| x |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------|-----------------------------------------------------------------------------------------|

| o |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------|------------------------------------------------------------------------------------------|

| Delaware                                                      |   | 90-0900145                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

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

----

|                                                                                                                      | Page         |
|---------------------------------------------------------------------------------------------------------------------------|--------------|
| Part I. Financial Information                                                                                             |    |   |
|                                                                                                                      |         |   |
| Item 1. Financial Statements                                                                                              | 1            |   |
|                                                                                                                      |         |   |
| Consolidated Statements of Financial Condition as of March 31, 2015 (unaudited) and December 31, 2014                     | 1            |   |
|                                                                                                                      |         |   |
| Consolidated Schedule of Investments as of March 31, 2015 (unaudited) and December 31, 2014                               | 2            |   |
|                                                                                                                      |         |   |
| Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2015 and March 31, 2014            | 18           |   |
|                                                                                                                      |         |   |
| Consolidated Statements of Changes in Net Assets (unaudited) for the three months ended March 31, 2015 and March 31, 2014 | 19           |   |
|                                                                                                                      |         |   |
| Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2015 and March 31, 2014            | 20           |   |
|                                                                                                                      |         |   |
| Notes to Consolidated Financial Statements                                                                                | 21           |   |
|                                                                                                                      |         |   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                  | 50           |   |
|                                                                                                                      |         |   |
| Item 3. Quantitative and Qualitative Information About Market Risk                                                        | 65           |   |
|                                                                                                                      |         |   |
| Item 4. Controls and Procedures                                                                                           | 66           |   |
|                                                                                                                      |         |   |
| Part II. Other Information                                                                                                |    |   |
|                                                                                                                      |         |   |
| Item 1. Legal Proceedings                                                                                                 | 66           |   |
|                                                                                                                      |         |   |
| Item 1A. Risk Factors                                                                                                     | 66           |   |
|                                                                                                                      |         |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                       | 66           |   |
|                                                                                                                      |         |   |
| Item 3. Defaults Upon Senior Securities                                                                                   | 66           |   |
|                                                                                                                      |         |   |
| Item 4. Mine Safety Disclosures                                                                                           | 66           |   |
|                                                                                                                      |         |   |
| Item 5. Other Information                                                                                                 | 66           |   |
|                                                                                                                      |         |   |
| Item 6. Exhibits                                                                                                          | 67           |   |

----

Consolidated 

Part 

Item 

|                                                                     |   | March 31, 2015 |        |   | December 31, 2014 |   |
|--------------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|--------|
|                                                                     |   | (unaudited)    |        |   |              |   |
| Assets                                                                   |   |           |        |   |              |   |
| Cash                                                                     |   | $              | 20,355,036  |   |              | $      | 13,651,269 |   |
| Restricted cash                                                          |   |           | 8,483,383   |   |              |   | 14,260,013 |   |
| Due from counterparties                                                  |   |           | 1,905,751   |   |              |   | 1,615,125 |   |
| Investments, at fair value                                               |   |           |        |   |              |   |   |   |
| Non-control/Non-affiliate investments (amortized                         |   |           |        |   |              |   |   |   |
| cost of $456,357,386 and $467,903,883, respectively)                     |   |           | 452,011,406 |   |              |   | 467,769,463 |   |
| Accrued interest receivable                                              |   |           | 3,721,785   |   |              |   | 3,506,456 |   |
| Deferred debt issuance costs (net of accumulated                         |   |           |        |   |              |   |   |   |
| amortization of $2,336,177 and $2,141,113, respectively)                 |   |           | 4,223,171   |   |              |   | 4,418,235 |   |
| Deferred offering costs                                                  |   |           | 335,472     |   |              |   | 314,018 |   |
| Prepaid administrator fee                                                |   |           | -           |   |              |   | 74,455 |   |
| Other assets                                                             |   |           | 161,199     |   |              |   | 232,429 |   |
| Total assets                                                             |   | $              | 491,197,203 |   |              | $      | 505,841,463 |   |
|                                                                     |   |           |        |   |              |   |   |   |
| Liabilities                                                              |   |           |        |   |              |   |   |   |
| Due to counterparties                                                    |   | $              | -           |   |              | $      | 109,204 |   |
| Incentive fee payable                                                    |   |           | 2,465,722   |   |              |   | 2,816,310 |   |
| Management fee payable                                                   |   |           | 1,989,544   |   |              |   | 268,098 |   |
| Administrator fee payable                                                |   |           | 167,192     |   |              |   | - |   |
| GLC Trust 2013-2 Class A note (Note 7)                                   |   |           | 26,812,990  |   |              |   | 30,512,712 |   |
| Senior secured revolving note (Note 7)                                   |   |           | 40,500,000  |   |              |   | 50,000,000 |   |
| Senior secured term notes (Note 7)                                       |   |           | 159,763,805 |   |              |   | 159,746,787 |   |
| Interest payable                                                         |   |           | 636,259     |   |              |   | 689,610 |   |
| Accrued expenses and other payables                                      |   |           | 653,123     |   |              |   | 596,674 |   |
| Total liabilities                                                        |   | $              | 232,988,635 |   |              | $      | 244,739,395 |   |
|                                                                     |   |           |        |   |              |   |   |   |
| Commitments and contingencies (Note 12)                                  |   |           |        |   |              |   |   |   |
|                                                                     |   |           |        |   |              |   |   |   |
| Net assets                                                               |   |           |        |   |              |   |   |   |
| Common stock, par value $0.001 per share,                                |   |           |        |   |              |   |   |   |
| 100,000,000 shares authorized, 16,758,779 and 16,758,779 shares issued   |   |           |        |   |              |
| and outstanding as of March 31, 2015 and December 31, 2014, respectively |   | $              | 16,759      |   |              | $      | 16,759 |   |
| Paid-in-capital in excess of par                                         |   |           | 257,740,910 |   |              |   | 257,740,910 |   |
| Underdistributed net investment income                                   |   |           | 1,816,484   |   |              |   | - |   |
| Accumulated net realized gain from investments                           |   |           | 2,989,043   |   |              |   | 3,478,818 |   |
| Net unrealized (loss) from investments                                   |   |           | (4,354,628  | )      |              |   | (134,419 | ) |
| Total net assets                                                         |   |           | 258,208,568 |   |              |   | 261,102,068 |   |
| Total liabilities and net assets                                         |   | $              | 491,197,203 |   |              | $      | 505,841,463 |   |
|                                                                     |   |           |        |   |              |   |   |   |
| Shares of common stock outstanding                                       |   |           | 16,758,779  |   |              |   | 16,758,779 |   |
| Net asset value per share                                                |   | $              | 15.41       |   |              | $      | 15.58 |   |

----

Garrison 

|                                               |   |         |      |   |   |       |      |   |   |   | % of Net  |
|----------------------------------------------------|--------|--------------|-----------|--------|--------|------------|-----------|--------|--------|--------|-----------|
| Security Description                               |   | Par / Shares |      | Cost   |   | Fair Value |      | Assets |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |
| Non-Control/Non-Affiliate Investments              |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |
| Investments - United States                        |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |
| Common Equity                                      |   |         |      |   |   |       |      |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |
| Apparel Products                                   |   |         |      |   |
| Everyware Global, Inc., Warrant*                   |   |         | 82,843    |   |   | $          | -         |   |   | $      | -         |   |   |   | - | % |
| Total Apparel Products                             |   |         | -         |   |   |       | -         |   |   |   | -         |   |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |   |   |   |   |
| Health Services                                    |   |         |      |   |   |       |      |   |   |
| Juniper TGX Investment Partners, LLC, Common       |   |         | 3,146     |   |   |       | 670,623   |   |   |   | 966,288   |   |   |   | 0.37 |   |
| Total Health Services                              |   |         | 670,623   |   |   |       | 966,288   |   |   |   | 0.37      |   |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |   |   |   |   |
| Miscellaneous Manufacturing                        |
| Valterra Products Holdings, LLC, Common Class A    |   |         | 185,847   |   |   |       | 185,847   |   |   |   | 371,910   |   |   |   | 0.14 |   |
| Valterra Products Holdings, LLC, Common Class B    |   |         | 20,650    |   |   |       | 20,650    |   |   |   | 41,323    |   |   |   | 0.02 |   |
| Total Miscellaneous Manufacturing                  |   |         | 206,497   |   |   |       | 413,233   |   |   |   | 0.16      |   |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |   |   |   |   |
| Miscellaneous Retail                               |   |
| Provo Craft Holdings, LLC, Common                  |   |         | 1,110     |   |   |       | -         |   |   |   | -         |   |   |   | - |   |
| Total Miscellaneous Retail                         |   |         | -         |   |   |       | -         |   |   |   | -         |   |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |   |   |   |   |
| Transportation Services                            |   |
| EZE Trucking, LLC, Common                          |   |         | 2,898     |   |   |       | 267,801   |   |   |   | -         |   |   |   | - |   |
| Total Transportation Services                      |   |         | 267,801   |   |   |       | -         |   |   |   | -         |   |
| Total Common Equity                                |   | $            | 1,144,921 |   |   | $          | 1,379,521 |   |   |   | 0.53      | % |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |   |   |   |   |
| Preferred Equity                                   |   |         |      |   |   |       |      |   |   |
|                                               |   |         |      |   |   |       |      |   |   |   |      |   |   |   |   |   |
| Consumer Finance Services                          |
| Prosper Marketplace Series B Preferred Stock(1)(2) |   |         | 261,912   |   |   | $          | 789,962   |   |   | $      | 6,512,540 |   |   |   | 2.52 | % |
| Total Consumer Finance Services                    |   |         | 789,962   |   |   |       | 6,512,540 |   |   |   | 2.52      |   |
| Total Preferred Equity                             |   | $            | 789,962   |   |   | $          | 6,512,540 |   |   |   | 2.52      | % |

----

|                                                      |   |         |       |   |   |       |       |   |   |   | % of Net   |   |
|-----------------------------------------------------------|--------|--------------|------------|--------|--------|------------|------------|--------|--------|--------|------------|--------|
| Security Description                                      |   | Par / Shares |       | Cost   |   | Fair Value |       | Assets |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |
| Non-Control/Non-Affiliate Investments (continued)         |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |
| Investments - United States (continued)                   |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |
| Debt Investments                                          |   |         |       |   |   |       |       |   |   |   |       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |
| Apparel Products                                          |   |         |       |   |
| Joe's Jeans Inc., Term Loan*                              |   |
| Libor ("L") + 12.75%, 1.25% L Floor, 9/30/2018            |   |         | 10,486,963 |   |   | $          | 10,340,168 |   |   | $      | 10,340,053 |   |   |   | 4.00 | % |
| Total Apparel Products                                    |   |         | 10,340,168 |   |   |       | 10,340,053 |   |   |   | 4.00       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Automotive                                                |   |         |       |   |   |       |       |   |   |   |       |   |   |
| CTC Casting Technologies, Inc. (Compass), Loan*           |   |
| L+ 6.75%, 0.75% L Floor, 3/28/2019                        |   |         | 10,018,750 |   |   |       | 9,938,809  |   |   |   | 9,938,754  |   |   |   | 3.85 |   |
| Penda Corporation, Term Loan(3)                           |   |
| 12.00% Cash, 2.00% PIK, 1/26/2019                         |   |         | 7,398,141  |   |   |       | 7,298,170  |   |   |   | 7,398,141  |   |   |   | 2.87 |   |
| Total Automotive                                          |   |         | 17,236,979 |   |   |       | 17,336,895 |   |   |   | 6.72       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Broadcasting & Entertainment                          |   |
| CF Entertainment Inc. (Entertainment Studios), Term Loan* |   |
| L+ 7.50%, 1.00% L Floor, 6/26/2019                        |   |         | 9,910,604  |   |   |       | 9,826,641  |   |   |   | 9,826,554  |   |   |   | 3.81 |   |
| Total Broadcasting & Entertainment                    |   |         | 9,826,641  |   |   |       | 9,826,554  |   |   |   | 3.81       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Building & Real Estate                                |   |
| ShelterLogic Corp., Term Loan*                            |   |
| L+ 10.50%, 1.00% L Floor, 7/30/2019                       |   |         | 10,368,750 |   |   |       | 10,189,199 |   |   |   | 10,189,086 |   |   |   | 3.95 |   |
| Total Building & Real Estate                          |   |         | 10,189,199 |   |   |       | 10,189,086 |   |   |   | 3.95       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Chemicals                                                 |   |         |       |   |   |       |       |   |   |   |       |   |   |
| Aristech Surfaces LLC, Term Loan B*                       |   |
| L+ 8.00%, 1.00% L Floor, 10/17/2019                       |   |         | 10,434,375 |   |   |       | 10,268,374 |   |   |   | 10,268,274 |   |   |   | 3.98 |   |
| Galata Chemicals, LLC, Term Loan*                         |   |
| L+ 8.00%, 1.00% L Floor, 2/28/2019                        |   |         | 8,750,000  |   |   |       | 8,610,682  |   |   |   | 8,750,000  |   |   |   | 3.39 |   |
| Total Chemicals                                           |   |         | 18,879,056 |   |   |       | 19,018,274 |   |   |   | 7.37       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Communications                                            |   |         |       |   |   |
| HC Cable OpCo, LLC, Term Loan*                            |   |
| L+ 8.50%, 1.00% L Floor, 7/17/2018                        |   |         | 10,844,810 |   |   |       | 10,719,776 |   |   |   | 10,844,810 |   |   |   | 4.20 |   |
| Sirva Worldwide, Loan*                                    |   |
| L+ 6.25%, 1.25% L Floor, 3/27/2019                        |   |         | 4,900,000  |   |   |       | 4,835,024  |   |   |   | 4,875,500  |   |   |   | 1.89 |   |
| Total Communications                                      |   |         | 15,554,800 |   |   |       | 15,720,310 |   |   |   | 6.09       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Consumer Finance Services                                 |   |
| PlanMember Financial Corporation, Term Loan*(1)           |   |
| L+ 8.50%, 1.50% L Floor, 2/14/2018                        |   |         | 1,396,295  |   |   |       | 1,375,104  |   |   |   | 1,396,295  |   |   |   | 0.54 |   |
| Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1)) |   |
| L+ 7.00%, 1.00% L Floor, 9/23/2019                        |   |         | 8,146,951  |   |   |       | 8,074,118  |   |   |   | 8,146,951  |   |   |   | 3.16 |   |
| Total Consumer Finance Services                           |   |         | 9,449,222  |   |   |       | 9,543,246  |   |   |   | 3.70       |   |

----

|                                                      |   |         |       |   |   |       |       |   |   |   | % of Net   |   |
|-----------------------------------------------------------|--------|--------------|------------|--------|--------|------------|------------|--------|--------|--------|------------|--------|
| Security Description                                      |   | Par / Shares |       | Cost   |   | Fair Value |       | Assets |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |
| Non-Control/Non-Affiliate Investments (continued)         |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |
| Investments - United States (continued)                   |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |
| Debt Investments (continued)                              |   |         |       |   |   |       |       |   |   |   |       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |
| Electrical Equipment                                      |   |         |       |
| AbelConn, LLC (Atrenne Computing), Term Loan A*           |   |
| L+ 8.50%, 1.00% L Floor, 7/17/2019                        |   |         | 10,500,000 |   |   | $          | 10,319,671 |   |   | $      | 10,319,556 |   |   |   | 3.99 | % |
| AbelConn, LLC (Atrenne Computing), Term Loan B            |   |
| L+ 2.50%, 1.00% L Floor, 7/17/2019                        |   |         | 20,497     |   |   |       | 20,145     |   |   |   | 20,144     |   |   |   | 0.01 |   |
| Total Electrical Equipment                                |   |         | 10,339,816 |   |   |       | 10,339,700 |   |   |   | 4.00       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Food Stores - Retail                                      |   |         |       |   |
| Specialty Bakers LLC, Term Loan*                          |   |
| L+ 7.25%, 1.00% L Floor, 8/7/2019                         |   |         | 9,486,220  |   |   |       | 9,310,133  |   |   |   | 9,310,023  |   |   |   | 3.60 |   |
| Sqwincher Corporation (The), Term Loan*                   |   |
| L+ 10.00%, 1.50% L Floor, 8/3/2016                        |   |         | 9,198,900  |   |   |       | 9,131,627  |   |   |   | 9,313,918  |   |   |   | 3.61 |   |
| Total Food Stores - Retail                                |   |         | 18,441,760 |   |   |       | 18,623,941 |   |   |   | 7.21       |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Health Services                                           |   |         |       |   |   |       |       |   |   |
| Aurora Diagnostics, LLC, Delayed Draw Term Loan           |   |
| L+ 7.00%, 1.25% L Floor, 7/31/2019                        |   |         | 329,707    |   |   |       | 329,707    |   |   |   | 327,620    |   |   |   | 0.13 |   |
| Aurora Diagnostics, LLC, Term Loan*                       |   |
| L+ 7.00%, 1.25% L Floor, 7/31/2019                        |   |         | 5,608,414  |   |   |       | 5,556,315  |   |   |   | 5,556,282  |   |   |   | 2.15 |   |
| Forest Park Medical Center at Fort Worth, LLC, Lease      |   |
| 13.00%, 2/11/2020                                         |   |         | 9,246,161  |   |   |       | 9,084,580  |   |   |   | 8,321,545  |   |   |   | 3.22 |   |
| Forest Park Medical Center at Fort Worth, LLC, Term Loan  |   |
| 14.00%, on Demand                                         |   |         | 344,377    |   |   |       | 338,359    |   |   |   | 309,939    |   |   |   | 0.12 |   |
| Forest Park Medical Center at San Antonio, LLC, Lease     |   |
| 13.00%, 2/11/2020                                         |   |         | 8,981,658  |   |   |       | 8,817,855  |   |   |   | 8,083,492  |   |   |   | 3.13 |   |
| Forest Park Medical Center at San Antonio, LLC, Term Loan |   |
| 14.00%, on Demand                                         |   |         | 1,951,092  |   |   |       | 1,915,509  |   |   |   | 1,755,983  |   |   |   | 0.68 |   |
| SCG Capital Corporation (Radiation Therapy), Term Note    |   |
| 12.00%, 5/1/2017                                          |   |         | 5,570,421  |   |   |       | 5,570,421  |   |   |   | 5,570,421  |   |   |   | 2.16 |   |
| Theragenics Corporation, Term Loan**                      |   |
| L+ 12.00%, 1.00% L Floor, 2/26/2020                       |   |         | 6,573,784  |   |   |       | 6,444,473  |   |   |   | 6,444,401  |   |   |   | 2.50 |   |
| Virtual Radiologic Corporation, Term Loan B*              |   |
| Base Rate+ 4.50%, 12/22/2016                              |   |         | 4,812,500  |   |   |       | 4,797,585  |   |   |   | 3,874,063  |   |   |   | 1.50 |   |
| Walnut Hill Physicians' Hospital, LLC, Acquisition Loan   |   |
| 12.50%, on Demand                                         |   |         | 1,528,977  |   |   |       | 1,528,977  |   |   |   | 1,528,977  |   |   |   | 0.59 |   |
| Walnut Hill Physicians' Hospital, LLC, Term Loan          |   |
| 12.50%, 4/1/2019                                          |   |         | 7,168,786  |   |   |       | 7,168,786  |   |   |   | 7,168,786  |   |   |   | 2.78 |   |
| Total Health Services                                     |   |         | 51,552,567 |   |   |       | 48,941,509 |   |   |   | 18.96      |   |
|                                                      |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Insurance Agents                                          |   |         |       |   |   |
| Affirmative Insurance Holdings, Inc., Term Loan*          |   |
| L+ 9.25%, 1.25% L Floor, 3/30/2016                        |   |         | 5,877,169  |   |   |       | 5,759,803  |   |   |   | 5,730,239  |   |   |   | 2.22 |   |
| Worley Claims Services, LLC, Term Loan*                   |   |
| L+ 8.00%, 1.00% L Floor, 10/31/2020                       |   |         | 10,473,750 |   |   |       | 10,376,275 |   |   |   | 10,376,288 |   |   |   | 4.01 |   |
| Total Insurance Agents                                    |   |         | 16,136,078 |   |   |       | 16,106,467 |   |   |   | 6.23       |   |

----

|                                                          |   |         |       |   |   |       |       |   |   |   | % of Net   |   |
|---------------------------------------------------------------|--------|--------------|------------|--------|--------|------------|------------|--------|--------|--------|------------|--------|
| Security Description                                          |   | Par / Shares |       | Cost   |   | Fair Value |       | Assets |   |
|                                                          |   |         |       |   |   |       |       |   |   |   |       |   |
| Non-Control/Non-Affiliate Investments (continued)             |   |
|                                                          |   |         |       |   |   |       |       |   |   |   |       |   |
| Investments - United States (continued)                       |   |
|                                                          |   |         |       |   |   |       |       |   |   |   |       |   |
| Debt Investments (continued)                                  |   |         |       |   |   |       |       |   |   |   |       |   |
|                                                          |   |         |       |   |   |       |       |   |   |   |       |   |
| Miscellaneous Manufacturing                                   |   |
| Anchor Hocking, LLC (EveryWare Global), Initial Term Loan*(3) |   |
| L+ 6.50% Cash, 1.75% PIK, 1.25% L Floor, 5/21/2020            |   |         | 6,959,423  |   |   | $          | 6,872,767  |   |   | $      | 3,592,802  |   |   |   | 1.39 | % |
| AP Gaming I, LLC, Term B Loan*                                |   |
| L+ 8.25%, 1.00% L Floor, 12/20/2020                           |   |         | 4,937,500  |   |   |       | 4,816,523  |   |   |   | 4,906,641  |   |   |   | 1.90 |   |
| A.S.V., Inc., Term Loan*                                      |   |
| L+ 9.50%, 1.00% L Floor, 12/19/2019                           |   |         | 9,494,066  |   |   |       | 9,314,896  |   |   |   | 9,314,794  |   |   |   | 3.61 |   |
| CR Brands, Inc., Term Loan*                                   |   |
| L+ 9.25%, 1.00% L Floor, 8/23/2017                            |   |         | 10,500,000 |   |   |       | 10,332,092 |   |   |   | 10,331,977 |   |   |   | 4.00 |   |
| Frontier Spinning Mills, Inc., Term Loan*                     |   |
| L+ 6.50%, 1.00% L Floor, 12/19/2018                           |   |         | 4,746,835  |   |   |       | 4,727,809  |   |   |   | 4,723,101  |   |   |   | 1.83 |   |
| Kranos Acquisition Corp., Term Loan*(3)                       |   |
| L+ 12.00% Cash, 1.00% PIK, 1.00% L Floor, 6/15/2017           |   |         | 10,049,346 |   |   |       | 9,961,697  |   |   |   | 9,979,614  |   |   |   | 3.87 |   |
| Lexmark Carpet Mills, Inc., Term Loan*                        |   |
| L+ 10.00%, 1.00% L Floor, 12/19/2019                          |   |         | 10,500,000 |   |   |       | 10,252,307 |   |   |   | 10,252,163 |   |   |   | 3.97 |   |
| NPI Holding Corp. (Nudo Products, Inc.), Term Loan*,**        |   |
| L+ 9.75%, 1.00% L Floor, 1/13/2020                            |   |         | 10,500,000 |   |   |       | 10,298,970 |   |   |   | 10,298,855 |   |   |   | 3.99 |   |
| Nursery Supplies, Inc., Term Loan*                            |   |
| L+ 7.50%, 1.00% L Floor, 6/13/2018                            |   |         | 10,650,938 |   |   |       | 10,616,844 |   |   |   | 10,672,531 |   |   |   | 4.13 |   |
| PCCR USA, Inc., Term Loan A*                                  |   |
| L+ 8.00%, 1.00% L Floor, 12/1/2019                            |   |         | 6,956,250  |   |   |       | 6,826,770  |   |   |   | 6,826,694  |   |   |   | 2.64 |   |
| PCCR USA, Inc., Term Loan B*                                  |   |
| L+ 8.00%, 1.00% L Floor, 12/1/2019                            |   |         | 3,478,125  |   |   |       | 3,397,200  |   |   |   | 3,397,152  |   |   |   | 1.32 |   |
| Valterra Products Holdings, LLC, Term Loan*                   |   |
| L+ 9.00%, 1.00% L Floor, 5/31/2018                            |   |         | 8,299,584  |   |   |       | 8,194,499  |   |   |   | 8,396,817  |   |   |   | 3.25 |   |
| Total Miscellaneous Manufacturing                             |   |         | 95,612,374 |   |   |       | 92,693,141 |   |   |   | 35.90      |   |
|                                                          |   |         |       |   |   |       |       |   |   |   |       |   |   |   |   |   |
| Miscellaneous Retail                                          |   |
| Confluence Outdoor, LLC, Term Loan*                           |   |
| L+ 7.00%, 1.00% L Floor, 4/18/2019                            |   |         | 6,656,997  |   |   |       | 6,562,701  |   |   |   | 6,562,638  |   |   |   | 2.54 |   |
| Confluence Outdoor, LLC, Delayed Draw Term Loan               |   |
| L+ 7.00%, 1.00% L Floor, 4/18/2019                            |   |         | 998,549    |   |   |       | 998,549    |   |   |   | 984,396    |   |   |   | 0.38 |   |
| PD Products, LLC, Term Loan*                                  |   |
| L+ 13.00%, 1.50% L Floor, 10/4/2018                           |   |         | 9,963,446  |   |   |       | 9,752,634  |   |   |   | 9,963,446  |   |   |   | 3.86 |   |
| PD Products, LLC, Revolver                                    |   |
| L+ 13.00%, 1.50% L Floor, 10/4/2018                           |   |         | 813,756    |   |   |       | 813,756    |   |   |   | 813,756    |   |   |   | 0.32 |   |
| PSP Group, LLC, Term Loan*                                    |   |
| Base Rate+ 3.75%, 9/13/2016                                   |   |         | 4,347,706  |   |   |       | 4,331,073  |   |   |   | 4,347,706  |   |   |   | 1.68 |   |
| Total Miscellaneous Retail                                    |   |         | 22,458,713 |   |   |       | 22,671,942 |   |   |   | 8.78       |   |

----

|                                                     |   |         |        |   |   |       |        |   |   |   | % of Net   |   |
|----------------------------------------------------------|--------|--------------|-------------|--------|--------|------------|-------------|--------|--------|--------|------------|--------|
| Security Description                                     |   | Par / Shares |        | Cost   |   | Fair Value |        | Assets |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |
| Non-Control/Non-Affiliate Investments (continued)        |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |
| Investments - United States (continued)                  |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |
| Debt Investments (continued)                             |   |         |        |   |   |       |        |   |   |   |       |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |
| Miscellaneous Services                                   |   |
| Academi Holdings LLC, Second Lien Term Loan*             |
| L+ 10.00%, 1.00% L Floor, 7/25/2020                      |   |         | 10,000,000  |   |   | $          | 9,822,891   |   |   | $      | 9,822,800  |   |   |   | 3.80 | % |
| Global Traffic Technologies, LLC, Term Loan A*           |
| Base Rate+ 4.00%, 6/30/2015                              |   |         | 318,433     |   |   |       | 301,859     |   |   |   | 318,433    |   |   |   | 0.12 |   |
| Global Traffic Technologies, LLC, Term Loan B*           |
| Base Rate+ 4.00%, 6/30/2015                              |   |         | 3,560,206   |   |   |       | 3,555,433   |   |   |   | 3,560,206  |   |   |   | 1.38 |   |
| Midwest Technical Institute, Inc., Term Loan A*          |
| Base Rate+ 11.00%, 10/4/2017                             |   |         | 7,145,870   |   |   |       | 7,145,870   |   |   |   | 5,002,109  |   |   |   | 1.94 |   |
| Midwest Technical Institute, Inc., Revolver              |
| Base Rate+ 11.00%, 10/4/2017                             |   |         | 998,550     |   |   |       | 998,550     |   |   |   | 698,985    |   |   |   | 0.27 |   |
| NAP Asset Holdings Ltd., Canadian Term Loan*             |
| L+ 7.00%, 1.00% L Floor, 3/22/2018                       |   |         | 2,452,368   |   |   |       | 2,437,613   |   |   |   | 2,452,368  |   |   |   | 0.95 |   |
| NAP Asset Holdings Ltd., Term Loan*                      |
| L+ 7.00%, 1.00% L Floor, 3/22/2018                       |   |         | 5,488,632   |   |   |       | 5,455,609   |   |   |   | 5,488,632  |   |   |   | 2.13 |   |
| SC Academy Holdings, Inc., Term Loan(4)                  |
| L+ 14.00%, 7/16/2016                                     |   |         | 7,760,599   |   |   |       | 5,587,631   |   |   |   | 4,066,554  |   |   |   | 1.57 |   |
| Speed Commerce, Inc., Term Loan*                         |
| L+ 7.50%, 1.00% L Floor, 11/21/2019                      |   |         | 10,500,000  |   |   |       | 10,306,393  |   |   |   | 10,342,500 |   |   |   | 4.01 |   |
| Sprint Industrial Holdings, LLC, Term Loan (First Lien)* |
| L+ 5.75%, 1.25% L Floor, 5/14/2019                       |   |         | 4,860,755   |   |   |       | 4,834,530   |   |   |   | 4,544,806  |   |   |   | 1.76 |   |
| Tecta America Corp., Term Loan*                          |
| L+ 4.00%, 1.00% L Floor, 7/1/2018                        |   |         | 4,019,019   |   |   |       | 3,865,125   |   |   |   | 3,818,068  |   |   |   | 1.48 |   |
| YourMembership Holding Company, Term Loan A**            |
| L+ 7.00%, 1.00% L Floor, 9/12/2019                       |   |         | 8,504,666   |   |   |       | 8,425,514   |   |   |   | 8,425,465  |   |   |   | 3.26 |   |
| Total Miscellaneous Services                             |   |         | 62,737,018  |   |   |       | 58,540,926  |   |   |   | 22.67      |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Printing & Publishing                                |   |
| Dodge Data & Analytics LLC, Term Loan*               |
| L+ 8.75%, 1.00% L Floor, 10/31/2019                      |   |         | 10,473,750  |   |   |       | 10,281,185  |   |   |   | 10,281,070 |   |   |   | 3.98 |   |
| Total Printing & Publishing                          |   |         | 10,281,185  |   |   |       | 10,281,070  |   |   |   | 3.98       |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Oil & Gas                                            |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Gasco Production Company, Term Loan*                     |
| L+ 8.50%, 1.00% L Floor, 8/18/2017                       |   |         | 9,985,495   |   |   |       | 9,787,153   |   |   |   | 9,786,925  |   |   |   | 3.79 |   |
| Total Oil & Gas                                      |   |         | 9,787,153   |   |   |       | 9,786,925   |   |   |   | 3.79       |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Restaurants                                              |   |         |        |   |   |       |        |   |   |   |       |   |
| Ted's Cafe Escondido Holdings, Inc., Term Loan A*        |
| L+ 8.00%, 1.50% L Floor, 12/31/2018                      |   |         | 6,737,500   |   |   |       | 6,737,500   |   |   |   | 6,737,500  |   |   |   | 2.61 |   |
| Ted's Cafe Escondido Holdings, Inc., Revolver            |
| L+ 8.00%, 1.50% L Floor, 12/31/2018                      |   |         | 250,000     |   |   |       | 250,000     |   |   |   | 250,000    |   |   |   | 0.10 |   |
| Total Restaurants                                        |   |         | 6,987,500   |   |   |       | 6,987,500   |   |   |   | 2.71       |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Specialty Services                                       |   |         |        |   |   |
| Vistronix, LLC, Term Loan*                               |
| L+ 8.00%, 0.50% L Floor, 12/4/2018                       |   |         | 9,888,486   |   |   |       | 9,814,992   |   |   |   | 9,814,938  |   |   |   | 3.80 |   |
| Vistronix, LLC, Revolver                                 |
| L+ 8.00%, 0.50% L Floor, 12/4/2018                       |   |         | 175,000     |   |   |       | 175,000     |   |   |   | 173,698    |   |   |   | 0.07 |   |
| Total Specialty Services                                 |   |         | 9,989,992   |   |   |       | 9,988,636   |   |   |   | 3.87       |   |
|                                                     |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Transportation Services                                  |   |
| Fleetgistics Holdings, Inc., Term Loan*                  |
| L+ 6.13%, 2.00% L Floor, 12/31/2018                      |   |         | 1,020,745   |   |   |       | 1,020,745   |   |   |   | 918,670    |   |   |   | 0.36 |   |
| MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*       |
| L+ 13.00%, 1.00% L Floor, 5/31/2018                      |   |         | 13,322,043  |   |   |       | 13,156,909  |   |   |   | 12,256,280 |   |   |   | 4.74 |   |
| Raymond Express International, LLC, Term Loan*           |
| L+ 7.75%, 1.75% L Floor, 2/28/2018                       |   |         | 3,057,737   |   |   |       | 3,039,501   |   |   |   | 3,103,604  |   |   |   | 1.20 |   |
| Total Transportation Services                            |   |         | 17,217,155  |   |   |       | 16,278,554  |   |   |   | 6.30       |   |
| Total Debt Investments                                   |   | $            | 423,017,376 |   |   | $          | 413,214,729 |   |   |   | 160.04     | %      |

----

|                                                          |   |         |        |   |   |       |        |   |   |   | % of Net   |   |
|---------------------------------------------------------------|--------|--------------|-------------|--------|--------|------------|-------------|--------|--------|--------|------------|--------|
| Security Description                                          |   | Par / Shares |        | Cost   |   | Fair Value |        | Assets |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |
| Non-Control/Non-Affiliate Investments (continued)             |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |
| Investments - United States (continued)                       |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |
| Financial Assets                                              |   |         |        |   |   |       |        |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |
| Consumer Finance Services                                     |
| GLC Trust 2013-2 Consumer Loan Portfolio(1)(5)                |   |         | 31,776,450  |   |   | $          | 31,776,450  |   |   | $      | 31,245,706 |   |   |   | 12.10 | % |
| Total Consumer Finance Services                               |   |         | 31,776,450  |   |   |       | 31,245,706  |   |   |   | 12.10      |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Total Financial Assets                                        |   | $            | 31,776,450  |   |   | $          | 31,245,706  |   |   |   | 12.10      | %      |
| Total Non-Control/Non-Affiliate Investments                   |   | $            | 456,728,709 |   |   | $          | 452,352,496 |   |   |   | 175.19     | %      |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Unfunded Obligations                                          |   |         |        |   |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Communications                                                |   |         |        |   |   |
| HC Cable OpCo, LLC, Revolver                                  |
| 0.50%, 7/17/2018                                              |   |         | 954,784     |   |   | $          | (11,008     | )      |   | $      | -          |   |   |   | - | % |
| Total Communications                                          |   |         | (11,008     | )      |   |       | -           |   |   |   | -          |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Health Services                                               |   |         |        |   |   |       |        |   |   |
| Aurora Diagnostics, LLC, Delayed Draw Term Loan(6)            |
| 0.00%, 7/31/2019                                              |   |         | 520,053     |   |   |       | (4,996      | )      |   |   | (3,291     | )      |   |   | - |   |
| Aurora Diagnostics, LLC, Revolver(6)                          |
| 0.38%, 7/31/2019                                              |   |         | 1,019,712   |   |   |       | (9,473      | )      |   |   | (9,479     | )      |   |   | (0.01 | ) |
| Total Health Services                                         |   |         | (14,469     | )      |   |       | (12,770     | )      |   |   | (0.01      | )      |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Miscellaneous Manufacturing                                   |
| Valterra Products Holdings, LLC, Revolver                     |
| 0.50%, 5/31/2018                                              |   |         | 1,588,437   |   |   |       | (20,112     | )      |   |   | 18,609     |   |   |   | 0.01 |   |
| Total Miscellaneous Manufacturing                             |   |         | (20,112     | )      |   |       | 18,609      |   |   |   | 0.01       |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Miscellaneous Retail                                          |   |
| Confluence Outdoor, LLC, Delayed Draw Term Loan(6)            |
| 2.00%, 4/18/2019                                              |   |         | 2,329,949   |   |   |       | (47,147     | )      |   |   | (33,026    | )      |   |   | (0.01 | ) |
| PD Products, LLC, Revolver                                    |
| 0.50%, 10/4/2018                                              |   |         | 826,869     |   |   |       | (22,887     | )      |   |   | -          |   |   |   | - |   |
| Total Miscellaneous Retail                                    |   |         | (70,034     | )      |   |       | (33,026     | )      |   |   | (0.01      | )      |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Miscellaneous Services                                        |   |
| Global Traffic Technologies, LLC, Revolver                    |
| 0.50%, 6/30/2015                                              |   |         | 1,458,439   |   |   |       | (1,955      | )      |   |   | -          |   |   |   | - |   |
| Tecta America Corp., Revolver(6)                              |
| 0.50%, 7/1/2018                                               |   |         | 6,268,988   |   |   |       | (240,723    | )      |   |   | (313,449   | )      |   |   | (0.12 | ) |
| YourMembership Holding Company, Revolver(6)                   |
| 0.00%, 9/12/2019                                              |   |         | 355,844     |   |   |       | (3,312      | )      |   |   | (3,314     | )      |   |   | - |   |
| Total Miscellaneous Services                                  |   |         | (245,990    | )      |   |       | (316,763    | )      |   |   | (0.12      | )      |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Restaurants                                                   |   |         |        |   |   |       |        |   |   |   |       |   |   |
| Ted's Cafe Escondido Holdings, Inc., Revolver                 |
| 0.50%, 12/31/2018                                             |   |         | 250,000     |   |   |       | -           |   |   |   | -          |   |   |   | - |   |
| Ted's Cafe Escondido Holdings, Inc., Delayed Draw Term Loan B |
| 1.00%, 12/31/2018                                             |   |         | 500,000     |   |   |       | -           |   |   |   | -          |   |   |   | - |   |
| Total Restaurants                                             |   |         | -           |   |   |       | -           |   |   |   | -          |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Specialty Services                                            |   |         |        |   |   |
| Vistronix, LLC, Revolver(6)                                   |
| 0.50%, 12/4/2018                                              |   |         | 700,000     |   |   |       | (6,503      | )      |   |   | (5,206     | )      |   |   | - |   |
| Total Specialty Services                                      |   |         | (6,503      | )      |   |       | (5,206      | )      |   |   | -          |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Transportation Services                                       |   |
| Raymond Express International, LLC, Revolver                  |
| 0.50%, 2/28/2018                                              |   |         | 537,752     |   |   |       | (3,207      | )      |   |   | 8,066      |   |   |   | - |   |
| Total Transportation Services                                 |   |         | (3,207      | )      |   |       | 8,066       |   |   |   | -          |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
|                                                          |   |         |        |   |   |       |        |   |   |   |       |   |   |   |   |   |
| Total Unfunded Obligations                                    |   | $            | (371,323    | )      |   | $          | (341,090    | )      |   |   | (0.13      | ) %    |
| Total Investments - United States                             |   | $            | 456,357,386 |   |   | $          | 452,011,406 |   |   |   | 175.06     | %      |

----

| * | Denotes that all or a portion of the investment is held as collateral by the collateralized loan obligation (the “CLO”) (see Note 7). |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ** | Denotes that all or a portion of the loan is held by Garrison SBIC. |
|----|---------------------------------------------------------------------|

|   | L = London Interbank Offered Rate.                                                                                                                                                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                            |
| (1)    | Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |
| (2)    | Net of incentive fee payable to a third party equal to 20% of any distribution after the Company has received its full net capital investment plus a 12% preferred return in GLC Trust 2013-2 and Prosper Marketplace Series B Preferred Stock. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                            |
| (3)    | Coupon is payable in cash, and/or payment-in-kind (“PIK”), or a combination thereof.                                                                                                                                                |
|   |                                                                                                                                                                                                                                            |
| (4)    | Investment is currently in default, not income producing and placed on non-accrual status.                                                                                                                                                      |

| (5) | GLC Trust 2013-2 includes 3,438 small balance consumer loans with an average par of $9,243, a weighted average rate of 15.6% and a weighted average maturity of February 21, 2018. See Note 4 for additional information. See exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 for detail on underlying loans. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The negative fair value is the result of the unfunded commitment being valued below par. These amounts may or may not be funded to the borrowing party currently or in the future. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Security Description, December 31, 2014             |   | Par/Shares |    |   | Cost   |   |      | Fair Value |   |   | % of NetAssets |   |
|-----------------------------------------------------|--------|------------|---------|--------|--------|--------|-----------|------------|--------|--------|----------------|--------|
| Non-Control/Non-Affiliate Investments               |   |       |    |   |   |   |      |       |   |   |           |   |
| Investments – United States         |   |       |    |   |   |   |      |       |   |   |           |   |
| Common Equity                                       |   |       |    |   |   |   |      |       |   |   |           |   |
| Apparel Products                                    |   |       |    |   |   |   |      |       |   |   |           |   |
| Everyware Global, Inc., Warrant*                    |   |       | 82,843  |   |   | $      | —   |       |   | $      | —        |   |   |   | — | % |
| Total Apparel Products                              |   |       |    |   |   |   | —   |       |   |   | —        |   |   |   |   |   |
| Health Services                                     |   |       |    |   |   |   |      |       |   |   |           |   |   |   |   |   |
| Juniper TGX Investment Partners, LLC, Common        |   |       | 3,146   |   |   |   | 670,623   |       |   |   | 966,288        |   |   |   | 0.37 |   |
| Total Health Services                               |   |       |    |   |   |   | 670,623   |       |   |   | 966,288        |   |   |   | 0.37 |   |
| Miscellaneous Manufacturing                         |   |       |    |   |   |   |      |       |   |   |           |   |   |   |   |   |
| Valterra Products Holdings, LLC, Common Class A     |   |       | 185,847 |   |   |   | 185,847   |       |   |   | 371,910        |   |   |   | 0.14 |   |
| Valterra Products Holdings, LLC, Common Class B     |   |       | 20,650  |   |   |   | 20,650    |       |   |   | 41,323         |   |   |   | 0.02 |   |
| Total Miscellaneous Manufacturing                   |   |       |    |   |   |   | 206,497   |       |   |   | 413,233        |   |   |   | 0.16 |   |
| Miscellaneous Retail                                |   |       |    |   |   |   |      |       |   |   |           |   |   |   |   |   |
| Provo Craft Holdings, LLC, Common                   |   |       | 1,110   |   |   |   | —   |       |   |   | —        |   |   |   | — |   |
| Total Miscellaneous Retail                          |   |       |    |   |   |   | —   |       |   |   | —        |   |   |   | — |   |
| Transportation Services                             |   |       |    |   |   |   |      |       |   |   |           |   |   |   |   |   |
| EZE Trucking, LLC, Common                           |   |       | 2,898   |   |   |   | 267,801   |       |   |   | —        |   |   |   | — |   |
| Total Transportation Services                       |   |       |    |   |   |   | 267,801   |       |   |   | —        |   |   |   | — |   |
| Total Common Equity                                 |   |       |    |   |   | $      | 1,144,921 |       |   | $      | 1,379,521      |   |   |   | 0.53 | % |
| Preferred Equity                                    |   |       |    |   |   |   |      |       |   |   |           |   |   |   |   |   |
| Consumer Finance Services                           |   |       |    |   |   |   |      |       |   |   |           |   |   |   |   |   |
| Prosper Marketplace Series B Preferred Stock (4)(7) |   |       | 261,912 |   |   | $      | 789,962   |       |   | $      | 5,791,276      |   |   |   | 2.22 | % |
| Total Consumer Finance Services                     |   |       |    |   |   |   | 789,962   |       |   |   | 5,791,276      |   |   |   | 2.22 |   |
| Total Preferred Equity                              |   |       |    |   |   | $      | 789,962   |       |   | $      | 5,791,276      |   |   |   | 2.22 | % |

----

| Security Description, December 31, 2014                                                     |   | Par    |       |   | Cost   |   |       | Fair Value |   |   | % of NetAssets |   |
|---------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|------------|--------|--------|----------------|--------|
| Non-Control/Non-Affiliate Investments – (continued)                         |   |   |       |   |   |   |       |       |   |   |           |   |
| Investments – United States – (continued)                   |   |   |       |   |   |   |       |       |   |   |           |   |
| Debt Investments                                                                            |   |   |       |   |   |   |       |       |   |   |           |   |
| Apparel Products                                                                            |   |   |       |   |   |   |       |       |   |   |           |   |
| Joe's Jeans Inc., Term Loan*Libor (“L”) + 12.75%, 1.25% L Floor, 9/30/2018      |   |   | 10,486,963 |   |   | $      | 10,329,830 |       |   | $      | 10,329,715     |   |   |   | 3.96 | % |
| Total Apparel Products                                                                      |   |   |       |   |   |   | 10,329,830 |       |   |   | 10,329,715     |   |   |   | 3.96 |   |
| Automotive                                                                                  |   |   |       |   |   |   |       |       |   |   |           |   |   |   |   |   |
| CTC Casting Technologies, Inc. (Compass), Loan*L+ 6.75%, 0.75% L Floor, 3/28/2019           |   |   | 10,150,000 |   |   |   | 10,064,008 |       |   |   | 10,063,953     |   |   |   | 3.85 |   |
| Penda Corporation, Term Loan (5)L+ 12.00% Cash, 2.00% PIK, 1/26/2019                        |   |   | 7,361,334  |   |   |   | 7,254,936  |       |   |   | 7,361,334      |   |   |   | 2.82 |   |
| Total Automotive                                                                            |   |   |       |   |   |   | 17,318,944 |       |   |   | 17,425,287     |   |   |   | 6.67 |   |
| Broadcasting & Entertainment                                                            |   |   |       |   |   |   |       |       |   |   |           |   |   |   |   |   |
| CF Entertainment Inc. (Entertainment Studios), Term Loan*L+ 7.50%, 1.00% L Floor, 6/26/2019 |   |   | 9,935,568  |   |   |   | 9,846,496  |       |   |   | 9,846,420      |   |   |   | 3.77 |   |
| Total Broadcasting & Entertainment                                                      |   |   |       |   |   |   | 9,846,496  |       |   |   | 9,846,420      |   |   |   | 3.77 |   |
| Building & Real Estate                                                                  |   |   |       |   |   |   |       |       |   |   |           |   |   |   |   |   |
| ShelterLogic Corp., Term Loan*L+ 8.50%, 1.00% L Floor, 7/30/2019                            |   |   | 10,368,750 |   |   |   | 10,178,978 |       |   |   | 10,178,864     |   |   |   | 3.90 |   |
| Total Building & Real Estate                                                            |   |   |       |   |   |   | 10,178,978 |       |   |   | 10,178,864     |   |   |   | 3.90 |   |
| Chemicals                                                                                   |   |   |       |   |   |   |       |       |   |   |           |   |   |   |   |   |
| Aristech Surfaces LLC, Term Loan B*L+ 8.00%, 1.00% L Floor, 10/17/2019                      |   |   | 10,500,000 |   |   |   | 10,323,898 |       |   |   | 10,323,797     |   |   |   | 3.96 |   |
| Galata Chemicals, LLC, Term Loan*L+ 8.00%, 1.00% L Floor, 2/28/2019                         |   |   | 8,750,000  |   |   |   | 8,601,908  |       |   |   | 8,750,000      |   |   |   | 3.35 |   |
| Total Chemicals                                                                             |   |   |       |   |   |   | 18,925,806 |       |   |   | 19,073,797     |   |   |   | 7.31 |   |

----

| Security Description, December 31, 2014                                                     |   | Par    |         | Cost   |   | Fair Value |         | % of NetAssets |
|---------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|------------|--------------|----------------|
| Non-Control/Non-Affiliate Investments – (continued)                         |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Investments – United States – (continued)                   |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Debt Investments – (continued)                                              |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Communications                                                                              |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| HC Cable OpCo, LLC, Term Loan*L+ 8.50%, 1.00% L Floor, 7/17/2018                            |   |   | 10,873,005   |   |   | $          | 10,738,269   |           |   | $ | 10,900,188 |   |   |   | 4.17% |     |
| Sirva Worldwide, Loan*L+ 6.25%, 1.25% L Floor, 3/27/2019                                    |   |   | 4,912,500    |   |   |       | 4,843,331    |           |   |   | 4,863,375 |   |   |   | 1.86 |   |
| Total Communications                                                                        |   |   |    |   |   |       | 15,581,600   |           |   |   | 15,763,563 |   |   |   | 6.03 |   |
| Consumer Finance Services                                                                   |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| PlanMember Financial Corporation, Term Loan* (4)L+ 8.50%, 1.50% L Floor, 2/14/2018          |   |   | 1,411,295    |   |   |       | 1,388,053    |           |   |   | 1,411,295 |   |   |   | 0.54 |   |
| Project Sunshine IV Pty Ltd (Sensis), New Term Loans* (4)L+ 7.00%, 1.00% L Floor, 9/23/2019 |   |   | 9,185,514    |   |   |       | 9,098,879    |           |   |   | 9,047,731 |   |   |   | 3.47 |   |
| Total Consumer Finance Services                                                             |   |   |    |   |   |       | 10,486,932   |           |   |   | 10,459,026 |   |   |   | 4.01 |   |
| Electrical Equipment                                                                        |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| AbelConn, LLC (SIE Computing), Term Loan A*L+ 8.50%, 1.00% L Floor, 7/17/2019               |   |   | 10,500,000   |   |   |       | 10,309,321   |           |   |   | 10,309,206 |   |   |   | 3.95 |   |
| AbelConn, LLC (SIE Computing), Term Loan BL+ 2.50%, 1.00% L Floor, 7/17/2019                |   |   | 70,659       |   |   |       | 69,376       |           |   |   | 69,375 |   |   |   | 0.03 |   |
| Total Electrical Equipment                                                                  |   |   |    |   |   |       | 10,378,697   |           |   |   | 10,378,581 |   |   |   | 3.98 |   |
| Food Stores – Retail                                                        |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Specialty Bakers LLC, Term Loan*L+ 7.25%, 1.00% L Floor, 8/7/2019                           |   |   | 9,486,220    |   |   |       | 9,300,160    |           |   |   | 9,300,049 |   |   |   | 3,56 |   |
| Sqwincher Corporation (The), Term Loan*L+ 10.00%, 1.50% L Floor, 8/3/2016                   |   |   | 9,336,400    |   |   |       | 9,255,951    |           |   |   | 9,336,400 |   |   |   | 3.58 |   |
| Total Food Stores – Retail                                                  |   |   |    |   |   |       | 18,556,111   |           |   |   | 18,636,449 |   |   |   | 7.14 |   |

----

| Security Description, December 31, 2014                                            |   | Par    |         | Cost   |   | Fair Value |         | % of NetAssets |
|------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|------------|--------------|----------------|
| Non-Control/Non-Affiliate Investments – (continued)                |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Investments – United States – (continued)          |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Debt Investments – (continued)                                     |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Health Services                                                                    |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Aurora Diagnostics, LLC, Delayed Draw Term LoanL+ 7.00%, 1.25% L Floor, 7/31/2019  |   |   | 329,707      |   |   | $          | 329,707      |           |   | $ | 327,620 |   |   |   | 0.13% |     |
| Aurora Diagnostics, LLC, Term Loan*L+ 7.00%, 1.25% L Floor, 7/31/2019              |   |   | 5,608,414    |   |   |       | 5,553,351    |           |   |   | 5,553,318 |   |   |   | 2.13 |   |
| Forest Park Medical Center at Fort Worth, LLC, Term LoanL+ 14.00%, 7/16/2019       |   |   | 9,590,539    |   |   |       | 9,436,062    |           |   |   | 9,436,062 |   |   |   | 3.61 |   |
| Forest Park Medical Center at San Antonio, LLC, Term LoanL+ 14.00%, 7/16/2019      |   |   | 11,409,461   |   |   |       | 11,225,686   |           |   |   | 11,225,686 |   |   |   | 4.29 |   |
| Virtual Radiologic Corporation, Term Loan B*L+ 5.50%, 1.75% L Floor, 12/22/2016    |   |   | 4,825,000    |   |   |       | 4,807,913    |           |   |   | 3,860,000 |   |   |   | 1.48 |   |
| SCG Capital Corporation (Radiation Therapy), Term NoteL+ 12.00%, 5/1/2017          |   |   | 6,171,317    |   |   |       | 6,171,317    |           |   |   | 6,171,317 |   |   |   | 2.36 |   |
| Walnut Hill Physicians' Hospital, LLC, Acquistion Loan12.50%, on Demand            |   |   | 1,528,977    |   |   |       | 1,528,977    |           |   |   | 1,528,977 |   |   |   | 0.59 |   |
| Walnut Hill Physicians' Hospital, LLC, Term Loan12.50%, 4/1/2019                   |   |   | 7,481,576    |   |   |       | 7,481,576    |           |   |   | 7,481,576 |   |   |   | 2.87 |   |
| Total Health Services                                                              |   |   |    |   |   |       | 46,534,589   |           |   |   | 45,584,556 |   |   |   | 17.46 |   |
| Insurance Agents                                                                   |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Affirmative Insurance Holdings, Inc., Term Loan*L+ 9.25%, 1.25% L Floor, 3/30/2016 |   |   | 5,733,823    |   |   |       | 5,587,414    |           |   |   | 5,590,478 |   |   |   | 2.14 |   |
| Worley Claims Services, LLC, Term Loan*L+ 8.00%, 1.00% L Floor, 10/31/2020         |   |   | 10,500,000   |   |   |       | 10,397,970   |           |   |   | 10,397,922 |   |   |   | 3.98 |   |
| Total Insurance Agents                                                             |   |   |    |   |   |       | 15,985,384   |           |   |   | 15,988,400 |   |   |   | 6.12 |   |

----

| Security Description, December 31, 2014                                                                          |   | Par    |         | Cost   |   | Fair Value |         | % of NetAssets |
|------------------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|------------|--------------|----------------|
| Non-Control/Non-Affiliate Investments – (continued)                                              |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Investments – United States – (continued)                                        |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Debt Investments – (continued)                                                                   |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Miscellaneous Manufacturing                                                                                      |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Anchor Hocking, LLC (EveryWare Global), Initial Term Loan* (5)L+ 6.50% Cash, 1.75% PIK, 1.25% L Floor, 5/21/2020 |   |   | 6,946,532    |   |   | $          | 6,855,500    |           |   | $ | 4,098,454 |   |   |   | 1.57 | % |
| AP Gaming I, LLC, Term B Loan*L+ 8.25%, 1.00% L Floor, 12/20/2020                                                |   |   | 4,950,000    |   |   |       | 4,823,494    |           |   |   | 4,925,250 |   |   |   | 1.89 |   |
| A.S.V., Inc., Term Loan*L+ 9.50%, 1.00% L Floor, 12/19/2019                                                      |   |   | 9,494,066    |   |   |       | 9,305,537    |           |   |   | 9,305,435 |   |   |   | 3.56 |   |
| CR Brands, Inc., Term Loan*L+ 7.25%, 1.00% L Floor, 3/31/2019                                                    |   |   | 10,500,000   |   |   |       | 10,321,742   |           |   |   | 10,321,627 |   |   |   | 3.95 |   |
| Frontier Spinning Mills, Inc., Term Loan*L+ 6.50%, 1.00% L Floor, 12/19/2018                                     |   |   | 4,810,127    |   |   |       | 4,789,569    |           |   |   | 4,786,076 |   |   |   | 1.83 |   |
| Kranos Acquisition Corp., Term Loan* (5)L+ 11.00% Cash, 1.00% PIK, 1.00% L Floor, 6/15/2017                      |   |   | 10,157,739   |   |   |       | 10,059,658   |           |   |   | 10,079,394 |   |   |   | 3.86 |   |
| Lexmark Carpet Mills, Inc., Term Loan*L+ 10.00%, 1.00% L Floor, 12/19/2019                                       |   |   | 10,500,000   |   |   |       | 10,239,369   |           |   |   | 10,239,225 |   |   |   | 3.92 |   |
| Nursery Supplies, Inc., Term Loan*L+ 7.50%, 1.00% L Floor, 6/13/2018                                             |   |   | 10,794,375   |   |   |       | 10,757,162   |           |   |   | 10,842,876 |   |   |   | 4.15 |   |
| PCCR USA, Inc., Term Loan A*L+ 8.00%, 1.00% L Floor, 12/1/2019                                                   |   |   | 7,000,000    |   |   |       | 6,862,828    |           |   |   | 6,862,751 |   |   |   | 2.63 |   |
| PCCR USA, Inc., Term Loan B*L+ 8.00%, 1.00% L Floor, 12/1/2019                                                   |   |   | 3,500,000    |   |   |       | 3,414,267    |           |   |   | 3,414,219 |   |   |   | 1.31 |   |
| Valterra Products Holdings, LLC, Term Loan*L+ 9.00%, 1.00% L Floor, 5/31/2018                                    |   |   | 8,408,789    |   |   |       | 8,294,032    |           |   |   | 8,528,016 |   |   |   | 3.27 |   |
| Total Miscellaneous Manufacturing                                                                                |   |   |    |   |   |       | 85,723,158   |           |   |   | 83,403,323 |   |   |   | 31.94 |   |
| Miscellaneous Retail                                                                                             |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Confluence Outdoor, LLC, Term Loan*L+ 7.00%, 1.00% L Floor, 4/18/2019                                            |   |   | 6,656,997    |   |   |       | 6,556,959    |           |   |   | 6,556,896 |   |   |   | 2.51 |   |
| Confluence Outdoor, LLC, Delayed Draw Term LoanL+ 7.00%, 1.00% L Floor, 4/18/2019                                |   |   | 998,550      |   |   |       | 998,550      |           |   |   | 948,499 |   |   |   | 0.36 |   |
| PD Products, LLC, Term Loan*L+ 10.50%, 1.50% L Floor, 10/4/2018                                                  |   |   | 9,969,032    |   |   |       | 9,819,062    |           |   |   | 9,969,032 |   |   |   | 3.82 |   |
| PD Products, LLC, RevolverL+ 10.50%, 1.50% L Floor, 10/4/2018                                                    |   |   | 803,873      |   |   |       | 803,873      |           |   |   | 803,873 |   |   |   | 0.31 |   |
| PSP Group, LLC, Term Loan*L+ 4.75%, 1.50% L Floor, 9/13/2016                                                     |   |   | 4,360,206    |   |   |       | 4,340,698    |           |   |   | 4,273,002 |   |   |   | 1.64 |   |
| Total Miscellaneous Retail                                                                                       |   |   |    |   |   |       | 22,519,142   |           |   |   | 22,551,302 |   |   |   | 8.64 |   |

----

| Security Description, December 31, 2014                                                    |   | Par    |         | Cost   |   | Fair Value |         | % of NetAssets |
|--------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|------------|--------------|----------------|
| Non-Control/Non-Affiliate Investments – (continued)                        |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Investments – United States – (continued)                  |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Debt Investments – (continued)                                             |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Miscellaneous Services                                                                     |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Academi Holdings LLC, Second Lien Term Loan*L+ 10.00%, 1.00% L Floor, 7/25/2020            |   |   | 10,000,000   |   |   | $          | 9,814,683    |           |   | $ | 9,814,592 |   |   |   | 3.76 | % |
| Dorsey School of Business Holdings, Inc., Term Loan*L+ 8.00%, 1.50% L Floor, 6/28/2018     |   |   | 4,500,000    |   |   |       | 4,500,000    |           |   |   | 4,500,000 |   |   |   | 1.72 |   |
| Global Traffic Technologies, LLC, Term Loan A*L+ 5.25%, 1.25% L Floor, 6/30/2015           |   |   | 380,563      |   |   |       | 363,395      |           |   |   | 380,563 |   |   |   | 0.15 |   |
| Global Traffic Technologies, LLC, Term Loan B*L+ 5.25%, 1.25% L Floor, 6/30/2015           |   |   | 3,560,206    |   |   |       | 3,550,659    |           |   |   | 3,560,206 |   |   |   | 1.36 |   |
| Midwest Technical Institute, Inc., Term Loan A*L+ 10.00%, 1.50% L Floor, 10/4/2017         |   |   | 7,145,870    |   |   |       | 7,145,870    |           |   |   | 7,145,870 |   |   |   | 2.74 |   |
| Midwest Technical Institute, Inc., RevolverL+ 10.00%, 1.50% L Floor, 10/4/2017             |   |   | 998,550      |   |   |       | 998,550      |           |   |   | 998,550 |   |   |   | 0.38 |   |
| NAP Asset Holdings Ltd., Canadian Term Loan*L+ 7.00%, 1.00% L Floor, 3/22/2018             |   |   | 2,485,508    |   |   |       | 2,469,314    |           |   |   | 2,485,508 |   |   |   | 0.95 |   |
| NAP Asset Holdings Ltd., Term Loan*L+ 7.00%, 1.00% L Floor, 3/22/2018                      |   |   | 5,562,803    |   |   |       | 5,526,560    |           |   |   | 5,562,803 |   |   |   | 2.13 |   |
| SC Academy Holdings, Inc., Term Loan (3)L+ 14.00%, 7/16/2016                               |   |   | 7,760,599    |   |   |       | 5,587,631    |           |   |   | 4,066,554 |   |   |   | 1.56 |   |
| Speed Commerce, Inc., Term Loan*L+ 7.50%, 1.00% L Floor, 11/21/2019                        |   |   | 10,500,000   |   |   |       | 10,296,113   |           |   |   | 10,342,500 |   |   |   | 3.96 |   |
| Sprint Industrial Holdings, LLC, Term Loan (First Lien)*L+ 5.75%, 1.25% L Floor, 5/14/2019 |   |   | 4,873,123    |   |   |       | 4,845,239    |           |   |   | 4,605,101 |   |   |   | 1.76 |   |
| Tecta America Corp., Term Loan*L+ 4.00%, 1.00% L Floor, 7/1/2018                           |   |   | 4,039,525    |   |   |       | 3,873,166    |           |   |   | 3,837,548 |   |   |   | 1.47 |   |
| YourMembership Holding Company, Term Loan A**L+ 7.00%, 1.00% L Floor, 9/12/2019            |   |   | 8,504,666    |   |   |       | 8,421,130    |           |   |   | 8,421,081 |   |   |   | 3.23 |   |
| Total Miscellaneous Services                                                               |   |   |    |   |   |       | 67,392,310   |           |   |   | 65,720,876 |   |   |   | 25.17 |   |
| Printing & Publishing                                                                  |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Dodge Data & Analytics LLC, Term Loan*L+ 8.75%, 1.00% L Floor, 10/31/2019              |   |   | 10,500,000   |   |   |       | 10,296,573   |           |   |   | 10,296,458 |   |   |   | 3.94 |   |
| Total Printing & Publishing                                                            |   |   |    |   |   |       | 10,296,573   |           |   |   | 10,296,458 |   |   |   | 3.94 |   |
| Oil & Gas                                                                              |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Gasco Production Company, Term Loan*L+ 8.50%, 1.00% L Floor, 8/18/2017                     |   |   | 9,985,495    |   |   |       | 9,766,635    |           |   |   | 9,766,407 |   |   |   | 3.74 |   |
| Total Oil & Gas                                                                        |   |   |    |   |   |       | 9,766,635    |           |   |   | 9,766,407 |   |   |   | 3.74 |   |

----

| Security Description, December 31, 2014                                                   |   | Par    |         | Cost   |   | Fair Value |         | % of NetAssets |
|-------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|------------|--------------|----------------|
| Non-Control/Non-Affiliate Investments – (continued)                       |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Investments – United States – (continued)                 |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Debt Investments – (continued)                                            |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Restaurants                                                                               |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Rita's Water Ice Franchise Company, LLC, Term Loan B*L+ 12.50%, 1.50% L Floor, 11/30/2016 |   |   | 4,687,500    |   |   | $          | 4,687,500    |           |   | $ | 4,687,500 |   |   |   | 1.80 | % |
| Ted's Cafe Escondido Holdings, Inc., Term Loan A*L+ 8.00%, 1.50% L Floor, 12/31/2018      |   |   | 6,825,000    |   |   |       | 6,825,000    |           |   |   | 6,825,000 |   |   |   | 2.61 |   |
| Ted's Cafe Escondido Holdings, Inc., RevolverL+ 8.00%, 1.50% L Floor, 12/31/2018          |   |   | 100,000      |   |   |       | 100,000      |           |   |   | 100,000 |   |   |   | 0.04 |   |
| Total Restaurants                                                                         |   |   |    |   |   |       | 11,612,500   |           |   |   | 11,612,500 |   |   |   | 4.45 |   |
| Specialty Services                                                                        |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| Vistronix, LLC, Term Loan*L+ 8.00%, 0.50% L Floor, 12/4/2018                              |   |   | 10,014,814   |   |   |       | 9,935,393    |           |   |   | 9,935,338 |   |   |   | 3.81 |   |
| Total Specialty Services                                                                  |   |   |    |   |   |       | 9,935,393    |           |   |   | 9,935,338 |   |   |   | 3.81 |   |
| Transportation Services                                                                   |   |   |    |   |   |       |    |           |   |   |    |   |   |   |    |   |
| EZE Trucking, LLC, Term Loan* (5)L+ 10.75% Cash, 1.00% PIK, 0.25% L Floor, 7/31/2018      |   |   | 10,499,014   |   |   |       | 10,230,145   |           |   |   | 10,604,004 |   |   |   | 4.06 |   |
| Fleetgistics Holdings, Inc., Term Loan*L+ 6.13%, 2.00% L Floor, 12/31/2018                |   |   | 1,020,745    |   |   |       | 1,020,745    |           |   |   | 918,670 |   |   |   | 0.35 |   |
| MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*L+ 13.00%, 1.00% L Floor, 5/31/2018     |   |   | 13,212,500   |   |   |       | 13,029,870   |           |   |   | 12,155,500 |   |   |   | 4.66 |   |
| Raymond Express International, LLC, Term Loan*L+ 7.75%, 1.75% L Floor, 2/28/2018          |   |   | 3,896,631    |   |   |       | 3,871,427    |           |   |   | 3,946,433 |   |   |   | 1.51 |   |
| Total Transportation Services                                                             |   |   |         |   |   |       | 28,152,187   |           |   |   | 27,624,607 |   |   |   | 10.58 |   |
| Total Debt Investments                                                                    |   |   |         |   |   | $          | 429,521,265  |           |   | $ | 424,575,469 |   |   |   | 162.62 | % |

----

| Security Description, December 31, 2014                                   |   | Par    |         | Cost   |   | Fair Value |         | % of NetAssets      |
|---------------------------------------------------------------------------|--------|--------|--------------|--------|--------|------------|--------------|---------------------|
| Non-Control/Non-Affiliate Investments – (continued)       |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| Investments – United States – (continued) |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| Financial Assets                                                          |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| Consumer Finance Services                                                 |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| GLC Trust 2013-2 Consumer Loan Portfolio (1)(4)(6)                        |   |   | 36,842,119   |   |   | $          | 36,842,119   |                |   | $ | 36,329,807 |   |   |   | 13.91 | % |
| Total Consumer Finance Services                                           |   |   |    |   |   |       | 36,842,119   |                |   |   | 36,329,807 |   |   |   | 13.91 |   |
| Total Financial Assets                                                    |   |   |         |   |   | $          | 36,842,119   |                |   | $ | 36,329,807 |   |   |   | 13.91 | % |
| Total Non-Control/Non-Affiliate Investments                               |   |   |         |   |   | $          | 468,298,267  |                |   | $ | 468,076,073 |   |   |   | 179.28 | % |
| Unfunded Obligations                                                      |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| Communications                                                            |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| HC Cable OpCo, LLC, Revolver0.50%, 7/17/2018                              |   |   | 489,362      |   |   | $          | (6,064)      |      |   | $ | — |   |   |   | — |   |
| Total Communications                                                      |   |   |    |   |   |       | (6,064)      |      |   |   | — |   |   |   | — |   |
| Health Services                                                           |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| Aurora Diagnostics, LLC, Delayed Draw Term Loan (2)0.00%, 7/31/2019       |   |   | 520,053      |   |   |       | (5,280)      |                |   |   | (3,291) |     |   |   | — |   |
| Aurora Diagnostics, LLC, Revolver (2)0.38%, 7/31/2019                     |   |   | 1,019,712    |   |   |       | (10,012)     |      |   |   | (10,017) |     |   |   | (0.01 | )    |
| Total Health Services                                                     |   |   |    |   |   |       | (15,292)     |      |   |   | (13,308) |     |   |   | (0.01 | )    |
| Miscellaneous Manufacturing                                               |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| Valterra Products Holdings, LLC, Revolver0.50%, 5/31/2018                 |   |   | 1,588,437    |   |   |       | (21,678)     |      |   |   | 22,522 |   |   |   | 0.01 |   |
| Total Miscellaneous Manufacturing                                         |   |   |    |   |   |       | (21,678)     |      |   |   | 22,522 |   |   |   | 0.01 |   |
| Miscellaneous Retail                                                      |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| Confluence Outdoor, LLC, Delayed Draw Term Loan2.00%, 4/18/2019           |   |   | 2,329,949    |   |   |       | (50,019)     |      |   |   | — |   |   |   | — |   |
| PD Products, LLC, Revolver0.50%, 10/4/2018                                |   |   | 836,752      |   |   |       | (24,654)     |      |   |   | — |   |   |   | — |   |
| Total Miscellaneous Retail                                                |   |   |    |   |   |       | (74,673)     |      |   |   | — |   |   |   | — |   |
| Miscellaneous Services                                                    |   |   |    |   |   |       |    |                |   |   |    |   |   |   |    |   |
| Dorsey School of Business Holdings, Inc., Revolver0.50%, 6/28/2018        |   |   | 1,000,000    |   |   |       | —      |                |   |   | — |   |   |   | — |   |
| Global Traffic Technologies, LLC, Revolver0.50%, 6/30/2015                |   |   | 1,458,439    |   |   |       | (3,911)      |      |   |   | — |   |   |   | — |   |
| Tecta America Corp., Revolver (2)0.50%, 7/1/2018                          |   |   | 6,268,988    |   |   |       | (258,853)    |      |   |   | (313,449) |     |   |   | (0.12 | )    |
| YourMembership Holding Company, Revolver (2) **0.00%, 9/12/2019           |   |   | 355,844      |   |   |       | (3,495)      |      |   |   | (3,497) |     |   |   | — |   |
| Total Miscellaneous Services                                              |   |   |    |   |   |       | (266,259     | )    |   |   | (316,946 | )    |   |   | (0.12 |   |

----

| Security Description, December 31, 2014                                        |   | Par    |         | Cost   |   | Fair Value |         | % of NetAssets     |
|--------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|------------|--------------|--------------------|
| Non-Control/Non-Affiliate Investments – (continued)            |   |   |    |   |   |       |    |               |   |   |    |   |   |   |    |   |
| Investments – United States – (continued)      |   |   |    |   |   |       |    |               |   |   |    |   |   |   |    |   |
| Unfunded Obligations – (continued)                             |   |   |    |   |   |       |    |               |   |   |    |   |   |   |    |   |
| Restaurants                                                                    |   |   |    |   |   |       |    |               |   |   |    |   |   |   |    |   |
| Ted's Cafe Escondido Holdings, Inc., Revolver0.50%, 12/31/2018                 |   |   | 400,000      |   |   | $          | —      |               |   | $ | — |   |   |   | — |  % |
| Ted's Cafe Escondido Holdings, Inc., Delayed Draw Term Loan B1.00%, 12/31/2018 |   |   | 500,000      |   |   |       | —      |               |   |   | — |   |   |   | — |   |
| Total Restaurants                                                              |   |   |    |   |   |       | —      |               |   |   | — |   |   |   | — |   |
| Specialty Services                                                             |   |   |    |   |   |       |    |               |   |   |    |   |   |   |    |   |
| Vistronix, LLC, Revolver (2)0.50%, 12/4/2018                                   |   |   | 875,000      |   |   |       | (6,939)      |     |   |   | (6,944) |     |   |   | — |   |
| Total Specialty Services                                                       |   |   |    |   |   |       | (6,939)      |     |   |   | (6,944) |     |   |   | — |   |
| Transportation Services                                                        |   |   |    |   |   |       |    |               |   |   |    |   |   |   |    |   |
| Raymond Express International, LLC, Revolver0.50%, 2/28/2018                   |   |   | 537,752      |   |   |       | (3,479)      |     |   |   | 8,066 |   |   |   | — |   |
| Total Transportation Services                                                  |   |   |    |   |   |       | (3,479)      |     |   |   | 8,066 |   |   |   | — |   |
| Total Unfunded Obligations                                                     |   |   |         |   |   | $          | (394,384)    |     |   | $ | (306,610) |     |   |   | (0.12) | % |
| Total Investments – United States                                        |   |   |         |   |   | $          | 467,903,883  |               |   | $ | 467,769,463 |   |   |   | 179.16 | % |

|   | * | Denotes that all or a portion of the investment is held as collateral by the CLO (see Note 7). |
|--------|---|------------------------------------------------------------------------------------------------|

|   | ** | Denotes that all or a portion of the loan is held by Garrison SBIC. |
|--------|----|---------------------------------------------------------------------|

|   | (1) | GLC Trust 2013-2 includes 3,731 small balance consumer loans with an average par of $9,875, a weighted average rate of 15.6% and a weighted average maturity of February 6, 2018. See Note 4 for additional information. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | The negative fair value is the result of the unfunded commitment being valued below par. These amounts may or may not be funded to the borrowing party currently or in the future. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Investment is currently in default, not income producing and placed on non-accrual status. |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (4) | Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Coupon is payable in cash and/or PIK, or a combination thereof. |
|--------|-----|-----------------------------------------------------------------|

|   | (6) | See exhibit 99.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for detail on underlying loans. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Net of incentive fee payable to a third party equal to 20% of any distribution after the Company has received its full net capital investment plus a 12% preferred return in GLC Trust 2013-2 and Prosper Marketplace Series B Preferred Stock. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Consolidated 

|                                                                  |   | Three Months Ended |       |   | Three Months Ended |   |
|-----------------------------------------------------------------------|--------|--------------------|------------|--------|--------------------|--------|
|                                                                  |   | March 31, 2015     |       |   | March 31, 2014     |   |
| Investment income                                                     |   |               |       |   |               |   |
| Interest income                                                       |   |               |       |   |               |   |
| Non-Control/Non-Affiliate investments                                 |   | $                  | 12,958,057 |   |               | $      | 10,098,080 |   |
| Other income                                                          |   |               | 520,776    |   |               |   | 335,998 |   |
| Affiliate investments                                                 |   |               | -          |   |               |   | 462,080 |   |
| Dividend income                                                       |   |               |       |   |               |   |   |   |
| Affiliate investments                                                 |   |               | -          |   |               |   | 385,765 |   |
| Total investment income                                               |   |               | 13,478,833 |   |               |   | 11,281,923 |   |
|                                                                  |   |               |       |   |               |   |   |   |
| Expenses                                                              |   |               |       |   |               |   |   |   |
| Interest expense                                                      |   |               | 1,850,313  |   |               |   | 1,748,523 |   |
| Management fee                                                        |   |               | 1,989,544  |   |               |   | 1,957,781 |   |
| Incentive fee                                                         |   |               | 694,981    |   |               |   | 3,606,333 |   |
| Professional fees                                                     |   |               | 315,754    |   |               |   | 399,558 |   |
| Directors' fees                                                       |   |               | 106,236    |   |               |   | 93,205 |   |
| Administrator expenses                                                |   |               | 241,647    |   |               |   | 205,235 |   |
| Other expenses                                                        |   |               | 552,801    |   |               |   | 382,712 |   |
| Total expenses                                                        |   |               | 5,751,276  |   |               |   | 8,393,347 |   |
| Net investment income before excise taxes                             |   |               | 7,727,557  |   |               |   | 2,888,576 |   |
| Excise tax expense                                                    |   |               | (45,500    | )      |               |   | - |   |
| Net investment income                                                 |   |               | 7,682,057  |   |               |   | 2,888,576 |   |
|                                                                  |   |               |       |   |               |   |   |   |
| Realized and unrealized (loss)/gain on investments                    |   |               |       |   |               |   |   |   |
| Net realized (loss)/gain from investments                             |   |               |       |   |               |   |   |   |
| Non-Control/Non-Affiliate investments                                 |   |               | (489,775   | )      |               |   | 770,621 |   |
| Affiliate investments                                                 |   |               | -          |   |               |   | 8,126,034 |   |
| Net change in unrealized (loss)/gain from investments                 |   |               |       |   |               |   |   |   |
| Non-Control/Non-Affiliate investments                                 |   |               | (4,220,209 | )      |               |   | 729,990 |   |
| Affiliate investments                                                 |   |               | -          |   |               |   | (1,838,734 | ) |
| Net realized and unrealized (loss)/gain on investments                |   |               | (4,709,984 | )      |               |   | 7,787,911 |   |
|                                                                  |   |               |       |   |               |   |   |   |
| Net increase in net assets resulting from operations                  |   | $                  | 2,972,073  |   |               | $      | 10,676,487 |   |
|                                                                  |   |               |       |   |               |   |   |   |
| Net investment income per common share                                |   | $                  | 0.46       |   |               | $      | 0.17 |   |
| Net increase in net assets resulting from operations per common share |   | $                  | 0.18       |   |               | $      | 0.64 |   |
| Basic weighted average common shares outstanding                      |   |               | 16,758,779 |   |               |   | 16,758,779 |   |
|                                                                  |   |               |       |   |               |   |   |   |
| Dividends and distributions declared per common share (1)             |   | $                  | 0.35       |   |               | $      | 0.35 |   |

| (1)   | Calculated using basic weighted average common shares outstanding. |
|-----------------|--------------------------------------------------------------------|

----

Consolidated 

|                                                       |   | Three Months Ended |        |   | Three Months Ended |   |
|------------------------------------------------------------|--------|--------------------|-------------|--------|--------------------|--------|
|                                                       |   | March 31, 2015     |        |   | March 31, 2014     |   |
|                                                       |   |               |        |   |               |   |
| Increase in net assets from operations:                    |   |               |        |   |               |   |
| Net investment income                                      |   | $                  | 7,682,057   |   |               | $      | 2,888,576 |   |
| Net realized (loss)/gain from investments                  |   |               | (489,775    | )      |               |   | 8,896,655 |   |
| Net change in unrealized (loss) on investments             |   |               | (4,220,209  | )      |               |   | (1,108,744 | ) |
| Net increase in net assets from operations:                |   |               | 2,972,073   |   |               |   | 10,676,487 |   |
|                                                       |   |               |        |   |               |   |   |   |
| Dividends and distributions to stockholders:               |   |               |        |   |               |   |   |   |
| From net investment income (1)                             |   |               | (5,865,573  | )      |               |   | (5,865,573 | ) |
| Total dividends and distributions to stockholders          |   |               | (5,865,573  | )      |               |   | (5,865,573 | ) |
|                                                       |   |               |        |   |               |   |   |   |
| Total (decrease)/increase in net assets                    |   |               | (2,893,500  | )      |               |   | 4,810,914 |   |
| Net assets at beginning of period                          |   |               | 261,102,068 |   |               |   | 254,080,598 |   |
| Net assets at end of period                                |   | $                  | 258,208,568 |   |               | $      | 258,891,512 |   |
| Net asset value per common share                           |   | $                  | 15.41       |   |               | $      | 15.45 |   |
| Common shares outstanding at end of period                 |   |               | 16,758,779  |   |               |   | 16,758,779 |   |
|                                                       |   |               |        |   |               |   |   |   |
| Undistributed net investment income included in net assets |   | $                  | 1,816,484   |   |               | $      | (2,976,997 | ) |

| (1)   | Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Consolidated 

|                                                                                                                        |   | Three Months Ended |        | Three Months Ended |           |
|-----------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|--------------------|----------------|
|                                                                                                                        |   | March 31, 2015     |        |               | March 31, 2014 |   |
| Cash flows from operating activities                                                                                        |   |               |        |
| Net increase in net assets resulting from operations                                                                        |   | $                  | 2,972,073   |               |           | $ | 10,676,487 |   |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |   |               |        |               |           |   |   |   |
| Net accretion of discounts on investments                                                                                   |   |               | (437,070    | )                  |           |   | (503,310 | ) |
| Net realized loss/(gain) from investments                                                                                   |   |               | 489,775     |               |           |   | (8,896,655 | ) |
| Amortization of discount on senior secured notes payable                                                                    |   |               | 78,504      |               |           |   | 17,019 |   |
| Amortization of deferred debt issuance costs                                                                                |   |               | 195,064     |               |           |   | 169,525 |   |
| Net change in unrealized loss on investments                                                                                |   |               | 4,220,209   |               |           |   | 1,108,744 |   |
| Payment-in-kind interest                                                                                                    |   |               | (431,753    | )                  |           |   | (133,960 | ) |
| Purchases of investments                                                                                                    |   |               | (35,755,729 | )                  |           |   | (109,846,942 | ) |
| Paydowns of investments                                                                                                     |   |               | 47,672,625  |               |           |   | 67,607,521 |   |
| Sales of investments                                                                                                        |   |               | -           |               |           |   | 24,576,759 |   |
| Changes in operating assets and liabilities:                                                                                |   |
| Decrease in cash and cash equivalents, restricted                                                                           |   |               | 5,776,630   |               |           |   | 15,537,117 |   |
| (Increase) decrease in due from counterparties                                                                              |   |               | (290,626    | )                  |           |   | 3,021,980 |   |
| (Increase) in accrued interest receivable                                                                                   |   |               | (215,329    | )                  |           |   | (117,528 | ) |
| (Increase) in deferred offering costs                                                                                       |   |               | (21,454     | )                  |           |   | (60,348 | ) |
| Decrease in prepaid administrator fee                                                                                  |   |               | 74,455      |               |           |   | - |   |
| Decrease in other assets                                                                                                    |   |               | 71,230      |               |           |   | 73,718 |   |
| (Decrease) increase in due to counterparties                                                                                |   |               | (109,204    | )                  |           |   | 10,475,846 |   |
| Increase in payables to affiliates                                                                                          |   |               | 1,538,050   |               |           |   | 1,484,989 |   |
| (Decrease) in interest payable on notes payable                                                                             |   |               | (53,351     | )                  |           |   | (875,185 | ) |
| Increase (decrease) in accrued expenses and other payables                                                                  |   |               | 56,449      |               |           |   | (135,040 | ) |
| Net cash provided by operating activities                                                                                   |   |               | 25,830,548  |               |           |   | 14,180,737 |   |
|                                                                                                                        |   |               |        |               |           |   |   |   |
| Cash flows from financing activities                                                                                        |   |               |        |               |           |
| Distributions paid to stockholders                                                                                          |   |               | (5,865,573  | )                  |           |   | (5,865,573 | ) |
| Repayment of senior secured revolving note                                                                             |   |               | (9,500,000  | )                  |           |   | - |   |
| Repayment of GLC Trust 2013-2 Class A Notes                                                                                 |   |               | (3,761,208  | )                  |           |   | - |   |
| Net proceeds from GLC Trust 2013-2 revolving note                                                                           |   |               | -           |               |           |   | 4,423,350 |   |
| Net cash provided by (used in) financing activities                                                                         |   |               | (19,126,781 | )                  |           |   | (1,442,223 | ) |
|                                                                                                                        |   |               |        |               |           |   |   |   |
| Net increase in cash and cash equivalents                                                                                   |   |               | 6,703,767   |               |           |   | 12,738,514 |   |
| Cash and cash equivalents at beginning of period                                                                            |   |               | 13,651,269  |               |           |   | 13,664,583 |   |
| Cash and cash equivalents at end of period                                                                                  |   | $                  | 20,355,036  |               |           | $ | 26,403,097 |   |
|                                                                                                                        |   |               |        |               |           |   |   |   |
| Supplemental disclosure of cash flow information                                                                            |   |
| Cash paid for interest expense                                                                                              |   | $                  | 1,630,096   |               |           | $ | 2,649,178 |   |

----

Notes 

----

----

----

----

----

----

|   | • | The Company’s valuation process begins with each portfolio company or investment being initially valued by investment professionals of the Investment Adviser responsible for credit monitoring. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Preliminary valuation conclusions are then documented and discussed with our senior management and the Investment Adviser. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------|

|   | • | The valuation committee of the Board reviews these preliminary valuations. |
|--------|---------|----------------------------------------------------------------------------|

|   | • | At least once annually, the valuation for each portfolio investment that does not have a readily available quotation is reviewed by an independent valuation firm, subject to the de minimis exception described above. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The Board discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

----

----

| Accumulated Net Investment Income/(Loss) |   | $      | (1,101,785 | )    |
|------------------------------------------|--------|--------|------------|---------------------|
| Accumulated Net Realized Gain/(Loss)     |   |   | 1,165,035  |                |
| Paid-In Capital                          |   | $      | (63,250    | )    |

----

|                                                 |   | December 31, 2014 |
|------------------------------------------------------|--------|-------------------|
| Net Increase in Net Assets Resulting from Operations |   | $                 | 30,483,760 |   |
| Net Change in Unrealized Gain/(Loss) on Investments  |   |              | 2,227,448 |   |
| Permanent Book-to-Tax Differences                    |   |              | 63,250 |   |
| Temporary Book-to-Tax Differences                    |   |              | (3,663,853 | )    |
| Taxable Income Before Deductions for Distribution    |   | $                 | 29,110,605 |   |

|                                              |   | December 31, 2014 |
|---------------------------------------------------|--------|-------------------|
| Undistributed ordinary income                     |   | $                 | 5,648,315 |   |
| Accumulated capital gain and other gains/(losses) |   |              | — |   |
| Unrealized (loss) on investments                  |   |              | (2,303,915 | )    |
| Total accumulated earnings/(deficit)              |   | $                 | 3,344,400 |   |

| Other temporary differences           |   | $      | (2,169,496 | )    |
|---------------------------------------|--------|--------|------------|---------------------|
| Unrealized (loss)                     |   |   | (134,419   | )    |
| Total Components of Unrealized Income |   | $      | (2,303,915 | )    |

----

----

|   | • | Level 1 — quoted unadjusted prices in active markets for identical investments as of the reporting date. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------|

|   | • | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.). |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Level 3 — significant unobservable inputs (including the reporting entity’s own assumptions about the assumptions market participants would use in determining the fair values of investments or indicative bid prices from unaffiliated market makers or independent third party pricing services). |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                         |   | As of March 31, 2015 |    |
|------------------------------|--------|----------------------|---------|
|                    |   | Level 1              |    | Level 2 |   | Level 3 |   | Total |
| Senior Secured (1)           |   | $                    | — |   |   | $ | — |   |   | $ | 387,768,074 |   |   | $ | 387,768,074 |   |
| Second Lien                  |   |                 | — |   |   |   | — |   |   |   | 13,640,868 |   |   |   | 13,640,868 |   |
| Mezzanine                    |   |                 | — |   |   |   | — |   |   |   | 7,398,143 |   |   |   | 7,398,143 |   |
| Subordinated                 |   |                 | — |   |   |   | — |   |   |   | 4,066,554 |   |   |   | 4,066,554 |   |
| Preferred Equity Investments |   |                 | — |   |   |   | — |   |   |   | 6,512,540 |   |   |   | 6,512,540 |   |
| Common Equity Investments    |   |                 | — |   |   |   | — |   |   |   | 1,379,521 |   |   |   | 1,379,521 |   |
| Financial Assets             |   |                 | — |   |   |   | — |   |   |   | 31,245,706 |   |   |   | 31,245,706 |   |
|                    |   | $                    | — |   |   | $ | — |   |   | $ | 452,011,406 |   |   | $ | 452,011,406 |   |

| (1) | Includes unfunded obligations with a fair value of $(341,090). |
|-----|----------------------------------------------------------------|

|                         |   | As of December 31, 2014 |    | Total   |
|------------------------------|--------|-------------------------|---------|---------|
|                    |   | Level 1                 |    | Level 2 |   | Level 3 |   |   |
| Senior Secured (1)           |   | $                       | — |    |   | $ | — |   |   | $ | 399,188,829 |   |   | $ | 399,188,829 |   |
| Second Lien                  |   |                    | — |    |   |   | — |   |   |   | 13,652,140 |   |   |   | 13,652,140 |   |
| Mezzanine                    |   |                    | — |    |   |   | — |   |   |   | 7,361,336 |   |   |   | 7,361,336 |   |
| Subordinated                 |   |                    | — |    |   |   | — |   |   |   | 4,066,554 |   |   |   | 4,066,554 |   |
| Preferred Equity Investments |   |                    | — |    |   |   | — |   |   |   | 5,791,276 |   |   |   | 5,791,276 |   |
| Common Equity Investments    |   |                    | — |    |   |   | — |   |   |   | 1,379,521 |   |   |   | 1,379,521 |   |
| Financial Assets             |   |                    | — |    |   |   | — |   |   |   | 36,329,807 |   |   |   | 36,329,807 |   |
|                    |   | $                       | — |    |   | $ | — |   |   | $ | 467,769,463 |   |   | $ | 467,769,463 |   |

| (1) | Includes unfunded obligations with a fair value of $(306,610). |
|-----|----------------------------------------------------------------|

----

|                                                                                                                               |   | Three Months Ended March 31, 2015 |
|------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|
|                                                                                                                               |   | SeniorSecured Investments         |   | Second Lien Investments |   | Mezzanine Investments |   | Subordinated Investments |   | Preferred Equity Investments |   | Common Equity Investments |   | Financial Assets |   | Total |
| Fair value, beginning of period                                                                                                    |   | $                                 | 399,188,829 |   |   | $ | 13,652,140 |   |   | $ | 7,361,336 |   |   | $ | 4,066,554 |   |   | $ | 5,791,276 |   |   | $ | 1,379,521 |   |   | $ | 36,329,807 |   |   | $ | 467,769,463 |   |
| Total net realized and unrealized gain/(loss) on investments                                                                       |   |                              | (4,625,192 | ) |   |   | (11,439 | ) |   |   | (6,427 | ) |   |   | - |   |   |   | 721,264 |   |   |   | - |   |   |   | (788,190 | ) |   |   | (4,709,984 | ) |
| Total net accretion of discounts on investments                                                                                    |   |                              | 409,971 |   |   |   | 20,672 |   |   |   | 6,427 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 437,070 |   |
| Purchases/Issuances                                                                                                                |   |                              | 36,150,675 |   |   |   | - |   |   |   | 36,807 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 36,187,482 |   |
| Sales                                                                                                                              |   |                              | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Paydowns                                                                                                                           |   |                              | (43,356,209 | ) |   |   | (20,505 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,295,911 | ) |   |   | (47,672,625 | ) |
| Fair value, end of period                                                                                                          |   | $                                 | 387,768,074 |   |   | $ | 13,640,868 |   |   | $ | 7,398,143 |   |   | $ | 4,066,554 |   |   | $ | 6,512,540 |   |   | $ | 1,379,521 |   |   | $ | 31,245,706 |   |   | $ | 452,011,406 |   |
| Net change in unrealized gain/(loss) on investments in our Consolidated Statement of Operations attributable to our Level 3 assets |   | $                                 | (4,510,422 | ) |   | $ | (11,439 | ) |   | $ | (6,427 | ) |   | $ | - |   |   | $ | 721,264 |   |   | $ | - |   |   | $ | (18,431 | ) |   | $ | (3,825,455 | ) |

|                                                                                                                                                            |   | Three Months Ended March 31, 2014 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|
|                                                                                                                                                       |   | SeniorSecured Investments         |   | Second Lien Investments |   | Mezzanine Investments |   | Real EstateLoanInvestments |   | Preferred Equity Investments |   | Common Equity Investments |   | Financial Assets |   | Total |
| Fair value, beginning of period                                                                                                                                 |   | $                                 | 382,888,163 |   |   | $ | 13,680,535 |   |   | $ | 7,080,998 |   |   | $ | — |   |   | $ | 5,453,182 |   |   | $ | 3,090,475 |   |   | $ | 16,888,126 |   |   | $ | 429,081,479 |   |
| Transfers into Level 3 (1)                                                                                                                                      |   |                              | — |   |   |   | 4,916,653 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 4,916,653 |   |
| Transfers out of Level 3 (1)                                                                                                                                    |   |                              | (4,916,653 | )    |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (4,916,653 | )    |
| Total net realized and unrealized gain/(loss) on investments                                                                                                    |   |                              | 1,386,275 |   |   |   | 166,656 |   |   |   | 126,512 |   |   |   | (1,141 | )    |   |   | 429,434 |   |   |   | 5,844,699 |   |   |   | (164,524 | )    |   |   | 7,787,911 |   |
| Total net accretion of discounts on investments                                                                                                                 |   |                              | 451,857 |   |   |   | 14,088 |   |   |   | 6,427 |   |   |   | 30,939 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 503,311 |   |
| Purchases/Issuances                                                                                                                                             |   |                              | 85,910,767 |   |   |   | 5,022,942 |   |   |   | 36,070 |   |   |   | 9,834,722 |   |   |   | — |   |   |   | — |   |   |   | 9,176,401 |   |   |   | 109,980,902 |   |
| Sales                                                                                                                                                           |   |                              | (11,756,903 | )    |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (4,882,616 | )    |   |   | (7,937,240 | )    |   |   | — |   |   |   | (24,576,759 | )    |
| Paydowns                                                                                                                                                        |   |                              | (65,939,312 | )    |   |   | (6,750 | )    |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (1,661,459 | )    |   |   | (67,607,521 | )    |
| Fair value, end of period                                                                                                                                       |   | $                                 | 388,024,194 |   |   | $ | 23,794,124 |   |   | $ | 7,250,007 |   |   |   | 9,864,520 |   |   | $ | 1,000,000 |   |   | $ | 997,934 |   |   | $ | 24,238,544 |   |   | $ | 455,169,323 |   |
| Net change in unrealized gain/(loss) on investments in our Consolidated Statement of Operations attributable to our Level 3 assets still held at reporting date |   | $                                 | 585,676 |   |   | $ | 166,656 |   |   | $ | 126,512 |   |   |   | (1,141 | )    |   | $ | — |   |   | $ | 45,238 |   |   | $ | (68,476 | )    |   | $ | 854,465 |   |

| (1) | Transfers into or out of Level 1, 2 or 3 are recognized at the reporting date. There were no transfers of investments between levels by the Company for the three months ended March 31, 2014. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                           |   | Quantitative Information about Level 3 Fair Value Measurements                                                                                            |
|--------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           |   | Fair Value at                                                                                                                                             |   | Valuation |   | Unobservable |   | Range |   | Weighted |
|                           |   | March 31, 2015                                                                                                                                            |   | Technique |   | Input |   | Low | High |   | Average |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Senior Secured Investments (1) |   |                     387,768,074                       |   | Comparable yield approach |   | Market rate (2) |   | 3.9% | 21.0% |   | 11.0% |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
|                           |   |                                                                                                                                                      |   | Market comparable companies | EBITDA multiple (5) |   |  1.9x |  15.6x |   |  6.1x |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Second Lien Investments        |   |                       13,640,868            |   | Comparable yield approach |   | Market rate (2) |   | 6.7% | 11.4% |   | 10.1% |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
|                           |   |                                                                                                                                                      |   | Market comparable companies | EBITDA multiple (5) |   |  5.0x |  9.3x |   |  8.1x |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Mezzanine Investments          |   |                         7,398,143 |   | Comparable yield approach |   | Market rate (2) |   | 16.0% | 16.0% |   | 16.0% |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
|                           |   |                                                                                                                                                      |   | Market comparable companies | EBITDA multiple (5) |   |  5.0x |  5.0x |   |  5.0x |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Subordinated Investments       |   |                         4,066,554 |   | Market comparable companies | EBITDA multiple (5) |   |  4.1x |  4.1x |   |  4.1x |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Equity Investments (3)         |   |                         7,892,061 |   | Market comparable companies | EBITDA multiple (5) |   |  5.0x |  7.0x |   |  5.6x |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
|                           |   |                                                                                                                                                      |   | Market comparable companies | Origination fees multiple |   |  20.0x |  20.0x |   |  20.0x |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Financial Assets (4)           |   |                       31,245,706            |   | Discounted cash flows |   | Interest rate |   | 10.3% | 31.3% |   | 15.7% |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
|                           |   |                                                                                                                                                      |   |   |   | Conditional prepayment rate ("CPR") | 18.5% | 83.6% |   | 43.5% |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
|                           |   |                                                                                                                                                      |   |   |   | Constant default rate ("CDR") |   | 6.5% | 33.0% |   | 14.7% |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
|                           |   |                                                                                                                                                      |   |   |   | Discount rate |   | 8.3% | 8.3% |   | 8.3% |
|                           |   |                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Total                          |   |  $                 452,011,406                                  |   |   |   |   |   |   |   |   |   |

|   | (1) | Includes total unfunded obligations with a fair value of $(341,090). |
|--------|-----|----------------------------------------------------------------------|

|   | (2) | Market rate is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Includes preferred and common equity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (4) | Financial Assets are aggregated by the level of risk associated with the underlying loan, measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrower’s credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of March 31, 2015, 25.9%, 30.7%, 31.9%, 7.6%, 3.5% and 0.4% of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 for detail on underlying loans. |
|   | (5) | Excludes non-operating portfolio companies, which we define as those with loans collateralized by real estate or other hard assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

----

|                           |   | Quantitative Information about Level 3 Fair Value Measurements |
|--------------------------------|--------|----------------------------------------------------------------|
|                      |   | Fair Value atDecember 31,                                      |   | Valuation |   | Unobservable |   | Range |   | Weighted |
|                      |   | 2014                                                           |   | Technique |   | Input |   | Low |   | High |   | Average |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |
| Senior Secured Investments (1) |   | $                                                              | 399,188,829 |   |   |   | Comparable yield approach |   |   |   | Market rate (2) |   |   |   | 3.9% |   |   | 19.7% |   |   | 10.7 | %    |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |                                                           |    |   |   |   | Market comparable companies |   |   |   | EBITDA multiple (4) |   |   |   | 1.9x |   |   | 11.0x |   |   | 6.4x |   |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Second Lien Investments        |   |                                                           | 13,652,140 |   |   |   | Comparable yield approach |   |   |   | Market rate (2) |   |   |   | 6.6% |   |   | 11.5% |   |   | 10.1 | %    |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |                                                           |    |   |   |   | Market comparable companies |   |   |   | EBITDA multiple (4) |   |   |   | 5.0x |   |   | 9.3x |   |   | 8.1x |   |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mezzanine Investments          |   |                                                           | 7,361,336 |   |   |   | Comparable yield approach |   |   |   | Market rate (2) |   |   |   | 14.0% |   |   | 14.0% |   |   | 14.0 | %    |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |                                                           |    |   |   |   | Market comparable companies |   |   |   | EBITDA multiple (4) |   |   |   | 5.0x |   |   | 5.0x |   |   | 5.0x |   |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subordinated Investments       |   |                                                           | 4,066,554 |   |   |   | Market comparable companies |   |   |   | EBITDA multiple (4) |   |   |   | 5.1x |   |   | 5.1x |   |   | 5.1x |   |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity Investments (2)         |   |                                                           | 7,170,797 |   |   |   | Market comparable companies |   |   |   | EBITDA multiple (4) |   |   |   | 5.0x |   |   | 7.0x |   |   | 5.6x |   |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |                                                           |    |   |   |   | Market comparable companies |   |   |   | Origination fees multiple |   |   |   | 20.0x |   |   | 20.0x |   |   | 20.0x |   |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial Assets (3)           |   |                                                           | 36,329,807 |   |   |   | Discounted cash flows |   |   |   | Interest rate |   |   |   | 10.3% |   |   | 31.3% |   |   | 15.7 | %    |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |                                                           |    |   |   |   |    |   |   |   | Conditional prepayment rate (“CPR”) |   |   |   | 18.5% |   |   | 83.6% |   |   | 43.5 | %    |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |                                                           |    |   |   |   |    |   |   |   | Constant default rate (“CDR”) |   |   |   | 6.5% |   |   | 33.0% |   |   | 14.7 | %    |
|                           |   |                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                      |   |                                                           |    |   |   |   |   |   |   |   | Discount rate |   |   |   | 8.3% |   |   | 8.3% |   |   | 8.3 | % |
| Total                          |   | $                                                              | 467,769,463 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | (1) | Includes total unfunded obligations with fair value of $(306,610).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2) | Market rate is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | (3) | Financial Assets are aggregated by the level of risk associated with the underlying loan, measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrower’s credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of December 31, 2014, 26.0%, 30.2%, 31.8%, 7.7%, 3.8% and 0.5% of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See exhibit 99.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for detail on underlying loans. |
|   | (4) | Excludes non-operating portfolio companies, which we define as those with loans collateralized by real estate or other hard assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

----

| Industry                         |   | Cost of Investments |        |   | Fair Value of Investments |   |
|----------------------------------|--------|---------------------|-------------|--------|---------------------------|--------|
| Miscellaneous Manufacturing      |   | $                   | 95,798,759  |   |                      |   | 21.1 | % |   | $ | 93,124,983 |   |   |   | 20.5 | % |
| Miscellaneous Services           |   |                | 62,491,028  |   |                      |   | 13.7 |   |   |   | 58,224,163 |   |   |   | 12.9 |   |
| Health Services                  |   |                | 52,208,721  |   |                      |   | 11.4 |   |   |   | 49,895,027 |   |   |   | 11.0 |   |
| Consumer Finance Services        |   |                | 42,015,634  |   |                      |   | 9.2 |   |   |   | 47,301,492 |   |   |   | 10.5 |   |
| Miscellaneous Retail             |   |                | 22,388,679  |   |                      |   | 4.9 |   |   |   | 22,638,916 |   |   |   | 5.0 |   |
| Chemicals                        |   |                | 18,879,056  |   |                      |   | 4.1 |   |   |   | 19,018,274 |   |   |   | 4.2 |   |
| Food Stores - Retail             |   |                | 18,441,760  |   |                      |   | 4.0 |   |   |   | 18,623,941 |   |   |   | 4.1 |   |
| Automotive                       |   |                | 17,236,979  |   |                      |   | 3.8 |   |   |   | 17,336,895 |   |   |   | 3.8 |   |
| Transportation Services          |   |                | 17,481,749  |   |                      |   | 3.8 |   |   |   | 16,286,620 |   |   |   | 3.6 |   |
| Insurance Agents                 |   |                | 16,136,078  |   |                      |   | 3.5 |   |   |   | 16,106,467 |   |   |   | 3.6 |   |
| Communications                   |   |                | 15,543,792  |   |                      |   | 3.4 |   |   |   | 15,720,310 |   |   |   | 3.5 |   |
| Apparel Products                 |   |                | 10,340,168  |   |                      |   | 2.3 |   |   |   | 10,340,053 |   |   |   | 2.3 |   |
| Electrical Equipment             |   |                | 10,339,816  |   |                      |   | 2.3 |   |   |   | 10,339,700 |   |   |   | 2.3 |   |
| Printing & Publishing        |   |                | 10,281,185  |   |                      |   | 2.3 |   |   |   | 10,281,070 |   |   |   | 2.3 |   |
| Building & Real Estate       |   |                | 10,189,199  |   |                      |   | 2.2 |   |   |   | 10,189,086 |   |   |   | 2.3 |   |
| Specialty Services               |   |                | 9,983,489   |   |                      |   | 2.2 |   |   |   | 9,983,430 |   |   |   | 2.2 |   |
| Broadcasting & Entertainment |   |                | 9,826,641   |   |                      |   | 2.2 |   |   |   | 9,826,554 |   |   |   | 2.2 |   |
| Oil & Gas                    |   |                | 9,787,153   |   |                      |   | 2.1 |   |   |   | 9,786,925 |   |   |   | 2.2 |   |
| Restaurants                      |   |                | 6,987,500   |   |                      |   | 1.5 |   |   |   | 6,987,500 |   |   |   | 1.5 |   |
|                             |   |                |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|    Total          |   | $                   | 456,357,386 |   |                      |   | 100.0 | % |   | $ | 452,011,406 |   |   |   | 100.0 | % |

----

| Industry                             |   | Cost of Investments |        | Fair Value of Investments |
|--------------------------------------|--------|---------------------|-------------|---------------------------|
| Miscellaneous Manufacturing          |   | $                   | 85,907,977  |                      |   |   | 18.4 | %    |   | $ | 83,839,078 |   |   |   | 17.9 | %    |
| Miscellaneous Services               |   |                | 67,126,051  |                      |   |   | 14.3 |   |   |   | 65,403,930 |   |   |   | 14.0 |   |
| Consumer Finance Services            |   |                | 48,119,013  |                      |   |   | 10.3 |   |   |   | 52,580,109 |   |   |   | 11.2 |   |
| Health Services                      |   |                | 47,189,920  |                      |   |   | 10.1 |   |   |   | 46,537,536 |   |   |   | 9.9 |   |
| Transportation Services              |   |                | 28,416,509  |                      |   |   | 6.1 |   |   |   | 27,632,673 |   |   |   | 5.9 |   |
| Miscellaneous Retail                 |   |                | 22,444,469  |                      |   |   | 4.8 |   |   |   | 22,551,302 |   |   |   | 4.8 |   |
| Chemicals                            |   |                | 18,925,806  |                      |   |   | 4.0 |   |   |   | 19,073,797 |   |   |   | 4.1 |   |
| Food Stores – Retail |   |                | 18,556,111  |                      |   |   | 4.0 |   |   |   | 18,636,449 |   |   |   | 4.0 |   |
| Automotive                           |   |                | 17,318,944  |                      |   |   | 3.7 |   |   |   | 17,425,287 |   |   |   | 3.7 |   |
| Insurance Agents                     |   |                | 15,985,384  |                      |   |   | 3.4 |   |   |   | 15,988,400 |   |   |   | 3.4 |   |
| Communications                       |   |                | 15,575,536  |                      |   |   | 3.3 |   |   |   | 15,763,563 |   |   |   | 3.4 |   |
| Restaurants                          |   |                | 11,612,500  |                      |   |   | 2.5 |   |   |   | 11,612,500 |   |   |   | 2.5 |   |
| Electrical Equipment                 |   |                | 10,378,697  |                      |   |   | 2.2 |   |   |   | 10,378,581 |   |   |   | 2.2 |   |
| Apparel Products                     |   |                | 10,329,830  |                      |   |   | 2.2 |   |   |   | 10,329,715 |   |   |   | 2.2 |   |
| Printing & Publishing            |   |                | 10,296,573  |                      |   |   | 2.2 |   |   |   | 10,296,458 |   |   |   | 2.2 |   |
| Building & Real Estate           |   |                | 10,178,978  |                      |   |   | 2.2 |   |   |   | 10,178,864 |   |   |   | 2.2 |   |
| Specialty Services                   |   |                | 9,928,454   |                      |   |   | 2.1 |   |   |   | 9,928,394 |   |   |   | 2.1 |   |
| Broadcasting & Entertainment     |   |                | 9,846,496   |                      |   |   | 2.1 |   |   |   | 9,846,420 |   |   |   | 2.1 |   |
| Oil & Gas                        |   |                | 9,766,635   |                      |   |   | 2.1 |   |   |   | 9,766,407 |   |   |   | 2.2 |   |
| Total                                |   | $                   | 467,903,883 |                      |   |   | 100.0 | %    |   | $ | 467,769,463 |   |   |   | 100.0 | %    |

----

----

| March 31, 2015                  |   | AmortizedCarrying Value |         | OutstandingPrincipal at Par | Interest Rate |   | StatedMaturity |
|---------------------------------|--------|-------------------------|--------------|-----------------------------|---------------|--------|----------------|
| Class A-1R Notes:               |   |                    |    |                        |          |   |      |   |    |   |   |    |   |
| Class A-1R Notes                |   | $                       | 40,500,000   |                        |          | $      | 40,500,000     |   | CP Rate or LIBOR + 1.90% |   |   | 9/25/2023 |   |
| Class A-1T Notes:               |   |                    |    |                        |          |   |      |   |    |   |   |    |   |
| Class A-1T Notes                |   |                    | 110,797,516  |                        |          |   | 111,175,000    |   | LIBOR + 1.80% |   |   | 9/25/2023 |   |
| Class A-2 Notes:                |   |                    |    |                        |          |   |      |   |    |   |   |    |   |
| Class A-2 Notes                 |   |                    | 24,047,501   |                        |          |   | 24,150,000     |   | LIBOR + 3.40% |   |   | 9/25/2023 |   |
| Class B Notes:                  |   |                    |    |                        |          |   |      |   |    |   |   |    |   |
| Class B Notes                   |   |                    | 24,918,788   |                        |          |   | 25,025,000     |   | LIBOR + 4.65% |   |   | 9/25/2023 |   |
| GLC Trust 2013-2 Class A Notes: |   |                    |    |                        |          |   |      |   |    |   |   |    |   |
| Class A Notes                   |   |                    | 26,812,990   |                        |          |   | 27,148,733     |   | 3.00% |   |   | 7/15/2021 |   |
|                       |   | $                       | 227,076,795  |                        |          | $      | 227,998,733    |   |   |   |   |   |   |

----

| December 31, 2014               |   | Amortized Carrying Value |         | Outstanding Principal at Par | Interest Rate |   | Stated Maturity |
|---------------------------------|--------|--------------------------|--------------|------------------------------|---------------|--------|-----------------|
| Class A-1R Notes:               |   |                     |    |                         |          |   |       |   |    |   |   |    |   |
| Class A-1R Notes                |   | $                        | 50,000,000   |                         |          | $      | 50,000,000      |   | CP Rate or LIBOR + 1.90% |   |   | 9/25/2023 |   |
| Class A-1T Notes:               |   |                     |    |                         |          |   |       |   |    |   |   |    |   |
| Class A-1T Notes                |   |                     | 110,786,557  |                         |          |   | 111,175,000     |   | LIBOR + 1.80% |   |   | 9/25/2023 |   |
| Class A-2 Notes:                |   |                     |    |                         |          |   |       |   |    |   |   |    |   |
| Class A-2 Notes                 |   |                     | 24,044,526   |                         |          |   | 24,150,000      |   | LIBOR + 3.40% |   |   | 9/25/2023 |   |
| Class B Notes:                  |   |                     |    |                         |          |   |       |   |    |   |   |    |   |
| Class B Notes                   |   |                     | 24,915,704   |                         |          |   | 25,025,000      |   | LIBOR + 4.65% |   |   | 9/25/2023 |   |
| GLC Trust 2013-2 Class A Notes: |   |                     |    |                         |          |   |       |   |    |   |   |    |   |
| Class A Notes                   |   |                     | 30,512,712   |                         |          |   | 30,909,941      |   | 3.00% |   |   | 7/15/2021 |   |
|                       |   | $                        | 240,259,499  |                         |          | $      | 241,259,941     |   |   |   |   |   |   |

----

|                                           |   | March 31,2015 |         | December 31,2014    |
|------------------------------------------------|--------|---------------|--------------|---------------------|
| Senior Secured Revolving Note:                 |   |          |    |                |   |   |    |   |
| Weighted average interest rate                 |   |          | 2.16         | %    |   |   | 2.16 | %    |
| Weighted average effective interest rate (1)   |   |          | 2.27         |                |   |   | 2.25 |   |
| Senior Secured Term Notes:                     |   |          |    |                |   |   |    |   |
| Weighted average interest rate                 |   |          | 2.75         |                |   |   | 2.74 |   |
| Weighted average effective interest rate (1)   |   |          | 3.15         |                |   |   | 3.15 |   |
| GLC Trust 2013-2 Class A Note:                 |   |          |    |                |   |   |    |   |
| Weighted average interest rate                 |   |          | 3.00         |                |   |   | 3.00 |   |
| Weighted average effective interest rate (1)   |   |          | 3.36         |                |   |   | 4.01 |   |
| Total                                          |   |          |    |                |   |   |    |   |
| Total Weighted average interest rate           |   |          | 2.67         |                |   |   | 2.73 |   |
| Total Weighted average effective interest rate |   |          | 3.00         |                |   |   | 3.03 |   |

| (1) | Includes the effects of deferred debt issuance costs. |
|-----|-------------------------------------------------------|

----

|   | • | no incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle Rate; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | 100% of the Company’s pre-incentive fee net investment income with respect to that portion of the Company’s pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.50% in any calendar quarter (10.00% annualized). We refer to this portion of the Company’s pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 2.50%) as the “catch-up”. The effect of the “catch-up” provision is that, if the Company’s pre-incentive fee net investment income exceeds 2.50% in any calendar quarter, the Investment Adviser will receive 20% of such pre-incentive fee net investment income as if the Hurdle Rate did not apply; and |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.50% in any calendar quarter (10.00% annualized) (once the Hurdle Rate is reached and the catch-up is achieved). |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|                                                                 |   | March 31, 2015 |         | March 31, 2014      |
|----------------------------------------------------------------------|--------|----------------|--------------|---------------------|
| Per share data                                                       |   |           |    |                |   |   |    |   |
| Net asset value per common share at beginning of period              |   | $              | 15.58        |                |   | $ | 15.16 |   |
| Increase in net assets from operations:                              |   |           |    |                |   |   |    |   |
| Net investment income                                                |   |           | 0.46         |                |   |   | 0.17 |   |
| Net realized (loss)/gain on investments                              |   |           | (0.03        | )                   |   |   | 0.53 |    |
| Net unrealized (loss) on investments                                 |   |           | (0.25        | )    |   |   | (0.06 | ) |
| Net increase in net assets from operations                           |   |           | 0.18         |                |   |   | 0.64 |   |
| Stockholder transactions                                             |   |           |    |                |   |   |    |   |
| Cash distributions                                                   |   |           | (0.35        | )                   |   |   | (0.35 | ) |
| Total additions from and dividends and distributions to stockholders |   |           | (0.35        | )                   |   |   | (0.35 | ) |
| Net asset value per common share at end of period                    |   | $              | 15.41        |                |   | $ | 15.45 |   |
| Per share market value at end of period                              |   |           | 14.90        |                |   |   | 14.13 |   |
| Total book return (1)                                                |   |           | 1.16         |      |   |   | 4.22% |     |
| Total market return (2)                                              |   |           | 5.61%        |      |   |   | 4.33% |     |
| Common shares outstanding at beginning of period                     |   |           | 16,758,779   |                |   |   | 16,758,779 |   |
| Common shares outstanding at end of period                           |   |           | 16,758,779   |                |   |   | 16,758,779 |   |
| Weighted average common shares outstanding                           |   |           | 16,758,779   |                |   |   | 16,758,779 |   |
| Net assets at beginning of period                                    |   | $              | 261,102,068  |                |   | $ | 254,080,598 |   |
| Net assets at end of period                                          |   | $              | 258,208,568  |                |   | $ | 258,891,512 |   |
| Average net assets (3)                                               |   | $              | 262,282,793  |                |   | $ | 257,169,888 |   |
| Ratio of net investment income to average net assets (3)(7)          |   |           | 10.65%       |      |   |   | 8.70% |     |
| Ratio of net expenses to average net assets (4)(7)                   |   |           | 9.91%        |      |   |   | 8.85% |     |
| Ratio of portfolio turnover to average investments at fair value (4) |   |           | 7.77%        |      |   |   | 21.30% |     |
| Asset coverage ratio (5)                                             |   |           | 212.85%      |      |   |   | 215.02% |     |
| Average outstanding debt (6)                                         |   | $              | 236,044,513  |                |   | $ | 212,307,085 |   |
| Average debt per common share                                        |   | $              | 14.08        |                |   | $ | 12.67 |   |

|   | (1) | Total book return equals the net increase of ending net asset value from operations over the net asset value per common share per unit at beginning of the period. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Based upon the change in market price per share during the period and takes into account distributions, if any, reinvested in accordance with our dividend reinvestment plan. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Calculated utilizing monthly net assets. |
|--------|-----|------------------------------------------|

|   | (4) | Calculated based on monthly average investments at fair value. |
|--------|-----|----------------------------------------------------------------|

|   | (5) | In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Calculated based on monthly debt outstanding. |
|--------|-----|-----------------------------------------------|

----

|                                                 |   | Three months endedMarch 31, 2015 |       | Three months endedMarch 31, 2014 |
|------------------------------------------------------|--------|----------------------------------|------------|----------------------------------|
| Net increase in net assets resulting from operations |   | $                                | 2,972,073  |                             |   | $ | 10,676,487 |   |
| Basic weighted average shares outstanding            |   |                             | 16,758,779 |                             |   |   | 16,758,779 |   |
| Basic earnings per share                             |   | $                                | 0.18       |                             |   | $ | 0.64 |   |

| Record Dates                         |   | Board Approval Date |   | Payment Date   |   | DistributionDeclared |      |   | DistributionDeclaredper Share |   |
|--------------------------------------|--------|---------------------|--------|----------------|--------|----------------------|-----------|--------|-------------------------------|--------|
| Three months ended March 31, 2015(1) |   |                |   |           |   |                 |      |   |
| March 20, 2015                       |   | March 3, 2015       |   | March 27, 2015 |   | $                    | 5,865,573 |   |                          | $      | 0.35 |   |
|                                 |   |                |   |           |   | $                    | 5,865,573 |   |                          | $      | 0.35 |   |

| (1)   | Does not include any return of capital for tax purposes. |
|-----------------|----------------------------------------------------------|

| Record Dates                                     |   | Board Approval Date |   | Payment Date   |         | DistributionDeclared |      | DistributionDeclaredper Share |
|--------------------------------------------------|--------|---------------------|--------|----------------|--------------|----------------------|-----------|-------------------------------|
| Three months ended March 31, 2014(1)   |   |           |   |           |    |                 |      |                          |    |   |
| March 21, 2014                                   |   | March 11, 2014      |   | March 28, 2014 |         | $                    | 5,865,573 |                          |   | $ | 0.35 |   |
|                                        |   |                |   |           |         | $                    | 5,865,573 |                          |   | $ | 0.35 |   |

| (1) | Does not include any return of capital for tax purposes. |
|-----|----------------------------------------------------------|

----

----

Item 

|   | • | our future operating results; |
|--------|---------|-------------------------------|

|   | • | changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes to the value of our assets; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | our business prospects and the prospects of our prospective portfolio companies; |
|--------|---------|----------------------------------------------------------------------------------|

|   | • | the impact of investments that we expect to make; |
|--------|---------|---------------------------------------------------|

|   | • | the impact of increased competition; |
|--------|---------|--------------------------------------|

|   | • | 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 prospective portfolio companies to achieve their objectives; |
|--------|---------|---------------------------------------------------------------------------------|

|   | • | the relative and absolute performance of our investment adviser; |
|--------|---------|------------------------------------------------------------------|

|   | • | our expected financings and investments; |
|--------|---------|------------------------------------------|

|   | • | the adequacy of our cash resources and working capital; |
|--------|---------|---------------------------------------------------------|

|   | • | our ability to make distributions to our stockholders; |
|--------|---------|--------------------------------------------------------|

|   | • | the timing of cash flows, if any, from the operations of our prospective portfolio companies; and |
|--------|---------|---------------------------------------------------------------------------------------------------|

|   | • | the impact of future acquisitions and divestitures. |
|--------|---------|-----------------------------------------------------|

----

----

|   | • | our organization; |
|--------|---------|-------------------|

|   | • | calculating our net asset value and net asset value per share (including the cost and expenses of any independent valuation firm); |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------|

|   | • | fees and expenses, including travel expenses, incurred by the Investment Adviser or payable to third parties in performing due diligence on prospective portfolio companies, monitoring our investments and, if necessary, enforcing our rights; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | offerings of our common stock and other securities; |
|--------|---------|-----------------------------------------------------|

|   | • | distributions on our shares; |
|--------|---------|------------------------------|

|   | • | transfer agent and custody fees and expenses; |
|--------|---------|-----------------------------------------------|

|   | • | amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|

|   | • | brokerage fees and commissions; |
|--------|---------|---------------------------------|

|   | • | registration fees; |
|--------|---------|--------------------|

----

|   | • | listing fees; |
|--------|---------|---------------|

|   | • | taxes; |
|--------|---------|--------|

|   | • | independent director fees and expenses; |
|--------|---------|-----------------------------------------|

|   | • | costs associated with our reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the costs of any reports, proxy statements or other notices to our stockholders, including printing costs; |
|--------|---------|------------------------------------------------------------------------------------------------------------|

|   | • | costs of holding stockholder meetings; |
|--------|---------|----------------------------------------|

|   | • | our fidelity bond; |
|--------|---------|--------------------|

|   | • | directors and officers/errors and omissions liability insurance and any other insurance premiums; |
|--------|---------|---------------------------------------------------------------------------------------------------|

|   | • | litigation, indemnification and other non-recurring or extraordinary expenses; |
|--------|---------|--------------------------------------------------------------------------------|

|   | • | direct costs and expenses of administration and operation, including audit and legal costs; |
|--------|---------|---------------------------------------------------------------------------------------------|

|   | • | fees and expenses associated with marketing efforts; |
|--------|---------|------------------------------------------------------|

|   | • | dues, fees and charges of any trade association of which we are a member; and |
|--------|---------|-------------------------------------------------------------------------------|

|   | • | all other expenses reasonably incurred by us or the Administrator in connection with administering our business, including the allocable portion of overhead under the Administration Agreement, rent and our allocable portion of the costs and expenses of our chief compliance officer, chief financial officer and their respective staffs. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                       |   | Three Months EndedMarch 31, 2015 |        |   | Three Months EndedMarch 31, 2014 |   |         | Variance    |   |
|------------------------------------------------------------|--------|----------------------------------|-------------|--------|----------------------------------|--------|--------------|-------------|--------|
| Dollar amounts in thousands, except per share data         |   | (Unaudited)                      |        |   | (Unaudited)                      |   |         | (Unaudited) |   |
| Net investment income                                      |   |                             | 7,682       |   |                             |   | 2,889        |        |   |   | 4,793 |   |
| Total investment income                                    |   |                             | 13,479      |   |                             |   | 11,282       |        |   |   | 2,197 |   |
| Total expenses                                             |   |                             | 5,797       |   |                             |   | 8,393        |        |   |   | (2,596 | ) |
| Net realized loss on investments                           |   |                             | (490        | )      |                             |   | 8,897        |        |   |   | (9,387 | ) |
| Net change in unrealized loss from investments             |   |                             | (4,220      | )      |                             |   | (1,109       | )           |   |   | (3,111 | ) |
| Net increase in net assets resulting from operations  |   |                             |  2,972 |   |                             |   |  10,676 |        |   |   |  (7,704 | )  |
|                                                       |   |                             |        |   |                             |   |         |        |   |   |   |   |
| Net investment income per share                            |   |                             | 0.46        |   |                             |   | 0.17         |        |   |   | 0.29 |   |
| Net realized/unrealized loss from investments per share    |   |                             | (0.28       | )      |                             |   | 0.47         |        |   |   | (0.75 | ) |
| Net earnings per share                                     |   |                             | 0.18        |   |                             |   | 0.64         |        |   |   | (0.46 | ) |
| Net asset value per share                                  |   |                             | 15.41       |   |                             |   | 15.45        |        |   |   | (0.04 | ) |

----

| (in thousands)         |   | Three Months Ended March 31, 2015 |   | Three Months Ended March 31, 2014 |   | Three Months Variance |
|------------------------|--------|-----------------------------------|--------|-----------------------------------|--------|-----------------------|
|              |   | (Unaudited)                       |   | (Unaudited)                       |   | (Unaudited)           |
| Interest               |   | $                                 | 1,850  |                              |   | $                     | 1,749 |   |   | $ | 101 |   |
| Management fees        |   |                              | 1,990  |                              |   |                  | 1,958 |   |   |   | 32 |   |
| Incentive fees         |   |                              | 695    |                              |   |                  | 3,606 |   |   |   | (2,911 | ) |
| Professional fees      |   |                              | 316    |                              |   |                  | 400 |   |   |   | (84 | ) |
| Directors’ fees  |   |                              | 106    |                              |   |                  | 93 |   |   |   | 13 |   |
| Administrator expenses |   |                              | 242    |                              |   |                  | 205 |   |   |   | 37 |   |
| Other expenses         |   |                              | 552    |                              |   |                  | 382 |   |   |   | 170 |   |
|              |   | $                                 | 5,751  |                              |   | $                     | 8,393 |   |   | $ | (2,642 | ) |

----

----

----

| Summary of Portfolio characteristics($ in millions) |   | March 31,2015 |   | December 31,2014 |   | September 30, 2014 |   | June 30,2014 |   | March 31,2014 |
|-----------------------------------------------------|--------|---------------|--------|------------------|--------|--------------------|--------|--------------|--------|---------------|
| Total Market Value                                  |   | $             | 452.0  |             |   | $                  | 467.8  |         |   | $             | 448.6 |   |   | $ | 433.6 |   |   | $ | 455.2 |   |
| Number of portfolio companies                       |   |          | 57     |             |   |               | 57     |         |   |          | 56 |   |   |   | 62 |   |   |   | 71 |   |
| Average investment size (1)                         |   | $             | 6.7    |             |   | $                  | 6.8    |         |   | $             | 6.6 |   |   | $ | 5.8 |   |   | $ | 5.3 |   |
| Weighted average yield (2)                          |   |          | 10.8   | %                |   |               | 10.5   | %            |   |          | 10.0 | % |   |   | 10.4 | % |   |   | 10.0 | % |
| Weighted average price (1)                          |   |          | 95.9   |             |   |               | 97.1   |         |   |          | 98.0 |   |   |   | 98.3 |   |   |   | 99.1 |   |
| First lien                                          |   |          | 85.8   | %                |   |               | 85.3   | %            |   |          | 78.8 | % |   |   | 77.1 | % |   |   | 85.3 | % |
| Second lien & mezzanine/subordinated            |   |          | 5.5    | %                |   |               | 5.4    |         |   |          | 8.7 | % |   |   | 7.1 | % |   |   | 6.8 | % |
| Consumer loans                                      |   |          | 6.9    | %                |   |               | 7.8    | %            |   |          | 9.0 | % |   |   | 10.5 | % |   |   | 5.3 | % |
| Equity & other                                  |   |          | 1.8    | %                |   |               | 1.5    | %            |   |          | 3.5 | % |   |   | 5.3 | % |   |   | 2.6 | % |
| Originated (3)                                      |   |          | 50.4   | %                |   |               | 48.1   | %            |   |          | 46.9 | % |   |   | 39.6 | % |   |   | 36.1 | % |
| Club (4)                                            |   |          | 27.0   | %                |   |               | 27.4   | %            |   |          | 24.2 | % |   |   | 24.7 | % |   |   | 19.9 | % |
| Purchased                                           |   |          | 22.6   | %                |   |               | 24.5   | %            |   |          | 28.9 | % |   |   | 35.7 | % |   |   | 44.0 | % |
| Fixed (1)                                           |   |          | 9.1    | %                |   |               | 9.2    | %            |   |          | 13.8 | % |   |   | 12.3 | % |   |   | 8.1 | % |
| Floating (1)                                        |   |          | 90.9   | %                |   |               | 90.8   | %            |   |          | 86.2 | % |   |   | 87.7 | % |   |   | 91.9 | % |
| Performing (1)                                      |   |          | 99.1   | %                |   |               | 99.1   | %            |   |          | 99.1 | % |   |   | 98.8 | % |   |   | 100.0 | % |
| Non-performing (1)                                  |   |          | 0.9    | %                |   |               | 0.9    | %            |   |          | 0.9 | % |   |   | 1.2 | % |   |   | - | % |
| Weighted average debt/EBITDA (1)(2)(5)              |   |          | 3.6x   |             |   |               | 3.6x   |         |   |          | 3.4x |   |   |   | 3.5x |   |   |   | 3.5x |   |
| Weighted average risk rating (1)                    |   |          | 2.48   |             |   |               | 2.52   |         |   |          | 2.40 |   |   |   | 2.33 |   |   |   | 2.24 |   |

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|   | (1) | Excludes consumer loans and equity investments. |
|--------|-----|-------------------------------------------------|

|   | (2) | Excludes investments with a risk rating of 4, unfunded revolvers and equity investments, as well as non-operating portfolio companies, which we define as those loans collateralized by real estate, proved developed producing value or other hard assets. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Originated positions include investments where we have sourced and led the execution of the deal. |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (4) | Club positions include investments where we provided direct lending to a borrower with one or two other lenders but did not lead the deal. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | June 30, 2014 includes the transfer of three portfolio companies with a par value of $13.2 million, from Transitory to Core, based on the current yield. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | assessment of success in adhering to portfolio company’s business plan and compliance with covenants; |
|--------|---------|-------------------------------------------------------------------------------------------------------------|

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|   | • | periodic and regular contact with portfolio company management and, if appropriate, the portfolio company’s financial or strategic sponsor, to discuss financial position, requirements and accomplishments; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | comparisons to other portfolio companies in the industry, if any; |
|--------|---------|-------------------------------------------------------------------|

|   | • | attendance at and participation in board meetings; and |
|--------|---------|--------------------------------------------------------|

|   | • | review of monthly and quarterly financial statements and financial projections for portfolio companies. |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | • | a rating of 1 denotes a high quality investment with no loss of principal expected; |
|--------|---------|-------------------------------------------------------------------------------------|

|   | • | a rating of 2 denotes a moderate to high quality investment with no loss of principal expected; |
|--------|---------|-------------------------------------------------------------------------------------------------|

|   | • | a rating of 3 denotes a moderate quality investment with market rates of expected loss of principal and potential non-compliance with financial covenants; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | a rating of 4 denotes a low quality investment with an expected loss of principal. In case of risk grade 4 loans, our Investment Adviser will assign a recovery value to the loan. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|            |   | As of March 31, 2015    |   | As of December 31, 2014       |
|-----------------|--------|-------------------------|--------|-------------------------------|
| ($ in millions) |   | InvestmentsatFair Value |   | Percentage ofTotalInvestments |   | InvestmentsatFair Value |   | Percentage ofTotalInvestments |
| Risk Rating 1   |   | $                       | 34.9   |                          |   |   | 8.5 | %    |   | $ | 5.4 |   |   |   | 1.3 | %    |
| Risk Rating 2   |   |                    | 176.9  |                          |   |   | 42.8 |   |   |   | 211.6 |   |   |   | 49.9 |   |
| Risk Rating 3   |   |                    | 187.8  |                          |   |   | 45.5 |   |   |   | 199.1 |   |   |   | 46.9 |   |
| Risk Rating 4   |   |                    | 13.4   |                          |   |   | 3.2 |   |   |   | 8.2 |   |   |   | 1.9 |   |
|       |   | $                       | 413.0  |                          |   |   | 100.0 | %    |   | $ | 424.3 |   |   |   | 100.0 | %    |

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|                           |   | Payments Due by Period (in millions) |
|--------------------------------|--------|--------------------------------------|
|                      |   | Less Than1 Year                      |   | 1 – 3Years |   | 3 – 5Years |   | More Than5 Years |   | Total |
| CLO                            |   | $                                    | — |   |   | $ | — |   |   | $ | — |   |   | $ | 200.9 |   |   | $ | 200.9 |   |
| GLC Trust 2013-2 Class A Notes |   |                                 | — |   |   |   | — |   |   |   | — |   |   |   | 27.1 |   |   |   | 27.1 |   |
| Unfunded commitments (1)       |   |                                 | 17.3 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 17.3 |   |
| Commitments to purchase loans  |   |                                 | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Total contractual obligations  |   | $                                    | 17.3 |   |   | $ | — |   |   | $ | — |   |   | $ | 228.0 |   |   | $ | 245.3 |   |

| (1) | Unfunded commitments represent all amounts unfunded as of March 31, 2015. These amounts may or may not be funded to the borrowing party in the future. The unfunded commitments are related to senior secured revolving loans. We reflect this amount in the less than one-year category because the entire amount was eligible for funding as of March 31, 2015. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Level 1  —  | quoted unadjusted prices in active markets for identical investments as of the reporting date. |
|--------|----------------------------------|------------------------------------------------------------------------------------------------|

|   | Level 2  —  | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.). |
|--------|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3  —  | significant unobservable inputs (including the Investment Adviser’s own assumptions about the assumptions market participants would use in determining the fair values of investments). |
|--------|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • | Our quarterly valuation process begins with each portfolio company or investment being initially valued by investment professionals of our Investment Adviser responsible for credit monitoring. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Preliminary valuation conclusions are then documented and discussed with our senior management and our Investment Adviser. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------|

|   | • | The valuation committee of the Board of Directors reviews these preliminary valuations. |
|--------|---------|-----------------------------------------------------------------------------------------|

|   | • | At least once annually, the valuation for each portfolio investment that does not have a readily available quotation is reviewed by an independent valuation firm, subject to the de minimis exception above. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The Board of Directors discusses valuations and determines the fair value of each investment in our portfolio in good faith. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------|

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Item 

| Change in interest rates ($ in thousands) |   | Increase(decrease) ininterest income |   | Increase(decrease) ininterest expense |   | Net increase(decrease) ininvestment income |
|-------------------------------------------|--------|--------------------------------------|--------|---------------------------------------|--------|--------------------------------------------|
| Down 25 basis points                      |   | $                                    | -      |                                  |   | $                                          | (309 | )    |   | $ | 309 |   |
| Up 50 basis points                        |   |                                 | 29     |                                  |   |                                       | 1,004 |   |   |   | (975 | )    |
| Up 100 basis points                       |   |                                 | 871    |                                  |   |                                       | 2,009 |   |   |   | (1,138 | )    |
| Up 200 basis points                       |   |                                 | 4,341  |                                  |   |                                       | 4,017 |   |   |   | 324 |     |
| Up 300 basis points                       |   |                                 | 8,122  |                                  |   |                                       | 6,026 |   |   |   | 2,096 |   |

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Item 

Part 

Item 

Item 

Item 

Item 

Item 

Item 

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Item 

| Number |   | Description                                                                                                                                              |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1*  |   | Certifications by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2*  |   | Certifications by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1*  |   | Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.       |
| 32.2*  |   | Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.       |
| 99.1*  |   | GLC Trust 2013-2 Consumer Loan Pool Schedule of Investments.                                                                                             |

|   | * | Filed herewith. |
|--------|---|-----------------|

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|               |   | Garrison Capital Inc.                                                                            |
|--------------------|--------|--------------------------------------------------------------------------------------------------|
|               |   |                                                                                             |
| Dated: May 5, 2015 |   | By/s/ Joseph Tansey Joseph TanseyChief Executive Officer(Principal Executive Officer)       |
|               |   |                                                                                             |
| Dated: May 5, 2015 |   | By/s/ Brian Chase Brian ChaseChief Financial Officer(Principal Financial Officer)           |
|               |   |                                                                                             |
| Dated: May 5, 2015 |   | By/s/ Michelle Rancic Michelle RancicChief Accounting Officer(Principal Accounting Officer) |

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