 04/08/22 |              | (44,351)                                        |         |  |  |                                       | Derivative liability             |
|                                              |  |                                 |  |                            |  |                  |              |                                                 |         |  |  |                                       |
| Foreign currency forward contract (DKK)      |  | 3,525,861kr.                    |  | $537,276                   |  | 01/06/22 |              | 2,219                                      |         |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (DKK)      |  | $551,385                        |  | 3,525,861kr.               |  | 01/06/22 |              | 11,889                                     |         |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (DKK)      |  | $531,331                        |  | 3,481,454kr.               |  | 04/08/22 |              | (2,453)                                         |         |  |  |                                       | Derivative liability             |
|                                              |  |                                 |  |                            |  |                  |              |                                                 |         |  |  |                                       |
| Foreign currency forward contract (EUR)      |  | €20,806,831               |  | $23,557,013                |  | 01/06/22 |              | 118,979                                    |         |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (EUR)      |  | $5,181,237                      |  | €4,500,000           |  | 01/06/22 |              | 60,708                                     |         |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (EUR)      |  | $18,704,141                     |  | €16,306,831          |  | 01/06/22 |              | 148,677                                    |         |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (EUR)      |  | $10,435,755                     |  | €9,200,000           |  | 04/08/22 |              | (53,669)                                        |         |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (EUR)      |  | $25,361,911                     |  | €22,357,095          |  | 04/08/22 |              | (128,636)                                       |         |  |  |                                       | Derivative liability             |
|                                              |  |                                 |  |                            |  |                  |              |                                                 |         |  |  |                                       |
| Foreign currency forward contract (GBP)      |  | £8,565,540                 |  | $11,504,279                |  | 01/06/22 |              | 96,433                                     |         |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (GBP)      |  | £4,067,592                 |  | $5,418,163                 |  | 04/08/22 |              | 88,335                                     |         |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (GBP)      |  | $11,472,162                     |  | £8,565,540            |  | 01/06/22 |              | (128,550)                                       |         |  |  |                                       | Derivative liability             |
| Total                                        |  |                                 |  |                            |  | $                | 33,665  |                                                 |         |  |  |                                       |
|                                              |  |                                 |  |                            |  |                  |           |                                                 |          |  |  |                                       |                                  |                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--|---------------------------------|--|----------------------------|--|------------------|-----------|-------------------------------------------------|----------|--|--|---------------------------------------|----------------------------------|----------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| As of December 31, 2020:Description |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Maturity Date    |           | Gross Amount of Recognized Assets (Liabilities) |          |  |  | Balance Sheet Location of Net Amounts |
| Foreign currency forward contract (AUD)      |  | $1,487,900                      |  | A$2,000,000                |  | 01/05/21 |           | $                                               | (53,700) |  |  |                                       |                                  | Derivative liability |
| Foreign currency forward contract (AUD)      |  | A$2,000,000                     |  | $1,511,040                 |  | 01/05/21 |           | 30,560                                     |          |  |  |                                       | Prepaid expense and other assets |
|                                              |  |                                 |  |                            |  |                  |           |                                                 |          |  |  |                                       |
| Foreign currency forward contract (EUR)      |  | $6,397,074                      |  | €5,400,000           |  | 01/05/21 |           | (206,855)                                       |          |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (EUR)      |  | €5,400,000                |  | $6,492,420                 |  | 01/05/21 |           | 111,509                                    |          |  |  |                                       | Prepaid expense and other assets |
|                                              |  |                                 |  |                            |  |                  |           |                                                 |          |  |  |                                       |
| Foreign currency forward contract (GBP)      |  | $13,554,563                     |  | £10,570,000           |  | 01/05/21 |           | (889,334)                                       |          |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (GBP)      |  | $93,335                         |  | £68,497               |  | 04/06/21 |           | (319)                                           |          |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (GBP)      |  | £10,570,000                |  | $13,618,935                |  | 01/05/21 |           | 824,961                                    |          |  |  |                                       | Prepaid expense and other assets |
| Total                                        |  |                                 |  |                            |  | $                | (183,178) |                                                 |          |  |  |                                       |

----

|                                                   |                         |                   |               |                   |                 |   |               |  |  |  |  |  |  |  |
|---------------------------------------------------|-------------------------|-------------------|---------------|-------------------|-----------------|---|---------------|--|--|--|--|--|--|--|
| Portfolio Company                                 | Investment Type         | December 31, 2021 |               | December 31, 2020 |
| Acclime Holdings HK Limited(1)                    | Delayed Draw Term Loan  | $                 | 141,161  |                   |                 | $ | —  |  |
| Acclime Holdings HK Limited(1)                    | Delayed Draw Term Loan  | 776,387      |               |                   | —    |   |
| Air Comm Corporation, LLC(1)(2)                   | Delayed Draw Term Loan  | 108,108      |               |                   | —    |   |
| Air Comm Corporation, LLC(1)(2)                   | Delayed Draw Term Loan  | 1,149,886    |               |                   | —    |   |
| Amtech LLC(1)(2)                                  | Delayed Draw Term Loan  | 909,091      |               |                   | —    |   |
| Amtech LLC(1)(2)                                  | Revolver                | 227,273      |               |                   | —    |   |
| AnalytiChem Holding GmbH(1)(2)(3)                 | Delayed Draw Term Loan  | 2,581,665    |               |                   | —    |   |
| Aquavista Watersides 2 LTD(1)(4)                  | Bridge Revolver         | 150,638      |               |                   | —    |   |
| Aquavista Watersides 2 LTD(1)(4)                  | Acquisition Facility    | 941,485      |               |                   | —    |   |
| Astra Bidco Limited(1)(4)                         | Delayed Draw Term Loan  | 769,359      |               |                   | —    |   |
| Avance Clinical Bidco Pty Ltd(1)(5)               | Delayed Draw Term Loan  | 1,046,400    |               |                   | —    |   |
| Azalea Buyer, Inc.(1)(2)                          | Delayed Draw Term Loan  | 641,026      |               |                   | —    |   |
| Azalea Buyer, Inc.(1)(2)                          | Revolver                | 320,513      |               |                   | —    |   |
| Bariacum S.A(1)(3)                                | Acquisition Facility    | 682,320      |               |                   | —    |   |
| Beyond Risk Management, Inc.(1)(2)                | Delayed Draw Term Loan  | 2,573,333    |               |                   | —    |   |
| BigHand UK Bidco Limited(1)(2)(4)                 | Acquisition Facility    | 99,318       |               |                   | —    |   |
| Bounteous, Inc.(1)(2)                             | Delayed Draw Term Loan  | 2,580,030    |               |                   | —    |   |
| Brightpay Limited(1)(2)(3)                        | Delayed Draw Term Loan  | 388,718      |               |                   | —    |   |
| Brightpay Limited(1)(2)(3)                        | Delayed Draw Term Loan  | 129,573      |               |                   | —    |   |
| BrightSign LLC(1)                                 | Revolver                | 715,418      |               |                   | —    |   |
| British Engineering Services Holdco Limited(1)(4) | Bridge Revolver         | 86,146       |               |                   | 1,072,276  |   |
| CAi Software, LLC(1)(2)                           | Revolver                | 707,239      |               |                   | —    |   |
| Canadian Orthodontic Partners Corp.(1)(2)(6)      | Delayed Draw Term Loan  | 160,022      |               |                   | —    |   |
| Ceres Pharma NV(1)(2)(3)                          | Delayed Draw Term Loan  | 996,198      |               |                   | —    |   |
| Coastal Marina Holdings, LLC(1)                   | PIK Tranche B Term Loan | 655,610      |               |                   | —    |   |
| Coastal Marina Holdings, LLC(1)                   | Tranche A Term Loan     | 1,787,946    |               |                   | —    |   |
| Coyo Uprising GmbH(1)(2)(3)                       | Delayed Draw Term Loan  | 1,076,265    |               |                   | —    |   |
| Crash Champions, LLC(1)(2)                        | Delayed Draw Term Loan  | 2,712,275    |               |                   | —    |   |
| CSL DualCom(1)(4)                                 | Acquisition Term Loan   | 1,242,464    |               |                   | 1,253,930  |   |
| DecksDirect, LLC(1)(2)                            | Revolver                | 218,182      |               |                   | —    |   |
| Dune Group(1)(2)(3)                               | Delayed Draw Term Loan  | 1,044,351    |               |                   | —    |   |
| Dwyer Instruments, Inc.(1)                        | Delayed Draw Term Loan  | 1,093,866    |               |                   | —    |   |
| Eclipse Business Capital, LLC(1)                  | Revolver                | 5,839,572    |               |                   | —    |   |
| EMI Porta Holdco LLC(1)(2)                        | Delayed Draw Term Loan  | 5,338,983    |               |                   | —    |   |
| EMI Porta Holdco LLC(1)(2)                        | Revolver                | 1,271,186    |               |                   | —    |   |
| EPS NASS Parent, Inc.(1)(2)                       | Delayed Draw Term Loan  | 425,481      |               |                   | —    |   |
| eShipping, LLC(1)(2)                              | Delayed Draw Term Loan  | 1,923,116    |               |                   | —    |   |
| eShipping, LLC(1)(2)                              | Revolver                | 929,506      |               |                   | —    |   |
| Fineline Technologies, Inc.(1)                    | Delayed Draw Term Loan  | 240,000      |               |                   | —    |   |
| FitzMark Buyer, LLC(1)(2)                         | Delayed Draw Term Loan  | —      |               |                   | 735,294    |   |

----

|                                                    |                            |                   |  |                   |                 |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------|----------------------------|-------------------|--|-------------------|-----------------|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                  | Investment Type            | December 31, 2021 |  | December 31, 2020 |
| Foundation Risk Partners, Corp.(1)                 | Delayed Draw Term Loan     | —      |  |                   | 1,607,991  |  |
| FragilePak LLC(1)                                  | Delayed Draw Term Loan     | 3,778,926    |  |                   | —    |  |
| Heartland Veterinary Partners, LLC(1)(2)           | Delayed Draw Term Loan     | 234,881      |  |                   | —    |  |
| IGL Holdings III Corp.(1)                          | Delayed Draw Term Loan     | 360,155      |  |                   | 2,048,397  |  |
| Innovad Group II BV(1)(2)(3)                       | Delayed Draw Term Loan     | 1,205,739    |  |                   | —    |  |
| INOS 19-090 GmbH(1)(2)(3)                          | Acquisition Facility       | 878,158      |  |                   | 944,839    |  |
| ITI Intermodal, Inc.(1)(2)                         | Delayed Draw Term Loan     | 103,058      |  |                   | —    |  |
| ITI Intermodal, Inc.(1)(2)                         | Revolver                   | 124,006      |  |                   | —    |  |
| Jaguar Merger Sub Inc.(1)(2)                       | Delayed Draw Term Loan     | 1,960,784    |  |                   | —    |  |
| Jaguar Merger Sub Inc.(1)(2)                       | Revolver                   | 490,196      |  |                   | —    |  |
| Kano Laboratories LLC(1)(2)                        | Delayed Draw Term Loan     | 1,903,337    |  |                   | —    |  |
| Kano Laboratories LLC(1)(2)                        | Delayed Draw Term Loan     | 1,573,803    |  |                   | 1,573,803  |  |
| Lambir Bidco Limited(1)(3)                         | Bridge Revolver            | 665,843      |  |                   | —    |  |
| Lambir Bidco Limited(1)(3)                         | Delayed Draw Term Loan     | 1,331,685    |  |                   | —    |  |
| LivTech Purchaser, Inc.(1)                         | Delayed Draw Term Loan     | 315,504      |  |                   | —    |  |
| Marmoutier Holding B.V.(1)(3)                      | Delayed Draw Term Loan     | 405,082      |  |                   | —    |  |
| Marmoutier Holding B.V.(1)(3)                      | Revolver                   | 162,033      |  |                   | —    |  |
| MC Group Ventures Corporation(1)                   | Delayed Draw Term Loan     | 860,530      |  |                   | —    |  |
| Modern Star Holdings Bidco Pty Limited(1)(5)       | CapEx Term Loan            | 359,617      |  |                   | 802,138    |  |
| Murphy Midco Limited(1)(4)                         | Delayed Draw Term Loan     | 906,410      |  |                   | 1,143,468  |  |
| Narda Acquisitionco., Inc.(1)(2)                   | Revolver                   | 683,691      |  |                   | —    |  |
| Navia Benefit Solutions, Inc.(1)                   | Delayed Draw Term Loan     | 4,337,578    |  |                   | —    |  |
| Nexus Underwriting Management Limited(1)(2)(4)     | Revolver                   | 53,015       |  |                   | —    |  |
| Nexus Underwriting Management Limited(1)(2)(4)     | Acquisition Facility       | 989,268      |  |                   | —    |  |
| OA Buyer, Inc.(1)(2)                               | Revolver                   | 1,331,244    |  |                   | —    |  |
| OG III B.V.(1)(2)(3)                               | Acquisition CapEx Facility | 1,086,701    |  |                   | —    |  |
| Omni Intermediate Holdings, LLC(1)(2)              | Delayed Draw Term Loan     | 683,076      |  |                   | —    |  |
| Omni Intermediate Holdings, LLC(1)(2)              | Delayed Draw Term Loan     | 3,643,075    |  |                   | —    |  |
| OSP Hamilton Purchaser, LLC(1)(2)                  | Revolver                   | 186,567      |  |                   | —    |  |
| Pacific Health Supplies Bidco Pty Limited(1)(2)(5) | CapEx Term Loan            | 343,224      |  |                   | 410,784    |  |
| PDQ.Com Corporation(1)(2)                          | Delayed Draw Term Loan     | 868,167      |  |                   | —    |  |
| Polara Enterprises, L.L.C.(1)(2)                   | Revolver                   | 272,617      |  |                   | —    |  |
| Policy Services Company, LLC(1)(2)                 | Delayed Draw Term Loan     | 2,631,579    |  |                   | —    |  |
| Premium Invest(1)(2)(3)                            | Acquisition Facility       | 833,946      |  |                   | —    |  |
| Protego Bidco B.V.(1)(2)(3)                        | Delayed Draw Term Loan     | 224,176      |  |                   | —    |  |
| QPE7 SPV1 BidCo Pty Ltd(1)(5)                      | Acquisition Term loan      | 461,037      |  |                   | —    |  |
| Questel Unite(1)(2)(3)                             | CapEx Acquisition Facility | 2,944,342    |  |                   | 735,780    |  |
| Radwell International, LLC(1)                      | Delayed Draw Term Loan     | —      |  |                   | 184,911    |  |
| REP SEKO MERGER SUB LLC(1)(2)                      | Delayed Draw Term Loan     | 727,273      |  |                   | 727,273    |  |
| Reward Gateway (UK) Ltd(1)(2)(4)                   | Acquisition Facility       | 1,300,451    |  |                   | —    |  |
| Riedel Beheer B.V.(1)(3)                           | Revolver                   | 229,711      |  |                   | —    |  |

----

|                                                              |                        |                   |                   |                   |                 |   |                  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|------------------------|-------------------|-------------------|-------------------|-----------------|---|------------------|--|--|--|--|--|--|--|
| Portfolio Company                                            | Investment Type        | December 31, 2021 |                   | December 31, 2020 |
| Riedel Beheer B.V.(1)(3)                                     | Delayed Draw Term Loan | 153,141      |                   |                   | —    |   |
| Safety Products Holdings, LLC(1)                             | Delayed Draw Term Loan | 2,593,581    |                   |                   | 1,293,469  |   |
| Scaled Agile, Inc.(1)(2)                                     | Delayed Draw Term Loan | 416,188      |                   |                   | —    |   |
| Scaled Agile, Inc.(1)(2)                                     | Revolver               | 335,821      |                   |                   | —    |   |
| Smartling, Inc.(1)(2)                                        | Delayed Draw Term Loan | 1,176,471    |                   |                   | —    |   |
| Smartling, Inc.(1)(2)                                        | Revolver               | 588,235      |                   |                   | —    |   |
| SSCP Pegasus Midco Limited(1)(4)                             | Delayed Draw Term Loan | 1,895,302    |                   |                   | 1,912,793  |   |
| Superjet Buyer, LLC(1)                                       | Revolver               | 1,460,235    |                   |                   | —    |   |
| Syntax Systems Ltd(1)(2)                                     | Revolver               | 336,118      |                   |                   | —    |   |
| Syntax Systems Ltd(1)(2)                                     | Delayed Draw Term Loan | 1,141,972    |                   |                   | —    |   |
| Techone B.V.(1)(3)                                           | Delayed Draw Term Loan | 484,970      |                   |                   | —    |   |
| Techone B.V.(1)(3)                                           | Revolver               | 129,325      |                   |                   | —    |   |
| Tencarva Machinery Company, LLC(1)(2)                        | Delayed Draw Term Loan | 590,602      |                   |                   | —    |   |
| Tencarva Machinery Company, LLC(1)(2)                        | Revolver               | 752,390      |                   |                   | —    |   |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Delayed Draw Term Loan | 2,706,853    |                   |                   | —    |   |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Revolver               | 795,941      |                   |                   | —    |   |
| Turbo Buyer, Inc.(1)(2)                                      | Delayed Draw Term Loan | 1,493,482    |                   |                   | —    |   |
| Utac Ceram(1)(3)                                             | CapEx Term Loan        | —      |                   |                   | 1,101,195  |   |
| W2O Holdings, Inc.(1)                                        | Delayed Draw Term Loan | 1,548,621    |                   |                   | 2,420,752  |   |
| Waccamaw River(2)                                            | Joint Venture          | 11,280,000   |                   |                   | —    |   |
| Woodland Foods, LLC(1)(2)                                    | Revolver               | 967,245      |                   |                   | —    |   |
| Total unused commitments to extend financing                 |                        | $                 | 116,977,088  |                   |                 | $ | 19,969,093  |  |

----

|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------|--|------------------------|-------------------|-------------------------------------------------------------------|-----------------|------------------|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                              |  | Year Ended             |                   | For the period from July 13, 2020 (commencement of operations) to |                 |                  |                   |  |  |  |
|                                                                              |  | December 31, 2021 |                   | December 31, 2020                                            |                 |                  |                   |  |  |  |
| Per share data:                                                               |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
| Net asset value at beginning of period                                            |  | $                      | 21.58        |                                                                   |                 | $                | —      |  |  |  |  |  |  |  |
| Net investment income(1)                                                          |  | 2.06              |                   |                                                                   | 0.25       |                  |                   |  |  |  |  |  |
| Net realized gain on investments / foreign currency transactions(1)           |  | (0.22)                 |                   |                                                                   | 0.56       |                  |                   |  |  |  |  |  |
| Net unrealized appreciation on investments / foreign currency transactions(1) |  | 1.00              |                   |                                                                   | 0.87       |                  |                   |  |  |  |  |  |
| Total increase from investment operations(1)                                      |  | 2.84              |                   |                                                                   | 1.68       |                  |                   |  |  |  |  |  |
| Dividends paid to stockholders from net investment income                         |  | (1.63)                 |                   |                                                                   | —    |                  |                   |  |  |  |  |  |
| Dividends paid to stockholders from short-term realized gains                     |  | (0.20)                 |                   |                                                                   | —    |                  |                   |  |  |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
| Total dividends and distributions paid                                            |  | (1.83)                 |                   |                                                                   | —    |                  |                   |  |  |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
| Issuance of common stock                                                          |  | —           |                   |                                                                   | 20.00      |                  |                   |  |  |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
| Loss on extinguishment of debt(1)                                                 |  | (0.01)                 |                   |                                                                   | —    |                  |                   |  |  |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
| Other(2)                                                                          |  | (0.15)                 |                   |                                                                   | (0.10)          |                  |                   |  |  |  |  |  |
| Net asset value at end of period                                                  |  | $                      | 22.43        |                                                                   |                 | $                | 21.58        |  |  |  |  |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
| Shares outstanding at end of period                                               |  | 21,614,872        |                   |                                                                   | 4,976,474  |                  |                   |  |  |  |  |  |
| Net assets at end of period                                                       |  | $                      | 484,828,397  |                                                                   |                 | $                | 107,391,216  |  |  |  |  |  |  |  |
| Average net assets                                                                |  | $                      | 252,499,620  |                                                                   |                 | 47,452,401  |                   |  |  |  |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
| Ratio of total expenses to average net assets(3)(4)                               |  | 6.67              | %                 |                                                                   | 9.41       | %                |                   |  |  |  |  |  |
| Ratio of net investment income to average net assets(3)(4)                        |  | 9.62              | %                 |                                                                   | 7.19       | %                |                   |  |  |  |  |  |
| Portfolio turnover ratio                                                          |  | 51.91             | %                 |                                                                   | 57.14      | %                |                   |  |  |  |  |  |
| Total return(5)                                                                   |  | 12.85             | %                 |                                                                   | 7.90       | %                |                   |  |  |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |
|                                                                                   |  |                        |                   |                                                                   |                 |                  |                   |  |  |  |

----

|                                                      |  |                    |                 |                   |                 |                        |                 |                       |  |   |                  |  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------|--|--------------------|-----------------|-------------------|-----------------|------------------------|-----------------|-----------------------|--|---|------------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                 |  | Quarter Ended      |
|                                                      |  | March 31,2021 |                 | June 30,2021 |                 | September 30,2021 |                 | December 31,2021 |
| Total investment income                              |  | $                  | 5,052,009  |                   |                 | $                      | 8,458,843  |                       |  | $ | 11,717,099  |  |  | $ | 15,915,557  |  |
| Net investment income                                |  | 2,352,340     |                 |                   | 4,960,872  |                        |                 | 7,253,398        |  |   | 9,881,081   |  |
| Net increase in net assets resulting from operations |  | 6,110,196     |                 |                   | 6,612,993  |                        |                 | 8,035,611        |  |   | 12,824,210  |  |
| Net investment income per share                      |  | $                  | 0.34       |                   |                 | $                      | 0.51       |                       |  | $ | 0.54        |  |  | $ | 0.57        |  |
|                                                      |  |                    |                 |                   |                 |                        |                 |                       |

|                                                      |  |  |  |  |  |                                                                                      |               |                        |                 |   |                 |  |  |  |  |  |  |  |
|------------------------------------------------------|--|--|--|--|--|--------------------------------------------------------------------------------------|---------------|------------------------|-----------------|---|-----------------|--|--|--|--|--|--|--|
|                                                 |  |  |  |  |  | Quarter Ended                                                                        |
|                                                 |  |  |  |  |  | For the period from July 13, 2020 (commencement of operations) to September 30, 2020 |               | December 31, 2020 |
| Total investment income                              |  |  |  |  |  | $                                                                                    | 945,780  |                        |                 | $ | 2,993,031  |  |
| Net investment income                                |  |  |  |  |  | 436,383                                                                         |               |                        | 715,707    |   |
| Net increase in net assets resulting from operations |  |  |  |  |  | 2,231,229                                                                       |               |                        | 5,440,883  |   |
| Net investment income per share                      |  |  |  |  |  | $                                                                                    | 0.11     |                        |                 | $ | 0.14       |  |