TABLE OF CONTENTS

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

|                                                            |
|------------------------------------------------------------|
|                                                            |  |
| Maryland                                                   | 27-4443543 |
| (State of incorporation)                                   | (I.R.S. Employer Identification No.) |
| One Sansome Street, Suite 730, San Francisco, CA           | 94104 |
| (Address of principal executive offices)                   | (Zip Code) |
|                                                       |   |
| (650) 235-4769                                             |
| (Registrant’s telephone number, including area code) |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |
| Title of Each Class                     |   | Trading Symbol |   | Name of Each Exchange on Which Registered |
| Common Stock, par value $0.01 per share |   | SSSS |   | Nasdaq Capital Market |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |
| Large accelerated filer o                                                  | Accelerated filer x |
| Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
| Emerging growth company o                                                  | ​ |

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

----

TABLE OF CONTENTS

|                               |
|-------------------------------|
|                               |  |  |
|                          |   | PAGE |
| PART I. FINANCIAL INFORMATION |   |
| Item 1.                  | Condensed Consolidated Financial Statements | 1 |
|                          | Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2020 (Unaudited) and December 31, 2019 | 1 |
|                          | Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (Unaudited) | 2 |
|                          | Condensed Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2020 and 2019 (Unaudited) | 3 |
|                          | Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited) | 4 |
|                          | Condensed Consolidated Schedule of Investments as of March 31, 2020 (Unaudited) | 5 |
|                          | Condensed Consolidated Schedule of Investments as of December 31, 2019 | 9 |
|                          | Notes to Condensed Consolidated Financial Statements as of March 31, 2020 (Unaudited) | 13 |
| Item 2.                       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 54 |
| Item 3.                       | Quantitative and Qualitative Disclosures About Market Risk | 64 |
| Item 4.                       | Controls and Procedures | 64 |
| PART II. OTHER INFORMATION    |   |
| Item 1.                  | Legal Proceedings | 65 |
| Item 1A.                      | Risk Factors | 65 |
| Item 2.                       | Unregistered Sales of Equity Securities and Use of Proceeds | 66 |
| Item 3.                       | Defaults Upon Senior Securities | 68 |
| Item 4.                       | Mine Safety Disclosures | 68 |
| Item 5.                       | Other Information | 68 |
| Item 6.                       | Exhibits | 69 |
| Signatures                    |   | 70 |

----

TABLE OF CONTENTS

|                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                  |  |  |  |  |  |  |  |
|                                                                                                                             | March 31, 2020 |   | December 31, 2019 |
| ASSETS                                                                                                                           |   |   |   |
| Investments at fair value:                                                                                                       |   |   |   |
| Non-controlled/non-affiliate investments (cost of $86,566,059 and $90,567,041, respectively)                                     | $ | 131,324,194 |  |   | $ | 152,866,112 |  |
| Non-controlled/affiliate investments (cost of $52,857,243 and $52,857,243, respectively)                                         | 27,868,854 |  |   | 37,944,268 |  |
| Controlled investments (cost of $7,161,412 and $7,161,412, respectively)                                                         | 729,500 |  |   | 775,198 |  |
| Total Portfolio Investments                                                                                                      | 159,922,548 |  |   | 191,585,578 |  |
| Investments in U.S. Treasury bills (cost of $50,000,556 and $49,996,667, respectively)                                           | 50,000,000 |  |   | 50,000,000 |  |
| Total Investments (cost of $196,585,270 and $200,582,363, respectively)                                                          | 209,922,548 |  |   | 241,585,578 |  |
| Cash                                                                                                                             | 46,095,103 |  |   | 44,861,263 |  |
| Escrow proceeds receivable                                                                                                       | 207,375 |  |   | 265,303 |  |
| Interest and dividends receivable                                                                                                | 84,799 |  |   | 84,630 |  |
| Deferred financing costs                                                                                                         | 11,382 |  |   | 11,382 |  |
| Prepaid expenses and other assets(1)                                                                                             | 1,721,265 |  |   | 1,755,933 |  |
| Total Assets                                                                                                                     | 258,042,472 |  |   | 288,564,089 |  |
| LIABILITIES                                                                                                                      |   |   |   |
| Accounts payable and accrued expenses(1)                                                                                         | 1,526,212 |  |   | 1,143,923 |  |
| Payable to executive officers                                                                                                    | 1,557 |  |   | 1,369,873 |  |
| Accrued interest payable                                                                                                         | — |  |   | 475,000 |  |
| Dividends payable                                                                                                                | — |  |   | 2,107,709 |  |
| Payable for securities purchased                                                                                                 | 45,101,259 |  |   | 44,746,660 |  |
| 4.75% Convertible Senior Notes due March 28, 2023(2)                                                                             | 38,897,646 |  |   | 38,803,635 |  |
| Total Liabilities                                                                                                                | 85,526,674 |  |   | 88,646,800 |  |
| Commitments and contingencies (Notes 7 and 10)                                                                                   |   |   |   |
| Net Assets                                                                                                                       | $ | 172,515,798 |  |   | $ | 199,917,289 |  |
| NET ASSETS                                                                                                                       |   |   |   |
| Common stock, par value $0.01 per share (100,000,000 authorized; 16,874,316 and 17,564,244 issued and outstanding, respectively) | $ | 168,743 |  |   | $ | 175,642 |  |
| Paid-in capital in excess of par                                                                                                 | 174,848,029 |  |   | 178,550,374 |  |
| Accumulated net investment loss                                                                                                  | (28,683,915 | ) |   | (25,679,362 | ) |
| Accumulated net realized gain/(loss) on investments                                                                              | 12,845,657 |  |   | 5,867,417 |  |
| Accumulated net unrealized appreciation/(depreciation) of investments                                                            | 13,337,284 |  |   | 41,003,218 |  |
| Net Assets                                                                                                                       | $ | 172,515,798 |  |   | $ | 199,917,289 |  |
| Net Asset Value Per Share                                                                                                        | $ | 10.22 |  |   | $ | 11.38 |  |

|     |                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | This balance includes a right of use asset and corresponding operating lease liability, respectively. Refer to "Note 7—Commitments and Contingencies—Operating Leases and Related Deposits" for more detail. |
|     |                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | As of March 31, 2020 and December 31, 2019, the 4.75% Convertible Senior Notes due March 28, 2023 had a face value of $40,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value. |

----

TABLE OF CONTENTS

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
|                                                                 | Three Months Ended March 31, |
|                                                                 | 2020 |   | 2019 |
| INVESTMENT INCOME                                                    |   |   |   |
| Non-controlled/non-affiliate investments:                            |   |   |   |
| Interest income                                                      | $ | 155,085 |  |   | $ | 138,497 |  |
| Dividend income                                                      | 50,000 |  |   | — |  |
| Non-controlled/affiliate investments:                                |   |   |   |
| Interest income                                                      | 20,428 |  |   | 59,466 |  |
| Dividend income                                                      | 26,250 |  |   | — |  |
| Controlled investments:                                              |   |   |   |
| Interest income                                                      | — |  |   | 29,287 |  |
| Total Investment Income                                              | 251,763 |  |   | 227,250 |  |
| OPERATING EXPENSES                                                   |   |   |   |
| Management fees(1)                                                   | — |  |   | 848,723 |  |
| Incentive fees/(Reversal of incentive fee accrual)(1)                | — |  |   | (4,660,472 | ) |
| Costs incurred under Administration Agreement(1)                     | — |  |   | 306,084 |  |
| Compensation expense                                                 | 924,916 |  |   | — |  |
| Directors’ fees                                                | 111,250 |  |   | 86,250 |  |
| Professional fees                                                    | 1,139,366 |  |   | 2,061,922 |  |
| Interest expense                                                     | 573,400 |  |   | 604,168 |  |
| Income tax expense                                                   | 8,665 |  |   | 3,763 |  |
| Other expenses                                                       | 498,719 |  |   | 357,110 |  |
| Total Operating Expenses                                             | 3,256,316 |  |   | (392,452 | ) |
| Net Investment Income/(Loss)                                         | (3,004,553 | ) |   | 619,702 |  |
| Realized Gains/(Losses) on Investments:                              |   |   |   |
| Non-controlled/non-affiliated investments                            | 6,978,240 |  |   | 8,269,138 |  |
| Non-controlled/affiliate investments                                 | — |  |   | (12,334,831 | ) |
| Net Realized Gain/(Loss) on Investments                              | 6,978,240 |  |   | (4,065,693 | ) |
| Change in Unrealized Appreciation/(Depreciation) of Investments:     |   |   |   |
| Non-controlled/non-affiliated investments                            | (17,544,822 | ) |   | 17,028,343 |  |
| Non-controlled/affiliate investments                                 | (10,075,414 | ) |   | 9,022,648 |  |
| Controlled investments                                               | (45,698 | ) |   | (5,351,240 | ) |
| Net Change in Unrealized Appreciation/(Depreciation) of Investments  | (27,665,934 | ) |   | 20,699,751 |  |
| Provision for taxes on unrealized appreciation of investments        | — |  |   | (94,147 | ) |
| Net Change in Net Assets Resulting from Operations                   | $ | (23,692,247 | ) |   | $ | 17,159,613 |  |
| Net Change in Net Assets Resulting from Operations per Common Share: |   |   |   |
| Basic                                                                | $ | (1.36 | ) |   | $ | 0.87 |  |
| Diluted(2)                                                           | $ | (1.36 | ) |   | $ | 0.75 |  |
| Weighted-Average Common Shares Outstanding                           |   |   |   |
| Basic                                                                | 17,440,994 |  |   | 19,762,647 |  |
| Diluted(2)                                                           | 17,440,994 |  |   | 23,493,991 |  |

|     |                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|
| (1) | This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | For the three months ended March 31, 2020 and 2019, 3,917,792 and 0 potentially dilutive common shares, respectively, were excluded from the weighted-average common shares outstanding for diluted net increase in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. Refer to “Note 6—Net Change in Net Assets Resulting from Operations per Common Share—Basic and Diluted”. |

----

TABLE OF CONTENTS

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |
|                                                                     | Three Months Ended March 31, |
|                                                                     | 2020 |   | 2019 |
| Change in Net Assets Resulting from Operations                           |   |   |   |
| Net investment income/(loss)                                             | $ | (3,004,553 | ) |   | $ | 619,702 |  |
| Net realized gains/(losses) on investments                               | 6,978,240 |  |   | (4,065,693 | ) |
| Net change in unrealized appreciation/(depreciation) of investments | (27,665,934 | ) |   | 20,699,751 |  |
| Provision for taxes on unrealized appreciation of investments            | — |  |   | (94,147 | ) |
| Net Change in Net Assets Resulting from Operations                       | (23,692,247 | ) |   | 17,159,613 |  |
| Change in Net Assets Resulting from Capital Transactions                 |   |   |   |
| Repurchases of common stock                                              | (3,709,244 | ) |   | — |  |
| Net Decrease in Net Assets Resulting from Capital Transactions           | (3,709,244 | ) |   | — |  |
| Total Change in Net Assets                                               | (27,401,491 | ) |   | 17,159,613 |  |
| Net Assets at Beginning of Year                                          | 199,917,289 |  |   | 195,378,159 |  |
|      Net Assets at End of Period                | $ | 172,515,798 |  |   | $ | 212,537,772 |  |
| Capital Share Activity                                                   |   |   |   |
| Shares outstanding at beginning of year                                  | 17,564,244 |  |   | 19,762,647 |  |
| Shares issued                                                            | — |  |   | — |  |
| Shares repurchased                                                       | (689,928 | ) |   | — |  |
| Shares Outstanding at End of Period                                      | 16,874,316 |  |   | 19,762,647 |  |

----

TABLE OF CONTENTS

|                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |  |  |  |  |  |  |  |
|                                                                                                                                | Three Months Ended March 31, |
|                                                                                                                                | 2020 |   | 2019 |
| Cash Flows from Operating Activities                                                                                                |   |   |   |
| Net change in net assets resulting from operations                                                                                  | $ | (23,692,247 | ) |   | $ | 17,159,613 |  |
| Adjustments to reconcile net change in net assets resulting from operations to net cash provided by/(used in) operating activities: |   |   |   |
| Net realized (gain)/loss on investments                                                                                             | (6,978,240 | ) |   | 4,065,693 |  |
| Net change in unrealized (appreciation)/depreciation of investments                                                                 | 27,665,934 |  |   | (20,699,751 | ) |
| Change in deferred tax liability                                                                                                    | — |  |   | 94,147 |  |
| Amortization of discount on 4.75% Convertible Senior Notes due 2023                                                                 | 94,011 |  |   | 91,017 |  |
| Amortization of fixed income security premiums and discounts                                                                        | — |  |   | (1,191 | ) |
| Adjustments to escrow proceeds receivable                                                                                           | 189,546 |  |   | (8,359 | ) |
| Purchases of investments in:                                                                                                        |   |   |   |
| Portfolio investments                                                                                                               | — |  |   | (10,008,040 | ) |
| U.S. Treasury bills                                                                                                                 | (50,000,556 | ) |   | (99,961,333 | ) |
| Proceeds from sales or maturity of investments in:                                                                                  |   |   |   |
| Portfolio investments                                                                                                               | 10,786,346 |  |   | 11,871,346 |  |
| U.S. Treasury bills                                                                                                                 | 50,000,000 |  |   | 100,000,000 |  |
| Change in operating assets and liabilities:                                                                                         |   |   |   |
| Prepaid expenses and other assets                                                                                                   | 34,668 |  |   | (491,345 | ) |
| Interest and dividends receivable                                                                                                   | (169 | ) |   | (90,214 | ) |
| Escrow proceeds receivable                                                                                                          | 57,928 |  |   | 317,027 |  |
| Receivable from unsettled trades                                                                                                    | — |  |   | (2,017,423 | ) |
| Due to GSV Asset Management(1)                                                                                                      | — |  |   | 207,710 |  |
| Payable for securities purchased                                                                                                    | 354,599 |  |   | (19,449 | ) |
| Accounts payable and accrued expenses                                                                                               | 382,289 |  |   | 1,854,399 |  |
| Payable to executive officers                                                                                                       | (1,368,316 | ) |   | — |  |
| Accrued incentive fees(1)                                                                                                           | — |  |   | (4,660,472 | ) |
| Accrued management fees(1)                                                                                                          | — |  |   | (415,056 | ) |
| Accrued interest payable                                                                                                            | (475,000 | ) |   | (475,000 | ) |
| Net Cash Provided by/(Used in) Operating Activities                                                                                 | 7,050,793 |  |   | (3,186,681 | ) |
| Cash Flows from Financing Activities                                                                                                |   |   |   |
| Repurchases of common stock                                                                                                         | (3,709,244 | ) |   | — |  |
| Dividends paid                                                                                                                      | (2,107,709 | ) |   | — |  |
| Net Cash Used in Financing Activities                                                                                               | $ | (5,816,953 | ) |   | $ | 18,061,873 |  |
|                                                                                                                                |   |   |   |
| Total Increase/(Decrease) in Cash Balance                                                                                           | $ | 1,233,840 |  |   | $ | (3,186,681 | ) |
| Cash Balance at Beginning of Year                                                                                                   | 44,861,263 |  |   | 28,184,163 |  |
| Cash Balance at End of Period                                                                                                       | $ | 46,095,103 |  |   | $ | 24,997,482 |  |
|                                                                                                                                |   |   |   |
| Supplemental Information:                                                                                                           |   |   |   |
| Interest paid                                                                                                                       | $ | 956,190 |  |   | $ | 974,932 |  |
| Taxes paid                                                                                                                          | $ | 8,665 |  |   | $ | 3,763 |  |

|     |                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|
| (1) | This balance references a related-party transaction. Refer to “Note 3—Related-Party Arrangements” for more detail. |

----

TABLE OF CONTENTS

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                           |   | Headquarters/Industry |   | Date of Initial Investment |   | Shares/Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| NON-CONTROLLED/NON-AFFILIATE                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Coursera, Inc.                                   |   | Mountain View, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series B 8%               |   | Online Education |   | 6/9/2013 |   | 2,961,399 |  |   | $ | 14,519,519 |  |   | $ | 34,707,596 |  |   | 20.12 | % |
| Palantir Technologies, Inc.                      |   | Palo Alto, CA |   |   |   |   |   |   |   |   |   |   |
| Common shares, Class A                      |   | Data Analysis |   | 5/7/2012 |   | 5,773,690 |  |   | 16,189,935 |  |   | 30,542,820 |  |   | 17.70 | % |
| Course Hero, Inc.                                |   | Redwood City, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series A 8%               |   | Online Education |   | 9/18/2014 |   | 2,145,509 |  |   | 5,000,001 |  |   | 24,635,508 |  |   | 14.28 | % |
| Nextdoor.com, Inc.                               |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Common shares                                    |   | Social Networking |   | 9/27/2018 |   | 580,360 |  |   | 10,006,578 |  |   | 10,753,200 |  |   | 6.23 | % |
| Enjoy Technology, Inc.                           |   | Menlo Park, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series B 6%               |   | On-Demand Commerce |   | 7/29/2015 |   | 1,681,520 |  |   | 4,000,280 |  |   | 4,758,702 |  |   | 2.76 | % |
| Preferred shares, Series A 6%               |   |   |   | 10/16/2014 |   | 879,198 |  |   | 1,002,440 |  |   | 2,488,130 |  |   | 1.44 | % |
| Total                                            |   |   |   |   |   |   |   | 5,002,720 |  |   | 7,246,832 |  |   | 4.20 | % |
| Treehouse Real Estate Investment Trust, Inc.     |   | Chicago, IL |   |   |   |   |   |   |   |   |   |   |
| Common shares***(8)                              |   | Cannabis REIT |   | 9/11/2019 |   | 312,500 |  |   | 7,500,000 |  |   | 6,592,922 |  |   | 3.82 | % |
| Aspiration Partners, Inc.                        |   | Marina Del Rey, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series A                  |   | Financial Services |   | 8/11/2015 |   | 540,270 |  |   | 1,001,815 |  |   | 5,160,592 |  |   | 2.99 | % |
| Convertible Promissory Note 5%, Due 1/31/2021*** |   |   |   | 8/12/2019 |   | $ | 280,000 |  |   | 281,190 |  |   | 356,168 |  |   | 0.21 | % |
| Total                                            |   |   |   |   |   |   |   | 1,283,005 |  |   | 5,516,760 |  |   | 3.20 | % |
| SharesPost, Inc.                                 |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series B 6%               |   | Online Marketplace Finance |   | 7/19/2011 |   | 1,771,653 |  |   | 2,259,716 |  |   | 3,958,470 |  |   | 2.29 | % |
| Common shares                                    |   |   |   | 7/20/2011 |   | 770,934 |  |   | 123,987 |  |   | 569,654 |  |   | 0.33 | % |
| Total                                            |   |   |   |   |   |   |   | 2,383,703 |  |   | 4,528,124 |  |   | 2.62 | % |
| Neutron Holdings, Inc. (d/b/a/ Lime)             |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series D 6%                    |   | Micromobility |   | 1/25/2019 |   | 41,237,113 |  |   | 10,006,800 |  |   | 3,548,387 |  |   | 2.06 | % |
| Clever, Inc.                                     |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series B 8%               |   | Education Software |   | 12/5/2014 |   | 1,799,047 |  |   | 2,000,601 |  |   | 2,000,001 |  |   | 1.16 | % |
| Tynker (f/k/a Neuron Fuel, Inc.)                 |   | Mountain View, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series A 8%               |   | Computer Software |   | 8/8/2012 |   | 534,162 |  |   | 309,310 |  |   | 791,361 |  |   | 0.46 | % |
| A Place for Rover Inc. (f/k/a DogVacay, Inc.)    |   | Seattle, WA |   |   |   |   |   |   |   |   |   |   |
| Common shares                                    |   | Peer-to-Peer Pet Services |   | 11/3/2014 |   | 707,991 |  |   | 2,506,119 |  |   | 460,683 |  |   | 0.27 | % |
| 4C Insights (f/k/a The Echo Systems Corp.)       |   | Chicago, IL |   |   |   |   |   |   |   |   |   |   |
| Common shares                                    |   | Social Data Platform |   | 3/30/2012 |   | 436,219 |  |   | 1,436,404 |  |   | — |  |   | — | % |
| Fullbridge, Inc.                                 |   | Cambridge, MA |   |   |   |   |   |   |   |   |   |   |
| Common shares                                    |   | Business Education |   | 5/13/2012 |   | 517,917 |  |   | 6,150,506 |  |   | — |  |   | — | % |
| Promissory Note 1.47%, Due 11/9/2021(4)          |   |   |   | 3/3/2016 |   | $ | 2,270,458 |  |   | 2,270,858 |  |   | — |  |   | — | % |
| Total                                            |   |   |   |   |   |   |   | 8,421,364 |  |   | — |  |   | — | % |
|                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non-controlled/Non-affiliate               |   |   |   |   |   |   |   | $ | 86,566,059 |  |   | $ | 131,324,194 |  |   | 76.12 | % |

----

TABLE OF CONTENTS

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                                            |   | Headquarters/Industry |   | Date of Initial Investment |   | Shares/Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| NON-CONTROLLED/AFFILIATE(1)                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Ozy Media, Inc.                                                                   |   | Mountain View, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series C-2 6%                                                   |   | Digital Media Platform |   | 9/11/2019 |   | 683,482 |  |   | $ | 2,414,178 |  |   | $ | 1,856,266 |  |   | 1.08 | % |
| Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028                     |   |   |   | 4/9/2018 |   | 295,565 |  |   | 30,647 |  |   | 529,061 |  |   | 0.31 | % |
| Preferred shares, Series B 6%                                                     |   |   |   | 10/3/2014 |   | 922,509 |  |   | 4,999,999 |  |   | 3,334,280 |  |   | 1.93 | % |
| Preferred shares, Series A 6%                                                     |   |   |   | 12/11/2013 |   | 1,090,909 |  |   | 3,000,200 |  |   | 2,679,159 |  |   | 1.55 | % |
| Preferred shares, Series Seed 6%                                                  |   |   |   | 11/2/2012 |   | 500,000 |  |   | 500,000 |  |   | 936,281 |  |   | 0.54 | % |
| Total                                                                             |   |   |   |   |   |   |   | 10,945,024 |  |   | 9,335,047 |  |   | 5.41 | % |
| StormWind, LLC(5)                                                                 |   | Scottsdale, AZ |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series D 8%                                                |   | Interactive Learning |   | 11/26/2019 |   | 329,337 |  |   | 257,267 |  |   | 481,017 |  |   | 0.28 | % |
| Preferred shares, Series C 8%                                                |   |   |   | 1/7/2014 |   | 2,779,134 |  |   | 4,000,787 |  |   | 5,183,837 |  |   | 3.00 | % |
| Preferred shares, Series B 8%                                                |   |   |   | 12/16/2011 |   | 3,279,629 |  |   | 2,019,687 |  |   | 3,028,699 |  |   | 1.76 | % |
| Preferred shares, Series A 8%                                                |   |   |   | 2/25/2014 |   | 366,666 |  |   | 110,000 |  |   | 133,341 |  |   | 0.08 | % |
| Total                                                                             |   |   |   |   |   |   |   | 6,387,741 |  |   | 8,826,894 |  |   | 5.12 | % |
| GreenAcreage Real Estate Corp.                                                    |   | New York, NY |   |   |   |   |   |   |   |   |   |   |
| Common shares***(9)                                                               |   | Cannabis REIT |   | 8/12/2019 |   | 375,000 |  |   | 7,501,530 |  |   | 6,750,000 |  |   | 3.91 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)                                              |   | San Mateo, CA |   |   |   |   |   |   |   |   |   |   |
| Derivative Security, Expiration Date 8/23/2024(7)                                 |   | Global Innovation Platform |   | 8/23/2019 |   | 1 |  |   | 8,555,124 |  |   | 1,996,070 |  |   | 1.16 | % |
| Convertible Promissory Note 8% Due 8/23/2024(4)(7)                                |   |   |   | 2/17/2016 |   | $ | 1,010,198 |  |   | 1,030,176 |  |   | 505,099 |  |   | 0.29 | % |
| Preferred Warrants Series A-3, Strike Price $1.33, Expiration Date 4/4/2021  |   |   |   | 4/4/2014 |   | 187,500 |  |   | — |  |   | 10,313 |  |   | 0.01 | % |
| Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 10/6/2021 |   |   |   | 10/6/2014 |   | 500,000 |  |   | — |  |   | 70,000 |  |   | 0.04 | % |
| Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 |   |   |   | 7/8/2016 |   | 250,000 |  |   | 74,380 |  |   | 32,500 |  |   | 0.02 | % |
| Preferred Warrants Series B, Strike Price $2.31, Expiration Date 11/29/2021  |   |   |   | 11/29/2016 |   | 100,000 |  |   | 29,275 |  |   | — |  |   | — | % |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022         |   |   |   | 5/29/2017 |   | 125,000 |  |   | 70,379 |  |   | — |  |   | — | % |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023        |   |   |   | 12/31/2018 |   | 250,000 |  |   | 5,080 |  |   | 2,500 |  |   | 0.00 | % |
| Total                                                                             |   |   |   |   |   |   |   | 9,764,414 |  |   | 2,616,482 |  |   | 1.52 | % |
| CUX, Inc. (d/b/a CorpU)                                                           |   | Philadelphia, PA |   |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Convertible Promissory Note 4% Due 2/14/2023(4)               |   | Corporate Education |   | 11/26/2014 |   | $ | 1,251,158 |  |   | 1,256,191 |  |   | 312,789 |  |   | 0.18 | % |
| Convertible preferred shares, Series D 6%                                    |   |   |   | 5/31/2013 |   | 169,033 |  |   | 778,607 |  |   | 27,642 |  |   | 0.02 | % |
| Convertible preferred shares, Series C 8%                                    |   |   |   | 3/29/2012 |   | 615,763 |  |   | 2,006,077 |  |   | — |  |   | — | % |
| Total                                                                             |   |   |   |   |   |   |   | 4,040,875 |  |   | 340,431 |  |   | 0.20 | % |
| Maven Research, Inc.                                                              |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series C 8%                                                |   | Knowledge Networks |   | 7/2/2012 |   | 318,979 |  |   | 2,000,447 |  |   | — |  |   | — | % |
| Preferred shares, Series B 5%                                                |   |   |   | 2/28/2012 |   | 49,505 |  |   | 217,206 |  |   | — |  |   | — | % |
| Total                                                                             |   |   |   |   |   |   |   | 2,217,653 |  |   | — |  |   | — | % |
| Curious.com, Inc.                                                                 |   | Menlo Park, CA |   |   |   |   |   |   |   |   |   |   |
| Common shares                                                                     |   | Online Education |   | 11/22/2013 |   | 1,135,944 |  |   | 12,000,006 |  |   | — |  |   | — | % |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non-controlled/Affiliate                                                    |   |   |   |   |   |   |   | $ | 52,857,243 |  |   | $ | 27,868,854 |  |   | 16.15 | % |

----

TABLE OF CONTENTS

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                |   | Headquarters/Industry |   | Date of Initial Investment |   | Shares/Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| CONTROLLED(2)                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) |   | Cupertino, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Class A***(6)                  |   | Clean Technology |   | 4/15/2014 |   | 14,300,000 |  |   | $ | 7,151,412 |  |   | $ | 729,500 |  |   | 0.42 | % |
| Common shares                                         |   |   |   | 4/15/2014 |   | 100,000 |  |   | 10,000 |  |   | — |  |   | — | % |
| Total                                                 |   |   |   |   |   |   |   | 7,161,412 |  |   | 729,500 |  |   | 0.42 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Controlled                                      |   |   |   |   |   |   |   | $ | 7,161,412 |  |   | $ | 729,500 |  |   | 0.42 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio Investments                           |   |   |   |   |   |   |   | $ | 146,584,714 |  |   | $ | 159,922,548 |  |   | 92.70 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury bill, 0%, due 4/2/2020***(3)            |   |   |   | 3/30/2020 |   | $ | 50,000,000 |  |   | 50,000,556 |  |   | 50,000,000 |  |   | 28.98 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL INVESTMENTS                                     |   |   |   |   |   |   |   | $ | 196,585,270 |  |   | $ | 209,922,548 |  |   | 121.68 | % |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company's board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company's portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors.  (Refer to "Note 2—Significant Accounting Policies—Investments at Fair Value"). |
|    |                                                                                                                                                                                                                                                                                                                                                      |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | Indicates assets that Sutter Rock Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of the Company’s total investments as of March 31, 2020, 0.00% of its total investments are non-qualifying assets. |
|     |                                 |
|-----|---------------------------------|
| *** | Investment is income-producing. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of Sutter Rock Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of Sutter Rock Capital Corp. if Sutter Rock Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “Control Investments” are investments in those companies that are “Controlled Companies” of Sutter Rock Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”. |
|     |                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. As of March 31, 2020, no investments held by Sutter Rock Capital Corp. were considered Level 1 or Level 2. Refer to “Note 4—Investments at Fair Value”. |
|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (4) | As of March 31, 2020, the investments noted had been placed on non-accrual status. |
|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Sutter Rock Capital Corp.’s investments in StormWind, LLC are held through Sutter Rock Capital Corp.'s wholly owned subsidiary, GSVC SW Holdings, Inc. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by Sutter Rock Capital Corp. do not entitle Sutter Rock Capital Corp. to a preferred dividend rate. During the three months ended March 31, 2020, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) declared, and Sutter Rock Capital Corp. received, an aggregate of $0 in dividend distributions. Sutter Rock Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions. |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | On August 23, 2019, Sutter Rock Capital Corp. amended the structure of its investment in NestGSV, Inc. (d/b/a GSV Labs, Inc.). As part of the agreement, Sutter Rock Capital Corp’s equity holdings (warrants notwithstanding) were restructured into a derivative security. NestGSV, Inc. (d/b/a GSV Labs,Inc.) has the right to call the position at any time over a five year period, while Sutter Rock Capital Corp. can put the shares to NestGSV, Inc. (d/b/a GSV Labs, Inc.) at the end of the five year period. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | During the three months ended March 31, 2020, Treehouse Real Estate Investment Trust Inc. declared, and Sutter Rock Capital Corp. received, an aggregate of $50,000 in dividend distributions.  Sutter Rock Capital Corp. does not anticipate that Treehouse Real Estate Investment Trust Inc. will pay distributions on a recurring or regular basis or become a predictable distributor of distributions. |
|     |                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | During the three months ended March 31, 2020, GreenAcreage Real Estate Corp. declared a $26,250 dividend distribution. Sutter Rock Capital Corp. does not anticipate that Green Acreage Real Estate Corp. will pay distributions on a recurring or regular basis or become a predictable distributor of distributions. |

----

TABLE OF CONTENTS

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                           |   | Headquarters/Industry |   | Date of Initial Investment |   | Shares/Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| NON-CONTROLLED/NON-AFFILIATE                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Coursera, Inc.                                   |   | Mountain View, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series B 8%               |   | Online Education |   | 6/9/2013 |   | 2,961,399 |  |   | $ | 14,519,519 |  |   | $ | 33,569,902 |  |   | 16.79 | % |
| Palantir Technologies, Inc.                      |   | Palo Alto, CA |   |   |   |   |   |   |   |   |   |   |
| Common shares, Class A                      |   | Data Analysis |   | 5/7/2012 |   | 5,773,690 |  |   | 16,189,935 |  |   | 31,582,084 |  |   | 15.80 | % |
| Course Hero, Inc.                                |   | Redwood City, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series A 8%               |   | Online Education |   | 9/18/2014 |   | 2,145,509 |  |   | 5,000,001 |  |   | 25,674,019 |  |   | 12.84 | % |
| Parchment, Inc.                                  |   | Scottsdale, AZ |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series D 8%               |   | E-Transcript Exchange |   | 10/1/2012 |   | 3,200,512 |  |   | 4,000,982 |  |   | 10,896,585 |  |   | 5.45 | % |
| Nextdoor.com, Inc.                               |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Common shares                                    |   | Social Networking |   | 9/27/2018 |   | 580,360 |  |   | 10,006,578 |  |   | 10,867,365 |  |   | 5.43 | % |
| Neutron Holdings, Inc. (d/b/a/ Lime)             |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series D 6%                    |   | Micromobility |   | 1/25/2019 |   | 41,237,113 |  |   | 10,006,800 |  |   | 10,000,000 |  |   | 5.00 | % |
| Treehouse Real Estate Investment Trust, Inc.     |   | Chicago, IL |   |   |   |   |   |   |   |   |   |   |
| Common shares***(11)                             |   | Cannabis REIT |   | 9/11/2019 |   | 312,500 |  |   | 7,500,000 |  |   | 7,384,738 |  |   | 3.69 | % |
| Enjoy Technology, Inc.                           |   | Menlo Park, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series B 6%               |   | On-Demand Commerce |   | 7/29/2015 |   | 1,681,520 |  |   | 4,000,280 |  |   | 4,758,702 |  |   | 2.38 | % |
| Preferred shares, Series A 6%               |   |   |   | 10/16/2014 |   | 879,198 |  |   | 1,002,440 |  |   | 2,488,130 |  |   | 1.24 | % |
| Total                                            |   |   |   |   |   |   |   | 5,002,720 |  |   | 7,246,832 |  |   | 3.62 | % |
| SharesPost, Inc.                                 |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series B 6%               |   | Online Marketplace Finance |   | 7/19/2011 |   | 1,771,653 |  |   | 2,259,716 |  |   | 6,186,877 |  |   | 3.09 | % |
| Common shares                                    |   |   |   | 7/20/2011 |   | 770,934 |  |   | 123,987 |  |   | 890,340 |  |   | 0.45 | % |
| Total                                            |   |   |   |   |   |   |   | 2,383,703 |  |   | 7,077,217 |  |   | 3.54 | % |
| Aspiration Partners, Inc.                        |   | Marina Del Rey, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series A                  |   | Financial Services |   | 8/11/2015 |   | 540,270 |  |   | 1,001,815 |  |   | 4,471,678 |  |   | 2.24 | % |
| Convertible Promissory Note 5%, Due 1/31/2021*** |   |   |   | 8/12/2019 |   | $ | 280,000 |  |   | 281,190 |  |   | 321,168 |  |   | 0.16 | % |
| Total                                            |   |   |   |   |   |   |   | 1,283,005 |  |   | 4,792,846 |  |   | 2.40 | % |
| Clever, Inc.                                     |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series B 8%               |   | Education Software |   | 12/5/2014 |   | 1,799,047 |  |   | 2,000,601 |  |   | 2,000,001 |  |   | 1.00 | % |
| A Place for Rover Inc. (f/k/a DogVacay, Inc.)    |   | Seattle, WA |   |   |   |   |   |   |   |   |   |   |
| Common shares                                    |   | Peer-to-Peer Pet Services |   | 11/3/2014 |   | 707,991 |  |   | 2,506,119 |  |   | 963,533 |  |   | 0.48 | % |
| Tynker (f/k/a Neuron Fuel, Inc.)                 |   | Mountain View, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series A 8%               |   | Computer Software |   | 8/8/2012 |   | 534,162 |  |   | 309,310 |  |   | 789,491 |  |   | 0.39 | % |
| 4C Insights (f/k/a The Echo Systems Corp.)       |   | Chicago, IL |   |   |   |   |   |   |   |   |   |   |
| Common shares                                    |   | Social Data Platform |   | 3/30/2012 |   | 436,219 |  |   | 1,436,404 |  |   | 21,499 |  |   | 0.01 | % |
| Fullbridge, Inc.                                 |   | Cambridge, MA |   |   |   |   |   |   |   |   |   |   |
| Common shares                                    |   | Business Education |   | 5/13/2012 |   | 517,917 |  |   | 6,150,506 |  |   | — |  |   | — | % |
| Promissory Note 1.47%, Due 11/9/2021(4)          |   |   |   | 3/3/2016 |   | $ | 2,270,458 |  |   | 2,270,858 |  |   | — |  |   | — | % |
| Total                                            |   |   |   |   |   |   |   | 8,421,364 |  |   | — |  |   | — | % |
|                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non-controlled/Non-affiliate               |   |   |   |   |   |   |   | $ | 90,567,041 |  |   | $ | 152,866,112 |  |   | 76.46 | % |

----

TABLE OF CONTENTS

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                                            |   | Headquarters/Industry |   | Date of Initial Investment |   | Shares/Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| NON-CONTROLLED/AFFILIATE(1)                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Ozy Media, Inc.                                                                   |   | Mountain View, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series C-2 6%(7)                                                |   | Digital Media Platform |   | 9/11/2019 |   | 683,482 |  |   | $ | 2,414,178 |  |   | $ | 2,970,252 |  |   | 1.49 | % |
| Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028                     |   |   |   | 4/9/2018 |   | 295,565 |  |   | 30,647 |  |   | 1,182,260 |  |   | 0.59 | % |
| Preferred shares, Series B 6%                                                     |   |   |   | 10/3/2014 |   | 922,509 |  |   | 4,999,999 |  |   | 5,001,420 |  |   | 2.50 | % |
| Preferred shares, Series A 6%                                                     |   |   |   | 12/11/2013 |   | 1,090,909 |  |   | 3,000,200 |  |   | 4,528,107 |  |   | 2.27 | % |
| Preferred shares, Series Seed 6%                                                  |   |   |   | 11/2/2012 |   | 500,000 |  |   | 500,000 |  |   | 2,002,143 |  |   | 1.00 | % |
| Total                                                                             |   |   |   |   |   |   |   | 10,945,024 |  |   | 15,684,182 |  |   | 7.85 | % |
| StormWind, LLC(5)                                                                 |   | Scottsdale, AZ |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series D 8%(10)                                            |   | Interactive Learning |   | 11/26/2019 |   | 329,337 |  |   | 257,267 |  |   | 503,120 |  |   | 0.25 | % |
| Preferred shares, Series C 8%                                                |   |   |   | 1/7/2014 |   | 2,779,134 |  |   | 4,000,787 |  |   | 5,391,000 |  |   | 2.70 | % |
| Preferred shares, Series B 8%                                                |   |   |   | 12/16/2011 |   | 3,279,629 |  |   | 2,019,687 |  |   | 3,248,804 |  |   | 1.62 | % |
| Preferred shares, Series A 8%                                                |   |   |   | 2/25/2014 |   | 366,666 |  |   | 110,000 |  |   | 157,949 |  |   | 0.08 | % |
| Total                                                                             |   |   |   |   |   |   |   | 6,387,741 |  |   | 9,300,873 |  |   | 4.65 | % |
| GreenAcreage Real Estate Corp.                                                    |   | New York, NY |   |   |   |   |   |   |   |   |   |   |
| Common shares                                                                     |   | Cannabis REIT |   | 8/12/2019 |   | 375,000 |  |   | 7,501,530 |  |   | 7,500,000 |  |   | 3.75 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)                                              |   | San Mateo, CA |   |   |   |   |   |   |   |   |   |   |
| Derivative Security, Expiration Date 8/23/2024(9)                                 |   | Global Innovation Platform |   | 8/23/2019 |   | 1 |  |   | 8,555,124 |  |   | 3,880,621 |  |   | 1.94 | % |
| Convertible Promissory Note 8% Due 8/23/2024***(9)                                |   |   |   | 2/17/2016 |   | $ | 1,010,198 |  |   | 1,030,176 |  |   | 1,010,198 |  |   | 0.51 | % |
| Preferred Warrants Series A-3, Strike Price $1.33, Expiration Date 4/4/2021  |   |   |   | 4/4/2014 |   | 187,500 |  |   | — |  |   | 20,625 |  |   | 0.01 | % |
| Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 10/6/2021 |   |   |   | 10/6/2014 |   | 500,000 |  |   | — |  |   | 135,000 |  |   | 0.07 | % |
| Preferred Warrants Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 |   |   |   | 7/8/2016 |   | 250,000 |  |   | 74,380 |  |   | 62,500 |  |   | 0.03 | % |
| Preferred Warrants Series B, Strike Price $2.31, Expiration Date 11/29/2021  |   |   |   | 11/29/2016 |   | 100,000 |  |   | 29,275 |  |   | — |  |   | — | % |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022         |   |   |   | 5/29/2017 |   | 125,000 |  |   | 70,379 |  |   | — |  |   | — | % |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023        |   |   |   | 12/31/2018 |   | 250,000 |  |   | 5,080 |  |   | 2,500 |  |   | 0.00 | % |
| Total                                                                             |   |   |   |   |   |   |   | 9,764,414 |  |   | 5,111,444 |  |   | 2.56 | % |
| CUX, Inc. (d/b/a CorpU)                                                           |   | Philadelphia, PA |   |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Convertible Promissory Note 4% Due 2/14/2023(4)(6)            |   | Corporate Education |   | 11/26/2014 |   | $ | 1,251,158 |  |   | 1,256,191 |  |   | 312,789 |  |   | 0.15 | % |
| Convertible preferred shares, Series D 6%                                    |   |   |   | 5/31/2013 |   | 169,033 |  |   | 778,607 |  |   | 34,980 |  |   | 0.02 | % |
| Convertible preferred shares, Series C 8%                                    |   |   |   | 3/29/2012 |   | 615,763 |  |   | 2,006,077 |  |   | — |  |   | — | % |
| Preferred Warrants Series D, Strike Price $4.59, Expiration Date 2/14/2020        |   |   |   | 5/31/2013 |   | 16,903 |  |   | — |  |   | — |  |   | — | % |
| Total                                                                             |   |   |   |   |   |   |   | 4,040,875 |  |   | 347,769 |  |   | 0.17 | % |
| Maven Research, Inc.                                                              |   | San Francisco, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Series C 8%                                                |   | Knowledge Networks |   | 7/2/2012 |   | 318,979 |  |   | 2,000,447 |  |   | — |  |   | — | % |
| Preferred shares, Series B 5%                                                |   |   |   | 2/28/2012 |   | 49,505 |  |   | 217,206 |  |   | — |  |   | — | % |
| Total                                                                             |   |   |   |   |   |   |   | 2,217,653 |  |   | — |  |   | — | % |
| Curious.com, Inc.                                                                 |   | Menlo Park, CA |   |   |   |   |   |   |   |   |   |   |
| Common shares                                                                     |   | Online Education |   | 11/22/2013 |   | 1,135,944 |  |   | 12,000,006 |  |   | — |  |   | — | % |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non-controlled/Affiliate                                                    |   |   |   |   |   |   |   | $ | 52,857,243 |  |   | $ | 37,944,268 |  |   | 18.98 | % |

----

TABLE OF CONTENTS

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investments*                                |   | Headquarters/Industry |   | Date of Initial Investment |   | Shares/Principal |   | Cost |   | Fair Value |   | % of NetAssets |
| CONTROLLED(2)                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) |   | Cupertino, CA |   |   |   |   |   |   |   |   |   |   |
| Preferred shares, Class A***(8)                  |   | Clean Technology |   | 4/15/2014 |   | 14,300,000 |  |   | $ | 7,151,412 |  |   | $ | 775,198 |  |   | 0.39 | % |
| Common shares                                         |   |   |   | 4/15/2014 |   | 100,000 |  |   | 10,000 |  |   | — |  |   | — | % |
| Total                                                 |   |   |   |   |   |   |   | 7,161,412 |  |   | 775,198 |  |   | 0.39 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Controlled                                      |   |   |   |   |   |   |   | $ | 7,161,412 |  |   | $ | 775,198 |  |   | 0.39 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Portfolio Investments                           |   |   |   |   |   |   |   | $ | 150,585,696 |  |   | $ | 191,585,578 |  |   | 95.83 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury bill, 0%, due 1/2/2020***(3)            |   |   |   | 12/30/2019 |   | $ | 50,000,000 |  |   | 49,996,667 |  |   | 50,000,000 |  |   | 25.01 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL INVESTMENTS                                     |   |   |   |   |   |   |   | $ | 200,582,363 |  |   | $ | 241,585,578 |  |   | 120.84 | % |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | All portfolio investments are non-control/non-affiliated and non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their initial public offering (“IPO”). Preferred dividends are generally only payable when declared and paid by the portfolio company's board of directors. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All of the Company's portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors.  (Refer to "Note 2—Significant Accounting Policies—Investments at Fair Value"). |
|    |                                                                                                                                                                                                                                                                                                                                                     |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | Indicates assets that Sutter Rock Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of the Company’s total investments as of December 31, 2019, 0.00% of its total investments are non-qualifying assets. |
|     |                                 |
|-----|---------------------------------|
| *** | Investment is income-producing. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of Sutter Rock Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of Sutter Rock Capital Corp. if Sutter Rock Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “Control Investments” are investments in those companies that are “Controlled Companies” of Sutter Rock Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”. |
|     |                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. As of December 31, 2019, no investments held by Sutter Rock Capital Corp. were considered Level 1 or Level 2. Refer to “Note 4—Investments at Fair Value”. |
|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| (4) | As of December 31, 2019, the investments noted had been placed on non-accrual status. |
|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Sutter Rock Capital Corp.’s investments in StormWind, LLC are held through Sutter Rock Capital Corp.'s wholly owned subsidiary, GSVC SW Holdings, Inc. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | On October 24, 2019, CUX, Inc. (d/b/a CorpU) completed a recapitalization, which amended Sutter Rock Capital Corp.'s investment in the Senior Subordinated Convertible Promissory Note. As a result of the recapitalization, the principal amount of Sutter Rock Capital Corp.'s Senior Subordinated Convertible Promissory Note was reduced by $109,331, the interest rate was reduced to 4%, and the maturity was extended to February 14, 2023. |
|     |                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | On September 11, 2019, Sutter Rock Capital Corp. agreed to convert its 5% Convertible Promissory Note due 12/31/2018 to Ozy Media, Inc. and all related accrued interest, into 683,482 shares of Ozy Media, Inc.'s Series C-2 preferred shares. |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | During the year ended December 31, 2019, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) declared, and Sutter Rock Capital Corp. received, an aggregate of $400,000 in dividend distributions. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | On August 23, 2019, Sutter Rock Capital Corp. amended the structure of its investment in NestGSV, Inc. (d/b/a GSV Labs, Inc.). As part of the agreement, Sutter Rock Capital Corp’s equity holdings (warrants notwithstanding) were restructured into a derivative security. NestGSV, Inc. (d/b/a GSV Labs,Inc.) has the right to call the position at any time over a five year period, while Sutter Rock Capital Corp. can put the shares to NestGSV, Inc. (d/b/a GSV Labs, Inc.) at the end of the five year period. As part of the agreement, previously accrued interest under Sutter Rock Capital Corp’s 12% Convertible Promissory Note due 12/31/2019 will be capitalized into the principal of the extended Convertible Promissory Note, and the interest on the Convertible Promissory Note is reduced from 12% to 8%. The Convertible Promissory Note’s maturity was extended to August 23, 2024. Under the amended structure, Sutter Rock Capital Corp.’s fully diluted ownership of voting securities in the company decreased from 50.0% to 8.5%. As such, Sutter Rock Capital Corp.'s investments in NestGSV, Inc. (d/b/a GSV Labs, Inc.) have been recategorized from controlled investments to non-controlled/affiliated investments. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | On November 26, 2019, Sutter Rock Capital Corp. invested $250,000 in StormWind, LLC's Series D financing round. As part of the round, Sutter Rock Capital Corp.'s fully diluted ownership of voting securities decreased from 25.6% to 23.4%. As such, Sutter Rock Capital Corp.'s investments in StormWind, LLC have been recategorized from controlled investments to non-controlled/affiliated investments. |
|      |                                                                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | During year ended December 31, 2019, Treehouse Real Estate Investment Trust Inc. declared, and Sutter Rock Capital Corp. received an aggregate of $100,000 in dividend distributions. |

----

TABLE OF CONTENTS

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |
| Subsidiary                                                                                 |   | Jurisdiction ofIncorporation |   | FormationDate |   | PercentageOwned |
| GCL                                                                                        |   | Delaware |   | April 13, 2012 |   | 100% |
| Subsidiaries below are referred to collectively, as the “Taxable Subsidiaries” |   |   |   |   |   |   |
| GSVC AE Holdings, Inc. (“GAE”)                                                 |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC AV Holdings, Inc. (“GAV”)                                                 |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC NG Holdings, Inc. (“GNG”)(1)                                              |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC SW Holdings, Inc. (“GSW”)                                                 |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC WS Holdings, Inc. (“GWS”)(1)                                              |   | Delaware |   | November 28, 2012 |   | 100% |
| GSVC SVDS Holdings, Inc. (“SVDS”)                                              |   | Delaware |   | August 13, 2013 |   | 100% |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|    |                                                                                                                                                                                   |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for the portfolio investment; |
|    |                                                                                             |
|----|---------------------------------------------------------------------------------------------|
| 2. | Preliminary valuation conclusions are then documented and discussed with senior management; |
|    |                                                                                                                                                                                                                                                                                                 |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3. | An independent third-party valuation firm is engaged by the Valuation Committee to conduct independent appraisals and review management’s preliminary valuations and make its own independent assessment, for all investments for which there are no readily available market quotations; |
|           |                                                                                                                                                                                                                                                  |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ​4. | The Valuation Committee discusses the valuations and recommends to the Company’s Board of Directors a fair value for each investment in the portfolio based on the input of management and the independent third-party valuation firm; and |

----

TABLE OF CONTENTS

|    |                                                                                                                                                                                              |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | The Company’s Board of Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio. |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |
|                           | March 31, 2020 |   | December 31, 2019 |
| Deferred credit facility costs | $ | 11,382 |  |   | $ | 11,382 |  |
| Deferred offering costs        | — |  |   | — |  |
| Deferred Financing Costs       | $ | 11,382 |  |   | $ | 11,382 |  |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | March 31, 2020 |   | December 31, 2019 |
|                                | Cost |   | Fair Value |   | Percentage ofNet Assets |   | Cost |   | Fair Value |   | Percentage ofNet Assets |
| Private Portfolio Companies         |   |   |   |   |   |   |   |   |   |   |   |
| Preferred Stock                     | $ | 69,556,349 |  |   | $ | 100,438,769 |  |   | 58.2 | % |   | $ | 73,557,331 |  |   | $ | 125,448,358 |  |   | 62.8 | % |
| Common Stock                        | 63,425,065 |  |   | 55,669,279 |  |   | 32.3 | % |   | 63,425,065 |  |   | 59,209,559 |  |   | 29.6 | % |
| Debt Investments                    | 4,838,415 |  |   | 1,174,056 |  |   | 0.7 | % |   | 4,838,415 |  |   | 1,644,155 |  |   | 0.8 | % |
| Options                             | 8,764,885 |  |   | 2,640,444 |  |   | 1.5 | % |   | 8,764,885 |  |   | 5,283,506 |  |   | 2.6 | % |
| Private Portfolio Companies         | 146,584,714 |  |   | 159,922,548 |  |   | 92.7 | % |   | 150,585,696 |  |   | 191,585,578 |  |   | 95.8 | % |
| Publicly Traded Portfolio Companies |   |   |   |   |   |   |   |   |   |   |   |
| Common Stock                        | — |  |   | — |  |   | — | % |   | — |  |   | — |  |   | — | % |
| Total Portfolio Investments         | 146,584,714 |  |   | 159,922,548 |  |   | 92.7 | % |   | 150,585,696 |  |   | 191,585,578 |  |   | 95.8 | % |
| Non-Portfolio Investments           |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Treasury bill                  | 50,000,556 |  |   | 50,000,000 |  |   | 29.0 | % |   | 49,996,667 |  |   | 50,000,000 |  |   | 25.0 | % |
| Total Investments                   | $ | 196,585,270 |  |   | $ | 209,922,548 |  |   | 121.7 | % |   | $ | 200,582,363 |  |   | $ | 241,585,578 |  |   | 120.8 | % |

----

TABLE OF CONTENTS

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | As of March 31, 2020 |   | As of December 31, 2019 |
|              | Fair Value |   | Percentage ofPortfolio |   | Percentage ofNet Assets |   | Fair Value |   | Percentage ofPortfolio |   | Percentage ofNet Assets |
| Geographic Region |   |   |   |   |   |   |   |   |   |   |   |
| West              | $ | 146,239,194 |  |   | 91.5 | % |   | 84.8 | % |   | $ | 176,331,572 |  |   | 92.0 | % |   | 88.2 | % |
| Northeast         | 7,090,432 |  |   | 4.4 | % |   | 4.1 | % |   | 7,847,769 |  |   | 4.1 | % |   | 3.9 | % |
| Mid-west          | 6,592,922 |  |   | 4.1 | % |   | 3.8 | % |   | 7,406,237 |  |   | 3.9 | % |   | 3.7 | % |
| Total             | $ | 159,922,548 |  |   | 100.0 | % |   | 92.7 | % |   | $ | 191,585,578 |  |   | 100.0 | % |   | 95.8 | % |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                 | As of March 31, 2020 |   | As of December 31, 2019 |
|                 | Fair Value |   | Percentage ofPortfolio |   | Percentage ofNet Assets |   | Fair Value |   | Percentage ofPortfolio |   | Percentage ofNet Assets |
| Industry             |   |   |   |   |   |   |   |   |   |   |   |
| Education Technology | $ | 71,301,791 |  |   | 44.6 | % |   | 41.3 | % |   | $ | 82,578,640 |  |   | 43.1 | % |   | 41.3 | % |
| Big Data/Cloud       | 30,542,820 |  |   | 19.1 | % |   | 17.7 | % |   | 31,582,084 |  |   | 16.5 | % |   | 15.8 | % |
| Financial Technology | 23,387,806 |  |   | 14.6 | % |   | 13.5 | % |   | 26,754,801 |  |   | 14.0 | % |   | 13.4 | % |
| Social/Mobile        | 20,088,247 |  |   | 12.6 | % |   | 11.6 | % |   | 26,573,046 |  |   | 13.8 | % |   | 13.3 | % |
| Marketplaces         | 13,872,384 |  |   | 8.7 | % |   | 8.0 | % |   | 23,321,809 |  |   | 12.2 | % |   | 11.6 | % |
| Sustainability       | 729,500 |  |   | 0.4 | % |   | 0.4 | % |   | 775,198 |  |   | 0.4 | % |   | 0.4 | % |
| Total                | $ | 159,922,548 |  |   | 100.0 | % |   | 92.7 | % |   | $ | 191,585,578 |  |   | 100.0 | % |   | 95.8 | % |

----

TABLE OF CONTENTS

|                      |
|----------------------|
|                      |  |  |
| Industry Theme       |   | Industry |
| Education Technology |   | Business Education |
|                 |   | Computer Software |
|                 |   | Corporate Education |
|                 |   | Education Software |
|                 |   | E-Transcript Exchange |
|                 |   | Interactive Learning |
|                 |   | Online Education |
| Big Data/Cloud       |   | Data Analysis |
| Marketplaces         |   | Global Innovation Platform |
|                 |   | Knowledge Networks |
|                 |   | On-Demand Commerce |
|                 |   | Micromobility |
|                 |   | Peer-to-Peer Pet Services |
| Financial Technology |   | Online Marketplace Finance |
|                 |   | Financial Services |
|                 |   | Cannabis REIT |
| Social/Mobile        |   | Digital Media Platform |
|                 |   | Social Networking |
|                 |   | Social Data Platform |
| Sustainability       |   | Clean Technology |

----

TABLE OF CONTENTS

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | As of March 31, 2020 |
|                                | Quoted Prices inActive Markets forIdentical Securities(Level 1) |   | Significant OtherObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |   | Total |
| Investments at Fair Value           |   |   |   |   |   |   |   |
| Private Portfolio Companies         |   |   |   |   |   |   |   |
| Preferred Stock                     | $ | — |  |   | $ | — |  |   | $ | 100,438,769 |  |   | $ | 100,438,769 |  |
| Common Stock                        | — |  |   | — |  |   | 55,669,279 |  |   | 55,669,279 |  |
| Debt Investments                    | — |  |   | — |  |   | 1,174,056 |  |   | 1,174,056 |  |
| Options                             | — |  |   | — |  |   | 2,640,444 |  |   | 2,640,444 |  |
| Private Portfolio Companies         | — |  |   | — |  |   | 159,922,548 |  |   | 159,922,548 |  |
| Publicly Traded Portfolio Companies |   |   |   |   |   |   |   |
| Common Stock                        | — |  |   | — |  |   | — |  |   | — |  |
| Total Portfolio Investments         | — |  |   | — |  |   | 159,922,548 |  |   | 159,922,548 |  |
| Non-Portfolio Investments           |   |   |   |   |   |   |   |
| U.S. Treasury bills                 | 50,000,000 |  |   | — |  |   | — |  |   | 50,000,000 |  |
| Total Investments at Fair Value     | $ | 50,000,000 |  |   | $ | — |  |   | $ | 159,922,548 |  |   | $ | 209,922,548 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | As of December 31, 2019 |
|                                | Quoted Prices inActive Markets forIdentical Securities(Level 1) |   | Significant OtherObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |   | Total |
| Investments at Fair Value           |   |   |   |   |   |   |   |
| Private Portfolio Companies         |   |   |   |   |   |   |   |
| Preferred Stock                     | $ | — |  |   | $ | — |  |   | $ | 125,448,358 |  |   | $ | 125,448,358 |  |
| Common Stock                        | — |  |   | — |  |   | 59,209,559 |  |   | 59,209,559 |  |
| Debt Investments                    | — |  |   | — |  |   | 1,644,155 |  |   | 1,644,155 |  |
| Options                             | — |  |   | — |  |   | 5,283,506 |  |   | 5,283,506 |  |
| Private Portfolio Companies         | — |  |   | — |  |   | 191,585,578 |  |   | 191,585,578 |  |
| Publicly Traded Portfolio Companies |   |   |   |   |   |   |   |
| Common Stock                        | — |  |   | — |  |   | — |  |   | — |  |
| Total Portfolio Investments         | — |  |   | — |  |   | 191,585,578 |  |   | 191,585,578 |  |
| Non-Portfolio Investments           |   |   |   |   |   |   |   |
| U.S. Treasury bills                 | 50,000,000 |  |   | — |  |   | — |  |   | 50,000,000 |  |
| Total Investments at Fair Value     | $ | 50,000,000 |  |   | $ | — |  |   | $ | 191,585,578 |  |   | $ | 241,585,578 |  |

----

TABLE OF CONTENTS

| As of March 31, 2020      |
|-------------------------------------|
|                                     |  |  |  |  |
| Asset                               | Fair Value | ValuationApproach/​Technique(1) | Unobservable Inputs(2) | Range(Weighted Average)(3) |
| Common stock inprivate companies    | $55,669,279 | Market approach | AFFO(4) multiple | 12.62x - 21.24 (16.93x) |
| Revenue multiples                   | 1.10x - 3.11x (2.39x) |
| Liquidation value                   | N/A |
| Discounted cash flow                | Discount rate | 12.0% (12.0%) |
| Preferred stock inprivate companies | $100,438,769 | Market approach | Revenue multiples | 1.28x - 3.09x (1.77x) |
| Precedenttransactions               | N/A |
| Discounted cash flow                | Discount rate | 12.0% (12.0%) |
| PWERM(5)                            | Revenue multiples | 0.83x - 1.99x(1.11x) |
| Precedent transactions              | 2.97x - 3.23x (3.10x) |
| Debt investments                    | $1,174,056 | Market approach | Revenue multiples | 1.10x - 1.13x (1.11x) |
| PWERM(5)                            | Revenue multiples | N/A |
| Liquidation value                   | N/A |
| Options                             | $2,640,444 | Option pricing model | Term to expiration (Years) | 1.01 - 8.05 (5.01) |
| Volatility                          | 30.0%-40.3% (33.4%) |
| Discounted cash flow                | Discount Rate | 12.0% (12.0%) |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of March 31, 2020, the Company used a hybrid market and income approach to value certain common and preferred stock investments as the Company felt this approach better reflected the fair value of these investments. By considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The Company considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values all else equal. Decreases (increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail. |
|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (3) | The weighted averages are calculated based on the fair market value of each investment. |
|     |                                           |
|-----|-------------------------------------------|
| (4) | Adjusted Funds From Operations, or "AFFO" |
|     |                                                         |
|-----|---------------------------------------------------------|
| (5) | Probability-Weighted Expected Return Method, or "PWERM" |

| As of December 31, 2019             |
|-------------------------------------|
|                                     |  |  |  |  |
| Asset                               | Fair Value | ValuationApproach/​Technique(1) | Unobservable Inputs(2) | Range(Weighted Average)(3) |
| Common stock inprivate companies    | $59,209,559 | Market approach | AFFO(4) multiple | 16.67x - 37.32 (25.09x) |
| Revenue multiples                   | 1.45x - 3.23x (2.86x) |
| Liquidation value                   | N/A |
| Discounted cash flow                | Discount rate | 12.0% (12.0%) |
| Preferred stock inprivate companies | $125,448,358 | Market approach | Revenue multiples | 1.89x - 5.43x (3.77x) |
| Precedenttransactions               | N/A |
| Discounted cash flow                | Discount rate | 12.0% (12.0%) |
| PWERM(5)                            | Revenue multiples | 1.23x - 2.05x (1.83x) |
| Precedent transactions              | 2.97x - 3.23x (3.10x) |
| Debt investments                    | $1,644,155 | Market approach | Revenue multiples | 1.45x - 1.57x (1.51x) |
| PWERM(5)                            | Revenue multiples | N/A |
| Liquidation value                   | N/A |
| Options                             | $5,283,506 | Option pricing model | Term to expiration (Years) | 0.13 - 8.30 (5.35) |
| Volatility                          | 30.0%-48.0% (36.0%) |
| Discounted cash flow                | Discount Rate | 12.0% (12.0%) |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of December 31, 2019, the Company used a hybrid market and income approach to value certain common and preferred stock investments as the Company felt this approach better reflected the fair value of these investments. By considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The Company considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values all else equal. Decreases (increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail. |
|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (3) | The weighted averages are calculated based on the fair market value of each investment. |
|     |                                           |
|-----|-------------------------------------------|
| (4) | Adjusted Funds From Operations, or "AFFO" |
|     |                                                         |
|-----|---------------------------------------------------------|
| (5) | Probability-Weighted Expected Return Method, or "PWERM" |

|                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                         | Three Months Ended March 31, 2020 |
|                                                                                                         | CommonStock |   | PreferredStock |   | DebtInvestments |   | Options |   | Total |
| Assets:                                                                                                      |   |   |   |   |   |   |   |   |   |
| Fair Value as of December 31, 2019                                                                           | $ | 59,209,559 |  |   | $ | 125,448,358 |  |   | $ | 1,644,155 |  |   | $ | 5,283,506 |  |   | $ | 191,585,578 |  |
| Sales/Maturity of investments                                                                                | — |  |   | (10,896,585 | ) |   | — |  |   | — |  |   | (10,896,585 | ) |
| Realized gains                                                                                               | — |  |   | 6,895,603 |  |   | — |  |   | — |  |   | 6,895,603 |  |
| Net change in unrealized appreciation/​(depreciation) included in earnings                             | (3,540,280 | ) |   | (21,008,607 | ) |   | (470,099 | ) |   | (2,643,062 | ) |   | (27,662,048 | ) |
| Fair Value as of March 31, 2020                                                                              | $ | 55,669,279 |  |   | $ | 100,438,769 |  |   | $ | 1,174,056 |  |   | $ | 2,640,444 |  |   | $ | 159,922,548 |  |
| Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of March 31, 2020 | $ | (3,540,280 | ) |   | $ | (14,113,004 | ) |   | $ | (470,099 | ) |   | $ | (2,643,062 | ) |   | $ | (20,766,445 | ) |

----

TABLE OF CONTENTS

|                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                            | Year Ended December 31, 2019 |
|                                                                                                            | CommonStock |   | PreferredStock |   | DebtInvestments |   | Options |   | Total |
| Assets:                                                                                                         |   |   |   |   |   |   |   |   |   |
| Fair Value as of December 31, 2018                                                                              | $ | 48,517,824 |  |   | $ | 99,856,159 |  |   | $ | 5,584,994 |  |   | $ | 267,446 |  |   | $ | 154,226,423 |  |
| Transfers out of Level 3(1)                                                                                | — |  |   | (21,947,688 | ) |   | — |  |   | — |  |   | (21,947,688 | ) |
| Purchases, capitalized fees, and interest                                                                       | 15,001,530 |  |   | 10,576,421 |  |   | 359,095 |  |   | 16,618 |  |   | 25,953,664 |  |
| Sales/Maturity of investments                                                                                   | — |  |   | — |  |   | (51,511 | ) |   | — |  |   | (51,511 | ) |
| Exercises and conversions(1)                                                                                    | (1,000 | ) |   | (6,435,123 | ) |   | (2,102,384 | ) |   | 8,538,507 |  |   | — |  |
| Amortization of fixed income security premiums and discounts                                                    | — |  |   | — |  |   | 5,065 |  |   | — |  |   | 5,065 |  |
| Realized losses                                                                                                 | — |  |   | (16,002,159 | ) |   | (2,527,865 | ) |   | — |  |   | (18,530,024 | ) |
| Net change in unrealized appreciation/​(depreciation) included in earnings                                | (4,308,795 | ) |   | 59,400,748 |  |   | 376,761 |  |   | (3,539,065 | ) |   | 51,929,649 |  |
| Fair Value as of December 31, 2019                                                                              | $ | 59,209,559 |  |   | $ | 125,448,358 |  |   | $ | 1,644,155 |  |   | $ | 5,283,506 |  |   | $ | 191,585,578 |  |
| Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2019 | $ | (4,309,794 | ) |   | $ | 38,560,931 |  |   | $ | (907,009 | ) |   | $ | (3,539,066 | ) |   | $ | 29,805,062 |  |

|     |                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | During the year ended December 31, 2019, the Company’s portfolio investments had the following corporate actions which are reflected above: |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |
| Portfolio Company                   |   | Conversion from |   | Conversion to |
| Lyft, Inc.                          |   | Preferred shares, Series DPreferred shares, Series E |   | Public Common Shares (Level 2) |
| Ozy Media, Inc.                     |   | Convertible Promissory Note |   | Preferred shares, Series C-2 |
| NestGSV, Inc (d/b/a GSV Labs, Inc.) |   | Common sharesPreferred shares, Series A-1Preferred shares, Series A-2Preferred shares, Series A-3Preferred shares, Series A-4 |   | Derivative Security |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                            |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                        |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value at December 31, 2019 |   | Purchases,Capitalized Fees,Interest andAmortization |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at March 31, 2020 |   | Percentageof NetAssets |
| CONTROLLED INVESTMENTS*(2)                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred Stock                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Clean Technology                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A***(4)  |   | 14,300,000 |  |   | $ | — |  |   | $ | 775,198 |  |   | $ | — |  |   | $ | — |  |   | $ | (45,698 | ) |   | $ | 729,500 |  |   | 0.42 | % |
| Total Preferred Stock                                                                             |   |   |   | $ | — |  |   | $ | 775,198 |  |   | $ | — |  |   | $ | — |  |   | $ | (45,698 | ) |   | $ | 729,500 |  |   | 0.42 | % |
| Common Stock                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Clean Technology                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares                         |   | 100,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — | % |
| Total Common Stock                                                                                |   |   |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — | % |
| TOTAL CONTROLLED INVESTMENTS*(2)                                                                  |   |   |   | $ | — |  |   | $ | 775,198 |  |   | $ | — |  |   | $ | — |  |   | $ | (45,698 | ) |   | $ | 729,500 |  |   | 0.42 | % |
| NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt Investments                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Education                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CUX, Inc. (d/b/a CorpU)–Senior Subordinated Convertible Promissory Note 4% Due 2/14/2023(3) |   | $ | 1,251,158 |  |   | $ | — |  |   | $ | 312,789 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 312,789 |  |   | 0.18 | % |
| Global Innovation Platform                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.) –Convertible Promissory Note 8% Due 8/23/2024(3)(6)    |   | $ | 1,010,198 |  |   | 20,428 |  |   | 1,010,198 |  |   | — |  |   | — |  |   | (505,099 | ) |   | 505,099 |  |   | 0.29 | % |
| Total Debt Investments                                                                            |   |   |   | $ | 20,428 |  |   | $ | 1,322,987 |  |   | $ | — |  |   | $ | — |  |   | $ | (505,099 | ) |   | $ | 817,888 |  |   | 0.47 | % |
| Preferred Stock                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Education                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D 6%                      |   | 169,033 |  |   | $ | — |  |   | $ | 34,980 |  |   | $ | — |  |   | $ | — |  |   | $ | (7,338 | ) |   | $ | 27,642 |  |   | 0.02 | % |
| CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C 8%                           |   | 615,763 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Total Corporate Education                                                                         |   |   |   | — |  |   | 34,980 |  |   | — |  |   | — |  |   | (7,338 | ) |   | 27,642 |  |   | 0.02 | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                                                  |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value at December 31, 2019 |   | Purchases,Capitalized Fees,Interest andAmortization |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at March 31, 2020 |   | Percentageof NetAssets |
| Knowledge Networks                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maven Research, Inc.–Preferred shares, Series C                                                                  |   | 318,979 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Maven Research, Inc.–Preferred shares, Series B                                                                  |   | 49,505 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Total Knowledge Networks                                                                                                    |   |   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Digital Media Platform                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OzyMedia, Inc.–Preferred shares, Series C-2 6%                                                                   |   | 683,482 |  |   | — |  |   | 2,970,252 |  |   | — |  |   | — |  |   | (1,113,986 | ) |   | 1,856,266 |  |   | 1.08 | % |
| OzyMedia, Inc.–Preferred shares, Series B 6%                                                                     |   | 922,509 |  |   | — |  |   | 5,001,420 |  |   | — |  |   | — |  |   | (1,667,140 | ) |   | 3,334,280 |  |   | 1.93 | % |
| OzyMedia, Inc.–Preferred shares, Series A 6%                                                                     |   | 1,090,909 |  |   | — |  |   | 4,528,107 |  |   | — |  |   | — |  |   | (1,848,948 | ) |   | 2,679,159 |  |   | 1.55 | % |
| OzyMedia, Inc.–Preferred shares, Series Seed 6%                                                                  |   | 500,000 |  |   | — |  |   | 2,002,143 |  |   | — |  |   | — |  |   | (1,065,862 | ) |   | 936,281 |  |   | 0.54 | % |
| Total Digital Media Platform                                                                                                |   |   |   | — |  |   | 14,501,922 |  |   | — |  |   | — |  |   | (5,695,936 | ) |   | 8,805,986 |  |   | 5.10 | % |
| Interactive Learning                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| StormWind, LLC–Preferred shares, Series D 8%(5)                                                                  |   | 329,337 |  |   | $ | — |  |   | 503,120 |  |   | $ | — |  |   | $ | — |  |   | (22,103 | ) |   | 481,017 |  |   | 0.28 | % |
| StormWind, LLC–Preferred shares, Series C 8%(5)                                                                  |   | 2,779,134 |  |   | — |  |   | 5,391,000 |  |   | — |  |   | — |  |   | (207,163 | ) |   | 5,183,837 |  |   | 3.00 | % |
| StormWind, LLC–Preferred shares, Series B 8%(5)                                                                  |   | 3,279,629 |  |   | — |  |   | 3,248,804 |  |   | — |  |   | — |  |   | (220,105 | ) |   | 3,028,699 |  |   | 1.76 | % |
| StormWind, LLC–Preferred shares, Series A 8%(5)                                                                  |   | 366,666 |  |   | — |  |   | 157,949 |  |   | — |  |   | — |  |   | (24,608 | ) |   | 133,341 |  |   | 0.08 | % |
| Total Interactive Learning                                                                                                  |   |   |   | — |  |   | 9,300,873 |  |   | — |  |   | — |  |   | (473,979 | ) |   | 8,826,894 |  |   | 5.12 | % |
| Total Preferred Stock                                                                                                       |   |   |   | $ | — |  |   | $ | 23,837,775 |  |   | $ | — |  |   | $ | — |  |   | $ | (6,177,253 | ) |   | $ | 17,660,522 |  |   | 10.24 | % |
| Options                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Digital Media Platform                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OzyMedia, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028                                          |   | 295,565 |  |   | — |  |   | 1,182,260 |  |   | — |  |   | — |  |   | (653,199 | ) |   | 529,061 |  |   | 0.31 | % |
| Global Innovation Platform                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-3, Strike Price $1.33, Expiration Date 4/4/2021  |   | 187,500 |  |   | — |  |   | 20,625 |  |   | — |  |   | — |  |   | (10,312 | ) |   | 10,313 |  |   | 0.01 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 10/6/2021 |   | 500,000 |  |   | — |  |   | 135,000 |  |   | — |  |   | — |  |   | (65,000 | ) |   | 70,000 |  |   | 0.04 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 |   | 250,000 |  |   | — |  |   | 62,500 |  |   | — |  |   | — |  |   | (30,000 | ) |   | 32,500 |  |   | 0.02 | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                                                     |
|----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                                                 |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value at December 31, 2019 |   | Purchases,Capitalized Fees,Interest andAmortization |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at March 31, 2020 |   | Percentageof NetAssets |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 11/29/2021 |   | 100,000 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022  |   | 125,000 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 |   | 250,000 |  |   | — |  |   | 2,500 |  |   | — |  |   | — |  |   | — |  |   | 2,500 |  |   | 0.00 | % |
| Derivative Security, Expiration Date 8/23/2024(6)                                                                          |   | 1 |  |   | — |  |   | 3,880,621 |  |   | — |  |   | — |  |   | (1,884,551 | ) |   | 1,996,070 |  |   | 1.16 | % |
| Total Global Innovation Platform                                                                                           |   |   |   | — |  |   | 4,101,246 |  |   | — |  |   | — |  |   | (1,989,863 | ) |   | 2,111,383 |  |   | 1.22 | % |
| Total Options                                                                                                              |   |   |   | $ | — |  |   | $ | 5,283,506 |  |   | $ | — |  |   | $ | — |  |   | $ | (2,643,062 | ) |   | $ | 2,640,444 |  |   | 1.53 | % |
| Common Stock                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Online Education                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Curious.com, Inc.–Common shares                                                                                      |   | 1,135,944 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — | % |
| Cannabis REIT                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GreenAcreage Real Estate Corp. -Common shares***(7)                                                                        |   | 375,000 |  |   | 26,250 |  |   | 7,500,000 |  |   | — |  |   | — |  |   | (750,000 | ) |   | 6,750,000 |  |   | 3.91 | % |
| Total Common Stock                                                                                                         |   |   |   | $ | 26,250 |  |   | $ | 7,500,000 |  |   | $ | — |  |   | $ | — |  |   | $ | (750,000 | ) |   | $ | 6,750,000 |  |   | 3.91 | % |
| TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                                             |   |   |   | $ | 46,678 |  |   | $ | 37,944,268 |  |   | $ | — |  |   | $ | — |  |   | $ | (10,075,414 | ) |   | $ | 27,868,854 |  |   | 16.15 | % |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company's board of directors.  Unless otherwise noted, all investments were pledged as collateral under the Credit Facility. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company's portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to "Note 2—Significant Accounting Policies—Investments at Fair Value"). |
|     |                                 |
|-----|---------------------------------|
| *** | Investment is income-producing. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of Sutter Rock Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of Sutter Rock Capital Corp. if Sutter Rock Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “Control Investments” are investments in those companies that are “Controlled Companies” of Sutter Rock Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. |
|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (3) | As of March 31, 2020, the investments noted had been placed on non-accrual status. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) preferred shares held by Sutter Rock Capital Corp. do not entitle Sutter Rock Capital Corp. to a preferred dividend rate. During the three months ended March 31, 2020, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) declared, and Sutter Rock Capital Corp. received, an aggregate of $0 in dividend distributions. Sutter Rock Capital Corp. does not anticipate that SPBRX, INC. will pay distributions on a quarterly or regular basis or become a predictable distributor of distributions. |
|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Sutter Rock Capital Corp.’s investments in StormWind, LLC are held through Sutter Rock Capital Corp.'s wholly owned subsidiary, GSVC SW Holdings, Inc. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | On August 23, 2019, Sutter Rock Capital Corp. amended the structure of its investment in NestGSV, Inc. (d/b/a GSV Labs, Inc.). As part of the agreement, Sutter Rock Capital Corp’s equity holdings (warrants notwithstanding) were restructured into a derivative security. NestGSV, Inc. (d/b/a GSV Labs,Inc.) has the right to call the position at any time over a five year period, while Sutter Rock Capital Corp. can put the shares to NestGSV, Inc. (d/b/a GSV Labs, Inc.) at the end of the five year period. |
|     |                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | During the three months ended March 31, 2020, GreenAcreage Real Estate Corp. declared a $26,250 dividend distribution. Sutter Rock Capital Corp. does not anticipate that Green Acreage Real Estate Corp. will pay distributions on a recurring or regular basis or become a predictable distributor of distributions. |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                           |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                       |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2018 |   | Corporate Action |   | Purchases,Capitalized Fees,Interest andAmortization |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at December 31, 2019 |   | Percentageof NetAssets |
| CONTROLLED INVESTMENTS*(2)                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred Stock                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Clean Technology                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A***(3) |   | 14,300,000 |  |   | $ | 400,000 |  |   | $ | 750,198 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 25,000 |  |   | $ | 775,198 |  |   | 0.39 | % |
| Global Innovation Platform                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-4 (7)                   |   | — |  |   | — |  |   | 4,960,553 |  |   | (4,904,498 | ) |   | — |  |   | — |  |   | (56,055 | ) |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-3 (7)                   |   | — |  |   | — |  |   | 1,735,134 |  |   | (2,005,730 | ) |   | — |  |   | — |  |   | 270,596 |  |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-2 (7)                   |   | — |  |   | — |  |   | 300,000 |  |   | (605,500 | ) |   | — |  |   | — |  |   | 305,500 |  |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-1 (7)                   |   | — |  |   | — |  |   | 499,999 |  |   | (1,021,778 | ) |   | — |  |   | — |  |   | 521,779 |  |   | — |  |   | — | % |
| Total Global Innovation Platform                                                                 |   |   |   | — |  |   | 7,495,686 |  |   | (8,537,506 | ) |   | — |  |   | — |  |   | 1,041,820 |  |   | — |  |   | — | % |
| Total Preferred Stock                                                                            |   |   |   | $ | 400,000 |  |   | $ | 8,245,884 |  |   | $ | (8,537,506 | ) |   | $ | — |  |   | $ | — |  |   | $ | 1,066,820 |  |   | $ | 775,198 |  |   | 0.39 | % |
| Common Stock                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Clean Technology                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares                        |   | 100,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                               |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                           |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2018 |   | Corporate Action |   | Purchases,Capitalized Fees,Interest andAmortization |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at December 31, 2019 |   | Percentageof NetAssets |
| Global Innovation Platform                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Common shares (7)                                         |   | — |  |   | — |  |   | — |  |   | (1,000 | ) |   | — |  |   | — |  |   | 1,000 |  |   | — |  |   | — | % |
| Total Common Stock                                                                                   |   |   |   | $ | — |  |   | $ | — |  |   | $ | (1,000 | ) |   | $ | — |  |   | $ | — |  |   | $ | 1,000 |  |   | $ | — |  |   | — | % |
| TOTAL CONTROLLED INVESTMENTS*(2)                                                                     |   |   |   | $ | 400,000 |  |   | $ | 8,245,884 |  |   | $ | (8,538,506 | ) |   | $ | — |  |   | $ | — |  |   | $ | 1,067,820 |  |   | $ | 775,198 |  |   | 0.39 | % |
| NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt Investments                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Education                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CUX, Inc. (d/b/a CorpU)–Senior Subordinated Convertible Promissory Note 4% Due 2/14/2023(5)    |   | $ | 1,251,158 |  |   | $ | (13,142 | ) |   | $ | 1,360,489 |  |   | $ | — |  |   | $ | 3,553 |  |   | $ | (109,331 | ) |   | $ | (941,922 | ) |   | $ | 312,789 |  |   | 0.16 | % |
| Digital Media Platform                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ozy Media, Inc.–Convertible Promissory Note 5% Due 12/31/2018***(6)                            |   | $ | — |  |   | 72,864 |  |   | 3,153,575 |  |   | (2,102,384 | ) |   | — |  |   | — |  |   | (1,051,191 | ) |   | — |  |   | — | % |
| Social Cognitive Learning                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Declara, Inc.–Convertible Promissory Note 12% Due 4/30/2018                                    |   | $ | — |  |   | — |  |   | — |  |   | — |  |   | 680 |  |   | (2,334,832 | ) |   | 2,334,152 |  |   | — |  |   | — | % |
| Global Innovation Platform                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  NestGSV, Inc. (d/b/a GSV Labs, Inc.) –Convertible Promissory Note 8% Due 8/23/2024***(7) |   | $ | 1,010,198 |  |   | 107,611 |  |   | 936,525 |  |   | — |  |   | 78,739 |  |   | — |  |   | (5,066 | ) |   | 1,010,198 |  |   | 0.50 | % |
| Total Global Innovation Platform                                                                     |   |   |   | 107,611 |  |   | 936,525 |  |   | — |  |   | 78,739 |  |   | — |  |   | (5,066 | ) |   | 1,010,198 |  |   | 0.50 | % |
| Total Debt Investments                                                                               |   |   |   | $ | 167,333 |  |   | $ | 5,450,589 |  |   | $ | (2,102,384 | ) |   | $ | 82,972 |  |   | $ | (2,444,163 | ) |   | $ | 335,973 |  |   | $ | 1,322,987 |  |   | 0.66 | % |
| Preferred Stock                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Education                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D 6%                         |   | 169,033 |  |   | $ | — |  |   | $ | 878,005 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (843,025 | ) |   | $ | 34,980 |  |   | 0.02 | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                         |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                     |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2018 |   | Corporate Action |   | Purchases,Capitalized Fees,Interest andAmortization |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at December 31, 2019 |   | Percentageof NetAssets |
| CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C 8%        |   | 615,763 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Total Corporate Education                                                      |   |   |   | — |  |   | 878,005 |  |   | — |  |   | — |  |   | — |  |   | (843,025 | ) |   | 34,980 |  |   | 0.02 | % |
| Social Cognitive Learning                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Declara, Inc.–Preferred shares, Series A 8%                         |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (9,999,999 | ) |   | 9,999,999 |  |   | — |  |   | — | % |
| Education Media Platform                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EdSurge, Inc.–Preferred shares, Series A-1                          |   | — |  |   | — |  |   | 250,000 |  |   | — |  |   | — |  |   | (501,360 | ) |   | 251,360 |  |   | — |  |   | — | % |
| EdSurge, Inc.–Preferred shares, Series A                            |   | — |  |   | — |  |   | 269,848 |  |   | — |  |   | — |  |   | (500,801 | ) |   | 230,953 |  |   | — |  |   | — | % |
| Total Education Media Platform                                                 |   |   |   | — |  |   | 519,848 |  |   | — |  |   | — |  |   | (1,002,161 | ) |   | 482,313 |  |   | — |  |   | — | % |
| Knowledge Networks                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Maven Research, Inc.–Preferred shares, Series C                     |   | 318,979 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Maven Research, Inc.–Preferred shares, Series B                     |   | 49,505 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Total Knowledge Networks                                                       |   |   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Digital Media Platform                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OzyMedia, Inc.–Preferred shares, Series C-2 6% (6)                  |   | 683,482 |  |   | — |  |   | — |  |   | 2,102,384 |  |   | 311,794 |  |   | — |  |   | 556,074 |  |   | 2,970,252 |  |   | 1.49 | % |
| OzyMedia, Inc.–Preferred shares, Series B 6%                        |   | 922,509 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 5,001,420 |  |   | 5,001,420 |  |   | 2.50 | % |
| OzyMedia, Inc.–Preferred shares, Series A 6%                        |   | 1,090,909 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 4,528,107 |  |   | 4,528,107 |  |   | 2.26 | % |
| OzyMedia, Inc.–Preferred shares, Series Seed 6%                     |   | 500,000 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 2,002,143 |  |   | 2,002,143 |  |   | 1.00 | % |
| Total Digital Media Platform                                                   |   |   |   | — |  |   | — |  |   | 2,102,384 |  |   | 311,794 |  |   | — |  |   | 12,087,744 |  |   | 14,501,922 |  |   | 7.25 | % |
| Global Innovation Platform                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-4 (7) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-3 (7) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                                                         |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                                                     |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2018 |   | Corporate Action |   | Purchases,Capitalized Fees,Interest andAmortization |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at December 31, 2019 |   | Percentageof NetAssets |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-2 (7)                                                 |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred stock Series A-1 (7)                                                 |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Total Global Innovation Platform                                                                                               |   |   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — | % |
| Interactive Learning                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| StormWind, LLC–Preferred shares, Series D 8%(4)(8)                                                                  |   | 329,337 |  |   | $ | — |  |   | — |  |   | — |  |   | $ | 257,267 |  |   | $ | — |  |   | 245,853 |  |   | 503,120 |  |   | 0.25 | % |
| StormWind, LLC–Preferred shares, Series C 8%(4)                                                                     |   | 2,779,134 |  |   | — |  |   | 7,194,971 |  |   | — |  |   | — |  |   | — |  |   | (1,803,971 | ) |   | 5,391,000 |  |   | 2.70 | % |
| StormWind, LLC–Preferred shares, Series B 8%(4)                                                                     |   | 3,279,629 |  |   | — |  |   | 5,770,328 |  |   | — |  |   | — |  |   | — |  |   | (2,521,524 | ) |   | 3,248,804 |  |   | 1.62 | % |
| StormWind, LLC–Preferred shares, Series A 8%(4)                                                                     |   | 366,666 |  |   | — |  |   | 421,525 |  |   | — |  |   | — |  |   | — |  |   | (263,576 | ) |   | 157,949 |  |   | 0.08 | % |
| Total Interactive Learning                                                                                                     |   |   |   | — |  |   | 13,386,824 |  |   | — |  |   | 257,267 |  |   | — |  |   | (4,343,218 | ) |   | 9,300,873 |  |   | 4.65 | % |
| Total Preferred Stock                                                                                                          |   |   |   | $ | — |  |   | $ | 14,784,677 |  |   | $ | 2,102,384 |  |   | $ | 569,061 |  |   | $ | (11,002,160 | ) |   | $ | 17,383,813 |  |   | $ | 23,837,775 |  |   | 11.92 | % |
| Options                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Education                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CUX, Inc. (d/b/a CorpU) –Preferred warrants, Series D, Strike Price $4.59, Expiration Date 2/14/2020                |   | 16,903 |  |   | $ | — |  |   | $ | 19,946 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (19,946 | ) |   | $ | — |  |   | — | % |
| Digital Media Platform                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OzyMedia, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028                                             |   | 295,565 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 1,182,260 |  |   | 1,182,260 |  |   | 0.59 | % |
| Global Innovation Platform                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-3, Strike Price $1.33, Expiration Date 4/4/2021(7)  |   | 187,500 |  |   | — |  |   | 26,250 |  |   | — |  |   | — |  |   | — |  |   | (5,625 | ) |   | 20,625 |  |   | 0.01 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 10/6/2021(7) |   | 500,000 |  |   | — |  |   | 145,000 |  |   | — |  |   | — |  |   | — |  |   | (10,000 | ) |   | 135,000 |  |   | 0.07 | % |

----

TABLE OF CONTENTS

| Schedule of Investments In, and Advances to, Affiliate                                                                              |
|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type/Industry/Portfolio Company/Investment                                                                                          |   | Principal/Quantity |   | Interest, Fees, orDividends Creditedin Income |   | Fair Value atDecember 31, 2018 |   | Corporate Action |   | Purchases,Capitalized Fees,Interest andAmortization |   | RealizedGains/(Losses) |   | UnrealizedGains/(Losses) |   | Fair Value at December 31, 2019 |   | Percentageof NetAssets |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 7/18/2021(7)      |   | 250,000 |  |   | — |  |   | 70,000 |  |   | — |  |   | — |  |   | — |  |   | (7,500 | ) |   | 62,500 |  |   | 0.03 | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 11/29/2021 (7) |   | 100,000 |  |   | — |  |   | 556 |  |   | — |  |   | — |  |   | — |  |   | (556 | ) |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022(7)        |   | 125,000 |  |   | — |  |   | 694 |  |   | — |  |   | — |  |   | — |  |   | (694 | ) |   | — |  |   | — | % |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023(7)       |   | 250,000 |  |   | — |  |   | 5,000 |  |   | — |  |   | — |  |   | — |  |   | (2,500 | ) |   | 2,500 |  |   | 0.00 | % |
| Derivative Security, Expiration Date 8/23/2024(7)                                                                                   |   | 1 |  |   | — |  |   | — |  |   | 8,538,506 |  |   | 16,618 |  |   | — |  |   | (4,674,503 | ) |   | 3,880,621 |  |   | 1.94 | % |
| Total Global Innovation Platform                                                                                                    |   |   |   | — |  |   | 247,500 |  |   | 8,538,506 |  |   | 16,618 |  |   | — |  |   | (4,701,378 | ) |   | 4,101,246 |  |   | 2.05 | % |
| Total Options                                                                                                                       |   |   |   | $ | — |  |   | $ | 267,446 |  |   | $ | 8,538,506 |  |   | $ | 16,618 |  |   | $ | — |  |   | $ | (3,539,064 | ) |   | $ | 5,283,506 |  |   | 2.64 | % |
| Common Stock                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Online Education                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Curious.com, Inc.–Common shares                                                                                               |   | 1,135,944 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — | % |
| Cannabis REIT                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  GreenAcreage Real Estate Corp. -Common shares                                                                                 |   | 375,000 |  |   | — |  |   | — |  |   | — |  |   | 7,501,530 |  |   | — |  |   | (1,530 | ) |   | 7,500,000 |  |   | 3.75 | % |
| Total Common Stock                                                                                                                  |   |   |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 7,501,530 |  |   | $ | — |  |   | $ | (1,530 | ) |   | $ | 7,500,000 |  |   | 3.75 | % |
| TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                                                      |   |   |   | $ | 167,333 |  |   | $ | 20,502,712 |  |   | $ | 8,538,506 |  |   | $ | 8,170,181 |  |   | $ | (13,446,323 | ) |   | $ | 14,179,192 |  |   | $ | 37,944,268 |  |   | 18.98 | % |

----

TABLE OF CONTENTS

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | All portfolio investments are non-income-producing, unless otherwise identified. Equity investments are subject to lock-up restrictions upon their IPO. Preferred dividends are generally only payable when declared and paid by the portfolio company's board of directors.  Unless otherwise noted, all investments were pledged as collateral under the Credit Facility. The Company’s directors, officers, employees and staff, as applicable, may serve on the board of directors of the Company’s portfolio investments. (Refer to “Note 3—Related-Party Arrangements”). All portfolio investments are considered Level 3 and valued using significant unobservable inputs, unless otherwise noted. (Refer to “Note 4—Investments at Fair Value”). All portfolio investments are considered Level 3 and valued using unobservable inputs, unless otherwise noted. All of the Company's portfolio investments are restricted as to resale, unless otherwise noted, and were valued at fair value as determined in good faith by the Company’s Board of Directors. (Refer to "Note 2—Significant Accounting Policies—Investments at Fair Value"). |
|     |                                 |
|-----|---------------------------------|
| *** | Investment is income-producing. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of Sutter Rock Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of Sutter Rock Capital Corp. if Sutter Rock Capital Corp. owns 5% or more of the voting securities (i.e., securities with the right to elect directors) of such company. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “Control Investments” are investments in those companies that are “Controlled Companies” of Sutter Rock Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. |
|     |                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | During the year ended December 31, 2019, SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.) declared, and Sutter Rock Capital Corp. received, an aggregate of $400,000 in dividend distributions. |
|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Sutter Rock Capital Corp.’s investments in StormWind, LLC are held through Sutter Rock Capital Corp.'s wholly owned subsidiary, GSVC SW Holdings, Inc. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | On October 24, 2019, CUX, Inc. (d/b/a CorpU) completed a recapitalization, which amended Sutter Rock Capital Corp.'s investment in the Senior Subordinated Convertible Promissory Note. As a result of the recapitalization, the principal amount of Sutter Rock Capital Corp.'s Senior Subordinated Convertible Promissory Note was reduced by $109,331, the interest rate was reduced to 4%, and the maturity was extended to February 14, 2023. |
|     |                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | On September 11, 2019, Sutter Rock Capital Corp. agreed to convert its 5% Convertible Promissory Note due 12/31/2018 to Ozy Media, Inc. and all related accrued interest, into 683,482 shares of Ozy Media, Inc.'s Series C-2 preferred shares. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | On August 23, 2019, Sutter Rock Capital Corp. amended the structure of its investment in NestGSV, Inc. (d/b/a GSV Labs, Inc.). As part of the agreement, Sutter Rock’s equity holdings (warrants notwithstanding) were restructured into a derivative security. NestGSV, Inc. (d/b/a GSV Labs,Inc.) has the right to call the position at any time over a five year period, while Sutter Rock Capital Corp. can put the shares to NestGSV, Inc. (d/b/a GSV Labs, Inc.) at the end of the five year period. As part of the agreement, previously accrued interest under Sutter Rock Capital Corp.’s 12% Convertible Promissory Note due 12/31/2019  will be capitalized into the principal of the extended note, and the interest on the note is reduced from 12% to 8%. The Convertible Promissory Note’s maturity was extended to August 23, 2024. Under the amended structure, Sutter Rock Capital Corp.’s fully diluted ownership of voting securities decreased from 50.0% to 8.5%. As such, Sutter Rock Capital Corp.'s investments in NestGSV, Inc. (d/b/a GSV Labs, Inc.) have been recategorized from controlled investments to non-controlled/affiliated investments. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | On November 26, 2019, Sutter Rock Capital Corp. invested $250,000 in StormWind, LLC's Series D financing round. As part of the round, Sutter Rock Capital Corp.'s fully diluted ownership of voting securities decreased from 25.6% to 23.4%. As such, Sutter Rock Capital Corp.'s investments in StormWind, LLC have been recategorized from controlled investments to non-controlled/affiliated investments. |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |
|                                                                                   | Three Months Ended March 31, |
| Earnings per common share–basic:                                                 | 2020 |   | 2019 |
| Net change in net assets resulting from operations                                | $ | (23,692,247 | ) |   | $ | 17,159,613 |  |
| Weighted-average common shares–basic                                             | 17,440,994 |  |   | 19,762,647 |  |
| Earnings per common share–basic                                                  | $ | (1.36 | ) |   | $ | 0.87 |  |
| Earnings per common share–diluted:                                               |   |   |   |
| Net change in net assets resulting from operations                                | $ | (23,692,247 | ) |   | $ | 17,159,613 |  |
| Adjustment for interest and amortization on 4.75% Convertible Senior Notes due 2023(1) | — |  |   | 566,017 |  |
| Net change in net assets resulting from operations, as adjusted                        | $ | (23,692,247 | ) |   | $ | 17,725,630 |  |
| Adjustment for dilutive effect of 4.75% Convertible Senior Notes due 2023(1)           | — |  |   | 3,731,344 |  |
| Weighted-average common shares outstanding–diluted                               | 17,440,994 |  |   | 23,493,991 |  |
| Earnings per common share–diluted                                                | $ | (1.36 | ) |   | $ | 0.75 |  |

|     |                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the three months ended March 31, 2020 and 2019, 3,917,792 and 0 potentially dilutive common shares, respectively, were excluded from the weighted-average common shares outstanding for diluted net increase in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. |

----

TABLE OF CONTENTS

|                                  |
|----------------------------------|
|                                  |  |  |  |
| For the Years Ended December 31, | Amount |
| 2020                             | $ | 131,673 |  |
| 2021                             | 179,800 |  |
| 2022                             | 185,194 |  |
| 2023                             | 190,750 |  |
| 2024                             | 113,604 |  |
|                             | $ | 801,021 |  |

----

TABLE OF CONTENTS

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |
|                                                                   |   | Three Months Ended March 31, |
|                                                                   |   | 2020 |   | 2019 |
| Per Basic Share Data                                                   |   | (Unaudited) |   | (Unaudited) |
| Net asset value at beginning of the year                               |   | $ | 11.38 |  |   | $ | 9.89 |  |
| Net investment income/(loss)(1)                                        |   | (0.17 | ) |   | 0.03 |  |
| Net realized gain/(loss) on investments(1)                             |   | 0.40 |  |   | (0.21 | ) |
| Net change in unrealized appreciation/(depreciation) of investments(1) |   | (1.59 | ) |   | 1.05 |  |
| Provision for taxes on unrealized appreciation of investments(1)       |   | — |  |   | (0.01 | ) |
| Repurchases of common stock(1)                                         |   | 0.20 |  |   | — |  |
| Stock-based compensation(1)                                            |   | — |  |   | — |  |
| Net asset value at end of period                                       |   | $ | 10.22 |  |   | $ | 10.75 |  |
| Per share market value at end of period                                |   | $ | 5.86 |  |   | $ | 7.58 |  |
| Total return based on market value(2)                                  |   | (10.53 | )% |   | 45.21 | % |
| Total return based on net asset value(2)                               |   | (10.19 | )% |   | 8.70 | % |
| Shares outstanding at end of period                                    |   | 16,874,316 |  |   | 19,762,647 |  |
| Ratios/Supplemental Data:                                              |   |   |   |   |
| Net assets at end of period                                            |   | $ | 172,515,798 |  |   | $ | 212,537,772 |  |
| Average net assets                                                     |   | $ | 198,994,124 |  |   | $ | 194,819,568 |  |
| Ratio of gross operating expenses to average net assets(3)             |   | 6.65 |  % |   | 4.15 | % |
| Ratio of income tax provision to average net assets                    |   | — |  % |   | 0.05 | % |
| Ratio of net operating expenses to average net assets(3)               |   | 6.65 |  % |   | 4.20 | % |
| Ratio of net investment income/(loss) to average net assets(3)         |   | (6.07 | )% |   | 1.29 | % |
| Portfolio Turnover Ratio                                               |   | — |  % |   | 4.85 | % |

|     |                                                                                 |
|-----|---------------------------------------------------------------------------------|
| (1) | Based on weighted-average number of shares outstanding for the relevant period. |
|     |                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Total return based on market value is based on the change in market price per share between the opening and ending market values per share in the year. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Financial Highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Non-recurring expenses are not annualized. For the three months ended March 31, 2020, the Company excluded $0 of non-recurring exepenses. For the three months ended March 31, 2019, the Company excluded $2,387,356 of non-recurring expenses and did not annualize the income tax provision. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios. |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
| ​                                                               | March 31, 2020 |   | December 31, 2019 |
| Aggregate principal amount of 4.75% Convertible Senior Notes due 2023 | $ | 40,000,000 |  |   | $ | 40,000,000 |  |
| Direct deduction of deferred debt issuance costs                      | $ | (1,102,354 | ) |   | $ | (1,196,365 | ) |
| 4.75% Convertible Senior Notes due 2023 Payable                       | $ | 38,897,646 |  |   | $ | 38,803,635 |  |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |
|                                                              | Number of Shares |   | Weighted-Average Exercise Price |   | Weighted-Average Grant Date Fair Value |
| Outstanding as of December 31, 2018                               | — |  |   |   |   |   |
| Granted                                                           | 1,165,000 |  |   | $ | 6.57 |  |   | $ | 2.57 |  |
| Exercised                                                         | — |  |   |   |   |   |
| Forfeited                                                         | (6,667 | ) |   | $ | 6.57 |  |   | $ | 2.57 |  |
| Expired                                                           | (3,333 | ) |   | $ | 6.57 |  |   | $ | 2.57 |  |
| Outstanding as of March 31, 2020 and December 31, 2019            | 1,155,000 |  |   | $ | 6.57 |  |   |   |
| Vested and Exercisable as of March 31, 2020 and December 31, 2019 | 385,000 |  |   | $ | 6.57 |  |   | $ | 2.57 |  |

|                   |
|-------------------|
|                   |  |  |
| Input Assumptions |   | As of July 17, 2019 Grant Date |
| Term (years)      |   | 5.55 |
| Volatility        |   | 39.47% |
| Risk-free rate    |   | 1.86% |
| Dividend yield    |   | —% |

----

TABLE OF CONTENTS

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |
| Portfolio Company                    |   | Investment |   | Anticipated Transaction Date |   | Gross Payments |
| Neutron Holdings, Inc. (d/b/a/ Lime) |   | Convertible Promissory Note |   | May 2020 |   | $ | 506,339 |  |

----

TABLE OF CONTENTS

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |
| Income Statement Data for the Period Ended: (1)                            |   | March 31, 2020 |   | March 31, 2019 |
| Revenue                                                                    |   | $ | 110,142 |  |   | $ | 5,646,112 |  |
| Gross profit                                                               |   | 1,314 |  |   | 3,662,432 |  |
| Loss from operations                                                       |   | (14,617 | ) |   | (1,759,289 | ) |
| Total net loss including net loss attributable to non-controlling interest |   | (14,617 | ) |   | (1,759,289 | ) |
| Net loss attributable to non-controlling interest                          |   | — |  |   | — |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | On August 23, 2019, Sutter Rock Capital Corp. amended the structure of its investment in NestGSV, Inc. (d/b/a GSV Labs, Inc.). Under the amended structure, Sutter Rock Capital Corp.’s fully diluted ownership of voting securities decreased from 50.0% to 8.5%. As such, Sutter Rock Capital Corp.'s investments in NestGSV, Inc. (d/b/a GSV Labs, Inc.) have been recategorized from controlled investments to non-controlled/affiliated investments and NestGSV, Inc. (d/b/a GSV Labs, Inc.) is no longer considered a significant subsidiary. |

----

TABLE OF CONTENTS

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the effect and consequences of the novel coronavirus (“COVID-19”) public health crisis on matters including global, U.S. and local economies, our business operations and continuity, potential disruption to our portfolio companies, tightened availability to capital and financing, the health and productivity of our employees, the ability of third-party providers to continue uninterrupted service, and the regulatory environment in which we operate; |
|         |                               |
|---------|-------------------------------|
| • | our future operating results; |
|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | our business prospects and the prospects of our portfolio companies; |
|         |                                                   |
|---------|---------------------------------------------------|
| • | the impact of investments that we expect to make; |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | our contractual arrangements and relationships with third parties; |
|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | the dependence of our future success on the general economy and its impact on the industries in which we invest; |
|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | the ability of our portfolio companies to achieve their objectives; |
|         |                                          |
|---------|------------------------------------------|
| • | our expected financings and investments; |
|         |                                                             |
|---------|-------------------------------------------------------------|
| • | the adequacy of our cash resources and working capital; and |
|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | the timing of cash flows, if any, from the operations of our portfolio companies. |
|         |                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies; |
|         |                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an economic downturn could disproportionately impact the market sectors in which a significant portion of our portfolio is concentrated, causing us to suffer losses in our portfolio; |
|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | a contraction of available credit and/or an inability to access the equity markets could impair our investment activities; |
|         |                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| • | interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy; and |
|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” in our quarterly reports on Form 10-Q, our annual report on Form 10-K, and in our other filings with the SEC. |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investment |   | TransactionDate |   | Shares |   | Net Proceeds |   | Realized Gain(1) |
| Parchment, Inc. (2)  |   | 1/31/2020 |   | 3,200,512 |  |   | $ | 10,786,346 |  |   | $ | 6,785,364 |  |
| Total                |   |   |   |   |   | $ | 10,786,346 |  |   | $ | 6,785,364 |  |

|     |                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Realized gain does not include amounts held in escrow or any realized gain or loss incurred on the maturity of our U.S. Treasury investments. |
|     |                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | On January 31, 2020, Parchment, Inc. closed a merger with Credentials Solutions. As a result of the transaction, we received $10,786,346 in net proceeds and expect to receive approximately $110,000 in additional proceeds currently held in escrow. |

----

TABLE OF CONTENTS

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |
| Portfolio Company                    |   | Investment |   | Transaction Date |   | Gross Payments |
| Neutron Holdings, Inc. (d/b/a/ Lime) |   | Preferred shares, Series D |   | 1/25/2019 |   | $ | 10,000,000 |  |
| Total                                |   |   |   |   |   | $ | 10,000,000 |  |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Investment       |   | TransactionDate |   | Shares Sold |   | Average Net Share Price (1) |   | Net Proceeds |   | Realized Gain/(Loss)(2) |
| Declara, Inc.(3)           |   | 3/11/2019 |   | — |  |   | $ | — |  |   | $ | — |  |   | $ | (12,334,151 | ) |
| Spotify Technology S.A.(4) |   | Various |   | 85,000 |  |   | 139.66 |  |   | 11,871,346 |  |   | 8,259,563 |  |
| Total                      |   |   |   |   |   |   |   | $ | 11,871,346 |  |   | $ | (4,074,588 | ) |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The average net share price is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.​ |
|     |                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Realized gain/(loss) does not include amounts held in escrow or any realized gain or loss incurred on the maturity of our U.S. Treasury investments. |
|     |                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | On March 11, 2019, Declara, Inc. entered into a definitive agreement to be acquired by Declara Holdings, Inc., a subsidiary of Futuryng, Inc. Despite the existence of an earn-out provision, as a result of the transaction, the Company does not expect to receive any proceeds. The exit of Declara, Inc. included a 12% Convertible Promissory Note with a principal value of $2,334,152. |
|     |                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The sale of Spotify Technology S.A. shares on March 28, 2019 settled subsequent to quarter end. As of March 31, 2019, we held 150,360 remaining shares of Spotify Technology S.A.. |

----

TABLE OF CONTENTS

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
|                                                                | Three Months Ended March 31, |
|                                                                | 2020 |   | 2019 |
| Total Investment Income                                             | $ | 251,763 |  |   | $ | 227,250 |  |
| Interest income                                                     | 175,513 |  |   | 227,250 |  |
| Dividend income                                                     | 76,250 |  |   | — |  |
| Total Operating Expenses                                            | $ | 3,256,316 |  |   | $ | (392,452 | ) |
| Management fees                                                     | — |  |   | 848,723 |  |
| Incentive fees/(Reversal of incentive fee accrual)                  | — |  |   | (4,660,472 | ) |
| Costs incurred under Administration Agreement                       | — |  |   | 306,084 |  |
| Directors’ fees                                               | 111,250 |  |   | 86,250 |  |
| Professional fees                                                   | 1,139,366 |  |   | 2,061,922 |  |
| Compensation expense                                                | 924,916 |  |   | — |  |
| Interest expense                                                    | 573,400 |  |   | 604,168 |  |
| Tax expense                                                         | 8,665 |  |   | 3,763 |  |
| Other expenses                                                      | 498,719 |  |   | 357,110 |  |
| Net Investment Income/(Loss)                                        | $ | (3,004,553 | ) |   | $ | 619,702 |  |
| Net realized gain/(loss) on investments                             | 6,978,240 |  |   | (4,065,693 | ) |
| Net change in unrealized appreciation/(depreciation) of investments | (27,665,934 | ) |   | 20,699,751 |  |
| Provision for taxes on unrealized appreciation of investments       | — |  |   | (94,147 | ) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations     | $ | (23,692,247 | ) |   | $ | 17,159,613 |  |

----

TABLE OF CONTENTS

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                    |   | Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended March 31, 2020 |   | Portfolio Company |   | Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended March 31, 2019 |
| Coursera, Inc.                       |   | $ | 1,137,694 |  |   | Declara, Inc.(1) |   | $ | 12,334,151 |  |
| Course Hero, Inc.                    |   | (1,038,511 | ) |   | Course Hero, Inc. |   | 6,465,582 |  |
| Palantir Technologies, Inc.          |   | (1,039,264 | ) |   | Lyft, Inc. |   | 6,465,404 |  |
| NestGSV, Inc. (d/b/a GSV Labs, Inc.) |   | (2,494,963 | ) |   | Coursera, Inc. |   | 5,573,492 |  |
| SharesPost, Inc.                     |   | (2,549,092 | ) |   | Enjoy Technology, Inc. |   | 3,624,952 |  |
| Ozy Media, Inc.                      |   | (6,349,135 | ) |   | Dropbox, Inc. |   | 1,198,736 |  |
| Parchment, Inc.(2)                   |   | (6,895,603 | ) |   | Stormwind, LLC |   | (1,002,245 | ) |
| Neutron Holdings, Inc. (d/b/a/ Lime) |   | (6,451,613 | ) |   | Ozy Media, Inc. |   | (1,576,788 | ) |
|                                 |   |   |   | CUX, Inc. (d/b/a CorpU) |   | (1,741,045 | ) |
|                                 |   |   |   | Knewton, Inc. |   | (2,122,494 | ) |
|                                 |   |   |   | Spotify Technology S.A.(2) |   | (2,231,608 | ) |
|                                 |   |   |   | NestGSV, Inc. (d/b/a GSV Labs, Inc.) |   | (4,528,993 | ) |
|                                 |   |   |   | Palantir Technologies, Inc. |   | (3,916,913 | ) |
| Other(3)                             |   | (1,985,447 | ) |   | Other(3) |   | 2,157,520 |  |
| Total                                |   | $ | (27,665,934 | ) |   | Total |   | $ | 20,699,751 |  |

|     |                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The change in unrealized appreciation/depreciation reflected for these investments resulted from writing off an investment that was previously reduced in value to zero. |
|     |                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The change in unrealized appreciation/(depreciation) reflected for these investments resulted from the full or partial sale or write-off of the investment, which resulted in the reversal of previously accrued unrealized appreciation/(depreciation), as applicable. |
|     |                                                                                                                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | “Other” represents investments (including U.S. Treasury bills) for which individual change in unrealized appreciation/(depreciation) was less than $1.0 million for the three months ended March 31, 2020 and 2019. |

----

TABLE OF CONTENTS

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |
| Cash Reserves and Liquid Securities               |   | March 31, 2020 |   | December 31, 2019 |
| Cash                                              |   | $ | 46,095,103 |  |   | $ | 44,861,263 |  |
| Securities of publicly traded portfolio companies |   | — |  |   | — |  |
| Total Cash Reserves and Liquid Securities         |   | $ | 46,095,103 |  |   | $ | 44,861,263 |  |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Payments Due By Period (dollars in millions) |
|                                | Total |   | Less than1 year |   | 1–3 years |   | 3–5 years |   | More than5 years |
| Payable for securities purchased(1) | $ | 45.1 |  |   | $ | 45.1 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Convertible Senior Notes(2)         | 40.0 |  |   | — |  |   | 40.0 |  |   | — |  |   | — |  |
| Operating lease liability           | $ | 0.8 |  |   | $ | 0.2 |  |   | $ | 0.4 |  |   | $ | 0.3 |  |   | $ | — |  |
| Total                               | $ | 85.9 |  |   | $ | 45.3 |  |   | $ | 40.4 |  |   | $ | 0.3 |  |   | $ | — |  |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | “Payable for securities purchased” relates to the purchase of U.S. Treasury bills on margin and repurchase of our common stock under the Share Repurchase Program. This balance was subsequently repaid in early April 2020, when the $50.0 million United States Treasury bill matured and the $5.25 million margin deposit that we posted as collateral was returned. |
|     |                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The balance shown for the "Convertible Senior Notes" reflects the principal balance payable to investors for the 4.75% Convertible Senior Notes due 2023 as of March 31, 2020. Refer to “Note 10—Debt Capital Activities” to our condensed consolidated financial statements as of March 31, 2020 for more information. |

----

TABLE OF CONTENTS

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |
| Date Declared            |   | Record Date |   | Payment Date |   | Amount per Share |
| Fiscal 2015:             |   |   |   |   |   |   |
| November 4, 2015(1) |   | November 16, 2015 |   | December 31, 2015 |   | $ | 2.76 |  |
| Fiscal 2016:             |   |   |   |   |   |   |
| August 3, 2016(2)   |   | August 16, 2016 |   | August 24, 2016 |   | 0.04 |  |
| Fiscal 2019:             |   |   |   |   |   |   |
| November 5, 2019(3)      |   | December 2, 2019 |   | December 12, 2019 |   | 0.20 |  |
| December 20, 2019(4)     |   | December 31, 2019 |   | January 15, 2020 |   | 0.12 |  |
|                     |   |   |   |   |   |   |
| Total                    |   |   |   |   |   | $ | 3.12 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders. As a result of stockholder elections, the distribution consisted of approximately 2,860,903 shares of common stock issued in lieu of cash, or approximately 14.8% of our outstanding shares prior to the distribution, as well as cash of $26,358,885. The number of shares of common stock comprising the stock portion was calculated based on a price of $9.425 per share, which equaled the average of the volume weighted-average trading price per share of our common stock on December 28, 29 and 30, 2015. None of the $2.76 per share distribution represented a return of capital. |
|     |                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Of the total distribution of $887,240 paid on August 24, 2016, $820,753 represented a distribution from realized gains, and $66,487 represented a return of capital. |
|     |                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | 100% of the $3,512,849 distribution paid on December 12, 2019 represented a distribution from realized gains. None of the distribution represented a return of capital. |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                               |   | TotalNumber ofSharesPurchased(2) |   | AveragePrice PaidPer Share |   | Total Numberof SharesPurchased asPart of PubliclyAnnouncedPlans or Programs |   | ApproximateDollar Value ofShares that MayYet Be PurchasedUnder the ShareRepurchaseProgram |
| January 1 through January 31, 2020   |   | 18,508 |  |   | $ | — |  |   | — |  |   | $ | 4,997,307 |  |
| February 1 through February 28, 2020 |   | — |  |   | — |  |   | — |  |   | 4,997,307 |  |
| March 1 through March 31, 2020(3)    |   | 689,928 |  |   | 5.38 |  |   | 689,928 |  |   | 6,288,063 |  |
| Total                                |   | 708,436 |  |   |   |   | 689,928 |  |   |   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | On August 8, 2017, we announced the $5.0 million discretionary open-market Share Repurchase Program under which our Board of Directors authorized the repurchase of shares of our common stock in the open market until the earlier of (i) August 6, 2018 or (ii) the repurchase of $5.0 million in aggregate amount of our common stock. On November 7, 2017, our Board of Directors authorized an extension of, and an increase in the amount of shares of our common stock that may be repurchased under, the discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $10.0 million in aggregate amount of our common stock. On May 3, 2018, the Company’s Board of Directors authorized an additional $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) November 6, 2018 or (ii) the repurchase of $15.0 million in aggregate amount of our common stock. On November 1, 2018, the Company’s Board of Directors authorized a $5.0 million increase in the amount of shares of the Company’s common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) October 31, 2019 or (ii) the repurchase of $20.0 million in aggregate amount of the Company’s common stock. On August 5, 2019, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program until the earlier of (i) August 4, 2020 or (ii) the repurchase of $25.0 million in aggregate amount of our common stock. On March 9, 2020, our Board of Directors authorized a $5.0 million increase in the amount of shares of our common stock that may be repurchased under the discretionary Share Repurchase Program |

----

TABLE OF CONTENTS

|     |                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes purchases of our common stock made on the open market by or on behalf of any “affiliated purchaser,” as defined in Exchange Act Rule 10b-18(a)(3), of the Company. |
|     |                                                                                                                                                                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Subsequent to quarter-end, through May 8, 2020, we repurchased an additional 594,637 shares under the Share Repurchase Program for an aggregate purchase price of $3.6 million. As of May 8, 2020, the dollar value of shares that may yet be purchased by us under the Share Repurchase Program is approximately $2.7 million. |

----

TABLE OF CONTENTS

|         |                         |
|---------|-------------------------|
| Item 4. | Mine Safety Disclosures |

----

TABLE OF CONTENTS

|      |
|------|
|      |  |
| 3.1  | Articles of Amendment and Restatement(1) |
| 3.2  | Articles of Amendment(2) |
| 3.3  | Articles of Amendment(3) |
| 3.4  | Amended and Restated Bylaws(3) |
| 10.1 | Amended and Restated Employment Agreement, dated April 28, 2020, by and between Sutter Rock Capital Corp. and Mark D. Klein* |
| 10.2 | Amended and Restated Employment Agreement, dated April 28, 2020, by and between Sutter Rock Capital Corp. and Allison Green* |
| 10.3 | Form Option Cancellation Agreement* |
| 31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended* |
| 31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14 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* |
| 32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |

|     |                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Previously filed in connection with Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-171578) filed on March 30, 2011, and incorporated by reference herein. |
|     |                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on June 1, 2011, and incorporated by reference herein. |
|     |                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Previously filed in connection with the Registrant’s Current Report on Form 8-K (File No. 814-00852) filed on August 1, 2019, and incorporated by reference herein. |
|   |                 |
|---|-----------------|
| * | Filed herewith. |

----

TABLE OF CONTENTS

|        |
|--------|
|        |  |  |  |
|   |   |   | SUTTER ROCK CAPITAL CORP. |
|   |   |   |   |
| Date:  | May 8, 2020 | By: | /s/ Mark D. Klein |
|   |   |   | Mark D. Klein |
|   |   |   | President and Chief Executive Officer |
|   |   |   | (Principal Executive Officer) |
|   |   |   |   |
| Date:  | May 8, 2020 | By: | /s/ Allison Green |
|   |   |   | Allison Green |
|   |   |   | Chief Financial Officer, Chief Compliance Officer, Treasurer, and Corporate Secretary |
|   |   |   | (Principal Financial and Accounting Officer) |
|   |   |   |   |