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|----------------------------|
|                            |  |  |  |  |
| CommissionFile Number |   | Exact name of registrant as specified in its charter, address of principal executiveoffices, telephone numbers and states or other jurisdictions of incorporation or organization |   | I.R.S. EmployerIdentification Number |
| 814-00832                  |   | New Mountain Finance Corporation |   | 27-2978010 |
|                       |   | 787 Seventh Avenue, 48th FloorNew York, New York 10019Telephone: (212) 720-0300State of Incorporation: Delaware |   |   |

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|        |
|--------|
|        |  |  |  |  |
|   | Title of each class | Trading Symbol(s) | Name of each exchange on which registered |   |
|   | Common stock, par value $0.01 per share | NMFC | New York Stock Exchange |   |
|   | 5.75% Notes due 2023 | NMFX | New York Stock Exchange |   |

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

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|                                         |
|-----------------------------------------|
|                                         |  |  |
| Description                             |   | Shares as of May 6, 2020 |
| Common stock, par value $0.01 per share |   | 96,827,342 |

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|   |

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Table of Contents

|                                         |
|-----------------------------------------|
|                                         |  |  |
|                                    | PAGE |
|                                    |   |
| PART I. FINANCIAL INFORMATION |   |
|                                    |   |
| Item 1.                            | Financial Statements |   |
|                                    |   |   |
|                                    | New Mountain Finance Corporation |   |
|                                    | Consolidated Statements of Assets and Liabilities as of March 31, 2020 (unaudited) and December 31, 2019 (unaudited) | 4 |
|                                    | Consolidated Statements of Operations for the three months ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited) | 5 |
|                                    | Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited) | 6 |
|                                    | Consolidated Statements of Cash Flows for the three months ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited) | 7 |
|                                    | Consolidated Schedule of Investments as of March 31, 2020 (unaudited) | 8 |
|                                    | Consolidated Schedule of Investments as of December 31, 2019 | 30 |
|                                    | Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited) | 48 |
|                                    | Report of Independent Registered Public Accounting Firm | 90 |
|                                    |   |   |
| Item 2.                            | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 91 |
| Item 3.                            | Quantitative and Qualitative Disclosures About Market Risk | 123 |
| Item 4.                            | Controls and Procedures | 124 |
|                                    |   |
| PART II. OTHER INFORMATION    | 125 |
|                                    |   |
| Item 1.                            | Legal Proceedings | 125 |
| Item 1A.                           | Risk Factors | 125 |
| Item 2.                            | Unregistered Sales of Equity Securities and Use of Proceeds | 127 |
| Item 3.                            | Defaults Upon Senior Securities | 128 |
| Item 4.                            | Mine Safety Disclosures | 128 |
| Item 5.                            | Other Information | 128 |
| Item 6.                            | Exhibits | 129 |
|                                    | Signatures | 130 |

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Table of Contents

|         |                      |
|---------|----------------------|
| Item 1. | Financial Statements |

|                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                 |  |  |  |  |  |  |  |
|                                                                                                                                                                            | March 31, 2020 |   | December 31, 2019 |
| Assets                                                                                                                                                                          |   |  |   |   |  |
| Investments at fair value                                                                                                                                                       |   |  |   |   |  |
| Non-controlled/non-affiliated investments (cost of $2,627,761 and $2,619,408, respectively)                                                                                     | $ | 2,481,871 |  |   | $ | 2,613,801 |  |
| Non-controlled/affiliated investments (cost of $79,794 and $82,825, respectively)                                                                                               | 59,660 |  |   | 73,527 |  |
| Controlled investments (cost of $478,950 and $449,308, respectively)                                                                                                            | 449,786 |  |   | 472,952 |  |
| Total investments at fair value (cost of $3,186,505 and $3,151,541, respectively)                                                                                               | 2,991,317 |  |   | 3,160,280 |  |
| Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)                                                                      | 21,422 |  |   | 21,422 |  |
| Cash and cash equivalents                                                                                                                                                       | 22,108 |  |   | 48,574 |  |
| Interest and dividend receivable                                                                                                                                                | 32,650 |  |   | 31,800 |  |
| Receivable from unsettled securities sold                                                                                                                                       | 30,964 |  |   | — |  |
| Receivable from affiliates                                                                                                                                                      | 545 |  |   | 277 |  |
| Other assets                                                                                                                                                                    | 4,526 |  |   | 3,702 |  |
| Total assets                                                                                                                                                                    | $ | 3,103,532 |  |   | $ | 3,266,055 |  |
| Liabilities                                                                                                                                                                     |   |  |   |   |  |
| Borrowings                                                                                                                                                                      |   |   |   |
|      Holdings Credit Facility                                                                                                                          | $ | 569,163 |  |   | $ | 661,563 |  |
|      Unsecured Notes                                                                                                                                   | 453,250 |  |   | 453,250 |  |
|      SBA-guaranteed debentures                                                                                                                         | 300,000 |  |   | 225,000 |  |
|      DB Credit Facility                                                                                                                                | 270,000 |  |   | 230,000 |  |
|      Convertible Notes                                                                                                                                 | 201,597 |  |   | 201,623 |  |
|      NMFC Credit Facility                                                                                                                              | 188,500 |  |   | 188,500 |  |
|      Deferred financing costs (net of accumulated amortization of $29,542 and $28,390, respectively)                                                   | (18,318 | ) |   | (17,640 | ) |
| Net borrowings                                                                                                                                                                  | 1,964,192 |  |   | 1,942,296 |  |
| Payable for unsettled securities purchased                                                                                                                                      | — |  |   | 1,780 |  |
| Management fee payable                                                                                                                                                          | 20,613 |  |   | 10,298 |  |
| Incentive fee payable                                                                                                                                                           | 15,472 |  |   | 7,646 |  |
| Interest payable                                                                                                                                                                | 10,965 |  |   | 16,484 |  |
| Payable to affiliates                                                                                                                                                           | 1,025 |  |   | 673 |  |
| Deferred tax liability                                                                                                                                                          | 14 |  |   | 912 |  |
| Other liabilities                                                                                                                                                               | 1,811 |  |   | 2,498 |  |
| Total liabilities                                                                                                                                                               | 2,014,092 |  |   | 1,982,587 |  |
| Commitments and contingencies (See Note 9)                                                                                                                                      |   |  |   |   |  |
| Net assets                                                                                                                                                                      |   |  |   |   |  |
| Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued                                                                                            | — |  |   | — |  |
| Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 shares authorized, respectively, and 96,827,342 and 96,827,342 shares issued and outstanding, respectively | 968 |  |   | 968 |  |
| Paid in capital in excess of par                                                                                                                                                | 1,287,853 |  |   | 1,287,853 |  |
| Accumulated overdistributed earnings                                                                                                                                            | (210,631 | ) |   | (5,353 | ) |
| Total net assets of New Mountain Finance Corporation                                                                                                                            | 1,078,190 |  |   | 1,283,468 |  |
| Non-controlling interest in New Mountain Net Lease Corporation                                                                                                                  | 11,250 |  |   | $ | — |  |
| Total net assets                                                                                                                                                                | $ | 1,089,440 |  |   | $ | 1,283,468 |  |
| Total liabilities and net assets                                                                                                                                                | $ | 3,103,532 |  |   | $ | 3,266,055 |  |
| Number of shares outstanding                                                                                                                                                    | 96,827,342 |  |   | 96,827,342 |  |
| Net asset value per share of New Mountain Finance Corporation                                                                                                                   | $ | 11.14 |  |   | $ | 13.26 |  |

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Table of Contents

|                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                      |  |  |  |  |  |  |  |
|                                                                                                                                 | Three Months Ended |
|                                                                                                                                 | March 31, 2020 |   | March 31, 2019 |
| Investment income                                                                                                               |   |   |   |
| From non-controlled/non-affiliated investments:                                                                                      |   |   |   |
| Interest income                                                                                                                      | $ | 57,586 |  |   | $ | 44,457 |  |
| Non-cash dividend income                                                                                                             | 2,324 |  |   | 1,974 |  |
| Other income                                                                                                                         | 1,471 |  |   | 2,254 |  |
| From non-controlled/affiliated investments:                                                                                          |   |   |   |
| Interest income                                                                                                                      | 1,069 |  |   | 1,004 |  |
| Dividend income                                                                                                                      | 720 |  |   | 726 |  |
| Non-cash dividend income                                                                                                             | (3,418 | ) |   | 291 |  |
| Other income                                                                                                                         | 291 |  |   | 291 |  |
| From controlled investments:                                                                                                         |   |   |   |
| Interest income                                                                                                                      | 2,981 |  |   | 2,463 |  |
| Dividend income                                                                                                                      | 8,229 |  |   | 8,457 |  |
| Non-cash dividend income                                                                                                             | 2,638 |  |   | 2,045 |  |
| Other income                                                                                                                         | 193 |  |   | 229 |  |
| Total investment income                                                                                                              | 74,084 |  |   | 64,191 |  |
| Expenses                                                                                                                             |   |   |   |
| Incentive fee                                                                                                                        | 7,826 |  |   | 6,863 |  |
| Management fee                                                                                                                       | 13,858 |  |   | 10,975 |  |
| Interest and other financing expenses                                                                                                | 22,194 |  |   | 19,146 |  |
| Administrative expenses                                                                                                              | 1,040 |  |   | 1,095 |  |
| Professional fees                                                                                                                    | 905 |  |   | 766 |  |
| Other general and administrative expenses                                                                                            | 499 |  |   | 412 |  |
| Total expenses                                                                                                                       | 46,322 |  |   | 39,257 |  |
| Less: management fees waived (See Note 5)                                                                                            | (3,543 | ) |   | (2,533 | ) |
| Net expenses                                                                                                                         | 42,779 |  |   | 36,724 |  |
| Net investment income before income taxes                                                                                            | 31,305 |  |   | 27,467 |  |
| Income tax expense                                                                                                                   | — |  |   | 17 |  |
| Net investment income                                                                                                                | 31,305 |  |   | 27,450 |  |
| Net realized gains (losses):                                                                                                         |   |   |   |
| Non-controlled/non-affiliated investments                                                                                            | (702 | ) |   | 43 |  |
| Controlled investments                                                                                                               | 4 |  |   | 3 |  |
| New Mountain Net Lease Corporation                                                                                                   | 812 |  |   | — |  |
| Net change in unrealized (depreciation) appreciation:                                                                                |   |   |   |
| Non-controlled/non-affiliated investments                                                                                       | (140,283 | ) |   | 9,763 |  |
| Non-controlled/affiliated investments                                                                                                | (10,836 | ) |   | (891 | ) |
| Controlled investments                                                                                                               | (52,808 | ) |   | 7,442 |  |
| New Mountain Net Lease Corporation                                                                                                   | (812 | ) |   | — |  |
| Benefit for taxes                                                                                                                    | 898 |  |   | 110 |  |
| Net realized and unrealized (losses) gains                                                                                           | (203,727 | ) |   | 16,470 |  |
| Net (decrease) increase in net assets resulting from operations                                                                      | (172,422 | ) |   | 43,920 |  |
| Less: Net decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | (65 | ) |   | — |  |
| Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation                          | $ | (172,357 | ) |   | $ | 43,920 |  |
| Basic earnings per share                                                                                                             | $ | (1.78 | ) |   | $ | 0.56 |  |
| Weighted average shares of common stock outstanding - basic (See Note 11)                                                            | 96,827,342 |  |   | 78,457,641 |  |
| Diluted earnings per share                                                                                                           | $ | (1.78 | ) |   | $ | 0.49 |  |
| Weighted average shares of common stock outstanding - diluted (See Note 11)                                                          | 110,084,927 |  |   | 95,857,530 |  |
| Distributions declared and paid per share                                                                                            | $ | 0.34 |  |   | $ | 0.34 |  |

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Table of Contents

|                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                      |  |  |  |  |  |  |  |
|                                                                                                                                 | Three Months Ended |
|                                                                                                                                 | March 31, 2020 |   | March 31, 2019 |
| Increase (decrease) in net assets resulting from operations:                                                                         |   |   |   |
| Net investment income                                                                                                                | $ | 31,305 |  |   | $ | 27,450 |  |
| Net realized gains on investments and New Mountain Net Lease Corporation                                                             | 114 |  |   | 46 |  |
| Net change in unrealized (depreciation) appreciation of investments and New Mountain Net Lease Corporation                           | (204,739 | ) |   | 16,314 |  |
| Benefit for taxes                                                                                                                    | 898 |  |   | 110 |  |
| Net (decrease) increase in net assets resulting from operations                                                                      | (172,422 | ) |   | 43,920 |  |
| Less: Net decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | (65 | ) |   | — |  |
| Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation                          | (172,357 | ) |   | 43,920 |  |
| Capital transactions                                                                                                                 |   |   |   |
| Net proceeds from shares sold                                                                                                        | — |  |   | 59,297 |  |
| Deferred offering costs                                                                                                              | — |  |   | (229 | ) |
| Distributions declared to stockholders from net investment income                                                                    | (32,921 | ) |   | (27,342 | ) |
| Reinvestment of distributions                                                                                                        | — |  |   | 1,364 |  |
| Total net (decrease) increase in net assets resulting from capital transactions                                                      | (32,921 | ) |   | 33,090 |  |
| Net (decrease) increase in net assets                                                                                                | (205,278 | ) |   | 77,010 |  |
| New Mountain Finance Corporation net assets at the beginning of the period                                                           | 1,283,468 |  |   | 1,006,269 |  |
| New Mountain Finance Corporation net assets at the end of the period                                                                 | 1,078,190 |  |   | 1,083,279 |  |
| Non-controlling interest in New Mountain Net Lease Corporation                                                                       | 11,250 |  |   | — |  |
| Net assets at the end of the period                                                                                                  | $ | 1,089,440 |  |   | $ | 1,083,279 |  |
|                                                                                                                                 |   |   |   |
| Capital share activity                                                                                                               |   |   |   |
| Shares sold                                                                                                                          | — |  |   | 4,312,500 |  |
| Shares issued from the reinvestment of distributions                                                                                 | — |  |   | 100,558 |  |
| Net increase in shares outstanding                                                                                                   | — |  |   | 4,413,058 |  |

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Table of Contents

|                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |  |  |  |  |  |  |  |
|                                                                                                                                             | Three Months Ended |
|                                                                                                                                             | March 31, 2020 |   | March 31, 2019 |
| Cash flows from operating activities                                                                                                             |   |   |   |
| Net (decrease) increase in net assets resulting from operations                                                                                  | $ | (172,422 | ) |   | $ | 43,920 |  |
| Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash (used in) provided by operating activities: |   |   |   |
| Net realized (gains) losses on investments and New Mountain Net Lease Corporation                                                                | (114 | ) |   | (46 | ) |
| Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation                                       | 204,739 |  |   | (16,314 | ) |
| Amortization of purchase discount                                                                                                                | (3,528 | ) |   | (835 | ) |
| Amortization of deferred financing costs                                                                                                         | 1,152 |  |   | 1,651 |  |
| Amortization of premium on Convertible Notes                                                                                                     | (26 | ) |   | (27 | ) |
| Non-cash investment income                                                                                                                       | (5,131 | ) |   | (6,842 | ) |
| (Increase) decrease in operating assets:                                                                                                         |   |   |   |
| Proceeds from sale of non-controlling interest in New Mountain Net Lease Corporation                                                             | 11,315 |  |   | — |  |
| Purchase of investments and delayed draw facilities                                                                                              | (172,921 | ) |   | (158,036 | ) |
| Proceeds from sales and paydowns of investments                                                                                                  | 178,722 |  |   | 5,857 |  |
| Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities                                                     | 211 |  |   | 46 |  |
| Cash paid for purchase of drawn portion of revolving credit facilities                                                                           | (8,996 | ) |   | (338 | ) |
| Cash paid on drawn revolvers                                                                                                                     | (33,639 | ) |   | (9,026 | ) |
| Cash repayments on drawn revolvers                                                                                                               | 9,620 |  |   | 5,182 |  |
| Interest and dividend receivable                                                                                                                 | (850 | ) |   | (4,289 | ) |
| Receivable from unsettled securities sold                                                                                                        | (30,964 | ) |   | — |  |
| Receivable from affiliates                                                                                                                       | (268 | ) |   | (287 | ) |
| Other assets                                                                                                                                     | (802 | ) |   | (758 | ) |
| Increase (decrease) in operating liabilities:                                                                                                    |   |   |   |
| Payable for unsettled securities purchased                                                                                                       | (1,780 | ) |   | 295 |  |
| Management fee payable                                                                                                                           | 10,315 |  |   | 50 |  |
| Incentive fee payable                                                                                                                            | 7,826 |  |   | (1 | ) |
| Interest payable                                                                                                                                 | (5,519 | ) |   | (1,884 | ) |
| Payable to affiliates                                                                                                                            | 352 |  |   | (223 | ) |
| Deferred tax liability                                                                                                                           | (898 | ) |   | (110 | ) |
| Other liabilities                                                                                                                                | 74 |  |   | 2,758 |  |
| Net cash flows used in operating activities                                                                                                      | (13,532 | ) |   | (139,257 | ) |
| Cash flows from financing activities                                                                                                             |   |   |   |
| Net proceeds from shares sold                                                                                                                    | — |  |   | 59,297 |  |
| Distributions paid                                                                                                                               | (32,921 | ) |   | (25,978 | ) |
| Offering costs paid                                                                                                                              | — |  |   | (265 | ) |
| Proceeds from Holdings Credit Facility                                                                                                           | 16,000 |  |   | 69,500 |  |
| Repayment of Holdings Credit Facility                                                                                                            | (108,400 | ) |   | (15,000 | ) |
| Proceeds from SBA-guaranteed debentures                                                                                                          | 75,000 |  |   | — |  |
| Proceeds from NMFC Credit Facility                                                                                                               | — |  |   | 110,000 |  |
| Repayment of NMFC Credit Facility                                                                                                                | — |  |   | (35,000 | ) |
| Proceeds from DB Credit Facility                                                                                                                 | 40,000 |  |   | 25,000 |  |
| Repayment of DB Credit Facility                                                                                                                  | — |  |   | (32,000 | ) |
| Deferred financing costs paid                                                                                                                    | (2,613 | ) |   | (390 | ) |
| Net cash flows (used) provided by financing activities                                                                                           | (12,934 | ) |   | 155,164 |  |
| Net (decrease) increase in cash and cash equivalents                                                                                             | (26,466 | ) |   | 15,907 |  |
| Cash and cash equivalents at the beginning of the period                                                                                         | 48,574 |  |   | 49,664 |  |
| Cash and cash equivalents at the end of the period                                                                                               | $ | 22,108 |  |   | $ | 65,571 |  |
| Supplemental disclosure of cash flow information                                                                                                 |   |   |   |
| Cash interest paid                                                                                                                               | $ | 26,301 |  |   | $ | 19,085 |  |
| Income taxes paid                                                                                                                                | — |  |   | 3 |  |
| Non-cash financing activities:                                                                                                                   |   |   |   |
| Value of shares issued in connection with the distribution reinvestment plan                                                                     | $ | — |  |   | $ | 1,364 |  |
| Accrual for offering costs                                                                                                                       | 86 |  |   | 92 |  |
| Accrual for deferred financing costs                                                                                                             | 4 |  |   | 119 |  |

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Table of Contents

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)                        |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Non-Controlled/Non-Affiliated Investments                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Funded Debt Investments - Canada                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC)** |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                                 |   | Second lien (3)(10) |   | 8.50% (L + 7.50%/M) |   | 6/1/2018 |   | 6/8/2026 |   | $ | 28,613 |  |   | $ | 28,396 |  |   | $ | 26,301 |  |   |   |
|                                                                |   | Second lien (8)(10) |   | 8.50% (L + 7.50%/M) |   | 6/1/2018 |   | 6/8/2026 |   | 7,500 |  |   | 7,446 |  |   | 6,894 |  |   |   |
|                                                                |   |   |   |   |   |   |   |   |   | 36,113 |  |   | 35,842 |  |   | 33,195 |  |   | 3.05 |  % |
| Wolfpack IP Co.**                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                            |   | First lien (2)(10) |   | 7.50% (L + 6.50%/M) |   | 6/14/2019 |   | 6/13/2025 |   | 9,091 |  |   | 9,010 |  |   | 8,997 |  |   | 0.83 |  % |
| Total Funded Debt Investments - Canada                              |   |   |   |   |   |   |   |   |   | $ | 45,204 |  |   | $ | 44,852 |  |   | $ | 42,192 |  |   | 3.88 |  % |
| Funded Debt Investments - United Arab Emirates                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GEMS Menasa (Cayman) Limited**                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                                           |   | First lien (8) |   | 6.61% (L + 5.00%/Q) |  | 7/30/2019 |  | 7/31/2026 |  | $ | 33,321 |  |  | $ | 33,162 |  |  | $ | 29,656 |  |  | 2.72 |  % |
| Total Funded Debt Investments - United Arab Emirates                |   |   |   |  |  |  |  |  |  | $ | 33,321 |  |  | $ | 33,162 |  |  | $ | 29,656 |  |  | 2.72 |  % |
| Funded Debt Investments - United Kingdom                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.**         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Services                                                   |   | Second lien (2)(10) |   | 8.50% (L + 7.50%/M) |   | 9/25/2017 |   | 10/3/2025 |   | $ | 37,853 |  |   | $ | 37,677 |  |   | $ | 36,433 |  |   |   |
|                                                                |   | Second lien (8)(10) |   | 8.50% (L + 7.50%/M) |   | 9/25/2017 |   | 10/3/2025 |   | 6,000 |  |   | 5,972 |  |   | 5,775 |  |   |   |
|                                                                |   |   |   |   |   |   |   |   |   | 43,853 |  |   | 43,649 |  |   | 42,208 |  |   | 3.87 |  % |
| Aston FinCo S.a r.l. / Aston US Finco, LLC**                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                            |   | Second lien (8)(10) |   | 10.13% (L + 8.25%/Q) |   | 10/8/2019 |   | 10/8/2027 |   | 34,459 |  |   | 34,193 |  |   | 31,982 |  |   | 2.94 |  % |
| Total Funded Debt Investments - United Kingdom                      |   |   |   |   |   |   |   |   |   | $ | 78,312 |  |   | $ | 77,842 |  |   | $ | 74,190 |  |   | 6.81 |  % |
| Funded Debt Investments - United States                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PhyNet Dermatology LLC                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                                 |   | First lien (2)(10) |   | 6.50% (L + 5.50%/M) |   | 9/17/2018 |   | 8/16/2024 |   | $ | 50,240 |  |   | $ | 49,849 |  |   | $ | 46,487 |  |   |   |
|                                                                |   | First lien (3)(10)(11) - Drawn |   | 6.50% (L + 5.50%/M) |   | 9/17/2018 |   | 8/16/2024 |   | 28,068 |  |   | 27,944 |  |   | 25,972 |  |   |   |
|                                                                |   |   |   |   |   |   |   |   |   | 78,308 |  |   | 77,793 |  |   | 72,459 |  |   | 6.65 |  % |
| GS Acquisitionco, Inc.                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                            |   | First lien (2)(10) |   | 6.83% (L + 5.75%/S) |   | 8/7/2019 |   | 5/24/2024 |   | 26,842 |  |   | 26,694 |  |   | 26,369 |  |   |   |
|                                                                |   | First lien (5)(10) |   | 6.83% (L + 5.75%/S) |   | 8/7/2019 |   | 5/24/2024 |   | 22,363 |  |   | 22,239 |  |   | 21,969 |  |   |   |
|                                                                |   | First lien (3)(10)(11) - Drawn |   | 6.83% (L + 5.75%/S) |   | 8/7/2019 |   | 5/24/2024 |   | 20,868 |  |   | 20,742 |  |   | 20,501 |  |   |   |
|                                                                |   | First lien (3)(10)(11) - Drawn |   | 6.83% (L + 5.75%/S) |   | 8/7/2019 |   | 5/24/2024 |   | 3,134 |  |   | 3,115 |  |   | 3,079 |  |   |   |
|                                                                |   |   |   |   |   |   |   |   |   | 73,207 |  |   | 72,790 |  |   | 71,918 |  |   | 6.60 |  % |

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|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Benevis Holding Corp.                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                          |   | First lien (2)(10) |   | 8.09% (L + 6.32%/Q) |   | 3/15/2018 |   | 3/15/2024 |   | $ | 62,572 |  |   | $ | 62,572 |  |   | $ | 46,528 |  |   |   |
|                                         |   | First lien (8)(10) |   | 8.09% (L + 6.32%/Q) |   | 3/15/2018 |   | 3/15/2024 |   | 15,352 |  |   | 15,352 |  |   | 11,416 |  |   |   |
|                                         |   | First lien (3)(10) |   | 7.96% (L + 6.32%/Q) |   | 3/29/2019 |   | 3/15/2024 |   | 7,665 |  |   | 7,665 |  |   | 5,699 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 85,589 |  |   | 85,589 |  |   | 63,643 |  |   | 5.84 |  % |
| Associations, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 8.91% (L + 4.00% + 3.00% PIK/Q)* |   | 7/30/2018 |   | 7/30/2024 |   | 44,899 |  |   | 44,684 |  |   | 43,866 |  |   |   |
|                                         |   | First lien (8)(10) |   | 8.91% (L + 4.00% + 3.00% PIK/Q)* |   | 7/30/2018 |   | 7/30/2024 |   | 5,154 |  |   | 5,130 |  |   | 5,035 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 8.90% (L + 4.00% + 3.00% PIK/Q)* |   | 7/30/2018 |   | 7/30/2024 |   | 7,433 |  |   | 7,395 |  |   | 7,262 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 7.01% (L + 6.00%/M) |   | 7/30/2018 |   | 7/30/2024 |   | 2,033 |  |   | 2,020 |  |   | 1,986 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 59,519 |  |   | 59,229 |  |   | 58,149 |  |   | 5.34 |  % |
| iCIMS, Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (8)(10) |   | 7.50% (L + 6.50%/M) |   | 9/12/2018 |   | 9/12/2024 |   | 46,636 |  |   | 46,247 |  |   | 46,636 |  |   |   |
|                                         |   | First lien (8)(10) |   | 7.50% (L + 6.50%/M) |   | 6/14/2019 |   | 9/12/2024 |   | 8,667 |  |   | 8,591 |  |   | 8,667 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 55,303 |  |   | 54,838 |  |   | 55,303 |  |   | 5.08 |  % |
| Nomad Buyer, Inc.                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                          |   | First lien (2)(10) |   | 5.61% (L + 5.00%/M) |   | 8/3/2018 |   | 8/1/2025 |   | 56,296 |  |   | 54,786 |  |   | 54,940 |  |   | 5.04 |  % |
| ConnectWise, LLC                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (2)(10) |   | 7.07% (L + 6.00%/S) |   | 11/26/2019 |   | 2/28/2025 |   | 55,473 |  |   | 55,145 |  |   | 54,031 |  |   | 4.96 |  % |
| Salient CRGT Inc.                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal Services                             |   | First lien (2)(10) |   | 7.57% (L + 6.50%/S) |   | 1/6/2015 |   | 2/28/2022 |   | 39,031 |  |   | 38,798 |  |   | 37,177 |  |   |   |
|                                         |   | First lien (8)(10) |   | 7.57% (L + 6.50%/S) |   | 6/6/2019 |   | 2/28/2022 |   | 13,338 |  |   | 12,942 |  |   | 12,704 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 8.00% (P + 4.75%/Q) |   | 6/26/2018 |   | 11/29/2021 |   | 2,100 |  |   | 1,932 |  |   | 2,000 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 54,469 |  |   | 53,672 |  |   | 51,881 |  |   | 4.76 |  % |
| CentralSquare Technologies, LLC              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | Second lien (3)(10) |   | 8.95% (L + 7.50%/Q) |   | 8/15/2018 |   | 8/31/2026 |   | 47,838 |  |   | 47,312 |  |   | 43,762 |  |   |   |
|                                         |   | Second lien (8)(10) |   | 8.95% (L + 7.50%/Q) |   | 8/15/2018 |   | 8/31/2026 |   | 7,500 |  |   | 7,417 |  |   | 6,861 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 55,338 |  |   | 54,729 |  |   | 50,623 |  |   | 4.65 |  % |
| Frontline Technologies Group Holdings, LLC   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (4)(10) |   | 6.75% (L + 5.75%/M) |   | 9/18/2017 |   | 9/18/2023 |   | 22,109 |  |   | 22,003 |  |   | 21,507 |  |   |   |
|                                         |   | First lien (2)(10) |   | 6.75% (L + 5.75%/M) |   | 9/18/2017 |   | 9/18/2023 |   | 18,632 |  |   | 18,578 |  |   | 18,125 |  |   |   |
|                                         |   | First lien (2)(10) |   | 6.75% (L + 5.75%/M) |   | 9/18/2017 |   | 9/18/2023 |   | 7,690 |  |   | 7,642 |  |   | 7,481 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 48,431 |  |   | 48,223 |  |   | 47,113 |  |   | 4.31 |  % |

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|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)       |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| NM GRC Holdco, LLC                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                  |   | First lien (2)(10) |   | 7.45% (L + 6.00%/Q) |   | 2/9/2018 |   | 2/9/2024 |   | $ | 38,249 |  |   | $ | 38,116 |  |   | $ | 36,826 |  |   |   |
|                                               |   | First lien (2)(10) |   | 7.45% (L + 6.00%/Q) |   | 2/9/2018 |   | 2/9/2024 |   | 10,631 |  |   | 10,591 |  |   | 10,235 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 48,880 |  |   | 48,707 |  |   | 47,061 |  |   | 4.32 |  % |
| Symplr Software Intermediate Holdings, Inc. (24)   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Symplr Software, Inc. (fka Caliper Software, Inc.) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Information Technology                  |   | First lien (2)(10) |   | 6.57% (L + 5.50%/S) |   | 11/30/2018 |   | 11/28/2025 |   | 30,484 |  |   | 30,279 |  |   | 30,200 |  |   |   |
|                                               |   | First lien (4)(10) |   | 6.57% (L + 5.50%/S) |   | 11/30/2018 |   | 11/28/2025 |   | 14,813 |  |   | 14,718 |  |   | 14,675 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 45,297 |  |   | 44,997 |  |   | 44,875 |  |   | 4.12 |  % |
| Integro Parent Inc.                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                  |   | First lien (2)(10) |   | 6.75% (L + 5.75%/M) |   | 10/9/2015 |   | 10/31/2022 |   | 34,869 |  |   | 34,749 |  |   | 34,615 |  |   |   |
|                                               |   | Second lien (8)(10) |   | 10.25% (L + 9.25%/M) |   | 10/9/2015 |   | 10/30/2023 |   | 10,000 |  |   | 9,945 |  |   | 10,000 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 44,869 |  |   | 44,694 |  |   | 44,615 |  |   | 4.10 |  % |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brave Parent Holdings, Inc.                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                           |   | Second lien (5)(10) |   | 9.28% (L + 7.50%/Q) |   | 4/17/2018 |   | 4/17/2026 |   | 22,500 |  |   | 22,407 |  |   | 20,977 |  |   |   |
|                                               |   | Second lien (2)(10) |   | 9.28% (L + 7.50%/Q) |   | 4/17/2018 |   | 4/17/2026 |   | 16,624 |  |   | 16,484 |  |   | 15,498 |  |   |   |
|                                               |   | Second lien (8)(10) |   | 9.28% (L + 7.50%/Q) |   | 4/17/2018 |   | 4/17/2026 |   | 6,000 |  |   | 5,949 |  |   | 5,594 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 45,124 |  |   | 44,840 |  |   | 42,069 |  |   | 3.86 |  % |
| Quest Software US Holdings Inc.                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                           |   | Second lien (2)(10) |   | 10.03% (L + 8.25%/Q) |   | 5/17/2018 |   | 5/18/2026 |   | 43,697 |  |   | 43,331 |  |   | 40,927 |  |   | 3.76 |  % |
| Tenawa Resource Holdings LLC (14)                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tenawa Resource Management LLC                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty Chemicals & Materials                |   | First lien (3)(10) |   | 10.50% (Base + 8.00%/Q) |   | 5/12/2014 |   | 10/30/2024 |   | 38,900 |  |   | 38,852 |  |   | 38,900 |  |   | 3.57 |  % |
| Trader Interactive, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                  |   | First lien (2)(10) |   | 7.57% (L + 6.50%/S) |   | 6/15/2017 |   | 6/17/2024 |   | 31,850 |  |   | 31,702 |  |   | 30,943 |  |   |   |
|                                               |   | First lien (8)(10) |   | 7.57% (L + 6.50%/S) |   | 6/15/2017 |   | 6/17/2024 |   | 4,937 |  |   | 4,914 |  |   | 4,796 |  |   |   |
|                                               |   | First lien (3)(10)(11) - Drawn |   | 7.72% (L + 6.50%/Q) |   | 6/15/2017 |   | 6/15/2023 |   | 669 |  |   | 664 |  |   | 651 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 37,456 |  |   | 37,280 |  |   | 36,390 |  |   | 3.34 |  % |
| TDG Group Holding Company                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Services                                  |   | First lien (2)(10) |   | 6.57% (L + 5.50%/S) |   | 5/22/2018 |   | 5/31/2024 |   | 24,797 |  |   | 24,705 |  |   | 23,693 |  |   |   |
|                                               |   | First lien (8)(10) |   | 6.57% (L + 5.50%/S) |   | 5/22/2018 |   | 5/31/2024 |   | 4,937 |  |   | 4,919 |  |   | 4,717 |  |   |   |
|                                               |   | First lien (2)(10) |   | 6.57% (L + 5.50%/S) |   | 5/22/2018 |   | 5/31/2024 |   | 3,312 |  |   | 3,300 |  |   | 3,165 |  |   |   |
|                                               |   | First lien (3)(10)(11) - Drawn |   | 6.35% (L + 5.50%/Q) |   | 5/22/2018 |   | 5/31/2024 |   | 4,987 |  |   | 4,962 |  |   | 4,766 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 38,033 |  |   | 37,886 |  |   | 36,341 |  |   | 3.34 |  % |

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|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)       |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Kronos Incorporated                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                           |   | Second lien (2) |   | 10.01% (L + 8.25%/Q) |   | 10/26/2012 |   | 11/1/2024 |   | $ | 26,148 |  |   | $ | 26,163 |  |   | $ | 24,658 |  |   |   |
|                                               |   | Second lien (8) |   | 10.01% (L + 8.25%/Q) |   | 10/26/2012 |   | 11/1/2024 |   | 11,147 |  |   | 11,147 |  |   | 10,511 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 37,295 |  |   | 37,310 |  |   | 35,169 |  |   | 3.23 |  % |
| Definitive Healthcare Holdings, LLC                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Information Technology                  |   | First lien (8)(10) |   | 8.19% (L + 5.50% + 1.00% PIK/Q)* |   | 8/7/2019 |   | 7/16/2026 |   | 33,483 |  |   | 33,329 |  |   | 33,034 |  |   |   |
|                                               |   | First lien (3)(10)(11) - Drawn |   | 6.70% (L + 5.50%/Q) |   | 8/7/2019 |   | 7/16/2024 |   | 1,848 |  |   | 1,839 |  |   | 1,823 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 35,331 |  |   | 35,168 |  |   | 34,857 |  |   | 3.20 |  % |
| Peraton Holding Corp. (fka MHVC Acquisition Corp.) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal Services                                   |   | First lien (2) |   | 6.87% (L + 5.25%/Q) |   | 4/25/2017 |   | 4/29/2024 |   | 36,812 |  |   | 36,693 |  |   | 34,419 |  |   | 3.16 |  % |
| Apptio, Inc.                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                           |   | First lien (8)(10) |   | 8.25% (L + 7.25%/M) |   | 1/10/2019 |   | 1/10/2025 |   | 34,076 |  |   | 33,497 |  |   | 34,076 |  |   | 3.13 |  % |
| KAMC Holdings, Inc                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                  |   | Second lien (2)(10) |   | 9.70% (L + 8.00%/Q) |   | 8/14/2019 |   | 8/13/2027 |   | 18,750 |  |   | 18,617 |  |   | 16,910 |  |   |   |
|                                               |   | Second lien (8)(10) |   | 9.70% (L + 8.00%/Q) |   | 8/14/2019 |   | 8/13/2027 |   | 18,750 |  |   | 18,617 |  |   | 16,910 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 37,500 |  |   | 37,234 |  |   | 33,820 |  |   | 3.10 |  % |
| Finalsite Holdings, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                           |   | First lien (4)(10) |   | 7.28% (L + 5.50%/Q) |   | 9/28/2018 |   | 9/25/2024 |   | 22,163 |  |   | 22,031 |  |   | 21,834 |  |   |   |
|                                               |   | First lien (2)(10) |   | 7.28% (L + 5.50%/Q) |   | 9/28/2018 |   | 9/25/2024 |   | 10,947 |  |   | 10,882 |  |   | 10,785 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 33,110 |  |   | 32,913 |  |   | 32,619 |  |   | 2.99 |  % |
| Affinity Dental Management, Inc.                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                |   | First lien (2)(10) |   | 7.41% (L + 6.00%/Q) |   | 9/15/2017 |   | 9/15/2023 |   | 27,028 |  |   | 26,974 |  |   | 22,158 |  |   |   |
|                                               |   | First lien (4)(10) |   | 7.41% (L + 6.00%/Q) |   | 9/17/2019 |   | 9/15/2023 |   | 10,917 |  |   | 10,917 |  |   | 8,950 |  |   |   |
|                                               |   | First lien (3)(10)(11) - Drawn |   | 7.00% (P + 5.00%/M) |   | 9/15/2017 |   | 3/15/2023 |   | 1,738 |  |   | 1,720 |  |   | 1,424 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 39,683 |  |   | 39,611 |  |   | 32,532 |  |   | 2.99 |  % |
| CoolSys, Inc.                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Industrial Services                                |   | First lien (5)(10) |   | 7.00% (L + 6.00%/M) |   | 11/20/2019 |   | 11/20/2026 |   | 22,444 |  |   | 22,335 |  |   | 21,932 |  |   |   |
|                                               |   | First lien (2)(10) |   | 7.00% (L + 6.00%/M) |   | 11/20/2019 |   | 11/20/2026 |   | 10,374 |  |   | 10,324 |  |   | 10,138 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 32,818 |  |   | 32,659 |  |   | 32,070 |  |   | 2.94 |  % |
| DCA Investment Holding, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                |   | First lien (2)(10) |   | 6.32% (L + 5.25%/S) |   | 7/2/2015 |   | 7/2/2021 |   | 17,051 |  |   | 17,010 |  |   | 15,511 |  |   |   |
|                                               |   | First lien (3)(10) |   | 6.32% (L + 5.25%/S) |   | 12/20/2017 |   | 7/2/2021 |   | 8,868 |  |   | 8,821 |  |   | 8,067 |  |   |   |
|                                               |   | First lien (2)(10) |   | 6.32% (L + 5.25%/S) |   | 12/20/2017 |   | 7/2/2021 |   | 4,174 |  |   | 4,156 |  |   | 3,797 |  |   |   |
|                                               |   | First lien (3)(10)(11) - Drawn |   | 6.32% (L + 5.25%/S) |   | 4/16/2019 |   | 7/2/2021 |   | 3,030 |  |   | 2,855 |  |   | 2,756 |  |   |   |
|                                               |   | First lien (3)(10)(11) - Drawn |   | 6.25% (L + 5.25%/M) |   | 7/2/2015 |   | 7/2/2021 |   | 2,050 |  |   | 2,030 |  |   | 1,865 |  |   |   |
|                                               |   |   |   |   |   |   |   |   |   | 35,173 |  |   | 34,872 |  |   | 31,996 |  |   | 2.94 |  % |

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|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Kaseya Traverse Inc.                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (8)(10) |   | 8.91% (L + 4.00% + 3.00% PIK/S)* |   | 5/9/2019 |   | 5/2/2025 |   | $ | 27,595 |  |   | $ | 27,354 |  |   | $ | 27,220 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 7.50% (L + 6.50%/M) |   | 5/9/2019 |   | 5/2/2025 |   | 2,288 |  |   | 2,266 |  |   | 2,257 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 8.91% (L + 4.00% + 3.00% PIK/S)* |   | 5/9/2019 |   | 5/2/2025 |   | 431 |  |   | 427 |  |   | 425 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 30,314 |  |   | 30,047 |  |   | 29,902 |  |   | 2.73 |  % |
| Integral Ad Science, Inc.                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (8)(10) |   | 8.25% (L + 6.00% + 1.25% PIK/M)* |   | 7/19/2018 |   | 7/19/2024 |   | 26,927 |  |   | 26,711 |  |   | 26,443 |  |   |   |
|                                         |   | First lien (3)(10) |   | 8.25% (L + 6.00% + 1.25% PIK/M)* |   | 8/27/2019 |   | 7/19/2024 |   | 3,518 |  |   | 3,486 |  |   | 3,454 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 30,445 |  |   | 30,197 |  |   | 29,897 |  |   | 2.74 |  % |
| Conservice, LLC                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 6.51% (L + 5.25%/Q) |   | 1/3/2019 |   | 11/29/2024 |   | 25,247 |  |   | 25,143 |  |   | 24,924 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.51% (L + 5.25%/Q) |   | 1/3/2019 |   | 11/29/2024 |   | 4,407 |  |   | 4,388 |  |   | 4,351 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.30% (L + 5.25%/Q) |   | 1/3/2019 |   | 11/29/2024 |   | 442 |  |   | 440 |  |   | 437 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 30,096 |  |   | 29,971 |  |   | 29,712 |  |   | 2.73 |  % |
| GC Waves Holdings, Inc.**                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (5)(10) |   | 7.20% (L + 5.75%/Q) |   | 10/31/2019 |   | 10/31/2025 |   | 22,500 |  |   | 22,340 |  |   | 22,331 |  |   |   |
|                                         |   | First lien (2)(10) |   | 7.20% (L + 5.75%/Q) |   | 10/31/2019 |   | 10/31/2025 |   | 3,673 |  |   | 3,647 |  |   | 3,645 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.20% (L + 4.75%/Q) |   | 10/31/2019 |   | 10/31/2025 |   | 1,481 |  |   | 1,467 |  |   | 1,470 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 27,654 |  |   | 27,454 |  |   | 27,446 |  |   | 2.52 |  % |
| Keystone Acquisition Corp.                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                          |   | First lien (2)(10) |   | 6.70% (L + 5.25%/Q) |   | 5/10/2017 |   | 5/1/2024 |   | 24,419 |  |   | 24,312 |  |   | 23,040 |  |   |   |
|                                         |   | Second lien (2)(10) |   | 10.70% (L + 9.25%/Q) |   | 5/10/2017 |   | 5/1/2025 |   | 4,500 |  |   | 4,467 |  |   | 4,380 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 28,919 |  |   | 28,779 |  |   | 27,420 |  |   | 2.52 |  % |
| Sovos Brands Intermediate, Inc.              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Food & Beverage                          |   | First lien (2)(10) |   | 6.59% (L + 5.00%/Q) |   | 11/16/2018 |   | 11/20/2025 |   | 27,887 |  |   | 27,768 |  |   | 26,548 |  |   | 2.44 |  % |
| MRI Software LLC                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (5)(10) |   | 6.57% (L + 5.50%/S) |   | 1/31/2020 |   | 2/10/2026 |   | 22,500 |  |   | 22,389 |  |   | 22,387 |  |   |   |
|                                         |   | First lien (2)(10) |   | 6.57% (L + 5.50%/S) |   | 1/31/2020 |   | 2/10/2026 |   | 1,627 |  |   | 1,619 |  |   | 1,619 |  |   |   |
|                                         |   | First lien (3)(10) |   | 6.57% (L + 5.50%/S) |   | 1/31/2020 |   | 2/10/2026 |   | 1,117 |  |   | 1,112 |  |   | 1,112 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.57% (L + 5.50%/S) |   | 1/31/2020 |   | 2/10/2026 |   | 1,001 |  |   | 996 |  |   | 996 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 26,245 |  |   | 26,116 |  |   | 26,114 |  |   | 2.40 |  % |
| Instructure, Inc.**                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (8)(10) |   | 8.21% (L + 7.00%/Q) |   | 3/24/2020 |   | 3/24/2026 |   | 26,278 |  |   | 26,115 |  |   | 26,114 |  |   | 2.40 |  % |

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Table of Contents

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)               |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| HS Purchaser, LLC  / Help/Systems Holdings, Inc.           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                   |   | Second lien (5)(10) |   | 9.00% (L + 8.00%/M) |   | 11/14/2019 |   | 11/19/2027 |   | $ | 22,500 |  |   | $ | 22,383 |  |   | $ | 21,551 |  |   |   |
|                                                       |   | Second lien (2)(10) |   | 9.00% (L + 8.00%/M) |   | 11/14/2019 |   | 11/19/2027 |   | 4,208 |  |   | 4,167 |  |   | 4,030 |  |   |   |
|                                                       |   |   |   |   |   |   |   |   |   | 26,708 |  |   | 26,550 |  |   | 25,581 |  |   | 2.35 |  % |
| Confluent Health, LLC                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                        |   | First lien (2)(10) |   | 6.01% (L + 5.00%/M) |   | 6/21/2019 |   | 6/24/2026 |   | 27,294 |  |   | 27,168 |  |   | 24,600 |  |   | 2.26 |  % |
| Ansira Holdings, Inc.                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                          |   | First lien (8)(10) |   | 7.36% (L + 5.75%/Q) |   | 12/19/2016 |   | 12/20/2022 |   | 28,382 |  |   | 28,312 |  |   | 20,282 |  |   |   |
|                                                       |   | First lien (3)(10)(11) - Drawn |   | 6.98% (L + 5.75%/Q) |   | 12/19/2016 |   | 12/20/2022 |   | 4,731 |  |   | 4,724 |  |   | 3,381 |  |   |   |
|                                                       |   |   |   |   |   |   |   |   |   | 33,113 |  |   | 33,036 |  |   | 23,663 |  |   | 2.17 |  % |
| Idera, Inc.                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                   |   | Second lien (4)(10) |   | 10.08% (L + 9.00%/S) |   | 6/27/2019 |   | 6/28/2027 |   | 22,500 |  |   | 22,341 |  |   | 22,415 |  |   | 2.06 |  % |
| Astra Acquisition Corp.                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                   |   | First lien (5)(10) |   | 6.50% (L + 5.50%/M) |   | 2/26/2020 |   | 3/1/2027 |   | 22,500 |  |   | 22,332 |  |   | 22,331 |  |   | 2.06 |  % |
| Convey Health Solutions, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                        |   | First lien (4)(10) |   | 7.01% (L + 5.25%/Q) |   | 9/9/2019 |   | 9/4/2026 |   | 22,388 |  |   | 22,152 |  |   | 21,805 |  |   | 2.00 |  % |
| Spring Education Group, Inc (fka SSH Group Holdings, Inc.) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                                  |   | Second lien (2)(10) |   | 9.70% (L + 8.25%/Q) |   | 7/26/2018 |   | 7/30/2026 |   | 24,533 |  |   | 24,478 |  |   | 21,626 |  |   | 1.99 |  % |
| YLG Holdings, Inc.                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                          |   | First lien (5)(10) |   | 7.51% (L + 5.75%/Q) |   | 11/1/2019 |   | 10/31/2025 |   | 18,367 |  |   | 18,280 |  |   | 17,884 |  |   |   |
|                                                       |   | First lien (3)(10)(11) - Drawn |   | 6.75% (L + 5.75%/M) |   | 11/1/2019 |   | 10/31/2025 |   | 3,571 |  |   | 3,554 |  |   | 3,477 |  |   |   |
|                                                       |   |   |   |   |   |   |   |   |   | 21,938 |  |   | 21,834 |  |   | 21,361 |  |   | 1.96 |  % |
| TMK Hawk Parent, Corp.                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution & Logistics                               |   | First lien (2) |   | 4.58% (L + 3.50%/S) |   | 6/24/2019 |   | 8/28/2024 |   | 16,865 |  |   | 14,554 |  |   | 10,710 |  |   |   |
|                                                       |   | First lien (8) |   | 4.58% (L + 3.50%/S) |   | 10/23/2019 |   | 8/28/2024 |   | 16,266 |  |   | 13,474 |  |   | 10,329 |  |   |   |
|                                                       |   |   |   |   |   |   |   |   |   | 33,131 |  |   | 28,028 |  |   | 21,039 |  |   | 1.93 |  % |
| Avatar Topco, Inc. (23)                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EAB Global, Inc.                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                                  |   | Second lien (3)(10) |   | 9.49% (L + 7.50%/S) |   | 11/17/2017 |   | 11/17/2025 |   | 13,950 |  |   | 13,787 |  |   | 13,345 |  |   |   |
|                                                       |   | Second lien (8)(10) |   | 9.49% (L + 7.50%/S) |   | 11/17/2017 |   | 11/17/2025 |   | 7,500 |  |   | 7,412 |  |   | 7,174 |  |   |   |
|                                                       |   |   |   |   |   |   |   |   |   | 21,450 |  |   | 21,199 |  |   | 20,519 |  |   | 1.88 |  % |
| AAC Holding Corp.                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                                  |   | First lien (2)(10) |   | 9.84% (L + 8.25%/M) |   | 9/30/2015 |   | 9/30/2022 |   | 25,079 |  |   | 24,996 |  |   | 19,794 |  |   | 1.82 |  % |
| Institutional Shareholder Services, Inc.                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                          |   | Second lien (3)(10) |   | 9.57% (L + 8.50%/S) |   | 3/5/2019 |   | 3/5/2027 |   | 20,372 |  |   | 20,094 |  |   | 19,521 |  |   | 1.79 |  % |
| MED Parentco, LP                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                        |   | Second lien (8)(10) |   | 9.24% (L + 8.25%/M) |   | 8/2/2019 |   | 8/30/2027 |   | 20,857 |  |   | 20,707 |  |   | 19,337 |  |   | 1.76 |  % |

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Table of Contents

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Xactly Corporation                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (4)(10) |   | 8.25% (L + 7.25%/M) |   | 7/31/2017 |   | 7/29/2022 |   | $ | 19,047 |  |   | $ | 18,936 |  |   | $ | 18,944 |  |   | 1.74 |  % |
| CRCI Longhorn Holdings, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | Second lien (3) |   | 8.05% (L + 7.25%/M) |   | 8/2/2018 |   | 8/10/2026 |   | 14,349 |  |   | 14,302 |  |   | 12,161 |  |   |   |
|                                         |   | Second lien (8) |   | 8.05% (L + 7.25%/M) |   | 8/2/2018 |   | 8/10/2026 |   | 7,500 |  |   | 7,476 |  |   | 6,356 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 21,849 |  |   | 21,778 |  |   | 18,517 |  |   | 1.70 |  % |
| FR Arsenal Holdings II Corp.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 8.25% (L + 7.25%/Q) |   | 9/29/2016 |   | 9/8/2022 |   | 18,308 |  |   | 18,211 |  |   | 18,282 |  |   | 1.68 |  % |
| Bullhorn, Inc.                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (2)(10) |   | 6.57% (L + 5.50%/S) |   | 9/24/2019 |   | 10/1/2025 |   | 17,131 |  |   | 17,011 |  |   | 16,792 |  |   |   |
|                                         |   | First lien (3)(10) |   | 6.57% (L + 5.50%/S) |   | 9/24/2019 |   | 10/1/2025 |   | 283 |  |   | 281 |  |   | 278 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.50% (L + 5.50%/M) |   | 9/24/2019 |   | 10/1/2025 |   | 852 |  |   | 845 |  |   | 835 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.57% (L + 5.50%/S) |   | 9/24/2019 |   | 10/1/2025 |   | 213 |  |   | 211 |  |   | 208 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 18,479 |  |   | 18,348 |  |   | 18,113 |  |   | 1.66 |  % |
| DiversiTech Holdings, Inc.                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution & Logistics                 |   | Second lien (2)(10) |   | 8.95% (L + 7.50%/Q) |   | 5/18/2017 |   | 6/2/2025 |   | 12,000 |  |   | 11,913 |  |   | 11,038 |  |   |   |
|                                         |   | Second lien (8)(10) |   | 8.95% (L + 7.50%/Q) |   | 5/18/2017 |   | 6/2/2025 |   | 7,500 |  |   | 7,445 |  |   | 6,898 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 19,500 |  |   | 19,358 |  |   | 17,936 |  |   | 1.65 |  % |
| Bluefin Holding, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | Second lien (8)(10) |   | 8.75% (L + 7.75%/Q) |   | 9/6/2019 |   | 9/6/2027 |   | 18,000 |  |   | 18,000 |  |   | 17,143 |  |   | 1.57 |  % |
| Kele Holdco, Inc.                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution & Logistics                 |   | First lien (5)(10) |   | 7.12% (L + 6.00%/Q) |   | 2/20/2020 |   | 2/20/2026 |   | 16,192 |  |   | 16,112 |  |   | 16,111 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 7.00% (L + 6.00%/M) |   | 2/20/2020 |   | 2/20/2026 |   | 900 |  |   | 895 |  |   | 895 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 17,092 |  |   | 17,007 |  |   | 17,006 |  |   | 1.56 |  % |
| The Kleinfelder Group, Inc.                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (4)(10) |   | 5.95% (L + 4.75%/Q) |   | 12/18/2018 |   | 11/29/2024 |   | 17,281 |  |   | 17,211 |  |   | 16,566 |  |   | 1.52 |  % |
| Hill International, Inc.**                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 6.75% (L + 5.75%/M) |   | 6/21/2017 |   | 6/21/2023 |   | 15,366 |  |   | 15,320 |  |   | 15,046 |  |   | 1.38 |  % |
| Coyote Buyer, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty Chemicals & Materials          |   | First lien (5)(10) |   | 7.74% (L + 6.00%/M) |   | 3/13/2020 |   | 2/6/2026 |   | 14,185 |  |   | 14,114 |  |   | 14,114 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 7.74% (L + 6.00%/M) |   | 3/13/2020 |   | 2/6/2025 |   | 101 |  |   | 101 |  |   | 101 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 14,286 |  |   | 14,215 |  |   | 14,215 |  |   | 1.30 |  % |
| Bleriot US Bidco Inc.                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal Services                             |   | Second lien (2)(10) |   | 9.95% (L + 8.50%/Q) |   | 10/24/2019 |   | 10/29/2027 |   | 15,000 |  |   | 14,855 |  |   | 14,175 |  |   | 1.30 |  % |

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Table of Contents

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|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Diligent Corporation                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (2)(10) |   | 6.95% (L + 5.50%/S) |   | 10/30/2019 |   | 4/14/2022 |   | $ | 6,825 |  |   | $ | 6,767 |  |   | $ | 6,683 |  |   |   |
|                                         |   | First lien (3)(10) |   | 6.93% (L + 5.50%/S) |   | 12/19/2018 |   | 4/14/2022 |   | 5,352 |  |   | 5,326 |  |   | 5,240 |  |   |   |
|                                         |   | First lien (3)(10) |   | 7.42% (L + 5.50%/S) |   | 12/19/2018 |   | 4/14/2022 |   | 2,061 |  |   | 2,051 |  |   | 2,018 |  |   |   |
|                                         |   | First lien (2)(10) |   | 6.95% (L + 5.50%/S) |   | 10/30/2019 |   | 4/14/2022 |   | 140 |  |   | 139 |  |   | 137 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 14,378 |  |   | 14,283 |  |   | 14,078 |  |   | 1.29 |  % |
| Netsmart Inc. / Netsmart Technologies, Inc.  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Information Technology            |   | Second lien (2) |   | 8.95% (L + 7.50%/Q) |   | 4/18/2016 |   | 10/19/2023 |   | 15,000 |  |   | 14,787 |  |   | 13,856 |  |   | 1.27 |  % |
| JAMF Holdings, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (8)(10) |   | 8.70% (L + 7.00%/Q) |   | 11/13/2017 |   | 11/11/2022 |   | 8,757 |  |   | 8,707 |  |   | 8,758 |  |   |   |
|                                         |   | First lien (2)(10) |   | 8.70% (L + 7.00%/Q) |   | 11/8/2019 |   | 11/11/2022 |   | 4,582 |  |   | 4,552 |  |   | 4,582 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 13,339 |  |   | 13,259 |  |   | 13,340 |  |   | 1.22 |  % |
| BackOffice Associates Holdings, LLC          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 12.28% (L + 7.50% + 3.00% PIK/Q)* |   | 8/25/2017 |   | 8/25/2023 |   | 13,090 |  |   | 13,020 |  |   | 12,437 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 12.28% (L + 7.50% + 3.00% PIK/Q)* |   | 8/25/2017 |   | 8/25/2023 |   | 900 |  |   | 893 |  |   | 855 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 13,990 |  |   | 13,913 |  |   | 13,292 |  |   | 1.22 |  % |
| Ministry Brands, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (2)(10) |   | 5.62% (L + 4.00%/M) |   | 12/7/2016 |   | 12/2/2022 |   | 2,925 |  |   | 2,918 |  |   | 2,796 |  |   |   |
|                                         |   | Second lien (8)(10) |   | 10.51% (L + 9.25%/Q) |   | 12/7/2016 |   | 6/2/2023 |   | 7,840 |  |   | 7,806 |  |   | 7,598 |  |   |   |
|                                         |   | Second lien (3)(10) |   | 10.51% (L + 9.25%/Q) |   | 12/7/2016 |   | 6/2/2023 |   | 2,160 |  |   | 2,151 |  |   | 2,093 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.16% (L + 5.00%/M) |   | 12/7/2016 |   | 12/2/2022 |   | 575 |  |   | 572 |  |   | 550 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 13,500 |  |   | 13,447 |  |   | 13,037 |  |   | 1.20 |  % |
| Alegeus Technologies Holding Corp.           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                          |   | First lien (8)(10) |   | 8.13% (L + 6.25%/Q) |   | 9/5/2018 |   | 9/5/2024 |   | 13,444 |  |   | 13,390 |  |   | 13,013 |  |   | 1.19 |  % |
| Geo Parent Corporation                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 6.24% (L + 5.25%/M) |   | 12/13/2018 |   | 12/19/2025 |   | 13,033 |  |   | 12,977 |  |   | 12,599 |  |   | 1.16 |  % |
| Transcendia Holdings, Inc.                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Packaging                                    |   | Second lien (8)(10) |   | 9.07% (L + 8.00%/M) |   | 6/28/2017 |   | 5/30/2025 |   | 14,500 |  |   | 14,353 |  |   | 12,163 |  |   | 1.12 |  % |
| PaySimple, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (2)(10) |   | 6.46% (L + 5.50%/M) |   | 8/19/2019 |   | 8/23/2025 |   | 9,833 |  |   | 9,742 |  |   | 9,597 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.56% (L + 5.50%/M) |   | 8/19/2019 |   | 8/23/2025 |   | 2,174 |  |   | 2,132 |  |   | 2,122 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 12,007 |  |   | 11,874 |  |   | 11,719 |  |   | 1.08 |  % |
| Castle Management Borrower LLC               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 7.95% (L + 6.25%/Q) |   | 5/31/2018 |   | 2/15/2024 |   | 13,217 |  |   | 13,168 |  |   | 11,299 |  |   | 1.04 |  % |

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Table of Contents

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|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Alert Holding Company, Inc. (15)             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Appriss Holdings, Inc.                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (8)(10) |   | 6.49% (L + 5.50%/M) |   | 5/24/2019 |   | 5/29/2026 |   | $ | 11,026 |  |   | $ | 10,940 |  |   | $ | 10,782 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.49% (L + 5.50%/M) |   | 5/24/2019 |   | 5/30/2025 |   | 460 |  |   | 455 |  |   | 449 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 11,486 |  |   | 11,395 |  |   | 11,231 |  |   | 1.03 |  % |
| OEConnection LLC                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | Second lien (2)(10) |   | 9.32% (L + 8.25%/S) |   | 9/25/2019 |   | 9/25/2027 |   | 12,044 |  |   | 11,929 |  |   | 11,173 |  |   | 1.03 |  % |
| CHA Holdings, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | Second lien (4)(10) |   | 9.82% (L + 8.75%/S) |   | 4/3/2018 |   | 4/10/2026 |   | 7,012 |  |   | 6,954 |  |   | 6,758 |  |   |   |
|                                         |   | Second lien (3)(10) |   | 9.82% (L + 8.75%/S) |   | 4/3/2018 |   | 4/10/2026 |   | 4,453 |  |   | 4,416 |  |   | 4,291 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 11,465 |  |   | 11,370 |  |   | 11,049 |  |   | 1.01 |  % |
| PPVA Black Elk (Equity) LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | Subordinated (3)(10) |   | — |   | 5/3/2013 |   | — |   | 14,500 |  |   | 14,500 |  |   | 10,354 |  |   | 0.95 |  % |
| CFS Management, LLC                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                          |   | First lien (2)(10) |   | 7.34% (L + 5.75%/S) |   | 8/6/2019 |   | 7/1/2024 |   | 11,703 |  |   | 11,651 |  |   | 10,335 |  |   | 0.95 |  % |
| NorthStar Financial Services Group, LLC      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | Second lien (5)(10) |   | 8.49% (L + 7.50%/M) |   | 5/23/2018 |   | 5/25/2026 |   | 10,607 |  |   | 10,585 |  |   | 10,000 |  |   | 0.92 |  % |
| Vectra Co.                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Products                            |   | Second lien (8)(10) |   | 8.24% (L + 7.25%/M) |   | 2/23/2018 |   | 3/8/2026 |   | 10,788 |  |   | 10,755 |  |   | 9,955 |  |   | 0.91 |  % |
| Masergy Holdings, Inc.                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | Second lien (2)(10) |   | 8.56% (L + 7.50%/S) |   | 12/14/2016 |   | 12/16/2024 |   | 10,500 |  |   | 10,460 |  |   | 9,953 |  |   | 0.91 |  % |
| AG Parent Holdings, LLC                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                          |   | First lien (2)(10) |   | 6.45% (L + 5.00%/Q) |   | 7/30/2019 |   | 7/31/2026 |   | 9,975 |  |   | 9,929 |  |   | 9,695 |  |   | 0.89 |  % |
| Teneo Holdings, LLC                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 6.25% (L + 5.25%/Q) |   | 7/15/2019 |   | 7/11/2025 |   | 9,950 |  |   | 9,770 |  |   | 9,553 |  |   | 0.88 |  % |
| Quartz Holding Company                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | Second lien (3)(10) |   | 8.86% (L + 8.00%/M) |   | 4/2/2019 |   | 4/2/2027 |   | 10,000 |  |   | 9,817 |  |   | 9,369 |  |   | 0.86 |  % |
| Zywave, Inc.                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | Second lien (4)(10) |   | 10.80% (L + 9.00%/Q) |   | 11/22/2016 |   | 11/17/2023 |   | 6,980 |  |   | 6,948 |  |   | 6,793 |  |   |   |
|                                         |   | Second lien (4)(10) |   | 10.80% (L + 9.00%/Q) |   | 12/3/2019 |   | 11/17/2023 |   | 600 |  |   | 596 |  |   | 584 |  |   |   |
|                                         |   | First lien (3)(10)(11) - Drawn |   | 6.00% (L + 5.00%/M) |   | 11/22/2016 |   | 11/17/2022 |   | 2,000 |  |   | 1,985 |  |   | 1,960 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 9,580 |  |   | 9,529 |  |   | 9,337 |  |   | 0.86 |  % |
| Stats Intermediate Holdings, LLC**           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (2)(10) |   | 6.96% (L + 5.25%/Q) |   | 5/22/2019 |   | 7/10/2026 |   | 9,975 |  |   | 9,860 |  |   | 9,329 |  |   | 0.86 |  % |
| VT Topco, Inc.                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | Second lien (4)(10) |   | 8.45% (L + 7.00%/Q) |   | 8/14/2018 |   | 7/31/2026 |   | 10,000 |  |   | 9,979 |  |   | 9,192 |  |   | 0.84 |  % |

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Table of Contents

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|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)                                            |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| AgKnowledge Holdings Company, Inc.                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                                                       |   | First lien (4)(10) |   | 5.82% (L + 4.75%/S) |   | 11/30/2018 |   | 7/21/2023 |   | $ | 9,332 |  |   | $ | 9,297 |  |   | $ | 9,136 |  |   | 0.84 |  % |
| Wrike, Inc.                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                                                |   | First lien (8)(10) |   | 7.83% (L + 6.75%/S) |   | 12/31/2018 |   | 12/31/2024 |   | 9,067 |  |   | 8,991 |  |   | 9,058 |  |   | 0.83 |  % |
| WD Wolverine Holdings, LLC                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                                                     |   | First lien (2)(10) |   | 6.50% (L + 5.50%/M) |   | 2/22/2017 |   | 8/16/2022 |   | 8,901 |  |   | 8,762 |  |   | 8,795 |  |   | 0.81 |  % |
| Amerijet Holdings, Inc.                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution & Logistics                                                            |   | First lien (4)(10) |   | 9.00% (L + 8.00%/M) |   | 7/15/2016 |   | 7/15/2021 |   | 7,513 |  |   | 7,496 |  |   | 7,449 |  |   |   |
|                                                                                    |   | First lien (4)(10) |   | 9.00% (L + 8.00%/M) |   | 7/15/2016 |   | 7/15/2021 |   | 1,252 |  |   | 1,249 |  |   | 1,242 |  |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   | 8,765 |  |   | 8,745 |  |   | 8,691 |  |   | 0.80 |  % |
| Affordable Care Holding Corp.                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                                                     |   | First lien (2)(10) |   | 6.20% (L + 4.75%/Q) |   | 3/18/2019 |   | 10/24/2022 |   | 9,871 |  |   | 9,726 |  |   | 8,602 |  |   | 0.79 |  % |
| Recorded Future, Inc.                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                                                |   | First lien (8)(10) |   | 7.25% (L + 6.25%/M) |   | 8/26/2019 |   | 7/3/2025 |   | 6,250 |  |   | 6,221 |  |   | 6,219 |  |   |   |
|                                                                                    |   | First lien (3)(10)(11) - Drawn |   | 7.25% (L + 6.25%/M) |   | 8/26/2019 |   | 7/3/2025 |   | 500 |  |   | 498 |  |   | 497 |  |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   | 6,750 |  |   | 6,719 |  |   | 6,716 |  |   | 0.62 |  % |
| DealerSocket, Inc.                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                                                |   | First lien (2)(10) |   | 6.84% (L + 5.25%/S) |   | 4/16/2018 |   | 4/26/2023 |   | 6,593 |  |   | 6,561 |  |   | 6,345 |  |   | 0.58 |  % |
| DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                                                       |   | Second lien (3)(10) |   | 7.74% (L + 6.75%/M) |   | 1/29/2018 |   | 2/2/2026 |   | 6,732 |  |   | 6,706 |  |   | 6,024 |  |   | 0.55 |  % |
| Restaurant Technologies, Inc.                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                                                       |   | Second lien (4)(10) |   | 7.95% (L + 6.50%/Q) |   | 9/24/2018 |   | 10/1/2026 |   | 6,722 |  |   | 6,707 |  |   | 6,005 |  |   | 0.55 |  % |
| CP VI Bella Midco, LLC                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                                                     |   | Second lien (3)(10) |   | 7.74% (L + 6.75%/M) |   | 1/25/2018 |   | 12/29/2025 |   | 6,732 |  |   | 6,706 |  |   | 5,949 |  |   | 0.55 |  % |
| Solera LLC / Solera Finance, Inc.                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                                                |   | Subordinated (3) |   | 10.50%/S |   | 2/29/2016 |   | 3/1/2024 |   | 5,000 |  |   | 4,852 |  |   | 4,931 |  |   | 0.45 |  % |
| ADG, LLC                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                                                     |   | Second lien (3)(10) |   | 11.92% (L + 10.00% PIK/S)* |   | 10/3/2016 |   | 3/28/2024 |   | 5,422 |  |   | 5,375 |  |   | 2,753 |  |   | 0.25 |  % |
| Sphera Solutions, Inc.                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                                                                |   | First lien (2)(10) |   | 8.50% (L + 7.00%/Q) |   | 9/10/2019 |   | 6/14/2022 |   | 2,483 |  |   | 2,462 |  |   | 2,458 |  |   | 0.23 |  % |

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Table of Contents

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|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)     |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Education Management Corporation (13)            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education Management II LLC                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                        |   | First lien (2) |   | 8.75% (P + 5.50%/S)(25) |   | 1/5/2015 |   | 7/2/2020 |   | $ | 208 |  |   | $ | 202 |  |   | $ | 2 |  |   |   |
|                                             |   | First lien (3) |   | 8.75% (P + 5.50%/S)(25) |   | 1/5/2015 |   | 7/2/2020 |   | 117 |  |   | 114 |  |   | 1 |  |   |   |
|                                             |   | First lien (2) |   | 14.00% (P + 8.50%/M)(25) |   | 1/5/2015 |   | 7/2/2020 |   | 300 |  |   | 292 |  |   | — |  |   |   |
|                                             |   | First lien (3) |   | 14.00% (P + 8.50%/M)(25) |   | 1/5/2015 |   | 7/2/2020 |   | 169 |  |   | 165 |  |   | — |  |   |   |
|                                             |   | First lien (2) |   | 11.75% (P + 8.50%/Q)(25) |   | 1/5/2015 |   | 7/2/2020 |   | 142 |  |   | 117 |  |   | — |  |   |   |
|                                             |   | First lien (2) |   | 11.75% (P + 8.50%/Q)(25) |   | 1/5/2015 |   | 7/2/2020 |   | 4 |  |   | 3 |  |   | — |  |   |   |
|                                             |   | First lien (3) |   | 11.75% (P + 8.50%/Q)(25) |   | 1/5/2015 |   | 7/2/2020 |   | 80 |  |   | 66 |  |   | — |  |   |   |
|                                             |   | First lien (3) |   | 11.75% (P + 8.50%/Q)(25) |   | 1/5/2015 |   | 7/2/2020 |   | 2 |  |   | 2 |  |   | — |  |   |   |
|                                             |   |   |   |   |   |   |   |   |   | 1,022 |  |   | 961 |  |   | 3 |  |   | — |  % |
| PPVA Fund, L.P.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                |   | Collateralized Financing (25)(26) |   | — |   | 11/7/2014 |   | — |   | — |  |   | — |  |   | — |  |   | — |  % |
| Total Funded Debt Investments - United States    |   |   |   |   |   |   |   |   |   | $ | 2,412,269 |  |   | $ | 2,391,489 |  |   | $ | 2,259,871 |  |   | 207.43 |  % |
| Total Funded Debt Investments                    |   |   |   |   |   |   |   |   |   | $ | 2,569,106 |  |   | $ | 2,547,345 |  |   | $ | 2,405,909 |  |   | 220.84 |  % |
| Equity - Hong Kong                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Bach Special Limited (Bach Preference Limited)** |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                        |   | Preferred shares (3)(10)(22) |   | — |   | 9/1/2017 |   | — |   | 77,537 |  |   | $ | 7,674 |  |   | $ | 7,722 |  |   | 0.71 |  % |
| Total Shares - Hong Kong                         |   |   |   |   |   |   |   |   |   |   |   | $ | 7,674 |  |   | $ | 7,722 |  |   | 0.71 |  % |
| Equity - United States                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Avatar Topco, Inc. (23)                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                        |   | Preferred shares (3)(10) |   | — |   | 11/17/2017 |   | — |   | 35,750 |  |   | $ | 47,619 |  |   | $ | 48,375 |  |   | 4.44 |  % |
| Symplr Software Intermediate Holdings, Inc. (24) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Healthcare Information Technology                |  | Preferred shares (4)(10) |  | — |  | 11/30/2018 |  | — |  | 7,500 |  |  | 8,770 |  |  | 8,381 |  |  |  |
|                                                  |  | Preferred shares (3)(10) |  | — |  | 11/30/2018 |  | — |  | 2,586 |  |  | 3,023 |  |  | 2,890 |  |  |  |
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  | 11,793 |  |  | 11,271 |  |  | 1.02 |  % |
| Tenawa Resource Holdings LLC (14)                |  |  |  |  |   |   |   |   |   |   |   |   |   |   |   |   |
| QID NGL LLC                                      |  | Preferred shares (6)(10) |  | — |   | 10/30/2017 |   | — |   | 1,623,385 |  |   | 1,623 |  |   | 1,937 |  |   |   |
| Specialty Chemicals & Materials              |  | Ordinary shares (6)(10) |  | — |   | 5/12/2014 |   | — |   | 5,290,997 |  |   | 5,291 |  |   | 4,732 |  |   |   |
|                                             |   |   |   |   |   |   |   |   |   |   |   | 6,914 |  |   | 6,669 |  |   | 0.61 |  % |
| Alert Holding Company, Inc. (15)                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Alert Intermediate Holdings I, Inc.              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                |   | Preferred shares (3)(10) |   | — |   | 5/31/2019 |   | — |   | 6,111 |  |   | 6,657 |  |   | 6,647 |  |   | 0.61 |  % |

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Table of Contents

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Ancora Acquisition LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                    |   | Preferred shares (9)(10) |   | — |   | 8/12/2013 |   | — |   | 372 |  |   | $ | 83 |  |   | $ | 158 |  |   | 0.01 |  % |
| Education Management Corporation (13)        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                    |   | Preferred shares (2) |   | — |   | 1/5/2015 |   | — |   | 3,331 |  |   | 200 |  |   | — |  |   |   |
|                                         |   | Preferred shares (3) |   | — |   | 1/5/2015 |   | — |   | 1,879 |  |   | 113 |  |   | — |  |   |   |
|                                         |   | Ordinary shares (2) |   | — |   | 1/5/2015 |   | — |   | 2,994,065 |  |   | 100 |  |   | — |  |   |   |
|                                         |   | Ordinary shares (3) |   | — |   | 1/5/2015 |   | — |   | 1,688,976 |  |   | 56 |  |   | — |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   |   |   | 469 |  |   | — |  |   | — |  % |
| Total Shares - United States                 |   |   |   |   |   |   |   |   |   |   |   | $ | 73,535 |  |   | $ | 73,120 |  |   | 6.70 |  % |
| Total Shares                                 |   |   |   |   |   |   |   |   |   |   |   | $ | 81,209 |  |   | $ | 80,842 |  |   | 7.41 |  % |
| Warrants - United States                     |   |   |   |   |   |   |   |   |   |   |   | . |  |   |   |   |   |
| ASP LCG Holdings, Inc.                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                    |   | Warrants (3)(10) |   | — |   | 5/5/2014 |   | 5/5/2026 |   | 622 |  |   | $ | 37 |  |   | $ | 781 |  |   | 0.06 |  % |
| Ancora Acquisition LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                    |   | Warrants (9)(10) |   | — |   | 8/12/2013 |   | 8/12/2020 |   | 20 |  |   | — |  |   | — |  |   | — |  % |
| Total Warrants - United States               |   |   |   |   |   |   |   |   |   |   |   | $ | 37 |  |   | $ | 781 |  |   | 0.06 |  % |
| Total Funded Investments                     |   |   |   |   |   |   |   |   |   |   |   | $ | 2,628,591 |  |   | $ | 2,487,532 |  |   | 228.31 |  % |
| Unfunded Debt Investments - Canada           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wolfpack IP Co.**                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 6/14/2019 |   | 6/13/2025 |   | $ | 909 |  |   | $ | (9 | ) |   | $ | (9 | ) |   | (0.00 | )% |
| Total Unfunded Debt Investments - Canada     |   |   |   |   |   |   |   |   |   | $ | 909 |  |   | $ | (9 | ) |   | $ | (9 | ) |   | (0.00 | )% |
| Unfunded Debt Investments - United States    |   |   |   |   |   |   |   |   |   |   |   | ` |  |   |   |   |   |
| JAMF Holdings, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 11/13/2017 |   | 11/11/2022 |   | $ | 1,086 |  |   | $ | (10 | ) |   | $ | — |  |   | — |  % |
| iCIMS, Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 9/12/2018 |   | 9/12/2024 |   | 2,915 |  |   | (29 | ) |   | — |  |   | — |  % |
| Apptio, Inc.                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 1/10/2019 |   | 1/10/2025 |   | 2,066 |  |   | (41 | ) |   | — |  |   | — |  % |
| Wrike, Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 12/31/2018 |   | 12/31/2024 |   | 933 |  |   | (9 | ) |   | (1 | ) |   | — |  % |
| TDG Group Holding Company                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Services                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 5/22/2018 |   | 5/31/2024 |   | 57 |  |   | — |  |   | (3 | ) |   | — |  % |

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Table of Contents

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|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Recorded Future, Inc.                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 8/26/2019 |   | 1/3/2021 |   | $ | 500 |  |   | $ | (3 | ) |   | $ | (3 | ) |   |   |
|                                         |   | First lien (3)(10)(11) - Undrawn |   | — |   | 8/26/2019 |   | 7/3/2025 |   | 250 |  |   | (1 | ) |   | (1 | ) |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 750 |  |   | (4 | ) |   | (4 | ) |   | (0.00 | )% |
| Kele Holdco, Inc.                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distribution & Logistics                 |   | First lien (3)(10)(11) - Undrawn |   | — |   | 2/20/2020 |   | 2/20/2026 |   | 900 |  |   | (4 | ) |   | (4 | ) |   | (0.00 | )% |
| Coyote Buyer, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty Chemicals & Materials          |   | First lien (3)(10)(11) - Undrawn |   | — |   | 3/13/2020 |   | 2/6/2025 |   | 912 |  |   | (5 | ) |   | (5 | ) |   | (0.00 | )% |
| Xactly Corporation                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 7/31/2017 |   | 7/29/2022 |   | 992 |  |   | (10 | ) |   | (5 | ) |   | (0.00 | )% |
| Alert Holding Company, Inc. (15)             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Appriss Holdings, Inc.                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 5/24/2019 |   | 5/30/2025 |   | 470 |  |   | (5 | ) |   | (10 | ) |   | (0.00 | )% |
| AgKnowledge Holdings Company, Inc.           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 11/30/2018 |   | 7/21/2023 |   | 526 |  |   | (3 | ) |   | (11 | ) |   | (0.00 | )% |
| Instructure, Inc.**                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 3/24/2020 |   | 3/24/2026 |   | 2,036 |  |   | (13 | ) |   | (13 | ) |   | (0.00 | )% |
| Bullhorn, Inc.                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 9/24/2019 |   | 10/1/2021 |   | 923 |  |   | (7 | ) |   | (18 | ) |   | (0.00 | )% |
| Ministry Brands, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 12/7/2016 |   | 12/2/2022 |   | 425 |  |   | (2 | ) |   | (19 | ) |   | (0.00 | )% |
| DealerSocket, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 4/16/2018 |   | 4/26/2023 |   | 560 |  |   | (4 | ) |   | (21 | ) |   | (0.00 | )% |
| MRI Software LLC                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 1/31/2020 |   | 2/10/2026 |   | 1,001 |  |   | (5 | ) |   | (5 | ) |   |   |
|                                         |   | First lien (3)(10)(11) - Undrawn |   | — |   | 1/31/2020 |   | 2/10/2022 |   | 4,389 |  |   | — |  |   | (22 | ) |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 5,390 |  |   | (5 | ) |   | (27 | ) |   | (0.00 | )% |
| PaySimple, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 8/19/2019 |   | 8/24/2020 |   | 1,044 |  |   | — |  |   | (25 | ) |   | (0.00 | )% |
| Trader Interactive, LLC                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 6/15/2017 |   | 6/15/2023 |   | 1,004 |  |   | (8 | ) |   | (29 | ) |   | (0.00 | )% |

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Table of Contents

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|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Integral Ad Science, Inc.                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 7/19/2018 |   | 7/19/2023 |   | $ | 1,807 |  |   | $ | (18 | ) |   | $ | (33 | ) |   | (0.00 | )% |
| Finalsite Holdings, Inc.                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 9/25/2018 |   | 9/25/2024 |   | 2,521 |  |   | (19 | ) |   | (37 | ) |   | (0.00 | )% |
| Kaseya Traverse Inc.                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 5/9/2019 |   | 5/3/2021 |   | 2,873 |  |   | — |  |   | (39 | ) |   |   |
|                                         |   | First lien (3)(10)(11) - Undrawn |   | — |   | 5/9/2019 |   | 5/2/2025 |   | 23 |  |   | — |  |   | — |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 2,896 |  |   | — |  |   | (39 | ) |   | (0.00 | )% |
| Conservice, LLC                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 1/3/2019 |   | 11/29/2024 |   | 918 |  |   | (5 | ) |   | (12 | ) |   |   |
|                                         |   | First lien (3)(10)(11) - Undrawn |   | — |   | 1/3/2019 |   | 6/30/2020 |   | 2,283 |  |   | — |  |   | (29 | ) |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 3,201 |  |   | (5 | ) |   | (41 | ) |   | (0.00 | )% |
| Integro Parent Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 6/8/2018 |   | 4/30/2022 |   | 6,743 |  |   | (34 | ) |   | (49 | ) |   | (0.00 | )% |
| Bluefin Holding, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(11) - Undrawn |   | — |   | 9/6/2019 |   | 9/6/2024 |   | 1,515 |  |   | (23 | ) |   | (63 | ) |   | (0.01 | )% |
| Associations, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 7/30/2018 |   | 7/30/2021 |   | 2,948 |  |   | (18 | ) |   | (68 | ) |   | (0.01 | )% |
| YLG Holdings, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (5)(10)(11) - Undrawn |   | — |   | 11/1/2019 |   | 4/30/2021 |   | 2,381 |  |   | — |  |   | (63 | ) |   |   |
|                                         |   | First lien (3)(10)(11) - Undrawn |   | — |   | 11/1/2019 |   | 10/31/2025 |   | 397 |  |   | (2 | ) |   | (10 | ) |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 2,778 |  |   | (2 | ) |   | (73 | ) |   | (0.01 | )% |
| GC Waves Holdings, Inc.**                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 10/31/2019 |   | 11/1/2021 |   | 8,395 |  |   | — |  |   | (63 | ) |   |   |
|                                         |   | First lien (3)(10)(11) - Undrawn |   | — |   | 10/31/2019 |   | 10/31/2025 |   | 3,951 |  |   | (30 | ) |   | (30 | ) |   |   |
|                                         |   |   |   |   |   |   |   |   |   | 12,346 |  |   | (30 | ) |   | (93 | ) |   | (0.01 | )% |
| Definitive Healthcare Holdings, LLC          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Information Technology            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 8/7/2019 |   | 7/16/2021 |   | 7,391 |  |   | — |  |   | (99 | ) |   | (0.01 | )% |
| ConnectWise, LLC                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                     |   | First lien (3)(10)(11) - Undrawn |   | — |   | 11/26/2019 |   | 2/28/2025 |   | 4,248 |  |   | (27 | ) |   | (110 | ) |   | (0.01 | )% |

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Table of Contents

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)    |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Diligent Corporation                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                        |   | First lien (3)(10)(11) - Undrawn |   | — |   | 12/19/2018 |   | 12/19/2020 |   | $ | 5,977 |  |   | $ | (37 | ) |   | $ | (124 | ) |   | (0.01 | )% |
| CoolSys, Inc.                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Industrial Services                             |   | First lien (3)(10)(11) - Undrawn |   | — |   | 11/20/2019 |   | 11/19/2021 |   | 5,600 |  |   | — |  |   | (128 | ) |   | (0.02 | )% |
| Salient CRGT Inc.                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal Services                                |   | First lien (3)(10)(11) - Undrawn |   | — |   | 6/26/2018 |   | 11/29/2021 |   | 4,025 |  |   | (322 | ) |   | (191 | ) |   | (0.03 | )% |
| GS Acquisitionco, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Software                                        |   | First lien (3)(10)(11) - Undrawn |   | — |   | 8/7/2019 |   | 8/2/2021 |   | 17,947 |  |   | — |  |   | (316 | ) |   |   |
|                                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 8/7/2019 |   | 5/24/2024 |   | 2,351 |  |   | (15 | ) |   | (41 | ) |   |   |
|                                            |   |   |   |   |   |   |   |   |   | 20,298 |  |   | (15 | ) |   | (357 | ) |   | (0.03 | )% |
| CFS Management, LLC                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                             |   | First lien (3)(10)(11) - Undrawn |   | — |   | 8/6/2019 |   | 7/1/2024 |   | 3,468 |  |   | (17 | ) |   | (405 | ) |   | (0.04 | )% |
| Ansira Holdings, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                               |   | First lien (3)(10)(11) - Undrawn |   | — |   | 12/19/2016 |   | 4/16/2020 |   | 2,437 |  |   | (10 | ) |   | (696 | ) |   | (0.07 | )% |
| PhyNet Dermatology LLC                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                             |   | First lien (3)(10)(11) - Undrawn |   | — |   | 9/17/2018 |   | 8/16/2020 |   | 17,077 |  |   | (85 | ) |   | (1,276 | ) |   | (0.12 | )% |
| DCA Investment Holding, LLC                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                             |   | First lien (3)(10)(11) - Undrawn |   | — |   | 7/2/2015 |   | 7/2/2021 |   | 50 |  |   | — |  |   | (4 | ) |   |   |
|                                            |   | First lien (3)(10)(11) - Undrawn |   | — |   | 4/16/2019 |   | 4/16/2021 |   | 17,396 |  |   | — |  |   | (1,571 | ) |   |   |
|                                            |   |   |   |   |   |   |   |   |   | 17,446 |  |   | — |  |   | (1,575 | ) |   | (0.14 | )% |
| Total Unfunded Debt Investments - United States |   |   |   |   |   |   |   |   |   | $ | 147,711 |  |   | $ | (821 | ) |   | $ | (5,652 | ) |   | (0.52 | )% |
| Total Unfunded Debt Investments                 |   |   |   |   |   |   |   |   |   | $ | 148,620 |  |   | $ | (830 | ) |   | $ | (5,661 | ) |   | (0.52 | )% |
| Total Non-Controlled/Non-Affiliated Investments |   |   |   |   |   |   |   |   |   |   |   | $ | 2,627,761 |  |   | $ | 2,481,871 |  |   | 227.79 |  % |

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Table of Contents

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)    |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Non-Controlled/Affiliated Investments (27)      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Funded Debt Investments - United States         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Permian Holdco 1, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Permian Holdco 2, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Permian Holdco 3, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy                                          |   | First lien (3)(10) |   | 14.02% (L + 7.50% + 5.00% PIK/Q)* |   | 6/14/2018 |   | 6/30/2022 |   | $ | 10,633 |  |   | $ | 10,633 |  |   | $ | 9,571 |  |   |   |
|                                            |   | First lien (3)(10)(11) - Drawn |   | 7.50% (L + 6.50%/M) |   | 6/14/2018 |   | 6/30/2022 |   | 17,700 |  |   | 17,700 |  |   | 15,930 |  |   |   |
|                                            |   | Subordinated (3)(10) |   | 18.00% PIK/Q* |   | 12/26/2018 |   | 6/30/2022 |   | 3,005 |  |   | 3,005 |  |   | 2,479 |  |   |   |
|                                            |   | Subordinated (3)(10) |   | 14.00% PIK/Q(25)* |   | 10/31/2016 |   | 10/15/2021 |   | 2,735 |  |   | 2,735 |  |   | 1,853 |  |   |   |
|                                            |   | Subordinated (3)(10) |   | 14.00% PIK/Q(25)* |   | 10/31/2016 |   | 10/15/2021 |   | 1,409 |  |   | 1,409 |  |   | 954 |  |   |   |
|                                            |   |   |   |   |   |   |   |   |   | 35,482 |  |   | 35,482 |  |   | 30,787 |  |   | 2.83 |  % |
| Sierra Hamilton Holdings Corporation            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy                                          |  | Second lien (3)(10) |  | 15.00% PIK/Q* |  | 9/12/2019 |  | 9/12/2023 |  | 1,496 |  |  | 1,466 |  |  | 1,272 |  |  | 0.12 |  % |
| Total Funded Debt Investments - United States   |   |   |   |   |   |   |   |   |   | $ | 36,978 |  |   | $ | 36,948 |  |   | $ | 32,059 |  |   | 2.95 |  % |
| Equity - United States                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NMFC Senior Loan Program I LLC**                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment Fund                                 |  | Membership interest (3)(10) |  | — |  | 6/13/2014 |  | — |  | — |  |  | $ | 23,000 |  |  | $ | 22,073 |  |  | 2.03 |  % |
| Sierra Hamilton Holdings Corporation            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy                                          |  | Ordinary shares (2)(10) |  | — |  | 7/31/2017 |  | — |  | 25,000,000 |  |  | 11,501 |  |  | 5,181 |  |  |  |
|                                                 |  | Ordinary shares (3)(10) |  | — |  | 7/31/2017 |  | — |  | 2,786,000 |  |  | 1,281 |  |  | 577 |  |  |  |
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  | 12,782 |  |  | 5,758 |  |  | 0.53 |  % |
| Permian Holdco 1, Inc.                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy                                          |  | Preferred shares (3)(10)(17)(25) |  | — |  | 10/31/2016 |  | — |  | 1,929,949 |  |  | 5,714 |  |  | — |  |  |  |
|                                                 |  | Ordinary shares (3)(10) |  | — |  | 10/31/2016 |  | — |  | 1,366,452 |  |  | 1,350 |  |  | — |  |  |  |
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,064 |  |  | $ | — |  |  | — |  % |
| Total Shares - United States                    |   |   |   |   |   |   |   |   |   |   |   | $ | 42,846 |  |   | $ | 27,831 |  |   | 2.56 |  % |
| Total Funded Investments                        |   |   |   |   |   |   |   |   |   |   |   | $ | 79,794 |  |   | $ | 59,890 |  |   | 5.51 |  % |
| Unfunded Debt Investments - United States       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Permian Holdco 3, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy                                          |   | First lien (3)(10)(11) - Undrawn |   | — |   | 6/14/2018 |   | 6/30/2022 |   | $ | 2,300 |  |   | $ | — |  |   | $ | (230 | ) |   | (0.02 | )% |
| Total Unfunded Debt Investments - United States |   |   |   |   |   |   |   |   |   | $ | 2,250 |  |   | $ | — |  |   | $ | (230 | ) |   | (0.02 | )% |
| Total Non-Controlled/Affiliated Investments     |   |   |   |   |   |   |   |   |   |   |   | $ | 79,794 |  |   | $ | 59,660 |  |   | 5.49 |  % |

----

Table of Contents

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1)                  |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Controlled Investments (28)                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Funded Debt Investments - United Kingdom                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Edmentum Ultimate Holdings, LLC (16)                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EducationCity Limited**                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                                     |   | First lien (3)(10)(11) - Drawn |   | 10.00%/S |   | 1/24/2020 |   | 8/31/2020 |   | $ | 3,000 |  |   | $ | 3,000 |  |   | $ | 2,945 |  |   | 0.27 |  % |
| Total Funded Debt Investments - United Kingdom                |   |   |   |   |   |   |   |   |   | $ | 3,000 |  |   | $ | 3,000 |  |   | $ | 2,945 |  |   | 0.27 |  % |
| Funded Debt Investments - United States                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Edmentum Ultimate Holdings, LLC (16)                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Edmentum, Inc. (fka Plato, Inc.) (Archipelago Learning, Inc.) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                                     |   | First lien (2)(10) |   | 10.28% (L + 4.50% + 4.00% PIK/Q)* |   | 8/6/2018 |   | 6/9/2021 |   | $ | 10,170 |  |   | $ | 9,385 |  |   | $ | 9,983 |  |   |   |
|                                                          |   | First lien (3)(10)(11) - Drawn |   | 10.00%/S |   | 1/24/2020 |   | 8/31/2020 |   | 5,000 |  |   | 5,000 |  |   | 4,908 |  |   |   |
|                                                          |   | Second lien (3)(10) |   | 7.00% PIK/Q* |   | 2/23/2018 |   | 12/9/2021 |   | 12,213 |  |   | 11,844 |  |   | 11,410 |  |   |   |
|                                                          |   | Second lien (3)(10)(11) - Drawn |   | 5.00% PIK/Q* |   | 6/9/2015 |   | 12/9/2021 |   | 7,967 |  |   | 7,967 |  |   | 7,821 |  |   |   |
|                                                          |   | Subordinated (3)(10) |   | 8.50% PIK/Q* |   | 6/9/2015 |   | 12/9/2021 |   | 5,441 |  |   | 5,440 |  |   | 4,902 |  |   |   |
|                                                          |   | Subordinated (2)(10) |   | 10.00% PIK/Q* |   | 6/9/2015 |   | 12/9/2021 |   | 20,999 |  |   | 20,999 |  |   | 17,263 |  |   |   |
|                                                          |   | Subordinated (3)(10) |   | 10.00% PIK/Q* |   | 6/9/2015 |   | 12/9/2021 |   | 5,166 |  |   | 5,166 |  |   | 4,247 |  |   |   |
|                                                          |   |   |   |   |   |   |   |   |   | 66,956 |  |   | 65,801 |  |   | 60,534 |  |   | 5.57 |  % |
| NHME Holdings Corp. (21)                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| National HME, Inc.                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                                           |   | Second lien (3)(10) |   | 12.00% PIK/Q* |   | 11/27/2018 |   | 5/27/2024 |   | 17,033 |  |   | 13,688 |  |   | 12,349 |  |   |   |
|                                                          |   | Second lien (3)(10) |   | 12.00% PIK/Q* |   | 11/27/2018 |   | 5/27/2024 |   | 9,413 |  |   | 8,592 |  |   | 8,236 |  |   |   |
|                                                          |   |   |   |   |   |   |   |   |   | 26,446 |  |   | 22,280 |  |   | 20,585 |  |   | 1.89 |  % |
| UniTek Global Services, Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                                             |   | First lien (2)(10) |   | 8.11% (L + 5.50% + 1.00% PIK/Q)* |   | 6/29/2018 |   | 8/20/2024 |   | 12,447 |  |   | 12,447 |  |   | 10,997 |  |   |   |
|                                                          |   | First lien (3)(10) |   | 8.11% (L + 5.50% + 1.00% PIK/Q)* |   | 3/16/2020 |   | 8/20/2024 |   | 4,682 |  |   | 4,682 |  |   | 4,136 |  |   |   |
|                                                          |   | First lien (2)(10) |   | 8.11% (L + 5.50% + 1.00% PIK/Q)* |   | 6/29/2018 |   | 8/20/2024 |   | 2,490 |  |   | 2,490 |  |   | 2,199 |  |   |   |
|                                                          |   |   |   |   |   |   |   |   |   | 19,619 |  |   | 19,619 |  |   | 17,332 |  |   | 1.59 |  % |
| Total Funded Debt Investments - United States                 |   |   |   |   |   |   |   |   |   | $ | 113,021 |  |   | $ | 107,700 |  |   | $ | 98,451 |  |   | 9.05 |  % |
| Equity - Canada                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NM APP Canada Corp.**                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                                     |   | Membership interest (7)(10) |   | — |   | 9/13/2016 |   | — |   | — |  |   | $ | 7,345 |  |   | $ | 10,481 |  |   | 0.96 |  % |
| Total Shares - Canada                                         |   |   |   |   |   |   |   |   |   |   |   | $ | 7,345 |  |   | $ | 10,481 |  |   | 0.96 |  % |

----

Table of Contents

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Equity - United States                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NMFC Senior Loan Program III LLC**           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment Fund                              |   | Membership interest (3)(10) |   | — |   | 5/4/2018 |   | — |   | — |  |   | $ | 110,000 |  |   | $ | 106,271 |  |   | 9.75 |  % |
| NMFC Senior Loan Program II LLC**            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment Fund                              |   | Membership interest (3)(10) |   | — |   | 5/3/2016 |   | — |   | — |  |   | 79,400 |  |   | 76,288 |  |   | 7.00 |  % |
| UniTek Global Services, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Business Services                            |   | Preferred shares (3)(10)(20) |   | — |   | 8/17/2018 |   | — |   | 9,024,006 |  |   | 9,024 |  |   | 7,933 |  |   |   |
|                                         |   | Preferred shares (3)(10)(20) |   | — |   | 8/29/2019 |   | — |   | 5,363,390 |  |   | 5,363 |  |   | 4,882 |  |   |   |
|                                         |   | Preferred shares (3)(10)(19) |   | — |   | 6/30/2017 |   | — |   | 16,495,268 |  |   | 16,495 |  |   | 13,435 |  |   |   |
|                                         |   | Preferred shares (2)(10)(18)(25) |   | — |   | 1/13/2015 |   | — |   | 29,326,545 |  |   | 26,946 |  |   | 15,279 |  |   |   |
|                                         |   | Preferred shares (3)(10)(18)(25) |  | — |  | 1/13/2015 |  | — |  | 8,104,462 |  |  | 7,447 |  |  | 4,223 |  |   |   |
|                                         |   | Ordinary shares (2)(10) |   | — |   | 1/13/2015 |   | — |   | 2,096,477 |  |   | 1,925 |  |   | 199 |  |   |   |
|                                         |   | Ordinary shares (3)(10) |   | — |   | 1/13/2015 |   | — |   | 1,993,749 |  |   | 532 |  |   | 189 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   |   |   | 67,732 |  |   | 46,140 |  |   | 4.24 |  % |
| NM NL Holdings, L.P.**                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                    |   | Membership interest (7)(10) |   | — |   | 6/20/2018 |   | — |   | — |  |   | 44,070 |  |   | 45,461 |  |   | 4.16 |  % |
| NM GLCR LP                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                    |   | Membership interest (7)(10) |   | — |   | 2/1/2018 |   | — |   | — |  |   | 14,750 |  |   | 22,282 |  |   | 2.05 |  % |
| NM CLFX LP                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Lease                                    |  | Membership interest (7)(10) |  | — |  | 10/6/2017 |  | — |  | — |  |  | 12,538 |  |  | 11,709 |  |  | 1.07 |  % |
| NM APP US LLC                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                    |   | Membership interest (7)(10) |   | — |   | 9/13/2016 |   | — |   | — |  |   | 5,080 |  |   | 6,529 |  |   | 0.60 |  % |
| NM YI, LLC                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                    |   | Membership interest (7)(10) |   | — |   | 9/30/2019 |   | — |   | — |  |   | 6,272 |  |   | 5,897 |  |   | 0.54 |  % |
| NM DRVT LLC                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                    |   | Membership interest (7)(10) |   | — |   | 11/18/2016 |   | — |   | — |  |   | 5,152 |  |   | 5,783 |  |   | 0.53 |  % |
| NHME Holdings Corp.(21)                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                          |   | Ordinary shares (3)(10) |   | — |   | 11/27/2018 |   | — |   | 640,000 |  |   | 4,000 |  |   | 4,000 |  |   | 0.37 |  % |
| NM JRA LLC                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                    |   | Membership interest (7)(10) |   | — |   | 8/12/2016 |   | — |   | — |  |   | 2,043 |  |   | 3,522 |  |   | 0.32 |  % |
| NM KRLN LLC                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                    |   | Membership interest (7)(10) |   | — |   | 11/15/2016 |   | — |   | — |  |   | 7,627 |  |   | 1,058 |  |   | 0.10 |  % |
| NM GP Holdco, LLC**                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Lease                                    |   | Membership interest (7)(10) |   | — |   | 6/20/2018 |   | — |   | — |  |   | 452 |  |   | 456 |  |   | 0.04 |  % |

----

Table of Contents

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry (1) |   | Type of Investment |   | Interest Rate (12) |   | Acquisition Date |   | Maturity / Expiration Date |   |  Principal Amount, Par Value or Shares |   |  Cost |   |  Fair Value |   | Percent of NetAssets |
| Edmentum Ultimate Holdings, LLC(16)          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                    |   | Ordinary shares (3)(10) |   | — |   | 6/9/2015 |   | — |   | 123,968 |  |   | $ | 11 |  |   | $ | 136 |  |   |   |
|                                         |   | Ordinary shares (2)(10) |   | — |   | 6/9/2015 |   | — |   | 107,143 |  |   | 9 |  |   | 118 |  |   |   |
|                                         |   |   |   |   |   |   |   |   |   |   |   | 20 |  |   | 254 |  |   | 0.02 |  % |
| Total Shares - United States                 |   |   |   |   |   |   |   |   |   |   |   | $ | 359,136 |  |   | $ | 335,650 |  |   | 30.79 |  % |
| Total Shares                                 |   |   |   |   |   |   |   |   |   |   |   | $ | 366,481 |  |   | $ | 346,131 |  |   | 31.75 |  % |
| Warrants - United States                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Edmentum Ultimate Holdings, LLC(16)          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Education                                    |   | Warrants (3)(10) |   | — |   | 2/23/2018 |   | 5/5/2026 |   | 1,141,846 |  |   | $ | 769 |  |   | $ | 1,259 |  |   | 0.11 |  % |
| NHME Holdings Corp.(21)                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Healthcare Services                          |   | Warrants (3)(10) |   | — |   | 11/27/2018 |   | — |   | 160,000 |  |   | 1,000 |  |   | 1,000 |  |   | 0.09 |  % |
| Total Warrants - United States               |   |   |   |   |   |   |   |   |   |   |   | $ | 1,769 |  |   | $ | 2,259 |  |   | 0.20 |  % |
| Total Funded Investments                     |   |   |   |   |   |   |   |   |   |   |   | $ | 478,950 |  |   | $ | 449,786 |  |   | 41.28 |  % |
| Total Controlled Investments                 |   |   |   |   |   |   |   |   |   |   |   | $ | 478,950 |  |   | $ | 449,786 |  |   | 41.28 |  % |
| Total Investments                            |   |   |   |   |   |   |   |   |   |   |   | $ | 3,186,505 |  |   | $ | 2,991,317 |  |   | 274.58 |  % |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | New Mountain Finance Corporation (the “Company”) generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. |
|     |                                                                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company as Collateral Manager, New Mountain Finance Holdings, L.L.C. (“NMF Holdings”) as the Borrower, Wells Fargo Bank, National Association as the Administrative Agent, and Collateral Custodian. See Note 7. Borrowings, for details. |
|     |                                                                                                                                                                                                                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A. and Stifel Bank & Trust as Lenders. See Note 7. Borrowings, for details. |
|     |                                                            |
|-----|------------------------------------------------------------|
| (4) | Investment is held in New Mountain Finance SBIC, L.P. |
|     |                                                               |
|-----|---------------------------------------------------------------|
| (5) | Investment is held in New Mountain Finance SBIC II, L.P. |
|     |                                                       |
|-----|-------------------------------------------------------|
| (6) | Investment is held in NMF QID NGL Holdings, Inc. |
|     |                                                           |
|-----|-----------------------------------------------------------|
| (7) | Investment is held in New Mountain Net Lease Corporation. |
|     |                                                                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details. |
|     |                                                 |
|-----|-------------------------------------------------|
| (9) | Investment is held in NMF Ancora Holdings, Inc. |
|      |                                                                                                                                                                                     |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details. |
|      |                                                                                                                                                                                                                                                                                              |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | Par Value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | All interest is payable in cash unless otherwise indicated.  A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P) and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A).  For each investment the current interest rate provided reflects the rate in effect as of March 31, 2020. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds a tranche A first lien term loan and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | The Company holds investments in two related entities of Tenawa Resource Holdings LLC. The Company holds 4.77% of the common units in QID NGL LLC (which at closing represented 98.1% of the ownership in the common units in Tenawa Resource Holdings LLC), class A preferred units in QID NGL LLC and a first lien investment in Tenawa Resource Management LLC, a wholly-owned subsidiary of Tenawa Resource Holdings LLC. |
|      |                                                                                                                                                                                                                                                                                                                                                             |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (15) | The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc. The Company holds a first lien term loan and a first lien revolver in Appriss Holdings, Inc. and preferred equity in Alert Intermediate Holdings I, Inc. The preferred equity is entitled to receive preferential dividends at a rate of L + 10.0% per annum. |

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Table of Contents

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (16) | The Company holds investments in Edmentum Ultimate Holdings, LLC and its related entities. The Company holds subordinated notes, ordinary equity, and warrants in Edmentum Ultimate Holdings, LLC, holds a first lien promissory note in EducationCity Limited and holds a first lien term loan, first lien promissory note, second lien revolver and a second lien term loan in Edmentum, Inc. and Archipelago Learning, Inc., which are wholly-owned subsidiaries of Edmentum Ultimate Holdings, LLC. |
|      |                                                                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (17) | The Company holds preferred equity in Permian Holdco 1, Inc. that is entitled to receive cumulative preferential dividends at a rate of 12.0% per annum payable in additional shares. |
|      |                                                                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (18) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares. |
|      |                                                                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (19) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares. |
|      |                                                                                                                                                                                              |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (20) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares. |
|      |                                                                                                                                                                                  |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (21) | The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. |
|      |                                                                                                                                                                                                                |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (22) | The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares. |
|      |                                                                                                                                                                                                                                                                                              |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (23) | The Company holds preferred equity in Avatar Topco, Inc., and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc. The preferred equity is entitled to receive cumulative preferential dividends at a rate of L + 11.00% per annum. |
|      |                                                                                                                                                                                                                                                                                                                                                                |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (24) | The Company holds preferred equity in Symplr Intermediate Holdings, Inc. and holds a first lien term loan investment in Symplr Software Inc, Inc. (fka Caliper Software, Inc.), a wholly-owned subsidiary of Symplr Software Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of L + 10.50% per annum. |
|      |                                                                                                               |
|------|---------------------------------------------------------------------------------------------------------------|
| (25) | Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details. |
|      |                                                                                                                                                                                                                                                                                                          |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (26) | The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of March 31, 2020. See Note 2. Summary of Significant Accounting Policies, for details. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (27) | Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2020 and December 31, 2019, along with transactions during the three months ended March 31, 2020 in which the issuer was a non-controlled/affiliated investment, is as follows: |

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                                                   |   | Fair Value atDecember 31, 2019 |   | GrossAdditions(A) |   | GrossRedemptions(B) |   | NetRealizedGains(Losses) |   | Net Change InUnrealizedAppreciation(Depreciation) |   | Fair Value atMarch 31, 2020 |   | InterestIncome |   | DividendIncome |   | OtherIncome |
| NMFC Senior Loan Program I LLC                                           |   | $ | 23,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (927 | ) |   | $ | 22,073 |  |   | $ | — |  |   | $ | 720 |  |   | $ | 267 |  |
| Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. |   | 40,621 |  |   | (3,012 | ) |   | (75 | ) |   | — |  |   | (6,977 | ) |   | 30,557 |  |   | 1,013 |  |   | (3,418 | ) |   | 15 |  |
| Sierra Hamilton Holdings Corporation                                     |   | 9,906 |  |   | 56 |  |   | — |  |   | — |  |   | (2,932 | ) |   | 7,030 |  |   | 56 |  |   | — |  |   | 9 |  |
| Total Non-Controlled/Affiliated Investments                              |   | $ | 73,527 |  |   | $ | (2,956 | ) |   | $ | (75 | ) |   | $ | — |  |   | $ | (10,836 | ) |   | $ | 59,660 |  |   | $ | 1,069 |  |   | $ | (2,698 | ) |   | $ | 291 |  |

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

|     |                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category. |
|     |                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (B) | Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category. |

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Table of Contents

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (28) | Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of March 31, 2020 and December 31, 2019, along with transactions during the three months ended March 31, 2020 in which the issuer was a controlled investment, is as follows: |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                        |   | Fair Value atDecember 31, 2019 |   | GrossAdditions(A) |   | GrossRedemptions(B) |   | Net RealizedGains(Losses) |   | Net Change InUnrealizedAppreciation(Depreciation) |   | Fair Value atMarch 31, 2020 |   | InterestIncome |   | DividendIncome |   | OtherIncome |
| Edmentum Ultimate Holdings, LLC/Edmentum Inc. |   | $ | 79,112 |  |   | $ | 9,667 |  |   | $ | (42 | ) |   | $ | 4 |  |   | $ | (23,745 | ) |   | $ | 64,992 |  |   | $ | 1,702 |  |   | $ | — |  |   | $ | 80 |  |
| National HME, Inc./NHME Holdings Corp.        |   | 24,979 |  |   | 948 |  |   | — |  |   | — |  |   | (342 | ) |   | 25,585 |  |   | 948 |  |   | — |  |   | — |  |
| NM APP CANADA CORP                            |   | 10,774 |  |   | — |  |   | — |  |   | — |  |   | (293 | ) |   | 10,481 |  |   | — |  |   | 240 |  |   | — |  |
| NM APP US LLC                                 |   | 6,834 |  |   | — |  |   | — |  |   | — |  |   | (305 | ) |   | 6,529 |  |   | — |  |   | 137 |  |   | — |  |
| NM CLFX LP                                    |   | 12,723 |  |   | — |  |   | — |  |   | — |  |   | (1,014 | ) |   | 11,709 |  |   | — |  |   | 395 |  |   | — |  |
| NM DRVT LLC                                   |   | 6,016 |  |   | — |  |   | — |  |   | — |  |   | (233 | ) |   | 5,783 |  |   | — |  |   | 118 |  |   | — |  |
| NM JRA LLC                                    |   | 3,700 |  |   | — |  |   | — |  |   | — |  |   | (178 | ) |   | 3,522 |  |   | — |  |   | 67 |  |   | — |  |
| NM GLCR LP                                    |   | 23,800 |  |   | — |  |   | — |  |   | — |  |   | (1,518 | ) |   | 22,282 |  |   | — |  |   | 460 |  |   | — |  |
| NM KRLN LLC                                   |   | 2,379 |  |   | 117 |  |   | — |  |   | — |  |   | (1,438 | ) |   | 1,058 |  |   | — |  |   | — |  |   | — |  |
| NM NL Holdings, L.P.                          |   | 48,308 |  |   | — |  |   | — |  |   | — |  |   | (2,847 | ) |   | 45,461 |  |   | — |  |   | 1,152 |  |   | — |  |
| NM GP Holdco, LLC                             |   | 487 |  |   | — |  |   | — |  |   | — |  |   | (31 | ) |   | 456 |  |   | — |  |   | 12 |  |   | — |  |
| NM YI LLC                                     |   | 6,339 |  |   | — |  |   | — |  |   | — |  |   | (442 | ) |   | 5,897 |  |   | — |  |   | 193 |  |   | — |  |
| NMFC Senior Loan Program II LLC               |   | 79,400 |  |   | — |  |   | — |  |   | — |  |   | (3,112 | ) |   | 76,288 |  |   | — |  |   | 2,581 |  |   | — |  |
| NMFC Senior Loan Program III LLC              |   | 100,000 |  |   | 10,000 |  |   | — |  |   | — |  |   | (3,729 | ) |   | 106,271 |  |   | — |  |   | 2,874 |  |   | — |  |
| UniTek Global Services, Inc.                  |   | 68,101 |  |   | 9,001 |  |   | (49 | ) |   | — |  |   | (13,581 | ) |   | 63,472 |  |   | 331 |  |   | 2,638 |  |   | 113 |  |
| Total Controlled Investments                  |   | $ | 472,952 |  |   | $ | 29,733 |  |   | $ | (91 | ) |   | $ | 4 |  |   | $ | (52,808 | ) |   | $ | 449,786 |  |   | $ | 2,981 |  |   | $ | 10,867 |  |   | $ | 193 |  |

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

|     |                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category. |
|     |                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (B) | Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category. |
|   |                                                     |
|---|-----------------------------------------------------|
| * | All or a portion of interest contains PIK interest. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2020, 16.0% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets. |

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Table of Contents

|                      |
|----------------------|
|                      |  |  |  |
|                 |   | March 31, 2020 |
| Investment Type |   | Percent of TotalInvestments at Fair Value |
| First lien           |   | 59.83 | % |
| Second lien          |   | 23.29 | % |
| Subordinated         |   | 1.57 | % |
| Equity and other     |   | 15.31 | % |
| Total investments    |   | 100.00 | % |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |
|                                                     |   | March 31, 2020 |
| Industry Type                                       |   | Percent of TotalInvestments at Fair Value |
| Software                                                 |   | 28.44 | % |
| Business Services                                        |   | 20.71 | % |
| Healthcare Services                                      |   | 15.49 | % |
| Education                                                |   | 7.14 | % |
| Investment Fund (includes investments in joint ventures) |   | 6.84 | % |
| Net Lease                                                |   | 3.78 | % |
| Healthcare Information Technology                        |   | 3.50 | % |
| Federal Services                                         |   | 3.35 | % |
| Consumer Services                                        |   | 2.63 | % |
| Distribution & Logistics                             |   | 2.16 | % |
| Specialty Chemicals & Materials                      |   | 2.00 | % |
| Energy                                                   |   | 1.26 | % |
| Industrial Services                                      |   | 1.07 | % |
| Food & Beverage                                      |   | 0.89 | % |
| Packaging                                                |   | 0.41 | % |
| Business Products                                        |   | 0.33 | % |
| Total investments                                        |   | 100.00 | % |

|                              |
|------------------------------|
|                              |  |  |  |
|                         |   | March 31, 2020 |
| Interest Rate Type |   | Percent of TotalInvestments at Fair Value |
| Floating rates               |   | 95.01 | % |
| Fixed rates                  |   | 4.99 | % |
| Total investments            |   | 100.00 | % |

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Table of Contents

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                                           |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
| Non-Controlled/Non-Affiliated Investments                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Funded Debt Investments - Canada                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC)** |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                               |   | Second lien (3) |   | 9.30% (L + 7.50%/M) |   | 6/1/2018 |   | 6/8/2026 |   | $ | 28,613 |  |   | $ | 28,390 |  |   | $ | 27,754 |  |   |   |
|                                                                                  |   | Second lien (8) |   | 9.30% (L + 7.50%/M) |   | 6/1/2018 |   | 6/8/2026 |   | 7,500 |  |   | 7,445 |  |   | 7,275 |  |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   | 36,113 |  |   | 35,835 |  |   | 35,029 |  |   | 2.73 |  % |
|    Wolfpack IP Co.**                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                          |   | First lien (2)(9) |   | 8.29% (L + 6.50%/M) |   | 6/14/2019 |   | 6/13/2025 |   | 9,091 |  |   | 9,007 |  |   | 9,000 |  |   | 0.70 |  % |
| Total Funded Debt Investments - Canada                                                |   |   |   |   |   |   |   |   |   | $ | 45,204 |  |   | $ | 44,842 |  |   | $ | 44,029 |  |   | 3.43 |  % |
| Funded Debt Investments - United Arab Emirates                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    GEMS Menasa (Cayman) Limited**                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                         |   | First lien (8) |   | 6.91% (L + 5.00%/Q) |   | 7/30/2019 |   | 7/31/2026 |   | $ | 33,405 |  |   | $ | 33,240 |  |   | $ | 33,488 |  |   | 2.61 |  % |
| Total Funded Debt Investments - United Arab Emirates                                  |   |   |   |   |   |   |   |   |   | $ | 33,405 |  |   | $ | 33,240 |  |   | $ | 33,488 |  |   | 2.61 |  % |
| Funded Debt Investments - United Kingdom                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.**         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Consumer Services                                 |   | Second lien (2) |   | 9.24% (L + 7.50%/M) |   | 9/25/2017 |   | 10/3/2025 |   | $ | 37,853 |  |   | $ | 37,671 |  |   | $ | 36,717 |  |   |   |
|                                                                                  |   | Second lien (8) |   | 9.24% (L + 7.50%/M) |   | 9/25/2017 |   | 10/3/2025 |   | 6,000 |  |   | 5,971 |  |   | 5,820 |  |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   | 43,853 |  |   | 43,642 |  |   | 42,537 |  |   | 3.32 |  % |
|    Aston FinCo S.a r.l. / Aston US Finco, LLC**                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                          |   | Second lien (8)(9) |   | 10.26% (L + 8.25%/Q) |   | 10/8/2019 |   | 10/8/2027 |   | 34,459 |  |   | 34,187 |  |   | 34,201 |  |   | 2.66 |  % |
| Total Funded Debt Investments - United Kingdom                                        |   |   |   |   |   |   |   |   |   | $ | 78,312 |  |   | $ | 77,829 |  |   | $ | 76,738 |  |   | 5.98 |  % |
| Funded Debt Investments - United States                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Benevis Holding Corp.                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                               |   | First lien (2)(9) |   | 8.25% (L + 6.32%/Q) |   | 3/15/2018 |   | 3/15/2024 |   | $ | 62,731 |  |   | $ | 62,731 |  |   | $ | 62,323 |  |   |   |
|                                                                                  |   | First lien (8)(9) |   | 8.25% (L + 6.32%/Q) |   | 3/15/2018 |   | 3/15/2024 |   | 15,391 |  |   | 15,391 |  |   | 15,291 |  |   |   |
|                                                                                  |   | First lien (3)(9) |   | 8.25% (L + 6.32%/Q) |   | 3/29/2019 |   | 3/15/2024 |   | 7,743 |  |   | 7,743 |  |   | 7,693 |  |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   | 85,865 |  |   | 85,865 |  |   | 85,307 |  |   | 6.64 |  % |
|    PhyNet Dermatology LLC                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                               |   | First lien (2)(9) |   | 7.30% (L + 5.50%/M) |   | 9/17/2018 |   | 8/16/2024 |   | 50,368 |  |   | 49,956 |  |   | 50,368 |  |   |   |
|                                                                                  |   | First lien (3)(9)(10) - Drawn |   | 7.30% (L + 5.50%/M) |   | 9/17/2018 |   | 8/16/2024 |   | 28,139 |  |   | 28,009 |  |   | 28,139 |  |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   | 78,507 |  |   | 77,965 |  |   | 78,507 |  |   | 6.11 |  % |
|    Kronos Incorporated                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                          |   | Second lien (2) |   | 10.16% (L + 8.25%/Q) |   | 10/26/2012 |   | 11/1/2024 |   | 49,210 |  |   | 48,955 |  |   | 50,563 |  |   |   |
|                                                                                  |   | Second lien (8) |   | 10.16% (L + 8.25%/Q) |   | 10/26/2012 |   | 11/1/2024 |   | 11,147 |  |   | 11,147 |  |   | 11,453 |  |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   | 60,357 |  |   | 60,102 |  |   | 62,016 |  |   | 4.83 |  % |
|    Associations, Inc.                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                                 |   | First lien (2)(9) |   | 9.09% (L + 4.00% + 3.00% PIK/Q)* |   | 7/30/2018 |   | 7/30/2024 |   | 44,557 |  |   | 44,332 |  |   | 44,557 |  |   |   |
|                                                                                  |   | First lien (8)(9) |   | 9.09% (L + 4.00% + 3.00% PIK/Q)* |   | 7/30/2018 |   | 7/30/2024 |   | 5,115 |  |   | 5,090 |  |   | 5,115 |  |   |   |
|                                                                                  |   | First lien (3)(9)(10) - Drawn |   | 9.06% (L + 4.00% + 3.00% PIK/Q)* |   | 7/30/2018 |   | 7/30/2024 |   | 7,171 |  |   | 7,133 |  |   | 7,171 |  |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   | 56,843 |  |   | 56,555 |  |   | 56,843 |  |   | 4.43 |  % |

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Table of Contents

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                      |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Nomad Buyer, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services          |   | First lien (2) |   | 6.74% (L + 5.00%/M) |   | 8/3/2018 |   | 8/1/2025 |   | $ | 56,439 |  |   | $ | 54,867 |  |   | $ | 56,298 |  |   | 4.39 |  % |
|    GS Acquisitionco, Inc.                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | First lien (2)(9) |   | 7.55% (L + 5.75%/M) |   | 8/7/2019 |   | 5/24/2024 |   | 26,894 |  |   | 26,738 |  |   | 26,725 |  |   |   |
|                                                             |   | First lien (5)(9) |   | 7.55% (L + 5.75%/M) |   | 8/7/2019 |   | 5/24/2024 |   | 22,406 |  |   | 22,276 |  |   | 22,266 |  |   |   |
|                                                             |   | First lien (3)(9)(10) - Drawn |   | 7.55% (L + 5.75%/M) |   | 8/7/2019 |   | 5/25/2024 |   | 3,720 |  |   | 3,698 |  |   | 3,697 |  |   |   |
|                                                             |   | First lien (3)(9)(10) - Drawn |   | 7.55% (L + 5.75%/M) |   | 8/7/2019 |   | 5/25/2024 |   | 3,510 |  |   | 3,488 |  |   | 3,488 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 56,530 |  |   | 56,200 |  |   | 56,176 |  |   | 4.38 |  % |
|    iCIMS, Inc.                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | First lien (8)(9) |   | 8.29% (L + 6.50%/M) |   | 9/12/2018 |   | 9/12/2024 |   | 46,636 |  |   | 46,229 |  |   | 46,636 |  |   |   |
|                                                             |   | First lien (8)(9) |   | 8.29% (L + 6.50%/M) |   | 6/14/2019 |   | 9/12/2024 |   | 8,667 |  |   | 8,587 |  |   | 8,667 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 55,303 |  |   | 54,816 |  |   | 55,303 |  |   | 4.31 |  % |
|    ConnectWise, LLC                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | First lien (2)(9) |   | 7.94% (L + 6.00%/Q) |   | 11/26/2019 |   | 2/28/2025 |   | 55,613 |  |   | 55,270 |  |   | 55,265 |  |   | 4.31 |  % |
|    CentralSquare Technologies, LLC                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | Second lien (3) |   | 9.30% (L + 7.50%/M) |   | 8/15/2018 |   | 8/31/2026 |   | 47,838 |  |   | 47,297 |  |   | 45,087 |  |   |   |
|                                                             |   | Second lien (8) |   | 9.30% (L + 7.50%/M) |   | 8/15/2018 |   | 8/31/2026 |   | 7,500 |  |   | 7,415 |  |   | 7,069 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 55,338 |  |   | 54,712 |  |   | 52,156 |  |   | 4.06 |  % |
|    Dealer Tire, LLC                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Distribution & Logistics |   | First lien (2) |   | 7.30% (L + 5.50%/M) |   | 12/4/2018 |   | 12/12/2025 |   | 51,386 |  |   | 50,251 |  |   | 51,577 |  |   | 4.02 |  % |
|    Salient CRGT Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Federal Services             |   | First lien (2) |   | 8.29% (L + 6.50%/M) |   | 1/6/2015 |   | 2/28/2022 |   | 39,312 |  |   | 39,049 |  |   | 37,445 |  |   |   |
|                                                             |   | First lien (8) |   | 8.29% (L + 6.50%/M) |   | 6/6/2019 |   | 2/28/2022 |   | 13,434 |  |   | 12,987 |  |   | 12,795 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 52,746 |  |   | 52,036 |  |   | 50,240 |  |   | 3.91 |  % |
|    NM GRC Holdco, LLC                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | First lien (2)(9) |   | 7.94% (L + 6.00%/Q) |   | 2/9/2018 |   | 2/9/2024 |   | 38,346 |  |   | 38,206 |  |   | 38,346 |  |   |   |
|                                                             |   | First lien (2)(9)(10) - Drawn |   | 7.94% (L + 6.00%/Q) |   | 2/9/2018 |   | 2/9/2024 |   | 10,658 |  |   | 10,616 |  |   | 10,658 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 49,004 |  |   | 48,822 |  |   | 49,004 |  |   | 3.82 |  % |
|    Frontline Technologies Group Holdings, LLC     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                    |   | First lien (4)(9) |   | 7.55% (L + 5.75%/M) |   | 9/18/2017 |   | 9/18/2023 |   | 22,162 |  |   | 22,050 |  |   | 22,162 |  |   |   |
|                                                             |   | First lien (2)(9) |   | 7.55% (L + 5.75%/M) |   | 9/18/2017 |   | 9/18/2023 |   | 18,677 |  |   | 18,619 |  |   | 18,677 |  |   |   |
|                                                             |   | First lien (2)(9) |   | 7.55% (L + 5.75%/M) |   | 9/18/2017 |   | 9/18/2023 |   | 7,710 |  |   | 7,658 |  |   | 7,710 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 48,549 |  |   | 48,327 |  |   | 48,549 |  |   | 3.78 |  % |
|    Integro Parent Inc.                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | First lien (2)(9) |   | 7.54% (L + 5.75%/M) |   | 10/9/2015 |   | 10/31/2022 |   | 35,024 |  |   | 34,892 |  |   | 35,024 |  |   |   |
|                                                             |   | Second lien (8)(9) |   | 11.04% (L + 9.25%/M) |   | 10/9/2015 |   | 10/30/2023 |   | 10,000 |  |   | 9,941 |  |   | 10,000 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 45,024 |  |   | 44,833 |  |   | 45,024 |  |   | 3.51 |  % |
|    Brave Parent Holdings, Inc.                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | Second lien (5) |   | 9.43% (L + 7.50%/Q) |   | 4/17/2018 |   | 4/17/2026 |   | 22,500 |  |   | 22,404 |  |   | 21,825 |  |   |   |
|                                                             |   | Second lien (2) |   | 9.43% (L + 7.50%/Q) |   | 4/17/2018 |   | 4/17/2026 |   | 16,624 |  |   | 16,480 |  |   | 16,125 |  |   |   |
|                                                             |   | Second lien (8) |   | 9.43% (L + 7.50%/Q) |   | 4/17/2018 |   | 4/17/2026 |   | 6,000 |  |   | 5,948 |  |   | 5,820 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 45,124 |  |   | 44,832 |  |   | 43,770 |  |   | 3.41 |  % |
|    Quest Software US Holdings Inc.                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | Second lien (2) |   | 10.18% (L + 8.25%/Q) |   | 5/17/2018 |   | 5/18/2026 |   | 43,697 |  |   | 43,320 |  |   | 42,851 |  |   | 3.35 |  % |

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Table of Contents

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|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                           |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Symplr Software Intermediate Holdings, Inc. (23)    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Symplr Software, Inc. (fka Caliper Software, Inc.)  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Information Technology |   | First lien (2)(9) |   | 7.94% (L + 6.00%/Q) |   | 11/30/2018 |   | 11/28/2025 |   | $ | 25,561 |  |   | $ | 25,387 |  |   | $ | 25,561 |  |   |   |
|                                                                  |   | First lien (4)(9) |   | 7.94% (L + 6.00%/Q) |   | 11/30/2018 |   | 11/28/2025 |   | 14,850 |  |   | 14,752 |  |   | 14,850 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 40,411 |  |   | 40,139 |  |   | 40,411 |  |   | 3.15 |  % |
|    Tenawa Resource Holdings LLC (13)                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Tenawa Resource Management LLC                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Energy                            |   | First lien (3)(9) |   | 10.50% (Base + 8.00%/Q) |   | 5/12/2014 |   | 10/30/2024 |   | 39,000 |  |   | 38,950 |  |   | 39,000 |  |   | 3.04 |  % |
|    KAMC Holdings, Inc                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | Second lien (2)(9) |   | 9.91% (L + 8.00%/Q) |   | 8/14/2019 |   | 8/13/2027 |   | 18,750 |  |   | 18,614 |  |   | 18,609 |  |   |   |
|                                                                  |   | Second lien (8)(9) |   | 9.91% (L + 8.00%/Q) |   | 8/14/2019 |   | 8/13/2027 |   | 18,750 |  |   | 18,614 |  |   | 18,609 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 37,500 |  |   | 37,228 |  |   | 37,218 |  |   | 2.90 |  % |
|    Trader Interactive, LLC                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | First lien (2)(9) |   | 8.30% (L + 6.50%/M) |   | 6/15/2017 |   | 6/17/2024 |   | 31,932 |  |   | 31,776 |  |   | 31,932 |  |   |   |
|                                                                  |   | First lien (8)(9) |   | 8.30% (L + 6.50%/M) |   | 6/15/2017 |   | 6/17/2024 |   | 4,949 |  |   | 4,925 |  |   | 4,949 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 36,881 |  |   | 36,701 |  |   | 36,881 |  |   | 2.87 |  % |
|    Peraton Holding Corp. (fka MHVC Acquisition Corp.)  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Federal Services                  |   | First lien (2) |   | 7.05% (L + 5.25%/M) |   | 4/25/2017 |   | 4/29/2024 |   | 36,907 |  |   | 36,781 |  |   | 36,745 |  |   | 2.86 |  % |
|    Apptio, Inc.                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (8)(9) |   | 8.96% (L + 7.25%/M) |   | 1/10/2019 |   | 1/10/2025 |   | 34,076 |  |   | 33,473 |  |   | 33,394 |  |   | 2.60 |  % |
|    Definitive Healthcare Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Information Technology |   | First lien (8)(9) |   | 8.40% (L + 5.50% + 1.00% PIK/Q)* |   | 8/7/2019 |   | 7/16/2026 |   | 33,402 |  |   | 33,244 |  |   | 33,234 |  |   | 2.59 |  % |
|    Finalsite Holdings, Inc.                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (4)(9) |   | 6.93% (L + 5.00%/Q) |   | 9/28/2018 |   | 9/25/2024 |   | 22,219 |  |   | 22,081 |  |   | 22,219 |  |   |   |
|                                                                  |   | First lien (2)(9) |   | 6.93% (L + 5.00%/Q) |   | 9/28/2018 |   | 9/25/2024 |   | 10,974 |  |   | 10,906 |  |   | 10,974 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 33,193 |  |   | 32,987 |  |   | 33,193 |  |   | 2.59 |  % |
|    TDG Group Holding Company                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Consumer Services                 |   | First lien (2)(9) |   | 7.44% (L + 5.50%/Q) |   | 5/22/2018 |   | 5/31/2024 |   | 24,860 |  |   | 24,763 |  |   | 24,860 |  |   |   |
|                                                                  |   | First lien (8)(9) |   | 7.44% (L + 5.50%/Q) |   | 5/22/2018 |   | 5/31/2024 |   | 4,950 |  |   | 4,931 |  |   | 4,950 |  |   |   |
|                                                                  |   | First lien (2)(9) |   | 7.44% (L + 5.50%/Q) |   | 5/22/2018 |   | 5/31/2024 |   | 3,321 |  |   | 3,307 |  |   | 3,321 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 33,131 |  |   | 33,001 |  |   | 33,131 |  |   | 2.58 |  % |
|    CoolSys, Inc.                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Industrial Services               |   | First lien (5) |   | 7.80% (L + 6.00%/M) |   | 11/20/2019 |   | 11/20/2026 |   | 22,500 |  |   | 22,388 |  |   | 22,388 |  |   |   |
|                                                                  |   | First lien (2) |   | 7.80% (L + 6.00%/M) |   | 11/20/2019 |   | 11/20/2026 |   | 10,400 |  |   | 10,348 |  |   | 10,348 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 32,900 |  |   | 32,736 |  |   | 32,736 |  |   | 2.55 |  % |
|    Ansira Holdings, Inc.                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | First lien (8) |   | 7.55% (L + 5.75%/M) |   | 12/19/2016 |   | 12/20/2022 |   | 28,455 |  |   | 28,378 |  |   | 27,032 |  |   |   |
|                                                                  |   | First lien (3)(10) - Drawn |   | 7.51% (L + 5.75%/M) |   | 12/19/2016 |   | 12/20/2022 |   | 4,743 |  |   | 4,731 |  |   | 4,506 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 33,198 |  |   | 33,109 |  |   | 31,538 |  |   | 2.46 |  % |
|    DCA Investment Holding, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services               |   | First lien (2)(9) |   | 7.19% (L + 5.25%/Q) |   | 7/2/2015 |   | 7/2/2021 |   | 17,095 |  |   | 17,046 |  |   | 17,095 |  |   |   |
|                                                                  |   | First lien (3)(9) |   | 7.19% (L + 5.25%/Q) |   | 12/20/2017 |   | 7/2/2021 |   | 8,890 |  |   | 8,834 |  |   | 8,890 |  |   |   |
|                                                                  |   | First lien (2)(9) |   | 7.19% (L + 5.25%/Q) |   | 12/20/2017 |   | 7/2/2021 |   | 4,184 |  |   | 4,163 |  |   | 4,184 |  |   |   |
|                                                                  |   | First lien (3)(9)(10) - Drawn |   | 9.00% (P + 4.25%/Q) |   | 7/2/2015 |   | 7/2/2021 |   | 608 |  |   | 602 |  |   | 608 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 30,777 |  |   | 30,645 |  |   | 30,777 |  |   | 2.40 |  % |

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Table of Contents

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|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                                  |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Integral Ad Science, Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                 |   | First lien (8)(9) |   | 9.05% (L + 6.00% + 1.25% PIK/M)* |   | 7/19/2018 |   | 7/19/2024 |   | $ | 26,843 |  |   | $ | 26,616 |  |   | $ | 26,843 |  |   |   |
|                                                                         |   | First lien (3)(9) |   | 9.05% (L + 6.00% + 1.25% PIK/M)* |   | 8/27/2019 |   | 7/19/2024 |   | 3,507 |  |   | 3,474 |  |   | 3,507 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 30,350 |  |   | 30,090 |  |   | 30,350 |  |   | 2.36 |  % |
|    Conservice, LLC                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                        |   | First lien (2)(9) |   | 7.05% (L + 5.25%/M) |   | 1/3/2019 |   | 11/29/2024 |   | 25,311 |  |   | 25,202 |  |   | 25,184 |  |   |   |
|                                                                         |   | First lien (3)(9)(10) - Drawn |   | 7.05% (L + 5.25%/M) |   | 1/3/2019 |   | 11/29/2024 |   | 4,418 |  |   | 4,398 |  |   | 4,396 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 29,729 |  |   | 29,600 |  |   | 29,580 |  |   | 2.30 |  % |
|    Kaseya Traverse Inc.                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                 |   | First lien (8)(9) |   | 8.72% (L + 5.50% + 1.00% PIK/S)* |   | 5/9/2019 |   | 5/2/2025 |   | 27,525 |  |   | 27,274 |  |   | 27,250 |  |   |   |
|                                                                         |   | First lien (3)(9)(10) - Drawn |   | 8.45% (L + 6.50%/Q) |   | 5/9/2019 |   | 5/2/2025 |   | 1,321 |  |   | 1,308 |  |   | 1,308 |  |   |   |
|                                                                         |   | First lien (3)(9)(10) - Drawn |   | 8.69% (L + 5.50% + 1.00% PIK/S)* |   | 5/9/2019 |   | 5/2/2025 |   | 430 |  |   | 426 |  |   | 426 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 29,276 |  |   | 29,008 |  |   | 28,984 |  |   | 2.26 |  % |
|    Clarkson Eyecare, LLC                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                      |   | First lien (2) |   | 8.05% (L + 6.25%/M) |   | 8/21/2019 |   | 4/2/2021 |   | 17,300 |  |   | 17,149 |  |   | 17,300 |  |   |   |
|                                                                         |   | First lien (2) |   | 8.05% (L + 6.25%/M) |   | 9/11/2019 |   | 4/2/2021 |   | 11,533 |  |   | 11,433 |  |   | 11,533 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 28,833 |  |   | 28,582 |  |   | 28,833 |  |   | 2.25 |  % |
|    Keystone Acquisition Corp.                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                      |   | First lien (2) |   | 7.19% (L + 5.25%/Q) |   | 5/10/2017 |   | 5/1/2024 |   | 24,482 |  |   | 24,369 |  |   | 23,992 |  |   |   |
|                                                                         |   | Second lien (2) |   | 11.19% (L + 9.25%/Q) |   | 5/10/2017 |   | 5/1/2025 |   | 4,500 |  |   | 4,465 |  |   | 4,399 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 28,982 |  |   | 28,834 |  |   | 28,391 |  |   | 2.21 |  % |
|    Sovos Brands Intermediate, Inc.                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Food & Beverage                      |   | First lien (2) |   | 6.80% (L + 5.00%/M) |   | 11/16/2018 |   | 11/20/2025 |   | 27,957 |  |   | 27,834 |  |   | 27,957 |  |   | 2.18 |  % |
|    Affinity Dental Management, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                      |   | First lien (4)(9) |   | 8.07% (L + 6.00%/S) |   | 9/17/2019 |   | 9/15/2023 |   | 10,945 |  |   | 10,945 |  |   | 10,945 |  |   |   |
|                                                                         |   | First lien (2)(9) |   | 8.01% (L + 6.00%/S) |   | 9/15/2017 |   | 9/15/2023 |   | 11,316 |  |   | 11,288 |  |   | 11,316 |  |   |   |
|                                                                         |   | First lien (3)(9) |   | 8.00% (L + 6.00%/S) |   | 9/15/2017 |   | 9/15/2023 |   | 5,224 |  |   | 5,194 |  |   | 5,224 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 27,485 |  |   | 27,427 |  |   | 27,485 |  |   | 2.14 |  % |
|    Confluent Health, LLC                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                      |   | First lien (2) |   | 6.80% (L + 5.00%/M) |   | 6/21/2019 |   | 6/24/2026 |   | 27,363 |  |   | 27,233 |  |   | 27,363 |  |   | 2.13 |  % |
|    TMK Hawk Parent, Corp.                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Distribution & Logistics             |   | First lien (2) |   | 5.30% (L + 3.50%/M) |   | 6/24/2019 |   | 8/28/2024 |   | 16,908 |  |   | 14,483 |  |   | 13,865 |  |   |   |
|                                                                         |   | First lien (8) |   | 5.30% (L + 3.50%/M) |   | 10/23/2019 |   | 8/28/2024 |   | 16,308 |  |   | 13,388 |  |   | 13,373 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 33,216 |  |   | 27,871 |  |   | 27,238 |  |   | 2.12 |  % |
|    HS Purchaser, LLC  / Help/Systems Holdings, Inc.           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                 |   | Second lien (5) |   | 9.80% (L + 8.00%/M) |   | 11/14/2019 |   | 11/19/2027 |   | 22,500 |  |   | 22,380 |  |   | 22,388 |  |   |   |
|                                                                         |   | Second lien (2) |   | 9.80% (L + 8.00%/M) |   | 11/14/2019 |   | 11/19/2027 |   | 4,208 |  |   | 4,166 |  |   | 4,187 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 26,708 |  |   | 26,546 |  |   | 26,575 |  |   | 2.07 |  % |
|    GC Waves Holdings, Inc.**                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                        |   | First lien (5)(9) |   | 7.55% (L + 5.75%/M) |   | 10/31/2019 |   | 10/31/2025 |   | 22,500 |  |   | 22,335 |  |   | 22,331 |  |   |   |
|                                                                         |   | First lien (2)(9) |   | 7.55% (L + 5.75%/M) |   | 10/31/2019 |   | 10/31/2025 |   | 3,673 |  |   | 3,646 |  |   | 3,645 |  |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   | 26,173 |  |   | 25,981 |  |   | 25,976 |  |   | 2.02 |  % |
|    Spring Education Group, Inc (fka SSH Group Holdings, Inc.) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                |   | Second lien (2) |   | 10.19% (L + 8.25%/Q) |   | 7/26/2018 |   | 7/30/2026 |   | 24,533 |  |   | 24,476 |  |   | 24,488 |  |   | 1.91 |  % |

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|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                                    |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    AAC Holding Corp.                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                  |   | First lien (2)(9) |   | 9.95% (L + 8.25%/M) |   | 9/30/2015 |   | 9/30/2022 |   | $ | 24,956 |  |   | $ | 24,866 |  |   | $ | 23,110 |  |   | 1.80 |  % |
|    Idera, Inc.                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                   |   | Second lien (4) |   | 10.80% (L + 9.00%/M) |   | 6/27/2019 |   | 6/28/2027 |   | 22,500 |  |   | 22,338 |  |   | 22,612 |  |   | 1.76 |  % |
|    Convey Health Solutions, Inc.                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                        |   | First lien (4)(9) |   | 6.94% (L + 5.25%/M) |   | 9/9/2019 |   | 9/4/2026 |   | 22,444 |  |   | 22,200 |  |   | 22,191 |  |   | 1.73 |  % |
|    Avatar Topco, Inc. (22)                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    EAB Global, Inc.                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                  |   | Second lien (3) |   | 9.49% (L + 7.50%/S) |   | 11/17/2017 |   | 11/17/2025 |   | 13,950 |  |   | 13,782 |  |   | 13,950 |  |   |   |
|                                                                           |   | Second lien (8) |   | 9.49% (L + 7.50%/S) |   | 11/17/2017 |   | 11/17/2025 |   | 7,500 |  |   | 7,410 |  |   | 7,500 |  |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   | 21,450 |  |   | 21,192 |  |   | 21,450 |  |   | 1.67 |  % |
|    CRCI Longhorn Holdings, Inc.                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                          |   | Second lien (3) |   | 8.99% (L + 7.25%/M) |   | 8/2/2018 |   | 8/10/2026 |   | 14,349 |  |   | 14,301 |  |   | 14,062 |  |   |   |
|                                                                           |   | Second lien (8) |   | 8.99% (L + 7.25%/M) |   | 8/2/2018 |   | 8/10/2026 |   | 7,500 |  |   | 7,475 |  |   | 7,350 |  |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   | 21,849 |  |   | 21,776 |  |   | 21,412 |  |   | 1.67 |  % |
|    National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                        |   | Second lien (2) |   | 10.30% (L + 8.50%/M) |   | 2/5/2019 |   | 3/8/2027 |   | 21,051 |  |   | 20,609 |  |   | 20,999 |  |   | 1.64 |  % |
|    MED Parentco, LP                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                        |   | Second lien (8) |   | 10.05% (L + 8.25%/M) |   | 8/2/2019 |   | 8/30/2027 |   | 20,857 |  |   | 20,703 |  |   | 20,753 |  |   | 1.62 |  % |
|    Institutional Shareholder Services, Inc.                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                          |   | Second lien (3) |   | 10.44% (L + 8.50%/Q) |   | 3/5/2019 |   | 3/5/2027 |   | 20,372 |  |   | 20,087 |  |   | 19,557 |  |   | 1.52 |  % |
|    DiversiTech Holdings, Inc.                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Distribution & Logistics               |   | Second lien (2) |   | 9.44% (L + 7.50%/Q) |   | 5/18/2017 |   | 6/2/2025 |   | 12,000 |  |   | 11,909 |  |   | 11,760 |  |   |   |
|                                                                           |   | Second lien (8) |   | 9.44% (L + 7.50%/Q) |   | 5/18/2017 |   | 6/2/2025 |   | 7,500 |  |   | 7,443 |  |   | 7,350 |  |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   | 19,500 |  |   | 19,352 |  |   | 19,110 |  |   | 1.49 |  % |
|    Xactly Corporation                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                   |   | First lien (4)(9) |   | 9.05% (L + 7.25%/M) |   | 7/31/2017 |   | 7/29/2022 |   | 19,047 |  |   | 18,925 |  |   | 19,047 |  |   | 1.48 |  % |
|    FR Arsenal Holdings II Corp.                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                          |   | First lien (2)(9) |   | 9.19% (L + 7.25%/Q) |   | 9/29/2016 |   | 9/8/2022 |   | 18,355 |  |   | 18,249 |  |   | 18,355 |  |   | 1.43 |  % |
|    YLG Holdings, Inc.                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                          |   | First lien (5) |   | 7.66% (L + 5.75%/Q) |   | 11/1/2019 |   | 10/31/2025 |   | 18,413 |  |   | 18,323 |  |   | 18,321 |  |   | 1.43 |  % |
|    Geo Parent Corporation                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                          |   | First lien (2) |   | 7.05% (L + 5.25%/M) |   | 12/13/2018 |   | 12/19/2025 |   | 18,364 |  |   | 18,282 |  |   | 18,318 |  |   | 1.43 |  % |
|    Bluefin Holding, LLC                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                   |   | Second lien (8)(9) |   | 9.64% (L + 7.75%/Q) |   | 9/6/2019 |   | 9/6/2027 |   | 18,000 |  |   | 18,000 |  |   | 18,000 |  |   | 1.40 |  % |
|    Bullhorn, Inc.                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                   |   | First lien (2)(9) |   | 7.44% (L + 5.50%/Q) |   | 9/24/2019 |   | 10/1/2025 |   | 17,174 |  |   | 17,049 |  |   | 17,045 |  |   |   |
|                                                                           |   | First lien (3)(9)(10) - Drawn |   | 7.46% (L + 5.50%/Q) |   | 9/24/2019 |   | 10/1/2025 |   | 284 |  |   | 282 |  |   | 282 |  |   |   |
|                                                                           |   |   |   |   |   |   |   |   |   | 17,458 |  |   | 17,331 |  |   | 17,327 |  |   | 1.35 |  % |
|    The Kleinfelder Group, Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                          |   | First lien (4)(9) |   | 6.37% (L + 4.75%/W) |   | 12/18/2018 |   | 11/29/2024 |   | 17,325 |  |   | 17,251 |  |   | 17,325 |  |   | 1.35 |  % |
|    TIBCO Software Inc.                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                   |   | Subordinated (3) |   | 11.38%/S |   | 11/24/2014 |   | 12/1/2021 |   | 15,000 |  |   | 14,844 |  |   | 15,554 |  |   | 1.21 |  % |
|    Hill International, Inc.**                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                          |   | First lien (2)(9) |   | 7.55% (L + 5.75%/M) |   | 6/21/2017 |   | 6/21/2023 |   | 15,405 |  |   | 15,356 |  |   | 15,405 |  |   | 1.20 |  % |
|    Bleriot US Bidco Inc.                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Federal Services                           |   | Second lien (2) |   | 10.44% (L + 8.50%/Q) |   | 10/24/2019 |   | 10/29/2027 |   | 15,000 |  |   | 14,852 |  |   | 14,981 |  |   | 1.17 |  % |

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Table of Contents

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|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                           |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Netsmart Inc. / Netsmart Technologies, Inc.         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Information Technology |   | Second lien (2) |   | 9.30% (L + 7.50%/M) |   | 4/18/2016 |   | 10/19/2023 |   | $ | 15,000 |  |   | $ | 14,774 |  |   | $ | 14,925 |  |   | 1.16 |  % |
|    Pathway Vet Alliance LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Consumer Services                 |   | First lien (4)(9)(10) - Drawn |   | 6.30% (L + 4.50%/M) |   | 11/14/2019 |   | 12/20/2024 |   | 3,670 |  |   | 3,652 |  |   | 3,652 |  |   |   |
|                                                                  |   | First lien (3)(9)(10) - Drawn |   | 6.30% (L + 4.50%/M) |   | 11/14/2019 |   | 12/20/2024 |   | 1,223 |  |   | 1,217 |  |   | 1,217 |  |   |   |
|                                                                  |   | Second lien (4)(9)(10) - Drawn |   | 10.30% (L + 8.50%/M) |   | 11/14/2019 |   | 12/19/2025 |   | 7,547 |  |   | 7,490 |  |   | 7,490 |  |   |   |
|                                                                  |   | Second lien (3)(9)(10) - Drawn |   | 10.30% (L + 8.50%/M) |   | 11/14/2019 |   | 12/19/2025 |   | 2,516 |  |   | 2,497 |  |   | 2,497 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 14,956 |  |   | 14,856 |  |   | 14,856 |  |   | 1.16 |  % |
|    Diligent Corporation                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (2)(9) |   | 7.56% (L + 5.50%/S) |   | 10/30/2019 |   | 4/14/2022 |   | 6,842 |  |   | 6,777 |  |   | 6,842 |  |   |   |
|                                                                  |   | First lien (2)(9) |   | 7.56% (L + 5.50%/S) |   | 10/30/2019 |   | 4/14/2022 |   | 140 |  |   | 139 |  |   | 140 |  |   |   |
|                                                                  |   | First lien (3)(9)(10) - Drawn |   | 7.54% (L + 5.50%/S) |   | 12/19/2018 |   | 4/14/2022 |   | 7,431 |  |   | 7,391 |  |   | 7,431 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 14,413 |  |   | 14,307 |  |   | 14,413 |  |   | 1.12 |  % |
|    Alegeus Technologies Holding Corp.                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services               |   | First lien (8)(9) |   | 8.28% (L + 6.25%/Q) |   | 9/5/2018 |   | 9/5/2024 |   | 13,444 |  |   | 13,388 |  |   | 13,444 |  |   | 1.05 |  % |
|    JAMF Holdings, Inc.                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (8)(9) |   | 8.91% (L + 7.00%/Q) |   | 11/13/2017 |   | 11/11/2022 |   | 8,757 |  |   | 8,702 |  |   | 8,757 |  |   |   |
|                                                                  |   | First lien (2)(9) |   | 8.91% (L + 7.00%/Q) |   | 11/8/2019 |   | 11/11/2022 |   | 4,582 |  |   | 4,549 |  |   | 4,582 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 13,339 |  |   | 13,251 |  |   | 13,339 |  |   | 1.04 |  % |
|    BackOffice Associates Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | First lien (2)(9) |   | 12.70% (L + 7.50% + 3.00% PIK/S)* |   | 8/25/2017 |   | 8/25/2023 |   | 13,047 |  |   | 12,973 |  |   | 12,425 |  |   |   |
|                                                                  |   | First lien (3)(9)(10) - Drawn |   | 12.68% (L + 7.50% + 3.00% PIK/Q)* |   | 8/25/2017 |   | 8/25/2023 |   | 894 |  |   | 886 |  |   | 851 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 13,941 |  |   | 13,859 |  |   | 13,276 |  |   | 1.03 |  % |
|    Castle Management Borrower LLC                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | First lien (2)(9) |   | 8.16% (L + 6.25%/Q) |   | 5/31/2018 |   | 2/15/2024 |   | 13,217 |  |   | 13,166 |  |   | 13,217 |  |   | 1.03 |  % |
|    Ministry Brands, LLC                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (2)(9) |   | 5.85% (L + 4.00%/M) |   | 12/7/2016 |   | 12/2/2022 |   | 2,932 |  |   | 2,924 |  |   | 2,932 |  |   |   |
|                                                                  |   | Second lien (8)(9) |   | 11.08% (L + 9.25%/M) |   | 12/7/2016 |   | 6/2/2023 |   | 7,840 |  |   | 7,804 |  |   | 7,840 |  |   |   |
|                                                                  |   | Second lien (3)(9) |   | 11.08% (L + 9.25%/M) |   | 12/7/2016 |   | 6/2/2023 |   | 2,160 |  |   | 2,150 |  |   | 2,160 |  |   |   |
|                                                                  |   | First lien (3)(9)(10) - Drawn |   | 6.95% (L + 5.00%/Q) |   | 12/7/2016 |   | 12/2/2022 |   | 200 |  |   | 199 |  |   | 200 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 13,132 |  |   | 13,077 |  |   | 13,132 |  |   | 1.02 |  % |
|    Transcendia Holdings, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Packaging                         |   | Second lien (8)(9) |   | 9.80% (L + 8.00%/M) |   | 6/28/2017 |   | 5/30/2025 |   | 14,500 |  |   | 14,348 |  |   | 12,476 |  |   | 0.97 |  % |
|    OEConnection LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | Second lien (2)(9) |   | 10.04% (L + 8.25%/M) |   | 9/25/2019 |   | 9/25/2027 |   | 12,044 |  |   | 11,926 |  |   | 11,924 |  |   | 0.93 |  % |
|    CFS Management, LLC                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services               |   | First lien (2)(9) |   | 7.95% (L + 5.75%/S) |   | 8/6/2019 |   | 7/1/2024 |   | 11,733 |  |   | 11,678 |  |   | 11,674 |  |   | 0.91 |  % |
|    CHA Holdings, Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | Second lien (4) |   | 10.69% (L + 8.75%/Q) |   | 4/3/2018 |   | 4/10/2026 |   | 7,012 |  |   | 6,952 |  |   | 7,082 |  |   |   |
|                                                                  |   | Second lien (3) |   | 10.69% (L + 8.75%/Q) |   | 4/3/2018 |   | 4/10/2026 |   | 4,453 |  |   | 4,415 |  |   | 4,497 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 11,465 |  |   | 11,367 |  |   | 11,579 |  |   | 0.90 |  % |

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|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                      |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Alert Holding Company, Inc. (14)               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Appriss Holdings, Inc.                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | First lien (8) |   | 7.44% (L + 5.50%/Q) |   | 5/24/2019 |   | 5/29/2026 |   | $ | 11,054 |  |   | $ | 10,965 |  |   | $ | 10,888 |  |   | 0.86 |  % |
|    PaySimple, Inc.                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | First lien (2) |   | 7.30% (L + 5.50%/M) |   | 8/19/2019 |   | 8/25/2025 |   | 9,857 |  |   | 9,763 |  |   | 9,808 |  |   |   |
|                                                             |   | First lien (3)(10) - Drawn |   | 7.31% (L + 5.50%/M) |   | 8/19/2019 |   | 8/25/2025 |   | 934 |  |   | 916 |  |   | 930 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 10,791 |  |   | 10,679 |  |   | 10,738 |  |   | 0.84 |  % |
|    Vectra Co.                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Products            |   | Second lien (8) |   | 9.05% (L + 7.25%/M) |   | 2/23/2018 |   | 3/8/2026 |   | 10,788 |  |   | 10,754 |  |   | 10,518 |  |   | 0.82 |  % |
|    NorthStar Financial Services Group, LLC        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | Second lien (5) |   | 9.30% (L + 7.50%/M) |   | 5/23/2018 |   | 5/25/2026 |   | 10,607 |  |   | 10,585 |  |   | 10,501 |  |   | 0.82 |  % |
|    PPVA Black Elk (Equity) LLC                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | Subordinated (3)(9) |   | — |   | 5/3/2013 |   | — |   | 14,500 |  |   | 14,500 |  |   | 10,354 |  |   | 0.81 |  % |
|    Masergy Holdings, Inc.                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | Second lien (2) |   | 9.46% (L + 7.50%/Q) |   | 12/14/2016 |   | 12/16/2024 |   | 10,500 |  |   | 10,458 |  |   | 10,264 |  |   | 0.80 |  % |
|    VT Topco, Inc.                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | Second lien (4) |   | 8.94% (L + 7.00%/Q) |   | 8/14/2018 |   | 7/31/2026 |   | 10,000 |  |   | 9,978 |  |   | 10,025 |  |   | 0.78 |  % |
|    Quartz Holding Company                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | Second lien (3) |   | 9.71% (L + 8.00%/M) |   | 4/2/2019 |   | 4/2/2027 |   | 10,000 |  |   | 9,813 |  |   | 9,975 |  |   | 0.78 |  % |
|    AG Parent Holdings, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services          |   | First lien (2) |   | 6.91% (L + 5.00%/Q) |   | 7/30/2019 |   | 7/31/2026 |   | 10,000 |  |   | 9,952 |  |   | 9,925 |  |   | 0.77 |  % |
|    Stats Intermediate Holdings, LLC**             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | First lien (2) |   | 7.30% (L + 5.25%/S) |   | 5/22/2019 |   | 7/10/2026 |   | 10,000 |  |   | 9,881 |  |   | 9,775 |  |   | 0.76 |  % |
|    Affordable Care Holding Corp.                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services          |   | First lien (2) |   | 6.59% (L + 4.75%/M) |   | 3/18/2019 |   | 10/24/2022 |   | 9,897 |  |   | 9,738 |  |   | 9,649 |  |   | 0.75 |  % |
|    Teneo Holdings, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | First lien (2) |   | 6.99% (L + 5.25%/M) |   | 7/15/2019 |   | 7/11/2025 |   | 9,975 |  |   | 9,788 |  |   | 9,476 |  |   | 0.74 |  % |
|    AgKnowledge Holdings Company, Inc.             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services            |   | First lien (4) |   | 6.55% (L + 4.75%/M) |   | 11/30/2018 |   | 7/21/2023 |   | 9,355 |  |   | 9,318 |  |   | 9,332 |  |   | 0.73 |  % |
|    Wrike, Inc.                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | First lien (8)(9) |   | 8.55% (L + 6.75%/M) |   | 12/31/2018 |   | 12/31/2024 |   | 9,067 |  |   | 8,988 |  |   | 9,067 |  |   | 0.71 |  % |
|    WD Wolverine Holdings, LLC                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services          |   | First lien (2) |   | 7.30% (L + 5.50%/M) |   | 2/22/2017 |   | 8/16/2022 |   | 9,014 |  |   | 8,859 |  |   | 9,014 |  |   | 0.70 |  % |
|    Amerijet Holdings, Inc.                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Distribution & Logistics |   | First lien (4)(9) |   | 9.80% (L + 8.00%/M) |   | 7/15/2016 |   | 7/15/2021 |   | 7,674 |  |   | 7,653 |  |   | 7,674 |  |   |   |
|                                                             |   | First lien (4)(9) |   | 9.80% (L + 8.00%/M) |   | 7/15/2016 |   | 7/15/2021 |   | 1,279 |  |   | 1,276 |  |   | 1,279 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 8,953 |  |   | 8,929 |  |   | 8,953 |  |   | 0.70 |  % |
|    Zywave, Inc.                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                     |   | Second lien (4)(9) |   | 10.95% (L + 9.00%/Q) |   | 11/22/2016 |   | 11/17/2023 |   | 6,980 |  |   | 6,946 |  |   | 6,980 |  |   |   |
|                                                             |   | Second lien (4)(9) |   | 10.84% (L + 9.00%/M) |   | 12/3/2019 |   | 11/17/2023 |   | 600 |  |   | 596 |  |   | 600 |  |   |   |
|                                                             |   | First lien (3)(9)(10) - Drawn |   | 6.80% (L + 5.00%/M) |   | 11/22/2016 |   | 11/17/2022 |   | 670 |  |   | 665 |  |   | 670 |  |   |   |
|                                                             |   |   |   |   |   |   |   |   |   | 8,250 |  |   | 8,207 |  |   | 8,250 |  |   | 0.64 |  % |

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Table of Contents

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|                                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                                                               |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    DealerSocket, Inc.                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                                              |   | First lien (2) |   | 6.66% (L + 4.75%/Q) |   | 4/16/2018 |   | 4/26/2023 |   | $ | 6,610 |  |   | $ | 6,576 |  |   | $ | 6,544 |  |   |   |
|                                                                                                      |   | First lien (3)(10) - Drawn |   | 7.05% (L + 5.25%/M) |   | 4/16/2018 |   | 4/26/2023 |   | 168 |  |   | 167 |  |   | 166 |  |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |   | 6,778 |  |   | 6,743 |  |   | 6,710 |  |   | 0.52 |  % |
|    Restaurant Technologies, Inc.                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                                                     |   | Second lien (4) |   | 8.30% (L + 6.50%/M) |   | 9/24/2018 |   | 10/1/2026 |   | 6,722 |  |   | 6,707 |  |   | 6,705 |  |   | 0.52 |  % |
|    CP VI Bella Midco, LLC                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                                                   |   | Second lien (3) |   | 8.55% (L + 6.75%/M) |   | 1/25/2018 |   | 12/29/2025 |   | 6,732 |  |   | 6,705 |  |   | 6,657 |  |   | 0.52 |  % |
|    DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                                                     |   | Second lien (3) |   | 8.55% (L + 6.75%/M) |   | 1/29/2018 |   | 2/2/2026 |   | 6,732 |  |   | 6,705 |  |   | 6,530 |  |   | 0.51 |  % |
|    Recorded Future, Inc.                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                                              |   | First lien (8)(9) |   | 8.55% (L + 6.75%/M) |   | 8/26/2019 |   | 7/3/2025 |   | 6,250 |  |   | 6,220 |  |   | 6,219 |  |   | 0.48 |  % |
|    Solera LLC / Solera Finance, Inc.                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                                              |   | Subordinated (3) |   | 10.50%/S |   | 2/29/2016 |   | 3/1/2024 |   | 5,000 |  |   | 4,844 |  |   | 5,316 |  |   | 0.41 |  % |
|    ADG, LLC                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                                                   |   | Second lien (3)(9) |   | 11.92% (L + 10.00%/S) |   | 10/3/2016 |   | 3/28/2024 |   | 5,264 |  |   | 5,215 |  |   | 4,213 |  |   | 0.33 |  % |
|    Sphera Solutions, Inc.                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                                                              |   | First lien (2)(9) |   | 9.00% (L + 7.00%/Q) |   | 9/10/2019 |   | 6/14/2022 |   | 2,489 |  |   | 2,466 |  |   | 2,464 |  |   | 0.19 |  % |
|    First American Payment Systems, L.P.                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                                                     |   | First lien (2) |   | 6.81% (L + 4.75%/Q) |   | 1/3/2017 |   | 1/5/2024 |   | 2,034 |  |   | 2,021 |  |   | 2,020 |  |   | 0.16 |  % |
|    Education Management Corporation (12)                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Education Management II LLC                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                                             |   | First lien (2) |   | 10.25% (P + 5.50%/Q)(24) |   | 1/5/2015 |   | 7/2/2020 |   | 208 |  |   | 202 |  |   | 2 |  |   |   |
|                                                                                                      |   | First lien (3) |   | 10.25% (P + 5.50%/Q)(24) |   | 1/5/2015 |   | 7/2/2020 |   | 117 |  |   | 114 |  |   | 1 |  |   |   |
|                                                                                                      |   | First lien (2) |   | 14.00% (P + 8.50%/M)(24) |   | 1/5/2015 |   | 7/2/2020 |   | 300 |  |   | 292 |  |   | — |  |   |   |
|                                                                                                      |   | First lien (3) |   | 14.00% (P + 8.50%/M)(24) |   | 1/5/2015 |   | 7/2/2020 |   | 169 |  |   | 165 |  |   | — |  |   |   |
|                                                                                                      |   | First lien (2) |   | 13.25% (P + 8.50%/M)(24) |   | 1/5/2015 |   | 7/2/2020 |   | 142 |  |   | 117 |  |   | — |  |   |   |
|                                                                                                      |   | First lien (2) |   | 13.25% (P + 8.50%/M)(24) |   | 1/5/2015 |   | 7/2/2020 |   | 4 |  |   | 3 |  |   | — |  |   |   |
|                                                                                                      |   | First lien (3) |   | 13.25% (P + 8.50%/M)(24) |   | 1/5/2015 |   | 7/2/2020 |   | 80 |  |   | 66 |  |   | — |  |   |   |
|                                                                                                      |   | First lien (3) |   | 13.25% (P + 8.50%/M)(24) |   | 1/5/2015 |   | 7/2/2020 |   | 2 |  |   | 2 |  |   | — |  |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |   | 1,022 |  |   | 961 |  |   | 3 |  |   | — |  % |
|    PPVA Fund, L.P.                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                                                     |   | Collateralized Financing (24)(25) |   | — |   | 11/7/2014 |   | — |   | — |  |   | — |  |   | — |  |   | — |  % |
| Total Funded Debt Investments - United States                                                             |   |   |   |   |   |   |   |   |   | $ | 2,408,610 |  |   | $ | 2,385,761 |  |   | $ | 2,375,987 |  |   | 185.12 |  % |
| Total Funded Debt Investments                                                                             |   |   |   |   |   |   |   |   |   | $ | 2,565,531 |  |   | $ | 2,541,672 |  |   | $ | 2,530,242 |  |   | 197.14 |  % |
| Equity - Hong Kong                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Bach Special Limited (Bach Preference Limited)**                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                                             |   | Preferred shares (3)(9)(21) |   | — |   | 9/1/2017 |   | — |   | 75,184 |  |   | $ | 7,439 |  |   | $ | 7,518 |  |   | 0.59 |  % |
| Total Shares - Hong Kong                                                                                  |   |   |   |   |   |   |   |   |   |   |   | $ | 7,439 |  |   | $ | 7,518 |  |   | 0.59 |  % |

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Table of Contents

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|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                           |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
| Equity - United States                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Avatar Topco, Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                         |   | Preferred shares (3)(9)(22) |   | — |   | 11/17/2017 |   | — |   | 35,750 |  |   | $ | 46,093 |  |   | $ | 47,165 |  |   | 3.67 |  % |
|    Symplr Software Intermediate Holdings, Inc.(23)     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Information Technology |   | Preferred shares (4)(9) |   | — |   | 11/30/2018 |   | — |   | 7,500 |  |   | 8,502 |  |   | 8,571 |  |   |   |
|                                                                  |   | Preferred shares (3)(9) |   | — |   | 11/30/2018 |   | — |   | 2,586 |  |   | 2,931 |  |   | 2,955 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   | 11,433 |  |   | 11,526 |  |   | 0.90 |  % |
|    Tenawa Resource Holdings LLC (13)                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    QID NGL LLC                                         |   | Ordinary shares (6)(9) |   | — |   | 5/12/2014 |   | — |   | 5,290,997 |  |   | 5,291 |  |   | 8,445 |  |   |   |
|       Energy                            |   | Preferred shares (6)(9) |   | — |   | 10/30/2017 |   | — |   | 1,623,385 |  |   | 1,623 |  |   | 2,727 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   | 6,914 |  |   | 11,172 |  |   | 0.87 |  % |
|    Alert Holding Company, Inc. (14)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Alert Intermediate Holdings I, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | Preferred shares (3)(9) |   | — |   | 5/31/2019 |   | — |   | 6,111 |  |   | 6,459 |  |   | 6,452 |  |   | 0.50 |  % |
|    Education Management Corporation(12)                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                         |   | Preferred shares (2) |   | — |   | 1/5/2015 |   | — |   | 3,331 |  |   | 200 |  |   | — |  |   |   |
|                                                                  |   | Preferred shares (3) |   | — |   | 1/5/2015 |   | — |   | 1,879 |  |   | 113 |  |   | — |  |   |   |
|                                                                  |   | Ordinary shares (2) |   | — |   | 1/5/2015 |   | — |   | 2,994,065 |  |   | 100 |  |   | — |  |   |   |
|                                                                  |   | Ordinary shares (3) |   | — |   | 1/5/2015 |   | — |   | 1,688,976 |  |   | 56 |  |   | — |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   | 469 |  |   | — |  |   | — |  % |
| Total Shares - United States                                          |   |   |   |   |   |   |   |   |   |   |   | $ | 71,368 |  |   | $ | 76,315 |  |   | 5.94 |  % |
| Total Shares                                                          |   |   |   |   |   |   |   |   |   |   |   | $ | 78,807 |  |   | $ | 83,833 |  |   | 6.53 |  % |
| Warrants - United States                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    ASP LCG Holdings, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                         |   | Warrants (3)(9) |   | — |   | 5/5/2014 |   | 5/5/2026 |   | 622 |  |   | $ | 37 |  |   | $ | 898 |  |   | 0.07 |  % |
| Total Warrants - United States                                        |   |   |   |   |   |   |   |   |   |   |   | $ | 37 |  |   | $ | 898 |  |   | 0.07 |  % |
| Total Funded Investments                                              |   |   |   |   |   |   |   |   |   |   |   | $ | 2,620,516 |  |   | $ | 2,614,973 |  |   | 203.74 |  % |
| Unfunded Debt Investments - Canada                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Wolfpack IP Co.**                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (3)(9)(10) - Undrawn |   | — |   | 6/14/2019 |   | 6/13/2025 |   | $ | 909 |  |   | $ | (9 | ) |   | $ | (9 | ) |   | (0.00 | )% |
| Total Unfunded Debt Investments - Canada                              |   |   |   |   |   |   |   |   |   | $ | 909 |  |   | $ | (9 | ) |   | $ | (9 | ) |   | (0.00 | )% |
| Unfunded Debt Investments - United States                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    NM GRC Holdco, LLC                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | First lien (2)(9)(10) - Undrawn |   | — |   | 2/9/2018 |   | 2/9/2020 |   | $ | 771 |  |   | $ | (2 | ) |   | $ | — |  |   | — |  % |
|    Ministry Brands, LLC                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (3)(9)(10) - Undrawn |   | — |   | 12/7/2016 |   | 12/2/2022 |   | 800 |  |   | (4 | ) |   | — |  |   | — |  % |
|    Wrike, Inc.                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (3)(9)(10) - Undrawn |   | — |   | 12/31/2018 |   | 12/31/2024 |   | 933 |  |   | (9 | ) |   | — |  |   | — |  % |

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Table of Contents

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|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)             |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Xactly Corporation                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 7/31/2017 |   | 7/29/2022 |   | $ | 992 |  |   | $ | (10 | ) |   | $ | — |  |   | — |  % |
|    Zywave, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 11/22/2016 |   | 11/17/2022 |   | 1,330 |  |   | (10 | ) |   | — |  |   | — |  % |
|    JAMF Holdings, Inc.                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 11/13/2017 |   | 11/11/2022 |   | 1,086 |  |   | (10 | ) |   | — |  |   | — |  % |
|    Trader Interactive, LLC               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services   |   | First lien (3)(9)(10) - Undrawn |   | — |   | 6/15/2017 |   | 6/15/2023 |   | 1,673 |  |   | (13 | ) |   | — |  |   | — |  % |
|    DCA Investment Holding, LLC           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services |   | First lien (3)(9)(10) - Undrawn |   | — |   | 4/16/2019 |   | 4/16/2021 |   | 20,426 |  |   | — |  |   | — |  |   |   |
|                                                    |   | First lien (3)(9)(10) - Undrawn |   | — |   | 7/2/2015 |   | 7/2/2021 |   | 1,492 |  |   | (15 | ) |   | — |  |   |   |
|                                                    |   |   |   |   |   |   |   |   |   | 21,918 |  |   | (15 | ) |   | — |  |   | — |  % |
|    Affinity Dental Management, Inc.      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services |   | First lien (3)(9)(10) - Undrawn |   | — |   | 9/15/2017 |   | 3/15/2023 |   | 1,738 |  |   | (17 | ) |   | — |  |   | — |  % |
|    Integral Ad Science, Inc.             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 7/19/2018 |   | 7/19/2023 |   | 1,807 |  |   | (18 | ) |   | — |  |   | — |  % |
|    Finalsite Holdings, Inc.              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 9/25/2018 |   | 9/25/2024 |   | 2,521 |  |   | (19 | ) |   | — |  |   | — |  % |
|    TDG Group Holding Company             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Consumer Services   |   | First lien (3)(9)(10) - Undrawn |   | — |   | 5/22/2018 |   | 5/31/2024 |   | 5,044 |  |   | (25 | ) |   | — |  |   | — |  % |
|    iCIMS, Inc.                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 9/12/2018 |   | 9/12/2024 |   | 2,915 |  |   | (29 | ) |   | — |  |   | — |  % |
|    Associations, Inc.                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services   |   | First lien (3)(9)(10) - Undrawn |   | — |   | 7/30/2018 |   | 7/30/2021 |   | 3,161 |  |   | (20 | ) |   | — |  |   |   |
|                                                    |   | First lien (3)(9)(10) - Undrawn |   | — |   | 7/30/2018 |   | 7/30/2024 |   | 2,033 |  |   | (13 | ) |   | — |  |   |   |
|                                                    |   |   |   |   |   |   |   |   |   | 5,194 |  |   | (33 | ) |   | — |  |   | — |  % |
|    Integro Parent Inc.                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services   |   | First lien (3)(9)(10) - Undrawn |   | — |   | 6/8/2018 |   | 4/30/2022 |   | 6,743 |  |   | (34 | ) |   | — |  |   | — |  % |
|    Diligent Corporation                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 12/19/2018 |   | 12/19/2020 |   | 5,977 |  |   | (37 | ) |   | — |  |   | — |  % |
|    PhyNet Dermatology LLC                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services |   | First lien (3)(9)(10) - Undrawn |   | — |   | 9/17/2018 |   | 8/16/2020 |   | 17,077 |  |   | (85 | ) |   | — |  |   | — |  % |
|    AgKnowledge Holdings Company, Inc.    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services   |   | First lien (3)(10) - Undrawn |   | — |   | 11/30/2018 |   | 7/21/2023 |   | 526 |  |   | (3 | ) |   | (1 | ) |   | (0.00 | )% |
|    DealerSocket, Inc.                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(10) - Undrawn |   | — |   | 4/16/2018 |   | 4/26/2023 |   | 392 |  |   | (3 | ) |   | (4 | ) |   | (0.00 | )% |

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Table of Contents

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|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)             |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Recorded Future, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 8/26/2019 |   | 1/3/2021 |   | $ | 500 |  |   | $ | (3 | ) |   | $ | (3 | ) |   |   |
|                                                    |   | First lien (3)(9)(10) - Undrawn |   | — |   | 8/26/2019 |   | 7/3/2025 |   | 750 |  |   | (4 | ) |   | (4 | ) |   |   |
|                                                    |   |   |   |   |   |   |   |   |   | 1,250 |  |   | (7 | ) |   | (7 | ) |   | (0.00 | )% |
|    PaySimple, Inc.                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(10) - Undrawn |   | — |   | 8/19/2019 |   | 8/24/2020 |   | 2,289 |  |   | — |  |   | (11 | ) |   | (0.00 | )% |
|    Alert Holding Company, Inc. (14)      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Appriss Holdings, Inc.                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services   |   | First lien (3)(10) - Undrawn |   | — |   | 5/24/2019 |   | 5/30/2025 |   | 930 |  |   | (9 | ) |   | (14 | ) |   | (0.00 | )% |
|    Bullhorn, Inc.                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 9/24/2019 |   | 10/1/2021 |   | 1,135 |  |   | (9 | ) |   | (9 | ) |   |   |
|                                                    |   | First lien (3)(9)(10) - Undrawn |   | — |   | 9/24/2019 |   | 10/1/2025 |   | 852 |  |   | (6 | ) |   | (6 | ) |   |   |
|                                                    |   |   |   |   |   |   |   |   |   | 1,987 |  |   | (15 | ) |   | (15 | ) |   | (0.00 | )% |
|    Bluefin Holding, LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(10) - Undrawn |   | — |   | 9/6/2019 |   | 9/6/2024 |   | 1,515 |  |   | (23 | ) |   | (15 | ) |   | (0.00 | )% |
|    CFS Management, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services |   | First lien (3)(9)(10) - Undrawn |   | — |   | 8/6/2019 |   | 7/1/2024 |   | 3,468 |  |   | (17 | ) |   | (17 | ) |   | (0.00 | )% |
|    Conservice, LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services   |   | First lien (3)(9)(10) - Undrawn |   | — |   | 1/3/2019 |   | 11/29/2024 |   | 1,360 |  |   | (7 | ) |   | (7 | ) |   |   |
|                                                    |   | First lien (3)(9)(10) - Undrawn |   | — |   | 1/3/2019 |   | 6/30/2020 |   | 2,283 |  |   | — |  |   | (11 | ) |   |   |
|                                                    |   |   |   |   |   |   |   |   |   | 3,643 |  |   | (7 | ) |   | (18 | ) |   | (0.00 | )% |
|    ConnectWise, LLC                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 11/26/2019 |   | 2/28/2025 |   | 4,248 |  |   | (27 | ) |   | (27 | ) |   | (0.00 | )% |
|    CoolSys, Inc.                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Industrial Services |   | First lien (3)(10) - Undrawn |   | — |   | 11/20/2019 |   | 11/19/2021 |   | 5,600 |  |   | — |  |   | (28 | ) |   | (0.00 | )% |
|    YLG Holdings, Inc.                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services   |   | First lien (5)(10) - Undrawn |   | — |   | 11/1/2019 |   | 4/30/2021 |   | 2,381 |  |   | — |  |   | (12 | ) |   |   |
|                                                    |   | First lien (3)(10) - Undrawn |   | — |   | 11/1/2019 |   | 10/31/2025 |   | 3,968 |  |   | (20 | ) |   | (20 | ) |   |   |
|                                                    |   |   |   |   |   |   |   |   |   | 6,349 |  |   | (20 | ) |   | (32 | ) |   | (0.00 | )% |
|    Kaseya Traverse Inc.                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 5/9/2019 |   | 5/3/2021 |   | 2,873 |  |   | — |  |   | (29 | ) |   |   |
|                                                    |   | First lien (3)(9)(10) - Undrawn |   | — |   | 5/9/2019 |   | 5/2/2025 |   | 991 |  |   | (10 | ) |   | (10 | ) |   |   |
|                                                    |   |   |   |   |   |   |   |   |   | 3,864 |  |   | (10 | ) |   | (39 | ) |   | (0.00 | )% |
|    Apptio, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software            |   | First lien (3)(9)(10) - Undrawn |   | — |   | 1/10/2019 |   | 1/10/2025 |   | 2,066 |  |   | (41 | ) |   | (41 | ) |   | (0.00 | )% |

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|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                           |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Definitive Healthcare Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Information Technology |   | First lien (3)(9)(10) - Undrawn |   | — |   | 8/7/2019 |   | 7/16/2021 |   | $ | 7,391 |  |   | $ | — |  |   | $ | (37 | ) |   |   |
|                                                                  |   | First lien (3)(9)(10) - Undrawn |   | — |   | 8/7/2019 |   | 7/16/2024 |   | 1,848 |  |   | (9 | ) |   | (9 | ) |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 9,239 |  |   | (9 | ) |   | (46 | ) |   | (0.01 | )% |
|    Pathway Vet Alliance LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Consumer Services                 |   | First lien (4)(9)(10) - Undrawn |   | — |   | 11/14/2019 |   | 10/11/2021 |   | 3,821 |  |   | — |  |   | (19 | ) |   |   |
|                                                                  |   | First lien (3)(9)(10) - Undrawn |   | — |   | 11/14/2019 |   | 10/11/2021 |   | 1,274 |  |   | — |  |   | (6 | ) |   |   |
|                                                                  |   | Second lien (4)(9)(10) - Undrawn |   | — |   | 11/14/2019 |   | 10/11/2021 |   | 7,453 |  |   | — |  |   | (56 | ) |   |   |
|                                                                  |   | Second lien (3)(9)(10) - Undrawn |   | — |   | 11/14/2019 |   | 10/11/2021 |   | 2,484 |  |   | — |  |   | (19 | ) |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 15,032 |  |   | — |  |   | (100 | ) |   | (0.01 | )% |
|    GC Waves Holdings, Inc.**                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | First lien (3)(9)(10) - Undrawn |   | — |   | 10/31/2019 |   | 11/1/2021 |   | 9,877 |  |   | — |  |   | (74 | ) |   |   |
|                                                                  |   | First lien (3)(9)(10) - Undrawn |   | — |   | 10/31/2019 |   | 10/31/2025 |   | 3,951 |  |   | (30 | ) |   | (30 | ) |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 13,828 |  |   | (30 | ) |   | (104 | ) |   | (0.01 | )% |
|    Ansira Holdings, Inc.                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services                 |   | First lien (3)(10) - Undrawn |   | — |   | 12/19/2016 |   | 4/16/2020 |   | 2,437 |  |   | (6 | ) |   | (122 | ) |   | (0.01 | )% |
|    GS Acquisitionco, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Software                          |   | First lien (3)(9)(10) - Undrawn |   | — |   | 8/7/2019 |   | 8/2/2021 |   | 35,103 |  |   | — |  |   | (219 | ) |   |   |
|                                                                  |   | First lien (3)(9)(10) - Undrawn |   | — |   | 8/7/2019 |   | 5/25/2024 |   | 1,975 |  |   | (12 | ) |   | (12 | ) |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 37,078 |  |   | (12 | ) |   | (231 | ) |   | (0.02 | )% |
|    Salient CRGT Inc.                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Federal Services                  |   | First lien (3)(10) - Undrawn |   | — |   | 6/26/2018 |   | 11/29/2021 |   | 6,125 |  |   | (490 | ) |   | (291 | ) |   | (0.03 | )% |
| Total Unfunded Debt Investments - United States                       |   |   |   |   |   |   |   |   |   | $ | 200,385 |  |   | $ | (1,099 | ) |   | $ | (1,163 | ) |   | (0.09 | )% |
| Total Unfunded Debt Investments                                       |   |   |   |   |   |   |   |   |   | $ | 201,294 |  |   | $ | (1,108 | ) |   | $ | (1,172 | ) |   | (0.09 | )% |
| Total Non-Controlled/Non-Affiliated Investments                       |   |   |   |   |   |   |   |   |   |   |   | $ | 2,619,408 |  |   | $2,613,801 |   | 203.65 |  % |
| Non-Controlled/Affiliated Investments(26)                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Funded Debt Investments - United States                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Permian Holdco 1, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Permian Holdco 2, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Permian Holdco 3, Inc.                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Energy                            |   | First lien (3)(9) |   | 14.28% (L + 7.50% + 5.00% PIK/Q)* |   | 6/14/2018 |   | 6/30/2022 |   | $ | 10,523 |  |   | $ | 10,523 |  |   | $ | 10,523 |  |   |   |
|                                                                  |   | First lien (3)(9)(10) - Drawn |   | 8.24% (L + 6.50%/M) |   | 6/14/2018 |   | 6/30/2022 |   | 17,750 |  |   | 17,750 |  |   | 17,750 |  |   |   |
|                                                                  |   | Subordinated (3)(9) |   | 18.00% PIK/Q* |   | 12/26/2018 |   | 6/30/2022 |   | 2,876 |  |   | 2,876 |  |   | 2,732 |  |   |   |
|                                                                  |   | Subordinated (3)(9) |   | 14.00% PIK/Q* |   | 10/31/2016 |   | 10/15/2021 |   | 2,642 |  |   | 2,642 |  |   | 2,246 |  |   |   |
|                                                                  |   | Subordinated (3)(9) |   | 14.00% PIK/Q* |   | 10/31/2016 |   | 10/15/2021 |   | 1,361 |  |   | 1,361 |  |   | 1,157 |  |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   | 35,152 |  |   | 35,152 |  |   | 34,408 |  |   | 2.68 |  % |

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|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                                     |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    Sierra Hamilton Holdings Corporation                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Energy                                      |   | Second lien (3)(9) |   | 15.00% PIK/Q* |   | 9/12/2019 |   | 9/12/2023 |   | 1,442 |  |   | 1,410 |  |   | 1,406 |  |   | 0.11 |  % |
| Total Funded Debt Investments - United States                                   |   |   |   |   |   |   |   |   |   | $ | 36,594 |  |   | $ | 36,562 |  |   | $ | 35,814 |  |   | 2.79 |  % |
| Equity - United States                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    NMFC Senior Loan Program I LLC**                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Investment Fund                             |   | Membership interest (3)(9) |   | — |   | 6/13/2014 |   | — |   | — |  |   | $ | 23,000 |  |   | $ | 23,000 |  |   | 1.80 |  % |
|    Sierra Hamilton Holdings Corporation                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Energy                                      |   | Ordinary shares (2)(9) |   | — |   | 7/31/2017 |   | — |   | 25,000,000 |  |   | 11,501 |  |   | 7,648 |  |   |   |
|                                                                            |   | Ordinary shares (3)(9) |   | — |   | 7/31/2017 |   | — |   | 2,786,000 |  |   | 1,281 |  |   | 852 |  |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   | 12,782 |  |   | 8,500 |  |   | 0.66 |  % |
|    Permian Holdco 1, Inc.                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Energy                                      |   | Preferred shares (3)(9)(16)(24) |   | — |   | 10/31/2016 |   | — |   | 1,987,848 |  |   | 9,131 |  |   | 6,013 |  |   |   |
|                                                                            |   | Ordinary shares (3)(9) |   | — |   | 10/31/2016 |   | — |   | 1,366,452 |  |   | 1,350 |  |   | 200 |  |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   | 10,481 |  |   | 6,213 |  |   | 0.48 |  % |
| Total Shares - United States                                                    |   |   |   |   |   |   |   |   |   |   |   | $ | 46,263 |  |   | $ | 37,713 |  |   | 2.94 |  % |
| Total Funded Investments                                                        |   |   |   |   |   |   |   |   |   |   |   | $ | 82,825 |  |   | $ | 73,527 |  |   | 5.73 |  % |
| Unfunded Debt Investments - United States                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Permian Holdco 3, Inc.                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Energy                                      |   | First lien (3)(9)(10) - Undrawn |   | — |   | 6/14/2018 |   | 6/30/2022 |   | $ | 2,250 |  |   | $ | — |  |   | $ | — |  |   | — |  % |
| Total Unfunded Debt Investments - United States                                 |   |   |   |   |   |   |   |   |   | $ | 2,250 |  |   | $ | — |  |   | $ | — |  |   | — |  % |
| Total Non-Controlled/Affiliated Investments                                     |   |   |   |   |   |   |   |   |   |   |   | $ | 82,825 |  |   | $ | 73,527 |  |   | 5.73 |  % |
| Controlled Investments(27)                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Funded Debt Investments - United States                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Edmentum Ultimate Holdings, LLC (15)                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Edmentum, Inc. (fka Plato, Inc.) (Archipelago Learning, Inc.) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                   |   | First lien (2) |   | 10.43% (L + 4.50% + 4.00% PIK/Q)* |   | 8/6/2018 |   | 6/9/2021 |   | $ | 10,112 |  |   | $ | 9,173 |  |   | $ | 10,112 |  |   |   |
|                                                                            |   | Second lien (3)(9) |   | 7.00% PIK/Q* |   | 2/23/2018 |   | 12/9/2021 |   | 11,999 |  |   | 11,579 |  |   | 11,999 |  |   |   |
|                                                                            |   | Second lien (3)(9)(10) - Drawn |   | 5.00% PIK/Q* |   | 6/9/2015 |   | 12/9/2021 |   | 7,586 |  |   | 7,586 |  |   | 7,586 |  |   |   |
|                                                                            |   | Subordinated (3)(9) |   | 8.50% PIK/Q* |   | 6/9/2015 |   | 12/9/2021 |   | 5,326 |  |   | 5,324 |  |   | 5,326 |  |   |   |
|                                                                            |   | Subordinated (2)(9) |   | 10.00% PIK/Q* |   | 6/9/2015 |   | 12/9/2021 |   | 20,476 |  |   | 20,476 |  |   | 19,333 |  |   |   |
|                                                                            |   | Subordinated (3)(9) |   | 10.00% PIK/Q* |   | 6/9/2015 |   | 12/9/2021 |   | 5,037 |  |   | 5,037 |  |   | 4,756 |  |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   | 60,536 |  |   | 59,175 |  |   | 59,112 |  |   | 4.61 |  % |
|    NHME Holdings Corp. (20)                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    National HME, Inc.                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                         |   | Second lien (3)(9) |   | 12.00% PIK/Q* |   | 11/27/2018 |   | 5/27/2024 |   | 16,532 |  |   | 13,054 |  |   | 11,985 |  |   |   |
|                                                                            |   | Second lien (3)(9) |   | 12.00% PIK/Q* |   | 11/27/2018 |   | 5/27/2024 |   | 9,136 |  |   | 8,279 |  |   | 7,994 |  |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   | 25,668 |  |   | 21,333 |  |   | 19,979 |  |   | 1.56 |  % |

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|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)           |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    UniTek Global Services, Inc.        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services |   | First lien (2)(9) |   | 8.41% (L + 5.50% + 1.00% PIK/Q)* |   | 6/29/2018 |   | 8/20/2024 |   | $ | 12,448 |  |   | $ | 12,448 |  |   | $ | 11,068 |  |   |   |
|                                                  |   | First lien (2)(9) |   | 8.41% (L + 5.50% + 1.00% PIK/Q)* |   | 6/29/2018 |   | 8/20/2024 |   | 2,490 |  |   | 2,490 |  |   | 2,214 |  |   |   |
|                                                  |   |   |   |   |   |   |   |   |   | 14,938 |  |   | 14,938 |  |   | 13,282 |  |   | 1.03 |  % |
| Total Funded Debt Investments - United States         |   |   |   |   |   |   |   |   |   | $ | 101,142 |  |   | $ | 95,446 |  |   | $ | 92,373 |  |   | 7.20 |  % |
| Equity - Canada                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   NM APP Canada Corp.**                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease         |   | Membership interest (7)(9) |   | — |   | 9/13/2016 |   | — |   | — |  |   | $ | 7,345 |  |   | $ | 10,774 |  |   | 0.84 |  % |
| Total Shares - Canada                                 |   |   |   |   |   |   |   |   |   |   |   | $ | 7,345 |  |   | $ | 10,774 |  |   | 0.84 |  % |
| Equity - United States                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    NMFC Senior Loan Program III LLC**  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Investment Fund   |   | Membership interest (3)(9) |   | — |   | 5/4/2018 |   | — |   | — |  |   | $ | 100,000 |  |   | $ | 100,000 |  |   | 7.80 |  % |
|    NMFC Senior Loan Program II LLC**   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Investment Fund   |   | Membership interest (3)(9) |   | — |   | 5/3/2016 |   | — |   | — |  |   | 79,400 |  |   | 79,400 |  |   | 6.20 |  % |
|    UniTek Global Services, Inc.        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Business Services |   | Preferred shares (3)(9)(19) |   | — |   | 8/29/2019 |   | — |   | 3,492,227 |  |   | 3,492 |  |   | 3,347 |  |   |   |
|                                                  |   | Preferred shares (3)(9)(19) |   | — |   | 8/17/2018 |   | — |   | 8,594,292 |  |   | 8,594 |  |   | 7,979 |  |   |   |
|                                                  |   | Preferred shares (3)(9)(18) |   | — |   | 6/30/2017 |   | — |   | 15,747,272 |  |   | 15,747 |  |   | 13,909 |  |   |   |
|                                                  |   | Preferred shares (2)(9)(17) |   | — |   | 1/13/2015 |   | — |   | 28,369,088 |  |   | 25,989 |  |   | 22,766 |  |   |   |
|                                                  |   | Preferred shares (3)(9)(17) |   | — |   | 1/13/2015 |   | — |   | 7,839,866 |  |   | 7,182 |  |   | 6,292 |  |   |   |
|                                                  |   | Ordinary shares (2)(9) |   | — |   | 1/13/2015 |   | — |   | 2,096,477 |  |   | 1,925 |  |   | 270 |  |   |   |
|                                                  |   | Ordinary shares (3)(9) |   | — |   | 1/13/2015 |   | — |   | 1,993,749 |  |   | 532 |  |   | 256 |  |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   | 63,461 |  |   | 54,819 |  |   | 4.27 |  % |
|    NM NL Holdings, L.P.**              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease         |   | Membership interest (7)(9) |   | — |   | 6/20/2018 |   | — |   | — |  |   | 44,070 |  |   | 48,308 |  |   | 3.76 |  % |
|    NM GLCR LP                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease         |   | Membership interest (7)(9) |   | — |   | 2/1/2018 |   | — |   | — |  |   | 14,750 |  |   | 23,800 |  |   | 1.85 |  % |
|    NM CLFX LP                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease         |   | Membership interest (7)(9) |   | — |   | 10/6/2017 |   | — |   | — |  |   | 12,538 |  |   | 12,723 |  |   | 0.99 |  % |
|    NM APP US LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease         |   | Membership interest (7)(9) |   | — |   | 9/13/2016 |   | — |   | — |  |   | 5,080 |  |   | 6,834 |  |   | 0.53 |  % |
|    NM YI, LLC                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease         |   | Membership interest (7)(9) |   | — |   | 9/30/2019 |   | — |   | — |  |   | 6,272 |  |   | 6,339 |  |   | 0.49 |  % |
|    NM DRVT LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease         |   | Membership interest (7)(9) |   | — |   | 11/18/2016 |   | — |   | — |  |   | 5,152 |  |   | 6,016 |  |   | 0.46 |  % |

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Table of Contents

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|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                                     |   | Type ofInvestment |   | Interest Rate (11) |   | Acquisition Date |   | Maturity/ExpirationDate |   | PrincipalAmount,Par Valueor Shares |   | Cost |   | Fair Value |   | Percent ofNetAssets |
|    NHME Holdings Corp.(20)                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                         |   | Ordinary shares (3)(9) |   | — |   | 11/27/2018 |   | — |   | 640,000 |  |   | $ | 4,000 |  |   | $ | 4,000 |  |   | 0.31 |  % |
|    NM JRA LLC                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease                                   |   | Membership interest (7)(9) |   | — |   | 8/12/2016 |   | — |   | — |  |   | 2,043 |  |   | 3,700 |  |   | 0.29 |  % |
|    Edmentum Ultimate Holdings, LLC (15)                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                   |   | Ordinary shares (3)(9) |   | — |   | 6/9/2015 |   | — |   | 123,968 |  |   | 11 |  |   | 1,806 |  |   |   |
|                                                                            |   | Ordinary shares (2)(9) |   | — |   | 6/9/2015 |   | — |   | 107,143 |  |   | 9 |  |   | 1,561 |  |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   | 20 |  |   | 3,367 |  |   | 0.26 |  % |
|    NM KRLN LLC                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease                                   |   | Membership interest (7)(9) |   | — |   | 11/15/2016 |   | — |   | — |  |   | 7,510 |  |   | 2,379 |  |   | 0.19 |  % |
|    NM GP Holdco, LLC**                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net Lease                                   |   | Membership interest (7)(9) |   | — |   | 6/20/2018 |   | — |   | — |  |   | 452 |  |   | 487 |  |   | 0.04 |  % |
| Total Shares - United States                                                    |   |   |   |   |   |   |   |   |   |   |   | $ | 344,748 |  |   | $ | 352,172 |  |   | 27.44 |  % |
| Total Shares                                                                    |   |   |   |   |   |   |   |   |   |   |   | $ | 352,093 |  |   | $ | 362,946 |  |   | 28.28 |  % |
| Warrants - United States                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Edmentum Ultimate Holdings, LLC(15)                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                   |   | Warrants (3)(9) |   | — |   | 2/23/2018 |   | 5/5/2026 |   | 1,141,846 |  |   | $ | 769 |  |   | $ | 16,633 |  |   | 1.29 |  % |
|    NHME Holdings Corp.(20)                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Healthcare Services                         |   | Warrants (3)(9) |   | — |   | 11/27/2018 |   | — |   | 160,000 |  |   | 1,000 |  |   | 1,000 |  |   | 0.08 |  % |
| Total Warrants - United States                                                  |   |   |   |   |   |   |   |   |   |   |   | $ | 1,769 |  |   | $ | 17,633 |  |   | 1.37 |  % |
| Total Funded Investments                                                        |   |   |   |   |   |   |   |   |   |   |   | $ | 449,308 |  |   | $ | 472,952 |  |   | 36.85 |  % |
| Unfunded Debt Investments - United States                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Edmentum Ultimate Holdings, LLC (15)                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Edmentum, Inc. (fka Plato, Inc.) (Archipelago Learning, Inc.) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Education                                   |   | Second lien (3)(9)(10) - Undrawn |   | — |   | 6/9/2015 |   | 12/9/2021 |   | $ | 298 |  |   | $ | — |  |   | $ | — |  |   | — |  % |
| Total Unfunded Debt Investments - United States                                 |   |   |   |   |   |   |   |   |   | $ | 298 |  |   | $ | — |  |   | $ | — |  |   | — |  % |
| Total Controlled Investments                                                    |   |   |   |   |   |   |   |   |   |   |   | $ | 449,308 |  |   | $ | 472,952 |  |   | 36.85 |  % |
| Total Investments                                                               |   |   |   |   |   |   |   |   |   |   |   | $ | 3,151,541 |  |   | $3,160,280 |   | 246.23 |  % |

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|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
|     |                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. ("NMF Holdings") as the Borrower and Wells Fargo Bank, National Association as the Administrative Agent and Collateral Custodian. See Note 7. Borrowings, for details. |
|     |                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A. as Lenders. See Note 7. Borrowings, for details. |
|     |                                                            |
|-----|------------------------------------------------------------|
| (4) | Investment is held in New Mountain Finance SBIC, L.P. |
|     |                                                          |
|-----|----------------------------------------------------------|
| (5) | Investment is held in New Mountain Finance SBIC II, L.P. |

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Table of Contents

|     |                                                  |
|-----|--------------------------------------------------|
| (6) | Investment is held in NMF QID NGL Holdings, Inc. |
|     |                                                           |
|-----|-----------------------------------------------------------|
| (7) | Investment is held in New Mountain Net Lease Corporation. |
|     |                                                                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details. |
|     |                                                                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details. |
|      |                                                                                                                                                                                                                                                                                              |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | All interest is payable in cash unless otherwise indicated.  A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P) and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A).  For each investment the current interest rate provided reflects the rate in effect as of December 31, 2019. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds tranche A first lien term loans and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | The Company holds investments in two related entities of Tenawa Resource Holdings LLC. The Company holds 4.77% of the common units in QID NGL LLC (which at closing represented 98.1% of the ownership in the common units in Tenawa Resource Holdings LLC), class A preferred units in QID NGL LLC and a first lien investment in Tenawa Resource Management LLC, a wholly-owned subsidiary of Tenawa Resource Holdings LLC. |
|      |                                                                                                                                                                                                                                                                                                                                                             |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc. The Company holds a first lien term loan and a first lien revolver in Appriss Holdings, Inc. and preferred equity in Alert Intermediate Holdings I, Inc. The preferred equity is entitled to receive preferential dividends at a rate of L + 10.0% per annum. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (15) | The Company holds investments in Edmentum Ultimate Holdings, LLC and its related entities. The Company holds subordinated notes, ordinary equity and warrants in Edmentum Ultimate Holdings, LLC and holds a first lien term loan, second lien revolver and a second lien term loan in Edmentum, Inc. and Archipelago Learning, Inc., which are wholly-owned subsidiaries of Edmentum Ultimate Holdings, LLC. |
|      |                                                                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (16) | The Company holds preferred equity in Permian Holdco 1, Inc. that is entitled to receive cumulative preferential dividends at a rate of 12.0% per annum payable in additional shares. |
|      |                                                                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (17) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares. |
|      |                                                                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (18) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares. |
|      |                                                                                                                                                                                              |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (19) | The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares. |
|      |                                                                                                                                                                                  |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (20) | The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. |
|      |                                                                                                                                                                                                                |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (21) | The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares. |
|      |                                                                                                                                                                                                                                                                                             |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (22) | The Company holds preferred equity in Avatar Topco, Inc. and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc. The preferred equity is entitled to receive cumulative preferential dividends at a rate of L + 11.00% per annum. |
|      |                                                                                                                                                                                                                                                                                                                                                                                |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (23) | The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc. and holds a first lien term loan investment in Symplr Software, Inc. (fka Caliper Software, Inc.), a wholly-owned subsidiary of Symplr Software Intermediate Holdings, Inc. The preferred equity is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum. |
|      |                                                                                                               |
|------|---------------------------------------------------------------------------------------------------------------|
| (24) | Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details. |
|      |                                                                                                                                                                                                                                                                                                    |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (25) | The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of December 31, 2019. See Note 2. Summary of Significant Accounting Policies, for details. |

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Table of Contents

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (26) | Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of  December 31, 2019 and December 31, 2018 along with transactions during the year ended December 31, 2019 in which the issuer was a non-controlled/affiliated investment is as follows: |

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                                                   |   | Fair Value at December 31, 2018 |   | GrossAdditions (A) |   | GrossRedemptions(B) |   | NetRealizedGains(Losses) |   | Net Change InUnrealizedAppreciation(Depreciation) |   | Fair Value at December 31, 2019 |   | InterestIncome |   | DividendIncome |   | OtherIncome |
| NMFC Senior Loan Program I LLC                                           |   | $ | 23,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 23,000 |  |   | $ | — |  |   | $ | 3,073 |  |   | $ | 1,142 |  |
| Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. |   | 41,966 |  |   | 3,077 |  |   | (100 | ) |   | — |  |   | (4,322 | ) |   | 40,621 |  |   | 4,101 |  |   | 1,219 |  |   | 49 |  |
| Sierra Hamilton Holdings Corporation                                     |   | 12,527 |  |   | 1,410 |  |   | — |  |   | — |  |   | (4,031 | ) |   | 9,906 |  |   | 65 |  |   | — |  |   | 45 |  |
| Total Non-Controlled/Affiliated Investments                              |   | $ | 77,493 |  |   | $ | 4,487 |  |   | $ | (100 | ) |   | $ | — |  |   | $ | (8,353 | ) |   | $ | 73,527 |  |   | $ | 4,166 |  |   | $ | 4,292 |  |   | $ | 1,236 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement at fair value of an existing portfolio company into this category from a different category. |
|     |                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (B) | Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (27) | Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of  December 31, 2019 and December 31, 2018 along with transactions during the year ended December 31, 2019 in which the issuer was a controlled investment, is as follows: |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                        |   | Fair Value atDecember 31, 2018 |   | GrossAdditions(A) |   | GrossRedemptions(B) |   | Net RealizedGains(Losses) |   | Net Change InUnrealizedAppreciation(Depreciation) |   | Fair Value atDecember 31, 2019 |   | InterestIncome |   | DividendIncome |   | OtherIncome |
| Edmentum Ultimate Holdings, LLC/Edmentum Inc. |   | $ | 45,011 |  |   | $ | 14,850 |  |   | $ | (3,129 | ) |   | $ | 18 |  |   | $ | 22,380 |  |   | $ | 79,112 |  |   | $ | 5,781 |  |   | $ | — |  |   | $ | 17 |  |
| National HME, Inc./NHME Holdings Corp.        |   | 22,722 |  |   | 3,501 |  |   | — |  |   | — |  |   | (1,244 | ) |   | 24,979 |  |   | 3,501 |  |   | — |  |   | — |  |
| NM APP Canada, Corp.                          |   | 9,727 |  |   | — |  |   | — |  |   | — |  |   | 1,047 |  |   | 10,774 |  |   | — |  |   | 920 |  |   | — |  |
| NM APP US LLC                                 |   | 5,912 |  |   | — |  |   | — |  |   | — |  |   | 922 |  |   | 6,834 |  |   | — |  |   | 527 |  |   | — |  |
| NM CLFX LP                                    |   | 12,770 |  |   | — |  |   | — |  |   | — |  |   | (47 | ) |   | 12,723 |  |   | — |  |   | 1,550 |  |   | — |  |
| NM DRVT LLC                                   |   | 5,619 |  |   | — |  |   | — |  |   | — |  |   | 397 |  |   | 6,016 |  |   | — |  |   | 565 |  |   | — |  |
| NM JRA LLC                                    |   | 2,537 |  |   | — |  |   | — |  |   | — |  |   | 1,163 |  |   | 3,700 |  |   | — |  |   | 252 |  |   | — |  |
| NM GLCR LP                                    |   | 20,343 |  |   | — |  |   | — |  |   | — |  |   | 3,457 |  |   | 23,800 |  |   | — |  |   | 1,761 |  |   | — |  |
| NM KRLN LLC                                   |   | 4,205 |  |   | — |  |   | — |  |   | — |  |   | (1,826 | ) |   | 2,379 |  |   | — |  |   | 832 |  |   | — |  |
| NM NL Holdings, L.P.                          |   | 33,392 |  |   | 11,492 |  |   | — |  |   | — |  |   | 3,424 |  |   | 48,308 |  |   | — |  |   | 3,692 |  |   | — |  |
| NM GP Holdco, LLC                             |   | 311 |  |   | 145 |  |   | — |  |   | — |  |   | 31 |  |   | 487 |  |   | — |  |   | 36 |  |   | — |  |
| NM YI, LLC                                    |   | — |  |   | 6,272 |  |   | — |  |   | — |  |   | 67 |  |   | 6,339 |  |   | — |  |   | 240 |  |   | — |  |
| NMFC Senior Loan Program II LLC               |   | 79,400 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 79,400 |  |   | — |  |   | 11,116 |  |   | — |  |
| NMFC Senior Loan Program III LLC              |   | 78,400 |  |   | 21,600 |  |   | — |  |   | — |  |   | — |  |   | 100,000 |  |   | — |  |   | 10,520 |  |   | — |  |
| UniTek Global Services, Inc.                  |   | 82,788 |  |   | 12,225 |  |   | (151 | ) |   | — |  |   | (26,761 | ) |   | 68,101 |  |   | 1,246 |  |   | 8,918 |  |   | 600 |  |
| Total Controlled Investments                  |   | $ | 403,137 |  |   | $ | 70,085 |  |   | $ | (3,280 | ) |   | $ | 18 |  |   | $ | 3,010 |  |   | $ | 472,952 |  |   | $ | 10,528 |  |   | $ | 40,929 |  |   | $ | 617 |  |

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

|     |                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category. |
|     |                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (B) | Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category. |
|   |                                                     |
|---|-----------------------------------------------------|
| * | All or a portion of interest contains PIK interest. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                       |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2019, 14.5% of the Company’s total investments were non-qualifying assets. |

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|                      |
|----------------------|
|                      |  |  |  |
|                 |   | December 31, 2019 |
| Investment Type |   | Percent of TotalInvestments at Fair Value |
| First lien           |   | 57.01 | % |
| Second lien          |   | 24.96 | % |
| Subordinated         |   | 2.11 | % |
| Equity and other     |   | 15.92 | % |
| Total investments    |   | 100.00 | % |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |
|                                                      |   | December 31, 2019 |
| Industry Type                                        |   | Percent of TotalInvestments at Fair Value |
| Software                                                  |   | 24.22 | % |
| Business Services                                         |   | 20.58 | % |
| Healthcare Services                                       |   | 17.45 | % |
| Education                                                 |   | 9.04 | % |
| Investment Funds (includes investments in joint ventures) |   | 6.40 | % |
| Net Lease                                                 |   | 3.84 | % |
| Distribution & Logistics                              |   | 3.38 | % |
| Federal Services                                          |   | 3.22 | % |
| Energy                                                    |   | 3.19 | % |
| Healthcare Information Technology                         |   | 3.17 | % |
| Consumer Services                                         |   | 2.86 | % |
| Industrial Services                                       |   | 1.03 | % |
| Food & Beverage                                       |   | 0.89 | % |
| Packaging                                                 |   | 0.40 | % |
| Business Products                                         |   | 0.33 | % |
| Total investments                                         |   | 100.00 | % |

|                              |
|------------------------------|
|                              |  |  |  |
|                         |   | December 31, 2019 |
| Interest Rate Type |   | Percent of TotalInvestments at Fair Value |
| Floating rates               |   | 94.44 | % |
| Fixed rates                  |   | 5.56 | % |
| Total investments            |   | 100.00 | % |

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|         |                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | New Mountain Finance Holdings, L.L.C. ("NMF Holdings" or the "Predecessor Operating Company") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively; |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | New Mountain Finance SBIC, L.P. ("SBIC I")  and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the United States ("U.S.") Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act") and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP") and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively; |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | NMF Ancora Holdings Inc. ("NMF Ancora"), NMF QID Holdings, Inc. ("NMF QID") and NMF YP Holdings Inc. ("NMF YP"), which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates its tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and |
|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions. |

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|     |                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. |
|     |                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and |
|    |                                                                                                                                      |
|----|--------------------------------------------------------------------------------------------------------------------------------------|
| b. | For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures: |
|    |                                                                                                                                                                                                                                                                                                                                                                                               |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| i. | Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value. |

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|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ii. | Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). |
|     |                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: |
|    |                                                                                                                                                           |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; |
|    |                                                                                                                     |
|----|---------------------------------------------------------------------------------------------------------------------|
| b. | Preliminary valuation conclusions will then be documented and discussed with the Company’s senior management; |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | If an investment falls into (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company’s board of directors; and |
|    |                                                                                                                                                                                                                                                                                                                                                         |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| d. | When deemed appropriate by the Company’s management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   |   |   | Lease |   |   |   | Total |   | Fair Value as of |
| Portfolio Company                    |   | Tenant |   | Expiration Date |   | Location |   | Square Feet |   | March 31, 2020 |
| NM NL Holdings LP / NM GP Holdco LLC |   | Various |   | Various |   | Various |   | Various |   | $ | 45,917 |  |
| NM GLCR LP                           |   | Arctic Glacier U.S.A. |   | 2/28/2038 |   | CA |   | 214 |   | 22,282 |  |
| NM CLFX LP                           |   | Victor Equipment Company |   | 8/31/2033 |   | TX |   | 423 |   | 11,709 |  |
| NM APP Canada, Corp.                 |   | A.P. Plasman, Inc. |   | 9/30/2031 |   | Canada |   | 436 |   | 10,481 |  |
| NM APP US LLC                        |   | Plasman Corp, LLC / A-Brite LP |   | 9/30/2033 |   | AL / OH |   | 261 |   | 6,529 |  |
| NM YI, LLC                           |   | Young Innovations, Inc. |   | 10/31/2039 |   | IL / MO |   | 212 |   | 5,897 |  |
| NM DRVT LLC                          |   | FMH Conveyors, LLC |   | 10/31/2031 |   | AR |   | 195 |   | 5,783 |  |
| NM JRA LLC                           |   | J.R. Automation Technologies, LLC |   | 1/31/2031 |   | MI |   | 88 |   | 3,522 |  |
| NM KRLN LLC                          |   | Kirlin Group, LLC |   | 6/30/2029 |   | MD |   | 95 |   | 1,058 |  |
|                                 |   |   |   |   |   |   |   |   |   | $ | 113,178 |  |

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|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |
|              | Cost |   | Fair Value |
| First lien        | $ | 1,890,570 |  |   | $ | 1,789,750 |  |
| Second lien       | 745,487 |  |   | 696,740 |  |
| Subordinated      | 58,106 |  |   | 46,983 |  |
| Equity and other  | 492,342 |  |   | 457,844 |  |
| Total investments | $ | 3,186,505 |  |   | $ | 2,991,317 |  |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
|                                                     | Cost |   | Fair Value |
| Software                                                 | $ | 871,898 |  |   | $ | 850,864 |  |
| Business Services                                        | 677,977 |  |   | 619,387 |  |
| Healthcare Services                                      | 520,016 |  |   | 463,398 |  |
| Education                                                | 230,268 |  |   | 213,626 |  |
| Investment Fund (includes investments in joint ventures) | 212,400 |  |   | 204,632 |  |
| Net Lease                                                | 105,329 |  |   | 113,178 |  |
| Healthcare Information Technology                        | 106,745 |  |   | 104,760 |  |
| Federal Services                                         | 104,898 |  |   | 100,284 |  |
| Consumer Services                                        | 81,535 |  |   | 78,546 |  |
| Distribution & Logistics                             | 73,134 |  |   | 64,668 |  |
| Specialty Chemicals & Materials                      | 59,976 |  |   | 59,779 |  |
| Energy                                                   | 56,794 |  |   | 37,587 |  |
| Industrial Services                                      | 32,659 |  |   | 31,942 |  |
| Food & Beverage                                      | 27,768 |  |   | 26,548 |  |
| Packaging                                                | 14,353 |  |   | 12,163 |  |
| Business Products                                        | 10,755 |  |   | 9,955 |  |
| Total investments                                        | $ | 3,186,505 |  |   | $ | 2,991,317 |  |

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|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |
|              | Cost |   | Fair Value |
| First lien        | $ | 1,803,747 |  |   | $ | 1,801,615 |  |
| Second lien       | 796,921 |  |   | 788,868 |  |
| Subordinated      | 71,904 |  |   | 66,774 |  |
| Equity and other  | 478,969 |  |   | 503,023 |  |
| Total investments | $ | 3,151,541 |  |   | $ | 3,160,280 |  |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
|                                                      | Cost |   | Fair Value |
| Software                                                  | $ | 764,875 |  |   | $ | 765,499 |  |
| Business Services                                         | 667,493 |  |   | 650,384 |  |
| Healthcare Services                                       | 552,499 |  |   | 551,471 |  |
| Education                                                 | 267,064 |  |   | 285,781 |  |
| Investment Funds (includes investments in joint ventures) | 202,400 |  |   | 202,400 |  |
| Net Lease                                                 | 105,212 |  |   | 121,360 |  |
| Distribution & Logistics                              | 106,403 |  |   | 106,878 |  |
| Federal Services                                          | 103,179 |  |   | 101,675 |  |
| Energy                                                    | 105,689 |  |   | 100,699 |  |
| Healthcare Information Technology                         | 99,581 |  |   | 100,050 |  |
| Consumer Services                                         | 91,474 |  |   | 90,424 |  |
| Industrial Services                                       | 32,736 |  |   | 32,708 |  |
| Food & Beverage                                       | 27,834 |  |   | 27,957 |  |
| Packaging                                                 | 14,348 |  |   | 12,476 |  |
| Business Products                                         | 10,754 |  |   | 10,518 |  |
| Total investments                                         | $ | 3,151,541 |  |   | $ | 3,160,280 |  |

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|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |
|                                                         |   | March 31, 2020 |   | December 31, 2019 |
| First lien investments (1)                                   |   | $ | 335,833 |  |   | $ | 351,160 |  |
| Weighted average interest rate on first lien investments (2) |   | 5.74 | % |   | 6.29 | % |
| Number of portfolio companies in SLP II                      |   | 36 |  |   | 37 |  |
| Largest portfolio company investment (1)                     |   | $ | 17,411 |  |   | $ | 17,456 |  |
| Total of five largest portfolio company investments (1)      |   | $ | 78,467 |  |   | $ | 78,932 |  |

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

|     |                                                       |
|-----|-------------------------------------------------------|
| (1) | Reflects principal amount or par value of investment. |
|     |                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------|
| (2) | Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment   |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Funded Investments - First lien:           |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC                            |   | Business Services |   |  5.53% (L + 3.75%) |   | 2/27/2025 |   | $ | 4,649 |  |   | $ | 4,631 |  |   | $ | 3,835 |  |
| ADG, LLC                                   |   | Healthcare Services |   |  7.17% (L + 4.75% + 0.50% PIK) |   | 9/28/2023 |   | 16,185 |  |   | 16,096 |  |   | 13,328 |  |
| Advisor Group Holdings, Inc.               |   | Consumer Services |   |  5.99% (L + 5.00%) |   | 7/31/2026 |   | 4,988 |  |   | 4,941 |  |   | 3,840 |  |
| Bearcat Buyer, Inc.                        |   | Healthcare Services |   |  5.70% (L + 4.25%) |   | 7/9/2026 |   | 90 |  |   | 90 |  |   | 86 |  |
| Bearcat Buyer, Inc.                        |   | Healthcare Services |   |  5.70% (L + 4.25%) |   | 7/9/2026 |   | 1,375 |  |   | 1,369 |  |   | 1,318 |  |
| Bleriot US Bidco Inc.                      |   | Federal Services |   |  7.00% (P + 3.75%) |   | 10/31/2026 |   | 1,351 |  |   | 1,338 |  |   | 1,179 |  |
| Bleriot US Bidco Inc.                      |   | Federal Services |   |  6.20% (L + 4.75%) |   | 10/30/2026 |   | 8,649 |  |   | 8,565 |  |   | 7,546 |  |
| Brave Parent Holdings, Inc.                |   | Software |   |  5.78% (L + 4.00%) |   | 4/18/2025 |   | 11,680 |  |   | 11,647 |  |   | 10,201 |  |
| CentralSquare Technologies, LLC            |   | Software |   |  5.20% (L + 3.75%) |   | 8/29/2025 |   | 14,813 |  |   | 14,782 |  |   | 11,554 |  |
| CHA Holdings, Inc.                         |   | Business Services |   |  5.57% (L + 4.50%) |   | 4/10/2025 |   | 2,042 |  |   | 2,033 |  |   | 1,991 |  |
| CHA Holdings, Inc.                         |   | Business Services |   |  5.57% (L + 4.50%) |   | 4/10/2025 |   | 10,670 |  |   | 10,633 |  |   | 10,363 |  |
| CommerceHub, Inc.                          |   | Software |   |  4.49% (L + 3.50%) |   | 5/21/2025 |   | 2,456 |  |   | 2,447 |  |   | 2,063 |  |
| Dealer Tire, LLC                           |   | Distribution & Logistics |   |  5.24% (L + 4.25%) |   | 12/12/2025 |   | 7,481 |  |   | 7,463 |  |   | 6,210 |  |
| Drilling Info Holdings, Inc.               |   | Business Services |   |  5.24% (L + 4.25%) |   | 7/30/2025 |   | 14,720 |  |   | 14,668 |  |   | 13,599 |  |
| Edgewood Partners Holdings LLC             |   | Business Services |   |  5.25% (L + 4.25%) |   | 9/6/2024 |   | 7,413 |  |   | 7,351 |  |   | 7,144 |  |
| eResearchTechnology, Inc.                  |   | Healthcare Services |   |  5.50% (L + 4.50%) |   | 2/4/2027 |   | 3,145 |  |   | 3,114 |  |   | 2,809 |  |
| Fastlane Parent Company, Inc.              |   | Distribution & Logistics |   |  5.49% (L + 4.50%) |   | 2/4/2026 |   | 3,465 |  |   | 3,405 |  |   | 2,997 |  |
| Greenway Health, LLC                       |   | Software |   |  4.82% (L + 3.75%) |   | 2/16/2024 |   | 14,588 |  |   | 14,543 |  |   | 9,555 |  |
| Help/Systems Holdings, Inc.                |   | Software |   |  5.75% (L + 4.75%) |   | 11/19/2026 |   | 4,444 |  |   | 4,402 |  |   | 3,845 |  |
| Institutional Shareholder Services Inc.    |   | Business Services |   |  5.57% (L + 4.50%) |   | 3/5/2026 |   | 13,860 |  |   | 13,739 |  |   | 11,573 |  |
| Keystone Acquisition Corp.                 |   | Healthcare Services |   |  6.70% (L + 5.25%) |   | 5/1/2024 |   | 5,265 |  |   | 5,231 |  |   | 4,968 |  |
| LSCS Holdings, Inc.                        |   | Healthcare Services |   |  5.32% (L + 4.25%) |   | 3/17/2025 |   | 1,879 |  |   | 1,877 |  |   | 1,738 |  |
| LSCS Holdings, Inc.                        |   | Healthcare Services |   |  5.32% (L + 4.25%) |   | 3/17/2025 |   | 7,280 |  |   | 7,272 |  |   | 6,734 |  |
| Market Track, LLC                          |   | Business Services |   |  6.03% (L + 4.25%) |   | 6/5/2024 |   | 11,670 |  |   | 11,632 |  |   | 9,686 |  |
| MediaOcean, LLC                            |   | Software |   |  4.99% (L + 4.00%) |   | 8/18/2025 |   | 4,392 |  |   | 4,380 |  |   | 4,018 |  |
| Medical Solutions Holdings, Inc.           |   | Healthcare Services |   |  5.50% (L + 4.50%) |   | 6/14/2024 |   | 2,788 |  |   | 2,779 |  |   | 2,481 |  |
| Ministry Brands, LLC                       |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 2,089 |  |   | 2,084 |  |   | 1,997 |  |
| Ministry Brands, LLC                       |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 878 |  |   | 875 |  |   | 839 |  |
| Ministry Brands, LLC                       |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 12,128 |  |   | 12,096 |  |   | 11,592 |  |
| NorthStar Financial Services Group, LLC    |   | Software |   |  4.49% (L + 3.50%) |   | 5/25/2025 |   | 5,885 |  |   | 5,862 |  |   | 4,796 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.) |   | Federal Services |   |  6.87% (L + 5.25%) |   | 4/29/2024 |   | 10,211 |  |   | 10,178 |  |   | 9,548 |  |
| Premise Health Holding Corp.               |   | Healthcare Services |   |  4.95% (L + 3.50%) |   | 7/10/2025 |   | 1,369 |  |   | 1,363 |  |   | 1,261 |  |
| Project Accelerate Parent, LLC             |   | Business Services |   |  5.25% (L + 4.25%) |   | 1/2/2025 |   | 12,513 |  |   | 12,468 |  |   | 9,698 |  |
| PSC Industrial Holdings Corp.              |   | Industrial Services |   |  4.75% (L + 3.75%) |   | 10/11/2024 |   | 3,052 |  |   | 3,031 |  |   | 2,819 |  |
| Quest Software US Holdings Inc.            |   | Software |   |  6.03% (L + 4.25%) |   | 5/16/2025 |   | 14,812 |  |   | 14,755 |  |   | 13,673 |  |
| Salient CRGT Inc.                          |   | Federal Services |   |  7.57% (L + 6.50%) |   | 2/28/2022 |   | 13,040 |  |   | 12,985 |  |   | 12,421 |  |
| Wirepath LLC                               |   | Distribution & Logistics |   |  5.07% (L + 4.00%) |   | 8/5/2024 |   | 14,775 |  |   | 14,775 |  |   | 12,928 |  |
| WP CityMD Bidco LLC                        |   | Healthcare Services |   |  5.95% (L + 4.50%) |   | 8/13/2026 |   | 14,963 |  |   | 14,822 |  |   | 13,504 |  |
| Wrench Group LLC                           |   | Consumer Services |   |  5.00% (L + 4.00%) |   | 4/30/2026 |   | 459 |  |   | 454 |  |   | 390 |  |
| Wrench Group LLC                           |   | Consumer Services |   |  5.45% (L + 4.00%) |   | 4/30/2026 |   | 4,466 |  |   | 4,426 |  |   | 3,796 |  |
| YI, LLC                                    |   | Healthcare Services |   |  5.45% (L + 4.00%) |   | 11/7/2024 |   | 14,763 |  |   | 14,754 |  |   | 11,441 |  |
| Zelis Cost Management Buyer, Inc.          |   | Healthcare I.T. |   |  5.74% (L + 4.75%) |   | 9/30/2026 |   | 10,337 |  |   | 10,238 |  |   | 9,562 |  |
| Zywave, Inc.                               |   | Software |   |  6.78% (L + 5.00%) |   | 11/17/2022 |   | 16,931 |  |   | 16,890 |  |   | 16,593 |  |
| Zywave, Inc.                               |   | Software |   |  6.78% (L + 5.00%) |   | 11/17/2022 |   | 480 |  |   | 476 |  |   | 471 |  |
| Total Funded Investments                   |   |   |   |   |   |   |   | $ | 334,489 |  |   | $ | 332,960 |  |   | $ | 291,990 |  |
| Unfunded Investments - First lien:         |   |   |   |   |   |   |   |   |   |   |   |   |
| Bearcat Buyer, Inc.                        |   | Healthcare Services |   | — |   | 7/9/2021 |   | $ | 194 |  |   | $ | (1 | ) |   | $ | (8 | ) |
| Premise Health Holding Corp.               |   | Healthcare Services |   | — |   | 7/10/2020 |   | 110 |  |   | — |  |   | (4 | ) |
| Wrench Group LLC                           |   | Consumer Services |   | — |   | 4/30/2021 |   | 1,040 |  |   | — |  |   | (156 | ) |
| Total Unfunded Investments                 |   |   |   |   |   |   |   | $ | 1,344 |  |   | $ | (1 | ) |   | $ | (168 | ) |
| Total Investments                          |   |   |   |   |   |   |   | $ | 335,833 |  |   | $ | 332,959 |  |   | $ | 291,822 |  |

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|   |

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|     |                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2020. |
|     |                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures (“ASC 820”). The Company's board of directors does not determine the fair value of the investments held by SLP II. |

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Table of Contents

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment                    |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Funded Investments - First lien                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC                                             |   | Business Services |   |  5.44% (L + 3.75%) |   | 2/27/2025 |   | $ | 9,833 |  |   | $ | 9,794 |  |   | $ | 9,841 |  |
| ADG, LLC                                                    |   | Healthcare Services |   |  7.17% (L + 4.75% + 0.50% PIK) |   | 9/28/2023 |   | 16,074 |  |   | 15,980 |  |   | 15,813 |  |
| Advisor Group Holdings, Inc.                                |   | Consumer Services |   |  6.80% (L + 5.00%) |   | 7/31/2026 |   | 5,000 |  |   | 4,952 |  |   | 4,972 |  |
| Bearcat Buyer, Inc.                                         |   | Healthcare Services |   |  6.19% (L + 4.25%) |   | 7/9/2026 |   | 1,379 |  |   | 1,372 |  |   | 1,372 |  |
| Bearcat Buyer, Inc.                                         |   | Healthcare Services |   |  6.19% (L + 4.25%) |   | 7/9/2026 |   | 90 |  |   | 90 |  |   | 90 |  |
| Bleriot US Bidco Inc.                                       |   | Federal Services |   |  6.69% (L + 4.75%) |   | 10/30/2026 |   | 8,649 |  |   | 8,563 |  |   | 8,746 |  |
| Brave Parent Holdings, Inc.                                 |   | Software |   |  5.93% (L + 4.00%) |   | 4/18/2025 |   | 15,267 |  |   | 15,222 |  |   | 15,045 |  |
| CentralSquare Technologies, LLC                             |   | Software |   |  5.55% (L + 3.75%) |   | 8/29/2025 |   | 14,850 |  |   | 14,819 |  |   | 14,231 |  |
| CHA Holdings, Inc.                                          |   | Business Services |   |  6.44% (L + 4.50%) |   | 4/10/2025 |   | 10,697 |  |   | 10,658 |  |   | 10,683 |  |
| CHA Holdings, Inc.                                          |   | Business Services |   |  6.44% (L + 4.50%) |   | 4/10/2025 |   | 2,047 |  |   | 2,037 |  |   | 2,044 |  |
| CommerceHub, Inc.                                           |   | Software |   |  5.30% (L + 3.50%) |   | 5/21/2025 |   | 2,463 |  |   | 2,453 |  |   | 2,432 |  |
| Drilling Info Holdings, Inc.                                |   | Business Services |   |  6.05% (L + 4.25%) |   | 7/30/2025 |   | 14,758 |  |   | 14,703 |  |   | 14,696 |  |
| Edgewood Partners Holdings LLC                              |   | Business Services |   |  6.05% (L + 4.25%) |   | 9/6/2024 |   | 7,432 |  |   | 7,367 |  |   | 7,413 |  |
| Explorer Holdings, Inc.                                     |   | Healthcare Services |   |  6.26% (L + 4.50%) |   | 11/20/2026 |   | 3,145 |  |   | 3,113 |  |   | 3,171 |  |
| Fastlane Parent Company, Inc.                               |   | Distribution & Logistics |   |  6.44% (L + 4.50%) |   | 2/4/2026 |   | 3,474 |  |   | 3,411 |  |   | 3,448 |  |
| Greenway Health, LLC                                        |   | Software |   |  5.69% (L + 3.75%) |   | 2/16/2024 |   | 14,625 |  |   | 14,578 |  |   | 13,053 |  |
| Help/Systems Holdings, Inc.                                 |   | Software |   |  6.55% (L + 4.75%) |   | 11/19/2026 |   | 4,444 |  |   | 4,400 |  |   | 4,428 |  |
| Idera, Inc.                                                 |   | Software |   |  6.30% (L + 4.50%) |   | 6/28/2024 |   | 4,446 |  |   | 4,417 |  |   | 4,449 |  |
| Institutional Shareholder Services Inc.                     |   | Business Services |   |  6.44% (L + 4.50%) |   | 3/5/2026 |   | 13,895 |  |   | 13,769 |  |   | 13,687 |  |
| Keystone Acquisition Corp.                                  |   | Healthcare Services |   |  7.19% (L + 5.25%) |   | 5/1/2024 |   | 5,278 |  |   | 5,243 |  |   | 5,173 |  |
| LSCS Holdings, Inc.                                         |   | Healthcare Services |   |  6.31% (L + 4.25%) |   | 3/17/2025 |   | 7,298 |  |   | 7,290 |  |   | 7,225 |  |
| LSCS Holdings, Inc.                                         |   | Healthcare Services |   |  6.31% (L + 4.25%) |   | 3/17/2025 |   | 1,884 |  |   | 1,882 |  |   | 1,865 |  |
| Market Track, LLC                                           |   | Business Services |   |  6.18% (L + 4.25%) |   | 6/5/2024 |   | 11,700 |  |   | 11,660 |  |   | 10,530 |  |
| MediaOcean, LLC                                             |   | Software |   |  5.80% (L + 4.00%) |   | 8/18/2025 |   | 7,392 |  |   | 7,372 |  |   | 7,410 |  |
| Medical Solutions Holdings, Inc.                            |   | Healthcare Services |   |  6.30% (L + 4.50%) |   | 6/14/2024 |   | 2,795 |  |   | 2,786 |  |   | 2,791 |  |
| Ministry Brands, LLC                                        |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 12,160 |  |   | 12,124 |  |   | 12,160 |  |
| Ministry Brands, LLC                                        |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 2,095 |  |   | 2,089 |  |   | 2,095 |  |
| Ministry Brands, LLC                                        |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 880 |  |   | 877 |  |   | 880 |  |
| NorthStar Financial Services Group, LLC                     |   | Software |   |  5.30% (L + 3.50%) |   | 5/25/2025 |   | 5,885 |  |   | 5,861 |  |   | 5,789 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.)                  |   | Federal Services |   |  7.05% (L + 5.25%) |   | 4/29/2024 |   | 10,237 |  |   | 10,203 |  |   | 10,193 |  |
| Premise Health Holding Corp.                                |   | Healthcare Services |   |  5.44% (L + 3.50%) |   | 7/10/2025 |   | 1,372 |  |   | 1,367 |  |   | 1,358 |  |
| Project Accelerate Parent, LLC                              |   | Business Services |   |  5.99% (L + 4.25%) |   | 1/2/2025 |   | 13,545 |  |   | 13,494 |  |   | 13,511 |  |
| PSC Industrial Holdings Corp.                               |   | Industrial Services |   |  5.49% (L + 3.75%) |   | 10/11/2024 |   | 7,305 |  |   | 7,252 |  |   | 7,269 |  |
| Quest Software US Holdings Inc.                             |   | Software |   |  6.18% (L + 4.25%) |   | 5/16/2025 |   | 14,850 |  |   | 14,790 |  |   | 14,739 |  |
| Salient CRGT Inc.                                           |   | Federal Services |   |  8.29% (L + 6.50%) |   | 2/28/2022 |   | 13,134 |  |   | 13,071 |  |   | 12,510 |  |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) |   | Education |   |  6.19% (L + 4.25%) |   | 7/30/2025 |   | 716 |  |   | 715 |  |   | 721 |  |
| Wirepath LLC                                                |   | Distribution & Logistics |   |  5.94% (L + 4.00%) |   | 8/5/2024 |   | 14,813 |  |   | 14,813 |  |   | 12,886 |  |
| WP CityMD Bidco LLC                                         |   | Healthcare Services |   |  6.44% (L + 4.50%) |   | 8/13/2026 |   | 15,000 |  |   | 14,855 |  |   | 15,038 |  |
| Wrench Group LLC                                            |   | Consumer Services |   |  6.19% (L + 4.25%) |   | 4/30/2026 |   | 4,478 |  |   | 4,435 |  |   | 4,488 |  |
| YI, LLC                                                     |   | Healthcare Services |   |  5.94% (L + 4.00%) |   | 11/7/2024 |   | 14,801 |  |   | 14,791 |  |   | 13,839 |  |
| Zelis Cost Management Buyer, Inc.                           |   | Healthcare I.T. |   |  6.55% (L + 4.75%) |   | 9/30/2026 |   | 10,363 |  |   | 10,261 |  |   | 10,427 |  |
| Zywave, Inc.                                                |   | Software |   |  6.93% (L + 5.00%) |   | 11/17/2022 |   | 16,975 |  |   | 16,930 |  |   | 16,975 |  |
| Zywave, Inc.                                                |   | Software |   |  6.84% (L + 5.00%) |   | 11/17/2022 |   | 481 |  |   | 477 |  |   | 481 |  |
| Total Funded Investments                                    |   |  |   |  |   |  |   | $ | 348,005 |  |   | $ | 346,336 |  |   | $ | 339,967 |  |
| Unfunded Investments - First lien                           |   |  |   |  |   |  |   |  |  |   |  |  |   |  |  |
| Bearcat Buyer, Inc.                                         |   | Healthcare Services |   | — |   | 7/9/2021 |   | $ | 194 |  |   | $ | (1 | ) |   | $ | (1 | ) |
| Bleriot US Bidco Inc.                                       |   | Federal Services |   | — |   | 10/31/2020 |   | 1,351 |  |   | (14 | ) |   | 15 |  |
| Premise Health Holding Corp.                                |   | Healthcare Services |   | — |   | 7/10/2020 |   | 110 |  |   | — |  |   | — |  |
| Wrench Group LLC                                            |   | Consumer Services |   | — |   | 4/30/2021 |   | 1,500 |  |   | — |  |   | 4 |  |
| Total Unfunded Investments                                  |   |  |   |  |   |  |   | $ | 3,155 |  |   | $ | (15 | ) |   | $ | 18 |  |
| Total Investments                                           |   |  |   |  |   |  |   | $ | 351,160 |  |   | $ | 346,321 |  |   | $ | 339,985 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2019. |
|     |                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP II. |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |
| Selected Balance Sheet Information:                                     | March 31, 2020 |   | December 31, 2019 |
| Investments at fair value (cost of $332,959 and $346,321, respectively) | $ | 291,822 |  |   | $ | 339,985 |  |
| Cash and other assets                                                   | 8,364 |  |   | 8,159 |  |
| Total assets                                                            | $ | 300,186 |  |   | $ | 348,144 |  |
|                                                                    |   |   |   |
| Credit facility                                                         | $ | 236,770 |  |   | $ | 246,870 |  |
| Deferred financing costs                                                | (1,188 | ) |   | (1,408 | ) |
| Distribution payable                                                    | 3,250 |  |   | 3,250 |  |
| Payable for unsettled securities purchased                              | — |  |   | 3,113 |  |
| Other liabilities                                                       | 2,175 |  |   | 2,367 |  |
| Total liabilities                                                       | 241,007 |  |   | 254,192 |  |
|                                                                    |   |   |   |
| Members' capital                                                        | $ | 59,179 |  |   | $ | 93,952 |  |
| Total liabilities and members' capital                                  | $ | 300,186 |  |   | $ | 348,144 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
| Selected Statement of Operations                                    | Three Months Ended |
|  Information:                                                  | March 31, 2020 |   | March 31, 2019 |
| Interest income                                                     | $ | 5,447 |  |   | $ | 6,223 |  |
| Other income                                                        | 53 |  |   | 26 |  |
| Total investment income                                             | 5,500 |  |   | 6,249 |  |
|                                                                |   |   |   |
| Interest and other financing expenses                               | 2,145 |  |   | 2,773 |  |
| Other expenses                                                      | 132 |  |   | 135 |  |
| Total expenses                                                      | 2,277 |  |   | 2,908 |  |
| Net investment income                                               | 3,223 |  |   | 3,341 |  |
|                                                                |   |   |   |
| Net realized gains on investments                                   | 56 |  |   | 8 |  |
| Net change in unrealized (depreciation) appreciation of investments | (34,801 | ) |   | 1,547 |  |
| Net (decrease) increase in members' capital                         | $ | (31,522 | ) |   | $ | 4,896 |  |

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|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |
|                                                         |   | March 31, 2020 |   | December 31, 2019 |
| First lien investments (1)                                   |   | $ | 543,798 |  |   | $ | 493,787 |  |
| Weighted average interest rate on first lien investments (2) |   | 5.34 | % |   | 5.95 | % |
| Number of portfolio companies in SLP III                     |   | 55 |  |   | 49 |  |
| Largest portfolio company investment (1)                     |   | $ | 23,894 |  |   | $ | 23,947 |  |
| Total of five largest portfolio company investments (1)      |   | $ | 99,663 |  |   | $ | 99,906 |  |

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

|     |                                                       |
|-----|-------------------------------------------------------|
| (1) | Reflects principal amount or par value of investment. |
|     |                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------|
| (2) | Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. |

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Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment                          |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Funded Investments - First lien                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC                                                   |   | Business Services |   |  5.53% (L + 3.75%) |   | 2/27/2025 |   | $ | 874 |  |   | $ | 874 |  |   | $ | 721 |  |
| Advisor Group Holdings, Inc.                                      |   | Consumer Services |   |  5.99% (L + 5.00%) |   | 7/31/2026 |   | 4,988 |  |   | 4,941 |  |   | 3,840 |  |
| Affordable Care Holding Corp.                                     |   | Healthcare Services |   |  6.20% (L + 4.75%) |   | 10/24/2022 |   | 5,948 |  |   | 5,875 |  |   | 5,183 |  |
| AG Parent Holdings, LLC                                           |   | Healthcare Services |   |  6.45% (L + 5.00%) |   | 7/31/2026 |   | 12,469 |  |   | 12,411 |  |   | 12,118 |  |
| Aston FinCo S.a.r.l. / Aston US Finco, LLC                        |   | Software |   |  6.13% (L + 4.25%) |   | 10/9/2026 |   | 6,000 |  |   | 5,943 |  |   | 5,460 |  |
| Astra Acquisition Corp.                                           |   | Software |   |  6.50% (L + 5.50%) |   | 3/1/2027 |   | 11,577 |  |   | 11,491 |  |   | 11,490 |  |
| Ascensus Specialties LLC                                          |   | Business Services |   |  6.33% (L + 4.75%) |   | 9/24/2026 |   | 9,975 |  |   | 9,928 |  |   | 9,950 |  |
| BCPE Empire Holdings, Inc.                                        |   | Distribution & Logistics |   |  4.99% (L + 4.00%) |   | 6/11/2026 |   | 9,144 |  |   | 9,060 |  |   | 8,230 |  |
| BCPE Empire Holdings, Inc.                                        |   | Distribution & Logistics |   |  4.99% (L + 4.00%) |   | 6/11/2026 |   | 1,437 |  |   | 1,427 |  |   | 1,293 |  |
| Bearcat Buyer, Inc.                                               |   | Healthcare Services |   |  5.70% (L + 4.25%) |   | 7/9/2026 |   | 19,803 |  |   | 19,712 |  |   | 18,983 |  |
| Bearcat Buyer, Inc.                                               |   | Healthcare Services |   |  5.70% (L + 4.25%) |   | 7/9/2026 |   | 1,299 |  |   | 1,293 |  |   | 1,245 |  |
| Bleriot US Bidco Inc.                                             |   | Federal Services |   |  6.20% (L + 4.75%) |   | 10/31/2026 |   | 4,324 |  |   | 4,282 |  |   | 3,773 |  |
| Bleriot US Bidco Inc.                                             |   | Federal Services |   |  6.20% (L + 4.75%) |   | 10/31/2026 |   | 676 |  |   | 669 |  |   | 590 |  |
| Bluefin Holding, LLC                                              |   | Software |   |  5.25% (L + 4.25%) |   | 9/4/2026 |   | 9,975 |  |   | 9,835 |  |   | 9,564 |  |
| Bracket Intermediate Holding Corp.                                |   | Healthcare Services |   |  6.16% (L + 4.25%) |   | 9/5/2025 |   | 14,775 |  |   | 14,715 |  |   | 11,894 |  |
| Brave Parent Holdings, Inc.                                       |   | Software |   |  5.78% (L + 4.00%) |   | 4/18/2025 |   | 11,304 |  |   | 11,272 |  |   | 9,872 |  |
| CentralSquare Technologies, LLC                                   |   | Software |   |  5.20% (L + 3.75%) |   | 8/29/2025 |   | 14,813 |  |   | 14,783 |  |   | 11,554 |  |
| Certara Holdco, Inc.                                              |   | Healthcare I.T. |   |  4.95% (L + 3.50%) |   | 8/15/2024 |   | 1,259 |  |   | 1,262 |  |   | 1,070 |  |
| CHA Holdings, Inc.                                                |   | Business Services |   |  5.57% (L + 4.50%) |   | 4/10/2025 |   | 985 |  |   | 985 |  |   | 957 |  |
| CommerceHub, Inc.                                                 |   | Software |   |  4.49% (L + 3.50%) |   | 5/21/2025 |   | 14,738 |  |   | 14,681 |  |   | 12,379 |  |
| Covenant Surgical Partners, Inc.                                  |   | Healthcare Services |   |  5.02% (L + 4.00%) |   | 7/1/2026 |   | 9,950 |  |   | 9,859 |  |   | 8,408 |  |
| CRCI Longhorn Holdings, Inc.                                      |   | Business Services |   |  4.49% (L + 3.50%) |   | 8/8/2025 |   | 14,775 |  |   | 14,716 |  |   | 12,559 |  |
| Dealer Tire, LLC                                                  |   | Distribution & Logistics |   |  5.24% (L + 4.25%) |   | 12/12/2025 |   | 9,975 |  |   | 9,950 |  |   | 8,279 |  |
| Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC) |   | Healthcare Services |   |  4.75% (L + 3.75%) |   | 6/6/2025 |   | 14,748 |  |   | 14,719 |  |   | 11,725 |  |
| Drilling Info Holdings, Inc.                                      |   | Business Services |   |  5.24% (L + 4.25%) |   | 7/30/2025 |   | 18,719 |  |   | 18,643 |  |   | 17,292 |  |
| Edgewood Partners Holdings LLC                                    |   | Business Services |   |  5.25% (L + 4.25%) |   | 9/6/2024 |   | 7,413 |  |   | 7,351 |  |   | 7,144 |  |
| eResearchTechnology, Inc.                                         |   | Healthcare Services |   |  5.50% (L + 4.50%) |   | 2/4/2027 |   | 3,931 |  |   | 3,892 |  |   | 3,512 |  |
| EyeCare Partners, LLC                                             |   | Healthcare Services |   |  4.82% (L + 3.75%) |   | 2/18/2027 |   | 12,162 |  |   | 12,147 |  |   | 10,054 |  |
| Fastlane Parent Company, Inc.                                     |   | Distribution & Logistics |   |  5.49% (L + 4.50%) |   | 2/4/2026 |   | 3,465 |  |   | 3,405 |  |   | 2,997 |  |
| Greenway Health, LLC                                              |   | Software |   |  4.82% (L + 3.75%) |   | 2/16/2024 |   | 14,633 |  |   | 14,641 |  |   | 9,584 |  |
| Heartland Dental, LLC                                             |   | Healthcare Services |   |  4.74% (L + 3.75%) |   | 4/30/2025 |   | 18,683 |  |   | 18,610 |  |   | 14,740 |  |
| Help/Systems Holdings, Inc.                                       |   | Software |   |  5.75% (L + 4.75%) |   | 11/19/2026 |   | 7,056 |  |   | 6,998 |  |   | 6,103 |  |
| Idera, Inc.                                                       |   | Software |   |  5.08% (L + 4.00%) |   | 6/28/2024 |   | 5,558 |  |   | 5,535 |  |   | 4,891 |  |
| Institutional Shareholder Services Inc.                           |   | Business Services |   |  5.57% (L + 4.50%) |   | 3/5/2026 |   | 990 |  |   | 981 |  |   | 827 |  |
| Kestra Advisor Services Holdings A, Inc.                          |   | Business Services |   |  5.24% (L + 4.25%) |   | 6/3/2026 |   | 9,452 |  |   | 9,381 |  |   | 8,129 |  |
| LSCS Holdings, Inc.                                               |   | Healthcare Services |   |  5.32% (L + 4.25%) |   | 3/17/2025 |   | 2,647 |  |   | 2,629 |  |   | 2,448 |  |
| LSCS Holdings, Inc.                                               |   | Healthcare Services |   |  5.32% (L + 4.25%) |   | 3/17/2025 |   | 683 |  |   | 679 |  |   | 632 |  |
| Market Track, LLC                                                 |   | Business Services |   |  6.03% (L + 4.25%) |   | 6/5/2024 |   | 4,765 |  |   | 4,761 |  |   | 3,955 |  |
| MED ParentCo, LP                                                  |   | Healthcare Services |   |  5.24% (L + 4.25%) |   | 8/31/2026 |   | 10,350 |  |   | 10,259 |  |   | 8,720 |  |
| MED ParentCo, LP                                                  |   | Healthcare Services |   |  5.21% (L + 4.25%) |   | 8/31/2026 |   | 1,816 |  |   | 1,799 |  |   | 1,530 |  |
| Ministry Brands, LLC                                              |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 4,537 |  |   | 4,523 |  |   | 4,337 |  |
| Ministry Brands, LLC                                              |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 878 |  |   | 875 |  |   | 839 |  |
| National Intergovernmental Purchasing Alliance Company            |   | Business Services |   |  5.20% (L + 3.75%) |   | 5/23/2025 |   | 8,768 |  |   | 8,764 |  |   | 7,453 |  |
| National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.)      |   | Healthcare Services |   |  5.12% (L + 4.00%) |   | 3/9/2026 |   | 8,946 |  |   | 8,946 |  |   | 8,141 |  |
| National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.)      |   | Healthcare Services |   |  5.46% (L + 4.00%) |   | 3/9/2026 |   | 406 |  |   | 406 |  |   | 370 |  |
| Navex Topco, Inc.                                                 |   | Software |   |  4.24% (L + 3.25%) |   | 9/5/2025 |   | 18,348 |  |   | 18,197 |  |   | 15,940 |  |
| Netsmart Technologies, Inc.                                       |   | Healthcare I.T. |   |  5.20% (L + 3.75%) |   | 4/19/2023 |   | 10,304 |  |   | 10,304 |  |   | 9,376 |  |
| Newport Group Holdings II, Inc.                                   |   | Business Services |   |  5.20% (L + 3.75%) |   | 9/12/2025 |   | 4,925 |  |   | 4,905 |  |   | 4,297 |  |
| NorthStar Financial Services Group, LLC                           |   | Software |   |  4.49% (L + 3.50%) |   | 5/25/2025 |   | 11,770 |  |   | 11,726 |  |   | 9,593 |  |
| Outcomes Group Holdings, Inc.                                     |   | Healthcare Services |   |  5.11% (L + 3.50%) |   | 10/24/2025 |   | 3,426 |  |   | 3,419 |  |   | 2,827 |  |
| Pelican Products, Inc.                                            |   | Business Products |   |  4.50% (L + 3.50%) |   | 5/1/2025 |   | 4,912 |  |   | 4,903 |  |   | 4,016 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.)                        |   | Federal Services |   |  6.87% (L + 5.25%) |   | 4/29/2024 |   | 15,391 |  |   | 15,334 |  |   | 14,390 |  |

----

Table of Contents

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment                    |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Premise Health Holding Corp.                                |   | Healthcare Services |   |  4.95% (L + 3.50%) |   | 7/10/2025 |   | 13,689 |  |   | 13,634 |  |   | 12,613 |  |
| Project Accelerate Parent, LLC                              |   | Business Services |   |  5.25% (L + 4.25%) |   | 1/2/2025 |   | 9,899 |  |   | 9,855 |  |   | 7,672 |  |
| Quest Software US Holdings Inc.                             |   | Software |   |  6.03% (L + 4.25%) |   | 5/16/2025 |   | 14,811 |  |   | 14,756 |  |   | 13,673 |  |
| Sierra Enterprises, LLC                                     |   | Food & Beverage |   |  5.00% (L + 4.00%) |   | 11/11/2024 |   | 2,450 |  |   | 2,448 |  |   | 2,021 |  |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) |   | Education |   |  5.70% (L + 4.25%) |   | 7/30/2025 |   | 14,775 |  |   | 14,746 |  |   | 11,931 |  |
| TIBCO Software Inc.                                         |   | Software |   |  4.74% (L + 3.75%) |   | 6/30/2026 |   | 7,692 |  |   | 7,673 |  |   | 7,308 |  |
| Wirepath LLC                                                |   | Distribution & Logistics |   |  5.07% (L + 4.00%) |   | 8/5/2024 |   | 17,258 |  |   | 17,258 |  |   | 15,101 |  |
| WP CityMD Bidco LLC                                         |   | Healthcare Services |   |  5.76% (L + 4.50%) |   | 8/13/2026 |   | 20,019 |  |   | 19,831 |  |   | 18,067 |  |
| VT Topco, Inc.                                              |   | Business Services |   |  4.95% (L + 3.50%) |   | 8/1/2025 |   | 2,816 |  |   | 2,816 |  |   | 2,422 |  |
| YI, LLC                                                     |   | Healthcare Services |   |  5.07% (L + 4.00%) |   | 11/7/2024 |   | 9,766 |  |   | 9,759 |  |   | 7,569 |  |
| Total Funded Investments                                    |   |   |   |   |   |   |   | $ | 533,920 |  |   | $ | 531,472 |  |   | $ | 463,651 |  |
| Unfunded Investments - First lien                           |   |   |   |   |   |   |   |   |   |   |   |   |
| BCPE Empire Holdings, Inc.                                  |   | Distribution & Logistics |   | — |   | 6/11/2021 |   | $ | 369 |  |   | $ | (4 | ) |   | $ | (37 | ) |
| Bearcat Buyer, Inc.                                         |   | Healthcare Services |   | — |   | 7/9/2021 |   | 2,792 |  |   | (14 | ) |   | (116 | ) |
| Covenant Surgical Partners, Inc.                            |   | Healthcare Services |   | — |   | 7/1/2021 |   | 2,000 |  |   | (20 | ) |   | (310 | ) |
| EyeCare Partners, LLC                                       |   | Healthcare Services |   | — |   | 2/18/2022 |   | 2,838 |  |   | — |  |   | (492 | ) |
| MED ParentCo, LP                                            |   | Healthcare Services |   | — |   | 8/27/2021 |   | 776 |  |   | (8 | ) |   | (122 | ) |
| Premise Health Holding Corp.                                |   | Healthcare Services |   | — |   | 7/10/2020 |   | 1,103 |  |   | (3 | ) |   | (37 | ) |
| Total Unfunded Investments                                  |   |   |   |   |   |   |   | $ | 9,878 |  |   | $ | (49 | ) |   | $ | (1,114 | ) |
| Total Investments                                           |   |   |   |   |   |   |   | $ | 543,798 |  |   | $ | 531,423 |  |   | $ | 462,537 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2020. |
|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP III. |

----

Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment                          |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Funded Investments - First lien                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC                                                   |   | Business Services |   |  5.44% (L + 3.75%) |   | 2/27/2025 |   | $ | 1,204 |  |   | $ | 1,204 |  |   | $ | 1,205 |  |
| Advisor Group Holdings, Inc.                                      |   | Consumer Services |   |  6.80% (L + 5.00%) |   | 7/31/2026 |   | 5,000 |  |   | 4,952 |  |   | 4,972 |  |
| Affordable Care Holding Corp.                                     |   | Healthcare Services |   |  6.59% (L + 4.75%) |   | 10/24/2022 |   | 5,963 |  |   | 5,884 |  |   | 5,814 |  |
| AG Parent Holdings, LLC                                           |   | Healthcare Services |   |  6.91% (L + 5.00%) |   | 7/31/2026 |   | 12,500 |  |   | 12,440 |  |   | 12,406 |  |
| Aston FinCo S.a r.l. / Aston US Finco, LLC                        |   | Software |   |  6.26% (L + 4.25%) |   | 10/9/2026 |   | 6,000 |  |   | 5,941 |  |   | 5,970 |  |
| Ascensus Specialties LLC                                          |   | Business Services |   |  6.44% (L + 4.75%) |   | 9/24/2026 |   | 10,000 |  |   | 9,951 |  |   | 9,975 |  |
| BCPE Empire Holdings, Inc.                                        |   | Distribution & Logistics |   |  5.80% (L + 4.00%) |   | 6/11/2026 |   | 9,167 |  |   | 9,080 |  |   | 9,224 |  |
| BCPE Empire Holdings, Inc.                                        |   | Distribution & Logistics |   |  5.80% (L + 4.00%) |   | 6/11/2026 |   | 229 |  |   | 243 |  |   | 231 |  |
| Bearcat Buyer, Inc.                                               |   | Healthcare Services |   |  6.19% (L + 4.25%) |   | 7/9/2026 |   | 19,853 |  |   | 19,759 |  |   | 19,753 |  |
| Bearcat Buyer, Inc.                                               |   | Healthcare Services |   |  6.19% (L + 4.25%) |   | 7/9/2026 |   | 1,302 |  |   | 1,296 |  |   | 1,296 |  |
| Bleriot US Bidco Inc.                                             |   | Federal Services |   |  6.69% (L + 4.75%) |   | 10/30/2026 |   | 4,324 |  |   | 4,281 |  |   | 4,373 |  |
| Bluefin Holding, LLC                                              |   | Software |   |  6.14% (L + 4.25%) |   | 9/4/2026 |   | 10,000 |  |   | 9,855 |  |   | 9,900 |  |
| Bracket Intermediate Holding Corp.                                |   | Healthcare Services |   |  6.35% (L + 4.25%) |   | 9/5/2025 |   | 14,813 |  |   | 14,750 |  |   | 14,775 |  |
| Brave Parent Holdings, Inc.                                       |   | Software |   |  5.93% (L + 4.00%) |   | 4/18/2025 |   | 14,775 |  |   | 14,732 |  |   | 14,560 |  |
| CentralSquare Technologies, LLC                                   |   | Software |   |  5.55% (L + 3.75%) |   | 8/29/2025 |   | 14,850 |  |   | 14,819 |  |   | 14,231 |  |
| Certara Holdco, Inc.                                              |   | Healthcare I.T. |   |  5.44% (L + 3.50%) |   | 8/15/2024 |   | 1,262 |  |   | 1,266 |  |   | 1,262 |  |
| CHA Holdings, Inc.                                                |   | Business Services |   |  6.44% (L + 4.50%) |   | 4/10/2025 |   | 987 |  |   | 987 |  |   | 986 |  |
| CommerceHub, Inc.                                                 |   | Software |   |  5.30% (L + 3.50%) |   | 5/21/2025 |   | 14,775 |  |   | 14,716 |  |   | 14,590 |  |
| Covenant Surgical Partners, Inc.                                  |   | Healthcare Services |   |  5.69% (L + 4.00%) |   | 7/1/2026 |   | 9,975 |  |   | 9,881 |  |   | 9,913 |  |
| CRCI Longhorn Holdings, Inc.                                      |   | Business Services |   |  5.19% (L + 3.50%) |   | 8/8/2025 |   | 14,813 |  |   | 14,751 |  |   | 14,414 |  |
| Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC) |   | Healthcare Services |   |  5.55% (L + 3.75%) |   | 6/6/2025 |   | 14,786 |  |   | 14,755 |  |   | 14,737 |  |
| Drilling Info Holdings, Inc.                                      |   | Business Services |   |  6.05% (L + 4.25%) |   | 7/30/2025 |   | 18,766 |  |   | 18,688 |  |   | 18,688 |  |
| Edgewood Partners Holdings LLC                                    |   | Business Services |   |  6.05% (L + 4.25%) |   | 9/6/2024 |   | 7,432 |  |   | 7,367 |  |   | 7,413 |  |
| Explorer Holdings, Inc.                                           |   | Healthcare Services |   |  6.25% (L + 4.50%) |   | 11/20/2026 |   | 3,931 |  |   | 3,892 |  |   | 3,964 |  |
| Fastlane Parent Company, Inc.                                     |   | Distribution & Logistics |   |  6.44% (L + 4.50%) |   | 2/4/2026 |   | 3,474 |  |   | 3,411 |  |   | 3,448 |  |
| Greenway Health, LLC                                              |   | Software |   |  5.69% (L + 3.75%) |   | 2/16/2024 |   | 14,670 |  |   | 14,679 |  |   | 13,093 |  |
| Heartland Dental, LLC                                             |   | Healthcare Services |   |  5.55% (L + 3.75%) |   | 4/30/2025 |   | 18,317 |  |   | 18,243 |  |   | 18,248 |  |
| Help/Systems Holdings, Inc.                                       |   | Software |   |  6.55% (L + 4.75%) |   | 11/19/2026 |   | 5,556 |  |   | 5,500 |  |   | 5,535 |  |
| Idera, Inc.                                                       |   | Software |   |  6.30% (L + 4.50%) |   | 6/28/2024 |   | 5,572 |  |   | 5,548 |  |   | 5,576 |  |
| Institutional Shareholder Services Inc.                           |   | Business Services |   |  6.44% (L + 4.50%) |   | 3/5/2026 |   | 993 |  |   | 983 |  |   | 978 |  |
| Kestra Advisor Services Holdings A, Inc.                          |   | Business Services |   |  6.20% (L + 4.25%) |   | 6/3/2026 |   | 9,476 |  |   | 9,402 |  |   | 9,477 |  |
| LSCS Holdings, Inc.                                               |   | Healthcare Services |   |  6.31% (L + 4.25%) |   | 3/17/2025 |   | 2,654 |  |   | 2,634 |  |   | 2,627 |  |
| LSCS Holdings, Inc.                                               |   | Healthcare Services |   |  6.31% (L + 4.25%) |   | 3/17/2025 |   | 685 |  |   | 680 |  |   | 678 |  |
| Market Track, LLC                                                 |   | Business Services |   |  6.18% (L + 4.25%) |   | 6/5/2024 |   | 4,778 |  |   | 4,773 |  |   | 4,300 |  |
| MED ParentCo, LP                                                  |   | Healthcare Services |   |  6.05% (L + 4.25%) |   | 8/31/2026 |   | 10,376 |  |   | 10,282 |  |   | 10,402 |  |
| MED ParentCo, LP                                                  |   | Healthcare Services |   |  6.05% (L + 4.25%) |   | 8/31/2026 |   | 553 |  |   | 549 |  |   | 554 |  |
| Ministry Brands, LLC                                              |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 4,549 |  |   | 4,534 |  |   | 4,549 |  |
| Ministry Brands, LLC                                              |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 880 |  |   | 877 |  |   | 880 |  |
| National Intergovernmental Purchasing Alliance Company            |   | Business Services |   |  5.69% (L + 3.75%) |   | 5/23/2025 |   | 8,790 |  |   | 8,786 |  |   | 8,790 |  |
| Navex Topco, Inc.                                                 |   | Software |   |  5.05% (L + 3.25%) |   | 9/5/2025 |   | 18,394 |  |   | 18,237 |  |   | 18,448 |  |
| Netsmart Technologies, Inc.                                       |   | Healthcare I.T. |   |  5.55% (L + 3.75%) |   | 4/19/2023 |   | 10,330 |  |   | 10,330 |  |   | 10,308 |  |
| Newport Group Holdings II, Inc.                                   |   | Business Services |   |  5.65% (L + 3.75%) |   | 9/12/2025 |   | 4,938 |  |   | 4,917 |  |   | 4,950 |  |
| NorthStar Financial Services Group, LLC                           |   | Software |   |  5.30% (L + 3.50%) |   | 5/25/2025 |   | 11,770 |  |   | 11,723 |  |   | 11,579 |  |
| Outcomes Group Holdings, Inc.                                     |   | Healthcare Services |   |  5.41% (L + 3.50%) |   | 10/24/2025 |   | 6,435 |  |   | 6,421 |  |   | 6,344 |  |
| Pelican Products, Inc.                                            |   | Business Products |   |  5.24% (L + 3.50%) |   | 5/1/2025 |   | 4,925 |  |   | 4,915 |  |   | 4,531 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.)                        |   | Federal Services |   |  7.05% (L + 5.25%) |   | 4/29/2024 |   | 15,430 |  |   | 15,371 |  |   | 15,363 |  |
| Premise Health Holding Corp.                                      |   | Healthcare Services |   |  5.44% (L + 3.50%) |   | 7/10/2025 |   | 13,723 |  |   | 13,666 |  |   | 13,580 |  |
| Project Accelerate Parent, LLC                                    |   | Business Services |   |  5.99% (L + 4.25%) |   | 1/2/2025 |   | 9,924 |  |   | 9,878 |  |   | 9,899 |  |
| Quest Software US Holdings Inc.                                   |   | Software |   |  6.18% (L + 4.25%) |   | 5/16/2025 |   | 14,850 |  |   | 14,790 |  |   | 14,739 |  |
| Sierra Enterprises, LLC                                           |   | Food & Beverage |   |  5.80% (L + 4.00%) |   | 11/11/2024 |   | 2,456 |  |   | 2,454 |  |   | 2,447 |  |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)       |   | Education |   |  6.19% (L + 4.25%) |   | 7/30/2025 |   | 14,812 |  |   | 14,782 |  |   | 14,905 |  |
| Wirepath LLC                                                      |   | Distribution & Logistics |   |  5.94% (L + 4.00%) |   | 8/5/2024 |   | 17,302 |  |   | 17,302 |  |   | 15,053 |  |

----

Table of Contents

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| WP CityMD Bidco LLC                      |   | Healthcare Services |   |  6.44% (L + 4.50%) |   | 8/13/2026 |   | 20,069 |  |   | 19,875 |  |   | 20,119 |  |
| YI, LLC                                  |   | Healthcare Services |   |  5.94% (L + 4.00%) |   | 11/7/2024 |   | 9,791 |  |   | 9,784 |  |   | 9,155 |  |
| Total Funded Investments                 |   |   |   |   |   |   |   | $ | 483,179 |  |   | $ | 480,816 |  |   | $ | 475,207 |  |
| Unfunded Investments - First lien        |   |   |   |   |   |   |   |   |   |   |   |   |
| BCPE Empire Holdings, Inc.               |   | Distribution & Logistics |   | — |   | 6/11/2021 |   | $ | 1,580 |  |   | $ | (16 | ) |   | $ | 10 |  |
| Bearcat Buyer, Inc.                      |   | Healthcare Services |   | — |   | 7/9/2021 |   | 2,792 |  |   | (14 | ) |   | (14 | ) |
| Bleriot US Bidco Inc.                    |   | Federal Services |   | — |   | 10/31/2020 |   | 676 |  |   | (7 | ) |   | 8 |  |
| Covenant Surgical Partners, Inc.         |   | Healthcare Services |   | — |   | 7/1/2021 |   | 2,000 |  |   | (20 | ) |   | (13 | ) |
| Heartland Dental, LLC                    |   | Healthcare Services |   | — |   | 4/30/2020 |   | 413 |  |   | — |  |   | (2 | ) |
| MED ParentCo, LP                         |   | Healthcare Services |   | — |   | 8/27/2021 |   | 2,044 |  |   | (20 | ) |   | 5 |  |
| Premise Health Holding Corp.             |   | Healthcare Services |   | — |   | 7/10/2020 |   | 1,103 |  |   | (3 | ) |   | (3 | ) |
| Total Unfunded Investments               |   |   |   |   |   |   |   | $ | 10,608 |  |   | $ | (80 | ) |   | $ | (9 | ) |
| Total Investments                        |   |   |   |   |   |   |   | $ | 493,787 |  |   | $ | 480,736 |  |   | $ | 475,198 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2019. |
|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP III. |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
| Selected Balance Sheet Information:                       | March 31, 2020 |   | December 31, 2019 |
| Investments at fair value (cost of $531,423 and $480,736) | $ | 462,537 |  |   | $ | 475,198 |  |
| Cash and other assets                                     | 15,472 |  |   | 12,836 |  |
| Total assets                                              | $ | 478,009 |  |   | $ | 488,034 |  |
|                                                           |  |   |  |
| Credit facility                                           | $ | 401,600 |  |   | $ | 355,400 |  |
| Deferred financing costs                                  | (2,773 | ) |   | (2,385 | ) |
| Payable for unsettled securities purchased                | — |  |   | 8,166 |  |
| Distribution payable                                      | 3,592 |  |   | 3,650 |  |
| Other liabilities                                         | 6,832 |  |   | 3,736 |  |
| Total liabilities                                         | 409,251 |  |   | 368,567 |  |
|                                                           |  |   |  |
| Members' capital                                          | $ | 68,758 |  |   | $ | 119,467 |  |
| Total liabilities and members' capital                    | $ | 478,009 |  |   | $ | 488,034 |  |

----

Table of Contents

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
| Selected Statement of Operations Information:                       | Three Months Ended |
|                                                                | March 31, 2020 |   | March 31, 2019 |
| Interest income                                                     | $ | 7,407 |  |   | $ | 6,293 |  |
| Other income                                                        | 181 |  |   | 70 |  |
| Total investment income                                             | 7,588 |  |   | 6,363 |  |
|                                                                     |  |   |  |
| Interest and other financing expenses                               | 3,696 |  |   | 3,391 |  |
| Other expenses                                                      | 157 |  |   | 138 |  |
| Total expenses                                                      | 3,853 |  |   | 3,529 |  |
| Net investment income                                               | 3,735 |  |   | 2,834 |  |
|                                                                     |  |   |  |
| Net realized (losses) gains on investments                          | (2 | ) |   | 33 |  |
| Net change in unrealized (depreciation) appreciation of investments | (63,348 | ) |   | 2,967 |  |
| Net (decrease) increase in members' capital                         | $ | (59,615 | ) |   | $ | 5,834 |  |

----

Table of Contents

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Quoted prices for similar assets or liabilities in active markets; |
|         |                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); |
|         |                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and |
|         |                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Total |   | Level I |   | Level II |   | Level III |
| First lien        | $ | 1,789,750 |  |   | $ | — |  |   | $ | 50,695 |  |   | $ | 1,739,055 |  |
| Second lien       | 696,740 |  |   | — |  |   | 67,542 |  |   | 629,198 |  |
| Subordinated      | 46,983 |  |   | — |  |   | 4,931 |  |   | 42,052 |  |
| Equity and other  | 457,844 |  |   | — |  |   | — |  |   | 457,844 |  |
| Total investments | $ | 2,991,317 |  |   | $ | — |  |   | $ | 123,168 |  |   | $ | 2,868,149 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Total |   | Level I |   | Level II |   | Level III |
| First lien        | $ | 1,801,615 |  |   | $ | — |  |   | $ | 263,192 |  |   | $ | 1,538,423 |  |
| Second lien       | 788,868 |  |   | — |  |   | 369,477 |  |   | 419,391 |  |
| Subordinated      | 66,774 |  |   | — |  |   | 20,870 |  |   | 45,904 |  |
| Equity and other  | 503,023 |  |   | — |  |   | — |  |   | 503,023 |  |
| Total investments | $ | 3,160,280 |  |   | $ | — |  |   | $ | 653,539 |  |   | $ | 2,506,741 |  |

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|                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                 | Total |   | First Lien |   | Second Lien |   | Subordinated |   | Equity andother |
| Fair value, December 31, 2019                                                                                                                                                        | $ | 2,506,741 |  |   | $ | 1,538,423 |  |   | $ | 419,391 |  |   | $ | 45,904 |  |   | $ | 503,023 |  |
| Total gains or losses included in earnings:                                                                                                                                          |   |  |   |  |  |   |  |  |   |  |  |   |  |  |
| Net realized (losses) gains on investments                                                                                                                                           | (102 | ) |   | (185 | ) |   | — |  |   | — |  |   | 83 |  |
| Net change in unrealized (depreciation) appreciation                                                                                                                                 | (181,399 | ) |   | (86,236 | ) |   | (31,724 | ) |   | (4,888 | ) |   | (58,551 | ) |
| Purchases, including capitalized PIK and revolver fundings                                                                                                                      | 220,476 |  |   | 195,654 |  |   | 10,497 |  |   | 1,036 |  |   | 13,289 |  |
| Proceeds from sales and paydowns of investments                                                                                                                                      | (97,561 | ) |   | (57,470 | ) |   | (40,091 | ) |   | — |  |   | — |  |
| Transfers into Level III(1)                                                                                                                                                          | 434,918 |  |   | 148,869 |  |   | 286,049 |  |   | — |  |   | — |  |
| Transfers out of Level III(1)                                                                                                                                                        | (14,924 | ) |   | — |  |   | (14,924 | ) |   | — |  |   | — |  |
| Fair Value, March 31, 2020                                                                                                                                                      | $ | 2,868,149 |  |   | $ | 1,739,055 |  |   | $ | 629,198 |  |   | $ | 42,052 |  |   | $ | 457,844 |  |
| Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $ | (181,745 | ) |   | $ | (86,312 | ) |   | $ | (31,994 | ) |   | $ | (4,888 | ) |   | $ | (58,551 | ) |

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

|     |                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of March 31, 2020, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. |

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|                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                 | Total |   | First Lien |   | Second Lien |   | Subordinated |   | Equity andother |
| Fair value, December 31, 2018                                                                                                                                                        | $ | 1,775,071 |  |   | $ | 987,528 |  |   | $ | 306,815 |  |   | $ | 40,087 |  |   | $ | 440,641 |  |
| Total gains or losses included in earnings:                                                                                                                                          |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Net realized gains on investments                                                                                                                                                    | 38 |  |   | 31 |  |   | 7 |  |   | — |  |   | — |  |
| Net change in unrealized appreciation (depreciation)                                                                                                                                 | 9,784 |  |   | 1,906 |  |   | 1,240 |  |   | (480 | ) |   | 7,118 |  |
| Purchases, including capitalized PIK and revolver fundings                                                                                                                           | 149,741 |  |   | 95,493 |  |   | 47,055 |  |   | 1,284 |  |   | 5,909 |  |
| Proceeds from sales and paydowns of investments                                                                                                                                      | (10,711 | ) |   | (7,854 | ) |   | (2,857 | ) |   | — |  |   | — |  |
| Transfers into Level III (1)                                                                                                                                                         | 104,983 |  |   | 36,971 |  |   | 68,012 |  |   | — |  |   | — |  |
| Transfers out of Level III (1)                                                                                                                                                       | (110,121 | ) |   | (6,359 | ) |   | (103,762 | ) |   | — |  |   | — |  |
| Fair Value, March 31, 2019                                                                                                                                                      | $ | 1,918,785 |  |   | $ | 1,107,716 |  |   | $ | 316,510 |  |   | $ | 40,891 |  |   | $ | 453,668 |  |
| Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | $ | 9,784 |  |   | $ | 1,906 |  |   | $ | 1,240 |  |   | $ | (480 | ) |   | $ | 7,118 |  |

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

|     |                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of March 31, 2019, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. |

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|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|             |   |   |   |   |   |   | Range |
| Type             | Fair Value as of March 31, 2020 |   | Approach |   | Unobservable Input |   | Low |   | High |   | WeightedAverage |
| First lien       | $ | 1,664,385 |  |   | Market & income approach |   | EBITDA multiple |   | 2.0x |  |   | 31.5x |  |   | 11.4x |  |
|             |   |   |   |   | Revenue multiple |   | 3.5x |  |   | 11.0x |  |   | 6.9x |  |
|             |   |  |   |   |   | Discount rate |   | 5.3 | % |   | 21.7 | % |   | 10.1 | % |
|             | 34,359 |  |   | Market quote |   | Broker quote |   | N/A |  |   | N/A |  |   | N/A |  |
|             | 40,311 |  |   | Other |   | N/A(1) |   | N/A |  |   | N/A |  |   | N/A |  |
| Second lien      | 629,198 |  |   | Market & income approach |   | EBITDA multiple |   | 4.3x |  |   | 32.0x |  |   | 9.0x |  |
|             |   |   |   |   | Revenue multiple |   | 0.3x |  |   | 0.4x |  |   | 0.4x |  |
|             |   |  |   |   |   | Discount rate |   | 8.9 | % |   | 24.7 | % |   | 12.1 | % |
| Subordinated     | 42,052 |  |   | Market & income approach |   | EBITDA multiple |   | 3.8x |  |   | 15.0x |  |   | 11.0x |  |
|             |   |  |   |   |   | Discount rate |   | 15.8 | % |   | 42.9 | % |   | 26.0 | % |
| Equity and other | 456,905 |  |   | Market & income approach |   | EBITDA multiple |   | 4.5x |  |   | 19.5x |  |   | 11.9x |  |
|             |   |   |   |   | Revenue multiple |   | 0.3x |  |   | 0.4x |  |   | 0.4x |  |
|             |   |  |   |   |   | Discount rate |   | 6.4 | % |   | 44.3 | % |   | 15.1 | % |
|             | 781 |  |   | Black Scholes analysis |   | Expected life in years |   | 6.0 |  |   | 6.0 |  |   | 6.0 |  |
|             |   |  |   |   |   | Volatility |   | 56.8 | % |   | 56.8 | % |   | 56.8 | % |
|             |   |  |   |   |   | Discount rate |   | 2.4 | % |   | 2.4 | % |   | 2.4 | % |
|             | 158 |  |   | Other |   | N/A(1) |   | N/A |  |   | N/A |  |   | N/A |  |
|             | $ | 2,868,149 |  |   |   |   |   |   |   |  |   |   |  |   |   |  |

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

|     |                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. |

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|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|             |   |   |   |   |   |   | Range |
| Type             | Fair Value as of December 31, 2019 |   | Approach |   | Unobservable Input |   | Low |   | High |   | WeightedAverage |
| First lien       | $ | 1,239,847 |  |   | Market & income approach |   | EBITDA multiple |   | 2.0x |  |   | 35.0x |  |   | 14.1x |  |
|             |   |  |   |   |   | Revenue multiple |   | 3.5x |  |   | 11.0x |  |   | 6.5x |  |
|             |   |   |   |   | Discount rate |   | 6.3 | % |   | 14.8 | % |   | 8.6 | % |
|             | 298,576 |  |   | Market quote |   | Broker quote |   | N/A |  |   | N/A |  |   | N/A |  |
| Second lien      | 196,494 |  |   | Market & income approach |   | EBITDA multiple |   | 6.5x |  |   | 32.0x |  |   | 14.8x |  |
|             |   |  |   |   |   | Revenue multiple |   | 0.1x |  |   | 1.3x |  |   | 0.7x |  |
|             |  |  |   |  |   | Discount rate |   | 8.6 | % |   | 20.4 | % |   | 11.6 | % |
|             | 222,897 |  |   | Market quote |   | Broker quote |   | N/A |  |   | N/A |  |   | N/A |  |
| Subordinated     | 45,904 |  |   | Market & income approach |   | EBITDA multiple |   | 5.5x |  |   | 15.0x |  |   | 10.7x |  |
|             |   |  |   |   |   | Discount rate |   | 10.2 | % |   | 35.0 | % |   | 18.8 | % |
| Equity and other | 502,125 |  |   | Market & income approach |   | EBITDA multiple |   | 5.5x |  |   | 19.5x |  |   | 11.9x |  |
|             |   |  |   |   |   | Revenue multiple |   | 0.1x |  |   | 1.3x |  |   | 0.7x |  |
|             |   |   |   |   | Discount rate |   | 6.2 | % |   | 57.4 | % |   | 13.8 | % |
|             | 898 |  |   | Black Scholes analysis |   | Expected life in years |   | 6.3 |  |   | 6.3 |  |   | 6.3 |  |
|             |   |   |   |   | Volatility |   | 23.4 | % |   | 23.4 | % |   | 23.4 | % |
|             |   |   |   |   | Discount rate |   | 1.8 | % |   | 1.8 | % |   | 1.8 | % |
|             | $ | 2,506,741 |  |   |   |   |   |   |   |  |   |   |  |   |   |  |

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|         |                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the “preferred return” or “hurdle”). |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the “catch-up”. The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter. |
|         |                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved. |

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Table of Contents

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |
|                                                          | Three Months Ended |
|                                                          | March 31, 2020 |   | March 31, 2019 |
| Management fee                                           | $ | 13,858 |  |   | $ | 10,975 |  |
| Less: management fee waiver                                   | (3,543 | ) |   | (2,533 | ) |
| Total management fee                                          | 10,315 |  |   | 8,442 |  |
| Incentive fee, excluding accrued capital gains incentive fees | $ | 7,826 |  |   | $ | 6,863 |  |
| Accrued capital gains incentive fees(1)                       | $ | — |  |   | $ | — |  |

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

|     |                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of March 31, 2020 and March 31, 2019, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation. |

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Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
|                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 5,421 |  |   | $ | 6,338 |  |
| Non-usage fee                   | $ | 212 |  |   | $ | 117 |  |
| Amortization of financing costs | $ | 329 |  |   | $ | 679 |  |
| Weighted average interest rate  | 3.5 | % |   | 4.5 | % |
| Effective interest rate         | 3.8 | % |   | 5.1 | % |
| Average debt outstanding        | $ | 629,542 |  |   | $ | 566,338 |  |

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Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
|                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 1,940 |  |   | $ | 1,019 |  |
| Non-usage fee                   | $ | — |  |   | $ | 50 |  |
| Amortization of financing costs | $ | 34 |  |   | $ | 122 |  |
| Weighted average interest rate  | 4.1 | % |   | 5.1 | % |
| Effective interest rate         | 4.2 | % |   | 5.9 | % |
| Average debt outstanding        | $ | 188,500 |  |   | $ | 81,500 |  |

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Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
|                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense(1)             | $ | 2,641 |  |   | $ | 535 |  |
| Non-usage fee(1)                | $ | 57 |  |   | $ | 77 |  |
| Amortization of financing costs | $ | 159 |  |   | $ | 65 |  |
| Weighted average interest rate  | 4.5 | % |   | 5.6 | % |
| Effective interest rate         | 4.9 | % |   | 7.1 | % |
| Average debt outstanding        | $ | 235,055 |  |   | $ | 38,456 |  |

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

|     |                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility. |

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Table of Contents

|                                          |
|------------------------------------------|
|                                          |  |  |  |
|                                     | 2018 Convertible Notes |
| Initial conversion premium               | 10.0 | % |
| Initial conversion rate(1)               | 65.8762 |  |
| Initial conversion price                 | $ | 15.18 |  |
| Conversion premium at March 31, 2020     | 10.0 | % |
| Conversion rate at March 31, 2020(1)(2)  | 65.8762 |  |
| Conversion price at March 31, 2020(2)(3) | $ | 15.18 |  |
| Last conversion price calculation date   | August 20, 2019 |  |

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

|     |                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------|
| (1) | Conversion rates denominated in shares of common stock per $1 principal amount of the 2018 Convertible Notes converted. |
|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date. |
|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The conversion price in effect at March 31, 2020 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary. |

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Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
|                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 2,893 |  |   | $ | 3,594 |  |
| Amortization of financing costs | $ | 99 |  |   | $ | 346 |  |
| Amortization of premium         | $ | (26 | ) |   | $ | (27 | ) |
| Weighted average interest rate  | 5.8 | % |   | 5.4 | % |
| Effective interest rate         | 5.9 | % |   | 5.9 | % |
| Average debt outstanding        | $ | 201,250 |  |   | $ | 270,250 |  |

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Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
|                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 5,960 |  |   | $ | 4,360 |  |
| Amortization of financing costs | $ | 317 |  |   | $ | 275 |  |
| Weighted average interest rate  | 5.3 | % |   | 5.3 | % |
| Effective interest rate         | 5.6 | % |   | 5.6 | % |
| Average debt outstanding        | $ | 453,250 |  |   | $ | 336,750 |  |

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Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| Issuance Date                    |   | Maturity Date |   | Debenture Amount |   | Interest Rate |   | SBA Annual Charge |
| Fixed SBA-guaranteed debentures(1):   |   |   |   |   |  |   |   |  |   |   |  |
| March 25, 2015                   |   | March 1, 2025 |   | $ | 37,500 |  |   | 2.517 | % |   | 0.355 | % |
| September 23, 2015                    |   | September 1, 2025 |   | 37,500 |  |   | 2.829 | % |   | 0.355 | % |
| September 23, 2015                    |   | September 1, 2025 |   | 28,795 |  |   | 2.829 | % |   | 0.742 | % |
| March 23, 2016                        |   | March 1, 2026 |   | 13,950 |  |   | 2.507 | % |   | 0.742 | % |
| September 21, 2016                    |   | September 1, 2026 |   | 4,000 |  |   | 2.051 | % |   | 0.742 | % |
| September 20, 2017                    |   | September 1, 2027 |   | 13,000 |  |   | 2.518 | % |   | 0.742 | % |
| March 21, 2018                        |   | March 1, 2028 |   | 15,255 |  |   | 3.187 | % |   | 0.742 | % |
| Fixed SBA-guaranteed debentures(2):   |   |  |   |  |  |   |  |  |   |  |  |
| September 19, 2018                    |   | September 1, 2028 |   | 15,000 |  |   | 3.548 | % |   | 0.222 | % |
| September 25, 2019                    |   | September 1, 2029 |   | 19,000 |  |   | 2.283 | % |   | 0.222 | % |
| March 25, 2020                        |   | March 1, 2030 |   | 24,000 |  |   | 2.078 | % |   | 0.222 | % |
| March 25, 2020                        |   | March 1, 2030 |   | 17,000 |  |   | 2.078 | % |   | 0.222 | % |
| March 25, 2020                        |   | March 1, 2030 |   | 24,000 |  |   | 2.078 | % |   | 0.275 | % |
| Interim SBA-guaranteed debentures(2): |   |   |   |   |   |   |   |   |
|                                  |   | September 1, 2030 (3) |   | 30,000 |  |   | 1.279 | % |   | 0.275 | % |
|                                  |   | September 1, 2030 (3) |   | 21,000 |  |   | 1.393 | % |   | 0.275 | % |
| Total SBA-guaranteed debentures       |   |   |   | $ | 300,000 |  |   |   |  |   |   |  |

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

|     |                                               |
|-----|-----------------------------------------------|
| (1) | SBA-guaranteed debentures are held in SBIC I. |
|     |                                                |
|-----|------------------------------------------------|
| (2) | SBA-guaranteed debentures are held in SBIC II. |
|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| (3) | Estimated maturity date as interim SBA-debentures are expected to pool in September 2020. |

----

Table of Contents

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
|                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 1,823 |  |   | $ | 1,345 |  |
| Amortization of financing costs | $ | 202 |  |   | $ | 136 |  |
| Weighted average interest rate  | 3.0 | % |   | 3.3 | % |
| Effective interest rate         | 3.4 | % |   | 3.6 | % |
| Average debt outstanding        | $ | 243,099 |  |   | $ | 165,000 |  |

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|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                           |   |   |   |   |   |   | Accumulated Overdistributed Earnings |   |   |   |   |   |   |
|                                                                           | Common Stock |   | Paid inCapital inExcess |   | AccumulatedNet Investment |   | Accumulated Net Realized (Losses)  |   | Net UnrealizedAppreciation |   |   |   | Non-ControllingInterest in |   | Total |
|                                                                           | Shares |   | Par Amount |   | of Par |   | Income |   | Gains |   | (Depreciation) |   | Total |   | NMNLC |   | Net Assets |
| Net assets at December 31, 2019                                           | 96,827,342 |  |   | $ | 968 |  |   | $ | 1,287,853 |  |   | $ | 91,333 |  |   | $ | (85,448 | ) |   | $ | (11,238 | ) |   | $ | 1,283,468 |  |   | $ | — |  |   | $ | 1,283,468 |  |
| Distributions declared                                                         | — |  |   | — |  |   | — |  |   | (32,921 | ) |   | — |  |   | — |  |   | (32,921 | ) |   | — |  |   | (32,921 | ) |
| Purchase of non-controlling interest in NMNLC                                  | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 11,315 |  |   | 11,315 |  |
| Net increase (decrease) in net assets resulting from operations | — |  |   | — |  |   | — |  |   | 31,305 |  |   | 114 |  |   | (203,776 | ) |   | (172,357 | ) |   | (65 | ) |   | (172,422 | ) |
| Net assets at March 31, 2020                                              | 96,827,342 |  |   | $ | 968 |  |   | $ | 1,287,853 |  |   | $ | 89,717 |  |   | $ | (85,334 | ) |   | $ | (215,014 | ) |   | $ | 1,078,190 |  |   | $ | 11,250 |  |   | $ | 1,089,440 |  |

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                           |   |   |   |   |   |   | Accumulated Overdistributed Earnings |   |   |
|                                                                           | Common Stock |   | Paid inCapital in |   | AccumulatedNet Investment |   | Accumulated Net Realized  |   | Net UnrealizedAppreciation |   | Total |
|                                                                           | Shares |   | Par Amount |   | Excess of Par |   | Income |   | (Losses) Gains |   | (Depreciation) |   | Net Assets |
| Net assets at December 31, 2018                                           | 76,106,372 |  |   | $ | 761 |  |   | $ | 1,035,629 |  |   | $ | 61,975 |  |   | $ | (86,338 | ) |   | $ | (5,758 | ) |   | $ | 1,006,269 |  |
| Issuances of common stock                                                 | 4,413,058 |  |   | 44 |  |   | 60,617 |  |   | — |  |   | — |  |   | — |  |   | 60,661 |  |
| Deferred offering costs                                                        | — |  |   | — |  |   | (229 | ) |   | — |  |   | — |  |   | — |  |   | (229 | ) |
| Distributions declared                                                         | — |  |   | — |  |   | — |  |   | (27,342 | ) |   | — |  |   | — |  |   | (27,342 | ) |
| Net increase (decrease) in net assets resulting from operations | — |  |   | — |  |   | — |  |   | 27,450 |  |   | 46 |  |   | 16,424 |  |   | 43,920 |  |
| Net assets at March 31, 2019                                              | 80,519,430 |  |   | $ | 805 |  |   | $ | 1,096,017 |  |   | $ | 62,083 |  |   | $ | (86,292 | ) |   | $ | 10,666 |  |   | $ | 1,083,279 |  |

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|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |
|                                                                      | Three Months Ended |
|                                                                      | March 31, 2020 |   | March 31, 2019 |
| Earnings per share—basic                                            |   |  |   |   |  |
| Numerator for basic earnings per share:                                   | $ | (172,357 | ) |   | $ | 43,920 |  |
| Denominator for basic weighted average share:                             | 96,827,342 |  |   | 78,457,641 |  |
| Basic earnings per share:                                                 | $ | (1.78 | ) |   | $ | 0.56 |  |
| Earnings per share—diluted(1)                                       |   |  |   |   |  |
| Numerator for increase in net assets per share                            | $ | (172,357 | ) |   | $ | 43,920 |  |
| Adjustment for interest on Convertible Notes and incentive fees, net | 2,314 |  |   | 2,875 |  |
| Numerator for diluted earnings per share:                                 | $ | (170,043 | ) |   | $ | 46,795 |  |
| Denominator for basic weighted average share                              | 96,827,342 |  |   | 78,457,641 |  |
| Adjustment for dilutive effect of Convertible Notes                       | 13,257,585 |  |   | 17,399,889 |  |
| Denominator for diluted weighted average share                            | 110,084,927 |  |   | 95,857,530 |  |
| Diluted earnings per share                                                | $ | (1.78 | ) |   | $ | 0.49 |  |

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|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended March 31, 2020 there was anti-dilution. For the three months ended March 31, 2019, there was no anti-dilution. |

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|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |
|                                                                         | Three Months Ended |
|                                                                         | March 31, 2020 |   | March 31, 2019 |
| Per share data(1):                                                           |   |  |   |   |  |
| Net asset value, January 1, 2020 and January 1, 2019, respectively | $ | 13.26 |  |   | $ | 13.22 |  |
| Net investment income                                                        | 0.32 |  |   | 0.35 |  |
| Net realized and unrealized gains (losses)(2)                                | (2.10 | ) |   | 0.22 |  |
| Total net (decrease) increase                                                | (1.78 | ) |   | 0.57 |  |
| Distributions declared to stockholders from net investment income            | (0.34 | ) |   | (0.34 | ) |
| Net asset value, March 31, 2020 and March 31, 2019, respectively        | $ | 11.14 |  |   | $ | 13.45 |  |
| Per share market value, March 31, 2020 and March 31, 2019, respectively      | $ | 6.80 |  |   | $ | 13.57 |  |
| Total return based on market value(3)                                        | (48.02 | )% |   | 10.57 | % |
| Total return based on net asset value(4)                                     | (13.46 | )% |   | 4.34 | % |
| Shares outstanding at end of period                                          | 96,827,342 |  |   | 80,519,430 |  |
| Average weighted shares outstanding for the period                           | 96,827,342 |  |   | 78,457,641 |  |
| Average net assets for the period                                            | $ | 1,281,212 |  |   | $ | 1,082,424 |  |
| Ratio to average net assets:                                                 |   |  |   |   |  |
| Net investment income                                                        | 9.83 |  % |   | 10.28 | % |
| Total expenses, before waivers/reimbursements                                | 14.54 |  % |   | 14.71 | % |
| Total expenses, net of waivers/reimbursements                                | 13.43 |  % |   | 13.77 | % |
| Average debt outstanding—Holdings Credit Facility                      | $ | 629,542 |  |   | $ | 566,338 |  |
| Average debt outstanding—Unsecured Notes                               | 453,250 |  |   | 336,750 |  |
| Average debt outstanding—SBA-guaranteed debentures                     | 243,099 |  |   | 165,000 |  |
| Average debt outstanding—DB Credit Facility                            | 235,055 |  |   | 38,456 |  |
| Average debt outstanding—Convertible Notes                             | 201,250 |  |   | 270,250 |  |
| Average debt outstanding—NMFC Credit Facility                          | 188,500 |  |   | 81,500 |  |
| Asset coverage ratio(5)                                                      | 164.08 |  % |   | 179.71 | % |
| Portfolio turnover                                                           | 5.66 |  % |   | 0.23 | % |

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

|     |                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share). |
|     |                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes the accretive effect of common stock issuances per share, which for the three months ended March 31, 2020 and March 31, 2019 were $0.00 and $0.01, respectively. |
|     |                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. |
|     |                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. |
|     |                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation. |

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|  |
|--|
|  |  |
|  |  Deloitte & Touche LLP 30 Rockefeller PlazaNew York, NY 10112USA Tel:    212 492 4000Fax:   212 489 1687www.deloitte.com |

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|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| Item 2. |  Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | statements concerning the impact of a protracted decline in the liquidity of credit markets; |
|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | the general economy, including the impact of interest and inflation rates, and the COVID-19 pandemic on the industries in which we invest; |
|         |                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our future operating results, our business prospects, the adequacy of our cash resources and working capital, and the impact of the COVID-19 pandemic thereon; |
|         |                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------|
| • | the ability of our portfolio companies to achieve their objectives and the impact of COVID-19 pandemic thereon; |
|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments; |
|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the ability of New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") or its affiliates to attract and retain highly talented professionals; |
|         |                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky and related and other vehicles; and |
|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risk factors set forth in Item 1A.—Risk Factors contained in our annual report on Form 10-K for the year ended December 31, 2019 and in this quarterly report on Form 10-Q. |

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|         |                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | New Mountain Finance Holdings, L.L.C. ("NMF Holdings" or the "Predecessor Operating Company") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively; |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | New Mountain Finance SBIC, L.P. ("SBIC I")  and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the United States ("U.S.") Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act") and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP") and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively; |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | NMF Ancora Holdings Inc. ("NMF Ancora"), NMF QID Holdings, Inc. ("NMF QID") and NMF YP Holdings Inc. ("NMF YP"), which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate our tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and |
|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions. |

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|     |                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. |
|     |                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. |

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and |
|    |                                                                                                                           |
|----|---------------------------------------------------------------------------------------------------------------------------|
| b. | For investments other than bonds, we look at the number of quotes readily available and perform the following procedures: |
|    |                                                                                                                                                                                                                                                                                                                                                                             |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| i. | Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value; |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ii. | Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). |
|     |                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: |
|    |                                                                                                                                                           |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; |
|    |                                                                                                     |
|----|-----------------------------------------------------------------------------------------------------|
| b. | Preliminary valuation conclusions will then be documented and discussed with our senior management; |
|    |                                                                                                                                                                                                                                                                                                                                                                                                    |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and |
|    |                                                                                                                                                                                                                                                                                                                                    |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| d. | When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Quoted prices for similar assets or liabilities in active markets; |

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|         |                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); |
|         |                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and |
|         |                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands) |   | Total |   | Level I |   | Level II |   | Level III |
| First lien          |   | $ | 1,789,750 |  |   | $ | — |  |   | $ | 50,695 |  |   | $ | 1,739,055 |  |
| Second lien         |   | 696,740 |  |   | — |  |   | 67,542 |  |   | 629,198 |  |
| Subordinated        |   | 46,983 |  |   | — |  |   | 4,931 |  |   | 42,052 |  |
| Equity and other    |   | 457,844 |  |   | — |  |   | — |  |   | 457,844 |  |
| Total investments   |   | $ | 2,991,317 |  |   | $ | — |  |   | $ | 123,168 |  |   | $ | 2,868,149 |  |

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|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands)   |   |   |   |   |   |   | Range |   |
| Type             | Fair Value as of March 31, 2020 |   | Approach |   | Unobservable Input |   | Low |   | High |   | WeightedAverage |   |
| First lien       | $ | 1,664,385 |  |   | Market & income approach |   | EBITDA multiple |   | 2.0x |  |   | 31.5x |  |   | 11.4x |  |   |
|             |   |   |   |   | Revenue multiple |   | 3.5x |  |   | 11.0x |  |   | 6.9x |  |   |
|             |   |  |   |   |   | Discount rate |   | 5.3 | % |   | 21.7 | % |   | 10.1 | % |   |
|             | 34,359 |  |   | Market quote |   | Broker quote |   | N/A |  |   | N/A |  |   | N/A |  |   |
|             | 40,311 |  |   | Other |   | N/A(1) |   | N/A |  |   | N/A |  |   | N/A |  |   |
| Second lien      | 629,198 |  |   | Market & income approach |   | EBITDA multiple |   | 4.3x |  |   | 32.0x |  |   | 9.0x |  |   |
|             |   |   |   |   | Revenue multiple |   | 0.3x |  |   | 0.4x |  |   | 0.4x |  |   |
|             |   |  |   |   |   | Discount rate |   | 8.9 | % |   | 24.7 | % |   | 12.1 | % |   |
| Subordinated     | 42,052 |  |   | Market & income approach |   | EBITDA multiple |   | 3.8x |  |   | 15.0x |  |   | 11.0x |  |   |
|             |   |  |   |   |   | Discount rate |   | 15.8 | % |   | 42.9 | % |   | 26.0 | % |   |
| Equity and other | 456,905 |  |   | Market & income approach |   | EBITDA multiple |   | 4.5x |  |   | 19.5x |  |   | 11.9x |  |   |
|             |   |   |   |   | Revenue multiple |   | 0.3x |  |   | 0.4x |  |   | 0.4x |  |   |
|             |   |  |   |   |   | Discount rate |   | 6.4 | % |   | 44.3 | % |   | 15.1 | % |   |
|             | 781 |  |   | Black Scholes analysis |   | Expected life in years |   | 6.0 |  |   | 6.0 |  |   | 6.0 |  |   |
|             |   |  |   |   |   | Volatility |   | 56.8 | % |   | 56.8 | % |   | 56.8 | % |   |
|             |   |  |   |   |   | Discount rate |   | 2.4 | % |   | 2.4 | % |   | 2.4 | % |   |
|             | 158 |  |   | Other |   | N/A(1) |   | N/A |  |   | N/A |  |   | N/A |  |   |
|             | $ | 2,868,149 |  |   |   |   |   |   |   |  |   |   |  |   |   |  |   |

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|        |
|   |

|     |                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. |

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|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |
| (in thousands)                                               |   | March 31, 2020 |   | December 31, 2019 |
| First lien investments (1)                                   |   | $ | 335,833 |  |   | 351,160 |  |
| Weighted average interest rate on first lien investments (2) |   | 5.74 | % |   | 6.29 | % |
| Number of portfolio companies in SLP II                      |   | 36 |  |   | 37 |  |
| Largest portfolio company investment (1)                     |   | $ | 17,411 |  |   | 17,456 |  |
| Total of five largest portfolio company investments (1)      |   | $ | 78,467 |  |   | 78,932 |  |

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

|     |                                                        |
|-----|--------------------------------------------------------|
| (1) | Reflects principal amount or par value of investments. |
|     |                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------|
| (2) | Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment   |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Funded Investments - First lien:           |   |   |   |   |   |   |   | (in thousands) |   | (in thousands) |   | (in thousands) |
| Access CIG, LLC                            |   | Business Services |   |  5.53% (L + 3.75%) |   | 2/27/2025 |   | $ | 4,649 |  |   | $ | 4,631 |  |   | $ | 3,835 |  |
| ADG, LLC                                   |   | Healthcare Services |   |  7.17% (L + 4.75% + 0.50% PIK) |   | 9/28/2023 |   | 16,185 |  |   | 16,096 |  |   | 13,328 |  |
| Advisor Group Holdings, Inc.               |   | Consumer Services |   |  5.99% (L + 5.00%) |   | 7/31/2026 |   | 4,988 |  |   | 4,941 |  |   | 3,840 |  |
| Bearcat Buyer, Inc.                        |   | Healthcare Services |   |  5.70% (L + 4.25%) |   | 7/9/2026 |   | 90 |  |   | 90 |  |   | 86 |  |
| Bearcat Buyer, Inc.                        |   | Healthcare Services |   |  5.70% (L + 4.25%) |   | 7/9/2026 |   | 1,375 |  |   | 1,369 |  |   | 1,318 |  |
| Bleriot US Bidco Inc.                      |   | Federal Services |   |  7.00% (P + 3.75%) |   | 10/31/2026 |   | 1,351 |  |   | 1,338 |  |   | 1,179 |  |
| Bleriot US Bidco Inc.                      |   | Federal Services |   |  6.20% (L + 4.75%) |   | 10/30/2026 |   | 8,649 |  |   | 8,565 |  |   | 7,546 |  |
| Brave Parent Holdings, Inc.                |   | Software |   |  5.78% (L + 4.00%) |   | 4/18/2025 |   | 11,680 |  |   | 11,647 |  |   | 10,201 |  |
| CentralSquare Technologies, LLC            |   | Software |   |  5.20% (L + 3.75%) |   | 8/29/2025 |   | 14,813 |  |   | 14,782 |  |   | 11,554 |  |
| CHA Holdings, Inc.                         |   | Business Services |   |  5.57% (L + 4.50%) |   | 4/10/2025 |   | 2,042 |  |   | 2,033 |  |   | 1,991 |  |
| CHA Holdings, Inc.                         |   | Business Services |   |  5.57% (L + 4.50%) |   | 4/10/2025 |   | 10,670 |  |   | 10,633 |  |   | 10,363 |  |
| CommerceHub, Inc.                          |   | Software |   |  4.49% (L + 3.50%) |   | 5/21/2025 |   | 2,456 |  |   | 2,447 |  |   | 2,063 |  |
| Dealer Tire, LLC                           |   | Distribution & Logistics |   |  5.24% (L + 4.25%) |   | 12/12/2025 |   | 7,481 |  |   | 7,463 |  |   | 6,210 |  |
| Drilling Info Holdings, Inc.               |   | Business Services |   |  5.24% (L + 4.25%) |   | 7/30/2025 |   | 14,720 |  |   | 14,668 |  |   | 13,599 |  |
| Edgewood Partners Holdings LLC             |   | Business Services |   |  5.25% (L + 4.25%) |   | 9/6/2024 |   | 7,413 |  |   | 7,351 |  |   | 7,144 |  |
| eResearchTechnology, Inc.                  |   | Healthcare Services |   |  5.50% (L + 4.50%) |   | 2/4/2027 |   | 3,145 |  |   | 3,114 |  |   | 2,809 |  |
| Fastlane Parent Company, Inc.              |   | Distribution & Logistics |   |  5.49% (L + 4.50%) |   | 2/4/2026 |   | 3,465 |  |   | 3,405 |  |   | 2,997 |  |
| Greenway Health, LLC                       |   | Software |   |  4.82% (L + 3.75%) |   | 2/16/2024 |   | 14,588 |  |   | 14,543 |  |   | 9,555 |  |
| Help/Systems Holdings, Inc.                |   | Software |   |  5.75% (L + 4.75%) |   | 11/19/2026 |   | 4,444 |  |   | 4,402 |  |   | 3,845 |  |
| Institutional Shareholder Services Inc.    |   | Business Services |   |  5.57% (L + 4.50%) |   | 3/5/2026 |   | 13,860 |  |   | 13,739 |  |   | 11,573 |  |
| Keystone Acquisition Corp.                 |   | Healthcare Services |   |  6.70% (L + 5.25%) |   | 5/1/2024 |   | 5,265 |  |   | 5,231 |  |   | 4,968 |  |
| LSCS Holdings, Inc.                        |   | Healthcare Services |   |  5.32% (L + 4.25%) |   | 3/17/2025 |   | 1,879 |  |   | 1,877 |  |   | 1,738 |  |
| LSCS Holdings, Inc.                        |   | Healthcare Services |   |  5.32% (L + 4.25%) |   | 3/17/2025 |   | 7,280 |  |   | 7,272 |  |   | 6,734 |  |
| Market Track, LLC                          |   | Business Services |   |  6.03% (L + 4.25%) |   | 6/5/2024 |   | 11,670 |  |   | 11,632 |  |   | 9,686 |  |
| MediaOcean, LLC                            |   | Software |   |  4.99% (L + 4.00%) |   | 8/18/2025 |   | 4,392 |  |   | 4,380 |  |   | 4,018 |  |
| Medical Solutions Holdings, Inc.           |   | Healthcare Services |   |  5.50% (L + 4.50%) |   | 6/14/2024 |   | 2,788 |  |   | 2,779 |  |   | 2,481 |  |
| Ministry Brands, LLC                       |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 2,089 |  |   | 2,084 |  |   | 1,997 |  |
| Ministry Brands, LLC                       |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 878 |  |   | 875 |  |   | 839 |  |
| Ministry Brands, LLC                       |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 12,128 |  |   | 12,096 |  |   | 11,592 |  |
| NorthStar Financial Services Group, LLC    |   | Software |   |  4.49% (L + 3.50%) |   | 5/25/2025 |   | 5,885 |  |   | 5,862 |  |   | 4,796 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.) |   | Federal Services |   |  6.87% (L + 5.25%) |   | 4/29/2024 |   | 10,211 |  |   | 10,178 |  |   | 9,548 |  |
| Premise Health Holding Corp.               |   | Healthcare Services |   |  4.95% (L + 3.50%) |   | 7/10/2025 |   | 1,369 |  |   | 1,363 |  |   | 1,261 |  |
| Project Accelerate Parent, LLC             |   | Business Services |   |  5.25% (L + 4.25%) |   | 1/2/2025 |   | 12,513 |  |   | 12,468 |  |   | 9,698 |  |
| PSC Industrial Holdings Corp.              |   | Industrial Services |   |  4.75% (L + 3.75%) |   | 10/11/2024 |   | 3,052 |  |   | 3,031 |  |   | 2,819 |  |
| Quest Software US Holdings Inc.            |   | Software |   |  6.03% (L + 4.25%) |   | 5/16/2025 |   | 14,812 |  |   | 14,755 |  |   | 13,673 |  |
| Salient CRGT Inc.                          |   | Federal Services |   |  7.57% (L + 6.50%) |   | 2/28/2022 |   | 13,040 |  |   | 12,985 |  |   | 12,421 |  |
| Wirepath LLC                               |   | Distribution & Logistics |   |  5.07% (L + 4.00%) |   | 8/5/2024 |   | 14,775 |  |   | 14,775 |  |   | 12,928 |  |
| WP CityMD Bidco LLC                        |   | Healthcare Services |   |  5.95% (L + 4.50%) |   | 8/13/2026 |   | 14,963 |  |   | 14,822 |  |   | 13,504 |  |
| Wrench Group LLC                           |   | Consumer Services |   |  5.00% (L + 4.00%) |   | 4/30/2026 |   | 459 |  |   | 454 |  |   | 390 |  |
| Wrench Group LLC                           |   | Consumer Services |   |  5.45% (L + 4.00%) |   | 4/30/2026 |   | 4,466 |  |   | 4,426 |  |   | 3,796 |  |
| YI, LLC                                    |   | Healthcare Services |   |  5.45% (L + 4.00%) |   | 11/7/2024 |   | 14,763 |  |   | 14,754 |  |   | 11,441 |  |
| Zelis Cost Management Buyer, Inc.          |   | Healthcare I.T. |   |  5.74% (L + 4.75%) |   | 9/30/2026 |   | 10,337 |  |   | 10,238 |  |   | 9,562 |  |
| Zywave, Inc.                               |   | Software |   |  6.78% (L + 5.00%) |   | 11/17/2022 |   | 16,931 |  |   | 16,890 |  |   | 16,593 |  |
| Zywave, Inc.                               |   | Software |   |  6.78% (L + 5.00%) |   | 11/17/2022 |   | 480 |  |   | 476 |  |   | 471 |  |
| Total Funded Investments                   |   |   |   |   |   |   |   | $ | 334,489 |  |   | $ | 332,960 |  |   | $ | 291,990 |  |
| Unfunded Investments - First lien:         |   |   |   |   |   |   |   |   |   |   |   |   |
| Bearcat Buyer, Inc.                        |   | Healthcare Services |   | — |   | 7/9/2021 |   | $ | 194 |  |   | $ | (1 | ) |   | $ | (8 | ) |
| Premise Health Holding Corp.               |   | Healthcare Services |   | — |   | 7/10/2020 |   | 110 |  |   | — |  |   | (4 | ) |
| Wrench Group LLC                           |   | Consumer Services |   | — |   | 4/30/2021 |   | 1,040 |  |   | — |  |   | (156 | ) |
| Total Unfunded Investments                 |   |   |   |   |   |   |   | $ | 1,344 |  |   | $ | (1 | ) |   | $ | (168 | ) |
| Total Investments                          |   |   |   |   |   |   |   | $ | 335,833 |  |   | $ | 332,959 |  |   | $ | 291,822 |  |

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|   |

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Table of Contents

|     |                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2020. |
|     |                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). Our board of directors does not determine the fair value of the investments held by SLP II. |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment                    |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Funded Investments - First lien                             |   |   |   |   |   |   |   | (in thousands) |   | (in thousands) |   | (in thousands) |
| Access CIG, LLC                                             |   | Business Services |   |  5.44% (L + 3.75%) |   | 2/27/2025 |   | $ | 9,833 |  |   | $ | 9,794 |  |   | $ | 9,841 |  |
| ADG, LLC                                                    |   | Healthcare Services |   |  7.17% (L + 4.75% + 0.50% PIK) |   | 9/28/2023 |   | 16,074 |  |   | 15,980 |  |   | 15,813 |  |
| Advisor Group Holdings, Inc.                                |   | Consumer Services |   |  6.80% (L + 5.00%) |   | 7/31/2026 |   | 5,000 |  |   | 4,952 |  |   | 4,972 |  |
| Bearcat Buyer, Inc.                                         |   | Healthcare Services |   |  6.19% (L + 4.25%) |   | 7/9/2026 |   | 1,379 |  |   | 1,372 |  |   | 1,372 |  |
| Bearcat Buyer, Inc.                                         |   | Healthcare Services |   |  6.19% (L + 4.25%) |   | 7/9/2026 |   | 90 |  |   | 90 |  |   | 90 |  |
| Bleriot US Bidco Inc.                                       |   | Federal Services |   |  6.69% (L + 4.75%) |   | 10/30/2026 |   | 8,649 |  |   | 8,563 |  |   | 8,746 |  |
| Brave Parent Holdings, Inc.                                 |   | Software |   |  5.93% (L + 4.00%) |   | 4/18/2025 |   | 15,267 |  |   | 15,222 |  |   | 15,045 |  |
| CentralSquare Technologies, LLC                             |   | Software |   |  5.55% (L + 3.75%) |   | 8/29/2025 |   | 14,850 |  |   | 14,819 |  |   | 14,231 |  |
| CHA Holdings, Inc.                                          |   | Business Services |   |  6.44% (L + 4.50%) |   | 4/10/2025 |   | 10,697 |  |   | 10,658 |  |   | 10,683 |  |
| CHA Holdings, Inc.                                          |   | Business Services |   |  6.44% (L + 4.50%) |   | 4/10/2025 |   | 2,047 |  |   | 2,037 |  |   | 2,044 |  |
| CommerceHub, Inc.                                           |   | Software |   |  5.30% (L + 3.50%) |   | 5/21/2025 |   | 2,463 |  |   | 2,453 |  |   | 2,432 |  |
| Drilling Info Holdings, Inc.                                |   | Business Services |   |  6.05% (L + 4.25%) |   | 7/30/2025 |   | 14,758 |  |   | 14,703 |  |   | 14,696 |  |
| Edgewood Partners Holdings LLC                              |   | Business Services |   |  6.05% (L + 4.25%) |   | 9/6/2024 |   | 7,432 |  |   | 7,367 |  |   | 7,413 |  |
| Explorer Holdings, Inc.                                     |   | Healthcare Services |   |  6.26% (L + 4.50%) |   | 11/20/2026 |   | 3,145 |  |   | 3,113 |  |   | 3,171 |  |
| Fastlane Parent Company, Inc.                               |   | Distribution & Logistics |   |  6.44% (L + 4.50%) |   | 2/4/2026 |   | 3,474 |  |   | 3,411 |  |   | 3,448 |  |
| Greenway Health, LLC                                        |   | Software |   |  5.69% (L + 3.75%) |   | 2/16/2024 |   | 14,625 |  |   | 14,578 |  |   | 13,053 |  |
| Help/Systems Holdings, Inc.                                 |   | Software |   |  6.55% (L + 4.75%) |   | 11/19/2026 |   | 4,444 |  |   | 4,400 |  |   | 4,428 |  |
| Idera, Inc.                                                 |   | Software |   |  6.30% (L + 4.50%) |   | 6/28/2024 |   | 4,446 |  |   | 4,417 |  |   | 4,449 |  |
| Institutional Shareholder Services Inc.                     |   | Business Services |   |  6.44% (L + 4.50%) |   | 3/5/2026 |   | 13,895 |  |   | 13,769 |  |   | 13,687 |  |
| Keystone Acquisition Corp.                                  |   | Healthcare Services |   |  7.19% (L + 5.25%) |   | 5/1/2024 |   | 5,278 |  |   | 5,243 |  |   | 5,173 |  |
| LSCS Holdings, Inc.                                         |   | Healthcare Services |   |  6.31% (L + 4.25%) |   | 3/17/2025 |   | 7,298 |  |   | 7,290 |  |   | 7,225 |  |
| LSCS Holdings, Inc.                                         |   | Healthcare Services |   |  6.31% (L + 4.25%) |   | 3/17/2025 |   | 1,884 |  |   | 1,882 |  |   | 1,865 |  |
| Market Track, LLC                                           |   | Business Services |   |  6.18% (L + 4.25%) |   | 6/5/2024 |   | 11,700 |  |   | 11,660 |  |   | 10,530 |  |
| MediaOcean, LLC                                             |   | Software |   |  5.80% (L + 4.00%) |   | 8/18/2025 |   | 7,392 |  |   | 7,372 |  |   | 7,410 |  |
| Medical Solutions Holdings, Inc.                            |   | Healthcare Services |   |  6.30% (L + 4.50%) |   | 6/14/2024 |   | 2,795 |  |   | 2,786 |  |   | 2,791 |  |
| Ministry Brands, LLC                                        |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 12,160 |  |   | 12,124 |  |   | 12,160 |  |
| Ministry Brands, LLC                                        |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 2,095 |  |   | 2,089 |  |   | 2,095 |  |
| Ministry Brands, LLC                                        |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 880 |  |   | 877 |  |   | 880 |  |
| NorthStar Financial Services Group, LLC                     |   | Software |   |  5.30% (L + 3.50%) |   | 5/25/2025 |   | 5,885 |  |   | 5,861 |  |   | 5,789 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.)                  |   | Federal Services |   |  7.05% (L + 5.25%) |   | 4/29/2024 |   | 10,237 |  |   | 10,203 |  |   | 10,193 |  |
| Premise Health Holding Corp.                                |   | Healthcare Services |   |  5.44% (L + 3.50%) |   | 7/10/2025 |   | 1,372 |  |   | 1,367 |  |   | 1,358 |  |
| Project Accelerate Parent, LLC                              |   | Business Services |   |  5.99% (L + 4.25%) |   | 1/2/2025 |   | 13,545 |  |   | 13,494 |  |   | 13,511 |  |
| PSC Industrial Holdings Corp.                               |   | Industrial Services |   |  5.49% (L + 3.75%) |   | 10/11/2024 |   | 7,305 |  |   | 7,252 |  |   | 7,269 |  |
| Quest Software US Holdings Inc.                             |   | Software |   |  6.18% (L + 4.25%) |   | 5/16/2025 |   | 14,850 |  |   | 14,790 |  |   | 14,739 |  |
| Salient CRGT Inc.                                           |   | Federal Services |   |  8.29% (L + 6.50%) |   | 2/28/2022 |   | 13,134 |  |   | 13,071 |  |   | 12,510 |  |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) |   | Education |   |  6.19% (L + 4.25%) |   | 7/30/2025 |   | 716 |  |   | 715 |  |   | 721 |  |
| Wirepath LLC                                                |   | Distribution & Logistics |   |  5.94% (L + 4.00%) |   | 8/5/2024 |   | 14,813 |  |   | 14,813 |  |   | 12,886 |  |
| WP CityMD Bidco LLC                                         |   | Healthcare Services |   |  6.44% (L + 4.50%) |   | 8/13/2026 |   | 15,000 |  |   | 14,855 |  |   | 15,038 |  |
| Wrench Group LLC                                            |   | Consumer Services |   |  6.19% (L + 4.25%) |   | 4/30/2026 |   | 4,478 |  |   | 4,435 |  |   | 4,488 |  |
| YI, LLC                                                     |   | Healthcare Services |   |  5.94% (L + 4.00%) |   | 11/7/2024 |   | 14,801 |  |   | 14,791 |  |   | 13,839 |  |
| Zelis Cost Management Buyer, Inc.                           |   | Healthcare I.T. |   |  6.55% (L + 4.75%) |   | 9/30/2026 |   | 10,363 |  |   | 10,261 |  |   | 10,427 |  |
| Zywave, Inc.                                                |   | Software |   |  6.93% (L + 5.00%) |   | 11/17/2022 |   | 16,975 |  |   | 16,930 |  |   | 16,975 |  |
| Zywave, Inc.                                                |   | Software |   |  6.84% (L + 5.00%) |   | 11/17/2022 |   | 481 |  |   | 477 |  |   | 481 |  |
| Total Funded Investments                                    |   |   |   |   |   |   |   | $ | 348,005 |  |   | $ | 346,336 |  |   | $ | 339,967 |  |

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Table of Contents

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Unfunded Investments - First lien        |   |   |   |   |   |   |   |   |   |   |   |   |
| Bearcat Buyer, Inc.                      |   | Healthcare Services |   | — |   | 7/9/2021 |   | $ | 194 |  |   | $ | (1 | ) |   | $ | (1 | ) |
| Bleriot US Bidco Inc.                    |   | Federal Services |   | — |   | 10/31/2020 |   | 1,351 |  |   | (14 | ) |   | 15 |  |
| Premise Health Holding Corp.             |   | Healthcare Services |   | — |   | 7/10/2020 |   | 110 |  |   | — |  |   | — |  |
| Wrench Group LLC                         |   | Consumer Services |   | — |   | 4/30/2021 |   | 1,500 |  |   | — |  |   | 4 |  |
| Total Unfunded Investments               |   |   |   |   |   |   |   | 3,155 |  |   | (15 | ) |   | 18 |  |
| Total Investments                        |   |   |   |   |   |   |   | $ | 351,160 |  |   | $ | 346,321 |  |   | $ | 339,985 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2019. |
|     |                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the fair value in accordance with ASC 820. Our board of directors does not determine the fair value of the investments held by SLP II. |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |
| Selected Balance Sheet Information:                                     | March 31, 2020 |   | December 31, 2019 |
|                                                                    | (in thousands) |   | (in thousands) |
| Investments at fair value (cost of $332,959 and $346,321, respectively) | $ | 291,822 |  |   | $ | 339,985 |  |
| Cash and other assets                                                   | 8,364 |  |   | 8,159 |  |
| Total assets                                                            | $ | 300,186 |  |   | $ | 348,144 |  |
|                                                                    |   |   |   |
| Credit facility                                                         | $ | 236,770 |  |   | $ | 246,870 |  |
| Deferred financing costs                                                | (1,188 | ) |   | (1,408 | ) |
| Distribution payable                                                    | 3,250 |  |   | 3,250 |  |
| Payable for unsettled securities purchased                              | — |  |   | 3,113 |  |
| Other liabilities                                                       | 2,175 |  |   | 2,367 |  |
| Total liabilities                                                       | 241,007 |  |   | 254,192 |  |
|                                                                    |   |   |   |
| Members' capital                                                        | $ | 59,179 |  |   | $ | 93,952 |  |
| Total liabilities and members' capital                                  | $ | 300,186 |  |   | $ | 348,144 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
| Selected Statement of Operations Information:                       | Three Months Ended |
|                                                                     | March 31, 2020 |   | March 31, 2019 |
|                                                                | (in thousands) |   | (in thousands) |
| Interest income                                                     | $ | 5,447 |  |   | $ | 6,223 |  |
| Other income                                                        | 53 |  |   | 26 |  |
| Total investment income                                             | 5,500 |  |   | 6,249 |  |
|                                                                |   |   |   |
| Interest and other financing expenses                               | 2,145 |  |   | 2,773 |  |
| Other expenses                                                      | 132 |  |   | 135 |  |
| Total expenses                                                      | 2,277 |  |   | 2,908 |  |
| Net investment income                                               | 3,223 |  |   | 3,341 |  |
|                                                                |   |   |   |
| Net realized gains on investments                                   | 56 |  |   | 8 |  |
| Net change in unrealized (depreciation) appreciation of investments | (34,801 | ) |   | 1,547 |  |
| Net (decrease) increase in members' capital                         | $ | (31,522 | ) |   | $ | 4,896 |  |

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Table of Contents

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |
| (in thousands)                                               |   | March 31, 2020 |   | December 31, 2019 |
| First lien investments (1)                                   |   | $ | 543,798 |  |   | 493,787 |  |
| Weighted average interest rate on first lien investments (2) |   | 5.34 | % |   | 5.95 | % |
| Number of portfolio companies in SLP III                     |   | 55 |  |   | 49 |  |
| Largest portfolio company investment (1)                     |   | $ | 23,894 |  |   | 23,947 |  |
| Total of five largest portfolio company investments (1)      |   | $ | 99,663 |  |   | 99,906 |  |

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

|     |                                                       |
|-----|-------------------------------------------------------|
| (1) | Reflects principal amount or par value of investment. |
|     |                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------|
| (2) | Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. |

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Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment                          |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Funded Investments - First lien                                   |   |   |   |   |   |   |   | ( in thousands) |   | ( in thousands) |   | ( in thousands) |
| Access CIG, LLC                                                   |   | Business Services |   |  5.53% (L + 3.75%) |   | 2/27/2025 |   | $ | 874 |  |   | $ | 874 |  |   | $ | 721 |  |
| Advisor Group Holdings, Inc.                                      |   | Consumer Services |   |  5.99% (L + 5.00%) |   | 7/31/2026 |   | 4,988 |  |   | 4,941 |  |   | 3,840 |  |
| Affordable Care Holding Corp.                                     |   | Healthcare Services |   |  6.20% (L + 4.75%) |   | 10/24/2022 |   | 5,948 |  |   | 5,875 |  |   | 5,183 |  |
| AG Parent Holdings, LLC                                           |   | Healthcare Services |   |  6.45% (L + 5.00%) |   | 7/31/2026 |   | 12,469 |  |   | 12,411 |  |   | 12,118 |  |
| Aston FinCo S.a.r.l. / Aston US Finco, LLC                        |   | Software |   |  6.13% (L + 4.25%) |   | 10/9/2026 |   | 6,000 |  |   | 5,943 |  |   | 5,460 |  |
| Astra Acquisition Corp.                                           |   | Software |   |  6.50% (L + 5.50%) |   | 3/1/2027 |   | 11,577 |  |   | 11,491 |  |   | 11,490 |  |
| Ascensus Specialties LLC                                          |   | Business Services |   |  6.33% (L + 4.75%) |   | 9/24/2026 |   | 9,975 |  |   | 9,928 |  |   | 9,950 |  |
| BCPE Empire Holdings, Inc.                                        |   | Distribution & Logistics |   |  4.99% (L + 4.00%) |   | 6/11/2026 |   | 9,144 |  |   | 9,060 |  |   | 8,230 |  |
| BCPE Empire Holdings, Inc.                                        |   | Distribution & Logistics |   |  4.99% (L + 4.00%) |   | 6/11/2026 |   | 1,437 |  |   | 1,427 |  |   | 1,293 |  |
| Bearcat Buyer, Inc.                                               |   | Healthcare Services |   |  5.70% (L + 4.25%) |   | 7/9/2026 |   | 19,803 |  |   | 19,712 |  |   | 18,983 |  |
| Bearcat Buyer, Inc.                                               |   | Healthcare Services |   |  5.70% (L + 4.25%) |   | 7/9/2026 |   | 1,299 |  |   | 1,293 |  |   | 1,245 |  |
| Bleriot US Bidco Inc.                                             |   | Federal Services |   |  6.20% (L + 4.75%) |   | 10/31/2026 |   | 4,324 |  |   | 4,282 |  |   | 3,773 |  |
| Bleriot US Bidco Inc.                                             |   | Federal Services |   |  6.20% (L + 4.75%) |   | 10/31/2026 |   | 676 |  |   | 669 |  |   | 590 |  |
| Bluefin Holding, LLC                                              |   | Software |   |  5.25% (L + 4.25%) |   | 9/4/2026 |   | 9,975 |  |   | 9,835 |  |   | 9,564 |  |
| Bracket Intermediate Holding Corp.                                |   | Healthcare Services |   |  6.16% (L + 4.25%) |   | 9/5/2025 |   | 14,775 |  |   | 14,715 |  |   | 11,894 |  |
| Brave Parent Holdings, Inc.                                       |   | Software |   |  5.78% (L + 4.00%) |   | 4/18/2025 |   | 11,304 |  |   | 11,272 |  |   | 9,872 |  |
| CentralSquare Technologies, LLC                                   |   | Software |   |  5.20% (L + 3.75%) |   | 8/29/2025 |   | 14,813 |  |   | 14,783 |  |   | 11,554 |  |
| Certara Holdco, Inc.                                              |   | Healthcare I.T. |   |  4.95% (L + 3.50%) |   | 8/15/2024 |   | 1,259 |  |   | 1,262 |  |   | 1,070 |  |
| CHA Holdings, Inc.                                                |   | Business Services |   |  5.57% (L + 4.50%) |   | 4/10/2025 |   | 985 |  |   | 985 |  |   | 957 |  |
| CommerceHub, Inc.                                                 |   | Software |   |  4.49% (L + 3.50%) |   | 5/21/2025 |   | 14,738 |  |   | 14,681 |  |   | 12,379 |  |
| Covenant Surgical Partners, Inc.                                  |   | Healthcare Services |   |  5.02% (L + 4.00%) |   | 7/1/2026 |   | 9,950 |  |   | 9,859 |  |   | 8,408 |  |
| CRCI Longhorn Holdings, Inc.                                      |   | Business Services |   |  4.49% (L + 3.50%) |   | 8/8/2025 |   | 14,775 |  |   | 14,716 |  |   | 12,559 |  |
| Dealer Tire, LLC                                                  |   | Distribution & Logistics |   |  5.24% (L + 4.25%) |   | 12/12/2025 |   | 9,975 |  |   | 9,950 |  |   | 8,279 |  |
| Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC) |   | Healthcare Services |   |  4.75% (L + 3.75%) |   | 6/6/2025 |   | 14,748 |  |   | 14,719 |  |   | 11,725 |  |
| Drilling Info Holdings, Inc.                                      |   | Business Services |   |  5.24% (L + 4.25%) |   | 7/30/2025 |   | 18,719 |  |   | 18,643 |  |   | 17,292 |  |
| Edgewood Partners Holdings LLC                                    |   | Business Services |   |  5.25% (L + 4.25%) |   | 9/6/2024 |   | 7,413 |  |   | 7,351 |  |   | 7,144 |  |
| eResearchTechnology, Inc.                                         |   | Healthcare Services |   |  5.50% (L + 4.50%) |   | 2/4/2027 |   | 3,931 |  |   | 3,892 |  |   | 3,512 |  |
| EyeCare Partners, LLC                                             |   | Healthcare Services |   |  4.82% (L + 3.75%) |   | 2/18/2027 |   | 12,162 |  |   | 12,147 |  |   | 10,054 |  |
| Fastlane Parent Company, Inc.                                     |   | Distribution & Logistics |   |  5.49% (L + 4.50%) |   | 2/4/2026 |   | 3,465 |  |   | 3,405 |  |   | 2,997 |  |
| Greenway Health, LLC                                              |   | Software |   |  4.82% (L + 3.75%) |   | 2/16/2024 |   | 14,633 |  |   | 14,641 |  |   | 9,584 |  |
| Heartland Dental, LLC                                             |   | Healthcare Services |   |  4.74% (L + 3.75%) |   | 4/30/2025 |   | 18,683 |  |   | 18,610 |  |   | 14,740 |  |
| Help/Systems Holdings, Inc.                                       |   | Software |   |  5.75% (L + 4.75%) |   | 11/19/2026 |   | 7,056 |  |   | 6,998 |  |   | 6,103 |  |
| Idera, Inc.                                                       |   | Software |   |  5.08% (L + 4.00%) |   | 6/28/2024 |   | 5,558 |  |   | 5,535 |  |   | 4,891 |  |
| Institutional Shareholder Services Inc.                           |   | Business Services |   |  5.57% (L + 4.50%) |   | 3/5/2026 |   | 990 |  |   | 981 |  |   | 827 |  |
| Kestra Advisor Services Holdings A, Inc.                          |   | Business Services |   |  5.24% (L + 4.25%) |   | 6/3/2026 |   | 9,452 |  |   | 9,381 |  |   | 8,129 |  |
| LSCS Holdings, Inc.                                               |   | Healthcare Services |   |  5.32% (L + 4.25%) |   | 3/17/2025 |   | 2,647 |  |   | 2,629 |  |   | 2,448 |  |
| LSCS Holdings, Inc.                                               |   | Healthcare Services |   |  5.32% (L + 4.25%) |   | 3/17/2025 |   | 683 |  |   | 679 |  |   | 632 |  |
| Market Track, LLC                                                 |   | Business Services |   |  6.03% (L + 4.25%) |   | 6/5/2024 |   | 4,765 |  |   | 4,761 |  |   | 3,955 |  |
| MED ParentCo, LP                                                  |   | Healthcare Services |   |  5.24% (L + 4.25%) |   | 8/31/2026 |   | 10,350 |  |   | 10,259 |  |   | 8,720 |  |
| MED ParentCo, LP                                                  |   | Healthcare Services |   |  5.21% (L + 4.25%) |   | 8/31/2026 |   | 1,816 |  |   | 1,799 |  |   | 1,530 |  |
| Ministry Brands, LLC                                              |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 4,537 |  |   | 4,523 |  |   | 4,337 |  |
| Ministry Brands, LLC                                              |   | Software |   |  5.62% (L + 4.00%) |   | 12/2/2022 |   | 878 |  |   | 875 |  |   | 839 |  |
| National Intergovernmental Purchasing Alliance Company            |   | Business Services |   |  5.20% (L + 3.75%) |   | 5/23/2025 |   | 8,768 |  |   | 8,764 |  |   | 7,453 |  |
| National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.)      |   | Healthcare Services |   |  5.12% (L + 4.00%) |   | 3/9/2026 |   | 8,946 |  |   | 8,946 |  |   | 8,141 |  |
| National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.)      |   | Healthcare Services |   |  5.46% (L + 4.00%) |   | 3/9/2026 |   | 406 |  |   | 406 |  |   | 370 |  |
| Navex Topco, Inc.                                                 |   | Software |   |  4.24% (L + 3.25%) |   | 9/5/2025 |   | 18,348 |  |   | 18,197 |  |   | 15,940 |  |
| Netsmart Technologies, Inc.                                       |   | Healthcare I.T. |   |  5.20% (L + 3.75%) |   | 4/19/2023 |   | 10,304 |  |   | 10,304 |  |   | 9,376 |  |
| Newport Group Holdings II, Inc.                                   |   | Business Services |   |  5.20% (L + 3.75%) |   | 9/12/2025 |   | 4,925 |  |   | 4,905 |  |   | 4,297 |  |
| NorthStar Financial Services Group, LLC                           |   | Software |   |  4.49% (L + 3.50%) |   | 5/25/2025 |   | 11,770 |  |   | 11,726 |  |   | 9,593 |  |
| Outcomes Group Holdings, Inc.                                     |   | Healthcare Services |   |  5.11% (L + 3.50%) |   | 10/24/2025 |   | 3,426 |  |   | 3,419 |  |   | 2,827 |  |
| Pelican Products, Inc.                                            |   | Business Products |   |  4.50% (L + 3.50%) |   | 5/1/2025 |   | 4,912 |  |   | 4,903 |  |   | 4,016 |  |

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Table of Contents

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment                    |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Peraton Corp. (fka MHVC Acquisition Corp.)                  |   | Federal Services |   |  6.87% (L + 5.25%) |   | 4/29/2024 |   | $ | 15,391 |  |   | $ | 15,334 |  |   | $ | 14,390 |  |
| Premise Health Holding Corp.                                |   | Healthcare Services |   |  4.95% (L + 3.50%) |   | 7/10/2025 |   | 13,689 |  |   | 13,634 |  |   | 12,613 |  |
| Project Accelerate Parent, LLC                              |   | Business Services |   |  5.25% (L + 4.25%) |   | 1/2/2025 |   | 9,899 |  |   | 9,855 |  |   | 7,672 |  |
| Quest Software US Holdings Inc.                             |   | Software |   |  6.03% (L + 4.25%) |   | 5/16/2025 |   | 14,811 |  |   | 14,756 |  |   | 13,673 |  |
| Sierra Enterprises, LLC                                     |   | Food & Beverage |   |  5.00% (L + 4.00%) |   | 11/11/2024 |   | 2,450 |  |   | 2,448 |  |   | 2,021 |  |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) |   | Education |   |  5.70% (L + 4.25%) |   | 7/30/2025 |   | 14,775 |  |   | 14,746 |  |   | 11,931 |  |
| TIBCO Software Inc.                                         |   | Software |   |  4.74% (L + 3.75%) |   | 6/30/2026 |   | 7,692 |  |   | 7,673 |  |   | 7,308 |  |
| Wirepath LLC                                                |   | Distribution & Logistics |   |  5.07% (L + 4.00%) |   | 8/5/2024 |   | 17,258 |  |   | 17,258 |  |   | 15,101 |  |
| WP CityMD Bidco LLC                                         |   | Healthcare Services |   |  5.76% (L + 4.50%) |   | 8/13/2026 |   | 20,019 |  |   | 19,831 |  |   | 18,067 |  |
| VT Topco, Inc.                                              |   | Business Services |   |  4.95% (L + 3.50%) |   | 8/1/2025 |   | 2,816 |  |   | 2,816 |  |   | 2,422 |  |
| YI, LLC                                                     |   | Healthcare Services |   |  5.07% (L + 4.00%) |   | 11/7/2024 |   | 9,766 |  |   | 9,759 |  |   | 7,569 |  |
| Total Funded Investments                                    |   |   |   |   |   |   |   | $ | 533,920 |  |   | $ | 531,472 |  |   | $ | 463,651 |  |
| Unfunded Investments - First lien                           |   |   |   |   |   |   |   |   |   |   |   |   |
| BCPE Empire Holdings, Inc.                                  |   | Distribution & Logistics |   | — |   | 6/11/2021 |   | $ | 369 |  |   | $ | (4 | ) |   | $ | (37 | ) |
| Bearcat Buyer, Inc.                                         |   | Healthcare Services |   | — |   | 7/9/2021 |   | 2,792 |  |   | (14 | ) |   | (116 | ) |
| Covenant Surgical Partners, Inc.                            |   | Healthcare Services |   | — |   | 7/1/2021 |   | 2,000 |  |   | (20 | ) |   | (310 | ) |
| EyeCare Partners, LLC                                       |   | Healthcare Services |   | — |   | 2/18/2022 |   | 2,838 |  |   | — |  |   | (492 | ) |
| MED ParentCo, LP                                            |   | Healthcare Services |   | — |   | 8/27/2021 |   | 776 |  |   | (8 | ) |   | (122 | ) |
| Premise Health Holding Corp.                                |   | Healthcare Services |   | — |   | 7/10/2020 |   | 1,103 |  |   | (3 | ) |   | (37 | ) |
| Total Unfunded Investments                                  |   |   |   |   |   |   |   | $ | 9,878 |  |   | $ | (49 | ) |   | $ | (1,114 | ) |
| Total Investments                                           |   |   |   |   |   |   |   | $ | 543,798 |  |   | $ | 531,423 |  |   | $ | 462,537 |  |

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|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2020. |
|     |                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the fair value in accordance with ASC 820. Our board of directors does not determine the fair value of the investments held by SLP III. |

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Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment                          |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| Funded Investments - First lien                                   |   |   |   |   |   |   |   | (in thousands) |   | (in thousands) |   | (in thousands) |
| Access CIG, LLC                                                   |   | Business Services |   |  5.44% (L + 3.75%) |   | 2/27/2025 |   | $ | 1,204 |  |   | $ | 1,204 |  |   | $ | 1,205 |  |
| Advisor Group Holdings, Inc.                                      |   | Consumer Services |   |  6.80% (L + 5.00%) |   | 7/31/2026 |   | 5,000 |  |   | 4,952 |  |   | 4,972 |  |
| Affordable Care Holding Corp.                                     |   | Healthcare Services |   |  6.59% (L + 4.75%) |   | 10/24/2022 |   | 5,963 |  |   | 5,884 |  |   | 5,814 |  |
| AG Parent Holdings, LLC                                           |   | Healthcare Services |   |  6.91% (L + 5.00%) |   | 7/31/2026 |   | 12,500 |  |   | 12,440 |  |   | 12,406 |  |
| Aston FinCo S.a r.l. / Aston US Finco, LLC                        |   | Software |   |  6.26% (L + 4.25%) |   | 10/9/2026 |   | 6,000 |  |   | 5,941 |  |   | 5,970 |  |
| Ascensus Specialties LLC                                          |   | Business Services |   |  6.44% (L + 4.75%) |   | 9/24/2026 |   | 10,000 |  |   | 9,951 |  |   | 9,975 |  |
| BCPE Empire Holdings, Inc.                                        |   | Distribution & Logistics |   |  5.80% (L + 4.00%) |   | 6/11/2026 |   | 9,167 |  |   | 9,080 |  |   | 9,224 |  |
| BCPE Empire Holdings, Inc.                                        |   | Distribution & Logistics |   |  5.80% (L + 4.00%) |   | 6/11/2026 |   | 229 |  |   | 243 |  |   | 231 |  |
| Bearcat Buyer, Inc.                                               |   | Healthcare Services |   |  6.19% (L + 4.25%) |   | 7/9/2026 |   | 19,853 |  |   | 19,759 |  |   | 19,753 |  |
| Bearcat Buyer, Inc.                                               |   | Healthcare Services |   |  6.19% (L + 4.25%) |   | 7/9/2026 |   | 1,302 |  |   | 1,296 |  |   | 1,296 |  |
| Bleriot US Bidco Inc.                                             |   | Federal Services |   |  6.69% (L + 4.75%) |   | 10/30/2026 |   | 4,324 |  |   | 4,281 |  |   | 4,373 |  |
| Bluefin Holding, LLC                                              |   | Software |   |  6.14% (L + 4.25%) |   | 9/4/2026 |   | 10,000 |  |   | 9,855 |  |   | 9,900 |  |
| Bracket Intermediate Holding Corp.                                |   | Healthcare Services |   |  6.35% (L + 4.25%) |   | 9/5/2025 |   | 14,813 |  |   | 14,750 |  |   | 14,775 |  |
| Brave Parent Holdings, Inc.                                       |   | Software |   |  5.93% (L + 4.00%) |   | 4/18/2025 |   | 14,775 |  |   | 14,732 |  |   | 14,560 |  |
| CentralSquare Technologies, LLC                                   |   | Software |   |  5.55% (L + 3.75%) |   | 8/29/2025 |   | 14,850 |  |   | 14,819 |  |   | 14,231 |  |
| Certara Holdco, Inc.                                              |   | Healthcare I.T. |   |  5.44% (L + 3.50%) |   | 8/15/2024 |   | 1,262 |  |   | 1,266 |  |   | 1,262 |  |
| CHA Holdings, Inc.                                                |   | Business Services |   |  6.44% (L + 4.50%) |   | 4/10/2025 |   | 987 |  |   | 987 |  |   | 986 |  |
| CommerceHub, Inc.                                                 |   | Software |   |  5.30% (L + 3.50%) |   | 5/21/2025 |   | 14,775 |  |   | 14,716 |  |   | 14,590 |  |
| Covenant Surgical Partners, Inc.                                  |   | Healthcare Services |   |  5.69% (L + 4.00%) |   | 7/1/2026 |   | 9,975 |  |   | 9,881 |  |   | 9,913 |  |
| CRCI Longhorn Holdings, Inc.                                      |   | Business Services |   |  5.19% (L + 3.50%) |   | 8/8/2025 |   | 14,813 |  |   | 14,751 |  |   | 14,414 |  |
| Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC) |   | Healthcare Services |   |  5.55% (L + 3.75%) |   | 6/6/2025 |   | 14,786 |  |   | 14,755 |  |   | 14,737 |  |
| Drilling Info Holdings, Inc.                                      |   | Business Services |   |  6.05% (L + 4.25%) |   | 7/30/2025 |   | 18,766 |  |   | 18,688 |  |   | 18,688 |  |
| Edgewood Partners Holdings LLC                                    |   | Business Services |   |  6.05% (L + 4.25%) |   | 9/6/2024 |   | 7,432 |  |   | 7,367 |  |   | 7,413 |  |
| Explorer Holdings, Inc.                                           |   | Healthcare Services |   |  6.25% (L + 4.50%) |   | 11/20/2026 |   | 3,931 |  |   | 3,892 |  |   | 3,964 |  |
| Fastlane Parent Company, Inc.                                     |   | Distribution & Logistics |   |  6.44% (L + 4.50%) |   | 2/4/2026 |   | 3,474 |  |   | 3,411 |  |   | 3,448 |  |
| Greenway Health, LLC                                              |   | Software |   |  5.69% (L + 3.75%) |   | 2/16/2024 |   | 14,670 |  |   | 14,679 |  |   | 13,093 |  |
| Heartland Dental, LLC                                             |   | Healthcare Services |   |  5.55% (L + 3.75%) |   | 4/30/2025 |   | 18,317 |  |   | 18,243 |  |   | 18,248 |  |
| Help/Systems Holdings, Inc.                                       |   | Software |   |  6.55% (L + 4.75%) |   | 11/19/2026 |   | 5,556 |  |   | 5,500 |  |   | 5,535 |  |
| Idera, Inc.                                                       |   | Software |   |  6.30% (L + 4.50%) |   | 6/28/2024 |   | 5,572 |  |   | 5,548 |  |   | 5,576 |  |
| Institutional Shareholder Services Inc.                           |   | Business Services |   |  6.44% (L + 4.50%) |   | 3/5/2026 |   | 993 |  |   | 983 |  |   | 978 |  |
| Kestra Advisor Services Holdings A, Inc.                          |   | Business Services |   |  6.20% (L + 4.25%) |   | 6/3/2026 |   | 9,476 |  |   | 9,402 |  |   | 9,477 |  |
| LSCS Holdings, Inc.                                               |   | Healthcare Services |   |  6.31% (L + 4.25%) |   | 3/17/2025 |   | 2,654 |  |   | 2,634 |  |   | 2,627 |  |
| LSCS Holdings, Inc.                                               |   | Healthcare Services |   |  6.31% (L + 4.25%) |   | 3/17/2025 |   | 685 |  |   | 680 |  |   | 678 |  |
| Market Track, LLC                                                 |   | Business Services |   |  6.18% (L + 4.25%) |   | 6/5/2024 |   | 4,778 |  |   | 4,773 |  |   | 4,300 |  |
| MED ParentCo, LP                                                  |   | Healthcare Services |   |  6.05% (L + 4.25%) |   | 8/31/2026 |   | 10,376 |  |   | 10,282 |  |   | 10,402 |  |
| MED ParentCo, LP                                                  |   | Healthcare Services |   |  6.05% (L + 4.25%) |   | 8/31/2026 |   | 553 |  |   | 549 |  |   | 554 |  |
| Ministry Brands, LLC                                              |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 4,549 |  |   | 4,534 |  |   | 4,549 |  |
| Ministry Brands, LLC                                              |   | Software |   |  5.85% (L + 4.00%) |   | 12/2/2022 |   | 880 |  |   | 877 |  |   | 880 |  |
| National Intergovernmental Purchasing Alliance Company            |   | Business Services |   |  5.69% (L + 3.75%) |   | 5/23/2025 |   | 8,790 |  |   | 8,786 |  |   | 8,790 |  |
| Navex Topco, Inc.                                                 |   | Software |   |  5.05% (L + 3.25%) |   | 9/5/2025 |   | 18,394 |  |   | 18,237 |  |   | 18,448 |  |
| Netsmart Technologies, Inc.                                       |   | Healthcare I.T. |   |  5.55% (L + 3.75%) |   | 4/19/2023 |   | 10,330 |  |   | 10,330 |  |   | 10,308 |  |
| Newport Group Holdings II, Inc.                                   |   | Business Services |   |  5.65% (L + 3.75%) |   | 9/12/2025 |   | 4,938 |  |   | 4,917 |  |   | 4,950 |  |
| NorthStar Financial Services Group, LLC                           |   | Software |   |  5.30% (L + 3.50%) |   | 5/25/2025 |   | 11,770 |  |   | 11,723 |  |   | 11,579 |  |
| Outcomes Group Holdings, Inc.                                     |   | Healthcare Services |   |  5.41% (L + 3.50%) |   | 10/24/2025 |   | 6,435 |  |   | 6,421 |  |   | 6,344 |  |
| Pelican Products, Inc.                                            |   | Business Products |   |  5.24% (L + 3.50%) |   | 5/1/2025 |   | 4,925 |  |   | 4,915 |  |   | 4,531 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.)                        |   | Federal Services |   |  7.05% (L + 5.25%) |   | 4/29/2024 |   | 15,430 |  |   | 15,371 |  |   | 15,363 |  |
| Premise Health Holding Corp.                                      |   | Healthcare Services |   |  5.44% (L + 3.50%) |   | 7/10/2025 |   | 13,723 |  |   | 13,666 |  |   | 13,580 |  |
| Project Accelerate Parent, LLC                                    |   | Business Services |   |  5.99% (L + 4.25%) |   | 1/2/2025 |   | 9,924 |  |   | 9,878 |  |   | 9,899 |  |
| Quest Software US Holdings Inc.                                   |   | Software |   |  6.18% (L + 4.25%) |   | 5/16/2025 |   | 14,850 |  |   | 14,790 |  |   | 14,739 |  |
| Sierra Enterprises, LLC                                           |   | Food & Beverage |   |  5.80% (L + 4.00%) |   | 11/11/2024 |   | 2,456 |  |   | 2,454 |  |   | 2,447 |  |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)       |   | Education |   |  6.19% (L + 4.25%) |   | 7/30/2025 |   | 14,812 |  |   | 14,782 |  |   | 14,905 |  |
| Wirepath LLC                                                      |   | Distribution & Logistics |   |  5.94% (L + 4.00%) |   | 8/5/2024 |   | 17,302 |  |   | 17,302 |  |   | 15,053 |  |

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Table of Contents

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company and Type of Investment |   | Industry |   | Interest Rate (1) |   | Maturity Date |   |  Principal Amount or Par Value |   |  Cost |   | Fair Value (2) |
| WP CityMD Bidco LLC                      |   | Healthcare Services |   |  6.44% (L + 4.50%) |   | 8/13/2026 |   | $ | 20,069 |  |   | $ | 19,875 |  |   | $ | 20,119 |  |
| YI, LLC                                  |   | Healthcare Services |   |  5.94% (L + 4.00%) |   | 11/7/2024 |   | 9,791 |  |   | 9,784 |  |   | 9,155 |  |
| Total Funded Investments                 |   |   |   |   |   |   |   | $ | 483,179 |  |   | $ | 480,816 |  |   | $ | 475,207 |  |
| Unfunded Investments - First lien        |   |   |   |   |   |   |   |   |   |   |   |   |
| BCPE Empire Holdings, Inc.               |   | Distribution & Logistics |   | — |   | 6/11/2021 |   | $ | 1,580 |  |   | $ | (16 | ) |   | $ | 10 |  |
| Bearcat Buyer, Inc.                      |   | Healthcare Services |   | — |   | 7/9/2021 |   | 2,792 |  |   | (14 | ) |   | (14 | ) |
| Bleriot US Bidco Inc.                    |   | Federal Services |   | — |   | 10/31/2020 |   | 676 |  |   | (7 | ) |   | 8 |  |
| Covenant Surgical Partners, Inc.         |   | Healthcare Services |   | — |   | 7/1/2021 |   | 2,000 |  |   | (20 | ) |   | (13 | ) |
| Heartland Dental, LLC                    |   | Healthcare Services |   | — |   | 4/30/2020 |   | 413 |  |   | — |  |   | (2 | ) |
| MED ParentCo, LP                         |   | Healthcare Services |   | — |   | 8/27/2021 |   | 2,044 |  |   | (20 | ) |   | 5 |  |
| Premise Health Holding Corp.             |   | Healthcare Services |   | — |   | 7/10/2020 |   | 1,103 |  |   | (3 | ) |   | (3 | ) |
| Total Unfunded Investments               |   |   |   |   |   |   |   | $ | 10,608 |  |   | $ | (80 | ) |   | $ | (9 | ) |
| Total Investments                        |   |   |   |   |   |   |   | $ | 493,787 |  |   | $ | 480,736 |  |   | $ | 475,198 |  |

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|     |                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2019. |
|     |                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the fair value in accordance with ASC 820. Our board of directors does not determine the fair value of the investments held by SLP III. |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
| Selected Balance Sheet Information:                       | March 31, 2020 |   | December 31, 2019 |
|                                                      | (in thousands) |   | (in thousands) |
| Investments at fair value (cost of $531,423 and $480,736) | $ | 462,537 |  |   | $ | 475,198 |  |
| Cash and other assets                                     | 15,472 |  |   | 12,836 |  |
| Total assets                                              | $ | 478,009 |  |   | $ | 488,034 |  |
|                                                           |  |   |  |
| Credit facility                                           | $ | 401,600 |  |   | $ | 355,400 |  |
| Deferred financing costs                                  | (2,773 | ) |   | (2,385 | ) |
| Payable for unsettled securities purchased                | — |  |   | 8,166 |  |
| Distribution payable                                      | 3,592 |  |   | 3,650 |  |
| Other liabilities                                         | 6,832 |  |   | 3,736 |  |
| Total liabilities                                         | 409,251 |  |   | 368,567 |  |
|                                                           |  |   |  |
| Members' capital                                          | $ | 68,758 |  |   | $ | 119,467 |  |
| Total liabilities and members' capital                    | $ | 478,009 |  |   | $ | 488,034 |  |

----

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|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
| Selected Statement of Operations Information:                       | Three Months Ended |
|                                                                | March 31, 2020 |   | March 31, 2019 |
|                                                                | (in thousands) |   | (in thousands) |
| Interest income                                                     | $ | 7,407 |  |   | $ | 6,293 |  |
| Other income                                                        | 181 |  |   | 70 |  |
| Total investment income                                             | 7,588 |  |   | 6,363 |  |
|                                                                     |  |   |  |
| Interest and other financing expenses                               | 3,696 |  |   | 3,391 |  |
| Other expenses                                                      | 157 |  |   | 138 |  |
| Total expenses                                                      | 3,853 |  |   | 3,529 |  |
| Net investment income                                               | 3,735 |  |   | 2,834 |  |
|                                                                     |  |   |  |
| Net realized (losses) gains on investments                          | (2 | ) |   | 33 |  |
| Net change in unrealized (depreciation) appreciation of investments | (63,348 | ) |   | 2,967 |  |
| Net (decrease) increase in members' capital                         | $ | (59,615 | ) |   | $ | 5,834 |  |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   |   |   | Lease |   |   |   | Total |   | Fair Value as of |
| Portfolio Company                    |   | Tenant |   | Expiration Date |   | Location |   | Square Feet |   | March 31, 2020 |
|                                 |   |   |   |   |   |   |   | (in thousands) |   | (in thousands) |
| NM NL Holdings LP / NM GP Holdco LLC |   | Various |   | Various |   | Various |   | Various |   | $ | 45,917 |  |
| NM GLCR LP                           |   | Arctic Glacier U.S.A. |   | 2/28/2038 |   | CA |   | 214 |   | 22,282 |  |
| NM CLFX LP                           |   | Victor Equipment Company |   | 8/31/2033 |   | TX |   | 423 |   | 11,709 |  |
| NM APP Canada, Corp.                 |   | A.P. Plasman, Inc. |   | 9/30/2031 |   | Canada |   | 436 |   | 10,481 |  |
| NM APP US LLC                        |   | Plasman Corp, LLC / A-Brite LP |   | 9/30/2033 |   | AL / OH |   | 261 |   | 6,529 |  |
| NM YI, LLC                           |   | Young Innovations, Inc. |   | 10/31/2039 |   | IL / MO |   | 212 |   | 5,897 |  |
| NM DRVT LLC                          |   | FMH Conveyors, LLC |   | 10/31/2031 |   | AR |   | 195 |   | 5,783 |  |
| NM JRA LLC                           |   | J.R. Automation Technologies, LLC |   | 1/31/2031 |   | MI |   | 88 |   | 3,522 |  |
| NM KRLN LLC                          |   | Kirlin Group, LLC |   | 6/30/2029 |   | MD |   | 95 |   | 1,058 |  |
|                                 |   |   |   |   |   |   |   |   |   | $ | 113,178 |  |

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|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | Investment Rating 1—Investment is performing materially above expectations; |
|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 2—Investment is performing materially in-line with expectations. All new loans are rated 2 at initial purchase; |
|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 3—Investment is performing materially below expectations, where the risk of loss has materially increased since the original investment; and |
|         |                                                                                                                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 4—Investment is performing substantially below expectations and risks have increased substantially since the original investment. Payments may be delinquent. There is meaningful possibility that we will not recoup our original cost basis in the investment and may realize a substantial loss upon exit. |

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|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions)     | As of March 31, 2020 |
| Investment Rating |   | Cost |   | Percent |   | Fair Value |   | Percent |
| Investment Rating 1    |   | $ | 59.3 |  |   | 1.9 | % |   | $ | 57.3 |  |   | 1.9 | % |
| Investment Rating 2    |   | 2,772.0 |  |   | 86.2 | % |   | 2,675.6 |  |   | 88.8 | % |
| Investment Rating 3    |   | 287.4 |  |   | 8.9 | % |   | 224.7 |  |   | 7.5 | % |
| Investment Rating 4    |   | 97.8 |  |   | 3.0 | % |   | 55.1 |  |   | 1.8 | % |
|                   |   | $ | 3,216.5 |  |   | 100.0 | % |   | $ | 3,012.7 |  |   | 100.0 | % |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) | March 31, 2020 |
| Risk Rating   |   | Cost |   | Percent |   | Fair Value |   | Percent |
| Red                |   | $ | 212.4 |  |   | 6.7 | % |   | $ | 156.3 |  |   | 5.2 | % |
| Orange             |   | 103.8 |  |   | 3.2 | % |   | 83.2 |  |   | 2.8 | % |
| Yellow             |   | 398.1 |  |   | 12.5 | % |   | 343.3 |  |   | 11.5 | % |
| Green              |   | 2,472.2 |  |   | 77.6 | % |   | 2,408.5 |  |   | 80.5 | % |
|               |   | $ | 3,186.5 |  |   | 100.0 | % |   | $ | 2,991.3 |  |   | 100.0 | % |

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|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |
|                                                                              |   | Three Months Ended |
| (in millions)                                                                |   | March 31, 2020 |   | March 31, 2019 |
| New investments in 17 and 17 portfolio companies, respectively                    |   | $ | 181.7 |  |   | $ | 158.3 |  |
| Debt repayments in existing portfolio companies                                   |   | 151.5 |  |   | 5.9 |  |
| Sales of securities in 3 and 0 portfolio companies, respectively                  |   | 38.6 |  |   | — |  |
| Change in unrealized appreciation on 6 and 38 portfolio companies, respectively   |   | 1.0 |  |   | 19.6 |  |
| Change in unrealized depreciation on 112 and 54 portfolio companies, respectively |   | (205.7 | ) |   | (3.3 | ) |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |
|                    |   | Three Months Ended |
| (in thousands)     |   | March 31, 2020 |   | March 31, 2019 |
| Interest income         |   | $ | 61,636 |  |   | $ | 47,924 |  |
| Total dividend income   |   | 10,493 |  |   | 13,493 |  |
| Other income            |   | 1,955 |  |   | 2,774 |  |
| Total investment income |   | $ | 74,084 |  |   | $ | 64,191 |  |

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|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |
|                                      |   | Three Months Ended |
| (in thousands)                       |   | March 31, 2020 |   | March 31, 2019 |
| Management fee                            |   | $ | 13,858 |  |   | $ | 10,975 |  |
| Less: management fee waiver               |   | (3,543 | ) |   | (2,533 | ) |
| Total management fee                      |   | 10,315 |  |   | 8,442 |  |
| Incentive fee                             |   | 7,826 |  |   | 6,863 |  |
| Interest and other financing expenses     |   | 22,194 |  |   | 19,146 |  |
| Professional fees                         |   | 905 |  |   | 766 |  |
| Administrative expenses                   |   | 1,040 |  |   | 1,095 |  |
| Other general and administrative expenses |   | 499 |  |   | 412 |  |
| Net expenses before income taxes          |   | 42,779 |  |   | 36,724 |  |
| Income tax expense                        |   | — |  |   | 17 |  |
| Net expenses after income taxes           |   | $ | 42,779 |  |   | $ | 36,741 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | Three Months Ended |
| (in thousands)                                                 |   | March 31, 2020 |   | March 31, 2019 |
| Net realized gains on investments                                   |   | $ | 114 |  |   | $ | 46 |  |
| Net change in unrealized (depreciation) appreciation of investments |   | (204,739 | ) |   | 16,314 |  |
| Benefit for taxes                                                   |   | 898 |  |   | 110 |  |
| Net realized and unrealized (losses) gains                          |   | $ | (203,727 | ) |   | $ | 16,470 |  |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
| (in millions)              | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 5.4 |  |   | $ | 6.3 |  |
| Non-usage fee                   | $ | 0.2 |  |   | $ | 0.1 |  |
| Amortization of financing costs | $ | 0.3 |  |   | $ | 0.7 |  |
| Weighted average interest rate  | 3.5 | % |   | 4.5 | % |
| Effective interest rate         | 3.8 | % |   | 5.1 | % |
| Average debt outstanding        | $ | 629.5 |  |   | $ | 566.3 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
| (in millions)              | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 1.9 |  |   | $ | 1.0 |  |
| Non-usage fee                   | $ | — |  |   | $ | 0.1 |  |
| Amortization of financing costs | $ | — |  |   | $ | 0.1 |  |
| Weighted average interest rate  | 4.1 | % |   | 5.1 | % |
| Effective interest rate         | 4.2 | % |   | 5.9 | % |
| Average debt outstanding        | $ | 188.5 |  |   | $ | 81.5 |  |

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

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (1) | For the three months ended March 31, 2020, the total amortization of financing costs were less than $50 thousand. |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
| (in millions)              | March 31, 2020 |   | March 31, 2019 |
| Interest expense(1)             | $ | 2.6 |  |   | $ | 0.5 |  |
| Non-usage fee(1)                | $ | 0.1 |  |   | $ | 0.1 |  |
| Amortization of financing costs | $ | 0.2 |  |   | $ | 0.1 |  |
| Weighted average interest rate  | 4.5 | % |   | 5.6 | % |
| Effective interest rate         | 4.9 | % |   | 7.1 | % |
| Average debt outstanding        | $ | 235.1 |  |   | $ | 38.5 |  |

|  |
|--|
|  |
|  |

|     |                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility. |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |
|                                     | 2018 Convertible Notes |
| Initial conversion premium               | 10.0 | % |
| Initial conversion rate(1)               | 65.8762 |  |
| Initial conversion price                 | $ | 15.18 |  |
| Conversion premium at March 31, 2020     | 10.0 | % |
| Conversion rate at March 31, 2020(1)(2)  | 65.8762 |  |
| Conversion price at March 31, 2020(2)(3) | $ | 15.18 |  |
| Last conversion price calculation date   | August 20, 2019 |  |

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

|     |                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Conversion rates denominated in shares of common stock per $1.0 thousand principal amount of the 2018 Convertible Notes converted. |
|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date. |
|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The conversion price in effect at March 31, 2020 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary. |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
| (in millions)              | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 2.9 |  |   | $ | 3.6 |  |
| Amortization of financing costs | $ | 0.1 |  |   | $ | 0.3 |  |
| Amortization of premium         | $ | —(1) |  |   | $ | — |  |
| Weighted average interest rate  | 5.8 | % |   | 5.4 | % |
| Effective interest rate         | 5.9 | % |   | 5.9 | % |
| Average debt outstanding        | $ | 201.3 |  |   | $ | 270.3 |  |

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

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the three months ended March 31, 2020 and March 31, 2019, the amortization of premium was less than $50 thousand. |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
| (in millions)              | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 6.0 |  |   | $ | 4.4 |  |
| Amortization of financing costs | $ | 0.3 |  |   | $ | 0.3 |  |
| Weighted average interest rate  | 5.3 | % |   | 5.3 | % |
| Effective interest rate         | 5.6 | % |   | 5.6 | % |
| Average debt outstanding        | $ | 453.3 |  |   | $ | 336.8 |  |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions)                    |   |   |   |   |   |   |   |   |
| Issuance Date                    |   | Maturity Date |   | Debenture Amount |   | Interest Rate |   | SBA Annual Charge |
| Fixed SBA-guaranteed debentures(1):   |   |   |   |   |  |   |   |  |   |   |  |
| March 25, 2015                   |   | March 1, 2025 |   | $ | 37.5 |  |   | 2.517 | % |   | 0.355 | % |
| September 23, 2015                    |   | September 1, 2025 |   | 37.5 |  |   | 2.829 | % |   | 0.355 | % |
| September 23, 2015                    |   | September 1, 2025 |   | 28.8 |  |   | 2.829 | % |   | 0.742 | % |
| March 23, 2016                        |   | March 1, 2026 |   | 13.9 |  |   | 2.507 | % |   | 0.742 | % |
| September 21, 2016                    |   | September 1, 2026 |   | 4.0 |  |   | 2.051 | % |   | 0.742 | % |
| September 20, 2017                    |   | September 1, 2027 |   | 13.0 |  |   | 2.518 | % |   | 0.742 | % |
| March 21, 2018                        |   | March 1, 2028 |   | 15.3 |  |   | 3.187 | % |   | 0.742 | % |
| Fixed SBA-guaranteed debentures(2):   |   |  |   |  |  |   |  |  |   |  |  |
| September 19, 2018                    |   | September 1, 2028 |   | 15.0 |  |   | 3.548 | % |   | 0.222 | % |
| September 25, 2019                    |   | September 1, 2029 |   | 19.0 |  |   | 2.283 | % |   | 0.222 | % |
| March 25, 2020                        |   | March 1, 2030 |   | 24.0 |  |   | 2.078 | % |   | 0.222 | % |
| March 25, 2020                        |   | March 1, 2030 |   | 17.0 |  |   | 2.078 | % |   | 0.222 | % |
| March 25, 2020                        |   | March 1, 2030 |   | 24.0 |  |   | 2.078 | % |   | 0.275 | % |
| Interim SBA-guaranteed debentures(2): |   |   |   |   |   |   |   |   |
|                                  |   | September 1, 2030 (3) |   | 30.0 |  |   | 1.279 | % |   | 0.275 | % |
|                                  |   | September 1, 2030 (3) |   | 21.0 |  |   | 1.393 | % |   | 0.275 | % |
| Total SBA-guaranteed debentures       |   |   |   | $ | 300.0 |  |   |   |  |   |   |  |

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

|     |                                               |
|-----|-----------------------------------------------|
| (1) | SBA-guaranteed debentures are held in SBIC I. |
|     |                                                |
|-----|------------------------------------------------|
| (2) | SBA-guaranteed debentures are held in SBIC II. |
|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| (3) | Estimated maturity date as interim SBA-debentures are expected to pool in September 2020. |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Three Months Ended |
| (in millions)              | March 31, 2020 |   | March 31, 2019 |
| Interest expense                | $ | 1.8 |  |   | $ | 1.3 |  |
| Amortization of financing costs | $ | 0.2 |  |   | $ | 0.1 |  |
| Weighted average interest rate  | 3.0 | % |   | 3.3 | % |
| Effective interest rate         | 3.4 | % |   | 3.6 | % |
| Average debt outstanding        | $ | 243.1 |  |   | $ | 165.0 |  |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          |   | Contractual Obligations Payments Due by Period |
| (in millions)                 |   | Total |   | Less than1 Year |   | 1 - 3 Years |   | 3 - 5 Years |   | More than5 Years |
| Holdings Credit Facility(1)   |   | $ | 569.2 |  |   | $ | — |  |   | $ | 569.2 |  |   | $ | — |  |   | $ | — |  |
| Unsecured Notes(2)            |   | 453.3 |  |   | — |  |   | 235.0 |  |   | 218.3 |  |   | — |  |
| SBA-guaranteed debentures(3)  |   | 300.0 |  |   | — |  |   | — |  |   | 37.5 |  |   | 262.5 |  |
| DB Credit Facility(4)         |   | 270.0 |  |   | — |  |   | — |  |   | 270.0 |  |   | — |  |
| Convertible Notes(5)          |   | 201.2 |  |   | — |  |   | — |  |   | 201.2 |  |   | — |  |
| NMFC Credit Facility(6)       |   | 188.5 |  |   | — |  |   | 188.5 |  |   | — |  |   | — |  |
| Total Contractual Obligations |   | $ | 1,982.2 |  |   | $ | — |  |   | $ | 992.7 |  |   | $ | 727.0 |  |   | $ | 262.5 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Under the terms of the $800.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($569.2 million as of March 31, 2020) must be repaid on or before October 24, 2022. As of March 31, 2020, there was approximately $230.8 million of possible capacity remaining under the Holdings Credit Facility. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | $90.0 million of the 2016 Unsecured Notes will mature on May 15, 2021 unless earlier repurchased, $55.0 million of the 2017A Unsecured Notes will mature on July 15, 2022 unless earlier repurchased, $90.0 million of the 2018A Unsecured Notes will mature on January 30, 2023 unless earlier repurchased, $50.0 million of the 2018B Unsecured Notes will mature on June 28, 2023 unless earlier repurchased, $51.8 million of the 5.75% Unsecured Notes will mature on October 1, 2023 unless earlier repurchased and $116.5 million of the 2019A Unsecured Notes will mature on April 30, 2024 unless earlier repurchased. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Our SBA-guaranteed debentures will begin to mature on March 1, 2025. |
|     |                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Under the terms of the $280.0 million DB Credit Facility, all outstanding borrowings under that facility ($270.0 million as of March 31, 2020) must be repaid on or before December 14, 2023. As of March 31, 2020, there was approximately $10.0 million of possible capacity remaining under the DB Credit Facility. |
|     |                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The 2018 Convertible Notes will mature on August 15, 2023 unless earlier converted or repurchased at the holder's option or redeemed by us. |
|     |                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Under the terms of the $188.5 million NMFC Credit Facility, all outstanding borrowings under that facility ($188.5 million as of March 31, 2020) must be repaid on or before June 4, 2022. As of March 31, 2020, there was no capacity remaining under the NMFC Credit Facility. |

----

Table of Contents

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |
| Fiscal Year Ended |   | Date Declared |   | Record Date |   | Payment Date |   | Per ShareAmount (1) |
| December 31, 2020           |   |   |   |   |   |   |   |   |
| First Quarter               |   | February 19, 2020 |   | March 13, 2020 |   | March 27, 2020 |   | $ | 0.34 |  |
|                        |   |   |   |   |   |   |   | $ | 0.34 |  |
| December 31, 2019      |   |   |   |   |   |   |   |   |
| Fourth Quarter              |   | November 4, 2019 |   | December 13, 2019 |   | December 27, 2019 |   | $ | 0.34 |  |
| Third Quarter               |   | August 1, 2019 |   | September 13, 2019 |   | September 27, 2019 |   | 0.34 |  |
| Second Quarter              |   | May 1, 2019 |   | June 14, 2019 |   | June 28, 2019 |   | 0.34 |  |
| First Quarter               |   | February 22, 2019 |   | March 15, 2019 |   | March 29, 2019 |   | 0.34 |  |
|                        |   |   |   |   |   |   |   | $ | 1.36 |  |
| December 31, 2018      |   |   |   |   |   |   |   |   |
| Fourth Quarter              |   | November 1, 2018 |   | December 14, 2018 |   | December 28, 2018 |   | $ | 0.34 |  |
| Third Quarter               |   | August 1, 2018 |   | September 14, 2018 |   | September 28, 2018 |   | 0.34 |  |
| Second Quarter              |   | May 2, 2018 |   | June 15, 2018 |   | June 29, 2018 |   | 0.34 |  |
| First Quarter               |   | February 21, 2018 |   | March 15, 2018 |   | March 29, 2018 |   | 0.34 |  |
|                        |   |   |   |   |   |   |   | $ | 1.36 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2019 and December 31, 2018, total distributions were $117.4 million and $103.4 million, respectively, of which the distributions were comprised of approximately 72.01% and 83.74%, respectively, of ordinary income, 0.00% and 0.00%, respectively, of long-term capital gains and approximately 27.99% and 16.26%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors. |
|         |                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment |

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|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2020 approximately $0.7 million of indirect administrative expenses were included in administrative expenses, of which approximately $0.0 million were waived by the Administrator. As of March 31, 2020, approximately $1.3 million of indirect administrative expenses were included in payable to affiliates. For the three months ended March 31, 2020, the reimbursement to the Administrator represented approximately 0.02% of our gross assets. |
|         |                                                                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance". |

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|         |                                                                 |
|---------|-----------------------------------------------------------------|
| Item 3. |  Quantitative and Qualitative Disclosures About Market Risk |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Change in Interest Rates |   | EstimatedPercentageChange in InterestIncome Net ofInterest Expense (unaudited) |
| -25 Basis Points                        |   | (1.22 | )% |
| Base Interest Rate                      |   | — |  % |
| +100 Basis Points                       |   | 11.33 |  % |
| +200 Basis Points                       |   | 22.67 |  % |
| +300 Basis Points                       |   | 34.01 |  % |

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|         |                              |
|---------|------------------------------|
| Item 4. |  Controls and Procedures |
|     |                                                        |
|-----|--------------------------------------------------------|
| (a) | Evaluation of Disclosure Controls and Procedures  |
|     |                                                       |
|-----|-------------------------------------------------------|
| (b) | Changes in Internal Controls Over Financial Reporting |

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|         |                   |
|---------|-------------------|
| Item 1. | Legal Proceedings |

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|         |                                                             |
|---------|-------------------------------------------------------------|
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands, except shares and per share data) |   | Total Number of |   | Weighted Average Price |   | Total Number of Shares Purchased as Part of Publicly Announced Plans |   | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the |
| Period                                           |   | Shares Purchased |   | Paid Per Share |   | or Programs |   | Plans or Programs |
| January 2020                                     |   | — |  |   | $ | — |  |   | — |  |   | $ | — |  |
| February 2020                                    |   | — |  |   | — |  |   | — |  |   | — |  |
| March 2020                                       |   | 133,539 |  |   | 6.75 |  |   | — |  |   | — |  |
| Total                                            |   | 133,539 |  |   | $ | 6.75 |  |   | — |  |   | — |  |

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|         |                                      |
|---------|--------------------------------------|
| Item 3. |  Defaults Upon Senior Securities |
|              |                         |
|--------------|-------------------------|
| Item 4. | Mine Safety Disclosures |
|              |                   |
|--------------|-------------------|
| Item 5. | Other Information |

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|         |               |
|---------|---------------|
| Item 6. |  Exhibits |
|     |          |
|-----|----------|
| (a) | Exhibits |

|               |
|---------------|
|               |  |  |  |
| ExhibitNumber |   | Description |
| 3.1(a)        |  |   | Amended and Restated Certificate of Incorporation of New Mountain Finance Corporation(2) |
|          |   |   |
| 3.1(b)        |  |   | Certificate of Change of Registered Agent and/or Registered Office of New Mountain Finance Corporation(3) |
|          |   |   |
| 3.2           |  |   | Amended and Restated Bylaws of New Mountain Finance Corporation(2) |
|          |   |   |
| 3.3           |  |   | Certificate of Amendment to the Amended and Restated Certificate of Incorporation New Mountain Finance Corporation(4) |
|          |   |   |
| 4.1           |  |   | Form of Stock Certificate of New Mountain Finance Corporation(1) |
|          |   |   |
| 10.1          |  |   | Amended and Restated Uncommitted Revolving Loan Agreement, by and between New Mountain Finance Corporation, as Borrower, and NMF Investments III, L.L.C., as Lender* |
|          |   |   |
|          |   |   |
| 31.1          |  |   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended* |
|          |   |   |
| 31.2          |  |   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended* |
|          |   |   |
| 32.1          |  |   | Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)* |
|          |   |   |
| 32.2          |  |   | Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)* |

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

|     |                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011. |
|     |                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Previously filed in connection with New Mountain Finance Corporation’s quarterly report on Form 10-Q filed on August 11, 2011. |
|     |                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Previously filed in connection with New Mountain Finance Corporation and New Mountain Finance AIV Holdings Corporation report on Form 8-K filed on August 25, 2011. |
|     |                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------|
| (4) | Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on April 3, 2019. |

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|        |
|--------|
|        |  |  |
|   | NEW MOUNTAIN FINANCE CORPORATION |
|   |   |
|   | By: | /s/ ROBERT A. HAMWEE |
|   |   | Robert A. Hamwee |
|   |   | Chief Executive Officer |
|   |   | (Principal Executive Officer), and Director |
|   |   |
|   | By: | /s/ SHIRAZ Y. KAJEE |
|   |   | Shiraz Y. Kajee |
|   |   | Chief Financial Officer |
|   |   | (Principal Financial and Accounting Officer) |