|                                                                |  |                                      |  |  |  |  |  |  |
|----------------------------------------------------------------|--|--------------------------------------|--|--|--|--|--|--|
| Maryland                                                       |  | 45-2460782                           |
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |
|                                                                |  |                                      |
| 10 East 40th Street, 42nd Floor New York, NY                   |  | 10016                                |
| (Address of principal executive offices)                       |  | (Zip Code)                           |

|  |                     |  |                   |  |                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|---------------------|--|-------------------|--|-------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered |  |
|  | None                |  | None              |  | None                                      |  |

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

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|          |                                                                                                                                   |      |  |  |  |  |  |  |
|----------|-----------------------------------------------------------------------------------------------------------------------------------|------|--|--|--|--|--|--|
|          |                                                                                                                                   | Page |
|          | Forward-Looking Statements                                                                                                        | 1    |
| PART I   | FINANCIAL INFORMATION                                                                                                             |      |
| Item 1.  | Financial Statements                                                                                                              | 2    |
|          | Consolidated Statements of Assets and Liabilities as of December 31, 2021 (unaudited) and June 30, 2021                           | 2    |
|          | Consolidated Statements of Operations for the three months and six months ended December 31, 2021, and 2020 (unaudited)           | 3    |
|          | Consolidated Statements of Changes in Net Assets for the three months and six months ended December 31, 2021 and 2020 (unaudited) | 4    |
|          | Consolidated Statements of Cash Flows for the six months ended December 31, 2021 and 2020 (unaudited)                             | 6    |
|          | Consolidated Schedules of Investments as of December 31, 2021 (unaudited) and June 30, 20201                                      | 7    |
|          | Notes to Consolidated Financial Statements (unaudited)                                                                            | 13   |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                       | 47   |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                                                        | 67   |
| Item 4.  | Controls and Procedures                                                                                                           | 68   |
| PART II  | OTHER INFORMATION                                                                                                                 |      |
| Item 1.  | Legal Proceedings                                                                                                                 | 68   |
| Item 1A. | Risk Factors                                                                                                                      | 68   |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                       | 71   |
| Item 3.  | Default Upon Senior Securities                                                                                                    | 71   |
| Item 4.  | Mine Safety Disclosures                                                                                                           | 71   |
| Item 5.  | Other Information                                                                                                                 | 71   |
| Item 6.  | Exhibits                                                                                                                          | 71   |
|          | Signatures                                                                                                                        | 73   |

----

----

|                                                                                                                                                           |  |                   |                  |               |                  |   |                  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------|------------------|---------------|------------------|---|------------------|--|--|--|--|--|--|--|--|--|--|
| Assets                                                                                                                                                    |  | December 31, 2021 |                  | June 30, 2021 |                  |
| Investments at fair value:                                                                                                                            |  | (unaudited)       |                  | (audited)     |                  |
| Non-control/non-affiliate investments (amortized cost of $38,328,865 and $38,086,490, respectively)                                                   |  | $                 | 37,672,621  |               |                  | $ | 37,842,310  |  |  |
| Total investments                                                                                                                                         |  | 37,672,621   |                  |               | 37,842,310  |   |                  |
| Cash                                                                                                                                                      |  | 4,707,874    |                  |               | 3,139,929   |   |                  |
| Deferred financing costs (Note 10)                                                                                                                        |  | 433,741      |                  |               | 463,376     |   |                  |
| Prepaid expenses and other assets                                                                                                                         |  | 237,176      |                  |               | 386,196     |   |                  |
| Interest receivable                                                                                                                                       |  | 135,896      |                  |               | 68,750      |   |                  |
| Receivable for repayments of portfolio investments                                                                                                        |  | 3,125        |                  |               | 9,590       |   |                  |
| Total Assets                                                                                                                                              |  | $                 | 43,190,433  |               |                  | $ | 41,910,151  |  |  |
|                                                                                                                                                           |  |                   |                  |               |                  |
| Liabilities                                                                                                                                               |  |                   |                  |               |                  |
| Revolving Credit Facility (Note 10)                                                                                                                       |  | $                 | 21,000,000  |               |                  | $ | 21,000,000  |  |  |
| Payable for investments purchased                                                                                                                         |  | 2,000,000    |                  |               | —     |   |                  |
| Due to Administrator (Note 4)                                                                                                                             |  | 327,709      |                  |               | 378,320     |   |                  |
| Accrued audit fees                                                                                                                                        |  | 157,147      |                  |               | 160,000     |   |                  |
| Distributions payable                                                                                                                                     |  | 132,137      |                  |               | 124,046     |   |                  |
| Accrued expenses                                                                                                                                          |  | 50,272       |                  |               | 91,871      |   |                  |
| Interest payable                                                                                                                                          |  | 55,974       |                  |               | 54,451      |   |                  |
| Accrued legal fees                                                                                                                                        |  | 43,495       |                  |               | 72,185      |   |                  |
| Due to Affiliates (Note 4)                                                                                                                                |  | 13,990       |                  |               | 37,248      |   |                  |
| Due to PFIM (Note 4)                                                                                                                                      |  | —      |                  |               | 44,223      |   |                  |
| Total Liabilities                                                                                                                                         |  | $                 | 23,780,724  |               |                  | $ | 21,962,344  |  |  |
| Commitments and Contingencies (Note 9)                                                                                                                    |  | —      |                  |               | —     |   |                  |
| Net Assets                                                                                                                                                |  | $                 | 19,409,709  |               |                  | $ | 19,947,807  |  |  |
|                                                                                                                                                           |  |                   |                  |               |                  |
| Components of Net Assets                                                                                                                                  |  |                   |                  |               |                  |
| Common Stock, par value $0.001 per share (75,000,000 shares authorized; 2,382,101 and 2,386,057 shares issued and outstanding, respectively) (Note 3) |  | $                 | 2,383       |               |                  | $ | 2,386       |  |  |
| Paid-in capital in excess of par (Note 3)                                                                                                                 |  | 24,188,615   |                  |               | 25,000,327  |   |                  |
| Total distributable earnings (loss) (Note 6)                                                                                                              |  | (4,781,289)       |                  |               | (5,054,906)      |   |                  |
| Net Assets                                                                                                                                                |  | $                 | 19,409,709  |               |                  | $ | 19,947,807  |  |  |
| Net Asset Value Per Share (Note 11)                                                                                                                       |  | $                 | 8.15        |               |                  | $ | 8.36        |  |  |
|                                                                                                                                                           |  |                   |                  |               |                  |
|                                                                                                                                                           |  |                   |                  |               |                  |

----

|                                                                                                                                                                                                                                                                                                      |  |                                 |               |                               |                 |      |                 |                 |  |   |                 |  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------------|---------------|-------------------------------|-----------------|------|-----------------|-----------------|--|---|-----------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                      |  | Three Months Ended December 31, |               | Six Months Ended December 31, |                 |
|                                                                                                                                                                                                                                                                                                      |  | 2021                            |               | 2020                          |                 | 2021 |                 | 2020            |  |
| Investment Income                                                                                                                                                                                                                                                                                    |  |                                 |               |                               |                 |      |                 |                 |  |
| Interest income from non-control/non-affiliate investments                                                                                                                                                                                                                                       |  | $                               | 552,003  |                               |                 | $    | 548,536    |                 |  | $ | 1,297,396  |  |  | $ | 1,114,461  |  |  |
| Interest income from structured credit securities                                                                                                                                                                                                                                                    |  | 207,776                    |               |                               | 322,559    |      |                 | 457,927    |  |   | 604,679    |  |  |
| Total Investment Income                                                                                                                                                                                                                                                                              |  | 759,779                    |               |                               | 871,095    |      |                 | 1,755,323  |  |   | 1,719,140  |  |  |
|                                                                                                                                                                                                                                                                                                      |  |                                 |               |                               |                 |      |                 |                 |  |
| Operating Expenses                                                                                                                                                                                                                                                                                   |  |                                 |               |                               |                 |      |                 |                 |  |
| Base management fees (Note 4)                                                                                                                                                                                                                                                                        |  | 184,999                    |               |                               | 184,345    |      |                 | 367,197    |  |   | 367,731    |  |  |
| Administrator Costs (Note 4)                                                                                                                                                                                                                                                                         |  | 153,885                    |               |                               | 249,280    |      |                 | 323,082    |  |   | 474,273    |  |  |
| Interest expense and credit facility expenses (Note 10)                                                                                                                                                                                                                                              |  | 141,686                    |               |                               | 144,803    |      |                 | 284,071    |  |   | 291,451    |  |  |
| Audit and tax expense                                                                                                                                                                                                                                                                                |  | 80,147                     |               |                               | 144,050    |      |                 | 164,225    |  |   | 216,850    |  |  |
| Transfer agent’s fees and expenses                                                                                                                                                                                                                                                             |  | 41,168                     |               |                               | 37,441     |      |                 | 84,814     |  |   | 72,455     |  |  |
| Insurance expense                                                                                                                                                                                                                                                                                    |  | 43,104                     |               |                               | 43,104     |      |                 | 86,317     |  |   | 86,208     |  |  |
| Valuation services                                                                                                                                                                                                                                                                                   |  | 751                        |               |                               | 30,488     |      |                 | 34,617     |  |   | 63,116     |  |  |
| General and administrative                                                                                                                                                                                                                                                                           |  | 1,646                      |               |                               | 44,233     |      |                 | 25,778     |  |   | 85,456     |  |  |
| Amortization of offering costs                                                                                                                                                                                                                                                                       |  | 45,366                     |               |                               | 128,585    |      |                 | 50,673     |  |   | 276,328    |  |  |
| Legal expense                                                                                                                                                                                                                                                                                        |  | 34,835                     |               |                               | 68,269     |      |                 | 37,981     |  |   | 140,686    |  |  |
| Total Operating Expenses                                                                                                                                                                                                                                                                             |  | 727,587                    |               |                               | 1,074,598  |      |                 | 1,458,755  |  |   | 2,074,554  |  |  |
| Expense limitation payment (Note 4)                                                                                                                                                                                                                                                                  |  | (184,999)                       |               |                               | —    |      |                 | (367,197)       |  |   | (183,386)       |  |  |
| Total Net Operating Expenses                                                                                                                                                                                                                                                                         |  | 542,588                    |               |                               | 1,074,598  |      |                 | 1,091,558  |  |   | 1,891,168  |  |  |
| Net Investment Income (Loss)                                                                                                                                                                                                                                                                         |  | 217,191                    |               |                               | (203,503)       |      |                 | 663,765    |  |   | (172,028)       |  |  |
|                                                                                                                                                                                                                                                                                                      |  |                                 |               |                               |                 |      |                 |                 |  |
| Net Realized and Net Change in Unrealized (Losses) Gains on Investments                                                                                                                                                                                                                              |  |                                 |               |                               |                 |
| Net realized gains (losses):                                                                                                                                                                                                                                                                     |  |                                 |               |                               |                 |      |                 |                 |  |
| Non-control/non-affiliate investments                                                                                                                                                                                                                                                            |  | —                    |               |                               | —    |      |                 | —    |  |   | 11,050     |  |  |
| Net realized gains (losses)                                                                                                                                                                                                                                                                          |  | —                    |               |                               | —    |      |                 | —    |  |   | 11,050     |  |  |
| Net change in unrealized (losses) gains:                                                                                                                                                                                                                                                         |  |                                 |               |                               |                 |      |                 |                 |  |
| Affiliate investments                                                                                                                                                                                                                                                                                |  | —                    |               |                               | 127,086    |      |                 | —    |  |   | 208,012    |  |  |
| Non-control/non-affiliate investments                                                                                                                                                                                                                                                            |  | (113,341)                       |               |                               | 1,088,250  |      |                 | (412,064)       |  |   | 1,471,907  |  |  |
| Net change in unrealized (losses) gains                                                                                                                                                                                                                                                              |  | (113,341)                       |               |                               | 1,215,336  |      |                 | (412,064)       |  |   | 1,679,919  |  |  |
| Net Realized and Net Change in Unrealized (Losses) Gains on Investments                                                                                                                                                                                                                              |  | (113,341)                       |               |                               | 1,215,336  |      |                 | (412,064)       |  |   | 1,690,969  |  |  |
| Net Increase (Decrease) in Net Assets Resulting from Operations                                                                                                                                                                                                                                      |  | $                               | 103,850  |                               |                 | $    | 1,011,833  |                 |  | $ | 251,701    |  |  | $ | 1,518,941  |  |  |
| Net increase (decrease) in net assets resulting from operations per share (Note 11)(1)                                                                                                                                                                                                               |  | $                               | 0.04     |                               |                 | $    | 0.42       |                 |  | $ | 0.11       |  |  | $ | 0.64       |  |  |
| Distributions declared per share                                                                                                                                                                                                                                                                     |  | $                               | 0.16     |                               |                 | $    | 0.17       |                 |  | $ | 0.32       |  |  | $ | 0.31       |  |  |
|                                                                                                                                                                                                                                                                                                      |  |                                 |               |                               |                 |      |                 |                 |  |
| (1) For the three months ended December 31, 2021 and 2020, the weighted average common shares outstanding were 2,383,928 and 2,385,301, respectively.For the six months ended December 31, 2021 and 2020, the weighted average common shares outstanding were 2,384,784 and 2,373,291, respectively. |  |

----

|                                                                        |  |                 |  |     |               |                                  |  |                               |   |                  |               |  |   |               |  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|--|-----------------|--|-----|---------------|----------------------------------|--|-------------------------------|---|------------------|---------------|--|---|---------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                        |  | Common Stock    |  |     |               |                                  |
| For the Three Months Ended December 31, 2021                           |  | Shares          |  | Par |               | Paid-in Capital in Excess of Par |  | Distributable Earnings (Loss) |   | Net Assets       |
| Balance as of September 30, 2021                                       |  | 2,385,760  |  |     | $             | 2,386                       |  |                               | $ | 24,816,684  |               |  | $ | (5,110,845)   |  |  | $ | 19,708,225  |  |
| Net increase in net assets resulting from operations                   |  |                 |  |     |               |                                  |  |                               |   |                  |
| Net investment income (loss)                                           |  | —    |  |     | —  |                                  |  | —                  |   |                  | 217,191  |  |   | 217,191  |  |
| Net change in unrealized (losses) gains on investments                 |  | —    |  |     | —  |                                  |  | —                  |   |                  | (113,341)     |  |   | (113,341)     |  |
| Distributions to Shareholders (Note 5)(1)                              |  |                 |  |     |               |                                  |  |                               |   |                  |
| Distributions from earnings                                            |  | —    |  |     | —  |                                  |  | —                  |   |                  | (93,141)      |  |   | (93,141)      |  |
| Return of capital distributions                                        |  | —    |  |     | —  |                                  |  | (279,645)                     |   |                  | —  |  |   | (279,645)     |  |
| Capital Transactions                                                   |  |                 |  |     |               |                                  |  |                               |   |                  |
| Shares issued through reinvestment of distributions (Note 3)           |  | 20,627     |  |     | 21       |                                  |  | 170,520                  |   |                  | —  |  |   | 170,541  |  |
| Repurchase of common shares (Note 3)                                   |  | (24,286)        |  |     | (24)          |                                  |  | (200,097)                     |   |                  | —  |  |   | (200,121)     |  |
| Tax Reclassification of Net Assets (Note 6)                            |  | —    |  |     | —  |                                  |  | (318,847)                     |   |                  | 318,847  |  |   | —  |  |
| Total Increase (Decrease) for the three months ended December 31, 2021 |  | (3,659)         |  |     | (3)           |                                  |  | (628,069)                     |   |                  | 329,556  |  |   | (298,516)     |  |
| Balance as of December 31, 2021                                        |  | 2,382,101  |  |     | $             | 2,383                       |  |                               | $ | 24,188,615  |               |  | $ | (4,781,289)   |  |  | $ | 19,409,709  |  |
|                                                                        |  |                 |  |     |               |                                  |  |                               |   |                  |

|                                                                                                                                                                                                                                                                                                                                                                                     |  |                 |  |     |               |                                  |  |                               |   |                  |                 |  |   |                 |  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------|--|-----|---------------|----------------------------------|--|-------------------------------|---|------------------|-----------------|--|---|-----------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                     |  | Common Stock    |  |     |               |                                  |
| For the Three Months Ended December 31, 2020                                                                                                                                                                                                                                                                                                                                        |  | Shares          |  | Par |               | Paid-in Capital in Excess of Par |  | Distributable Earnings (Loss) |   | Total Net Assets |
| Balance as of September 30, 2020                                                                                                                                                                                                                                                                                                                                                    |  | 2,384,793  |  |     | $             | 2,385                       |  |                               | $ | 26,970,191  |                 |  | $ | (7,088,874)     |  |  | $ | 19,883,702  |  |
| Net decrease in net assets resulting from operations                                                                                                                                                                                                                                                                                                                                |  |                 |  |     |               |                                  |  |                               |   |                  |
| Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                        |  | —    |  |     | —  |                                  |  | —                  |   |                  | (203,503)       |  |   | (203,503)       |  |
| Net change in unrealized gains (losses) on investments                                                                                                                                                                                                                                                                                                                              |  | —    |  |     | —  |                                  |  | —                  |   |                  | 1,215,336  |  |   | 1,215,336  |  |
| Distributions to Shareholders (Note 5)(1)                                                                                                                                                                                                                                                                                                                                           |  |                 |  |     |               |                                  |  |                               |   |                  |
| Distributions from earnings                                                                                                                                                                                                                                                                                                                                                         |  | —    |  |     | —  |                                  |  | —                  |   |                  | 49,157     |  |   | 49,157     |  |
| Return of capital distributions                                                                                                                                                                                                                                                                                                                                                     |  | —    |  |     | —  |                                  |  | (438,000)                     |   |                  | —    |  |   | (438,000)       |  |
| Capital Transactions                                                                                                                                                                                                                                                                                                                                                                |  |                 |  |     |               |                                  |  |                               |   |                  |
| Shares issued                                                                                                                                                                                                                                                                                                                                                                       |  | 3,318      |  |     | 3        |                                  |  | 29,997                   |   |                  | —    |  |   | 30,000     |  |
| Commissions and fees on shares sold                                                                                                                                                                                                                                                                                                                                                 |  | —    |  |     | —  |                                  |  | (1,803)                       |   |                  | —    |  |   | (1,803)         |  |
| Shares issued through reinvestment of distributions                                                                                                                                                                                                                                                                                                                                 |  | 23,548     |  |     | 24       |                                  |  | 200,333                  |   |                  | —    |  |   | 200,357    |  |
| Repurchase of common shares                                                                                                                                                                                                                                                                                                                                                         |  | (26,986)        |  |     | (27)          |                                  |  | (229,086)                     |   |                  | —    |  |   | (229,113)       |  |
| Tax Reclassification of Net Assets (Note 6)                                                                                                                                                                                                                                                                                                                                         |  | —    |  |     | —  |                                  |  | (579,507)                     |   |                  | 579,507    |  |   | —    |  |
| Total Increase (Decrease) for the three months ended December 31, 2020                                                                                                                                                                                                                                                                                                              |  | (120)           |  |     | —  |                                  |  | (1,018,066)                   |   |                  | 1,640,497  |  |   | 622,431    |  |
| Balance as of December 31, 2020                                                                                                                                                                                                                                                                                                                                                     |  | 2,384,673  |  |     | $             | 2,385                       |  |                               | $ | 25,952,125  |                 |  | $ | (5,448,377)     |  |  | $ | 20,506,133  |  |
| (1) Certain reclassifications have been made in the presentation of prior year or quarter amounts to conform to the presentation for the current fiscal year or quarter. In addition, we have not yet finalized return of capital estimates for the current period. See Note 2 and 6 within the accompanying notes to the consolidated financial statements for further discussion. |

----

|                                                                                                                                                                                                                                                                                                                                                                                 |  |                 |  |     |               |                                  |  |                               |   |                  |               |  |   |               |  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------|--|-----|---------------|----------------------------------|--|-------------------------------|---|------------------|---------------|--|---|---------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                 |  | Common Stock    |  |     |               |                                  |
| For the Six Months Ended December 31, 2021                                                                                                                                                                                                                                                                                                                                      |  | Shares          |  | Par |               | Paid-in Capital in Excess of Par |  | Distributable Earnings (Loss) |   | Net Assets       |
| Balance as of June 30, 2021                                                                                                                                                                                                                                                                                                                                                     |  | 2,386,057  |  |     | $             | 2,386                       |  |                               | $ | 25,000,327  |               |  | $ | (5,054,906)   |  |  | $ | 19,947,807  |  |
| Net increase in net assets resulting from operations                                                                                                                                                                                                                                                                                                                            |  |                 |  |     |               |                                  |  |                               |   |                  |
| Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                    |  | —    |  |     | —  |                                  |  | —                  |   |                  | 663,765  |  |   | 663,765  |  |
| Net change in unrealized (losses) gains on investments                                                                                                                                                                                                                                                                                                                          |  | —    |  |     | —  |                                  |  | —                  |   |                  | (412,064)     |  |   | (412,064)     |  |
| Distributions to Shareholders (Note 5)(1)                                                                                                                                                                                                                                                                                                                                       |  |                 |  |     |               |                                  |  |                               |   |                  |
| Distributions from earnings                                                                                                                                                                                                                                                                                                                                                     |  | —    |  |     | —  |                                  |  | —                  |   |                  | (296,931)     |  |   | (296,931)     |  |
| Return of capital distributions                                                                                                                                                                                                                                                                                                                                                 |  | —    |  |     | —  |                                  |  | (462,038)                     |   |                  | —  |  |   | (462,038)     |  |
| Capital Transactions                                                                                                                                                                                                                                                                                                                                                            |  |                 |  |     |               |                                  |  |                               |   |                  |
| Shares issued through reinvestment of distributions (Note 3)                                                                                                                                                                                                                                                                                                                    |  | 44,411     |  |     | 45       |                                  |  | 369,841                  |   |                  | —  |  |   | 369,886  |  |
| Repurchase of common shares (Note 3)                                                                                                                                                                                                                                                                                                                                            |  | (48,367)        |  |     | (48)          |                                  |  | (400,668)                     |   |                  | —  |  |   | (400,716)     |  |
| Tax Reclassification of Net Assets (Note 6)                                                                                                                                                                                                                                                                                                                                     |  | —    |  |     | —  |                                  |  | (318,847)                     |   |                  | 318,847  |  |   | —  |  |
| Total Increase (Decrease) for the six months ended December 31, 2021                                                                                                                                                                                                                                                                                                            |  | (3,956)         |  |     | (3)           |                                  |  | (811,712)                     |   |                  | 273,617  |  |   | (538,098)     |  |
| Balance as of December 31, 2021                                                                                                                                                                                                                                                                                                                                                 |  | 2,382,101  |  |     | $             | 2,383                       |  |                               | $ | 24,188,615  |               |  | $ | (4,781,289)   |  |  | $ | 19,409,709  |  |
|                                                                                                                                                                                                                                                                                                                                                                                 |  |                 |  |     |               |                                  |  |                               |   |                  |
| (1) Certain reclassifications have been made in the presentation of prior year and prior quarter amounts to conform to the presentation for the current fiscal year. In addition, we have not yet finalized return of capital estimates for the current period. See Note 2 and 6 within the accompanying notes to the consolidated financial statements for further discussion. |

|                                                                                                                                                                                                                                                                                                                                                                                 |  |                 |  |     |               |                                  |  |                               |   |                  |                 |  |   |                 |  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------|--|-----|---------------|----------------------------------|--|-------------------------------|---|------------------|-----------------|--|---|-----------------|--|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                 |  | Common Stock    |  |     |               |                                  |
| For the Six Months Ended December 31, 2020                                                                                                                                                                                                                                                                                                                                      |  | Shares          |  | Par |               | Paid-in Capital in Excess of Par |  | Distributable Earnings (Loss) |   | Total Net Assets |
| Balance as of June 30, 2020                                                                                                                                                                                                                                                                                                                                                     |  | 2,363,011  |  |     | $             | 2,363                       |  |                               | $ | 27,133,944  |                 |  | $ | (7,577,907)     |  |  | $ | 19,558,400  |  |
| Net decrease in net assets resulting from operations                                                                                                                                                                                                                                                                                                                            |  |                 |  |     |               |                                  |  |                               |   |                  |
| Net investment income (loss)                                                                                                                                                                                                                                                                                                                                                    |  | —    |  |     | —  |                                  |  | —                  |   |                  | (172,028)       |  |   | (172,028)       |  |
| Net realized gains (losses) on investments                                                                                                                                                                                                                                                                                                                                      |  | —    |  |     | —  |                                  |  | —                  |   |                  | 11,050     |  |   | 11,050     |  |
| Net change in unrealized gains (losses) on investments                                                                                                                                                                                                                                                                                                                          |  | —    |  |     | —  |                                  |  | —                  |   |                  | 1,679,919  |  |   | 1,679,919  |  |
| Distributions to Shareholders (Note 5)(1)                                                                                                                                                                                                                                                                                                                                       |  |                 |  |     |               |                                  |  |                               |   |                  |
| Distributions from earnings                                                                                                                                                                                                                                                                                                                                                     |  | —    |  |     | —  |                                  |  | —                  |   |                  | 30,720     |  |   | 30,720     |  |
| Return of capital distributions                                                                                                                                                                                                                                                                                                                                                 |  | —    |  |     | —  |                                  |  | (789,166)                     |   |                  | —    |  |   | (789,166)       |  |
| Capital Transactions                                                                                                                                                                                                                                                                                                                                                            |  |                 |  |     |               |                                  |  |                               |   |                  |
| Shares issued                                                                                                                                                                                                                                                                                                                                                                   |  | 31,133     |  |     | 31       |                                  |  | 280,969                  |   |                  | —    |  |   | 281,000    |  |
| Commissions and fees on shares sold                                                                                                                                                                                                                                                                                                                                             |  | —    |  |     | —  |                                  |  | (16,862)                      |   |                  | —    |  |   | (16,862)        |  |
| Shares issued through reinvestment of distributions                                                                                                                                                                                                                                                                                                                             |  | 46,301     |  |     | 47       |                                  |  | 389,654                  |   |                  | —    |  |   | 389,701    |  |
| Repurchase of common shares                                                                                                                                                                                                                                                                                                                                                     |  | (55,772)        |  |     | (56)          |                                  |  | (466,545)                     |   |                  | —    |  |   | (466,601)       |  |
| Tax Reclassification of Net Assets (Note 6)                                                                                                                                                                                                                                                                                                                                     |  | —    |  |     | —  |                                  |  | (579,869)                     |   |                  | 579,869    |  |   | —    |  |
| Total Increase (Decrease) for the six months ended December 31, 2020                                                                                                                                                                                                                                                                                                            |  | 21,662     |  |     | 22       |                                  |  | (1,181,819)                   |   |                  | 2,129,530  |  |   | 947,733    |  |
| Balance as of December 31, 2020                                                                                                                                                                                                                                                                                                                                                 |  | 2,384,673  |  |     | $             | 2,385                       |  |                               | $ | 25,952,125  |                 |  | $ | (5,448,377)     |  |  | $ | 20,506,133  |  |
|                                                                                                                                                                                                                                                                                                                                                                                 |  |                 |  |     |               |                                  |  |                               |   |                  |
| (1) Certain reclassifications have been made in the presentation of prior year and prior quarter amounts to conform to the presentation for the current fiscal year. In addition, we have not yet finalized return of capital estimates for the current period. See Note 2 and 6 within the accompanying notes to the consolidated financial statements for further discussion. |

----

|                                                                                                                                                      |  |                               |                 |      |                 |   |                 |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------------------|-----------------|------|-----------------|---|-----------------|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                      |  | Six Months Ended December 31, |
|                                                                                                                                                      |  | 2021                          |                 | 2020 |                 |
| Cash flows from operating activities:                                                                                                            |  |                               |                 |      |                 |
| Net increase (decrease) in net assets resulting from operations                                                                                      |  | $                             | 251,701    |      |                 | $ | 1,518,941  |  |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |                               |                 |      |                 |
| Amortization of offering costs                                                                                                                       |  | 50,673                   |                 |      | 276,328    |   |                 |
| Purchases of investments                                                                                                                             |  | (10,236,250)                  |                 |      | (1,274,290)     |   |                 |
| Repayments and sales of portfolio investments                                                                                                        |  | 10,114,598               |                 |      | 1,105,458  |   |                 |
| Net change in unrealized (gains) losses on investments                                                                                               |  | 412,064                  |                 |      | (1,679,919)     |   |                 |
| Net realized losses (gains) on investments                                                                                                           |  | —                  |                 |      | (11,050)        |   |                 |
| Accretion of purchase discount on investments, net                                                                                                   |  | (120,338)                     |                 |      | (211,784)       |   |                 |
| Amortization of deferred financing costs                                                                                                             |  | 29,635                   |                 |      | 29,635     |   |                 |
| Payment-in-kind interest                                                                                                                             |  | (385)                         |                 |      | (15,155)        |   |                 |
| Changes in other assets and liabilities:                                                                                                         |  |                               |                 |      |                 |
| (Increase) Decrease in operating assets                                                                                                              |  |                               |                 |      |                 |
| Receivable for investments sold                                                                                                                      |  | —                  |                 |      | 381,075    |   |                 |
| Receivable for repayments of portfolio investments                                                                                                   |  | 6,465                    |                 |      | (48,519)        |   |                 |
| Interest receivable                                                                                                                                  |  | (67,146)                      |                 |      | (62,014)        |   |                 |
| Deferred offering costs (Note 4)                                                                                                                     |  | (50,673)                      |                 |      | (185,637)       |   |                 |
| Prepaid expenses and other assets                                                                                                                    |  | 149,020                  |                 |      | 28,152     |   |                 |
| Increase (Decrease) in operating liabilities                                                                                                         |  |                               |                 |      |                 |
| Due to Adviser (Note 4)                                                                                                                              |  | (44,223)                      |                 |      | 184,345    |   |                 |
| Accrued expenses                                                                                                                                     |  | (41,599)                      |                 |      | 65,171     |   |                 |
| Accrued legal fees                                                                                                                                   |  | (28,690)                      |                 |      | 43,579     |   |                 |
| Accrued audit fees                                                                                                                                   |  | (2,853)                       |                 |      | (64,550)        |   |                 |
| Due to Administrator (Note 4)                                                                                                                        |  | (50,611)                      |                 |      | 126,624    |   |                 |
| Payable for investments purchased                                                                                                                    |  | 2,000,000                |                 |      | (690,000)       |   |                 |
| Due to Affiliates (Note 4)                                                                                                                           |  | (23,258)                      |                 |      | 10,887     |   |                 |
| Interest payable                                                                                                                                     |  | 1,523                    |                 |      | (2,221)         |   |                 |
| Net cash provided by (used in) operating activities                                                                                                  |  | 2,349,653                |                 |      | (474,944)       |   |                 |
| Cash flows from financing activities:                                                                                                            |  |                               |                 |      |                 |
| Gross proceeds from shares issued (Note 3)                                                                                                           |  | —                  |                 |      | 281,000    |   |                 |
| Commissions and fees on shares issued                                                                                                                |  | —                  |                 |      | (16,862)        |   |                 |
| Distributions paid to stockholders                                                                                                                   |  | (380,992)                     |                 |      | (359,815)       |   |                 |
| Repurchase of common shares                                                                                                                          |  | (400,716)                     |                 |      | (466,601)       |   |                 |
| Net cash (used in) provided by financing activities                                                                                                  |  | (781,708)                     |                 |      | (562,278)       |   |                 |
| Net increase (decrease) in cash                                                                                                                      |  | 1,567,945                |                 |      | (1,037,222)     |   |                 |
| Cash at beginning of period                                                                                                                          |  | 3,139,929                |                 |      | 3,602,662  |   |                 |
| Cash at end of period                                                                                                                                |  | $                             | 4,707,874  |      |                 | $ | 2,565,440  |  |  |
| Supplemental disclosures:                                                                                                                        |  |                               |                 |      |                 |
| Cash paid for interest                                                                                                                               |  | $                             | 252,913    |      |                 | $ | 264,038    |  |  |
| Non-cash financing activities:                                                                                                                   |  |                               |                 |      |                 |
| Value of shares issued through reinvestment of distributions                                                                                         |  | $                             | 369,885    |      |                 | $ | 389,701    |  |  |

----

|                                                                                              |                                                   |                    |                                   |         |                    |                         |                    |                 |                  |                 |                 |             |               |                 |            |            |   |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------|---------------------------------------------------|--------------------|-----------------------------------|---------|--------------------|-------------------------|--------------------|-----------------|------------------|-----------------|-----------------|-------------|---------------|-----------------|------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                              |                                                   |                    |                                   |         |                    | December 31, 2021       |
| Portfolio Company / Security Type                                                        | Industry                                          | Acquisition Date   | Coupon/Yield (b)              | Floor   | LegalMaturity      | Principal/ Quantity | Amortized Cost (d) | Fair Value (c)  | % of  Net Assets |
| Non-Control/Non-Affiliate Investments (less than 5.00% voting control):              |                                                   |                    |                                   |         |                    |                         |                    |
| Senior Secured Loans-First Lien(g)(l)(m)                                                     |                                                   |                    |                                   |         |                    |                         |                    |
| Amerilife Holdings, LLC (i)(k)                                                               | Banking, Finance, Insurance & Real Estate     | 2/6/2020   | 1ML+4.00% (4.10%)                 | — | 3/18/2027  | $                       | 738,872       |                 | $                | 737,836    |                 | $           | 738,872  |                 | 3.81  | %          |
| CareerBuilder (i)(k)                                                                         | Services: Consumer                            | 7/27/2017  | 3ML+6.75% (7.75%)                 | 1.00    | 7/31/2023  | 969,272            |                    | 934,004    |                  | 811,765    |                 | 4.18   | %             |
| DRI Holding Inc (i)                                                                          | Media: Broadcasting & Subscription        | 12/16/2021 | 3ML+5.25% (5.75%)                 | 0.50    | 12/21/2028 | 2,000,000          |                    | 2,000,000  |                  | 2,000,000  |                 | 10.30  | %             |
| Excelitas Technologies Corporation(i)                                                        | High Tech Industries                              | 7/21/2021  | 3ML+3.50% (4.50%)                 | 1.00    | 12/2/2024  | 497,409            |                    | 497,409    |                  | 497,409    |                 | 2.56   | %             |
| First Brands, LLC (f/k/a Trico Group, LLC(i)                                         | Automotive                                        | 3/24/2021  | 1ML+5.00% (6.00%)                 | 1.00    | 3/30/2027  | 1,240,625          |                    | 1,229,695  |                  | 1,240,606  |                 | 6.39   | %             |
| Global Tel*Link Corporation (i)(k)                                                           | Telecommunications                                | 4/5/2019   | 1ML+4.25% (4.35%)                 | — | 11/28/2025 | 1,944,395          |                    | 1,904,162  |                  | 1,944,381  |                 | 10.02  | %             |
| Keystone Acquisition Corp. (i)(k)                                                            | Healthcare & Pharmaceuticals                  | 4/10/2019  | 3ML+5.25% (6.25%)                 | 1.00    | 5/1/2024   | 2,044,710          |                    | 2,029,339  |                  | 2,044,710  |                 | 10.53  | %             |
| McAfee LLC (i)                                                                               | High Tech Industries                              | 9/17/2017  | 1ML+3.75% (3.85%)                 | — | 9/30/2024  | 183,591            |                    | 182,333    |                  | 183,969    |                 | 0.95   | %             |
| The Octave Music Group, Inc.(f)(i)                                                           | Consumer goods: Durable                       | 2/26/2020  | 1ML+5.25% (6.25%) plus 0.75% PIK  | 1.00    | 5/29/2025  | 579,934            |                    | 575,045    |                  | 579,934    |                 | 2.99   | %             |
| Pet Vet, Inc.(i)                                                                             | Healthcare & Pharmaceuticals                  | 11/22/2021 | 1ML+4.25% (4.25%)                 | 0.75    | 2/15/2025  | 1,496,173          |                    | 1,492,516  |                  | 1,497,857  |                 | 7.72   | %             |
| Quidditch Acquisition, Inc. (i)                                                              | Beverage, Food & Tobacco                      | 3/16/2018  | 1ML+7.00% (8.00%)                 | 1.00    | 3/21/2025  | 481,250            |                    | 475,750    |                  | 474,936    |                 | 2.45   | %             |
| RC Buyer, Inc. (i)(o)                                                                        | Consumer goods: Durable                       | 7/27/2021  | 3M + 3.50% (4.25)                 | 0.75    | 7/28/2028  | 1,995,000          |                    | 1,990,290  |                  | 1,995,000  |                 | 10.28  | %             |
| Research Now Group, Inc. & Survey Sampling International LLC (i)                         | Services: Business                            | 4/2/2019   | 3ML+5.50% (6.50%)                 | 1.00    | 12/20/2024 | 1,950,488          |                    | 1,950,488  |                  | 1,950,488  |                 | 10.05  | %             |
| Rising Tide Holdings, Inc.(i)                                                                | Consumer goods: Non-Durable                   | 5/26/2021  | 1M + 4.75% (5.50)                 | 0.75    | 6/1/2028   | 995,000            |                    | 985,797    |                  | 995,000    |                 | 5.13   | %             |
| Rocket Software, Inc. (i)(k)                                                                 | High Tech Industries                              | 4/2/2019   | 1ML+4.25% (4.35%)                 | — | 11/28/2025 | 2,044,322          |                    | 2,032,159  |                  | 2,036,022  |                 | 10.49  | %             |
| Securus Technologies Holdings, Inc. (i)(k)                                                   | Telecommunications                                | 7/31/2019  | 3ML+4.50% (5.50%)                 | 1.00    | 11/1/2024  | 1,949,239          |                    | 1,848,883  |                  | 1,932,400  |                 | 9.95   | %             |
| Shutterfly, Inc.(i)                                                                          | Media: Diversified and Production             | 7/1/2021   | 3ML+5.00% (5.75%)                 | 0.75    | 9/25/2026  | 1,980,000          |                    | 1,970,794  |                  | 1,976,488  |                 | 10.18  | %             |
| Sorenson Communications, LLC(i)                                                              | Services: Consumer                            | 3/12/2021  | 3ML+5.50% (6.25%)                 | 0.75    | 3/17/2026  | 1,841,910          |                    | 1,825,011  |                  | 1,841,889  |                 | 9.49   | %             |
| Staples, Inc.(j)(k)                                                                          | Wholesale                                         | 11/18/2019 | 3ML+5.00% (5.13%)                 | — | 4/16/2026  | 1,959,799          |                    | 1,941,741  |                  | 1,906,444  |                 | 9.82   | %             |
| Upstream Newco, Inc.(i)                                                                      | Services: Consumer                            | 7/22/2021  | 1ML+4.25% (4.35%)                 | — | 11/20/2026 | 1,243,750          |                    | 1,243,750  |                  | 1,243,750  |                 | 6.41   | %             |
| Wellpath Holdings, LLC (formally known as Correct Care Solutions Group Holdings, LLC) (i)(k) | Healthcare & Pharmaceuticals                  | 4/2/2019   | 3ML+5.50% (5.63%)                 | — | 10/1/2025  | 2,044,182          |                    | 2,015,306  |                  | 2,044,182  |                 | 10.53  | %             |
| Total Senior Secured Loans-First Lien                                                        |                                                   |                    |                                   |         | $                  | 29,862,308         |                    | $               | 29,936,102  |                 | 154.23     | %           |
|                                                                                              |                                                   |                    |                                   |         |                    |                         |                    |
| Senior Secured Loans-Second Lien(i)(l)(m)                                                    |                                                   |                    |                                   |         |                    |                         |                    |
| FullBeauty Brands Holding(f)                                                                 | Retail                                            | 2/7/2019   | 7.00% (6.00% PIK plus 1.00% cash) | — | 1/31/2025  | $                       | 12,786        |                 | $                | 10,704     |                 | $           | 12,467   |                 | 0.07  | %          |
| Inmar, Inc. (g)                                                                              | Media: Advertising, Printing & Publishing | 4/25/2017  | 3ML+8.00% (9.00%)                 | 1.00    | 5/1/2025   | 500,000            |                    | 495,768    |                  | 501,250    |                 | 2.58   | %             |
| Total Senior Secured Loans-Second Lien                                                       |                                                   |                    |                                   |         | $                  | 506,472            |                    | $               | 513,717     |                 | 2.65       | %           |
|                                                                                              |                                                   |                    |                                   |         |                    |                         |                    |
| Senior Secured Notes (j)(l)                                                                  |                                                   |                    |                                   |         |                    |                         |                    |
| CURO Group Holdings Corp.                                                                    | Financial                                         | 11/18/2021 | 7.50                         | %       | N/A            | 8/1/2028        | $                  | 1,000,000  |                  | $               | 1,004,942  |             | $             | 1,009,159  |            | 5.20  | % |
| Total Senior Secured Notes                                                                   |                                                   |                    |                                   |         | $                  | 1,004,942          |                    | $               | 1,009,159   |                 | 5.20       | %           |
|                                                                                              |                                                   |                    |                                   |         |                    |                         |                    |                 |                  |
| Structured Subordinated Notes (a)(e)(i)(l)                                                   |                                                   |                    |                                   |         |                    |                         |                    |
| Apidos CLO XXIV                                                                              | Structured Finance                                | 5/17/2019  | 19.43                        | %       | N/A            | 10/20/2030      | $                  | 250,000    |                  | $               | 158,134    |             | $             | 162,096    |            | 0.84  | % |
| Apidos CLO XXVI                                                                              | Structured Finance                                | 7/25/2019  | 15.73                        | %       | N/A            | 7/18/2029       | 250,000       |                 | 187,835     |                 | 195,788    |             | 1.01     | %               |
| California CLO IX, Ltd.                                                                      | Structured Finance                                | 12/13/2019 | 25.08                        | %       | N/A            | 7/16/2032       | 500,000       |                 | 231,686     |                 | 247,434    |             | 1.28     | %               |
| Carlyle Global Market Strategies CLO 2014-4-R, Ltd.                                          | Structured Finance                                | 4/7/2017   | 11.49                        | %       | N/A            | 7/15/2030       | 250,000       |                 | 188,149     |                 | 161,719    |             | 0.83     | %               |
| Carlyle Global Market Strategies CLO 2017-5, Ltd.                                            | Structured Finance                                | 12/18/2017 | 9.46                         | %       | N/A            | 1/22/2030       | 500,000       |                 | 460,123     |                 | 410,233    |             | 2.11     | %               |

----

|                                            |                                  |                    |                      |         |               |                         |                    |                  |                  |   |                  |               |              |               |   |            |   |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------|----------------------------------|--------------------|----------------------|---------|---------------|-------------------------|--------------------|------------------|------------------|---|------------------|---------------|--------------|---------------|---|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                                            |                                  |                    |                      |         |               | December 31, 2021       |
| Portfolio Company / Security Type | Industry                         | Acquisition Date   | Coupon/Yield (b) | Floor   | LegalMaturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c)   | % of  Net Assets |
| Galaxy XIX CLO, Ltd.                       | Structured Finance               | 12/5/2016  | 15.88           | %       | N/A       | 7/24/2030       | 250,000       |                  | 180,270     |   | 130,873     |               | 0.67    | %             |
|                                            |                                  |                    |                      |         |               |                         |                    |                  |                  |
|                                            |                                  |                    |                      |         |               |                         |                    |                  |                  |
| GoldenTree Loan Opportunities IX, Ltd.     | Structured Finance               | 7/19/2017  | 4.28            | %       | N/A       | 10/29/2029      | $                  | 250,000     |                  | $ | 187,833     |               | $            | 156,018  |   | 0.80  | % |
| Madison Park Funding XIII, Ltd.       | Structured Finance               | 11/6/2015  | 10.16           | %       | N/A       | 4/22/2030       | 250,000       |                  | 162,746     |   | 172,169     |               | 0.89    | %             |
| Madison Park Funding XIV, Ltd.        | Structured Finance               | 11/16/2015 | 12.71           | %       | N/A       | 10/22/2030      | 250,000       |                  | 185,579     |   | 153,472     |               | 0.79    | %             |
| Octagon Investment Partners XIV, Ltd.      | Structured Finance               | 12/1/2017  | 8.74            | %       | N/A       | 7/16/2029       | 850,000       |                  | 512,253     |   | 422,235     |               | 2.18    | %             |
| Octagon Investment Partners XV, Ltd.       | Structured Finance               | 5/23/2019  | 16.52           | %       | N/A       | 7/19/2030       | 500,000       |                  | 295,697     |   | 285,125     |               | 1.47    | %             |
| Octagon Investment Partners XXI,Ltd.(k)    | Structured Finance               | 1/6/2016   | 14.28           | %       | N/A       | 2/14/2031       | 387,538       |                  | 241,342     |   | 189,328     |               | 0.98    | %             |
| Octagon Investment Partners 30, Ltd.       | Structured Finance               | 11/16/2017 | 12.76           | %       | N/A       | 3/17/2030       | 475,000       |                  | 420,254     |   | 375,347     |               | 1.93    | %             |
| Octagon Investment Partners 31, Ltd.       | Structured Finance               | 12/20/2019 | 27.46           | %       | N/A       | 7/20/2030       | 250,000       |                  | 163,407     |   | 165,814     |               | 0.85    | %             |
| Octagon Investment Partners 36, Ltd.       | Structured Finance               | 12/20/2019 | 20.81           | %       | N/A       | 4/15/2031       | 500,000       |                  | 397,100     |   | 374,437     |               | 1.93    | %             |
| Octagon Investment Partners 39, Ltd.       | Structured Finance               | 1/9/2020   | 20.79           | %       | N/A       | 10/21/2030      | 250,000       |                  | 193,249     |   | 209,044     |               | 1.08    | %             |
| OZLM XII, Ltd. (n)                         | Structured Finance               | 1/17/2017  | —         | %       | N/A       | 4/30/2027       | 275,000       |                  | 163,188     |   | 66,916      |               | 0.34    | %             |
| Sound Point CLO II, Ltd.                   | Structured Finance               | 5/16/2019  | 12.09           | %       | N/A       | 1/26/2031       | 1,500,000     |                  | 816,738     |   | 679,906     |               | 3.50    | %             |
| Sound Point CLO VII-R, Ltd.                | Structured Finance               | 8/23/2019  | 19.86           | %       | N/A       | 10/23/2031      | 150,000       |                  | 60,806      |   | 50,681      |               | 0.26    | %             |
| Sound Point CLO XVIII, Ltd.                | Structured Finance               | 5/16/2019  | 11.65           | %       | N/A       | 1/21/2031       | 250,000       |                  | 219,862     |   | 195,261     |               | 1.01    | %             |
| THL Credit Wind River 2013-1 CLO, Ltd.     | Structured Finance               | 11/1/2017  | 3.26            | %       | N/A       | 7/22/2030       | 325,000       |                  | 240,846     |   | 182,680     |               | 0.94    | %             |
| Venture XXXIV CLO, Ltd.                    | Structured Finance               | 7/30/2019  | 16.93           | %       | N/A       | 10/15/2031      | 250,000       |                  | 212,753     |   | 193,479     |               | 1.00    | %             |
| Voya IM CLO 2013-1, Ltd.(k)                | Structured Finance               | 6/9/2016   | 9.30            | %       | N/A       | 10/15/2030      | 278,312       |                  | 188,745     |   | 151,415     |               | 0.78    | %             |
| Voya CLO 2016-1, Ltd.                      | Structured Finance               | 1/22/2016  | 13.49           | %       | N/A       | 1/21/2031       | 250,000       |                  | 205,437     |   | 200,173     |               | 1.03    | %             |
| Total Structured Subordinated Notes        |                                  |                    |                      |         | $             | 6,274,032          |                    | $                | 5,531,643   |   | 28.50       | %             |
|                                            |                                  |                    |                      |         |               |                         |                    |                  |                  |
| Equity/Other(a)(i)(l)                  |                                  |                    |                      |         |               |                         |                    |                  |                  |
| ACON IWP Investors I, L.L.C. (h)           | Healthcare & Pharmaceuticals | 4/30/2015  | N/A              | N/A | N/A       | 472,357            |                    | $                | 472,357     |   | $                | 682,000  |              | 3.51     | % |
| FullBeauty Brands Holding, Common Stock(h) | Retail                           | 2/7/2019   | N/A              | N/A | N/A       | 72                 |                    | $                | 208,754     |   | $                | —  |              | —  | % |
| Total Equity/Other                     |                                  |                    |                      |         | $             | 681,111            |                    | $                | 682,000     |   | 3.51        | %             |
|                                            |                                  |                    |                      |         |               |                         |                    |                  |                  |
| Total Portfolio Investments                |                                  |                    |                      |         |               |                         | $                  | 38,328,865  |                  | $ | 37,672,621  |               | 194.09  | %             |

----

|                                                                                        |  |                                 |  |                                      |  |                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------|--|---------------------------------|--|--------------------------------------|--|------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                                      |  | Investment                      |  | Follow-On Acquisition Dates          |  | Follow-On Acquisitions (Excluding initial investment cost) |
| Amerilife Holdings, LLC                                                                |  | Senior Secured Loans-First Lien |  | 11/2/2020                    |  | 85,227                                                |  |
| CareerBuilder                                                                          |  | Senior Secured Loans-First Lien |  | 6/5/2020                     |  | 690,000                                               |  |
| Global Tel*Link Corporation                                                            |  | Senior Secured Loans-First Lien |  | 7/9/2019, 7/16/2019  |  | 1,436,250                                             |  |
| Keystone Acquisition Corp.                                                             |  | Senior Secured Loans-First Lien |  | 4/23/2019, 8/2/2019  |  | 1,576,000                                             |  |
| Octagon Investment Partners XXI, Ltd.                                                  |  | Structured Subordinated Notes   |  | 2/14/2019                    |  | 35,015                                                |  |
| Rocket Software, Inc.                                                                  |  | Senior Secured Loans-First Lien |  | 6/28/2019, 7/30/2019 |  | 1,327,272                                             |  |
| Securus Technologies Holdings, Inc.                                                    |  | Senior Secured Loans-First Lien |  | 8/2/2019                     |  | 908,750                                               |  |
| Staples, Inc.                                                                          |  | Senior Secured Loans-First Lien |  | 2/3/2020                     |  | 980,031                                               |  |
| Voya IM CLO 2013-1, Ltd.                                                               |  | Structured Subordinated Notes   |  | 10/17/2017, 7/1/2019 |  | 20,584                                                |  |
| Wellpath Holdings, Inc. (formally known as Correct Care Solutions Group Holdings, LLC) |  | Senior Secured Loans-First Lien |  | 4/10/2019, 7/25/2019 |  | 1,327,000                                             |  |

----

|                                                                                 |                                                   |                    |                                   |         |                    |                         |                    |                 |                  |                 |               |             |               |               |            |            |   |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------|---------------------------------------------------|--------------------|-----------------------------------|---------|--------------------|-------------------------|--------------------|-----------------|------------------|-----------------|---------------|-------------|---------------|---------------|------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                 |                                                   |                    |                                   |         |                    | June 30, 2021           |
| Portfolio Company / Security Type                                           | Industry                                          | Acquisition Date   | Coupon/Yield (b)              | Floor   | LegalMaturity      | Principal/ Quantity | Amortized Cost (d) | Fair Value (c)  | % of  Net Assets |
| Non-Control/Non-Affiliate Investments (less than 5.00% voting control): |                                                   |                    |                                   |         |                    |                         |                    |
| Senior Secured Loans-First Lien(g)(l)(m)                                        |                                                   |                    |                                   |         |                    |                         |                    |
| Amerilife Holdings, LLC (i)(k)                                                  | Banking, Finance, Insurance & Real Estate     | 2/6/2020   | 1ML+4.00% (4.10%)                 | — | 3/18/2027  | $                       | 742,613       |                 | $                | 741,476    |               | $           | 742,613  |               | 3.72  | %          |
| CareerBuilder (i)(k)                                                            | Services: Consumer                            | 7/27/2017  | 3ML+6.75% (7.75%)                 | 1.00    | 7/31/2023  | 969,272            |                    | 922,758    |                  | 924,928    |               | 4.64   | %             |
| Correct Care Solutions Group Holdings, LLC (i)(k)                               | Healthcare & Pharmaceuticals                  | 4/2/2019   | 1ML+5.50% (5.60%)                 | — | 10/1/2025  | 2,054,719          |                    | 2,021,964  |                  | 2,054,719  |               | 10.30  | %             |
| Digital Room Holdings, Inc (i)(k)                                               | Media: Broadcasting & Subscription        | 5/14/2019  | 6ML+5.00% (5.20%)                 | — | 5/21/2026  | 1,960,000          |                    | 1,937,073  |                  | 1,960,000  |               | 9.83   | %             |
| First Brands, LLC (f/k/a Trico Group, LLC(i)                            | Automotive                                        | 3/24/2021  | 1ML+5.00% (6.00%)                 | 1.00    | 3/30/2027  | 1,246,875          |                    | 1,234,894  |                  | 1,246,875  |               | 6.25   | %             |
| Global Tel*Link Corporation (i)(k)                                              | Telecommunications                                | 4/5/2019   | 1ML+4.25% (4.35%)                 | — | 11/28/2025 | 1,944,395          |                    | 1,898,977  |                  | 1,944,395  |               | 9.75   | %             |
| Keystone Acquisition Corp. (i)(k)                                               | Healthcare & Pharmaceuticals                  | 4/10/2019  | 3ML+5.25% (6.25%)                 | 1.00    | 5/1/2024   | 2,055,387          |                    | 2,036,697  |                  | 2,055,387  |               | 10.30  | %             |
| McAfee LLC (j)                                                                  | High Tech Industries                              | 9/17/2017  | 1ML+3.75% (3.85%)                 | — | 9/30/2024  | 214,334            |                    | 212,845    |                  | 214,616    |               | 1.08   | %             |
| The Octave Music Group, Inc.(f)(i)                                              | Consumer goods: Durable                       | 2/26/2020  | 1ML+5.25% (6.25%) plus 0.75% PIK  | 1.00    | 5/29/2025  | 717,672            |                    | 712,061    |                  | 717,672    |               | 3.60   | %             |
| PGX Holdings, Inc. (f)(i)(k)                                                    | Services: Consumer                            | 4/2/2019   | 3ML+5.25% (6.25%) plus 4.25% PIK  | 1.00    | 9/29/2023  | 1,959,852          |                    | 1,916,525  |                  | 1,959,852  |               | 9.82   | %             |
| Quidditch Acquisition, Inc. (i)                                                 | Beverage, Food & Tobacco                      | 3/16/2018  | 3ML+7.00% (8.00%)                 | 1.00    | 3/21/2025  | 483,750            |                    | 477,390    |                  | 477,856    |               | 2.40   | %             |
| Research Now Group, Inc. & Survey Sampling International LLC (i)            | Services: Business                            | 4/2/2019   | 3ML+5.50% (6.50%)                 | 1.00    | 12/20/2024 | 1,960,647          |                    | 1,960,647  |                  | 1,960,647  |               | 9.83   | %             |
| Rising Tide Holdings, Inc. (j)                                                  | Consumer goods: Non-Durable                   | 5/26/2021  | 1M + 4.75% (5.50)                 | 0.75    | 6/1/2028   | 1,000,000          |                    | 990,075    |                  | 1,003,440  |               | 5.03   | %             |
| Rocket Software, Inc. (j)(k)                                                    | High Tech Industries                              | 4/2/2019   | 1ML+4.25% (4.35%)                 | — | 11/28/2025 | 2,054,832          |                    | 2,041,101  |                  | 2,020,640  |               | 10.13  | %             |
| Securus Technologies Holdings, Inc. (i)(k)                                      | Telecommunications                                | 7/31/2019  | 3ML+4.50% (5.50%)                 | 1.00    | 11/1/2024  | 1,959,391          |                    | 1,841,211  |                  | 1,911,200  |               | 9.58   | %             |
| Shutterfly, Inc.(j)(k)                                                          | Media: Diversified and Production             | 11/14/2019 | 1ML+6.00% (7.00%)                 | 1.00    | 9/25/2026  | 1,601,935          |                    | 1,461,047  |                  | 1,601,900  |               | 8.03   | %             |
| Sorenson Communications, LLC(i)                                                 | Services: Consumer                            | 3/12/2021  | 3ML+5.50% (6.25%)                 | 0.75    | 3/17/2026  | 1,950,000          |                    | 1,931,078  |                  | 1,950,000  |               | 9.77   | %             |
| Staples, Inc.(j)(k)                                                             | Wholesale                                         | 11/18/2019 | 3ML+5.00% (5.18%)                 | — | 4/16/2026  | 1,969,849          |                    | 1,949,670  |                  | 1,930,444  |               | 9.68   | %             |
| Transplace Holdings, Inc. (i)                                                   | Transportation: Cargo                         | 4/10/2019  | 3ML+3.75% (4.75%)                 | 1.00    | 10/7/2024  | 1,470,870          |                    | 1,457,657  |                  | 1,470,870  |               | 7.37   | %             |
| Upstream Newco, Inc.(i)                                                         | Services: Consumer                            | 10/24/2019 | 1ML+4.50% (4.60%)                 | — | 11/20/2026 | 1,728,125          |                    | 1,721,374  |                  | 1,728,125  |               | 8.66   | %             |
| Total Senior Secured Loans-First Lien                                           |                                                   |                    |                                   |         | $                  | 29,466,520         |                    | $               | 29,876,179  |                 | 149.77   | %           |
|                                                                                 |                                                   |                    |                                   |         |                    |                         |                    |
| Senior Secured Loans-Second Lien(i)(l)(m)                                       |                                                   |                    |                                   |         |                    |                         |                    |
| FullBeauty Brands Holding(f)                                                    | Retail                                            | 2/7/2019   | 7.00% (6.00% PIK plus 1.00% cash) | — | 1/31/2025  | $                       | 12,401        |                 | $                | 10,319     |               | $           | 10,231   |               | 0.05  | %          |
| Inmar, Inc. (g)                                                                 | Media: Advertising, Printing & Publishing | 4/25/2017  | 3ML+8.00% (9.00%)                 | 1.00    | 5/1/2025   | 500,000            |                    | 495,129    |                  | 485,625    |               | 2.44   | %             |
| Total Senior Secured Loans-Second Lien                                          |                                                   |                    |                                   |         | $                  | 505,448            |                    | $               | 495,856     |                 | 2.49     | %           |
|                                                                                 |                                                   |                    |                                   |         |                    |                         |                    |
| Senior Secured Notes (i)(l)                                                     |                                                   |                    |                                   |         |                    |                         |                    |
| Ace Cash Express, Inc.(k)(o)                                                    | Financial                                         | 12/8/2017  | 12.00                        | %       | N/A            | 12/15/2022      | $                  | 1,000,000  |                  | $               | 973,876  |             | $             | 951,073  |            | 4.77  | % |
| Total Senior Secured Notes                                                      |                                                   |                    |                                   |         | $                  | 973,876            |                    | $               | 951,073     |                 | 4.77     | %           |
|                                                                                 |                                                   |                    |                                   |         |                    |                         |                    |                 |                  |
| Structured Subordinated Notes (a)(e)(i)(l)                                      |                                                   |                    |                                   |         |                    |                         |                    |
| Apidos CLO XXIV                                                                 | Structured Finance                                | 5/17/2019  | 21.44                        | %       | N/A            | 10/20/2030      | $                  | 250,000    |                  | $               | 162,512  |             | $             | 164,370  |            | 0.82  | % |
| Apidos CLO XXVI                                                                 | Structured Finance                                | 7/25/2019  | 18.15                        | %       | N/A            | 7/18/2029       | 250,000       |                 | 182,953     |                 | 193,258  |             | 0.97     | %             |
| California CLO IX, Ltd.                                                         | Structured Finance                                | 12/13/2019 | 29.32                        | %       | N/A            | 7/16/2032       | 500,000       |                 | 214,997     |                 | 243,934  |             | 1.22     | %             |
| Carlyle Global Market Strategies CLO 2014-4-R, Ltd.                             | Structured Finance                                | 4/7/2017   | 16.92                        | %       | N/A            | 7/15/2030       | 250,000       |                 | 196,354     |                 | 165,110  |             | 0.83     | %             |
| Carlyle Global Market Strategies CLO 2017-5, Ltd.                               | Structured Finance                                | 12/18/2017 | 13.16                        | %       | N/A            | 1/22/2030       | 500,000       |                 | 477,445     |                 | 415,738  |             | 2.08     | %             |
| Galaxy XIX CLO, Ltd.                                                            | Structured Finance                                | 12/5/2016  | 17.22                        | %       | N/A            | 7/24/2030       | 250,000       |                 | 181,178     |                 | 122,721  |             | 0.62     | %             |

----

|                                            |                                  |                    |                      |         |               |                         |                    |                  |                  |   |                  |               |              |               |   |            |   |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------|----------------------------------|--------------------|----------------------|---------|---------------|-------------------------|--------------------|------------------|------------------|---|------------------|---------------|--------------|---------------|---|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                                            |                                  |                    |                      |         |               | June 30, 2021           |
| Portfolio Company / Security Type | Industry                         | Acquisition Date   | Coupon/Yield (b) | Floor   | LegalMaturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c)   | % of  Net Assets |
| GoldenTree Loan Opportunities IX, Ltd.     | Structured Finance               | 7/19/2017  | 11.44           | %       | N/A       | 10/29/2029      | $                  | 250,000     |                  | $ | 194,348     |               | $            | 160,523  |   | 0.81  | % |
| Madison Park Funding XIII, Ltd.       | Structured Finance               | 11/6/2015  | 22.71           | %       | N/A       | 4/22/2030       | 250,000       |                  | 176,881     |   | 182,378     |               | 0.91    | %             |
| Madison Park Funding XIV, Ltd.        | Structured Finance               | 11/16/2015 | 15.75           | %       | N/A       | 10/22/2030      | 250,000       |                  | 191,936     |   | 152,925     |               | 0.77    | %             |
| Octagon Investment Partners XIV, Ltd.      | Structured Finance               | 12/1/2017  | 17.26           | %       | N/A       | 7/16/2029       | 850,000       |                  | 548,981     |   | 425,828     |               | 2.14    | %             |
| Octagon Investment Partners XV, Ltd.       | Structured Finance               | 5/23/2019  | 19.24           | %       | N/A       | 7/19/2030       | 500,000       |                  | 295,531     |   | 301,532     |               | 1.51    | %             |
| Octagon Investment Partners XXI,Ltd.(k)    | Structured Finance               | 1/6/2016   | 18.50           | %       | N/A       | 2/14/2031       | 387,538       |                  | 242,802     |   | 189,567     |               | 0.95    | %             |
| Octagon Investment Partners 30, Ltd.       | Structured Finance               | 11/16/2017 | 15.78           | %       | N/A       | 3/17/2030       | 475,000       |                  | 436,656     |   | 373,970     |               | 1.88    | %             |
| Octagon Investment Partners 31, Ltd.       | Structured Finance               | 12/20/2019 | 33.81           | %       | N/A       | 7/20/2030       | 250,000       |                  | 164,927     |   | 164,771     |               | 0.83    | %             |
| Octagon Investment Partners 36, Ltd.       | Structured Finance               | 12/20/2019 | 25.78           | %       | N/A       | 4/15/2031       | 500,000       |                  | 411,382     |   | 382,619     |               | 1.92    | %             |
| Octagon Investment Partners 39, Ltd.       | Structured Finance               | 1/9/2020   | 25.81           | %       | N/A       | 10/21/2030      | 250,000       |                  | 195,800     |   | 215,961     |               | 1.08    | %             |
| OZLM XII, Ltd. (n)                         | Structured Finance               | 1/17/2017  | —         | %       | N/A       | 4/30/2027       | 275,000       |                  | 168,016     |   | 100,634     |               | 0.51    | %             |
| Sound Point CLO II, Ltd.                   | Structured Finance               | 5/16/2019  | 17.17           | %       | N/A       | 1/26/2031       | 1,500,000     |                  | 846,273     |   | 685,939     |               | 3.44    | %             |
| Sound Point CLO VII-R, Ltd.                | Structured Finance               | 8/23/2019  | 20.89           | %       | N/A       | 10/23/2031      | 150,000       |                  | 60,276      |   | 50,161      |               | 0.25    | %             |
| Sound Point CLO XVIII, Ltd.                | Structured Finance               | 5/16/2019  | 15.38           | %       | N/A       | 1/21/2031       | 250,000       |                  | 227,964     |   | 200,000     |               | 1.00    | %             |
| THL Credit Wind River 2013-1 CLO, Ltd.     | Structured Finance               | 11/1/2017  | 7.94            | %       | N/A       | 7/22/2030       | 325,000       |                  | 259,992     |   | 182,249     |               | 0.91    | %             |
| Venture XXXIV CLO, Ltd.                    | Structured Finance               | 7/30/2019  | 20.16           | %       | N/A       | 10/15/2031      | 250,000       |                  | 214,879     |   | 197,375     |               | 0.99    | %             |
| Voya IM CLO 2013-1, Ltd.(k)                | Structured Finance               | 6/9/2016   | 11.97           | %       | N/A       | 10/15/2030      | 278,312       |                  | 195,490     |   | 150,460     |               | 0.75    | %             |
| Voya CLO 2016-1, Ltd.                      | Structured Finance               | 1/22/2016  | 16.99           | %       | N/A       | 1/21/2031       | 250,000       |                  | 211,962     |   | 204,179     |               | 1.01    | %             |
| Total Structured Subordinated Notes        |                                  |                    |                      |         | $             | 6,459,535          |                    | $                | 5,626,202   |   | 28.20       | %             |
|                                            |                                  |                    |                      |         |               |                         |                    |                  |                  |
| Equity/Other(a)(i)(l)                  |                                  |                    |                      |         |               |                         |                    |                  |                  |
| ACON IWP Investors I, L.L.C. (h) (p)       | Healthcare & Pharmaceuticals | 4/30/2015  | N/A              | N/A | N/A       | 472,357            |                    | $                | 472,357     |   | $                | 893,000  |              | 4.48     | % |
| FullBeauty Brands Holding, Common Stock(h) | Retail                           | 2/7/2019   | N/A              | N/A | N/A       | 72                 |                    | $                | 208,754     |   | $                | —  |              | —  | % |
| Total Equity/Other                     |                                  |                    |                      |         | $             | 681,111            |                    | $                | 893,000     |   | 4.48        | %             |
|                                            |                                  |                    |                      |         |               |                         |                    |                  |                  |
| Total Portfolio Investments                |                                  |                    |                      |         |               |                         | $                  | 38,086,490  |                  | $ | 37,842,310  |               | 189.71  | %             |

----

|                                                  |  |                                 |  |                                        |  |                                                            |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|--|---------------------------------|--|----------------------------------------|--|------------------------------------------------------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                |  | Investment                      |  | Follow-On Acquisition Dates            |  | Follow-On Acquisitions (Excluding initial investment cost) |
| Ace Cash Express, Inc.                           |  | Senior Secured Notes            |  | 7/15/2019                      |  | $                                                          | 493,625  |  |
| Amerilife Holdings, LLC                          |  | Senior Secured Loans-First Lien |  | 11/2/2020                      |  | 85,227                                                |               |
| CareerBuilder                                    |  | Senior Secured Loans-First Lien |  | 6/5/2020                       |  | 690,000                                               |               |
| Correct Care Solutions Group Holdings, LLC  |  | Senior Secured Loans-First Lien |  | 4/10/2019, 7/25/2019   |  | 1,327,000                                             |               |
| Digital Room Holdings, Inc                       |  | Senior Secured Loans-First Lien |  | 7/16/2019                      |  | 490,000                                               |               |
| Global Tel*Link Corporation                      |  | Senior Secured Loans-First Lien |  | 7/9/2019, 7/16/2019    |  | 1,436,250                                             |               |
| Keystone Acquisition Corp.                       |  | Senior Secured Loans-First Lien |  | 4/23/2019, 8/2/2019    |  | 1,576,000                                             |               |
| Octagon Investment Partners XXI, Ltd.            |  | Structured Subordinated Notes   |  | 2/14/2019                      |  | 35,015                                                |               |
| PGX Holdings, Inc.                               |  | Senior Secured Loans-First Lien |  | 2/3/2021                       |  | 1,350,000                                             |               |
| Rocket Software, Inc.                            |  | Senior Secured Loans-First Lien |  | 6/28/2019, 7/30/2019   |  | 1,327,272                                             |               |
| Securus Technologies Holdings, Inc.              |  | Senior Secured Loans-First Lien |  | 8/2/2019                       |  | 908,750                                               |               |
| Shutterfly, Inc.                                 |  | Senior Secured Loans-First Lien |  | 11/18/2019, 11/20/2019 |  | 1,361,250                                             |               |
| Staples, Inc.                                    |  | Senior Secured Loans-First Lien |  | 2/3/2020                       |  | 980,031                                               |               |
| Voya IM CLO 2013-1, Ltd.                         |  | Structured Subordinated Notes   |  | 10/17/2017, 7/1/2019   |  | 20,584                                                |               |

----

----

----

----

----

----

----

|                                                       |                                      |        |                                    |          |        |              |         |               |   |          |  |  |  |  |  |  |  |
|-------------------------------------------------------|--------------------------------------|--------|------------------------------------|----------|--------|--------------|---------|---------------|---|----------|--|--|--|--|--|--|--|
|                                                       | Three Months Ended December 31, 2021 |        | Six Months Ended December 31, 2021 |
|                                                       | FLEX Class A Common Shares           |        | FLEX Class A Common Shares         |
|                                                       | Shares                               | Amount |                                    | Shares   | Amount |
| Shares issued through reinvestment of distributions   | 20,627                          |        | 170,541                       |          |        | 44,411  |         | 369,886  |   |
| Repurchase of common shares                           | (24,286)                             |        | (200,121)                          |          |        | (48,367)     |         | (400,716)     |   |
| Net increase/(decrease) from capital transactions | (3,659)                              |        | $                                  | (29,580) |        |              | (3,956) |               | $ | (30,830) |  |

----

|                                                       |                                      |        |                                    |              |        |              |              |               |   |               |  |  |  |  |  |  |  |
|-------------------------------------------------------|--------------------------------------|--------|------------------------------------|--------------|--------|--------------|--------------|---------------|---|---------------|--|--|--|--|--|--|--|
|                                                       | Three Months Ended December 31, 2020 |        | Six Months Ended December 31, 2020 |
|                                                       | FLEX Class A Common Shares           |        | FLEX Class A Common Shares         |
|                                                       | Shares                               | Amount |                                    | Shares       | Amount |
| Shares issued                                         | 3,318                           |        | $                                  | 30,000  |        |              | 31,133  |               | $ | 281,000  |  |
| Shares issued through reinvestment of distributions   | 23,548                          |        | 200,357                       |              |        | 46,301  |              | 389,701  |   |
| Repurchase of common shares                           | (26,986)                             |        | (229,113)                          |              |        | (55,772)     |              | (466,601)     |   |
| Net increase/(decrease) from capital transactions | (120)                                |        | $                                  | 1,244   |        |              | 21,662  |               | $ | 204,100  |  |

----

|                                                                                                                         |  |                           |  |                   |  |                                                   |           |                            |   |                                                    |             |  |  |               |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------|--|---------------------------|--|-------------------|--|---------------------------------------------------|-----------|----------------------------|---|----------------------------------------------------|-------------|--|--|---------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Quarterly Offer Date                                                                                               |  | Repurchase Effective Date |  | SharesRepurchased |  | Percentage of SharesTendered That WereRepurchased |           | Repurchase Price Per Share |   | AggregateConsideration forRepurchased Shares  |
| Three months ended December 31, 2021                                                                                    |  |                           |  |                   |  |                                                   |
| December 31, 2021                                                                                                       |  | November 4, 2021          |  | 24,287       |  |                                                   | 11   | %                          |   | $                                                  | 8.24   |  |  | $             | 200,121  |  |
| Total for the three months ended December 31, 2021                                                                      |  | 24,287               |  |                   |  |                                                   |           |                            | $ | 200,121                                       |             |
|                                                                                                                         |  |                           |  |                   |  |                                                   |           |                            |   |                                                    |
| Six months ended December 31, 2021                                                                                      |  |                           |  |                   |  |                                                   |
| December 31, 2021                                                                                                       |  | November 4, 2021          |  | 24,287       |  |                                                   | 11   | %                          |   | $                                                  | 8.24   |  |  | $             | 200,121  |  |
| September 30, 2021                                                                                                      |  | August 2, 2021            |  | 24,081       |  |                                                   | 10   | %                          |   | $                                                  | 8.33   |  |  | $             | 200,595  |  |
| Total for the six months ended December 31, 2021                                                                        |  | 48,368               |  |                   |  |                                                   |           |                            | $ | 400,716                                       |             |
|                                                                                                                         |  |                           |  |                   |  |                                                   |           |                            |   |                                                    |
| Year ended June 30, 2021                                                                                                |  |                           |  |                   |  |                                                   |
| September 30, 2020                                                                                                      |  | July 22, 2020             |  | 28,786       |  |                                                   | 44   | %                          |   | $                                                  | 8.25   |  |  | $             | 237,488  |  |
| December 31, 2020                                                                                                       |  | November 2, 2020          |  | 26,986       |  |                                                   | 15   | %                          |   | $                                                  | 8.49   |  |  | 229,113  |               |
| March 31, 2021                                                                                                          |  | February 10, 2021         |  | 21,588       |  |                                                   | 10   | %                          |   | $                                                  | 8.90   |  |  | 192,133  |               |
| June 30, 2021                                                                                                           |  | May 10, 2021              |  | 23,665       |  |                                                   | 11   | %                          |   | $                                                  | 8.50   |  |  | 201,149  |               |
| Total for the year ended June 30, 2021                                                                                  |  | 101,025              |  |                   |  |                                                   |           |                            | $ | 859,883                                       |             |
|                                                                                                                         |  |                           |  |                   |  |                                                   |           |                            |   |                                                    |
| Year ended June 30, 2020                                                                                                |  |                           |  |                   |  |                                                   |
| September 30, 2019(1)                                                                                                   |  | October 8, 2019           |  | 34,489       |  |                                                   | 100  | %                          |   | $                                                  | 9.46   |  |  | $             | 326,262  |  |
| December 31, 2019(1)                                                                                                    |  | December 27, 2019         |  | 51,715       |  |                                                   | 100  | %                          |   | $                                                  | 8.91   |  |  | 460,786  |               |
| March 31, 2020                                                                                                          |  | February 21, 2020         |  | 19,743       |  |                                                   | 12   | %                          |   | $                                                  | 10.70  |  |  | 211,246  |               |
| June 30, 2020(1)                                                                                                        |  | April 14, 2020            |  | 52,987       |  |                                                   | 100  | %                          |   | $                                                  | 8.05   |  |  | 426,546  |               |
| Total for the year ended June 30, 2020                                                                                  |  | 158,934              |  |                   |  |                                                   |           |                            | $ | 1,424,840                                     |             |
|                                                                                                                         |  |                           |  |                   |  |                                                   |           |                            |   |                                                    |
| (1) Subsequent to the Merger on March 31, 2019, FLEX Class A common shares were tendered in a Special Repurchase Offer. |

----

----

----

----

----

----

|                    |                                          |                                          |                                       |                         |                              |                               |   |               |  |          |          |                    |  |  |  |  |  |  |  |  |
|--------------------|------------------------------------------|------------------------------------------|---------------------------------------|-------------------------|------------------------------|-------------------------------|---|---------------|--|----------|----------|--------------------|--|--|--|--|--|--|--|--|
| Period Ended       | Former ELA Reimbursement Payable to PFIM | Former ELA Reimbursement Payment to PFIM | Unreimbursed Former ELA Reimbursement | Operating Expense Ratio | Annualized Distribution Rate | Eligible to be Repaid Through |
| June 30, 2019      | $                                        | 128,852                             |                                       | $                       | —                 |                               | $ | 128,852  |  | 5.54%    | 6.00%    | June 30, 2022      |
| September 30, 2019 | $                                        | 157,409                             |                                       | $                       | —                 |                               | $ | 157,409  |  | 2.84%    | 6.00%    | September 30, 2022 |
| December 31, 2019  | $                                        | 182,205                             |                                       | $                       | —                 |                               | $ | 182,205  |  | 3.68%    | 6.00%    | December 31, 2022  |
| March 31, 2020     | $                                        | 185,935                             |                                       | $                       | —                 |                               | $ | 185,935  |  | 3.39%    | 7.00%    | March 31, 2023     |
| June 30, 2020      | $                                        | 182,915                             |                                       | $                       | —                 |                               | $ | 182,915  |  | 3.76%    | 7.00%    | June 30, 2023      |
| September 30, 2020 | $                                        | 183,386                             |                                       | $                       | —                 |                               | $ | 183,386  |  | 4.33%    | 7.00%    | September 30, 2023 |
| December 31, 2020  | $                                        | —                             |                                       | $                       | —                 |                               | $ | —  |  | —% | —% | N/A            |
| March 31, 2021     | $                                        | —                             |                                       | $                       | —                 |                               | $ | —  |  | —% | —% | N/A            |
| June 30, 2021      | $                                        | —                             |                                       | $                       | —                 |                               | $ | —  |  | —% | —% | N/A            |
| Total              | $                                        | 1,020,702                           |                                       |                         | $                            | 1,020,702                |   |               |  |          |

----

|                    |                                          |                                          |                                |                         |                              |                               |       |               |                    |                   |       |               |  |  |  |  |  |  |  |  |
|--------------------|------------------------------------------|------------------------------------------|--------------------------------|-------------------------|------------------------------|-------------------------------|-------|---------------|--------------------|-------------------|-------|---------------|--|--|--|--|--|--|--|--|
| Period Ended       | ELA Reimbursement Payable to the Adviser | ELA Reimbursement Payment to the Adviser | Unreimbursed ELA Reimbursement | Operating Expense Ratio | Annualized Distribution Rate | Eligible to be Repaid Through |
| June 30, 2021      | $                                        | 144,073                             |                                | $                       | —                 |                               | $     | 144,073  |                    | 4.04%             | 8.11% | June 30, 2024 |
| September 30, 2021 | 182,198                             |                                          | —                   |                         | 182,198                 |                               | 2.97% | 7.08%         | September 30, 2024 |
| December 31, 2021  | 184,999                             |                                          | —                   |                         | $                            | 184,999                  |       | 3.00%         | 7.10%              | December 31, 2024 |
| Total              | $                                        | 511,270                             |                                |                         | $                            | 511,270                  |       |               |                    |                   |

----

|                                                  |  |                                       |                                                |               |   |               |  |  |  |  |  |  |  |  |
|--------------------------------------------------|--|---------------------------------------|------------------------------------------------|---------------|---|---------------|--|--|--|--|--|--|--|--|
|                                                  |  | Distributions                         |                                                |
| For the Six Months Ended                         |  | FLEX Class A Common Shares, per share | FLEX Class A Common Shares, Amount Distributed |               |
| December 31, 2021                                |  |                                       |                                                |               |
| July 2, 9, 16, 23, and 30, 2021                  |  | $                                     | 0.06505                                   |               | $ | 155,328  |  |  |
| August 6, 13, 20, and 27, 2021                   |  | $                                     | 0.05204                                   |               | $ | 123,740  |  |  |
| September 3, 10, 17, and 24, 2021                |  | $                                     | 0.04488                                   |               | $ | 107,115  |  |  |
| October 1, 8, 15, 22, and 29, 2021               |  | $                                     | 0.05610                                   |               | $ | 133,979  |  |  |
| November 5, 12, 19, and 26, 2021                 |  | $                                     | 0.04488                                   |               | $ | 106,670  |  |  |
| December 3, 10, 17, 24 and 31, 2021              |  | $                                     | 0.05545                                   |               | $ | 132,137  |  |  |
| Total for the Six Months Ended December 31, 2021 |  |                                       | $                                              | 758,969  |   |               |
|                                                  |  |                                       |                                                |               |
|                                                  |  | Distributions                         |                                                |
| For the Six Months Ended                         |  | FLEX Class A Common Shares, per share | FLEX Class A Common Shares, Amount Distributed |               |
| December 31, 2020                                |  |                                       |                                                |               |
| July 6, 10, 17, 24 and 31, 2020                  |  | $                                     | 0.05895                                   |               | $ | 139,125  |  |  |
| August 7, 14, 21 and 28, 2020                    |  | $                                     | 0.04716                                   |               | $ | 111,326  |  |  |
| September 4, 11, 18 and 25, 2020                 |  | $                                     | 0.05012                                   |               | $ | 119,152  |  |  |
| October 2, 9, 16, 23 and 30, 2020                |  | $                                     | 0.06265                                   |               | $ | 149,320  |  |  |
| November 6, 13, 20 and 27, 2020                  |  | $                                     | 0.05012                                   |               | $ | 119,146  |  |  |
| December 4, 11, 18 and 25, 2020                  |  | $                                     | 0.05048                                   |               | $ | 120,377  |  |  |
| Total for the Six Months Ended December 31, 2020 |  |                                       | $                                              | 758,446  |   |               |
|                                                  |  |                                       |                                                |               |

|                                  |        |                  |        |                                       |               |  |        |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|--------|------------------|--------|---------------------------------------|---------------|--|--------|--|--|--|--|--|--|--|--|--|--|
| Record Date                      |   | Payment date     |   | FLEX Class A Common Shares, per share |          |
| January 7, 14, 21, and 28, 2022  |        | February 4, 2022 |        | $                                     | 0.04436  |  |   |
| February 4, 11, 18, and 25, 2022 |        | March 4, 2022    |        | $                                     | 0.04436  |  |   |

----

|                                          |  |                      |                 |                   |                 |   |                 |  |     |  |  |  |  |  |  |  |  |
|------------------------------------------|--|----------------------|-----------------|-------------------|-----------------|---|-----------------|--|-----|--|--|--|--|--|--|--|--|
|                                          |  | Tax Year Ended       |                 |
|                                     |  | December 31, 2021(1) |                 | December 31, 2020 |                 |
| Ordinary income                          |  | $                    | 647,336    |                   |                 | $ | 315,994    |  |     |
| Return of capital                        |  | 926,844         |                 |                   | 1,232,806  |   |                 |
| Total distributions paid to stockholders |  | $                    | 1,574,180  |                   | (2)             | $ | 1,548,800  |  | (3) |

----

|                                                                 |  |                                  |               |                                  |               |   |              |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|--|----------------------------------|---------------|----------------------------------|---------------|---|--------------|--|--|--|--|--|--|--|
|                                                            |  | Tax Year Ended December 31, 2021 |               | Tax Year Ended December 31, 2020 |
| Net increase (decrease) in net assets resulting from operations |  | $                                | 483,361  |                                  |               | $ | 92,077  |  |
| Net realized (gains) losses on investments                      |  | 41,280                      |               |                                  | 845,773  |   |
| Net unrealized (gains) losses on investments                    |  | 124,952                     |               |                                  | (744,114)     |   |
| Other temporary book-to-tax differences                         |  | (359,826)                        |               |                                  | (935,070)     |   |
| Permanent differences                                           |  | 318,847                     |               |                                  | 579,507  |   |
| Taxable income (loss) before deductions for distributions       |  | $                                | 608,614  |                                  | (4)           | $ | (161,827)    |  |

----

|                                                                                                                                                             |        |                                  |                  |                           |                 |                                          |                  |          |        |           |   |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|------------------|---------------------------|-----------------|------------------------------------------|------------------|----------|--------|-----------|---|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                             |        | December 31, 2021                |
|                                                                                                                                                             |        | Investments at Amortized Cost(1) |                  | Investments at Fair Value |                 | Fair Value Percentage of Total Portfolio |
|                                                                                                                                                             |        |                                  |                  |                           |                 |                                          |
| Senior Secured Loans-First Lien                                                                                                                             |        | $                                | 29,862,308  |                           |                 | $                                        | 29,936,102  |          |        | 79   | % |
| Senior Secured Loans-Second Lien                                                                                                                            |        | 506,472                     |                  |                           | 513,717    |                                          |                  | 1   | %      |
| Senior Secured Notes                                                                                                                                        |        | 1,004,942                   |                  |                           | 1,009,159  |                                          |                  | 3   | %      |
| Structured Subordinated Notes                                                                                                                               |        | 6,274,032                   |                  |                           | 5,531,643  |                                          |                  | 15  | %      |
| Equity/Other                                                                                                                                            |        | 681,111                     |                  |                           | 682,000    |                                          |                  | 2   | %      |
| Total Portfolio Investments                                                                                                                                 |        | $                                | 38,328,865  |                           |                 | $                                        | 37,672,621  |          |        | 100  | % |
|                                                                                                                                                             |        |                                  |                  |                           |                 |                                          |
|                                                                                                                                                        |   | June 30, 2021                    |
|                                                                                                                                                        |   | Investments at Amortized Cost(1) |             | Investments at Fair Value |            | Fair Value Percentage of Total Portfolio |
|                                                                                                                                                        |   |                                  |             |                           |            |                                          |
| Senior Secured Loans-First Lien                                                                                                                             |   | $                                | 29,466,520  |                           |            | $                                        | 29,876,179  |          |   | 79   | % |
| Senior Secured Loans-Second Lien                                                                                                                            |   | 505,448                     |                  |                      | 495,856    |                                          |             | 1   | %      |
| Senior Secured Notes                                                                                                                                        |   | 973,876                     |                  |                      | 951,073    |                                          |             | 3   | %      |
| Structured Subordinated Notes                                                                                                                               |   | 6,459,535                   |                  |                      | 5,626,202  |                                          |             | 15  | %      |
| Equity/Other                                                                                                                                            |   | 681,111                     |                  |                      | 893,000    |                                          |             | 2   | %      |
| Total Portfolio Investments                                                                                                                                 |   | $                                | 38,086,490  |                           |            | $                                        | 37,842,310  |          |   | 100  | % |
|                                                                                                                                                             |        |                                  |                  |                           |                 |                                          |
|                                                                                                                                                             |        |                                  |                  |                           |                 |                                          |
| (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. |

----

|                                                   |        |                           |                  |                         |          |           |   |  |  |  |  |  |  |  |
|---------------------------------------------------|--------|---------------------------|------------------|-------------------------|----------|-----------|---|--|--|--|--|--|--|--|
|                                                   |        | December 31, 2021         |
| Industry                                          |        | Investments at Fair Value |                  | Percentage of Portfolio |
| Healthcare & Pharmaceuticals                  |        | $                         | 6,268,749   |                         |          | 17   | % |
| Structured Finance                                |        | 5,531,643            |                  |                         | 15  | %         |
| Services: Consumer                            |        | 3,897,404            |                  |                         | 10  | %         |
| Telecommunications                                |        | 3,876,781            |                  |                         | 10  | %         |
| High Tech Industries                              |        | 2,717,400            |                  |                         | 7   | %         |
| Consumer goods: Durable                       |        | 2,574,934            |                  |                         | 7   | %         |
| Media: Broadcasting & Subscription        |        | 2,000,000            |                  |                         | 6   | %         |
| Media: Diversified and Production             |        | 1,976,488            |                  |                         | 5   | %         |
| Services: Business                            |        | 1,950,488            |                  |                         | 5   | %         |
| Wholesale                                         |        | 1,906,444            |                  |                         | 5   | %         |
| Automotive                                        |        | 1,240,606            |                  |                         | 3   | %         |
| Financial                                         |        | 1,009,159            |                  |                         | 3   | %         |
| Consumer goods: Non-Durable                   |        | 995,000              |                  |                         | 3   | %         |
| Banking, Finance, Insurance & Real Estate     |        | 738,872              |                  |                         | 2   | %         |
| Media: Advertising, Printing & Publishing |        | 501,250              |                  |                         | 1   | %         |
| Beverage, Food & Tobacco                      |        | 474,936              |                  |                         | 1   | %         |
| Retail                                            |        | 12,467               |                  |                         | 0 %      |
| Total                                             |        | $                         | 37,672,621  |                         |          | 100  | % |
|                                                   |        |                           |                  |                         |
|                                              |   | June 30, 2021             |
| Industry                                          |   | Investments at Fair Value |             | Percentage of Portfolio |
| Services: Consumer                            |   | $                         | 6,562,905   |                         |     | 17   | % |
| Structured Finance                                |   | 5,626,202            |                  |                    | 15  | %         |
| Healthcare & Pharmaceuticals                  |   | 5,003,106            |                  |                    | 13  | %         |
| Telecommunications                                |   | 3,855,595            |                  |                    | 10  | %         |
| High Tech Industries                              |   | 2,235,256            |                  |                    | 6   | %         |
| Services: Business                            |   | 1,960,647            |                  |                    | 5   | %         |
| Media: Broadcasting & Subscription        |   | 1,960,000            |                  |                    | 5   | %         |
| Wholesale                                         |   | 1,930,444            |                  |                    | 5   | %         |
| Media: Diversified and Production             |   | 1,601,900            |                  |                    | 4   | %         |
| Transportation: Cargo                         |   | 1,470,870            |                  |                    | 4   | %         |
| Automotive                                        |   | 1,246,875            |                  |                    | 4   | %         |
| Consumer goods: Non-Durable                   |   | 1,003,440            |                  |                    | 3   | %         |
| Financial                                         |   | 951,073              |                  |                    | 3   | %         |
| Banking, Finance, Insurance & Real Estate     |        | 742,613              |                  |                    | 2   | %         |
| Consumer goods: Durable                       |   | 717,672              |                  |                    | 2   | %         |
| Media: Advertising, Printing & Publishing |        | 485,625              |                  |                         | 1   | %         |
| Beverage, Food & Tobacco                      |   | 477,856              |                  |                    | 1   | %         |
| Retail                                            |   | 10,231               |                  |                    | 0 %      |
| Total                                             |   | $                         | 37,842,310  |                         |     | 100  | % |
|                                                   |        |                           |                  |                         |

----

|                                  |        |                         |               |         |                 |         |                 |                 |        |        |                  |  |        |   |                  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|--------|-------------------------|---------------|---------|-----------------|---------|-----------------|-----------------|--------|--------|------------------|--|--------|---|------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                  |        | As of December 31, 2021 |
|                                  |        | Level 1                 |               | Level 2 |                 | Level 3 |                 | Total           |
| Portfolio Investments            |        |                         |               |         |                 |         |                 |                 |
| Senior Secured Loans-First Lien  |        | $                       | —  |         |                 | $       | 1,906,444  |                 |        | $      | 28,029,658  |  |        | $ | 29,936,102  |  |
| Senior Secured Loans-Second Lien |        | —            |               |         | —    |         |                 | 513,717    |        |        | 513,717     |  |
| Senior Secured Notes             |        | —            |               |         | 1,009,159  |         |                 | —    |        |        | 1,009,159   |  |
| Structured Subordinated Notes    |        | —            |               |         | —    |         |                 | 5,531,643  |        |        | 5,531,643   |  |
| Equity/Other                 |        | —            |               |         | —    |         |                 | 682,000    |        |        | 682,000     |  |
| Total Portfolio Investments      |        | $                       | —  |         |                 | $       | 2,915,603  |                 |        | $      | 34,757,018  |  |        | $ | 37,672,621  |  |
|                                  |        |                         |               |         |                 |         |                 |                 |
|                             |   | As of June 30, 2021     |
|                             |   | Level 1                 |          | Level 2 |            | Level 3 |            | Total           |
| Portfolio Investments            |   |                    |          |    |            |    |            |            |
| Senior Secured Loans-First Lien  |   | $                       | —  |         |            | $       | 6,771,040  |                 |   | $      | 23,105,139  |  |        | $ | 29,876,179  |  |
| Senior Secured Loans-Second Lien |   | —            |               |    | —    |         |            | 495,856    |        |        | 495,856     |  |
| Senior Secured Notes             |   | —            |               |    | —    |         |            | 951,073    |        |   | 951,073     |  |
| Structured Subordinated Notes    |   | —            |               |    | —    |         |            | 5,626,202  |        |        | 5,626,202   |  |
| Equity/Other                 |   | —            |               |    | —    |         |            | 893,000    |        |   | 893,000     |  |
| Total Portfolio Investments      |   | $                       | —  |         |            | $       | 6,771,040  |                 |   | $      | 31,071,270  |  |   | $ | 37,842,310  |  |
|                                  |        |                         |               |         |                 |         |                 |                 |

----

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                |        |                                                                            |                  |                                 |               |                      |               |                             |  |                  |               |        |  |               |                 |        |                 |   |               |  |        |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|------------------|---------------------------------|---------------|----------------------|---------------|-----------------------------|--|------------------|---------------|--------|--|---------------|-----------------|--------|-----------------|---|---------------|--|--------|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                |        | Non-Control/Non-Affiliate Investments (less than 5.00% voting control) |
|                                                                                                                                                                                                                                                                                                                                                           |   | SeniorSecuredLoans -First Lien                                             |                  | SeniorSecuredLoans -Second Lien |               | Senior Secured Notes |               | StructuredSubordinatedNotes |  | Equity/Other |          | Total  |
| Fair Value at June 30, 2021                                                                                                                                                                                                                                                                                                                                    |   | $                                                                          | 23,105,139  |                                 |               | $                    | 495,856  |                             |  | $                | 951,073  |        |  | $             | 5,626,202  |        |                 | $ | 893,000  |  |   | $ | 31,071,270  |  |
| Net realized gains on investments                                                                                                                                                                                                                                                                                                                              |   | —                                                               |                  |                                 | —  |                      |               | —                |  |                  | —  |        |  | —  |                 |   | —    |   |
| Net change in unrealized gains (losses) on investments                                                                                                                                                                                                                                                                                                         |   | (210,825)                                                                  |                  |                                 | 16,836   |                      |               | 22,804                 |  |                  | 90,941   |        |  | (211,000)     |                 |   | (291,244)       |   |
| Net realized and unrealized gains (losses) on investments                                                                                                                                                                                                                                                                                                      |        | (210,825)                                                                  |                  |                                 | 16,836   |                      |               | 22,804                 |  |                  | 90,941   |        |  | (211,000)     |                 |        | (291,244)       |   |
| Purchases of investments                                                                                                                                                                                                                                                                                                                                       |   | 7,241,250                                                             |                  |                                 | —  |                      |               | —                |  |                  | —  |        |  | —  |                 |   | 7,241,250  |   |
| Payment-in-kind interest                                                                                                                                                                                                                                                                                                                                       |        | —                                                               |                  |                                 | 385      |                      |               | —                |  |                  | —  |        |  | —  |                 |        | 385        |   |
| Accretion (amortization) of purchase discount and premium, net                                                                                                                                                                                                                                                                                                 |   | 134,508                                                               |                  |                                 | 640      |                      |               | 26,123                 |  |                  | (185,500)     |        |  | —  |                 |   | (24,229)        |   |
| Repayments and sales of portfolio investments                                                                                                                                                                                                                                                                                                                  |        | (7,462,845)                                                                |                  |                                 | —  |                      |               | (1,000,000)                 |  |                  | —  |        |  | —  |                 |        | (8,462,845)     |   |
| Transfers into Level 3(1)                                                                                                                                                                                                                                                                                                                                      |        | 5,965,044                                                             |                  |                                 | —  |                      |               | —                |  |                  | —  |        |  | —  |                 |        | 5,965,044  |   |
| Transfers out of Level 3(1)                                                                                                                                                                                                                                                                                                                                    |        | (742,613)                                                                  |                  |                                 | —  |                      |               | —                |  |                  | —  |        |  | —  |                 |        | (742,613)       |   |
| Fair Value at December 31, 2021                                                                                                                                                                                                                                                                                                                                |   | $                                                                          | 28,029,658  |                                 |               | $                    | 513,717  |                             |  | $                | —  |        |  | $             | 5,531,643  |        |                 | $ | 682,000  |  |   | $ | 34,757,018  |  |
|                                                                                                                                                                                                                                                                                                                                                           |   |                                                                       |                  |                            |               |                      |               |                        |  |             |          |   |
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period                                                                                                                                                                                                                                                |   | $                                                                          | (160,750)        |                                 |               | $                    | 16,836   |                             |  | $                | 22,804   |        |  | $             | 90,941     |        |                 | $ | (211,000)     |  |   | $ | (241,169)        |  |
|                                                                                                                                                                                                                                                                                                                                                                |        |                                                                            |                  |                                 |               |                      |               |                             |  |                  |               |        |
| (1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. Transfers out of Level 3 were due to increased observability of the inputs during the quarter ended December 31, 2021. Transfers into Level 3 were due to decreased observability of the inputs during the quarter ended December 31, 2021. |

----

|                                                                                                                                                                                                                                          |        |                                                                            |                  |                                 |               |                      |                 |                             |  |                  |               |        |  |               |                 |        |                 |   |               |  |        |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|------------------|---------------------------------|---------------|----------------------|-----------------|-----------------------------|--|------------------|---------------|--------|--|---------------|-----------------|--------|-----------------|---|---------------|--|--------|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                          |        | Non-Control/Non-Affiliate Investments (less than 5.00% voting control) |
|                                                                                                                                                                                                                                     |   | SeniorSecuredLoans -First Lien                                             |                  | SeniorSecuredLoans -Second Lien |               | Senior Secured Notes |                 | StructuredSubordinatedNotes |  | Equity/Other |          | Total  |
| Fair Value at June 30, 2020                                                                                                                                                                                                              |   | $                                                                          | 28,653,561  |                                 |               | $                    | 1,213,148  |                             |  | $                | 811,267  |        |  | $             | 5,198,739  |        |                 | $ | —  |  |   | $ | 35,876,715  |  |
| Net realized gains on investments                                                                                                                                                                                                        |   | —                                                               |                  |                                 | 11,050   |                      |                 | —                |  |                  | —  |        |  | —  |                 |   | 11,050     |   |
| Net change in unrealized gains (losses) on investments                                                                                                                                                                                   |   | 889,135                                                               |                  |                                 | 136,774  |                      |                 | 115,562                |  |                  | 250,190  |        |  | —  |                 |   | 1,391,661  |   |
| Net realized and unrealized gains (losses) on investments                                                                                                                                                                                |        | 889,135                                                               |                  |                                 | 147,824  |                      |                 | 115,562                |  |                  | 250,190  |        |  | —  |                 |        | 1,402,711  |   |
| Purchases of investments                                                                                                                                                                                                                 |   | 1,274,290                                                             |                  |                                 | —  |                      |                 | —                |  |                  | —  |        |  | —  |                 |   | 1,274,290  |   |
| Payment-in-kind interest                                                                                                                                                                                                                 |        | 14,971                                                                |                  |                                 | 184      |                      |                 | —                |  |                  | —  |        |  | —  |                 |        | 15,155     |   |
| Accretion (amortization) of purchase discount and premium, net                                                                                                                                                                           |   | 74,291                                                                |                  |                                 | 1,588    |                      |                 | 9,018                  |  |                  | 124,929  |        |  | —  |                 |   | 209,826    |   |
| Repayments and sales of portfolio investments                                                                                                                                                                                            |        | (624,652)                                                                  |                  |                                 | (446,250)     |                      |                 | —                |  |                  | —  |        |  | —  |                 |        | (1,070,902)     |   |
| Transfers out of Level 3(1)                                                                                                                                                                                                              |        | (4,159,604)                                                                |                  |                                 | —  |                      |                 | —                |  |                  | —  |        |  | —  |                 |        | (4,159,604)     |   |
| Fair Value at December 31, 2020                                                                                                                                                                                                          |   | $                                                                          | 26,121,992  |                                 |               | $                    | 916,494    |                             |  | $                | 935,847  |        |  | $             | 5,573,858  |        |                 | $ | —  |  |   | $ | 33,548,191  |  |
|                                                                                                                                                                                                                                     |   |                                                                       |                  |                            |               |                      |                 |                        |  |             |          |   |
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period                                                                                                                          |   | $                                                                          | 801,950     |                                 |               | $                    | 139,582    |                             |  | $                | 115,562  |        |  | $             | 250,190    |        |                 | $ | —  |  |   | $ | 1,307,284   |  |
|                                                                                                                                                                                                                                          |        |                                                                            |                  |                                 |               |                      |                 |                             |  |                  |               |        |
| (1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. Transfers out of Level 3 were due to increased observability of the inputs during the quarter ended December 31, 2020. |

|                                                                                                                 |        |                                                        |               |        |               |   |               |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|---------------|--------|---------------|---|---------------|--|--|--|--|--|--|--|
|                                                                                                                 |        | Affiliate Investments (5.00% to 24.99% voting control) |
|                                                                                                            |   | Equity/Other                                       |          | Total  |
| Fair Value at June 30, 2020                                                                                     |   | $                                                      | 786,988  |        |          | $ | 786,988  |  |
| Net realized (losses) on investments                                                                            |   | —                                           |               |   | —  |   |
| Net change in unrealized gains (losses) on investments                                                          |   | 208,012                                           |               |   | 208,012  |   |
| Net realized and unrealized gains (losses) on investments                                                       |        | 208,012                                           |               |        | 208,012  |   |
| Fair Value at December 31, 2020                                                                                 |   | $                                                      | 995,000  |        |          | $ | 995,000  |  |
|                                                                                                            |   |                                                        |          |        |
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period |   | $                                                      | 208,012  |        |          | $ | 208,012  |  |

----

|                                                                                                                                                                                                                                        |        |                  |                  |                             |                                              |                     |                          |                          |                  |                  |           |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|------------------|-----------------------------|----------------------------------------------|---------------------|--------------------------|--------------------------|------------------|------------------|-----------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                        |        |                  |                  |                             |                                              | Unobservable Inputs |
| Asset Category                                                                                                                                                                                                                         |   | Fair Value       |             | Primary Valuation Technique |                                         | Inputs              |                     | Range                    |             | Weighted Average |
|                                                                                                                                                                                                                                        |   |             |             |                        |                                         |                     |                     |                     |             |             |
| Senior Secured First Lien Debt                                                                                                                                                                                                         |   | $                | 5,004,549   |                             |                                         | Market quotes       |                     | Indicative dealer quotes |             | 81.92%-100.36%   |      | 97.12% |
| Senior Secured First Lien Debt                                                                                                                                                                                                         |        | 23,025,109  |                  |                             | Discounted Cash Flow (Yield Analysis)        |                     | Market Yield             |                          | 4.69%-7.97%      |                  | 6.25%     |
| Senior Secured Second Lien Debt                                                                                                                                                                                                        |   | 513,717     |                  |                        | Market quotes                                |                | Indicative dealer quotes |                     | 95.00%-100.63%   |             | 100.18%   |
| Equity/Other                                                                                                                                                                                                                       |   | 682,000     |                  |                        | Enterprise Value Waterfall (Market Approach) |                | EBITDA multiples (x)     |                     | 0.00x-8.50x      |             | 8.00x     |
| Subordinated Structured Notes                                                                                                                                                                                                          |   | 5,531,643   |                  |                        | Discounted Cash Flow                         |                | Discount Rate            |                     | 0.21%- 32.32%(1) |             | 18.76%(1) |
|                                                                                                                                                                                                                                        |        | $                | 34,757,018  |                             |                                              |                     |                          |                          |                  |                  |           |        |
| (1) Represents the implied discount rate based on our internally generated single-cash flows that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. |

|                                                                                                                                                                                                                                        |        |                  |                  |                             |                                              |                     |                          |                          |                  |                  |           |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|------------------|-----------------------------|----------------------------------------------|---------------------|--------------------------|--------------------------|------------------|------------------|-----------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                        |        |                  |                  |                             |                                              | Unobservable Inputs |
| Asset Category                                                                                                                                                                                                                         |   | Fair Value       |             | Primary Valuation Technique |                                         | Inputs              |                     | Range                    |             | Weighted Average |
|                                                                                                                                                                                                                                        |   |             |             |                        |                                         |                     |                     |                     |             |             |
| Senior Secured First Lien Debt                                                                                                                                                                                                         |   | $                | 1,402,784   |                             |                                         | Market quotes       |                     | Indicative dealer quotes |             | 94.85%-99.38%    |      | 96.57% |
| Senior Secured First Lien Debt                                                                                                                                                                                                         |        | 21,702,355  |                  |                             | Discounted Cash Flow (Yield Analysis)        |                     | Market Yield             |                          | 4.24%-7.64%      |                  | 5.92%     |
| Senior Secured Second Lien Debt                                                                                                                                                                                                        |   | 495,856     |                  |                        | Market quotes                                |                | Indicative dealer quotes |                     | 80.00%-97.50%    |             | 96.82%    |
| Senior Secured Notes                                                                                                                                                                                                                   |        | 951,073     |                  |                             | Discounted Cash Flow (Yield Analysis)        |                     | Market Yield             |                          | 16.5%-19.5%      |                  | 18%       |
| Equity/Other                                                                                                                                                                                                                       |   | 893,000     |                  |                        | Enterprise Value Waterfall (Market Approach) |                | EBITDA multiples (x)     |                     | 0.00x-8.50x      |             | 8.00x     |
| Subordinated Structured Notes                                                                                                                                                                                                          |   | 5,626,202   |                  |                        | Discounted Cash Flow                         |                | Discount Rate            |                     | 3.94%- 35.20%(1) |             | 23.77%(1) |
|                                                                                                                                                                                                                                        |        | $                | 31,071,270  |                             |                                              |                     |                          |                          |                  |                  |           |        |
| (1) Represents the implied discount rate based on our internally generated single-cash flows that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. |

----

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 |                  |                               |                 |      |                  |                 |   |   |                  |   |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------------|------------------|-------------------------------|-----------------|------|------------------|-----------------|---|---|------------------|---|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | Three Months Ended December 31, |                  | Six Months Ended December 31, |                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 2021                            |                  | 2020                          |                 | 2021 |                  | 2020            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 |                  |                               |                 |      |                  |                 |   |
| Per Share Data(a):                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                 |                  |                               |                 |      |                  |                 |   |
| Net asset value at beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  | 8.26                       |                  |                               | 8.34       |      |                  | 8.36       |   |   | 8.28        |   |  |
| Net investment (loss) income                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | 0.09                       |                  |                               | (0.09)          |      |                  | 0.28       |   |   | (0.07)           |   |  |
| Net realized and unrealized (losses) on investments                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  | (0.05)                          |                  |                               | 0.51       |      |                  | (0.17)          |   |   | 0.71        |   |  |
| Net increase (decrease) in net assets resulting from operations                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | 0.04                       |                  |                               | 0.42       |      |                  | 0.11       |   |   | 0.64        |   |  |
| Distributions(b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |                                 |                  |                               |                 |      |                  |                 |   |
| Return of capital distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | (0.12)                          |                  |                               | (0.13)          |      |                  | (0.19)          |   |   | (0.26)           |   |  |
| Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  | (0.04)                          |                  |                               | (0.03)          |      |                  | (0.12)          |   |   | (0.06)           |   |  |
| Total Distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  | (0.16)                          |                  |                               | (0.16)          |      |                  | (0.31)          |   |   | (0.32)           |   |  |
| Other (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  | 0.01                       |                  |                               | —    |      |                  | (0.01)          |   |   | —     |   |  |
| Net asset value at end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  | $                               | 8.15        |                               |                 | $    | 8.60        |                 |   | $ | 8.15        |   |  | $ | 8.60        |  |  |
| Total return based on net asset value (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  | 0.52                       | %                |                               | 5.12       | %    |                  | 1.27       | % |   | 7.88        | % |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 |                  |                               |                 |      |                  |                 |   |
| Supplemental Data:                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |                                 |                  |                               |                 |      |                  |                 |   |
| Net assets at end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | $                               | 19,409,709  |                               |                 | $    | 20,506,133  |                 |   | $ | 19,409,709  |   |  | $ | 20,506,133  |  |  |
| Average net assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | $                               | 19,558,967  |                               |                 | $    | 20,194,918  |                 |   | $ | 19,688,581  |   |  | $ | 19,982,746  |  |  |
| Average shares outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  | 2,383,928                  |                  |                               | 2,385,301  |      |                  | 2,384,784  |   |   | 2,373,291   |   |  |
| Ratio to average net assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |                                 |                  |                               |                 |      |                  |                 |   |
| Total annual expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  | 14.88                      | %                |                               | 21.28      | %    |                  | 14.82      | % |   | 20.76       | % |  |
| Total annual expenses (after expense limitation agreement)                                                                                                                                                                                                                                                                                                                                                                                                                                           |  | 11.10                      | %                |                               | 21.28      | %    |                  | 11.09      | % |   | 18.93       | % |  |
| Net investment (loss) income                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | 4.44                       | %                |                               | (4.03)          | %    |                  | 6.74       | % |   | (1.72)           | % |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 |                  |                               |                 |      |                  |                 |   |
| Portfolio Turnover                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | 11.91                      | %                |                               | 0.10       | %    |                  | 26.75      | % |   | 2.93        | % |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 |                  |                               |                 |      |                  |                 |   |
| (a) Calculated based on weighted average shares outstanding.                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |
| (b) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year. Distributions per share are rounded to the nearest $0.01.                                                                                                                                                                                                                                                                                      |  |
| (c)  The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the period.                                                                                                                                                                                                                                    |  |
| (d) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the period and assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. Total return has not been annualized. |  |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |                 |                  |               |                 |                  |                  |                  |            |                  |                  |   |             |               |                 |   |             |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------|------------------|---------------|-----------------|------------------|------------------|------------------|------------|------------------|------------------|---|-------------|---------------|-----------------|---|-------------|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | Year Ended      |                  | Year Ended    |                 | Year Ended       |             | Year Ended       |            | Year Ended       |                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | June 30, 2021   |                  | June 30, 2020 |                 | June 30, 2019(e) |                  | June 30, 2018(f) |            | June 30, 2018(f) |                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                 |                  |               |                 |                  |             | PWAY Class A     |            | PWAY Class I     |                  |
| Per Share Data(a):                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                 |                  |               |                 |             |             |             |            |             |                  |
| Net asset value at beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                         |  | 8.28       |                  |               | 9.88       |                  |                  | $                | 9.89  |                  |             | $ | 13.53  |               |                 | $ | 13.53  |   |               |
| Net investment (loss) income                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | (0.08)          |                  |               | 0.24       |                  |                  | 0.91        |            |             | 0.79        |   |             | 0.81     |                 |   |
| Net realized and unrealized (losses) on investments                                                                                                                                                                                                                                                                                                                                                                                                          |  | 0.82       |                  |               | (1.22)          |                  |                  | (1.11)           |            |             | (0.80)           |   |             | (0.79)        |                 |   |
| Net increase (decrease) in net assets resulting from operations                                                                                                                                                                                                                                                                                                                                                                                              |  | 0.74       |                  |               | (0.98)          |                  |                  | (0.20)           |            |             | (0.01)           |   |             | 0.02     |                 |   |
| Distributions(b)                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                 |                  |               |                 |             |             |             |            |             |                  |
| Return of capital distributions                                                                                                                                                                                                                                                                                                                                                                                                                              |  | (0.59)          |                  |               | (0.57)          |                  |                  | (0.54)           |            |             | (0.62)           |   |             | (0.62)        |                 |   |
| Distributions from net investment income                                                                                                                                                                                                                                                                                                                                                                                                                     |  | (0.06)          |                  |               | (0.15)          |                  |                  | (0.03)           |            |             | (0.24)           |   |             | (0.24)        |                 |   |
| Total Distributions                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | (0.65)          |                  |               | (0.72)          |                  |                  | (0.57)           |            |             | (0.86)           |   |             | (0.86)        |                 |   |
| Offering costs                                                                                                                                                                                                                                                                                                                                                                                                                                               |  | —    |                  |               | —    |                  |                  | 0.61        |            |             | —     |   |             | —  |                 |   |
| Other (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | (0.01)          |                  |               | 0.10       |                  |                  | 0.15        |            |             | 0.05        |   |             | 0.04     |                 |   |
| Net asset value at end of year                                                                                                                                                                                                                                                                                                                                                                                                                               |  | $               | 8.36        |               |                 | $                | 8.28        |                  |            | $                | 9.88        |   |        | $             | 12.71      |   |             | $ | 12.73    |  |  |
| Total return based on net asset value (d)                                                                                                                                                                                                                                                                                                                                                                                                                    |  | 9.03       | %                |               | (10.13)         | %                |                  | 7.52        | %          |             | 0.18        | % |             | 0.33     | %               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                 |                  |               |                 |                  |             |             |            |             |                  |
| Supplemental Data:                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                 |                  |               |                 |                  |             |             |            |             |                  |
| Net assets at end of year                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | $               | 19,947,807  |               |                 | $                | 19,558,400  |                  |            | $                | 23,410,715  |   |        | $             | 7,933,028  |   |             | $ | 420,136  |  |  |
| Average net assets                                                                                                                                                                                                                                                                                                                                                                                                                                           |  | $               | 20,055,524  |               |                 | $                | 21,234,189  |                  |            | $                | 12,536,923  |   |        | $             | 8,314,166  |   |             | $ | 439,787  |  |  |
| Average shares outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | 2,377,461  |                  |               | 2,366,005  |                  |                  | 1,297,582   |            |             | 622,683     |   |             | 32,914   |                 |   |
| Ratio to average net assets:                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                 |                  |               |                 |                  |             |             |            |             |                  |
| Total annual expenses                                                                                                                                                                                                                                                                                                                                                                                                                                        |  | 20.07      | %                |               | 16.41      | %                |                  | 23.48       | %          |             | 22.69       | % |             | 22.43    | %               |   |
| Total annual expenses (after expense support agreement/expense limitation agreement)                                                                                                                                                                                                                                                                                                                                                                     |  | 18.44      | %                |               | 13.07      | %                |                  | 9.11        | %          |             | 8.91        | % |             | 8.73     | %               |   |
| Net investment (loss) income                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | (0.93)          | %                |               | 2.67       | %                |                  | 2.15        | %          |             | 5.92        | % |             | 6.04     | %               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                 |                  |               |                 |                  |             |             |            |             |                  |
| Portfolio Turnover                                                                                                                                                                                                                                                                                                                                                                                                                                           |  | 17.83      | %                |               | 24.56%          |                  | 93.42       | %                |       | 37.42       | %                |   | 37.42  | %             |                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |                 |                  |               |                 |                  |                  |                  |            |                  |                  |
| (a) Calculated based on weighted average shares outstanding.                                                                                                                                                                                                                                                                                                                                                                                                 |
| (b) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year. Distributions per share are rounded to the nearest $0.01.                                                                                                                                                                                                                                              |
| (c)  The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the year.                                                                                                                                                                                              |
| (d) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the year and assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. |
| (e) Data presented for the year ended June 30, 2019 includes the shareholder activity of PWAY Class A and Class I shares, prior to the Merger and conversion into shares of the Company. The net asset value per share at beginning of year has been adjusted by the exchange ratio used in the Merger.                                                                                                                                                      |
| (f) The per share data and total return include the shareholder activity prior to PWAY’s conversion to an interval fund. PWAY Class A Shares include the activity for Class R shares prior to such conversion and PWAY Class I Shares include activity for PWAY Class I Shares and Class RIA shares prior to such conversion.                                                                                                                     |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                         |                 |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------------|-----------------|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Year Ended              |                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | June 30, 2017           |                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | PWAY Class R, RIA and I |                 |
| Per Share Data(a):                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                         |                 |
| Net asset value at beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                               |  | $                       | 12.81      |  |  |
| Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | 0.71               |                 |  |
| Net realized and unrealized (losses) on investments                                                                                                                                                                                                                                                                                                                                                                                                                |  | 0.68               |                 |  |
| Net increase (decrease) in net assets resulting from operations                                                                                                                                                                                                                                                                                                                                                                                                    |  | 1.39               |                 |  |
| Return of capital distributions(b)                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | (0.92)                  |                 |  |
| Offering costs                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  | 0.03               |                 |  |
| Other(c)                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  | 0.22               |                 |  |
| Net asset value, end of year or period                                                                                                                                                                                                                                                                                                                                                                                                                             |  | $                       | 13.53      |  |  |
| Total return, based on NAV(d)                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | 13.20              | %               |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                         |                 |
| Supplemental Data:                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                         |                 |
| Net assets, end of year or period                                                                                                                                                                                                                                                                                                                                                                                                                                  |  | $                       | 8,405,744  |  |  |
| Average net assets                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | $                       | 7,508,410  |  |  |
| Average shares outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | 550,843            |                 |  |
| Ratio to average net assets:                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                         |                 |
| Expenses without expense support payment                                                                                                                                                                                                                                                                                                                                                                                                                           |  | 22.05              | %               |  |
| Expenses after expense support payment                                                                                                                                                                                                                                                                                                                                                                                                                             |  | 10.52              | %               |  |
| Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | 5.19               | %               |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                         |                 |
| Portfolio turnover                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 27.54              | %               |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                         |                 |
| (a) Calculated based on weighted average shares outstanding.                                                                                                                                                                                                                                                                                                                                                                                                       |
| (b) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year or period. Distributions per share are rounded to the nearest $0.01.                                                                                                                                                                                                                                          |
| (c) The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the year or period.                                                                                                                                                                                           |
| (d) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the year or period and assumes that distributions are reinvested in accordance with the Company’s dividend reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. |

----

|                                                                                                                                                                                                                                                                                                                      |                          |                            |                                                |                                  |             |  |               |  |               |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|----------------------------|------------------------------------------------|----------------------------------|-------------|--|---------------|--|---------------|--|--|--|--|--|
| Revolving Credit Facility                                                                                                                                                                                                                                                                                            | Total Amount Outstanding | Asset Coverage per Unit(1) | Involuntary Liquidating Preference per Unit(2) | Average Market Value per Unit(2) |
| December 31, 2021                                                                                                                                                                                                                                                                                                    | $                        | 21,000,000            |                                                | $                                | 1,924  |  | —  |  | —  |  |
| September 30, 2021                                                                                                                                                                                                                                                                                                   | $                        | 21,000,000            |                                                | $                                | 1,938  |  | —  |  | —  |  |
| June 30, 2021                                                                                                                                                                                                                                                                                                        | $                        | 21,000,000            |                                                | $                                | 1,950  |  | —  |  | —  |  |
| March 31, 2021                                                                                                                                                                                                                                                                                                       | $                        | 21,000,000            |                                                | $                                | 1,971  |  | —  |  | —  |  |
| December 31, 2020                                                                                                                                                                                                                                                                                                    | $                        | 21,000,000            |                                                | $                                | 1,976  |  | —  |  | —  |  |
| September 30, 2020                                                                                                                                                                                                                                                                                                   | $                        | 21,000,000            |                                                | $                                | 1,947  |  | —  |  | —  |  |
| June 30, 2020                                                                                                                                                                                                                                                                                                        | $                        | 21,000,000            |                                                | $                                | 1,931  |  | —  |  | —  |  |
| March 31, 2020                                                                                                                                                                                                                                                                                                       | $                        | 21,000,000            |                                                | $                                | 1,914  |  | —  |  | —  |  |
| December 31, 2019                                                                                                                                                                                                                                                                                                    | $                        | 21,000,000            |                                                | $                                | 2,018  |  | —  |  | —  |  |
| September 30, 2019                                                                                                                                                                                                                                                                                                   | $                        | 15,500,000            |                                                | $                                | 2,461  |  | —  |  | —  |  |
| June 30, 2019                                                                                                                                                                                                                                                                                                        | $                        | 5,500,000             |                                                | $                                | 5,256  |  | —  |  | —  |  |
|                                                                                                                                                                                                                                                                                                                      |                          |                            |                                                |                                  |
| (1) The asset coverage ratio is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. |
| (2) This column is inapplicable.                                                                                                                                                                                                                                                                                     |

|                    |                                                                                                                                                                                                                                                           |          |                   |  |                              |              |                                                          |             |                                                       |  |             |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-------------------|--|------------------------------|--------------|----------------------------------------------------------|-------------|-------------------------------------------------------|--|-------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                    |                                                                                                                                                                                                                                                           |          | Investment Income |  | Net Investment Income (Loss) |              | Net Realized and Net Change in Unrealized (Losses) Gains |             | Net Increase (Decrease) in Net Assets from Operations |
| Quarter Ended      |                                                                                                                                                                                                                                                           | Total    | Per Share(1)      |  | Total                        | Per Share(1) |                                                          | Total       | Per Share(1)                                          |  | Total       | Per Share(1) |
|                    |                                                                                                                                                                                                                                                           |          |                   |  |                              |              |                                                          |             |                                                       |  |             |              |  |
| September 30, 2019 |                                                                                                                                                                                                                                                           | $748,644 | $0.31             |  | $150,724                     | $0.06        |                                                          | $(744,821)  | $(0.31)                                               |  | $(594,097)  | $(0.25)      |
| December 31, 2019  |                                                                                                                                                                                                                                                           | 853,848  | 0.36              |  | 50,584                       | 0.02         |                                                          | (347,245)   | (0.15)                                                |  | (296,661)   | (0.13)       |
| March 31, 2020     |                                                                                                                                                                                                                                                           | 900,371  | 0.38              |  | 219,821                      | 0.09         |                                                          | (2,566,076) | (1.09)                                                |  | (2,346,255) | (1.00)       |
| June 30, 2020      |                                                                                                                                                                                                                                                           | 839,755  | 0.35              |  | 145,913                      | 0.06         |                                                          | 773,450     | 0.32                                                  |  | 919,363     | 0.38         |
|                    |                                                                                                                                                                                                                                                           |          |                   |  |                              |              |                                                          |             |                                                       |  |             |              |
| September 30, 2020 |                                                                                                                                                                                                                                                           | $848,045 | $0.36             |  | $31,475                      | $0.01        |                                                          | $475,633    | $0.20                                                 |  | $507,108    | $0.21        |
| December 31, 2020  |                                                                                                                                                                                                                                                           | 871,095  | 0.37              |  | (203,503)                    | (0.09)       |                                                          | 1,215,336   | 0.51                                                  |  | 1,011,833   | 0.42         |
| March 31, 2021     |                                                                                                                                                                                                                                                           | 943,080  | 0.40              |  | (59,179)                     | (0.02)       |                                                          | 320,832     | 0.13                                                  |  | 261,653     | 0.11         |
| June 30, 2021      |                                                                                                                                                                                                                                                           | 849,133  | 0.36              |  | 44,992                       | 0.02         |                                                          | (74,998)    | (0.03)                                                |  | (30,007)    | (0.01)       |
|                    |                                                                                                                                                                                                                                                           |          |                   |  |                              |              |                                                          |             |                                                       |  |             |              |  |
| September 30, 2021 |                                                                                                                                                                                                                                                           | $995,544 | $0.42             |  | $446,574                     | $0.19        |                                                          | $(298,723)  | $(0.13)                                               |  | $147,851    | $0.06        |
| December 31, 2021  |                                                                                                                                                                                                                                                           | 759,779  | 0.32              |  | 217,191                      | 0.09         |                                                          | (113,341)   | (0.05)                                                |  | 103,850     | 0.04         |
|                    |                                                                                                                                                                                                                                                           |          |                   |  |                              |              |                                                          |             |                                                       |  |             |              |  |
| (1)                | Per share amounts are calculated using the weighted average number of common shares outstanding for the period presented. As such, the sum of the quarterly per share amounts above will not necessarily equal the per share amounts for the fiscal year. |

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|                                                                           |  |                                 |               |                               |                 |      |                 |                 |  |   |                 |  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------|--|---------------------------------|---------------|-------------------------------|-----------------|------|-----------------|-----------------|--|---|-----------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                           |  | Three Months Ended December 31, |               | Six Months Ended December 31, |                 |
|                                                                           |  | 2021                            |               | 2020                          |                 | 2021 |                 | 2020            |  |
| Net increase (decrease) in net assets resulting from operations           |  | $                               | 103,850  |                               |                 | $    | 1,011,833  |                 |  | $ | 251,701    |  |  | $ | 1,518,941  |  |  |
| Weighted average common shares outstanding                                |  | 2,383,928                  |               |                               | 2,385,301  |      |                 | 2,384,784  |  |   | 2,373,291  |  |  |
| Net increase (decrease) in net assets resulting from operations per share |  | $                               | 0.04     |                               |                 | $    | 0.42       |                 |  | $ | 0.11       |  |  | $ | 0.64       |  |  |

|                                  |                  |                                       |  |  |  |  |  |  |
|----------------------------------|------------------|---------------------------------------|--|--|--|--|--|--|
|                                  |                  |                                       |
| Record Date                      | Payment Date     | FLEX Class A Common Shares, per share |
| January 7, 14, 21, and 28, 2022  | February 4, 2022 | 0.04436                               |
| February 4, 11, 18, and 25, 2022 | March 4, 2022    | 0.04436                               |

----

|                |               |                                       |  |  |  |  |  |  |
|----------------|---------------|---------------------------------------|--|--|--|--|--|--|
|                |               |                                       |
| Record Date    | Payment Date  | FLEX Class A Common Shares, per share |
| March 25, 2022 | April 1, 2022 | 0.04376                               |
| April 29, 2022 | May 6, 2022   | 0.05470                               |
| May 27, 2022   | June 3, 2022  | 0.04376                               |

----

----

----

----

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|                                                                                                                                              |  |                         |                 |                                |                  |                |            |                                |                 |   |            |   |                  |  |           |   |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------------|-----------------|--------------------------------|------------------|----------------|------------|--------------------------------|-----------------|---|------------|---|------------------|--|-----------|---|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                              |  | As of December 31, 2021 |                 | As of June 30, 2021            |
|                                                                                                                                              |  | Amortized Cost          | Fair Value      | As Percent of Total Fair Value |                  | Amortized Cost | Fair Value | As Percent of Total Fair Value |
| Senior Secured Loans-First Lien                                                                                                              |  | $                       | 29,862,308      | $                              | 29,936,102  |                | 79    | %                              |                 | $ | 29,466,520 | $ | 29,876,179  |  | 79   | % |
| Senior Secured Loans-Second Lien                                                                                                             |  | 506,472                 | 513,717    |                                | 1           | %              |            | 505,448                        | 495,856    |   | 1     | % |
| Equity/Other                                                                                                                             |  | 681,111                 | 682,000    |                                | 2           | %              |            | 681,111                        | 893,000    |   | 2     | % |
| Senior Secured Notes                                                                                                                         |  | 1,004,942               | 1,009,159  |                                | 3           | %              |            | 973,876                        | 951,073    |   | 3     | % |
| Structured subordinated notes                                                                                                                |  | 6,274,032               | 5,531,643  |                                | 15          | %              |            | 6,459,535                      | 5,626,202  |   | 15    | % |
| Total                                                                                                                                        |  | $                       | 38,328,865      | $                              | 37,672,621  |                | 100   | %                              |                 | $ | 38,086,490 | $ | 37,842,310  |  | 100  | % |
|                                                                                                                                              |  |                         |                 |                                |                  |                |            |                                |
| Number of portfolio companies                                                                                                                |  | 25                      |                 |                                |                  | 24             |            |                                |
| Number of Structured subordinated notes                                                                                                      |  | 24                      |                 |                                |                  | 24             |            |                                |
|                                                                                                                                              |  |                         |                 |                                |                  |                |            |                                |
| % Variable Rate (based on fair value)(1)                                                                                                     |  | 97%                     |                 |                                |                  | 97%            |            |                                |
| % Fixed Rate (based on fair value)(1)                                                                                                        |  | 3                  | %               |                                |                  |                | 3     | %                              |                 |   |
|                                                                                                                                              |  |                         |                 |                                |                  |                |            |                                |
| % Weighted Average Yield Variable Rate (based on principal outstanding)(1)(2)                                                                |  | 6                  | %               |                                |                  |                | 6     | %                              |                 |   |
| % Weighted Average Yield Fixed Rate (based on principal outstanding)(1)                                                                      |  | 7                  | %               |                                |                  |                | 14    | %                              |                 |   |
| % Weighted Average Yield on Structured Subordinated Notes (based on cost)                                                                    |  | 13                 | %               |                                |                  |                | 18    | %                              |                 |   |
| % Weighted Average Yield on Fixed Rate Debt, Variable Rate Debt and Structured Subordinated Notes (based on cost)(3)                         |  | 7                  | %               |                                |                  |                | 9     | %                              |                 |   |
|                                                                                                                                              |  |                         |                 |                                |                  |                |            |                                |
| (1) The interest rate by type information is calculated using the Company’s debt portfolio and excludes equity investments.            |
| (2) The interest rate by type information is calculated using the Company’s debt portfolio and excludes structured subordinated notes. |
| (3) The interest rate by type information is calculated excluding the Company’s equity investments.                                    |

----

|                                                   |        |                               |                  |                         |          |                           |        |                         |   |                  |          |   |           |   |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|--------|-------------------------------|------------------|-------------------------|----------|---------------------------|--------|-------------------------|---|------------------|----------|---|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                                              |   | December 31, 2021             |
| Industry                                          |   | Investments at Amortized Cost |             | Percentage of Portfolio |          | Investments at Fair Value |   | Percentage of Portfolio |
| Healthcare & Pharmaceuticals                  |   | $                             | 6,009,518   |                         |          | 16                   | %      |                         | $ | 6,268,749   |          |   | 17   | % |
| Structured Finance                                |   | 6,274,032                |                  |                         | 16  | %                         |        | 5,531,643          |   |                  | 15  | % |
| Services: Consumer                            |   | 4,002,765                |                  |                         | 10  | %                         |        | 3,897,404          |   |                  | 10  | % |
| Telecommunications                                |   | 3,753,045                |                  |                         | 10  | %                         |        | 3,876,781          |   |                  | 10  | % |
| High Tech Industries                              |   | 2,711,901                |                  |                         | 7   | %                         |        | 2,717,400          |   |                  | 7   | % |
| Consumer goods: Durable                       |   | 2,565,335                |                  |                         | 7   | %                         |        | 2,574,934          |   |                  | 7   | % |
| Media: Broadcasting & Subscription        |   | 2,000,000                |                  |                         | 5   | %                         |        | 2,000,000          |   |                  | 6   | % |
| Media: Diversified and Production             |   | 1,970,794                |                  |                         | 5   | %                         |        | 1,976,488          |   |                  | 5   | % |
| Services: Business                            |   | 1,950,488                |                  |                         | 5   | %                         |        | 1,950,488          |   |                  | 5   | % |
| Wholesale                                         |   | 1,941,741                |                  |                         | 5   | %                         |        | 1,906,444          |   |                  | 5   | % |
| Automotive                                        |   | 1,229,695                |                  |                         | 3   | %                         |        | 1,240,606          |   |                  | 3   | % |
| Financial                                         |   | 1,004,942                |                  |                         | 3   | %                         |        | 1,009,159          |   |                  | 3   | % |
| Consumer goods: Non-Durable                   |   | 985,797                  |                  |                         | 3   | %                         |        | 995,000            |   |                  | 3   | % |
| Banking, Finance, Insurance & Real Estate     |        | 737,836                  |                  |                         | 2   | %                         |        | 738,872            |   |                  | 2   | % |
| Media: Advertising, Printing & Publishing |   | 495,768                  |                  |                         | 1   | %                         |        | 501,250            |   |                  | 1   | % |
| Beverage, Food & Tobacco                      |   | 475,750                  |                  |                         | 1   | %                         |        | 474,936            |   |                  | 1   | % |
| Retail                                            |   | 219,458                  |                  |                         | 1   | %                         |        | 12,467             |   |                  | 0 %      |
| Total                                             |   | $                             | 38,328,865  |                         |          | 100                  | %      |                         | $ | 37,672,621  |          |   | 100  | % |

|                                                   |        |                               |                  |                         |          |                           |              |                         |        |                  |          |        |           |   |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|--------|-------------------------------|------------------|-------------------------|----------|---------------------------|--------------|-------------------------|--------|------------------|----------|--------|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                                              |   | June 30, 2021                 |
| Industry                                          |   | Investments at Amortized Cost |             | Percentage of Portfolio |          | Investments at Fair Value |         | Percentage of Portfolio |
| Services: Consumer                            |   | $                             | 6,491,735   |                         |          | 17                   | %            |                         | $      | 6,562,905   |          |   | 17   | % |
| Structured Finance                                |   | 6,459,535                |                  |                         | 17  | %                         |              | 5,626,202          |        |             | 15  | %      |
| Healthcare & Pharmaceuticals                  |   | 4,531,018                |                  |                         | 12  | %                         |              | 5,003,106          |        |             | 13  | %      |
| Telecommunications                                |   | 3,740,188                |                  |                         | 10  | %                         |              | 3,855,595          |        |             | 10  | %      |
| High Tech Industries                              |   | 2,253,946                |                  |                         | 6   | %                         |              | 2,235,256          |        |             | 6   | %      |
| Services: Business                            |   | 1,960,647                |                  |                         | 5   | %                         |              | 1,960,647          |        |             | 5   | %      |
| Media: Broadcasting & Subscription        |   | 1,937,073                |                  |                         | 5   | %                         |              | 1,960,000          |        |             | 5   | %      |
| Wholesale                                         |   | 1,949,670                |                  |                         | 5   | %                         |              | 1,930,444          |        |             | 5   | %      |
| Media: Diversified and Production             |   | 1,461,047                |                  |                         | 4   | %                         |              | 1,601,900          |        |             | 4   | %      |
| Transportation: Cargo                         |   | 1,457,657                |                  |                         | 4   | %                         |              | 1,470,870          |        |             | 4   | %      |
| Automotive                                        |   | 1,234,894                |                  |                         | 3   | %                         |              | 1,246,875          |        |             | 4   | %      |
| Consumer goods: Non-Durable                   |   | 990,075                  |                  |                         | 3   | %                         |              | 1,003,440          |        |             | 3   | %      |
| Financial                                         |   | 973,876                  |                  |                         | 3   | %                         |              | 951,073            |        |             | 3   | %      |
| Banking, Finance, Insurance & Real Estate     |   | 741,476                  |                  |                         | 2   | %                         |              | 742,613            |        |             | 2   | %      |
| Consumer goods: Durable                       |        | 712,061                  |                  |                         | 2   | %                         |              | 717,672            |        |             | 2   | %      |
| Media: Advertising, Printing & Publishing |   | 495,129                  |                  |                         | 1   | %                         |              | 485,625            |        |                  | 1   | %      |
| Beverage, Food & Tobacco                      |   | 477,390                  |                  |                         | 1   | %                         |              | 477,856            |        |             | 1   | %      |
| Retail                                            |   | 219,073                  |                  |                         | 0 %      |                           | 10,231  |                         |   | 0 %              |
| Total                                             |   | $                             | 38,086,490  |                         |          | 100                  | %            |                         | $      | 37,842,310  |          |   | 100  | % |

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|                                                                                                                                                                    |        |                   |                  |               |                |                  |      |                  |               |                |                  |        |           |                  |                  |               |           |   |                  |  |               |   |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------------|---------------|----------------|------------------|------|------------------|---------------|----------------|------------------|--------|-----------|------------------|------------------|---------------|-----------|---|------------------|--|---------------|---|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                               |   | December 31, 2021 |             | June 30, 2021 |
| Level of Control                                                                                                                                                   |   | Cost              | % of Portfolio   | Fair Value(1) | % of Portfolio |             | Cost | % of Portfolio   | Fair Value(1) | % of Portfolio |
| Affiliate                                                                                                                                                          |   | $                 | —     |               | —   | %                | $    | —     |               | —   | %                |   | $         | —     |                  | —  | %         | $ | —     |  | —  | % |
| Non-Control/Non-Affiliate                                                                                                                                      |   | 38,328,865   |                  | 100      | %              | 37,672,621  |      | 100         | %             |           | 38,086,490  |        | 100  | %                | 37,842,310  |               | 100  | % |
| Total Investments                                                                                                                                                  |   | $                 | 38,328,865  |               | 100       | %                | $    | 37,672,621  |               | 100       | %                |   | $         | 38,086,490  |                  | 100      | %         | $ | 37,842,310  |  | 100      | % |
|                                                                                                                                                                    |        |                   |                  |               |                |                  |      |                  |               |                |
| (1) As of December 31, 2021 and June 30, 2021, the fair value of our investments were impacted by the uncertainty surrounding the impact of the COVID-19 pandemic. |
|                                                                                                                                                                    |

|                                               |  |                   |                  |               |                 |   |                  |  |  |  |  |  |  |  |
|-----------------------------------------------|--|-------------------|------------------|---------------|-----------------|---|------------------|--|--|--|--|--|--|--|
|                                               |  | December 31, 2021 |                  | June 30, 2021 |
| Net assets                                    |  | $                 | 19,409,709  |               |                 | $ | 19,947,807  |  |
| Shares of common stock issued and outstanding |  | 2,382,101    |                  |               | 2,386,057  |   |
| Net asset value per share                     |  | $                 | 8.15        |               |                 | $ | 8.36        |  |

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|                                  |                  |                                       |  |  |  |  |  |  |
|----------------------------------|------------------|---------------------------------------|--|--|--|--|--|--|
|                                  |                  |                                       |
| Record Date                      | Payment Date     | FLEX Class A Common Shares, per share |
| January 7, 14, 21, and 28, 2022  | February 4, 2022 | 0.04436                               |
| February 4, 11, 18, and 25, 2022 | March 4, 2022    | 0.04436                               |

|                |               |                                       |  |  |  |  |  |  |
|----------------|---------------|---------------------------------------|--|--|--|--|--|--|
|                |               |                                       |
| Record Date    | Payment Date  | FLEX Class A Common Shares, per share |
| March 25, 2022 | April 1, 2022 | 0.04376                               |
| April 29, 2022 | May 6, 2022   | 0.05470                               |
| May 27, 2022   | June 3, 2022  | 0.04376                               |

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|                                                                                                                                                                                                                                                                                                                      |                          |                            |                                                |                                  |             |  |               |  |               |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|----------------------------|------------------------------------------------|----------------------------------|-------------|--|---------------|--|---------------|--|--|--|--|--|
| Revolving Credit Facility                                                                                                                                                                                                                                                                                            | Total Amount Outstanding | Asset Coverage per Unit(1) | Involuntary Liquidating Preference per Unit(2) | Average Market Value per Unit(2) |
| December 31, 2021                                                                                                                                                                                                                                                                                                    | $                        | 21,000,000            |                                                | $                                | 1,924  |  | —  |  | —  |  |
| September 30, 2021                                                                                                                                                                                                                                                                                                   | $                        | 21,000,000            |                                                | $                                | 1,938  |  | —  |  | —  |  |
| June 30, 2021                                                                                                                                                                                                                                                                                                        | $                        | 21,000,000            |                                                | $                                | 1,950  |  | —  |  | —  |  |
| March 31, 2021                                                                                                                                                                                                                                                                                                       | $                        | 21,000,000            |                                                | $                                | 1,971  |  | —  |  | —  |  |
| December 31, 2020                                                                                                                                                                                                                                                                                                    | $                        | 21,000,000            |                                                | $                                | 1,976  |  | —  |  | —  |  |
| September 30, 2020                                                                                                                                                                                                                                                                                                   | $                        | 21,000,000            |                                                | $                                | 1,947  |  | —  |  | —  |  |
| June 30, 2020                                                                                                                                                                                                                                                                                                        | $                        | 21,000,000            |                                                | $                                | 1,931  |  | —  |  | —  |  |
| March 31, 2020                                                                                                                                                                                                                                                                                                       | $                        | 21,000,000            |                                                | $                                | 1,914  |  | —  |  | —  |  |
| December 31, 2019                                                                                                                                                                                                                                                                                                    | $                        | 21,000,000            |                                                | $                                | 2,018  |  | —  |  | —  |  |
| September 30, 2019                                                                                                                                                                                                                                                                                                   | $                        | 15,500,000            |                                                | $                                | 2,461  |  | —  |  | —  |  |
| June 30, 2019                                                                                                                                                                                                                                                                                                        | $                        | 5,500,000             |                                                | $                                | 5,256  |  | —  |  | —  |  |
|                                                                                                                                                                                                                                                                                                                      |                          |                            |                                                |                                  |
| (1) The asset coverage ratio is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. |
| (2) This column is inapplicable.                                                                                                                                                                                                                                                                                     |

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|                          |  |                 |               |                  |  |                       |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|--------------------------|--|-----------------|---------------|------------------|--|-----------------------|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
| LIBOR Basis Point Change |  | Interest Income |               | Interest Expense |  | Net Investment Income |
| Up 300 basis points      |  | $               | 788,873  |                  |  | $                     | 630,000  |  |  | $ | 158,873  |  |
| Up 200 basis points      |  | $               | 482,074  |                  |  | $                     | 420,000  |  |  | $ | 62,074   |  |
| Up 100 basis points      |  | $               | 175,275  |                  |  | $                     | 210,000  |  |  | $ | (34,725)      |  |
| Down 100 basis points    |  | $               | (11,360)      |                  |  | $                     | (43,917)      |  |  | $ | 32,557   |  |

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|                   |                                     |                  |                          |            |  |  |  |  |  |  |  |
|-------------------|-------------------------------------|------------------|--------------------------|------------|--|--|--|--|--|--|--|
| Date of Issuance  | Record Date                         | Number of Shares | Purchase Price per Share |
| August 6, 2021    | July 2, 9, 16, 23, and 30, 2021     | 9,247            | $                        | 8.33  |  |
| September 3, 2021 | August 6, 13, 20, and 27, 2021      | 7,320            | $                        | 8.33  |  |
| October 1, 2021   | September 3, 10, 17, and 24, 2021   | 6,332            | $                        | 8.33  |  |
| November 5, 2021  | October 1, 8, 15, 22, and 29, 2021  | 7,956            | $                        | 8.24  |  |
| December 3, 2021  | November 5, 12, 19, and 26, 2021    | 6,339            | $                        | 8.24  |  |
| January 7, 2022   | December 3, 10, 17, 24 and 31, 2021 | 7,861            | $                        | 8.24  |  |

Fourth Amended Articles of Incorporation(1)

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Articles Supplementary(2)

Articles Supplementary(3)

Articles of Merger of the Registrant(4)

Articles of Amendment(5)

Articles of Amendment(6)

Third Amended and Restated Bylaws(7)

Certification 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 *

Certification 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 *

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 *

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 *

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