Exhibit 99.2  LOGO  LOGO First Lien Loan Program LLC (FLLP) Consolidated Financial Statements  December 31, 2017 (With
Independent Auditors Report Thereon)




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First Lien Loan Program LLC Table of Contents  PAGEIndependent Auditors Report


1Consolidated Financial Statements:Consolidated Statements of Assets and Liabilities as of December 
31, 2017 and December 31, 2016


2Consolidated Statements of Operations for the years ended December 31,
 2017 and December 31, 2016 and for the period February 13, 2015 (commencement of operations) through December 31, 2015


3Consolidated Statements of Changes in Net Assets for the years ended December 31,
 2017 and December 31, 2016 and for the period February 13, 2015 (commencement of operations) through December 31, 2015


4Consolidated Statements of Cash Flows for the years ended December 31,
 2017 and December 31, 2016 and for the period February 13, 2015 (commencement of operations) through December 31, 2015


5Consolidated Schedule of Investments as of December 31,
2017


6Consolidated Schedule of Investments as of December 31,
2016


7Notes to Consolidated Financial Statements


8




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LOGO  Independent Auditors Report The Members First Lien Loan Program LLC: We have audited the accompanying consolidated financial statements of First Lien Loan Program LLC, which comprise the consolidated statements of assets and
liabilities, including the consolidated schedules of investments, as of December 31, 2017 and 2016, and the related consolidated statements of operations, changes in net assets, and cash flows for the years ended December 31, 2017 and 2016
and for the period February 13, 2015 (commencement of operations) through December 31, 2015, and the related notes to the consolidated financial statements. Managements Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with U.S. generally accepted
accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to
fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing
standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures
selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the entitys preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entitys internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of First Lien Loan
Program LLC as of December 31, 2017 and 2016, and the results of its operations, changes in its net assets and its cash flows for the years ended December 31, 2017 and 2016 and for the period February 13, 2015 (commencement of
operations) through December 31, 2015 in accordance with U.S. generally accepted accounting principles.   LOGO February 22, 2018 KPMG LLP is a Delaware limited liability partnership the U.S. member firm of KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity.  1




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First Lien Loan Program LLC Consolidated Statements of Assets and Liabilities  December 31, 2017


December 31, 2016AssetsInvestments, at fair value (cost: $114,878,517 and $118,227,882, respectively)

$
114,067,982


$
117,286,663Cash


3,327,977



4,361,739Interest receivable


468,669



503,512Receivable for investments sold


3,926,778



72,776Total Assets


121,791,406



122,224,690LiabilitiesCredit facility payable (see notes 4 and 5)


78,643,789



75,941,108Distributions payable


1,180,192



981,457Service fees payable (see note 3)


19,808



18,546Interest payable and other credit facility related expenses (see note 5)


842,852



707,583Other liabilities and accrued expenses


150,180



221,689Total Liabilities


80,836,821



77,870,383Net Assets

$
40,954,585


$
44,354,307Net Assets Consist of:Paid-in capital

$
42,810,815


$
47,070,815Distributions in excess of net investment income


(1,185,961
)


(1,834,593
)Accumulated net realized gain


140,266



59,304Net unrealized depreciation on investments


(810,535
)


(941,219
)Total Net Assets

$
40,954,585


$
44,354,307Net Assets Attributable to Solar Senior Capital Ltd.

$
35,835,262


$
38,810,019Net Assets Attributable to Voya Financial


5,119,323



5,544,288Total Net Assets

$
40,954,585


$
44,354,307 See notes to consolidated financial statements.  2




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First Lien Loan Program LLC Consolidated Statements of Operations  For the year endedDecember 31, 2017


For the year endedDecember 31, 2016


For the periodFebruary 13, 2015(commencement ofoperations) throughDecember 31, 2015Investment IncomeInterest

$
8,431,136


$
6,343,892


$
3,115,055ExpensesService fees (see note 3)


79,123



65,516



31,665Costs related to establishing and amending the credit facility *






836,273



1,316,593Interest and other credit facility related expenses (see note 5)


3,043,308



2,239,797



910,573Other general and administrative expenses


110,630



179,002



142,000Total expenses


3,233,061



3,320,588



2,400,831Net Investment Income


5,198,075



3,023,304



714,224Realized and Unrealized Gain (Loss) on InvestmentsNet realized gain on investments


80,962



59,304



Net change in unrealized gain (loss) on investments


130,684



65,459



(1,006,678
)Net Realized and Unrealized Gain (Loss) on Investments


211,646



124,763



(1,006,678
)Net Increase (Decrease) in Net Assets Resulting From Operations

$
5,409,721


$
3,148,067


$
(292,454
)  *
First Lien Loan Program LLC made an irrevocable election to apply the fair value option of accounting to its secured revolving Credit Facility (the FLLP Facility) in accordance with ASC 825-10. As such, all expenses related to the establishment of and amendment to the FLLP Facility were expensed in the periods incurred. See notes to consolidated financial statements.  3




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First Lien Loan Program LLC Consolidated Statements of Changes in Net Assets  For the year endedDecember 31, 2017


For the year endedDecember 31, 2016


For the periodFebruary 13, 2015(commencement ofoperations) throughDecember 31, 2015Increase (Decrease) in Net Assets Resulting From Operations:Net investment income

$
5,198,075


$
3,023,304


$
714,224Net realized gain on investments


80,962



59,304



Net change in unrealized gain (loss) on investments


130,684



65,459



(1,006,678
)Net increase (decrease) in net assets resulting from
operations


5,409,721



3,148,067



(292,454
)Capital Transactions:Proceeds received from members


3,240,000



13,260,572



33,810,243Capital returned to members


(7,500,000
)






Distributions of income to members


(4,549,443
)


(3,589,629
)


(1,982,492
)Net increase (decrease) in net assets resulting from capital transactions


(8,809,443
)


9,670,943



31,827,751Net increase (decrease) in net assets


(3,399,722
)


12,819,010



31,535,297Net assets at beginning of period


44,354,307



31,535,297



Net assets at end of period

$
40,954,585


$
44,354,307


$
31,535,297 See notes to consolidated financial statements.  4




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First Lien Loan Program LLC Consolidated Statements of Cash Flows  For the periodFor the year endedDecember 31, 2017


For the year endedDecember 31, 2016


February 13, 2015(commencement ofoperations) throughDecember 31, 2015Cash Flows From Operating Activities:Net increase (decrease) in net assets resulting from operations

$
5,409,721


$
3,148,067


$
(292,454
)Adjustment to reconcile net increase (decrease) in net assets resulting from operations:Net realized gain on investments


(80,962
)


(59,304
)


Net change in unrealized (gain) loss on investments


(130,684
)


(65,459
)


1,006,678(Increase) decrease in operating assets:Purchase of investments


(25,938,705
)


(66,897,357
)


(46,808,496
)Proceeds from disposition of investments


29,472,121



24,153,063



968,175Capitalization of
payment-in-kind interest


(103,089
)






Interest receivable


34,843



(28,372
)


(475,140
)Receivable for investments sold


(3,854,002
)


(42,776
)


(30,000
)Increase (decrease) in operating liabilities:Service fees payable


1,262



6,178



12,368Interest payable and other credit facility related expenses


135,269



307,015



400,568Other liabilities and accrued expenses


(71,509
)


121,023



100,666Net Cash Provided by (Used in) Operating Activities


4,874,265



(39,357,922
)


(45,117,635
)Cash Flows From Financing Activities:Proceeds from borrowings


21,532,383



46,096,600



43,997,500Repayment of borrowings


(18,829,702
)


(14,152,992
)


Proceeds received from members


3,240,000



13,260,572



4,226,280Capital returned to members


(7,500,000
)






Cash distributions of income paid


(4,350,708
)


(3,350,089
)


(1,240,575
)Net Cash Provided by (Used in) Financing Activities


(5,908,027
)


41,854,091



46,983,205Net Increase (Decrease) In Cash


(1,033,762
)


2,496,169



1,865,570CashBeginning of Period


4,361,739



1,865,570



CashEnd of Period

$
3,327,977


$
4,361,739


$
1,865,570 Non-cash operating and financing activitiesDuring the period February 13,
2015 through December 31, 2015 $29,583,963 of investments were transferred from Solar Senior Capital Ltd. to First Lien Loan Program LLC. See notes to consolidated financial statements.  5




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First Lien Loan Program LLC Consolidated Schedule of Investments December 31, 2017  Description

Industry

InterestRate


MaturityDate


ParAmount


Cost


Fair ValueInvestments*Bank Debt/Senior Secured Loans278.5%1A Smart Start LLC

Electronic Equipment, Instruments & Components


6.44
%


02/21/22



7,840,000



7,786,587



7,820,400Alera Group Intermediate Holdings, Inc.

Insurance


6.85
%


12/30/22



4,278,542



4,240,850



4,257,149Anesthesia Consulting & Management, LP

Health Care Providers & Services


7.94
%


10/31/22



4,530,208



4,492,624



4,258,396Capstone Logistics Acquisition, Inc.

Professional Services


6.07
%


10/07/21



5,284,336



5,251,544



5,231,493Confie Seguros Holding II Co.

Insurance


6.73
%


04/19/22



5,445,000



5,400,864



5,449,792Edgewood Partners Holdings, LLC (Epic)

Insurance


6.14
%


09/08/24



4,466,667



4,447,508



4,444,333Empower Payments Acquisition, Inc. (RevSpring)

Professional Services


7.19
%


11/30/23



4,578,750



4,498,527



4,578,750Falmouth Group Holdings Corp. (AMPAC)

Chemicals


8.44
%


12/14/21



5,018,335



5,018,335



5,018,335Island Medical Management Holdings, LLC

Health Care Providers & Services


7.00
%


09/01/22



4,569,521



4,528,438



4,432,435Kellermeyer Bergensons Services, LLC (KBS)

Commercial Services & Supplies


6.48
%


10/29/21



4,414,744



4,381,231



4,414,744Metamorph US 3, LLC (Metalogix)

Software


9.07
%


12/01/20



3,976,292



3,922,308



2,902,693Ministry Brands, LLC

Software


6.38
%


12/02/22



4,818,039



4,777,077



4,818,039National Spine and Pain Centers, LLC

Health Care Providers & Services


6.19
%


06/02/24



2,985,000



2,971,060



2,962,612Pet Holdings ULC & Pet Supermarket, Inc.

Specialty Retail


6.84
%


07/05/22



5,111,278



5,049,799



5,085,722PSP Group, LLC (Pet Supplies Plus)

Specialty Retail


6.32
%


04/06/21



5,298,409



5,269,420



5,298,409QBS Holding Company, Inc. (Quorum)

Software


6.13
%


08/07/21



3,262,764



3,242,833



3,238,294Salient Partners, L.P.

Asset Management


9.85
%


06/09/21



4,805,625



4,744,746



4,805,625Sarnova HC, LLC

Trading Companies & Distributors


6.32
%


01/28/22



4,912,500



4,877,203



4,912,500Suburban Broadband, LLC (Jab Wireless, Inc.)

Wireless Telecommunication Services


8.19
%


03/26/19



8,066,675



8,006,893



8,066,675Telular Corporation

Wireless Telecommunication Services


5.94
%


06/24/19



5,742,597



5,728,802



5,728,241The Hilb Group, LLC & Gencorp Insurance Group, Inc.

Insurance


6.44
%


06/24/21



4,519,177



4,459,286



4,519,177VT Buyer Acquisition Corp. (Veritext)

Professional Services


6.44
%


01/29/22



5,926,300



5,900,816



5,896,668Wirb-Copernicus Group, Inc.

Professional Services


6.69
%


08/15/22



5,927,500



5,881,766



5,927,500Total Investments278.5%















$
114,878,517


$
114,067,982Liabilities in Excess of Other Assets(178.5%)




















(73,113,397
)Net Assets100.0%



















$
40,954,585  *
All investments are in companies domiciled in the United States. See notes to consolidated
financial statements.  6




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First Lien Loan Program LLC Consolidated Schedule of Investments December 31, 2016  Description

Industry

InterestRate


MaturityDate


ParAmount


Cost


Fair ValueInvestments*Bank Debt/Senior Secured Loans264.4%1A Smart Start LLC

Electronic Equipment, Instruments & Components


5.75
%


02/21/22



7,920,000



7,854,863



7,920,000Alera Group Intermediate Holdings, Inc.

Insurance


6.50
%


12/30/22



3,456,075



3,421,541



3,421,515Anesthesia Consulting & Management, LP

Health Care Providers & Services


6.00
%


10/31/22



5,000,000



4,951,167



4,950,000Capstone Logistics Acquisition, Inc.

Professional Services


5.50
%


10/07/21



5,361,461



5,320,487



5,307,847CIBT Holdings, Inc.

Professional Services


6.25
%


06/28/22



2,620,324



2,595,900



2,594,121Confie Seguros Holding II Co.

Insurance


5.75
%


04/19/22



5,500,000



5,446,578



5,537,125DB Datacenter Holdings, Inc.

IT Services


5.75
%


07/13/21



5,500,000



5,450,203



5,417,500Empower Payments Acquisition, Inc. (RevSpring)

Professional Services


6.50
%


11/30/23



4,625,000



4,533,205



4,532,500Falmouth Group Holdings Corp. (AMPAC)

Chemicals


7.75
%


12/14/21



5,486,146



5,486,146



5,486,146Kellermeyer Bergensons Services, LLC (KBS)

Commercial Services & Supplies


6.00
%


10/29/21



2,437,650



2,419,100



2,388,897Medrisk, LLC

Health Care Providers & Services


6.25
%


03/01/23



3,970,000



3,934,098



3,970,000Metamorph US 3, LLC (Metalogix)

Software


7.50
%


12/01/20



4,000,000



3,927,626



2,860,000Ministry Brands, LLC

Software


6.00
%


12/02/22



2,746,333



2,719,179



2,718,870Pearl Merger Sub, LLC (PetVet)

Health Care Facilities


5.75
%


12/17/20



5,390,000



5,312,794



5,329,363Pet Holdings ULC & Pet Supermarket, Inc.

Specialty Retail


6.50
%


07/05/22



4,537,500



4,474,013



4,480,781PSP Group, LLC (Pet Supplies Plus)

Specialty Retail


5.75
%


04/06/21



5,353,409



5,315,176



5,326,642QBS Holding Company, Inc. (Quorum)

Software


5.75
%


08/07/21



3,430,000



3,403,974



3,292,800Salient Partners, L.P.

Asset Management


9.50
%


06/09/21



5,153,958



5,072,752



5,025,109Sarnova HC, LLC

Trading Companies & Distributors


5.75
%


01/28/22



4,962,500



4,919,324



4,962,500Suburban Broadband, LLC (Jab Wireless, Inc.)

Wireless Telecommunication Services


5.50
%


03/26/19



8,167,500



8,060,205



8,085,825Telular Corporation

Wireless Telecommunication Services


5.50
%


06/24/19



5,063,297



5,046,749



5,050,638The Hilb Group, LLC & Gencorp Insurance Group, Inc.

Insurance


6.00
%


06/24/21



3,814,008



3,747,167



3,775,868Tronair Parent Inc.

Aerospace and Defense


5.75
%


09/08/23



4,987,500



4,938,522



4,962,563VT Buyer Acquisition Corp. (Veritext)

Professional Services


6.00
%


01/29/22



4,481,071



4,442,869



4,458,666Wirb-Copernicus Group, Inc.

Professional Services


6.00
%


08/12/22



5,486,250



5,434,244



5,431,387Total Investments264.4%















$
118,227,882


$
117,286,663Liabilities in Excess of Other Assets(164.4%)




















(72,932,356
)Net Assets100.0%



















$
44,354,307  *
All investments are in companies domiciled in the United States. See notes to consolidated
financial statements.  7




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FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2017 Note 1.
Organization On September 10, 2014, Solar Senior Capital Ltd. (Solar Senior) entered into a limited liability company
agreement to create First Lien Loan Program LLC (FLLP, the Company, we or our) with Voya Investment Management LLC (Voya). Solar Senior and Voya have committed to provide $50,750,000 and
$7,250,000 respectively, of capital to the Company, which is a joint venture. All portfolio decisions and generally all other decisions in respect of FLLP must be approved by an equal number of representatives of Solar Senior and Voya (with approval
from a representative of each required). The Companys investments involve certain risks, including the risk of loss of a substantial part of a members investment under certain circumstances. Solar Senior and Voya (the
Members) understand that their interest will be highly illiquid and is not suitable for trading. The interest may represent an indirect, leveraged exposure to loans, which may expose the interest to disproportionately large changes in
value. The interest will rank behind obligations of the Company to all creditors (secured and unsecured and whether known or unknown) of the Company, including, without limitation, Solar Senior in its capacity as the servicer. On February 13,
2015, FLLP commenced operations. As of December 31, 2017, Solar Senior and Voya contributed combined equity capital in the amount of
$37,459,463 and $5,351,352, respectively. Of the $42,810,815 of contributed equity capital at December 31, 2017, Solar Senior contributed $29,583,963 in the form of investments and $7,875,500 in the form of cash and Voya contributed $5,351,352
in the form of cash. As of December 31, 2016, Solar Senior and Voya contributed combined equity capital in the amount of $41,186,963 and $5,883,852, respectively. Of the $47,070,815 of contributed equity capital at December 31, 2016, Solar
Senior contributed $29,583,963 in the form of investments and $11,603,000 in the form of cash and Voya contributed $5,883,852 in the form of cash. As of December 31, 2017, Solar Senior and Voyas remaining commitments totaled $13,290,537
and $1,898,648 respectively. Solar Senior, along with Voya, controls the funding of FLLP and FLLP may not call the unfunded commitments without approval of both Solar Senior and Voya. Note 2. Significant Accounting Policies The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with accounting
principles generally accepted in the United States of America (GAAP), and include the accounts of the Company and its wholly-owned subsidiary. The Company is an investment company and follows the accounting and reporting guidance in
Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946. The consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair
presentation of the results of the operations and financial condition for the periods presented. All significant intercompany balances and transactions, if any, have been eliminated. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used
in determining these estimates could cause actual results to differ materially. In the opinion of management, all adjustments which are
of a normal recurring nature considered necessary for the fair presentation of financial statements, have been included.  8




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FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2017  The significant accounting policies consistently followed by the Company are:  (a)
Investment transactions are accounted for on the trade date;  (b)
The Company conducts the valuation of its assets in accordance with GAAP. The Company generally values its assets on a quarterly basis, or more frequently if required. The board of managers of the Company (the
Board) shall determine the valuation of the assets of the Company considering valuations provided to the Board by Solar Senior. Voya shall have the right to object to Solar Seniors valuation of the Companys assets and to hire
an independent appraiser or other valuation expert with the requisite experience in valuing investments mutually acceptable to Solar Senior and Voya (the Members), which acceptance shall not be unreasonably withheld, at Voyas
expense to determine the value of the applicable asset which is the subject of the objection; provided that any such objection is provided to Solar Senior by Voya in writing within five business days of its receipt. For the fiscal year ended
December 31, 2017, there has been no change to the Companys valuation techniques and the nature of the related inputs considered in the valuation process.  (c)
Gains or losses on investments are calculated by using the specific identification method.  (d)
The Company records interest, adjusted for amortization of premium and accretion of discount, on an accrual basis. Loan origination fees, original issue discount, and market discounts are capitalized and we amortize
such amounts into income using the interest method or on a straight-line basis, as applicable. Upon the prepayment of a loan, any unamortized loan origination fees are recorded as interest income. We record call premiums on loans repaid as interest
income when we receive such amounts. Capital structuring fees, amendment fees, consent fees, and any other non-recurring fee income as well as management fee and other fee income for services rendered, if any,
are recorded as other income when earned.  (e)
The Company is intended to be treated as a partnership for U.S. federal, state and local income tax purposes. As such, the Members of FLLP are individually liable for the taxes, if any, on their share of FLLPs net
income. To the best of our knowledge, we did not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740-10- 25 nor did we have any unrecognized tax benefits as of the
periods presented herein.  (f)
Distributions to Members are recorded as of the record date. The amount to be paid out as a distribution is determined by the Dividend Committee of the Company.  (g)
The accounting records of the Company are maintained in U.S. dollars. Any assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies
against the U.S. dollar on the date of valuation. The Company will not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations would be included with the net unrealized gain or loss from investments in the Consolidated Statements of Operations. The Companys investments in foreign securities, if any, may involve certain risks,
including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of
foreign currencies to the U.S. dollar can significantly affect the value of these investments in terms of U.S. dollars and therefore the earnings of the Company.  9




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FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2017  (h)
The Company has made an irrevocable election to apply the fair value option of accounting to its senior secured revolving credit facility (the FLLP Facility), in accordance with ASC 825-10.  (i)
Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when principal or interest cash payments are past due 30 days
or more and/or when it is no longer probable that principal or interest cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest are paid
in cash, and in managements judgment, are likely to continue timely payment of their remaining principal and interest obligations. Cash interest payments received on such investments may be recognized as income or applied to principal
depending on managements judgment.  (j)
The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in
interest rates. Generally, only securities with a maturity of three months or less would qualify, with limited exceptions. The Company believes that certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt
securities would qualify as cash equivalents. Note 3. Agreements and Related Parties FLLP has a Servicing Agreement with Solar Senior, under which Solar Senior provides services to FLLP. For providing these services, Solar
Senior receives a fee from FLLP in the amount of 0.125% per quarter (0.50% per annum) of each Members pro rata portion of FLLPs average total assets in the preceding fiscal quarter. The fee is calculated on a quarterly basis and paid in
arrears. To the extent the fee is payable for any period that is less than a full fiscal quarter in length, the fee will be prorated for the number of calendar days in such period. Affiliates of Solar Senior shall not be charged a fee with respect
to their interests in FLLP. Additionally, Solar Senior shall be reimbursed for all fees, costs, expenses and other liabilities or obligations borne by Solar Senior on behalf of FLLP. To the extent parties affiliated with Solar Senior participate in
a transaction alongside FLLP, any costs related to transactions pursued by FLLP will be allocated for completed or anticipated transactions (to the extent such expenses are not reimbursed) pro rata amongst the Solar Senior-affiliated parties
participating in such transaction based upon the amounts funded or anticipated to be funded by each such party. For the fiscal years
ended December 31, 2017 and December 31, 2016 and the period February 13, 2015 through December 31, 2015 the Company recognized $79,123, $65,516 and $31,665, respectively, in fees to Solar Senior. Note 4. Fair Value Fair value is defined
as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used
to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is
determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or
liabilities in an active market that the Company has the ability to access.  10




---

FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2017  Level2. Financial assets and liabilities whose values are based on
quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:  a)
Quoted prices for similar assets or liabilities in active markets;  b)
Quoted prices for identical or similar assets or liabilities in non-active markets;  c)
Pricing models whose inputs are observable for substantially the full term of the asset or liability; and  d)
Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level3.Financial assets and liabilities whose values are based on prices or valuation techniques that require
inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect managements assumptions about what assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is
categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Gains and losses for assets and liabilities categorized within the Level 3 table below may include changes in fair value that are
attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). A review of fair value hierarchy
classifications is conducted on an annual basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Such reclassifications are reported as transfers in/out of the
appropriate category as of the end of the fiscal year in which the reclassifications occur. The following tables present the balances of
assets and liabilities measured at fair value on a recurring basis, as of December 31, 2017 and December 31, 2016: Fair Value
Measurements As of December 31, 2017  Level 1


Level 2


Level 3


TotalAssets:Bank Debt / Senior Secured Loans

$



$



$
114,067,982


$
114,067,982Liabilities:FLLP Facility

$



$



$
78,643,789


$
78,643,789  11




---

FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2017  Fair Value Measurements As of December 31, 2016  Level 1


Level 2


Level 3


TotalAssets:Bank Debt / Senior Secured Loans

$



$



$
117,286,663


$
117,286,663Liabilities:FLLP Facility

$



$



$
75,941,108


$
75,941,108 The following table provides a summary of the changes in fair value of Level 3 assets and liabilities for
the year ended December 31, 2017, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2017: Fair Value Measurements Using Level 3 Inputs  Bank Debt/SeniorSecured LoansFair value, December 31, 2016

$
117,286,663Total gains or losses included in earnings:Net realized gain


80,962Net change in unrealized gain (loss)


130,684Purchase of investment securities


26,041,794Proceeds from dispositions of investment securities


(29,472,121
)Transfers in/out of Level 3


Fair value, December 31, 2017

$
114,067,982Unrealized gains (losses) for the period relating to those Level 3 assets that were still
held by the Company at the end of the period:Net change in unrealized gain (loss):

$
130,684 During the year ended December 31, 2017, there were no transfers between levels. The following table shows a reconciliation of the beginning and ending balances for fair valued liabilities measured using significant
unobservable inputs (Level 3) for the year ended December 31, 2017:  Beginning fair value at December 31, 2016

$
75,941,108Borrowings


21,532,383Repayments


(18,829,702
)Transfers in/out of Level 3


Ending fair value at December 31, 2017

$
78,643,789 The Company has made an irrevocable election to apply the fair value option of accounting to the FLLP
Facility, in accordance with ASC 825-10. On December 31, 2017, there were borrowings of $78,643,789 on the FLLP Facility. For the year ended December 31, 2017, the FLLP Facility had no net change in
unrealized (appreciation) depreciation.  12




---

FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2017  The following table provides a summary of the changes in fair value of Level 3 assets
and liabilities for the year ended December 31, 2016, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2016: Fair Value Measurements Using Level 3 Inputs  Bank Debt/SeniorSecured LoansFair value, December 31, 2015

$
74,417,606Total gains or losses included in earnings:Net realized gain


59,304Net change in unrealized gain (loss)


65,459Purchase of investment securities


66,897,357Proceeds from dispositions of investment securities


(24,153,063
)Transfers in/out of Level 3


Fair value, December 31, 2016

$
117,286,663Unrealized gains (losses) for the period relating to those Level 3 assets that were still
held by the Company at the end of the period:Net change in unrealized gain (loss):

$
65,459 During the year ended December 31, 2016, there were no transfers between levels. The following table shows a reconciliation of the beginning and ending balances for fair valued liabilities measured using significant
unobservable inputs (Level 3) for the year ended December 31, 2016:  Beginning fair value at December 31, 2015

$
43,997,500Borrowings


46,096,600Repayments


(14,152,992
)Transfers in/out of Level 3


Ending fair value at December 31, 2016

$
75,941,108 The Company has made an irrevocable election to apply the fair value option of accounting to the FLLP
Facility, in accordance with ASC 825-10. On December 31, 2016, there were borrowings of $75,941,108 on the FLLP Facility. For the year ended December 31, 2016, the FLLP Facility had no net change in
unrealized (appreciation) depreciation. Quantitative Information about Level 3 Fair Value Measurements The Company typically determines the fair value of its performing debt investments utilizing a yield analysis. In a yield analysis, a price is
ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to current contractual interest rates, relative maturities and other key terms
and risks associated with an investment. Among other factors, a significant determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our
investment within each portfolio company.  13




---

FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2017  Significant unobservable quantitative inputs typically used in the fair value measurement of
the Companys Level 3 assets and liabilities primarily reflect current market yields, including indices, and readily available quotes from brokers, dealers, and pricing services as indicated by comparable assets and liabilities, as well as
enterprise values, returns on equity and earnings before income taxes, depreciation and amortization (EBITDA) multiples of similar companies, and comparable market transactions for equity securities. Quantitative information about the Companys Level 3 asset and liability fair value measurements as of December 31, 2017 is
summarized in the table below:  Asset orLiability

Fair Value atDecember 31,2017


Principal Valuation
Technique/Methodology

Unobservable Input

Range (WeightedAverage)Bank Debt /Senior Secured Loans

Asset

$
114,067,982


Yield Analysis

Market Yield

6.2% 21.6% (7.6%)FLLP Facility

Liability

$
78,643,789


Yield Analysis

Market Yield

L+1.4%  L+4.8%(L+2.5%) Significant increases or decreases in any of the above unobservable inputs in isolation, including
unobservable inputs used in deriving bid-ask spreads, if applicable, would result in a significantly lower or higher fair value measurement for such assets and liabilities. Quantitative information about the Companys Level 3 asset and liability fair value measurements as of December 31, 2016 is
summarized in the table below:  Asset orLiability

Fair Value atDecember 31,2016


Principal ValuationTechnique/Methodology

Unobservable Input

Range (WeightedAverage)Bank Debt / Senior Secured Loans

Asset

$
117,286,663


Yield Analysis

Market Yield

5.7% 18.2%(6.7%)FLLP Facility

Liability

$
75,941,108


Yield Analysis

Market Yield

L+1.4%  L+4.8%(L+2.5%) Significant increases or decreases in any of the above unobservable inputs in isolation, including
unobservable inputs used in deriving bid-ask spreads, if applicable, would result in a significantly lower or higher fair value measurement for such assets and liabilities. Note 5. Debt FLLP
FacilityOn February 13, 2015, FLLP as transferor and FLLP 2015-1, LLC, a newly formed wholly-owned subsidiary of FLLP, as borrower entered into the FLLP Facility with Wells Fargo Bank, N.A.
acting as administrative agent. Solar Senior acts as servicer under the FLLP Facility. The FLLP Facility was originally scheduled to mature on February 13, 2020. On August 15, 2016, the FLLP Facility was amended, expanding commitments to
$100,000,000 and extending the maturity date to August 16, 2021. The FLLP Facility generally bears interest at a rate of LIBOR plus a range of 2.25%-2.50%. FLLP and FLLP
2015-1, LLC, as applicable, have made certain customary representations and warranties, and are required to comply with various covenants, including leverage restrictions, reporting requirements and other
customary requirements for similar credit  14




---

FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2017  facilities. The FLLP Facility also includes usual and customary events of default for credit facilities of this nature. There were $78,643,789 and $75,941,108 of borrowings outstanding as of
December 31, 2017 and December 31, 2016, respectively. The Company has made an irrevocable election to apply the fair value
option of accounting to the FLLP Facility, in accordance with ASC 825-10. During the year ended December 31, 2016, the Company recognized $836,273 in expenses related to the amendment of the FLLP
Facility. During the period February 13, 2015 through December 31, 2015, the Company recognized $1,316,593 in expenses for the establishment of the five year facility. We believe accounting for the FLLP Facility at fair value better aligns
the measurement methodologies of assets and liabilities, which may mitigate certain earnings volatility. ASC 825-10 requires entities to display the fair value of the selected assets and liabilities on the
face of the Consolidated Statement of Assets and Liabilities and changes in fair value of the FLLP Facility are reported in the Consolidated Statement of Operations. The average annualized interest cost for all borrowings for the year ended December 31, 2017 and the year ended December 31, 2016
was 3.63% and 3.16%, respectively. These costs are exclusive of other credit facility expenses such as unused fees and fees paid to the back-up servicer, if any. The maximum amount borrowed on the FLLP
Facility during the year ended December 31, 2017 and the year ended December 31, 2016 was $81,117,887 and $81,441,108, respectively. Note 6.
Financial Highlights  For the year endedDecember 31, 2017


For the year endedDecember 31, 2016


For the periodFebruary 13, 2015(commencement ofoperations)throughDecember 31, 2015Ratios and Supplemental Data*:Total investment return(1)


11.9
%


8.8
%


(0.9
%)Net assets, beginning of period

$
44,354,307


$
31,535,297


$
Net assets, end of period

$
40,954,585


$
44,354,307


$
31,535,297Average net assets

$
43,026,219


$
33,665,453


$
32,392,708Ratio of net investment income to average net assets (a)


12.08
%


11.46
%**


7.11
%**Ratio of expenses to average net assets (a):Service fees


0.18
%


0.19
%


0.11
%Interest and other credit facility related expenses


7.07
%


6.66
%**


3.19
%**Other general and administrative expenses


0.26
%


0.53
%


0.50
%Total expenses


7.51
%


7.38
%**


3.80
%**Total contributed capital to committed capital


73.8
%


81.2
%


58.3
%  (a)
Annualized for periods less than one year. *
Ratios are calculated for the members taken as a whole; an individual members ratios may vary from these ratios. **
Ratios exclude the non-recurring expenses related to the amendment of the FLLP Facility in the year ended December 31, 2016 and the establishment of the FLLP Facility in the
period ended December 31, 2015, totaling $836,273 and $1,316,593, respectively, or 2.48% and 4.06% of average net assets on an unannualized basis, respectively. (1)
Total investment return reflects the weighted average return on invested capital for the period shown.  15




---

FIRST LIEN LOAN PROGRAM LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, 2017  Note 7. Commitments and Contingencies As of December 31, 2017 and December 31, 2016, the Company had unfunded debt commitments to various delayed draw term loans totaling
$2,980,326 and $4,094,593, respectively.  December 31, 2017


December 31, 2016Alera Group Intermediate Holdings, Inc.

$
1,694,766


$
1,543,925Edgewood Partners Holdings, LLC


533,333



The Hilb Group, LLC & Gencorp Insurance Group, Inc.


331,884



Ministry Brands, LLC. .


213,576



753,666Pet Holdings ULC & Pet Supermarket, Inc.


206,767



827,068VT Buyer Acquisition Corp.






485,714CIBT Holdings, Inc.






484,220Total Commitments

$
2,980,326


$
4,094,593 As of December 31, 2017 and December 31, 2016, the Company had sufficient cash, uncalled equity and
debt capital and/or liquid securities available to fund its commitments. Note 8. Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated
financial statements were issued. There were no subsequent events warranting disclosure. These consolidated financial statements were approved by management and available for issuance on February 22, 2018.  16