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

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

|        |
|--------|
|        |  |  |
|   | CĪON Investment Corporation |   |
|   | (Exact name of registrant as specified in its charter) |   |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Maryland                                                      |   | 45-3058280 |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |
|                                                          |   |   |
| 3 Park Avenue, 36th FloorNew York, New York              |   | 10016 |
| (Address of principal executive offices)                      |   | (Zip Code) |

|        |
|--------|
|        |  |  |
|   | (212) 418-4700 |   |
|   | (Registrant’s telephone number, including area code) |   |
|   |   |   |
|   | Not applicable |   |
|   | (Former name, former address and former fiscal year, if changed since last report) |   |

|                     |
|---------------------|
|                     |  |  |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| None                | Not applicable | Not applicable |

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

----

----

|        |
|--------|
|        |  |  |
|   |   | Page |
|   | PART I - FINANCIAL INFORMATION |   |
|   | Item 1. Financial Statements | 1 |
|   | Consolidated Balance Sheets | 1 |
|   | Consolidated Statements of Operations | 2 |
|   | Consolidated Statements of Changes in Net Assets | 3 |
|   | Consolidated Statements of Cash Flows | 4 |
|   | Consolidated Schedules of Investments | 5 |
|   | Notes to Consolidated Financial Statements | 25 |
|   | Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 55 |
|   | Item 3. Quantitative and Qualitative Disclosures About Market Risk | 68 |
|   | Item 4. Controls and Procedures | 68 |
|   | PART II – OTHER INFORMATION |   |
|   | Item 1. Legal Proceedings | 70 |
|   | Item 1A. Risk Factors | 70 |
|   | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 72 |
|   | Item 3. Defaults Upon Senior Securities | 72 |
|   | Item 4. Mine Safety Disclosures | 72 |
|   | Item 5. Other Information | 72 |
|   | Item 6. Exhibits | 73 |
|   | Signatures | 76 |

----

|                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                               |  |  |  |  |  |  |  |  |
|                                                                                                                                                          |   | March 31,2020 |   | December 31,2019 |
|                                                                                                                                                          |   | (unaudited) |   |   |
| Assets                                                                                                                                                        |
| Investments, at fair value:                                                                                                                                   |   |  |   |  |
|      Non-controlled, non-affiliated investments (amortized cost of $1,690,015 and $1,692,879, respectively)                |   | $ | 1,516,653 |  |   | $ | 1,630,243 |  |
|      Non-controlled, affiliated investments (amortized cost of $89,622 and $88,700, respectively)                               |   | 82,411 |  |   | 89,326 |  |
|      Controlled investments (amortized cost of $43,364 and $45,497, respectively)                                                    |   | 38,556 |  |   | 45,503 |  |
|           Total investments, at fair value (amortized cost of $1,823,001 and $1,827,076, respectively) |   | 1,637,620 |  |   | 1,765,072 |  |
| Cash                                                                                                                                                          |   | 3,727 |  |   | 6,135 |  |
| Due from counterparty                                                                                                                                         |   | 5,146 |  |   | 3,281 |  |
| Interest receivable on investments                                                                                                                            |   | 16,784 |  |   | 15,261 |  |
| Receivable due on investments sold and repaid                                                                                                                 |   | 891 |  |   | 18,552 |  |
| Dividends receivable on investments                                                                                                                           |   | 1,412 |  |   | 1,106 |  |
| Prepaid expenses and other assets                                                                                                                             |   | 623 |  |   | 985 |  |
|    Total assets                                                                                                                                |   | $ | 1,666,203 |  |   | $ | 1,810,392 |  |

|                                                                                                    |
|----------------------------------------------------------------------------------------------------|
|                                                                                                    |  |  |  |  |  |  |  |  |
| Liabilities and Shareholders' Equity                                                               |
| Liabilities                                                                                        |   |   |   |   |
| Financing arrangements (net of unamortized debt issuance costs of $3,769 and $4,457, respectively) |   | $ | 803,090 |  |   | $ | 836,585 |  |
| Payable for investments purchased                                                                  |   | 21,329 |  |   | 1,568 |  |
| Accounts payable and accrued expenses                                                              |   | 1,077 |  |   | 815 |  |
| Interest payable                                                                                   |   | 2,769 |  |  | 3,163 |  |
| Accrued management fees                                                                            |   | 8,451 |  |   | 8,869 |  |
| Accrued subordinated incentive fee on income                                                       |   | 3,308 |  |   | 5,612 |  |
| Accrued administrative services expense                                                            |   | 321 |  |   | 1,217 |  |
| Total liabilities                                                                                  |   | 840,345 |  |   | 857,829 |  |
|                                                                                               |   |   |   |   |
| Commitments and contingencies (Note 4 and Note 11)                                                 |   |   |   |   |
|                                                                                               |   |   |   |   |
| Shareholders' Equity                                                                               |   |   |   |   |
| Common stock, $0.001 par value; 500,000,000 shares authorized;                                     |   |   |   |   |
| 113,313,249 and 113,381,145 shares issued and outstanding, respectively                            |   | 113 |  |   | 113 |  |
| Capital in excess of par value                                                                     |   | 1,054,913 |  |   | 1,054,913 |  |
| Accumulated distributable losses                                                                   |   | (229,168 | ) |   | (102,463 | ) |
| Total shareholders' equity                                                                         |   | 825,858 |  |   | 952,563 |  |
| Total liabilities and shareholders' equity                                                         |   | $ | 1,666,203 |  |   | $ | 1,810,392 |  |
| Net asset value per share of common stock at end of period                                         |   | $ | 7.29 |  |   | $ | 8.40 |  |

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |
|                                                                      |   | Three Months EndedMarch 31, |
|                                                                      |   | 2020 |  | 2019 |
|                                                                      |   | (unaudited) |   | (unaudited) |
| Investment income                                                         |   |   |   |   |
| Non-controlled, non-affiliated investments                                |   |   |   |   |
|      Interest income                             |   | $ | 39,421 |  |   | $ | 47,145 |  |
|      Fee income                                  |   | 604 |  |   | 298 |  |
|      Paid-in-kind interest income                |   | 1,876 |  |   | 653 |  |
|      Dividend income                             |   | 136 |  |   | 90 |  |
| Non-controlled, affiliated investments                                    |   |  |  |   |  |  |
|      Interest income                             |   | 798 |  |   | 399 |  |
|      Paid-in-kind interest income                |   | 783 |  |   | 24 |  |
|      Dividend income                             |   | 475 |  |   | 2,562 |  |
| Controlled investments                                                    |   |  |  |   |  |  |
|      Dividend income                             |   | 1,655 |  |   | — |  |
| Total investment income                                                   |   | 45,748 |  |   | 51,171 |  |
| Operating expenses                                                        |   |   |   |   |
| Management fees                                                           |   | 8,451 |  |   | 9,331 |  |
| Administrative services expense                                           |   | 394 |  |   | 497 |  |
| Subordinated incentive fee on income                                      |   | 3,308 |  |   | 5,375 |  |
| General and administrative                                                |   | 1,470 |  |   | 1,389 |  |
| Interest expense                                                          |   | 10,464 |  |   | 13,040 |  |
| Total operating expenses                                                  |   | 24,087 |  |   | 29,632 |  |
| Net investment income                                                     |   | 21,661 |  |   | 21,539 |  |
| Realized and unrealized losses                                            |   |   |   |   |
| Net realized losses on:                                                   |   |   |   |   |
|    Non-controlled, non-affiliated investments              |   | (3,983 | ) |   | (957 | ) |
|    Non-controlled, affiliated investments                  |   | (211 | ) |   | — |  |
|    Foreign currency                                        |   | (2 | ) |  | (3 | ) |
| Net realized losses                                                       |   | (4,196 | ) |   | (960 | ) |
| Net change in unrealized depreciation on:                                 |   |   |   |   |
|    Non-controlled, non-affiliated investments              |   | (110,726 | ) |   | (3,629 | ) |
|    Non-controlled, affiliated investments                  |   | (7,837 | ) |   | (421 | ) |
|    Controlled investments                                  |   | (4,814 | ) |   | — |  |
|    Foreign currency                                        |   | — |  |   | (113 | ) |
| Net change in unrealized depreciation                                     |   | (123,377 | ) |   | (4,163 | ) |
| Net realized and unrealized losses                                        |   | (127,573 | ) |   | (5,123 | ) |
| Net (decrease) increase in net assets resulting from operations           |   | $ | (105,912 | ) |   | $ | 16,416 |  |
| Per share information—basic and diluted                             |   |   |   |   |
| Net (decrease) increase in net assets per share resulting from operations |   | $ | (0.93 | ) |   | $ | 0.14 |  |
| Weighted average shares of common stock outstanding                       |   | 113,700,146 |  |   | 113,624,760 |  |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |
|                                                                         |   | Three Months EndedMarch 31, |
|                                                                         |   | 2020 |   | 2019 |
|                                                                         |   | (unaudited) |   | (unaudited) |
| Changes in net assets from operations:                                       |   |   |   |   |
| Net investment income                                                        |   | $ | 21,661 |  |   | $ | 21,539 |  |
| Net realized loss on investments                                             |   | (4,194 | ) |   | (957 | ) |
| Net realized loss on foreign currency                                        |   | (2 | ) |   | (3 | ) |
| Net change in unrealized depreciation on investments                         |   | (123,377 | ) |   | (4,050 | ) |
| Net change in unrealized depreciation on foreign currency translation        |   | — |  |   | (113 | ) |
| Net (decrease) increase in net assets resulting from operations              |   | (105,912 | ) |   | 16,416 |  |
| Changes in net assets from shareholders' distributions:                      |   |   |   |   |
| Distributions to shareholders                                                |   | (20,793 | ) |   | (20,772 | ) |
| Net decrease in net assets resulting from shareholders' distributions        |   | (20,793 | ) |   | (20,772 | ) |
| Changes in net assets from capital share transactions:                       |   |   |   |   |
| Issuance of common stock, net of issuance costs of $0 and $296, respectively |   | — |  |   | 6,220 |  |
| Reinvestment of shareholders' distributions                                  |   | 8,071 |  |   | 9,361 |  |
| Repurchase of common stock                                                   |   | (8,071 | ) |   | (9,361 | ) |
| Net increase in net assets resulting from capital share transactions         |   | — |  |   | 6,220 |  |
|                                                                         |   |   |   |   |
| Total (decrease) increase in net assets                                      |   | (126,705 | ) |   | 1,864 |  |
| Net assets at beginning of period                                            |   | 952,563 |  |   | 979,271 |  |
| Net assets at end of period                                                  |   | $ | 825,858 |  |   | $ | 981,135 |  |
| Net asset value per share of common stock at end of period                   |   | $ | 7.29 |  |   | $ | 8.65 |  |
| Shares of common stock outstanding at end of period                          |   | 113,313,249 |  |   | 113,401,873 |  |

----

|                                                                                                      |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |  |  |  |  |  |  |  |
|                                                                                                 |   | Three Months EndedMarch 31, |
|                                                                                                 |   | 2020 |  | 2019 |
|                                                                                                 |   | (unaudited) |   | (unaudited) |
| Operating activities:                                                                                |   |   |   |   |
| Net (decrease) increase in net assets resulting from operations                                      |   | $ | (105,912 | ) |   | $ | 16,416 |  |
| Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash |   |   |   |   |
|   provided by operating activities:                                                        |   |   |   |   |
| Net accretion of discount on investments                                                             |   | (5,181 | ) |   | (3,017 | ) |
| Proceeds from principal repayment of investments                                                     |   | 182,814 |  |   | 95,142 |  |
| Purchase of investments                                                                              |   | (175,631 | ) |   | (143,445 | ) |
| Paid-in-kind interest and dividends capitalized                                                      |   | (3,270 | ) |   | (3,239 | ) |
| Increase in short term investments, net                                                              |   | (27,130 | ) |   | (13,631 | ) |
| Proceeds from sale of investments                                                                    |   | 27,584 |  |   | 106,861 |  |
| Net realized loss on investments                                                                     |   | 4,194 |  |   | 957 |  |
| Net unrealized depreciation on investments                                                           |   | 123,377 |  |   | 4,050 |  |
| Amortization of debt issuance costs                                                                  |   | 687 |  |   | 828 |  |
| (Increase) decrease in due from counterparty                                                         |   | (1,865 | ) |   | — |  |
| (Increase) decrease in interest receivable on investments                                            |   | (828 | ) |   | 505 |  |
| (Increase) decrease in dividends receivable                                                          |   | (306 | ) |   | — |  |
| (Increase) decrease in receivable due on investments sold and repaid                                 |   | 17,661 |  |   | (37,605 | ) |
| (Increase) decrease in prepaid expenses and other assets                                             |   | 362 |  |   | 101 |  |
| Increase (decrease) in payable for investments purchased                                             |   | 19,761 |  |   | (3,891 | ) |
| Increase (decrease) in accounts payable and accrued expenses                                         |   | 262 |  |   | (71 | ) |
| Increase (decrease) in interest payable                                                              |   | (394 | ) |   | (264 | ) |
| Increase (decrease) in accrued management fees                                                       |   | (418 | ) |   | 23 |  |
| Increase (decrease) in accrued administrative services expense                                       |   | (896 | ) |   | (816 | ) |
| Increase (decrease) in subordinated incentive fee on income payable                                  |   | (2,304 | ) |   | 2,771 |  |
| Net cash provided by operating activities                                                            |   | 52,567 |  |   | 21,675 |  |
| Financing activities:                                                                                |   |   |   |   |
| Gross proceeds from issuance of common stock                                                         |   | — |  |   | 6,516 |  |
| Commissions and dealer manager fees paid                                                             |   | — |  |   | (296 | ) |
| Repurchase of common stock                                                                           |   | (8,071 | ) |   | (9,361 | ) |
| Shareholders' distributions paid                                                                     |   | (12,722 | ) |   | (11,411 | ) |
| Repayments under financing arrangements                                                              |   | (75,300 | ) |   | (73,500 | ) |
| Borrowings under financing arrangements                                                              |   | 41,118 |  |   | 57,500 |  |
| Debt issuance costs paid                                                                             |   | — |  |   | (1,421 | ) |
| Net cash used in financing activities                                                                |   | (54,975 | ) |   | (31,973 | ) |
| Net decrease in cash and restricted cash                                                             |   | (2,408 | ) |   | (10,298 | ) |
| Cash and restricted cash, beginning of period                                                        |   | 6,135 |  |   | 17,579 |  |
| Cash and restricted cash, end of period                                                              |   | $ | 3,727 |  |   | $ | 7,281 |  |
|                                                                                                 |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                    |   |   |   |   |
| Cash paid for interest                                                                               |   | $ | 10,161 |  |   | $ | 12,472 |  |
| Supplemental non-cash financing activities:                                                          |   |   |   |   |
| Reinvestment of shareholders' distributions                                                          |   | $ | 8,071 |  |   | $ | 9,361 |  |
| Restructuring of portfolio investment                                                                |   | $ | — |  |   | $ | 2,200 |  |

----

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                   |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Senior Secured First Lien Debt - 154.3%                                                |   |   |   |   |   |   |   |   |   |   |
| Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022(o)                                   |   | 1 Month LIBOR |   | Retail |   | $ | 14,191 |  |   | $ | 12,765 |  |   | $ | 13,127 |  |
| Adams Publishing Group, LLC, L+750, 1.75% LIBOR Floor, 7/2/2023(o)(q)                  |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 13,238 |  |   | 13,138 |  |   | 12,708 |  |
| Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023(o)                 |   | 3 Month LIBOR |   | Capital Equipment |   | 11,550 |  |   | 11,550 |  |   | 10,049 |  |
| Adapt Laser Acquisition, Inc., 0.50% Unfunded, 12/31/2023                              |   | None |   | Capital Equipment |   | 2,000 |  |   | — |  |   | (260 | ) |
| Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(p)                 |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 9,850 |  |   | 9,689 |  |   | 8,225 |  |
| AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(p)                                |   | 3 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 5,347 |  |   | 5,290 |  |   | 4,251 |  |
| Alchemy US Holdco 1, LLC, L+550, 10/10/2025(j)(p)                                      |   | 1 Month LIBOR |   | Construction & Building |   | 13,215 |  |   | 13,063 |  |   | 11,695 |  |
| Allen Media, LLC, L+550, 0.00% LIBOR Floor, 2/10/2027(p)(q)                            |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 25,000 |  |   | 25,000 |  |   | 22,625 |  |
| ALM Media, LLC, L+650, 1.00% LIBOR Floor, 11/25/2024(o)(q)                             |   | 1 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 19,750 |  |   | 19,378 |  |   | 18,960 |  |
| AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025(r)   |   | 3 Month LIBOR |   | Services: Business |   | 9,975 |  |   | 9,921 |  |   | 9,476 |  |
| AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025      |   | 3 Month LIBOR |   | Services: Business |   | 995 |  |   | 998 |  |   | 946 |  |
| AMCP Staffing Intermediate Holdings III, LLC, 0.50% Unfunded, 9/24/2025                |   | None |   | Services: Business |   | 603 |  |   | (3 | ) |   | (30 | ) |
| American Clinical Solutions LLC, 7.00%, 12/31/2022                                     |   | None |   | Healthcare & Pharmaceuticals |   | 3,500 |  |   | 3,403 |  |   | 3,080 |  |
| American Clinical Solutions LLC, 2.00%, 12/31/2022(x)                                  |   | None |   | Healthcare & Pharmaceuticals |   | 6,030 |  |   | 4,346 |  |   | 1,658 |  |
| American Media, LLC, L+775, 0.00% LIBOR Floor, 12/31/2023(o)                           |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 12,952 |  |   | 12,696 |  |   | 12,563 |  |
| American Media, LLC, L+775, 0.00% LIBOR Floor, 12/31/2023                              |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 1,532 |  |   | 1,539 |  |   | 1,486 |  |
| American Media, LLC, 0.50% Unfunded, 12/31/2023                                        |   | None |   | Media: Advertising, Printing & Publishing |   | 170 |  |   | (40 | ) |   | (5 | ) |
| American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(o)(p)(r) |   | 3 Month LIBOR |   | Telecommunications |   | 19,540 |  |   | 18,626 |  |   | 14,655 |  |
| Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(q)                                 |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 4,988 |  |   | 4,911 |  |   | 4,838 |  |
| Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024(o)(x)       |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 12,263 |  |   | 12,114 |  |   | 11,252 |  |
| Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024             |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 833 |  |   | 833 |  |   | 812 |  |
| Anthem Sports & Entertainment Inc., 0.50% Unfunded, 9/9/2024                       |   | None |   | Media: Diversified & Production |   | 1,333 |  |   | — |  |   | (33 | ) |
| APC Automotive Technologies, LLC, L+500, 1.00% LIBOR Floor, 5/10/2025(p)(q)            |   | 3 Month LIBOR |   | Automotive |   | 8,901 |  |   | 8,575 |  |   | 7,677 |  |
| APC Automotive Technologies, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024(p)(t)(x)         |   | 3 Month LIBOR |   | Automotive |   | 2,773 |  |   | 2,624 |  |   | 153 |  |
| APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(p)                              |   | 1 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 10,827 |  |   | 10,738 |  |   | 10,394 |  |
| Ascent Resources - Marcellus, LLC, L+650, 1.00% LIBOR Floor, 3/30/2023(p)              |   | 1 Month LIBOR |   | Energy: Oil & Gas |   | 712 |  |   | 712 |  |   | 712 |  |
| Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(p)(q)             |   | 1 Month LIBOR |   | Construction & Building |   | 14,652 |  |   | 14,152 |  |   | 12,985 |  |
| Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(p)                     |   | 3 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 9,875 |  |   | 9,701 |  |   | 8,838 |  |
| Bi-Lo, LLC, L+800, 1.00% LIBOR Floor, 5/31/2024(p)(q)                                  |   | 3 Month LIBOR |   | Retail |   | 18,864 |  |   | 18,127 |  |   | 18,204 |  |
| BK Medical Holding Company, Inc., L+525, 1.00% LIBOR Floor, 6/22/2024(q)               |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 5,000 |  |   | 4,953 |  |   | 4,850 |  |
| Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023(q)(r)                     |   | 3 Month LIBOR |   | Aerospace & Defense |   | 31,980 |  |   | 31,728 |  |   | 29,741 |  |
| Cardinal US Holdings, Inc., L+500, 1.00% LIBOR Floor, 7/31/2023(p)                     |   | 3 Month LIBOR |   | Services: Business |   | 8,288 |  |   | 7,920 |  |   | 7,252 |  |
| CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(p)(r)                        |   | 1 Month LIBOR |   | Transportation: Cargo |   | 16,278 |  |   | 16,200 |  |   | 13,022 |  |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                 |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021(p)(r)              |   | 1 Month LIBOR |   | Services: Consumer |   | 19,365 |  |   | 19,371 |  |   | 15,076 |  |
| Charming Charlie LLC, 20.00%, 5/15/2020(t)(u)                                        |   | None |   | Retail |   | 777 |  |   | 657 |  |   | 404 |  |
| Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(t)(u)(x)                  |   | 1 Month LIBOR |   | Retail |   | 2,936 |  |   | — |  |   | — |  |
| Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(t)(u)(x)                  |   | 1 Month LIBOR |   | Retail |   | 3,595 |  |   | — |  |   | — |  |
| CHC Solutions Inc., 12.00%, 7/20/2023(x)                                             |   | None |   | Healthcare & Pharmaceuticals |   | 7,422 |  |   | 7,422 |  |   | 7,200 |  |
| CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(q)(r)(y)              |   | 1 Month LIBOR |   | Hotel, Gaming & Leisure |   | 17,896 |  |   | 17,749 |  |   | 16,643 |  |
| CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(y)                    |   | 1 Month LIBOR |   | Hotel, Gaming & Leisure |   | 2,424 |  |   | 2,424 |  |   | 2,254 |  |
| CircusTrix Holdings, LLC, 1.00% Unfunded, 12/16/2021                                 |   | None |   | Hotel, Gaming & Leisure |   | 2,898 |  |   | — |  |   | (203 | ) |
| Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023                     |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 1,020 |  |   | 980 |  |   | 990 |  |
| Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023                     |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 414 |  |   | 414 |  |   | 401 |  |
| Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(o)(q)(r)                       |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 30,000 |  |   | 29,709 |  |   | 28,800 |  |
| Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2025                                |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 250 |  |   | 248 |  |   | 240 |  |
| Coyote Buyer, LLC, 0.50% Unfunded, 2/6/2025                                          |   | None |   | Chemicals, Plastics & Rubber |   | 2,250 |  |   | (23 | ) |   | (90 | ) |
| Crown Subsea Communications Holdings, Inc., L+600, 0.00% LIBOR Floor, 11/2/2025(p)   |   | 1 Month LIBOR |   | Capital Equipment |   | 4,581 |  |   | 4,503 |  |   | 4,352 |  |
| David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(x)                          |   | 3 Month LIBOR |   | Retail |   | 710 |  |   | 600 |  |   | 630 |  |
| Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(j)(o)(u)(x) |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 23,985 |  |   | 23,984 |  |   | 25,543 |  |
| DMT Solutions Global Corp., L+700, 0.00% LIBOR Floor, 7/2/2024(p)(r)                 |   | 3 Month LIBOR |   | Services: Business |   | 18,250 |  |   | 17,838 |  |   | 16,790 |  |
| Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(r)                 |   | 6 Month LIBOR |   | Beverage, Food & Tobacco |   | 14,738 |  |   | 14,488 |  |   | 14,222 |  |
| Entertainment Studios P&A LLC, 6.35%, 5/18/2037(l)                               |   | None |   | Media: Diversified & Production |   | 14,448 |  |   | 14,346 |  |   | 13,437 |  |
| Entertainment Studios P&A LLC, 5.00%, 5/18/2037(l)                               |   | None |   | Media: Diversified & Production |   | — |  |   | — |  |   | 1,656 |  |
| EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(p)(r)                |   | 1 Month LIBOR |   | Capital Equipment |   | 27,375 |  |   | 27,150 |  |   | 25,185 |  |
| ES Chappaquiddick LLC, 10.00%, 5/18/2022                                             |   | None |   | Media: Diversified & Production |   | 925 |  |   | 925 |  |   | 946 |  |
| Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(h)(q)        |   | 6 Month LIBOR |   | High Tech Industries |   | 10,050 |  |   | 9,832 |  |   | 6,784 |  |
| Extreme Reach, Inc., L+750, 0.00% LIBOR Floor, 3/29/2024(q)                          |   | 1 Month LIBOR |   | Media: Diversified & Production |   | 16,809 |  |   | 16,739 |  |   | 16,137 |  |
| Extreme Reach, Inc., L+750, 0.00% LIBOR Floor, 3/29/2024(q)                          |   | 1 Month LIBOR |   | Media: Diversified & Production |   | 1,744 |  |   | 1,736 |  |   | 1,674 |  |
| F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022(t)(u)(x)                        |   | 1 Month LIBOR |   | Media: Diversified & Production |   | 1,185 |  |   | 1,125 |  |   | — |  |
| Flavors Holdings Inc., L+575, 1.00% LIBOR Floor, 4/3/2020(o)(q)                      |   | 3 Month LIBOR |   | Consumer Goods: Non-Durable |   | 13,388 |  |   | 13,384 |  |   | 13,288 |  |
| Foundation Consumer Healthcare, LLC, L+550, 1.00% LIBOR Floor, 11/2/2023(o)(q)(r)    |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 40,799 |  |   | 40,511 |  |   | 40,595 |  |
| Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023                       |   | None |   | Healthcare & Pharmaceuticals |   | 4,211 |  |   | (19 | ) |   | (21 | ) |
| Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(h)(o)(r)                |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 30,000 |  |   | 29,801 |  |   | 28,463 |  |
| Geo Parent Corp., L+525, 0.00% LIBOR Floor, 12/19/2025(p)                            |   | 1 Month LIBOR |   | Services: Business |   | 14,850 |  |   | 14,720 |  |   | 14,033 |  |
| Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024(o)(q)          |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 17,370 |  |   | 17,263 |  |   | 16,328 |  |
| Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024                |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 550 |  |   | 550 |  |   | 517 |  |
| Geon Performance Solutions, LLC, 0.50% Unfunded, 10/25/2024                          |   | None |   | Chemicals, Plastics & Rubber |   | 2,037 |  |   | — |  |   | (122 | ) |
| Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(p)(r)             |   | 3 Month LIBOR |   | Services: Business |   | 12,969 |  |   | 12,928 |  |   | 9,013 |  |

----

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                      |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(p)                                    |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 4,737 |  |   | 4,638 |  |   | 4,275 |  |
| Hilliard, Martinez & Gonzales, LLP, L+1800, 2.00% LIBOR Floor, 12/17/2022(x)          |   | 1 Month LIBOR |   | Services: Consumer |   | 15,098 |  |   | 14,964 |  |   | 14,834 |  |
| Homer City Generation, L.P., L+1100, 1.00% LIBOR Floor, 4/5/2023(o)(t)                    |   | 3 Month LIBOR |   | Energy: Oil & Gas |   | 14,407 |  |   | 13,916 |  |   | 7,564 |  |
| HUMC Holdco, LLC, 9.00%, 6/26/2020                                                        |   | None |   | Healthcare & Pharmaceuticals |   | 10,000 |  |   | 9,988 |  |   | 9,600 |  |
| Hummel Station LLC, L+600, 1.00% LIBOR Floor, 10/27/2022(p)                               |   | 1 Month LIBOR |   | Energy: Oil & Gas |   | 9,736 |  |   | 9,458 |  |   | 9,030 |  |
| Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(o)       |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 9,975 |  |   | 9,786 |  |   | 9,127 |  |
| Independent Pet Partners Intermediate Holdings, LLC, L+900, 1.00% LIBOR Floor, 11/19/2023 |   | 3 Month LIBOR |   | Retail |   | 12,553 |  |   | 12,465 |  |   | 11,486 |  |
| Independent Pet Partners Intermediate Holdings, LLC, 1.00% Unfunded, 11/19/2023           |   | None |   | Retail |   | 7,363 |  |   | (74 | ) |   | (626 | ) |
| Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/23/2022(o)                       |   | 1 Month LIBOR |   | Services: Business |   | 6,820 |  |   | 6,708 |  |   | 6,820 |  |
| InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(p)(q)(r)                               |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 15,716 |  |   | 15,703 |  |   | 13,987 |  |
| Instant Web, LLC, L+650, 1.00% LIBOR Floor, 12/15/2022(o)(q)(r)                           |   | 1 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 37,683 |  |   | 37,613 |  |   | 34,668 |  |
| Instant Web, LLC, L+650, 1.00% LIBOR Floor, 12/15/2022                                    |   | 1 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 2,704 |  |   | 2,704 |  |   | 2,555 |  |
| Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(p)                       |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 13,673 |  |   | 13,563 |  |   | 7,520 |  |
| Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(q)            |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 11,780 |  |   | 11,694 |  |   | 11,161 |  |
| Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023(r)                                 |   | 1 Month LIBOR |   | Telecommunications |   | 13,630 |  |   | 13,630 |  |   | 13,494 |  |
| Jenny C Acquisition, Inc., L+1050, 0.00% LIBOR Floor, 10/1/2024(o)(x)                     |   | 6 Month LIBOR |   | Services: Consumer |   | 9,906 |  |   | 9,822 |  |   | 8,887 |  |
| JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(p)                           |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 15,940 |  |   | 15,643 |  |   | 11,955 |  |
| KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(t)(x)                  |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 7,719 |  |   | 7,032 |  |   | 1,467 |  |
| KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(t)(x)                  |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 4,337 |  |   | — |  |   | — |  |
| KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(p)(r)(t)                          |   | 6 Month LIBOR |   | Consumer Goods: Durable |   | 8,238 |  |   | 7,969 |  |   | 4,613 |  |
| Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 12/29/2020(q)                        |   | 1 Month LIBOR |   | High Tech Industries |   | 3,441 |  |   | 3,435 |  |   | 3,407 |  |
| Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 12/29/2020(h)                      |   | 1 Month EURIBOR |   | High Tech Industries |   | € | 3,619 |  |   | 4,058 |  |   | 3,952 |  |
| LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024(o)(q)                       |   | 3 Month LIBOR |   | Services: Business |   | 19,814 |  |   | 19,572 |  |   | 18,105 |  |
| LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024(q)                          |   | 3 Month LIBOR |   | Services: Business |   | 4,276 |  |   | 4,221 |  |   | 3,907 |  |
| LAV Gear Holdings, Inc., 1.00% Unfunded, 4/7/2021                                         |   | None |   | Services: Business |   | 864 |  |   | (8 | ) |   | (75 | ) |
| LD Intermediate Holdings, Inc., L+588, 1.00% LIBOR Floor, 12/9/2022(j)(p)                 |   | 3 Month LIBOR |   | High Tech Industries |   | 11,516 |  |   | 11,291 |  |   | 11,199 |  |
| LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(o)                                |   | 1 Month LIBOR |   | Capital Equipment |   | 9,975 |  |   | 9,683 |  |   | 9,676 |  |
| Lift Brands, Inc., L+700, 1.00% LIBOR Floor, 4/16/2023(o)(q)(r)(x)                        |   | 3 Month LIBOR |   | Services: Consumer |   | 43,403 |  |   | 42,776 |  |   | 36,893 |  |
| Lift Brands, Inc., L+700, 1.00% LIBOR Floor, 4/16/2023                                    |   | 3 Month LIBOR |   | Services: Consumer |   | 2,500 |  |   | 2,500 |  |   | 2,125 |  |
| Lift Brands, Inc., 1.00% Unfunded, 4/16/2023                                              |   | None |   | Services: Consumer |   | 2,500 |  |   | — |  |   | (375 | ) |
| Longview Power, LLC, L+600, 1.00% LIBOR Floor, 4/13/2021(o)(t)                            |   | 3 Month LIBOR |   | Energy: Oil & Gas |   | 17,745 |  |   | 16,454 |  |   | 8,695 |  |
| Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023(o)                           |   | 1 Month LIBOR |   | Retail |   | 3,431 |  |   | 3,431 |  |   | 3,396 |  |
| Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023                              |   | 1 Month LIBOR |   | Retail |   | 1,115 |  |   | 1,115 |  |   | 1,104 |  |
| Manna Pro Products, LLC, 1.00% Unfunded, 5/31/2021                                        |   | None |   | Retail |   | 4,413 |  |   | — |  |   | (44 | ) |
| Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(o)(r)                               |   | 3 Month LIBOR |   | Services: Business |   | 22,310 |  |   | 22,310 |  |   | 21,418 |  |
| Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023                                     |   | 3 Month LIBOR |   | Services: Business |   | 3,000 |  |   | 3,000 |  |   | 2,880 |  |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                 |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Mimeo.com, Inc., 0.25% Unfunded, 12/21/2020                                          |   | None |   | Services: Business |   | 10,000 |  |   | — |  |   | (400 | ) |
| Moss Holding Company, L+625, 1.00% LIBOR Floor, 4/17/2023(o)(q)                      |   | 3 Month LIBOR |   | Services: Business |   | 19,657 |  |   | 19,430 |  |   | 18,477 |  |
| Moss Holding Company, 6.25% Unfunded, 4/17/2023                                      |   | None |   | Services: Business |   | 106 |  |   | — |  |   | (6 | ) |
| Moss Holding Company, 0.50% Unfunded, 4/17/2023                                      |   | None |   | Services: Business |   | 2,126 |  |   | — |  |   | (128 | ) |
| Moxie Patriot LLC, L+575, 1.00% LIBOR Floor, 12/19/2020(p)                           |   | 3 Month LIBOR |   | Energy: Oil & Gas |   | 9,774 |  |   | 9,768 |  |   | 9,371 |  |
| Murray Energy Corp., L+725, 1.00% LIBOR Floor, 10/17/2022(t)                         |   | 3 Month LIBOR |   | Metals & Mining |   | 3,574 |  |   | 3,572 |  |   | 384 |  |
| Murray Energy Corp., L+1100, 2.00% LIBOR Floor, 7/29/2020                            |   | 1 Month LIBOR |   | Metals & Mining |   | 662 |  |   | 646 |  |   | 600 |  |
| NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(q)(r)                |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 14,664 |  |   | 14,569 |  |   | 14,224 |  |
| One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(p)                              |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 3,901 |  |   | 3,749 |  |   | 3,628 |  |
| Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(q)(r)                             |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 19,950 |  |   | 19,950 |  |   | 19,850 |  |
| Palmetto Solar, LLC, 12.00%, 12/12/2024                                              |   | None |   | High Tech Industries |   | 4,979 |  |   | 4,699 |  |   | 4,655 |  |
| Palmetto Solar, LLC, 0.75% Unfunded, 12/12/2021                                      |   | None |   | High Tech Industries |   | 15,021 |  |   | — |  |   | (976 | ) |
| PFS Holding Corp., L+350, 1.00% LIBOR Floor, 1/31/2021(p)                            |   | 3 Month LIBOR |   | Retail |   | 3,097 |  |   | 2,815 |  |   | 2,795 |  |
| PH Beauty Holdings III. Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(p)                 |   | 6 Month LIBOR |   | Consumer Goods: Non-Durable |   | 4,875 |  |   | 4,834 |  |   | 4,485 |  |
| Pixelle Specialty Solutions LLC, L+650, 1.00% LIBOR Floor, 10/31/2024(p)             |   | 1 Month LIBOR |   | Forest Products & Paper |   | 20,644 |  |   | 20,220 |  |   | 19,818 |  |
| Plano Molding Company, LLC, L+750, 1.00% LIBOR Floor, 5/12/2021(o)                   |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 5,995 |  |   | 5,969 |  |   | 5,680 |  |
| Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(o)(p)                   |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 19,750 |  |   | 19,424 |  |   | 16,195 |  |
| Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026(p)                |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 19,838 |  |   | 19,478 |  |   | 18,846 |  |
| Rhino Energy LLC, L+1000, 1.00% LIBOR Floor, 12/27/2022(r)                           |   | 1 Month LIBOR |   | Metals & Mining |   | 10,043 |  |   | 9,825 |  |   | 9,240 |  |
| SCIH Salt Intermediate Holdings Inc., L+450, 1.00% LIBOR Floor, 3/16/2027            |   | 3 Month LIBOR |   | Metals & Mining |   | 10,000 |  |   | 9,900 |  |   | 9,200 |  |
| Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(p)          |   | 6 Month LIBOR |   | Telecommunications |   | 3,980 |  |   | 2,931 |  |   | 3,865 |  |
| SEK Holding Co LLC, L+1150, 0.00% LIBOR Floor, 3/14/2022(o)(x)                       |   | 1 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 15,552 |  |   | 15,301 |  |   | 14,164 |  |
| Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(o)(q)                          |   | None |   | Healthcare & Pharmaceuticals |   | 8,954 |  |   | 8,888 |  |   | 7,969 |  |
| SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(o)(u)(x)                              |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 15,319 |  |   | 15,095 |  |   | 14,361 |  |
| Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(p)                       |   | 1 Month LIBOR |   | Retail |   | 9,925 |  |   | 9,092 |  |   | 9,429 |  |
| Sorenson Communications, LLC, L+650, 0.00% LIBOR Floor, 4/30/2024(j)(p)              |   | 3 Month LIBOR |   | Telecommunications |   | 14,144 |  |   | 13,722 |  |   | 13,278 |  |
| Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)    |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 12,623 |  |   | 12,616 |  |   | 11,487 |  |
| Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)(x) |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 1,043 |  |   | 1,043 |  |   | 991 |  |
| Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)(x) |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 557 |  |   | 493 |  |   | 507 |  |
| Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(p)             |   | 6 Month LIBOR |   | High Tech Industries |   | 9,975 |  |   | 9,772 |  |   | 8,903 |  |
| Teladoc, Inc., 0.50% Unfunded, 7/14/2020                                             |   | None |   | High Tech Industries |   | 1,250 |  |   | (4 | ) |   | — |  |
| Telestream Holdings Corp., L+645, 1.00% LIBOR Floor, 3/24/2022(k)(o)                 |   | 3 Month LIBOR |   | High Tech Industries |   | 8,746 |  |   | 8,656 |  |   | 8,484 |  |
| Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021(o)(q)                             |   | 3 Month LIBOR |   | Capital Equipment |   | 28,080 |  |   | 27,835 |  |   | 28,080 |  |
| Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021                                     |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 12,980 |  |   | 12,686 |  |   | 12,850 |  |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                              |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| The Pasha Group, L+750, 1.00% LIBOR Floor, 1/26/2023(q)                           |   | 2 Month LIBOR |   | Transportation: Cargo |   | 5,451 |  |   | 5,348 |  |   | 5,369 |  |
| The Pay-O-Matic Corp., L+900, 0.00% LIBOR Floor, 4/5/2021(g)(o)                   |   | 3 Month LIBOR |   | Services: Consumer |   | 9,037 |  |   | 9,004 |  |   | 8,857 |  |
| Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(h)                  |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 12,974 |  |   | 12,949 |  |   | 12,017 |  |
| Volta Charging, LLC, 12.00%, 6/19/2024                                            |   | None |   | Media: Diversified & Production |   | 10,000 |  |   | 10,000 |  |   | 10,000 |  |
| Volta Charging, LLC, 12.00%, 6/19/2024                                            |   | None |   | Media: Diversified & Production |   | 6,150 |  |   | 6,117 |  |   | 6,150 |  |
| Volta Charging, LLC, 0.00% Unfunded, 6/19/2021(s)                                 |   | None |   | Media: Diversified & Production |   | 5,850 |  |   | — |  |   | — |  |
| West Dermatology Management Holdings, LLC, L+600, 0.00% LIBOR Floor, 2/11/2025(q) |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 9,503 |  |   | 9,412 |  |   | 9,123 |  |
| West Dermatology Management Holdings, LLC, L+600, 0.00% LIBOR Floor, 2/11/2025    |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 1,657 |  |   | 1,642 |  |   | 1,591 |  |
| West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022              |   | None |   | Healthcare & Pharmaceuticals |   | 8,840 |  |   | (42 | ) |   | (354 | ) |
| Winebow Holdings, Inc., L+375, 1.00% LIBOR Floor, 7/1/2021(j)(q)                  |   | 1 Month LIBOR |   | Beverage, Food & Tobacco |   | 5,984 |  |   | 5,528 |  |   | 5,371 |  |
| Wok Holdings Inc., L+650, 0.00% LIBOR Floor, 3/1/2026(p)                          |   | 6 Month LIBOR |   | Beverage, Food & Tobacco |   | 12,870 |  |   | 12,710 |  |   | 10,441 |  |
| Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022(r)                          |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 9,267 |  |   | 9,267 |  |   | 9,151 |  |
| Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022                             |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 559 |  |   | 559 |  |   | 552 |  |
| Total Senior Secured First Lien Debt                                              |   |   |   |   |   |   |   | 1,396,530 |  |   | 1,274,325 |  |
| Senior Secured Second Lien Debt - 24.3%                                           |   |   |   |   |   |   |   |   |   |   |
| 1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022(o)(q)                     |   | 6 Month LIBOR |   | High Tech Industries |   | 13,800 |  |   | 13,636 |  |   | 13,179 |  |
| Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/2026(q)                           |   | 3 Month LIBOR |   | Services: Business |   | 17,250 |  |   | 17,129 |  |   | 15,956 |  |
| Albany Molecular Research, Inc., L+700, 1.00% LIBOR Floor, 8/30/2025(o)           |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 10,000 |  |   | 9,847 |  |   | 9,563 |  |
| American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022(o)        |   | 3 Month LIBOR |   | Construction & Building |   | 5,180 |  |   | 5,148 |  |   | 4,850 |  |
| Carestream Health, Inc., L+950, 1.00% LIBOR Floor, 6/7/2021(q)(x)                 |   | 6 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 10,689 |  |   | 10,689 |  |   | 10,048 |  |
| Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(x)               |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 2,081 |  |   | 2,081 |  |   | 1,977 |  |
| Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024                        |   | 3 Month LIBOR |   | Construction & Building |   | 1,504 |  |   | 1,504 |  |   | 1,428 |  |
| Deluxe Entertainment Services Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(p)(u)(x)  |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 10,077 |  |   | 9,872 |  |   | 8,503 |  |
| EagleTree-Carbide Acquisition Corp., L+850, 1.00% LIBOR Floor, 8/28/2025(o)(q)    |   | 3 Month LIBOR |   | Consumer Goods: Durable |   | 25,000 |  |   | 24,705 |  |   | 24,250 |  |
| Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(h)(p)(t)  |   | 3 Month LIBOR |   | High Tech Industries |   | 9,999 |  |   | 7,886 |  |   | 1,800 |  |
| Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(q)                    |   | 3 Month LIBOR |   | Telecommunications |   | 11,500 |  |   | 11,316 |  |   | 10,925 |  |
| LSCS Holdings, Inc., L+825, 0.00% LIBOR Floor, 3/16/2026(o)                       |   | 3 Month LIBOR |   | Services: Business |   | 11,891 |  |   | 11,662 |  |   | 9,513 |  |
| Medical Solutions Holdings, Inc., L+838, 1.00% LIBOR Floor, 6/16/2025(o)          |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 10,000 |  |   | 9,881 |  |   | 9,400 |  |
| MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(r)                    |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 6,750 |  |   | 6,692 |  |   | 5,805 |  |
| Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(o)(q)                    |   | 2 Month LIBOR |   | Services: Business |   | 7,000 |  |   | 6,946 |  |   | 6,650 |  |
| Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(h)(p)                          |   | 1 Month EURIBOR |   | Chemicals, Plastics & Rubber |   | € | 7,489 |  |   | 7,991 |  |   | 8,137 |  |
| Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(o)(y)         |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 13,500 |  |   | 13,425 |  |   | 11,138 |  |
| PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(o)                |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 10,000 |  |   | 9,868 |  |   | 8,750 |  |
| PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022(t)                         |   | 3 Month LIBOR |   | Retail |   | 4,998 |  |   | 4,155 |  |   | — |  |
| Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(x)             |   | 3 Month LIBOR |   | Telecommunications |   | 3,158 |  |   | 3,055 |  |   | 1,184 |  |

----

|                                                                                                      |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                                 |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025                             |   | 1 Month LIBOR |   | Telecommunications |   | 2,942 |  |   | 2,916 |  |   | 2,424 |  |
| TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025(o)                                       |   | 1 Month LIBOR |   | Services: Business |   | 13,393 |  |   | 13,132 |  |   | 11,116 |  |
| Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(o)(t)                                     |   | 1 Month LIBOR |   | Beverage, Food & Tobacco |   | 12,823 |  |   | 12,594 |  |   | 8,014 |  |
| Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(q)                                       |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 15,000 |  |   | 14,876 |  |   | 13,200 |  |
| Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023(o)(q)                                              |   | 3 Month LIBOR |   | High Tech Industries |   | 3,445 |  |   | 3,401 |  |   | 3,355 |  |
| Total Senior Secured Second Lien Debt                                                                |   |  |   |   |   |   |   | 234,407 |  |   | 201,165 |  |
| Collateralized Securities and Structured Products - Equity - 1.3%                                    |   |   |   |   |   |   |   |   |   |   |
| APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h)                               |   | (f) |   | Diversified Financials |   | 9,000 |  |   | 3,671 |  |   | 2,088 |  |
| CENT CLO 19 Ltd. Subordinated Notes, 0.00% Estimated Yield, 10/29/2025(h)                            |   | (f) |   | Diversified Financials |   | 2,000 |  |   | 1,163 |  |   | 85 |  |
| Galaxy XV CLO Ltd. Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h)                   |   | (f) |   | Diversified Financials |   | 4,000 |  |   | 2,175 |  |   | 777 |  |
| Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) |   | (f) |   | Diversified Financials |   | 10,000 |  |   | 9,277 |  |   | 8,022 |  |
| Total Collateralized Securities and Structured Products - Equity                                     |   |   |   |   |   |   |   | 16,286 |  |   | 10,972 |  |
| Unsecured Debt - 0.6%                                                                                |   |   |   |   |   |   |   |   |   |   |
| WPLM Acquisition Corp., 15.00%, 11/24/2025(x)                                                        |   | None |   | Media: Advertising, Printing & Publishing |   | 5,000 |  |   | 4,905 |  |   | 4,800 |  |
| Total Unsecured Debt                                                                                 |   |   |   |   |   |   |   | 4,905 |  |   | 4,800 |  |
| Equity - 10.9%                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(s)                            |   |   |   | Media: Diversified & Production |   | 769 Units |  |   | 205 |  |   | 95 |  |
| Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(s)                            |   |   |   | Media: Diversified & Production |   | 135 Units |  |   | — |  |   | — |  |
| Anthem Sports and Entertainment Inc., Common Stock Warrants(s)                                       |   |   |   | Media: Diversified & Production |   | 2,508 Units |  |   | — |  |   | — |  |
| Ascent Resources - Marcellus, LLC, Common Shares(s)                                                  |   |   |   | Energy: Oil & Gas |   | 511,255 Units |  |   | 1,642 |  |   | 495 |  |
| Ascent Resources - Marcellus, LLC, Warrants(s)                                                       |   |   |   | Energy: Oil & Gas |   | 132,367 Units |  |   | 13 |  |   | 2 |  |
| Avaya Holdings Corp., Common Stock(i)(p)(s)                                                          |   |   |   | Telecommunications |   | 321,260 Units |  |   | 5,285 |  |   | 2,599 |  |
| BCP Great Lakes Fund LP, Partnership Interests (31.7% ownership)(h)(v)                               |   |   |   | Diversified Financials |   | N/A |  |   | 12,075 |  |   | 10,884 |  |
| CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(w)                                |   |   |   | Healthcare & Pharmaceuticals |   | 2,727,273 Units |  |   | 5,274 |  |   | 4,500 |  |
| CION SOF Funding, LLC, Membership Interests (87.5% ownership)(h)(v)                                  |   |   |   | Diversified Financials |   | N/A |  |   | 31,289 |  |   | 27,672 |  |
| Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(u)(w)                                 |   |   |   | Healthcare & Pharmaceuticals |   | 12,677,833 Units |  |   | 13,690 |  |   | 13,877 |  |
| Conisus Holdings, Inc., Common Stock(s)(u)                                                           |   |   |   | Healthcare & Pharmaceuticals |   | 4,914,556 Units |  |   | 200 |  |   | 2,991 |  |
| Country Fresh Holdings, LLC, Common Stock(s)                                                         |   |   |   | Beverage, Food & Tobacco |   | 2,985 Units |  |   | 5,249 |  |   | 1,417 |  |
| David's Bridal, Inc., Series A Preferred Stock(s)                                                    |   |   |   | Retail |   | 1,396 Units |  |   | 140 |  |   | 143 |  |
| David's Bridal, Inc., Series B Preferred Stock(s)                                                    |   |   |   | Retail |   | 4,183 Units |  |   | 410 |  |   | 104 |  |
| David's Bridal, Inc., Common Stock(s)                                                                |   |   |   | Retail |   | 39,423 Units |  |   | — |  |   | — |  |
| David's Bridal, Inc., Reallocation Rights(s)                                                         |   |   |   | Retail |   | 7,500 Units |  |   | — |  |   | — |  |
| Dayton HoldCo, LLC, Common Stock(s)                                                                  |   |   |   | Construction & Building |   | 37,264 Units |  |   | 4,136 |  |   | 4,913 |  |
| DESG Holdings, Inc., Common Stock(j)(p)(s)(u)                                                        |   |   |   | Media: Diversified & Production |   | 1,268,143 Units |  |   | 13,662 |  |   | 13,671 |  |
| HDNet Holdco LLC, Preferred Unit Call Option(s)                                                      |   |   |   | Media: Diversified & Production |   | 1 Unit |  |   | — |  |   | — |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                            |   |   |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(s) |   |   |   | Retail |   | 1,000,000 Units |   | 1,000 |  |   | 800 |  |
| Independent Pet Partners Intermediate Holdings, LLC, Warrants(s)                |   |   |   | Retail |   | 155,880 Units |   | — |  |   | — |  |
| Mooregate ITC Acquisition, LLC, Class A Units(s)                                |   |   |   | High Tech Industries |   | 500 Units |   | 563 |  |   | 68 |  |
| Mount Logan Capital Inc., Common Stock(h)(i)(s)(u)                              |   |   |   | Banking, Finance, Insurance & Real Estate |   | 980,284 Units |   | 3,335 |  |   | 2,091 |  |
| NS NWN Acquisition, LLC, Voting Units(s)                                        |   |   |   | High Tech Industries |   | 346 Units |   | 393 |  |   | 443 |  |
| NS NWN Acquisition, LLC, Class A Preferred Units(s)                             |   |   |   | High Tech Industries |   | 111 Units |   | 111 |  |   | 331 |  |
| NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(s)                         |   |   |   | Consumer Goods: Durable |   | 1,575 Units |   | 1,000 |  |   | 218 |  |
| Palmetto Solar, LLC, Warrants(s)                                                |   |   |   | High Tech Industries |   | 346,694 Units |   | 295 |  |   | 170 |  |
| Rhino Energy LLC, Warrants(s)                                                   |   |   |   | Metals & Mining |   | 170,972 Units |   | 280 |  |   | 13 |  |
| SIMR Parent, LLC, Class B Common Units(s)(u)                                    |   |   |   | Healthcare & Pharmaceuticals |   | 12,283,000 Units |   | 8,002 |  |   | 970 |  |
| Spinal USA, Inc. / Precision Medical Inc., Warrants(s)                          |   |   |   | Healthcare & Pharmaceuticals |   | 14,181,915 Units |   | 5,806 |  |   | — |  |
| Tenere Inc., Warrants(s)                                                        |   |   |   | Capital Equipment |   | N/A |   | 161 |  |   | 1,234 |  |
| Total Equity                                                                    |   |   |   |   |   |   |   | 114,216 |  |   | 89,701 |  |
| Short Term Investments - 6.9%(m)                                                |   |   |   |   |   |   |   |   |   |   |
| First American Treasury Obligations Fund, Class Z Shares, 0.28%(n)              |   |   |   |   |   |   |   | 56,657 |  |   | 56,657 |  |
| Total Short Term Investments                                                    |   |   |   |   |   |   |   | 56,657 |  |   | 56,657 |  |
| TOTAL INVESTMENTS - 198.3%                                                      |   |   |   |   |   |   |   | $ | 1,823,001 |  |   | 1,637,620 |  |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (98.3%)                                 |   |   |   |   |   |   |   |   |   | (811,762 | ) |
| NET ASSETS - 100%                                                               |   |   |   |   |   |   |   |   |   | $ | 825,858 |  |

|    |                                                                                                                                                                                                                                                                                                                                                                                    |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | All of the Company’s investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940, as amended, or the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note x. below, investments do not contain a paid-in-kind, or PIK, interest provision. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b. | The 1, 2, 3, and 6 month London Interbank Offered Rate, or LIBOR, rates were 0.99%, 1.26%, 1.45%, and 1.18%, respectively, as of March 31, 2020.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2020, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2020. The 1 month Euro Interbank Offered Rate, or EURIBOR, rate was (0.39%) as of March 31, 2020. |
|    |                                                                                                                                                          |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | Fair value determined in good faith by the Company’s board of directors (see Note 9) using significant unobservable inputs unless otherwise noted. |
|    |                                                                                |
|----|--------------------------------------------------------------------------------|
| d. | Represents amortized cost for debt securities and cost for equity investments. |
|    |                                                     |
|----|-----------------------------------------------------|
| e. | Denominated in U.S. dollars unless otherwise noted. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| f. | The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized. |
|    |                                                                                                                                                                                                                                                                  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| g. | As a result of an arrangement between the Company and the other lenders in the syndication, the Company is entitled to less interest than the stated interest rate of this loan, which is reflected in this schedule, in exchange for a higher payment priority. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| h. | The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of March 31, 2020, 92.5% of the Company’s total assets represented qualifying assets. |
|    |                                             |
|----|---------------------------------------------|
| i. | Fair value determined using level 1 inputs. |
|    |                                                                    |
|----|--------------------------------------------------------------------|
| j. | Position or a portion thereof unsettled as of March 31, 2020. |
|    |                                                                                                                                                                                                                                                                                                                                   |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| k. | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional amounts as a result of an arrangement between the Company and the other lenders in the syndication in exchange for a lower payment priority. |
|    |                                                                                                                                                                                                        |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| l. | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts. |
|    |                                                                                                                                                                  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| m. | Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. |

----

|    |                                                       |
|----|-------------------------------------------------------|
| n. | 7-day effective yield as of March 31, 2020. |
|    |                                                                                                                                                                                                                                                                                                                                                      |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| o. | Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of March 31, 2020 (see Note 8). |
|    |                                                                                                                                                                                                                                                                                                                                        |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| p. | Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Flatiron Funding II, LLC, or Flatiron Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with Citibank, N.A., or Citibank, as of March 31, 2020 (see Note 8). |
|    |                                                                                                                                                                                                                                                                                                                                      |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| q. | Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of March 31, 2020 (see Note 8). |
|    |                                                                                                                                                                                                                                                                                                                               |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| r. | Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 33rd Street Funding, LLC, or 33rd Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with Morgan Stanley N.A., or MS, as of March 31, 2020 (see Note 8). |
|    |                                |
|----|--------------------------------|
| s. | Non-income producing security. |
|    |                                                                                                |
|----|------------------------------------------------------------------------------------------------|
| t. | Investment or a portion thereof was on non-accrual status as of March 31, 2020. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| u. | Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2019 and March 31, 2020, along with transactions during the three months ended March 31, 2020 in these affiliated investments, are as follows: |

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                              |   |   |   | Three Months Ended March 31, 2020 |   |   |   | Three Months Ended March 31, 2020 |
| Non-Controlled, Affiliated Investments                                  |   | Fair Value atDecember 31, 2019 |   | GrossAdditions(Cost)(1) |   | GrossReductions(Cost)(2) |   | Net Unrealized Gain (Loss) |   | Fair Value at March 31, 2020 |   | Net Realized Gain (Loss) |   | InterestIncome(3) |   | Dividend Income |
|     Charming Charlie, LLC                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan B1           |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
|         First Lien Term Loan B2           |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (1 | ) |   | — |  |
|         Vendor Payment Financing Facility |   | 472 |  |   | 7 |  |   | (104 | ) |   | 29 |  |   | 404 |  |   | — |  |   | 7 |  |   | — |  |
|     Conisus Holdings, Inc.                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Series B Preferred Stock(w)       |   | 13,270 |  |   | 475 |  |   | — |  |   | 132 |  |   | 13,877 |  |   | — |  |   | — |  |   | 475 |  |
|         Common Stock                      |   | 1,426 |  |   | — |  |   | — |  |   | 1,565 |  |   | 2,991 |  |   | — |  |   | — |  |   | — |  |
|     DESG Holdings, Inc.                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan              |   | 28,978 |  |   | 329 |  |   | — |  |   | (3,764 | ) |   | 25,543 |  |   | — |  |   | 505 |  |   | — |  |
|         Second Lien Term Loan             |   | 9,717 |  |   | 196 |  |   | — |  |   | (1,410 | ) |   | 8,503 |  |   | — |  |   | 270 |  |   | — |  |
|         Common Stock                      |   | 14,763 |  |   | — |  |   | — |  |   | (1,092 | ) |   | 13,671 |  |   | — |  |   | — |  |   | — |  |
|     F+W Media, Inc.                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan B-1          |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|     Mount Logan Capital Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Common Stock                      |   | 2,505 |  |   | — |  |   | — |  |   | (414 | ) |   | 2,091 |  |   | — |  |   | — |  |   | — |  |
|     SIMR, LLC                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan              |   | 14,205 |  |   | 242 |  |   | — |  |   | (86 | ) |   | 14,361 |  |   | — |  |   | 800 |  |   | — |  |
|     SIMR Parent, LLC                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Class B Common Units              |   | 3,980 |  |   | — |  |   | — |  |   | (3,010 | ) |   | 970 |  |   | — |  |   | — |  |   | — |  |
|     Petroflow Energy Corp.                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan              |   | 10 |  |   | — |  |   | (223 | ) |   | 213 |  |   | — |  |   | (211 | ) |   | — |  |   | — |  |
|     Totals                                                    |   | $ | 89,326 |  |   | $ | 1,249 |  |   | $ | (327 | ) |   | $ | (7,837 | ) |   | $ | 82,411 |  |   | $ | (211 | ) |   | $ | 1,581 |  |   | $ | 475 |  |

|     |                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. |
|     |                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. |

----

|     |                                         |
|-----|-----------------------------------------|
| (3) | Includes PIK interest income. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| v. | Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2019 and March 31, 2020, along with transactions during the three months ended March 31, 2020 in these controlled investments are as follows: |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 |   |   |   | Three Months Ended March 31, 2020 |   |   |   | Three Months Ended March 31, 2020 |
| Controlled Investments                                               |   | Fair Value atDecember 31, 2019 |   | GrossAdditions(Cost)(1) |   | GrossReductions(Cost)(2) |   | Net UnrealizedGain (Loss) |   | Fair Value atMarch 31, 2020 |   | Net RealizedGain (Loss) |   | InterestIncome(3) |   | Dividend Income |
|     BCP Great Lakes Fund LP                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Membership Interests |   | $ | 14,238 |  |   | $ | 87 |  |   | $ | (2,220 | ) |   | $ | (1,221 | ) |   | $ | 10,884 |  |   | $ | — |  |   | $ | — |  |   | $ | 243 |  |
|     CION SOF Funding, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Membership Interests |   | 31,265 |  |   | — |  |   | — |  |   | (3,593 | ) |   | 27,672 |  |   | — |  |   | — |  |   | 1,412 |  |
|     Totals                                       |   | $ | 45,503 |  |   | $ | 87 |  |   | $ | (2,220 | ) |   | $ | (4,814 | ) |   | $ | 38,556 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,655 |  |

|     |                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. |
|     |                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. |
|     |                                         |
|-----|-----------------------------------------|
| (3) | Includes PIK interest income. |
|    |                                                                                                                                                                                                            |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| w. | For the three months ended March 31, 2020, non-cash dividend income of $475 and $135 was recorded on the Company's investment in Conisus Holdings, Inc. and CHC Medical Partners, Inc., respectively. |

----

|    |                                                                                                                                                                                                                                             |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| x. | For the three months ended March 31, 2020, the following investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities: |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |
|                                      |   |   |   | Interest Rate |
| Portfolio Company                         |   | Investment Type |   | Cash |   | PIK |   | All-in-Rate |
| American Clinical Solutions LLC           |   | Senior Secured First Lien Debt |   | — |   | 2.00% |   | 2.00% |
| Anthem Sports & Entertainment Inc.    |   | Senior Secured First Lien Debt |   | 8.20% |   | 2.75% |   | 10.95% |
| APC Automotive Technologies, LLC          |   | Senior Secured First Lien Debt |   | 5.38% |   | 1.34% |   | 6.72% |
| Carestream Health, Inc.                   |   | Senior Secured Second Lien Debt |   | 10.57% |   | 1.00% |   | 11.57% |
| Charming Charlie, LLC                     |   | Senior Secured First Lien Debt |   | 7.05% |   | 5.00% |   | 12.05% |
| Charming Charlie, LLC                     |   | Senior Secured First Lien Debt |   | 3.05% |   | 9.00% |   | 12.05% |
| CHC Solutions Inc.                        |   | Senior Secured First Lien Debt |   | 8.00% |   | 4.00% |   | 12.00% |
| Country Fresh Holdings, LLC               |   | Senior Secured Second Lien Debt |   | — |   | 9.95% |   | 9.95% |
| David's Bridal, LLC                       |   | Senior Secured First Lien Debt |   | 1.00% |   | 6.65% |   | 7.65% |
| Deluxe Entertainment Services, Inc.       |   | Senior Secured First Lien Debt |   | 6.45% |   | 1.50% |   | 7.95% |
| Deluxe Entertainment Services, Inc.       |   | Senior Secured Second Lien Debt |   | 7.45% |   | 2.50% |   | 9.95% |
| F+W Media, Inc.                           |   | Senior Secured First Lien Debt |   | — |   | 8.21% |   | 8.21% |
| Hilliard, Martinez & Gonzales, LLP    |   | Senior Secured First Lien Debt |   | — |   | 20.00% |   | 20.00% |
| Jenny C Acquisition, Inc.                 |   | Senior Secured First Lien Debt |   | — |   | 12.56% |   | 12.56% |
| KLO Intermediate Holdings, LLC            |   | Senior Secured First Lien Debt |   | — |   | 9.38% |   | 9.38% |
| Lift Brands, Inc.                         |   | Senior Secured First Lien Debt |   | 8.45% |   | 1.00% |   | 9.45% |
| Premiere Global Services, Inc.            |   | Senior Secured Second Lien Debt |   | 0.50% |   | 10.85% |   | 11.35% |
| SEK Holding Co LLC                        |   | Senior Secured First Lien Debt |   | 9.00% |   | 3.50% |   | 12.50% |
| SIMR, LLC                                 |   | Senior Secured First Lien Debt |   | 12.00% |   | 7.00% |   | 19.00% |
| Spinal USA, Inc. / Precision Medical Inc. |   | Senior Secured First Lien Debt |   | — |   | 10.47% |   | 10.47% |
| WPLM Acquisition Corp.                    |   | Unsecured Note |   | — |   | 15.00% |   | 15.00% |

|    |                                                                                                                                                                     |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| y. | Due to an amendment between the Company and the borrower subsequent to March 31, 2020, the borrower paid all interest amounts accrued as of March 31, 2020 in-kind. |

----

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                      |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Senior Secured First Lien Debt - 141.9%                                                   |   |   |   |   |   |   |   |   |   |   |
| Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022(p)                                      |   | 1 Month LIBOR |   | Retail |   | $ | 14,236 |  |   | $ | 12,656 |  |   | $ | 11,815 |  |
| ACProducts, Inc., L+550, 0.00% LIBOR Floor, 2/15/2024(p)                                  |   | 1 Month LIBOR |   | Construction & Building |   | 4,906 |  |   | 4,693 |  |   | 4,900 |  |
| Adams Publishing Group, LLC, L+750, 1.00% LIBOR Floor, 7/2/2023(o)(q)                     |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 13,353 |  |   | 13,245 |  |   | 13,286 |  |
| Adams Publishing Group, LLC, 0.38% Unfunded, 7/2/2020(o)                                  |   | None |   | Media: Advertising, Printing & Publishing |   | 1,600 |  |   | — |  |   | (8 | ) |
| Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023(o)                    |   | 3 Month LIBOR |   | Capital Equipment |   | 11,640 |  |   | 11,640 |  |   | 10,956 |  |
| Adapt Laser Acquisition, Inc., 0.50% Unfunded, 12/31/2023                                 |   | None |   | Capital Equipment |   | 2,000 |  |   | — |  |   | (118 | ) |
| Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(p)                    |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 9,875 |  |   | 9,706 |  |   | 9,357 |  |
| AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(p)                                   |   | 3 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 5,382 |  |   | 5,322 |  |   | 5,005 |  |
| Alchemy US Holdco 1, LLC, L+550,10/10/2025(p)                                             |   | 1 Month LIBOR |   | Construction & Building |   | 7,800 |  |   | 7,697 |  |   | 7,685 |  |
| Allen Media Broadcasting LLC, L+625, 1.00% LIBOR Floor, 7/3/2024(o)(q)                    |   | 2 Month LIBOR |   | Media: Diversified & Production |   | 24,688 |  |   | 24,070 |  |   | 25,058 |  |
| Allen Media, LLC, L+650, 1.00% LIBOR Floor, 8/30/2023(o)(p)(q)(r)                         |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 67,124 |  |   | 65,820 |  |   | 67,795 |  |
| ALM Media, LLC, L+650, 1.00% LIBOR Floor, 11/25/2024(o)(q)                                |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 20,000 |  |   | 19,607 |  |   | 19,600 |  |
| AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025(r)      |   | 3 Month LIBOR |   | Services: Business |   | 10,000 |  |   | 9,943 |  |   | 9,950 |  |
| AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025         |   | 3 Month LIBOR |   | Services: Business |   | 539 |  |   | 539 |  |   | 536 |  |
| AMCP Staffing Intermediate Holdings III, LLC, 0.50% Unfunded, 9/24/2025                   |   | None |   | Services: Business |   | 1,059 |  |   | — |  |   | (5 | ) |
| American Clinical Solutions LLC, 7.00%, 12/31/2022                                        |   | None |   | Healthcare & Pharmaceuticals |   | 3,500 |  |   | 3,395 |  |   | 3,395 |  |
| American Clinical Solutions LLC, 2.00%, 12/31/2022(x)                                     |   | None |   | Healthcare & Pharmaceuticals |   | 6,000 |  |   | 4,192 |  |   | 4,192 |  |
| American Media, LLC, L+775, 0.00% LIBOR Floor, 12/31/2023(o)                              |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 15,471 |  |   | 15,146 |  |   | 15,316 |  |
| American Media, LLC, L+775, 0.00% LIBOR Floor, 12/31/2023                                 |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 1,574 |  |   | 1,539 |  |   | 1,559 |  |
| American Media, LLC, 0.50% Unfunded, 12/31/2023                                           |   | None |   | Media: Advertising, Printing & Publishing |   | 128 |  |   | — |  |   | (1 | ) |
| American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(o)(p)(q)(r) |   | 3 Month LIBOR |   | Telecommunications |   | 19,549 |  |   | 18,570 |  |   | 11,631 |  |
| Analogic Corp., L+600, 1.00% LIBOR Floor, 6/21/2024(q)(r)                                 |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 24,321 |  |   | 23,928 |  |   | 24,078 |  |
| Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024(o)(x)          |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 12,624 |  |   | 12,470 |  |   | 12,498 |  |
| Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024                |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 833 |  |   | 833 |  |   | 833 |  |
| Anthem Sports & Entertainment Inc., 0.50% Unfunded, 9/9/2024                          |   | None |   | Media: Diversified & Production |   | 1,333 |  |   | — |  |   | — |  |
| APC Automotive Technologies, LLC, L+500, 1.00% LIBOR Floor, 5/10/2025(p)(q)               |   | 3 Month LIBOR |   | Automotive |   | 8,892 |  |   | 8,551 |  |   | 8,692 |  |
| APC Automotive Technologies, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024(p)(q)               |   | 3 Month LIBOR |   | Automotive |   | 2,780 |  |   | 2,624 |  |   | 1,321 |  |
| APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(p)                                 |   | 1 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 10,827 |  |   | 10,735 |  |   | 10,773 |  |
| Ascent Resources - Marcellus, LLC, L+650, 1.00% LIBOR Floor, 3/30/2023                    |   | 1 Month LIBOR |   | Energy: Oil & Gas |   | 712 |  |   | 712 |  |   | 673 |  |
| Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(p)                   |   | 1 Month LIBOR |   | Construction & Building |   | 10,738 |  |   | 10,599 |  |   | 9,973 |  |
| Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(p)                        |   | 3 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 9,900 |  |   | 9,719 |  |   | 9,745 |  |
| Bi-Lo, LLC, L+800, 1.00% LIBOR Floor, 5/31/2024(p)(q)                                     |   | 2 Month LIBOR |   | Retail |   | 12,864 |  |   | 12,535 |  |   | 12,639 |  |
| Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023(q)(r)                        |   | 3 Month LIBOR |   | Aerospace & Defense |   | 30,685 |  |   | 30,430 |  |   | 30,378 |  |
| Cardinal US Holdings, Inc., L+500, 1.00% LIBOR Floor, 7/31/2023(p)                        |   | 3 Month LIBOR |   | Services: Business |   | 8,309 |  |   | 7,915 |  |   | 8,226 |  |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                               |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(p)(r)                    |   | 1 Month LIBOR |   | Transportation: Cargo |   | 16,410 |  |   | 16,327 |  |   | 14,687 |  |
| Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021(p)(r)            |   | 1 Month LIBOR |   | Services: Consumer |   | 19,416 |  |   | 19,424 |  |   | 16,892 |  |
| Charming Charlie LLC, 20.00%, 5/15/2020(t)(u)                                      |   | None |   | Retail |   | 845 |  |   | 754 |  |   | 472 |  |
| Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(t)(u)(x)                |   | 1 Month LIBOR |   | Retail |   | 2,936 |  |   | — |  |   | — |  |
| Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(t)(u)(x)                |   | 1 Month LIBOR |   | Retail |   | 3,595 |  |   | — |  |   | — |  |
| CHC Solutions Inc., 12.00%, 7/20/2023(x)                                           |   | None |   | Healthcare & Pharmaceuticals |   | 7,347 |  |   | 7,347 |  |   | 7,347 |  |
| CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(q)(r)               |   | 1 Month LIBOR |   | Hotel, Gaming & Leisure |   | 17,896 |  |   | 17,728 |  |   | 17,538 |  |
| CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021                     |   | 1 Month LIBOR |   | Hotel, Gaming & Leisure |   | 2,424 |  |   | 2,424 |  |   | 2,375 |  |
| CircusTrix Holdings, LLC, 1.00% Unfunded, 12/16/2021                               |   | None |   | Hotel, Gaming & Leisure |   | 2,892 |  |   | — |  |   | (58 | ) |
| Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023                   |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 694 |  |   | 653 |  |   | 694 |  |
| Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023                   |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 414 |  |   | 413 |  |   | 414 |  |
| Country Fresh Holdings, LLC, 1.00% Unfunded, 4/29/2023                             |   | None |   | Beverage, Food & Tobacco |   | 327 |  |   | — |  |   | — |  |
| Crown Subsea Communications Holdings, Inc., L+600, 0.00% LIBOR Floor, 11/2/2025(p) |   | 1 Month LIBOR |   | Capital Equipment |   | 5,788 |  |   | 5,685 |  |   | 5,781 |  |
| David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(x)                        |   | 3 Month LIBOR |   | Retail |   | 698 |  |   | 584 |  |   | 698 |  |
| Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(j)(u)(x)  |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 23,656 |  |   | 23,656 |  |   | 28,978 |  |
| DMT Solutions Global Corp., L+700, 0.00% LIBOR Floor, 7/2/2024(p)(r)               |   | 6 Month LIBOR |   | Services: Business |   | 18,500 |  |   | 18,061 |  |   | 18,038 |  |
| Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(r)               |   | 6 Month LIBOR |   | Beverage, Food & Tobacco |   | 14,775 |  |   | 14,518 |  |   | 14,332 |  |
| Entertainment Studios P&A LLC, 6.35%, 5/18/2037(l)                             |   | None |   | Media: Diversified & Production |   | 14,448 |  |   | 14,346 |  |   | 13,942 |  |
| Entertainment Studios P&A LLC, 5.00%, 5/18/2037(l)                             |   | None |   | Media: Diversified & Production |   | — |  |   | — |  |   | 2,381 |  |
| EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(p)(r)              |   | 1 Month LIBOR |   | Capital Equipment |   | 27,750 |  |   | 27,512 |  |   | 26,918 |  |
| ES Chappaquiddick LLC, 10.00%, 5/18/2022                                           |   | None |   | Media: Diversified & Production |   | 925 |  |   | 925 |  |   | 937 |  |
| Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(h)(p)      |   | 3 Month LIBOR |   | High Tech Industries |   | 10,077 |  |   | 9,810 |  |   | 7,860 |  |
| Extreme Reach, Inc., L+750, 0.00% LIBOR Floor, 3/29/2024(q)                        |   | 1 Month LIBOR |   | Media: Diversified & Production |   | 17,126 |  |   | 17,047 |  |   | 17,040 |  |
| Extreme Reach, Inc., 0.50% Unfunded, 3/29/2024                                     |   | None |   | Media: Diversified & Production |   | 1,744 |  |   | (1 | ) |   | (9 | ) |
| F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022(t)(u)(x)                      |   | 1 Month LIBOR |   | Media: Diversified & Production |   | 1,176 |  |   | 1,125 |  |   | — |  |
| Flavors Holdings Inc., L+575, 1.00% LIBOR Floor, 4/3/2020(o)(q)                    |   | 3 Month LIBOR |   | Consumer Goods: Non-Durable |   | 13,388 |  |   | 13,187 |  |   | 13,288 |  |
| Foundation Consumer Healthcare, LLC, L+550, 1.00% LIBOR Floor, 11/2/2023(o)(q)(r)  |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 46,523 |  |   | 46,104 |  |   | 46,523 |  |
| Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023                     |   | None |   | Healthcare & Pharmaceuticals |   | 4,211 |  |   | (20 | ) |   | — |  |
| Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(h)(o)(r)              |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 30,000 |  |   | 29,783 |  |   | 29,475 |  |
| Geo Parent Corp., L+525, 0.00% LIBOR Floor, 12/19/2025(p)                          |   | 1 Month LIBOR |   | Services: Business |   | 14,888 |  |   | 14,752 |  |   | 14,850 |  |
| Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024(o)           |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 22,414 |  |   | 22,259 |  |   | 22,414 |  |
| Geon Performance Solutions, LLC, 0.50% Unfunded, 10/25/2024                        |   | None |   | Chemicals, Plastics & Rubber |   | 2,586 |  |   | — |  |   | — |  |
| Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(p)(r)           |   | 3 Month LIBOR |   | Services: Business |   | 13,180 |  |   | 13,134 |  |   | 10,538 |  |
| Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(p)                             |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 4,749 |  |   | 4,632 |  |   | 4,251 |  |
| Hilliard, Martinez & Gonzales, LLP, L+1800, 2.00% LIBOR Floor, 12/17/2022(x)   |   | 1 Month LIBOR |   | Services: Consumer |   | 15,000 |  |   | 14,850 |  |   | 14,850 |  |

----

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                      |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Homer City Generation, L.P., L+1100, 1.00% LIBOR Floor, 4/5/2023(o)                       |   | 3 Month LIBOR |   | Energy: Oil & Gas |   | 14,444 |  |   | 13,953 |  |   | 13,812 |  |
| HUMC Holdco, LLC, 9.00%, 6/26/2020                                                        |   | None |   | Healthcare & Pharmaceuticals |   | 10,000 |  |   | 9,972 |  |   | 9,950 |  |
| Hummel Station LLC, L+600, 1.00% LIBOR Floor, 10/27/2022(p)                               |   | 1 Month LIBOR |   | Energy: Oil & Gas |   | 9,761 |  |   | 9,456 |  |   | 9,224 |  |
| Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(o)       |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 10,000 |  |   | 9,805 |  |   | 9,850 |  |
| Independent Pet Partners Intermediate Holdings, LLC, L+900, 1.00% LIBOR Floor, 11/19/2023 |   | 3 Month LIBOR |   | Retail |   | 12,064 |  |   | 11,892 |  |   | 11,672 |  |
| Independent Pet Partners Intermediate Holdings, LLC, 1.00% Unfunded, 11/19/2023           |   | None |   | Retail |   | 7,852 |  |   | — |  |   | (255 | ) |
| Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/23/2022(o)                       |   | 1 Month LIBOR |   | Services: Business |   | 6,820 |  |   | 6,670 |  |   | 6,820 |  |
| InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(p)(q)(r)                               |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 15,756 |  |   | 15,743 |  |   | 14,968 |  |
| Instant Web, LLC, L+650, 0.00% LIBOR Floor, 12/15/2022(o)(q)(r)                           |   | 1 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 37,683 |  |   | 37,603 |  |   | 36,552 |  |
| Instant Web, LLC, 0.50% Unfunded, 12/15/2022                                              |   | None |   | Media: Advertising, Printing & Publishing |   | 2,704 |  |   | — |  |   | (81 | ) |
| International Seaways, Inc., L+600, 1.00% LIBOR Floor, 6/22/2022(h)(p)                    |   | 1 Month LIBOR |   | Transportation: Cargo |   | 6,782 |  |   | 6,705 |  |   | 6,782 |  |
| Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(p)                       |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 13,866 |  |   | 13,750 |  |   | 11,093 |  |
| Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(q)            |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 11,814 |  |   | 11,722 |  |   | 11,534 |  |
| Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023(r)                                 |   | 1 Month LIBOR |   | Telecommunications |   | 13,700 |  |   | 13,700 |  |   | 13,700 |  |
| Jenny C Acquisition, Inc., L+1050, 0.00% LIBOR Floor, 10/1/2024(o)                        |   | 3 Month LIBOR |   | Services: Consumer |   | 9,899 |  |   | 9,812 |  |   | 9,662 |  |
| JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(p)                           |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 16,152 |  |   | 15,841 |  |   | 13,730 |  |
| KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(t)(x)                  |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 7,499 |  |   | 7,028 |  |   | 2,250 |  |
| KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(t)(x)                  |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 4,583 |  |   | 4,303 |  |   | 458 |  |
| KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(p)(r)                             |   | 3 Month LIBOR |   | Consumer Goods: Durable |   | 8,293 |  |   | 8,180 |  |   | 6,427 |  |
| Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 12/29/2020(h)                      |   | 1 Month EURIBOR |   | High Tech Industries |   | € | 3,705 |  |   | 4,153 |  |   | 4,155 |  |
| Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 12/29/2020(q)                        |   | 1 Month LIBOR |   | High Tech Industries |   | 3,566 |  |   | 3,556 |  |   | 3,566 |  |
| LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024(o)(q)                       |   | 3 Month LIBOR |   | Services: Business |   | 17,361 |  |   | 17,132 |  |   | 17,057 |  |
| LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024                             |   | 3 Month LIBOR |   | Services: Business |   | 4,286 |  |   | 4,228 |  |   | 4,211 |  |
| LAV Gear Holdings, Inc., 1.00% Unfunded, 4/7/2021                                         |   | None |   | Services: Business |   | 864 |  |   | (8 | ) |   | (15 | ) |
| LD Intermediate Holdings, Inc., L+588, 1.00% LIBOR Floor, 12/9/2022(p)                    |   | 3 Month LIBOR |   | High Tech Industries |   | 4,694 |  |   | 4,446 |  |   | 4,705 |  |
| Lift Brands, Inc., L+700, 1.00% LIBOR Floor, 4/16/2023(o)(q)(r)(x)                        |   | 3 Month LIBOR |   | Services: Consumer |   | 43,321 |  |   | 42,649 |  |   | 42,130 |  |
| Lift Brands, Inc., L+700, 1.00% LIBOR Floor, 4/16/2023                                    |   | 3 Month LIBOR |   | Services: Consumer |   | 1,050 |  |   | 1,050 |  |   | 1,021 |  |
| Lift Brands, Inc., 1.00% Unfunded, 4/16/2023                                              |   | None |   | Services: Consumer |   | 3,950 |  |   | — |  |   | (109 | ) |
| Longview Power, LLC, L+600, 1.00% LIBOR Floor, 4/13/2021(o)(q)                            |   | 3 Month LIBOR |   | Energy: Oil & Gas |   | 17,745 |  |   | 16,376 |  |   | 14,551 |  |
| Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023(o)                           |   | 1 Month LIBOR |   | Retail |   | 3,439 |  |   | 3,439 |  |   | 3,405 |  |
| Manna Pro Products, LLC, 1.00% Unfunded, 5/31/2021                                        |   | None |   | Retail |   | 5,528 |  |   | — |  |   | (55 | ) |
| Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(o)(r)                               |   | 3 Month LIBOR |   | Services: Business |   | 22,310 |  |   | 22,310 |  |   | 22,310 |  |
| Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023                                     |   | 3 Month LIBOR |   | Services: Business |   | 1,500 |  |   | 1,500 |  |   | 1,500 |  |
| Mimeo.com, Inc., 0.25% Unfunded, 12/21/2020                                               |   | None |   | Services: Business |   | 10,000 |  |   | — |  |   | — |  |
| Mimeo.com, Inc., 1.00% Unfunded, 12/21/2023                                               |   | None |   | Services: Business |   | 1,500 |  |   | — |  |   | — |  |
| Moss Holding Company, L+625, 1.00% LIBOR Floor, 4/17/2023(o)(q)                           |   | 3 Month LIBOR |   | Services: Business |   | 19,657 |  |   | 19,419 |  |   | 19,264 |  |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                 |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Moss Holding Company, 6.25% Unfunded, 4/17/2023                                      |   | None |   | Services: Business |   | 106 |  |   | — |  |   | (2 | ) |
| Moss Holding Company, 0.50% Unfunded, 4/17/2023                                      |   | None |   | Services: Business |   | 2,126 |  |   | — |  |   | (43 | ) |
| Moxie Patriot LLC, L+575, 1.00% LIBOR Floor, 12/19/2020(p)                           |   | 3 Month LIBOR |   | Energy: Oil & Gas |   | 9,799 |  |   | 9,792 |  |   | 9,554 |  |
| Murray Energy Corp., L+725, 1.00% LIBOR Floor, 10/17/2022(t)                         |   | 3 Month LIBOR |   | Metals & Mining |   | 3,574 |  |   | 3,562 |  |   | 771 |  |
| Murray Energy Corp., L+1100, 2.00% LIBOR Floor, 7/29/2020(p)                         |   | 1 Month LIBOR |   | Metals & Mining |   | 662 |  |   | 643 |  |   | 668 |  |
| NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(q)(r)                |   | 1 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 14,868 |  |   | 14,764 |  |   | 14,719 |  |
| One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(p)                              |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 7,915 |  |   | 7,582 |  |   | 7,598 |  |
| Palmetto Solar, LLC, 12.00%, 12/12/2024                                              |   | None |   | High Tech Industries |   | 858 |  |   | 566 |  |   | 835 |  |
| Palmetto Solar, LLC, 0.75% Unfunded, 12/12/2021                                      |   | None |   | High Tech Industries |   | 19,142 |  |   | — |  |   | (526 | ) |
| Petroflow Energy Corp., L+800, 1.00% LIBOR Floor, 6/29/2019(o)(t)(u)(x)              |   | 1 Month LIBOR |   | Energy: Oil & Gas |   | 642 |  |   | 223 |  |   | 10 |  |
| PFS Holding Corp., L+350, 1.00% LIBOR Floor, 1/31/2021                               |   | 3 Month LIBOR |   | Retail |   | 3,097 |  |   | 2,738 |  |   | 2,079 |  |
| PH Beauty Holdings III. Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(p)                 |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 4,888 |  |   | 4,845 |  |   | 4,692 |  |
| Pixelle Specialty Solutions LLC, L+600, 1.00% LIBOR Floor, 10/31/2024(p)             |   | 1 Month LIBOR |   | Forest Products & Paper |   | 24,775 |  |   | 24,244 |  |   | 24,217 |  |
| Plano Molding Company, LLC, L+750, 1.00% LIBOR Floor, 5/12/2021(o)                   |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 6,010 |  |   | 5,979 |  |   | 5,770 |  |
| Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(o)(p)                   |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 19,800 |  |   | 19,462 |  |   | 18,068 |  |
| Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026(p)                |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 19,888 |  |   | 19,513 |  |   | 19,589 |  |
| Rhino Energy LLC, L+1000, 1.00% LIBOR Floor, 12/27/2022(r)                           |   | 1 Month LIBOR |   | Metals & Mining |   | 9,387 |  |   | 9,149 |  |   | 8,918 |  |
| Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(p)          |   | 1 Month LIBOR |   | Telecommunications |   | 3,990 |  |   | 2,897 |  |   | 3,940 |  |
| SEK Holding Co LLC, L+1150, 0.00% LIBOR Floor, 3/14/2022(o)(x)                       |   | 1 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 15,415 |  |   | 15,179 |  |   | 14,510 |  |
| Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(o)(q)                          |   | None |   | Healthcare & Pharmaceuticals |   | 9,103 |  |   | 9,031 |  |   | 8,875 |  |
| SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(o)(u)(x)                              |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 15,091 |  |   | 14,853 |  |   | 14,205 |  |
| Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(p)                       |   | 1 Month LIBOR |   | Retail |   | 9,950 |  |   | 9,091 |  |   | 9,627 |  |
| Sorenson Communications, LLC, L+650, 0.00% LIBOR Floor, 4/30/2024(p)                 |   | 3 Month LIBOR |   | Telecommunications |   | 12,536 |  |   | 12,089 |  |   | 12,473 |  |
| Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)    |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 12,654 |  |   | 12,653 |  |   | 12,464 |  |
| Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)(x) |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 563 |  |   | 563 |  |   | 555 |  |
| Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)(x) |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 542 |  |   | 493 |  |   | 533 |  |
| Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(p)             |   | 3 Month LIBOR |   | High Tech Industries |   | 10,000 |  |   | 9,789 |  |   | 9,775 |  |
| STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022(p)(q)            |   | 1 Month LIBOR |   | Services: Business |   | 3,929 |  |   | 3,866 |  |   | 3,929 |  |
| Teladoc, Inc., 0.50% Unfunded, 7/14/2020(h)                                          |   | None |   | High Tech Industries |   | 1,250 |  |   | (8 | ) |   | — |  |
| Telestream Holdings Corp., L+645, 1.00% LIBOR Floor, 3/24/2022(k)(o)                 |   | 2 Month LIBOR |   | High Tech Industries |   | 8,769 |  |   | 8,668 |  |   | 8,593 |  |
| Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021(o)(q)                             |   | 3 Month LIBOR |   | Capital Equipment |   | 28,480 |  |   | 28,196 |  |   | 28,480 |  |
| Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021(p)                                  |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 12,980 |  |   | 12,632 |  |   | 12,363 |  |
| The Pasha Group, L+750, 1.00% LIBOR Floor, 1/26/2023(q)                              |   | 2 Month LIBOR |   | Transportation: Cargo |   | 5,764 |  |   | 5,647 |  |   | 5,822 |  |
| The Pay-O-Matic Corp., L+900, 0.00% LIBOR Floor, 4/5/2021(g)(o)                      |   | 3 Month LIBOR |   | Services: Consumer |   | 9,612 |  |   | 9,568 |  |   | 9,612 |  |
| Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(h)                     |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 13,913 |  |   | 13,882 |  |   | 13,148 |  |
| Volta Charging, LLC, 12.00%, 6/19/2024                                               |   | None |   | Media: Diversified & Production |   | 10,000 |  |   | 10,000 |  |   | 10,000 |  |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                             |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Volta Charging, LLC, 12.00%, 6/19/2024                                           |   | None |   | Media: Diversified & Production |   | 2,000 |  |   | 1,961 |  |   | 2,000 |  |
| Volta Charging, LLC, 0.00% Unfunded, 6/19/2021(s)                                |   | None |   | Media: Diversified & Production |   | 10,000 |  |   | — |  |   | — |  |
| Wok Holdings Inc., L+650, 0.00% LIBOR Floor, 3/1/2026(p)                         |   | 6 Month LIBOR |   | Beverage, Food & Tobacco |   | 12,903 |  |   | 12,736 |  |   | 13,064 |  |
| Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022(r)                         |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 9,300 |  |   | 9,300 |  |   | 9,300 |  |
| Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022                            |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 559 |  |   | 559 |  |   | 559 |  |
| Total Senior Secured First Lien Debt                                             |   |   |   |   |   |   |  |   | 1,388,942 |  |   | 1,351,767 |  |
| Senior Secured Second Lien Debt - 26.1%                                          |   |   |   |   |   |   |   |   |   |   |
| 1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022(o)(q)                    |   | 1 Month LIBOR |   | High Tech Industries |   | 13,800 |  |   | 13,618 |  |   | 13,593 |  |
| Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/2026(q)                          |   | 1 Month LIBOR |   | Services: Business |   | 17,250 |  |   | 17,126 |  |   | 17,207 |  |
| Albany Molecular Research, Inc., L+700, 1.00% LIBOR Floor, 8/30/2025(o)          |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 10,000 |  |   | 9,842 |  |   | 9,975 |  |
| American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022(o)       |   | 1 Month LIBOR |   | Construction & Building |   | 5,180 |  |   | 5,142 |  |   | 5,128 |  |
| Carestream Health, Inc., L+950, 1.00% LIBOR Floor, 6/7/2021(q)                   |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 10,662 |  |   | 10,662 |  |   | 10,102 |  |
| Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(x)              |   | 3 Month LIBOR |   | Beverage, Food & Tobacco |   | 2,028 |  |   | 2,028 |  |   | 2,028 |  |
| Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024                       |   | 3 Month LIBOR |   | Construction & Building |   | 1,507 |  |   | 1,507 |  |   | 1,507 |  |
| Deluxe Entertainment Services Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(p)(u)(x) |   | 1 Month LIBOR |   | Media: Diversified & Production |   | 9,890 |  |   | 9,675 |  |   | 9,717 |  |
| EagleTree-Carbide Acquisition Corp., L+850, 1.00% LIBOR Floor, 8/28/2025(o)(q)   |   | 3 Month LIBOR |   | Consumer Goods: Durable |   | 25,000 |  |   | 24,695 |  |   | 24,750 |  |
| Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(h)(q)(t) |   | 3 Month LIBOR |   | High Tech Industries |   | 9,999 |  |   | 8,147 |  |   | 2,833 |  |
| Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(q)                   |   | 1 Month LIBOR |   | Telecommunications |   | 11,500 |  |   | 11,312 |  |   | 11,586 |  |
| LSCS Holdings, Inc., L+825, 0.00% LIBOR Floor, 3/16/2026(o)                      |   | 3 Month LIBOR |   | Services: Business |   | 11,891 |  |   | 11,655 |  |   | 11,831 |  |
| Mayfield Agency Borrower Inc., L+850, 0.00% LIBOR Floor, 3/2/2026(o)(q)(r)       |   | 1 Month LIBOR |   | Banking, Finance, Insurance & Real Estate |   | 20,000 |  |   | 19,723 |  |   | 20,200 |  |
| Medical Solutions Holdings, Inc., L+838, 1.00% LIBOR Floor, 6/16/2025(o)         |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 10,000 |  |   | 9,877 |  |   | 9,650 |  |
| MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(r)                   |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 6,750 |  |   | 6,690 |  |   | 6,383 |  |
| Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(o)(q)                   |   | 2 Month LIBOR |   | Services: Business |   | 7,000 |  |   | 6,932 |  |   | 7,000 |  |
| Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(h)                            |   | 1 Month EURIBOR |   | Chemicals, Plastics & Rubber |   | € | 7,489 |  |   | 7,985 |  |   | 8,314 |  |
| Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(o)           |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 13,500 |  |   | 13,419 |  |   | 11,813 |  |
| PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(o)               |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 10,000 |  |   | 9,860 |  |   | 9,600 |  |
| PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022(p)(t)                     |   | 3 Month LIBOR |   | Retail |   | 4,998 |  |   | 4,272 |  |   | — |  |
| Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(o)(x)         |   | 3 Month LIBOR |   | Telecommunications |   | 3,070 |  |   | 2,960 |  |   | 1,074 |  |
| Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025(q)      |   | 1 Month LIBOR |   | Telecommunications |   | 2,942 |  |   | 2,916 |  |   | 2,836 |  |
| STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023(o)           |   | 1 Month LIBOR |   | Services: Business |   | 5,000 |  |   | 4,957 |  |   | 5,000 |  |
| TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025(o)                   |   | 3 Month LIBOR |   | Services: Business |   | 13,393 |  |   | 13,122 |  |   | 12,924 |  |
| TouchTunes Interactive Networks, Inc, L+825, 1.00% LIBOR Floor, 5/29/2022(q)     |   | 1 Month LIBOR |   | Hotel, Gaming & Leisure |   | 5,226 |  |   | 5,201 |  |   | 5,226 |  |
| Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(o)                    |   | 1 Month LIBOR |   | Beverage, Food & Tobacco |   | 12,823 |  |   | 12,689 |  |   | 10,467 |  |
| Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(q)                   |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 15,000 |  |   | 14,870 |  |   | 14,063 |  |
| Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023(o)                             |   | 3 Month LIBOR |   | High Tech Industries |   | 3,445 |  |   | 3,398 |  |   | 3,446 |  |
| Total Senior Secured Second Lien Debt                                            |   |  |   |  |   |  |  |   | 264,280 |  |   | 248,253 |  |
| Collateralized Securities and Structured Products - Debt - 0.7%                  |   |  |   |  |   |  |  |   |  |  |   |  |  |

----

|                                                                                                      |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                                                 |   | Index Rate(b) |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022(h)                |   | 3 Month LIBOR |   | Diversified Financials |   | 7,212 |  |   | 7,212 |  |   | 7,212 |  |
| Total Collateralized Securities and Structured Products - Debt                                       |   |  |   |   |   |   |  |   | 7,212 |  |   | 7,212 |  |
| Collateralized Securities and Structured Products - Equity - 1.5%                                    |   |  |   |  |   |  |  |   |  |  |   |  |  |
| APIDOS CLO XVI Subordinated Notes, 6.39% Estimated Yield, 1/19/2025(h)                               |   | (f) |   | Diversified Financials |   | 9,000 |  |   | 3,762 |  |   | 2,125 |  |
| CENT CLO 19 Ltd. Subordinated Notes, 37.72% Estimated Yield, 10/29/2025(h)                           |   | (f) |   | Diversified Financials |   | 2,000 |  |   | 1,163 |  |   | 782 |  |
| Galaxy XV CLO Ltd. Class A Subordinated Notes, 6.78% Estimated Yield, 4/15/2025(h)                   |   | (f) |   | Diversified Financials |   | 4,000 |  |   | 2,229 |  |   | 1,730 |  |
| Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) |   | (f) |   | Diversified Financials |   | 10,000 |  |   | 9,322 |  |   | 9,545 |  |
| Total Collateralized Securities and Structured Products - Equity                                     |   |  |   |   |   |   |  |   | 16,476 |  |   | 14,182 |  |
| Unsecured Debt - 0.5%                                                                                |   |   |   |   |   |   |   |  |  |   |  |  |
| WPLM Acquisition Corp., 15.00%, 11/24/2025(x)                                                        |   | None |   | Media: Advertising, Printing & Publishing |   | 5,000 |  |   | 4,901 |  |   | 4,900 |  |
| Total Unsecured Debt                                                                                 |   |   |   |   |   |   |  |   | 4,901 |  |   | 4,900 |  |
| Equity - 11.5%                                                                                       |   |   |   |   |   |   |   |   |   |   |
| Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(s)                            |   |   |   | Media: Diversified & Production |   | 769 Units |  |   | 205 |  |   | 226 |  |
| Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(s)                            |   |   |   | Media: Diversified & Production |   | 135 Units |  |   | — |  |   | — |  |
| Anthem Sports and Entertainment Inc., Common Stock Warrants(s)                                       |   |   |   | Media: Diversified & Production |   | 2,508 Units |  |   | — |  |   | — |  |
| Ascent Resources - Marcellus, LLC, Common Shares(s)                                                  |   |   |   | Energy: Oil & Gas |   | 511,255 Units |  |   | 1,642 |  |   | 914 |  |
| Ascent Resources - Marcellus, LLC, Warrants(s)                                                       |   |   |   | Energy: Oil & Gas |   | 132,367 Units |  |   | 13 |  |   | 4 |  |
| Avaya Holdings Corp., Common Stock(i)(p)(s)                                                          |   |   |   | Telecommunications |   | 321,260 Units |  |   | 5,285 |  |   | 4,337 |  |
| BCP Great Lakes Fund LP, Partnership Interests (31.7% ownership)(h)(v)                               |   |   |   | Diversified Financials |   | N/A |  |   | 14,208 |  |   | 14,238 |  |
| CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(w)                                |   |   |   | Healthcare & Pharmaceuticals |   | 2,727,273 Units |  |   | 5,139 |  |   | 5,245 |  |
| CION SOF Funding, LLC, Membership Interests (87.5% ownership)(h)(v)                                  |   |   |   | Diversified Financials |   | N/A |  |   | 31,289 |  |   | 31,265 |  |
| Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(u)(w)                                 |   |   |   | Healthcare & Pharmaceuticals |   | 12,677,833 Units |  |   | 13,215 |  |   | 13,270 |  |
| Conisus Holdings, Inc., Common Stock(s)(u)                                                           |   |   |   | Healthcare & Pharmaceuticals |   | 4,914,556 Units |  |   | 200 |  |   | 1,426 |  |
| Country Fresh Holdings, LLC, Common Stock(s)                                                         |   |   |   | Beverage, Food & Tobacco |   | 2,985 Units |  |   | 5,249 |  |   | 2,618 |  |
| David's Bridal, Inc., Series A Preferred Stock(s)                                                    |   |   |   | Retail |   | 1,396 Units |  |   | 140 |  |   | 141 |  |
| David's Bridal, Inc., Series B Preferred Stock(s)                                                    |   |   |   | Retail |   | 4,183 Units |  |   | 410 |  |   | 410 |  |
| David's Bridal, Inc., Common Stock(s)                                                                |   |   |   | Retail |   | 39,423 Units |  |   | — |  |   | — |  |
| David's Bridal, Inc., Reallocation Rights(s)                                                         |   |   |   | Retail |   | 7,500 Units |  |   | — |  |   | — |  |
| Dayton HoldCo, LLC, Common Stock(s)                                                                  |   |   |   | Construction & Building |   | 37,264 Units |  |   | 4,136 |  |   | 7,903 |  |
| DESG Holdings, Inc., Common Stock(j)(s)(u)                                                           |   |   |   | Media: Diversified & Production |   | 1,268,143 Units |  |   | 13,662 |  |   | 14,763 |  |
| HDNet Holdco LLC, Preferred Unit Call Option(s)                                                      |   |   |   | Media: Diversified & Production |   | 1 Unit |  |   | — |  |   | — |  |
| Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(s)                      |   |   |   | Retail |   | 1,000,000 Units |  |   | 1,000 |  |   | 950 |  |
| Independent Pet Partners Intermediate Holdings, LLC, Warrants(s)                                     |   |   |   | Retail |   | 155,880 Units |  |   | — |  |   | 1 |  |
| Mooregate ITC Acquisition, LLC, Class A Units(s)                                                     |   |   |   | High Tech Industries |   | 500 Units |  |   | 563 |  |   | 151 |  |
| Mount Logan Capital Inc., Common Stock(h)(i)(s)(u)                                                   |   |   |   | Banking, Finance, Insurance & Real Estate |   | 980,284 Units |  |   | 3,335 |  |   | 2,505 |  |
| NS NWN Acquisition, LLC, Voting Units(s)                                                             |   |   |   | High Tech Industries |   | 346 Units |  |   | 393 |  |   | 585 |  |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company(a)                                                |   |   |   | Industry |   | Principal/Par Amount/Units(e) |   | Cost(d) |   | FairValue(c) |
| NS NWN Acquisition, LLC, Class A Preferred Units(s)                 |   |   |   | High Tech Industries |   | 111 Units |   | 110 |  |   | 331 |  |
| NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(s)             |   |   |   | Consumer Goods: Durable |   | 1,575 Units |   | 1,000 |  |   | 528 |  |
| Palmetto Solar, LLC, Warrants(s)                                    |   |   |   | High Tech Industries |   | 346,694 Units |   | 295 |  |   | 295 |  |
| Rhino Energy LLC, Warrants(s)                                       |   |   |   | Metals & Mining |   | 170,972 Units |   | 280 |  |   | 16 |  |
| SIMR Parent, LLC, Class B Common Units(s)(u)                        |   |   |   | Healthcare & Pharmaceuticals |   | 12,283,000 Units |   | 8,002 |  |   | 3,980 |  |
| Spinal USA, Inc. / Precision Medical Inc., Warrants(o)(s)           |   |   |   | Healthcare & Pharmaceuticals |   | 14,181,915 Units |   | 5,806 |  |   | 1,560 |  |
| Tenere Inc., Warrants(s)                                            |   |   |   | Capital Equipment |   | N/A |   | 161 |  |   | 1,569 |  |
| Total Equity                                                        |   |   |   |   |   |   |   | 115,738 |  |   | 109,231 |  |
| Short Term Investments - 3.1%(m)                                    |   |   |   |   |   |   |   |   |   |   |
| First American Treasury Obligations Fund, Class Z Shares, 1.49% (n) |   |   |   |   |   |   |   | 29,527 |  |   | 29,527 |  |
| Total Short Term Investments                                        |   |   |   |   |   |   |   | 29,527 |  |   | 29,527 |  |
| TOTAL INVESTMENTS - 185.3%                                          |   |   |   |   |   |   |   | $ | 1,827,076 |  |   | 1,765,072 |  |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (85.3%)                     |   |   |   |   |   |   |   |   |  |   | (812,509 | ) |
| NET ASSETS - 100%                                                   |   |   |   |   |   |   |   |   |  |   | $ | 952,563 |  |

|    |                                                                                                                                                                                                                                                                                                               |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | All of the Company’s investments are issued by eligible U.S. portfolio companies, as defined in the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note x. below, investments do not contain a PIK interest provision. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b. | The 1, 2, 3 and 6 month LIBOR rates were 1.76%, 1.83%, 1.91% and 1.91%, respectively, as of December 31, 2019.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2019, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2019. The 1 month EURIBOR rate was (0.51%) as of December 31, 2019. |
|    |                                                                                                                                                          |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | Fair value determined in good faith by the Company’s board of directors (see Note 9) using significant unobservable inputs unless otherwise noted. |
|    |                                                                                |
|----|--------------------------------------------------------------------------------|
| d. | Represents amortized cost for debt securities and cost for equity investments. |
|    |                                                     |
|----|-----------------------------------------------------|
| e. | Denominated in U.S. dollars unless otherwise noted. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| f. | The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized. |
|    |                                                                                                                                                                                                                                                                  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| g. | As a result of an arrangement between the Company and the other lenders in the syndication, the Company is entitled to less interest than the stated interest rate of this loan, which is reflected in this schedule, in exchange for a higher payment priority. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| h. | The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of December 31, 2019, 91.5% of the Company’s total assets represented qualifying assets. |
|    |                                             |
|----|---------------------------------------------|
| i. | Fair value determined using level 1 inputs. |
|    |                                                                       |
|----|-----------------------------------------------------------------------|
| j. | Position or a portion thereof unsettled as of December 31, 2019. |
|    |                                                                                                                                                                                                                                                                                                                                   |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| k. | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional amounts as a result of an arrangement between the Company and the other lenders in the syndication in exchange for a lower payment priority. |
|    |                                                                                                                                                                                                        |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| l. | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts. |
|    |                                                                                                                                                                  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| m. | Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. |
|    |                                                          |
|----|----------------------------------------------------------|
| n. | 7-day effective yield as of December 31, 2019. |
|    |                                                                                                                                                                                                                                                                             |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| o. | Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPM as of December 31, 2019 (see Note 8). |

----

|    |                                                                                                                                                                                                                                                                                          |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| p. | Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Flatiron Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with Citibank as of December 31, 2019 (see Note 8). |
|    |                                                                                                                                                                                                                                                                                             |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| q. | Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS as of December 31, 2019 (see Note 8). |
|    |                                                                                                                                                                                                                                                                            |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| r. | Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 33rd Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with MS as of December 31, 2019 (see Note 8). |
|    |                                |
|----|--------------------------------|
| s. | Non-income producing security. |
|    |                                                                                                   |
|----|---------------------------------------------------------------------------------------------------|
| t. | Investment or a portion thereof was on non-accrual status as of December 31, 2019. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| u. | Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2018 and 2019, along with transactions during the year ended December 31, 2019 in these affiliated investments, are as follows: |

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                              |   |   |   | Year Ended December 31, 2019 |   |   |   | Year Ended December 31, 2019 |
| Non-Controlled, Affiliated Investments                                  |   | Fair Value at December 31, 2018 |   | Gross Additions(Cost)(1) |   | Gross Reductions(Cost)(2) |   | Net Unrealized Gain (Loss) |   | Fair Value at December 31, 2019 |   | Net Realized Gain (Loss) |   | InterestIncome(3) |   | Dividend Income |
|     Charming Charlie, LLC                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan B1           |   | $ | 1,021 |  |   | $ | — |  |   | $ | (2,619 | ) |   | $ | 1,598 |  |   | $ | — |  |   | $ | (2,619 | ) |   | $ | — |  |   | $ | — |  |
|         First Lien Term Loan B2           |   | 1,249 |  |   | — |  |   | (1,912 | ) |   | 663 |  |   | — |  |   | (1,912 | ) |   | — |  |   | — |  |
|         Vendor Payment Financing Facility |   | 157 |  |   | 890 |  |   | (293 | ) |   | (282 | ) |   | 472 |  |   | — |  |   | 57 |  |   | — |  |
|         Common Stock                      |   | — |  |   | — |  |   | (1,302 | ) |   | 1,302 |  |   | — |  |   | (1,302 | ) |   | — |  |   | — |  |
|     Conisus Holdings, Inc.                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Series B Preferred Stock(w)       |   | 10,903 |  |   | 4,015 |  |   | — |  |   | (1,648 | ) |   | 13,270 |  |   | — |  |   | — |  |   | 4,015 |  |
|         Common Stock                      |   | 197 |  |   | — |  |   | — |  |   | 1,229 |  |   | 1,426 |  |   | — |  |   | — |  |   | — |  |
|     DESG Holdings, Inc.                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan              |   | — |  |   | 23,656 |  |   | — |  |   | 5,322 |  |   | 28,978 |  |   | — |  |   | 303 |  |   | — |  |
|         Second Lien Term Loan             |   | — |  |   | 9,675 |  |   | — |  |   | 42 |  |   | 9,717 |  |   | — |  |   | 162 |  |   | — |  |
|         Common Stock                      |   | — |  |   | 13,662 |  |   | — |  |   | 1,101 |  |   | 14,763 |  |   | — |  |   | — |  |   | — |  |
|     F+W Media, Inc.                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien DIP Term Loan          |   | — |  |   | 521 |  |   | (521 | ) |   | — |  |   | — |  |   | — |  |   | 101 |  |   | — |  |
|         First Lien Term Loan B-1          |   | 1,137 |  |   | 51 |  |   | (43 | ) |   | (1,145 | ) |   | — |  |   | — |  |   | 51 |  |   | — |  |
|         First Lien Term Loan B-2          |   | 161 |  |   | — |  |   | (2,759 | ) |   | 2,598 |  |   | — |  |   | (2,759 | ) |   | — |  |   | — |  |
|         Common Stock                      |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|     Mount Logan Capital Inc.                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Common Stock                      |   | 2,645 |  |   | — |  |   | — |  |   | (140 | ) |   | 2,505 |  |   | — |  |   | — |  |   | — |  |
|     SIMR, LLC                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan              |   | 14,757 |  |   | 452 |  |   | (619 | ) |   | (385 | ) |   | 14,205 |  |   | — |  |   | 1,778 |  |   | — |  |
|     SIMR Parent, LLC                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Class B Common Units              |   | 7,382 |  |   | 502 |  |   | — |  |   | (3,904 | ) |   | 3,980 |  |   | — |  |   | — |  |   | — |  |
|     Petroflow Energy Corp.                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         First Lien Term Loan              |   | 2,363 |  |   | — |  |   | (2,511 | ) |   | 158 |  |   | 10 |  |   | — |  |   | 19 |  |   | — |  |
|     TexOak Petro Holdings LLC                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Second Lien Term Loan             |   | — |  |   | — |  |   | (2,592 | ) |   | 2,592 |  |   | — |  |   | (2,592 | ) |   | — |  |   | — |  |
|         Membership Interests              |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|     Totals                                                    |   | $ | 41,972 |  |   | $ | 53,424 |  |   | $ | (15,171 | ) |   | $ | 9,101 |  |   | $ | 89,326 |  |   | $ | (11,184 | ) |   | $ | 2,471 |  |   | $ | 4,015 |  |

----

|     |                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. |
|     |                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. |
|     |                                         |
|-----|-----------------------------------------|
| (3) | Includes PIK interest income. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| v. | Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2018 and 2019, along with transactions during the year ended December 31, 2019 in these controlled investments, are as follows: |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 |   |   |   | Year Ended December 31, 2019 |   |   |   | Year Ended December 31, 2019 |
| Controlled Investments                                               |   | Fair Value atDecember 31, 2018 |   | GrossAdditions(Cost)(1) |   | GrossReductions(Cost)(2) |   | Net UnrealizedGain (Loss) |   | Fair Value atDecember 31, 2019 |   | Net RealizedGain (Loss) |   | InterestIncome(3) |   | Dividend Income |
|     BCP Great Lakes Fund LP                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Membership Interests |   | $ | — |  |   | $ | 14,208 |  |   | $ | — |  |   | $ | 30 |  |   | $ | 14,238 |  |   | $ | — |  |   | $ | — |  |   | $ | 47 |  |
|     CION SOF Funding, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Membership Interests |   | — |  |   | 31,289 |  |   | — |  |   | (24 | ) |   | 31,265 |  |   | — |  |   | — |  |   | 1,076 |  |
|     Totals                                       |   | $ | — |  |   | $ | 45,497 |  |   | $ | — |  |   | $ | 6 |  |   | $ | 45,503 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,123 |  |

|     |                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. |
|     |                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. |
|     |                                         |
|-----|-----------------------------------------|
| (3) | Includes PIK interest income. |
|    |                                                                                                                                                                                                         |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| w. | For the year ended December 31, 2019, non-cash dividend income of $4,015 and $474 was recorded on the Company's investment in Conisus Holdings, Inc. and CHC Medical Partners, Inc., respectively. |

----

|    |                                                                                                                                                                                                                                        |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| x. | For the year ended December 31, 2019, the following investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities: |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |
|                                      |   |   |   | Interest Rate |
| Portfolio Company                         |   | Investment Type |   | Cash |   | PIK |   | All-in-Rate |
| American Clinical Solutions LLC           |   | Senior Secured First Lien Debt |   | — |   | 2.00% |   | 2.00% |
| Anthem Sports & Entertainment Inc.    |   | Senior Secured First Lien Debt |   | 8.69% |   | 2.75% |   | 11.44% |
| Charming Charlie, LLC                     |   | Senior Secured First Lien Debt |   | 7.05% |   | 5.00% |   | 12.05% |
| Charming Charlie, LLC                     |   | Senior Secured First Lien Debt |   | 3.05% |   | 9.00% |   | 12.05% |
| CHC Solutions Inc.                        |   | Senior Secured First Lien Debt |   | 8.00% |   | 4.00% |   | 12.00% |
| Country Fresh Holdings, LLC               |   | Senior Secured Second Lien Debt |   | — |   | 10.44% |   | 10.44% |
| David's Bridal, LLC                       |   | Senior Secured First Lien Debt |   | 1.00% |   | 6.92% |   | 7.92% |
| Deluxe Entertainment Services, Inc.       |   | Senior Secured First Lien Debt |   | 6.71% |   | 1.50% |   | 8.21% |
| Deluxe Entertainment Services, Inc.       |   | Senior Secured Second Lien Debt |   | 7.71% |   | 2.50% |   | 10.21% |
| F+W Media, Inc.                           |   | Senior Secured First Lien Debt |   | — |   | 8.21% |   | 8.21% |
| Hilliard, Martinez & Gonzales, LLP    |   | Senior Secured First Lien Debt |   | — |   | 20.00% |   | 20.00% |
| KLO Intermediate Holdings, LLC            |   | Senior Secured First Lien Debt |   | — |   | 9.50% |   | 9.50% |
| Lift Brands, Inc.                         |   | Senior Secured First Lien Debt |   | 9.10% |   | 0.50% |   | 9.60% |
| Petroflow Energy Corp.                    |   | Senior Secured First Lien Debt |   | — |   | 9.71% |   | 9.71% |
| Premiere Global Services, Inc.            |   | Senior Secured Second Lien Debt |   | 0.50% |   | 10.98% |   | 11.48% |
| SEK Holding Co LLC                        |   | Senior Secured First Lien Debt |   | 9.77% |   | 3.50% |   | 13.27% |
| SIMR, LLC                                 |   | Senior Secured First Lien Debt |   | 12.00% |   | 7.00% |   | 19.00% |
| Spinal USA, Inc. / Precision Medical Inc. |   | Senior Secured First Lien Debt |   | — |   | 11.30% |   | 11.30% |
| WPLM Acquisition Corp.                    |   | Unsecured Note |   | — |   | 15.00% |   | 15.00% |

----

----

----

|           |                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------|
| Level 1 - | Quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date. |
|           |                                                                                                                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Level 2 - | Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Level 3 - | Unobservable inputs for the asset or liability. The inputs used in the determination of fair value may require significant management judgment or estimation. Such information may be the result of consensus pricing information or broker quotes that include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by the disclaimer would result in classification as a Level 3 asset, assuming no additional corroborating evidence. |

----

|    |                                                                                                                                                                        |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| i. | Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and other factors for companies with similar characteristics. |
|     |                                                                                      |
|-----|--------------------------------------------------------------------------------------|
| ii. | Valuations implied by third-party investments in the applicable portfolio companies. |
|      |                                                                             |
|------|-----------------------------------------------------------------------------|
| iii. | Discounted cash flow analysis, including a terminal value or exit multiple. |
|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | the size and scope of a portfolio company and its specific strengths and weaknesses; |
|         |                                                |
|---------|------------------------------------------------|
| • | prevailing interest rates for like securities; |
|         |                                               |
|---------|-----------------------------------------------|
| • | expected volatility in future interest rates; |
|         |                 |
|---------|-----------------|
| • | leverage;  |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | call features, put features and other relevant terms of the debt; |
|         |                                                              |
|---------|--------------------------------------------------------------|
| • | the borrower’s ability to adequately service its debt; |
|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | the fair market value of the portfolio company in relation to the face amount of its outstanding debt; |
|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | the quality of collateral securing the Company’s debt investments; |
|         |                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income,                                                                   revenues or, in some cases, book value or liquidation value; and |
|         |                                  |
|---------|----------------------------------|
| • | other factors deemed applicable. |

----

----

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      | Three Months EndedMarch 31, |
|                                                                      | 2020 |   | 2019 |
|                                                                      | Shares |   | Amount |   | Shares |   | Amount |
| Gross shares/proceeds from the offering                                   | — |  |   | $ | — |  |   | 696,264 |  |   | $ | 6,516 |  |
| Reinvestment of distributions                                             | 1,008,333 |  |   | 8,071 |  |   | 1,075,226 |  |   | 9,361 |  |
| Total gross shares/proceeds                                               | 1,008,333 |  |   | 8,071 |  |   | 1,771,490 |  |   | 15,877 |  |
| Sales commissions and dealer manager fees                                 | — |  |   | — |  |   | — |  |   | (296 | ) |
|     Net shares/proceeds                               | 1,008,333 |  |   | 8,071 |  |   | 1,771,490 |  |   | 15,581 |  |
| Share repurchase program                                                  | (1,076,229 | ) |   | (8,071 | ) |   | (1,078,856 | ) |   | (9,361 | ) |
|     Net shares/proceeds (for) from share transactions | (67,896 | ) |   | $ | — |  |   | 692,634 |  |   | $ | 6,220 |  |

----

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended                                                           |   | Repurchase Date |   | Shares Repurchased |   | Percentage of Shares Tendered That Were Repurchased |   | Repurchase Price Per Share |   | Aggregate Consideration for Repurchased Shares |
| 2019                                                                         |   |   |   |   |   |   |   |   |   |   |
| March 31, 2019                                                               |   | March 27, 2019 |   | 1,078,856 |  |   | 30% |   | $ | 8.68 |  |   | $ | 9,361 |  |
| June 30, 2019                                                                |   | June 26, 2019 |   | 1,038,641 |  |   | 15% |   | 8.59 |  |   | 8,926 |  |
| September 30, 2019                                                           |   | September 25, 2019 |   | 1,035,307 |  |   | 15% |   | 8.27 |  |   | 8,562 |  |
| December 31, 2019                                                            |   | December 26, 2019 |   | 1,089,259 |  |   | 17% |   | 8.22 |  |   | 8,950 |  |
|     Total for the year ended December 31, 2019           | 4,242,063 |  |   |   |   |   |   | $ | 35,799 |  |
|                                                                         |   |   |   |   |   |   |   |   |   |   |
| 2020                                                                         |   |   |   |   |   |   |   |   |   |   |
| March 31, 2020                                                          |   | March 30, 2020 |   | 1,076,229 |  |   | 13% |   | $ | 7.50 |  |   | $ | 8,071 |  |
|     Total for the three months ended March 31, 2020 | 1,076,229 |  |   |   |   |   |   | $ | 8,071 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   |   |   |   |   | Three Months EndedMarch 31, |
| Entity                                 |   | Capacity |   | Description |   | 2020 |   | 2019 |
| CION Securities, LLC                   |   | Dealer manager |   | Dealer manager fees(1) |   | $ | — |  |   | $ | 124 |  |
| CIM                                    |   | Investment adviser |   | Management fees(2) |   | 8,451 |  |   | 9,331 |  |
| CIM                                    |   | Investment adviser |   | Incentive fees(2) |   | 3,308 |  |   | 5,375 |  |
| CIM                                    |   | Administrative services provider |   | Administrative services expense(2) |   | 394 |  |   | 497 |  |
| Apollo Investment Administration, L.P. |   | Administrative services provider |   | Transaction costs(2) |   | 7 |  |   | 30 |  |
|                                   |   |   |   |   |   | $ | 12,160 |  |   | $ | 15,357 |  |

|     |                                     |
|-----|-------------------------------------|
| (1) | Amounts charged directly to equity. |
|     |                                         |
|-----|-----------------------------------------|
| (2) | Amounts charged directly to operations. |

----

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |
|                                                          |   | Distributions |
| Three Months Ended                                            |   | Per Share |   | Amount |
| 2019                                                          |   |   |   |   |
| March 31, 2019 (thirteen record dates)                        |   | $ | 0.1829 |  |   | $ | 20,772 |  |
| June 30, 2019 (thirteen record dates)                         |   | 0.1829 |  |   | 20,801 |  |
| September 30, 2019 (thirteen record dates)                    |   | 0.1829 |  |   | 20,798 |  |
| December 31, 2019 (fourteen record dates)                     |   | 0.1969 |  |   | 22,401 |  |
| Total distributions for the year ended December 31, 2019 |   | $ | 0.7456 |  |   | $ | 84,772 |  |
|                                                          |   |   |   |   |
| 2020                                                          |   |   |   |   |
| March 31, 2020 (thirteen record dates)                        |   | $ | 0.1829 |  |   | $ | 20,793 |  |
| Total distributions for the three months ended March 31, 2020 |   | $ | 0.1829 |  |   | $ | 20,793 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                   |   | Three Months EndedMarch 31, |
|                   |   | 2020 |   | 2019 |
| Source of Distribution |   | Per Share |   | Amount |   | Percentage |   | Per Share |   | Amount |   | Percentage |
| Net investment income  |   | $ | 0.1829 |  |   | $ | 20,793 |  |   | 100.0 | % |   | $ | 0.1829 |  |   | $ | 20,772 |  |   | 100.0 | % |
| Total distributions    |   | $ | 0.1829 |  |   | $ | 20,793 |  |   | 100.0 | % |   | $ | 0.1829 |  |   | $ | 20,772 |  |   | 100.0 | % |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |
|                                       | December 31, 2019 |
| Undistributed ordinary income              | $ | 2,959 |  |
| Other accumulated losses                   | (1,810 | ) |
| Net unrealized depreciation on investments | (103,765 | ) |
| Total accumulated losses                   | $ | (102,616 | ) |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | March 31, 2020 |   | December 31, 2019 |
|                                                       |   | Cost(1) |   | FairValue |   | Percentage ofInvestmentPortfolio |   | Cost(1) |   | FairValue |   | Percentage ofInvestmentPortfolio |
| Senior secured first lien debt                             |   | $ | 1,396,530 |  |   | $ | 1,274,325 |  |   | 80.6 | % |   | $ | 1,388,942 |  |   | $ | 1,351,767 |  |   | 77.9 | % |
| Senior secured second lien debt                            |   | 234,407 |  |   | 201,165 |  |   | 12.7 | % |   | 264,280 |  |   | 248,253 |  |   | 14.3 | % |
| Collateralized securities and structured products - debt   |   | — |  |   | — |  |   | — |  |   | 7,212 |  |   | 7,212 |  |   | 0.4 | % |
| Collateralized securities and structured products - equity |   | 16,286 |  |   | 10,972 |  |   | 0.7 | % |   | 16,476 |  |   | 14,182 |  |   | 0.8 | % |
| Unsecured debt                                             |   | 4,905 |  |   | 4,800 |  |   | 0.3 | % |   | 4,901 |  |   | 4,900 |  |   | 0.3 | % |
| Equity                                                     |   | 114,216 |  |   | 89,701 |  |   | 5.7 | % |   | 115,738 |  |   | 109,231 |  |   | 6.3 | % |
| Subtotal/total percentage                                  |   | 1,766,344 |  |   | 1,580,963 |  |   | 100.0 | % |   | 1,797,549 |  |   | 1,735,545 |  |   | 100.0 | % |
| Short term investments(2)                                  |   | 56,657 |  |   | 56,657 |  |   |   |   | 29,527 |  |   | 29,527 |  |   |   |
| Total investments                                          |   | $ | 1,823,001 |  |   | $ | 1,637,620 |  |   |   |   | $ | 1,827,076 |  |   | $ | 1,765,072 |  |   |   |

|     |                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments. |
|     |                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | March 31, 2020 |   | December 31, 2019 |
| Industry Classification                       |   | Investments atFair Value |   | Percentage ofInvestment Portfolio |   | Investments atFair Value |   | Percentage ofInvestment Portfolio |
| Healthcare & Pharmaceuticals              |   | $ | 286,586 |  |   | 18.1 | % |   | $ | 294,947 |  |   | 17.0 | % |
| Services: Business                            |   | 171,713 |  |   | 10.9 | % |   | 191,126 |  |   | 11.0 | % |
| Media: Diversified & Production           |   | 132,468 |  |   | 8.4 | % |   | 206,159 |  |   | 11.9 | % |
| Chemicals, Plastics & Rubber              |   | 121,045 |  |   | 7.7 | % |   | 102,906 |  |   | 5.9 | % |
| Media: Advertising, Printing & Publishing |   | 115,946 |  |   | 7.3 | % |   | 120,810 |  |   | 7.0 | % |
| Services: Consumer                            |   | 86,297 |  |   | 5.5 | % |   | 94,058 |  |   | 5.4 | % |
| Capital Equipment                             |   | 78,316 |  |   | 4.9 | % |   | 73,586 |  |   | 4.2 | % |
| High Tech Industries                          |   | 65,754 |  |   | 4.2 | % |   | 60,197 |  |   | 3.5 | % |
| Telecommunications                            |   | 62,424 |  |   | 3.9 | % |   | 61,577 |  |   | 3.6 | % |
| Beverage, Food & Tobacco                  |   | 62,308 |  |   | 3.9 | % |   | 68,440 |  |   | 3.9 | % |
| Retail                                        |   | 60,952 |  |   | 3.9 | % |   | 53,599 |  |   | 3.1 | % |
| Diversified Financials                        |   | 49,528 |  |   | 3.1 | % |   | 66,897 |  |   | 3.9 | % |
| Banking, Finance, Insurance & Real Estate |   | 39,738 |  |   | 2.5 | % |   | 62,738 |  |   | 3.6 | % |
| Construction & Building                   |   | 35,871 |  |   | 2.3 | % |   | 37,096 |  |   | 2.1 | % |
| Energy: Oil & Gas                         |   | 35,869 |  |   | 2.3 | % |   | 48,742 |  |   | 2.8 | % |
| Consumer Goods: Non-Durable                   |   | 33,156 |  |   | 2.1 | % |   | 33,609 |  |   | 1.9 | % |
| Aerospace & Defense                       |   | 29,741 |  |   | 1.9 | % |   | 30,378 |  |   | 1.8 | % |
| Consumer Goods: Durable                       |   | 29,081 |  |   | 1.8 | % |   | 31,705 |  |   | 1.8 | % |
| Forest Products & Paper                   |   | 19,818 |  |   | 1.2 | % |   | 24,217 |  |   | 1.4 | % |
| Metals & Mining                           |   | 19,437 |  |   | 1.2 | % |   | 10,373 |  |   | 0.6 | % |
| Hotel, Gaming & Leisure                   |   | 18,694 |  |   | 1.2 | % |   | 25,081 |  |   | 1.4 | % |
| Transportation: Cargo                         |   | 18,391 |  |   | 1.2 | % |   | 27,291 |  |   | 1.6 | % |
| Automotive                                    |   | 7,830 |  |   | 0.5 | % |   | 10,013 |  |   | 0.6 | % |
| Subtotal/total percentage                     |   | 1,580,963 |  |   | 100.0 | % |   | 1,735,545 |  |   | 100.0 | % |
| Short term investments                        |   | 56,657 |  |   |   |   | 29,527 |  |   |   |
| Total investments                             |   | $ | 1,637,620 |  |   |   |   | $ | 1,765,072 |  |   |   |

----

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      |   | March 31, 2020 |   | December 31, 2019 |
| Geographic Dispersion(1)  |   | Investments atFair Value |   | Percentage ofInvestment Portfolio |   | Investments atFair Value |   | Percentage ofInvestment Portfolio |
| United States             |   | $ | 1,524,687 |  |   | 96.4 | % |   | $ | 1,656,031 |  |   | 95.4 | % |
| Canada                    |   | 24,413 |  |   | 1.6 | % |   | 27,648 |  |   | 1.7 | % |
| Cayman Islands            |   | 10,972 |  |   | 0.7 | % |   | 14,182 |  |   | 0.8 | % |
| Luxembourg                |   | 8,584 |  |   | 0.6 | % |   | 10,693 |  |   | 0.6 | % |
| Netherlands               |   | 8,137 |  |   | 0.5 | % |   | 8,314 |  |   | 0.5 | % |
| Cyprus                    |   | 3,952 |  |   | 0.2 | % |   | 4,155 |  |   | 0.2 | % |
| Bermuda                   |   | 218 |  |   | — |  |   | 528 |  |   | — |  |
| Germany                   |   | — |  |   | — |  |   | 7,212 |  |   | 0.4 | % |
| Marshall Islands          |   | — |  |   | — |  |   | 6,782 |  |   | 0.4 | % |
| Subtotal/total percentage |   | 1,580,963 |  |   | 100.0 | % |   | 1,735,545 |  |   | 100.0 | % |
| Short term investments    |   | 56,657 |  |   |   |   | 29,527 |  |   |   |
| Total investments         |   | $ | 1,637,620 |  |   |   |   | $ | 1,765,072 |  |   |   |

|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (1) | The geographic dispersion is determined by the portfolio company's country of domicile. |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                                                          |   | Index Rate(a) |   | Industry |   | Principal/Par Amount/Units |   | Cost(b) |   | FairValue |
| Senior Secured First Lien Debt                                             |   |   |   |   |   |   |   |   |   |   |
| Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024 |   | 3 Month LIBOR |   | Media: Diversified & Production |   | $ | 3,864 |  |   | $ | 3,829 |  |   | $ | 3,545 |  |
| Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023               |   | 3 Month LIBOR |   | Aerospace & Defense |   | 4,975 |  |   | 4,885 |  |   | 4,626 |  |
| Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021          |   | 1 Month LIBOR |   | Services: Consumer |   | 4,974 |  |   | 4,878 |  |   | 3,872 |  |
| CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021             |   | 1 Month LIBOR |   | Hotel, Gaming & Leisure |   | 5,985 |  |   | 5,890 |  |   | 5,566 |  |
| Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026                      |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 5,000 |  |   | 4,951 |  |   | 4,800 |  |
| Extreme Reach, Inc., L+750, 0.00% LIBOR Floor, 3/29/2024                   |   | 1 Month LIBOR |   | Media: Diversified & Production |   | 4,819 |  |   | 4,753 |  |   | 4,626 |  |
| Foundation Consumer Healthcare, LLC, L+550, 1.00% LIBOR Floor, 11/2/2023   |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 4,953 |  |   | 4,953 |  |   | 4,929 |  |
| Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023               |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 5,000 |  |   | 4,912 |  |   | 4,744 |  |
| Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024      |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 4,988 |  |   | 4,987 |  |   | 4,688 |  |
| Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023                     |   | 1 Month LIBOR |   | Telecommunications |   | 5,970 |  |   | 5,970 |  |   | 5,910 |  |
| LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024              |   | 3 Month LIBOR |   | Services: Business |   | 4,975 |  |   | 4,883 |  |   | 4,546 |  |
| Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023               |   | 1 Month LIBOR |   | Retail |   | 5,970 |  |   | 5,916 |  |   | 5,910 |  |
| NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022            |   | 3 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 4,865 |  |   | 4,823 |  |   | 4,719 |  |
| Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024                         |   | 3 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 4,988 |  |   | 4,987 |  |   | 4,963 |  |
| PH Beauty Holdings III. Inc., L+500, 0.00% LIBOR Floor, 9/28/2025          |   | 6 Month LIBOR |   | Consumer Goods: Non-Durable |   | 4,975 |  |   | 4,719 |  |   | 4,577 |  |
| Pixelle Specialty Solutions LLC, L+650, 1.00% LIBOR Floor, 10/31/2024      |   | 1 Month LIBOR |   | Forest Products & Paper |   | 3,975 |  |   | 3,762 |  |   | 3,816 |  |
| Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026         |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 4,975 |  |   | 4,905 |  |   | 4,726 |  |
| Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022                      |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 4,982 |  |   | 4,962 |  |   | 4,920 |  |
| Total Senior Secured First Lien Debt                                       |   |   |   |   |   |   |   | 88,965 |  |   | 85,483 |  |
| Senior Secured Second Lien Debt                                            |   |   |   |   |   |   |   |   |   |   |
| 1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022                    |   | 6 Month LIBOR |   | High Tech Industries |   | 4,000 |  |   | 3,914 |  |   | 3,820 |  |
| PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023            |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 5,000 |  |   | 4,933 |  |   | 4,375 |  |
| Total Senior Secured Second Lien Debt                                      |   |   |   |   |   |   |   | 8,847 |  |   | 8,195 |  |
| Short Term Investments(c)                                                  |   |   |   |   |   |   |   |   |   |   |
| First American Treasury Obligations Fund, Class Z Shares, 0.28%(d)         |   |   |   |   |   |   |   | 2,180 |  |   | 2,180 |  |
| Total Short Term Investments                                               |   |   |   |   |   |   |   | 2,180 |  |   | 2,180 |  |
| TOTAL INVESTMENTS                                                          |   |   |   |   |   |   |   | $ | 99,992 |  |   | $ | 95,858 |  |

|    |                                                                                                                                                                                                                                                                                                                                                     |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | The 1, 3 and 6 month LIBOR rates were 0.99%, 1.45% and 1.18%, respectively, as of March 31, 2020. The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2020, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2020. |
|    |                                                                                |
|----|--------------------------------------------------------------------------------|
| b. | Represents amortized cost for debt securities and cost for equity investments. |
|    |                                                                                                                                                                  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. |
|    |                                                  |
|----|--------------------------------------------------|
| d. | 7-day effective yield as of March 31, 2020. |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                                                          |   | Index Rate(a) |   | Industry |   | Principal/Par Amount/Units |   | Cost(b) |   | FairValue |
| Senior Secured First Lien Debt                                             |   |   |   |   |   |   |   |   |   |   |
| Allen Media, LLC, L+650, 1.00% LIBOR Floor, 8/30/2023                      |   | 3 Month LIBOR |   | Media: Diversified & Production |   | $ | 5,920 |  |   | $ | 5,738 |  |   | $ | 5,979 |  |
| Analogic Corp., L+600, 1.00% LIBOR Floor, 6/21/2024                        |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 4,923 |  |   | 4,876 |  |   | 4,874 |  |
| Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024 |   | 3 Month LIBOR |   | Media: Diversified & Production |   | 3,978 |  |   | 3,939 |  |   | 3,938 |  |
| Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023               |   | 3 Month LIBOR |   | Aerospace & Defense |   | 4,987 |  |   | 4,892 |  |   | 4,937 |  |
| Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021          |   | 1 Month LIBOR |   | Services: Consumer |   | 4,987 |  |   | 4,876 |  |   | 4,339 |  |
| CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021             |   | 1 Month LIBOR |   | Hotel, Gaming & Leisure |   | 5,985 |  |   | 5,877 |  |   | 5,865 |  |
| Extreme Reach, Inc., L+750, 0.00% LIBOR Floor, 3/29/2024                   |   | 1 Month LIBOR |   | Media: Diversified & Production |   | 4,909 |  |   | 4,839 |  |   | 4,885 |  |
| Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023               |   | 1 Month LIBOR |   | Healthcare & Pharmaceuticals |   | 5,000 |  |   | 4,905 |  |   | 4,913 |  |
| Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023                     |   | 1 Month LIBOR |   | Telecommunications |   | 6,000 |  |   | 6,000 |  |   | 6,000 |  |
| LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024              |   | 3 Month LIBOR |   | Services: Business |   | 4,987 |  |   | 4,891 |  |   | 4,900 |  |
| Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023               |   | 1 Month LIBOR |   | Retail |   | 5,985 |  |   | 5,927 |  |   | 5,925 |  |
| NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022            |   | 1 Month LIBOR |   | Media: Advertising, Printing & Publishing |   | 4,933 |  |   | 4,886 |  |   | 4,883 |  |
| PH Beauty Holdings III. Inc., L+500, 0.00% LIBOR Floor, 9/28/2025          |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 4,987 |  |   | 4,722 |  |   | 4,788 |  |
| Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026         |   | 1 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 4,987 |  |   | 4,914 |  |   | 4,913 |  |
| Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022                      |   | 1 Month LIBOR |   | Consumer Goods: Non-Durable |   | 5,000 |  |   | 4,976 |  |   | 5,000 |  |
| Total Senior Secured First Lien Debt                                       |   |   |   |   |   |   |   | 76,258 |  |   | 76,139 |  |
| Senior Secured Second Lien Debt                                            |   |   |   |   |   |   |   |   |   |   |
| 1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022                    |   | 1 Month LIBOR |   | High Tech Industries |   | 4,000 |  |   | 3,907 |  |   | 3,940 |  |
| ABG Intermediate Holdings 2 LLC, L+775, 1.00% LIBOR Floor, 9/29/2025       |   | 1 Month LIBOR |   | Retail |   | 3,000 |  |   | 3,005 |  |   | 3,000 |  |
| PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023            |   | 3 Month LIBOR |   | Chemicals, Plastics & Rubber |   | 5,000 |  |   | 4,928 |  |   | 4,800 |  |
| STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023        |   | 1 Month LIBOR |   | Services: Business |   | 5,000 |  |   | 4,809 |  |   | 5,000 |  |
| Total Senior Secured Second Lien Debt                                      |   |   |   |   |   |   |   | 16,649 |  |   | 16,740 |  |
| Short Term Investments(c)                                                  |   |   |   |   |   |   |   |   |   |   |
| First American Treasury Obligations Fund, Class Z Shares, 1.49%(d)         |   |   |   |   |   |   |   | 2,757 |  |   | 2,757 |  |
| Total Short Term Investments                                               |   |   |   |   |   |   |   | 2,757 |  |   | 2,757 |  |
| TOTAL INVESTMENTS                                                          |   |   |   |   |   |   |   | $ | 95,664 |  |   | $ | 95,636 |  |

|    |                                                                                                                                                                                                                                                                                                                                          |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | The 1 and 3 month LIBOR rates were 1.76% and 1.91%, respectively, as of December 31, 2019.  The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2019, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2019. |
|    |                                                                                |
|----|--------------------------------------------------------------------------------|
| b. | Represents amortized cost for debt securities and cost for equity investments. |
|    |                                                                                                                                                                  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. |
|    |                                                     |
|----|-----------------------------------------------------|
| d. | 7-day effective yield as of December 31, 2019. |

----

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |
| Selected Balance Sheet Information:                                                         |   | March 31, 2020 |   | December 31, 2019 |
| Investments, at fair value (amortized cost of $99,992 and $95,664, respectively)            |   | $ | 95,858 |  |   | $ | 95,636 |  |
| Cash and other assets                                                                       |   | 38 |  |   | 363 |  |
| Receivable for investments sold and repaid                                                  |   | 145 |  |   | 80 |  |
| Interest receivable on investments                                                          |   | 675 |  |   | 727 |  |
|    Total assets                                                              |   | $ | 96,716 |  |   | $ | 96,806 |  |
|                                                                                        |   |   |   |   |
| Credit facility (net of unamortized debt issuance costs of $1,064 and $1,123, respectively) |   | 63,080 |  |   | 59,579 |  |
| Other liabilities                                                                           |   | 2,011 |  |   | 1,495 |  |
|    Total liabilities                                                         |   | $ | 65,091 |  |   | $ | 61,074 |  |
| Members' capital                                                                            |   | 31,625 |  |   | 35,732 |  |
|    Total liabilities and members' capital                                    |   | $ | 96,716 |  |   | $ | 96,806 |  |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |
| Selected Statement of Operations Information:        |   | Three Months Ended March 31, 2020 |
| Total revenues                                       |   | $ | 2,589 |  |
| Total expenses                                       |   | 942 |  |
| Net change in unrealized depreciation on investments |   | (4,107 | ) |
| Net decrease in net assets                           |   | $ | (2,460 | ) |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Financing Arrangement(1) |   | Type of Financing Arrangement |   | Rate |   | Amount Outstanding |   | Amount Available |   | Maturity Date |
| JPM Credit Facility      |   | Term Loan Credit Facility |   | L+3.00% |   | $ | 250,000 |  |   | $ | 25,000 |  |   | August 24, 2021 |
| UBS Facility             |   | Repurchase Agreement |   | L+3.50% |   | 200,000 |  |   | — |  |   | May 19, 2020 |
| Citibank Credit Facility |   | Revolving Credit Facility |   | L+2.00% |   | 229,442 |  |   | 120,558 |  |   | March 30, 2022 |
| MS Credit Facility       |   | Revolving Credit Facility |   | L+3.00% |   | 127,417 |  |   | 22,583 |  |   | December 19, 2022 |
|                     |   |   |   |   |   | $ | 806,859 |  |   | $ | 168,141 |  |   |   |

|     |                                                                                     |
|-----|-------------------------------------------------------------------------------------|
| (1) | See the relevant discussion below for material events subsequent to March 31, 2020. |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |
|                                     |   | Three Months Ended March 31, |
|                                     |   | 2020 |   | 2019 |
| Stated interest expense                  |   | $ | 3,036 |  |   | $ | 3,549 |  |
| Amortization of deferred financing costs |   | 152 |  |   | 306 |  |
| Non-usage fee                            |   | 63 |  |   | 62 |  |
| Total interest expense                   |   | $ | 3,251 |  |   | $ | 3,917 |  |
| Weighted average interest rate(1)        |   | 4.90 | % |   | 5.78 | % |
| Average borrowings                       |   | $ | 250,000 |  |   | $ | 250,000 |  |

|     |                                                                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes the stated interest expense and non-usage fee, if any, on the unused portion of the Amended JPM Credit Facility and is annualized for periods covering less than one year. |

----

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |
|                                     |   | Three Months Ended March 31, |
|                                     |   | 2020 |   | 2019 |
| Stated interest expense                  |   | $ | 2,703 |  |   | $ | 3,072 |  |
| Amortization of deferred financing costs |   | 234 |  |   | 232 |  |
| Total interest expense                   |   | $ | 2,937 |  |   | $ | 3,304 |  |
| Weighted average interest rate(1)        |   | 5.35 | % |   | 6.14 | % |
| Average borrowings                       |   | $ | 200,000 |  |   | $ | 200,000 |  |

|     |                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes the stated interest expense and non-usage fee, if any, on the unused portion of the Amended UBS Facility and is annualized for periods covering less than one year. |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |
|                                     |   | Three Months Ended March 31, |
|                                     |   | 2020 |   | 2019 |
| Stated interest expense                  |   | $ | 2,369 |  |   | $ | 3,184 |  |
| Non-usage fee                            |   | 177 |  |   | 115 |  |
| Amortization of deferred financing costs |   | 172 |  |   | 162 |  |
| Total interest expense                   |   | $ | 2,718 |  |   | $ | 3,461 |  |
| Weighted average interest rate(1)        |   | 3.91 | % |   | 4.92 | % |
| Average borrowings                       |   | $ | 256,609 |  |   | $ | 268,497 |  |

|     |                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes the stated interest expense and non-usage fee, if any, on the unused portion of the Second Amended Citibank Credit Facility and is annualized for periods covering less than one year. |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |
|                                     |   | Three Months Ended March 31, |
|                                     |   | 2020 |   | 2019 |
| Stated interest expense                  |   | $ | 1,362 |  |   | $ | 2,154 |  |
| Amortization of deferred financing costs |   | 129 |  |   | 128 |  |
| Non-usage fee                            |   | 67 |  |   | 76 |  |
| Total interest expense                   |   | $ | 1,558 |  |   | $ | 2,358 |  |
| Weighted average interest rate(1)        |   | 4.90 | % |   | 5.95 |  |
| Average borrowings                       |   | $ | 115,294 |  |   | $ | 150,000 |  |

|     |                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes the stated interest expense and non-usage fee, if any, on the unused portion of the Amended MS Credit Facility and is annualized for periods covering less than one year. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | March 31, 2020(1) |   | December 31, 2019(2) |
|                                                       | Level 1 |   | Level 2 |   | Level 3 |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Senior secured first lien debt                             | $ | — |  |   | $ | — |  |   | $ | 1,274,325 |  |   | $ | 1,274,325 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,351,767 |  |   | $ | 1,351,767 |  |
| Senior secured second lien debt                            | — |  |   | — |  |   | 201,165 |  |   | 201,165 |  |   | — |  |   | — |  |   | 248,253 |  |   | 248,253 |  |
| Collateralized securities and structured products - debt   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 7,212 |  |   | 7,212 |  |
| Collateralized securities and structured products - equity | — |  |   | — |  |   | 10,972 |  |   | 10,972 |  |   | — |  |   | — |  |   | 14,182 |  |   | 14,182 |  |
| Unsecured debt                                             | — |  |   | — |  |   | 4,800 |  |   | 4,800 |  |   | — |  |   | — |  |   | 4,900 |  |   | 4,900 |  |
| Equity                                                     | 4,690 |  |   | — |  |   | 46,455 |  |   | 51,145 |  |   | 6,842 |  |   | — |  |   | 56,886 |  |   | 63,728 |  |
| Short term investments                                     | 56,657 |  |   | — |  |   | — |  |   | 56,657 |  |   | 29,527 |  |   | — |  |   | — |  |   | 29,527 |  |
| Total Investments                                          | $ | 61,347 |  |   | $ | — |  |   | $ | 1,537,717 |  |   | $ | 1,599,064 |  |   | $ | 36,369 |  |   | $ | — |  |   | $ | 1,683,200 |  |   | $ | 1,719,569 |  |

|     |                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Excludes the Company's $27,672 investment in CION SOF and $10,884 investment in BCP Great Lakes Fund LP, which were measured at NAV. |
|     |                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Excludes the Company's $31,265 investment in CION SOF and $14,238 investment in BCP Great Lakes Fund LP, which were measured at NAV. |

|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                         | Three Months EndedMarch 31, 2020 |
|                                                                                         | Senior Secured First Lien Debt |   | Senior Secured Second Lien Debt |   | Collateralized Securities and Structured Products - Debt |   | Collateralized Securities and Structured Products - Equity |   | Unsecured Debt |   | Equity |   | Total |
| Beginning balance, December 31, 2019                                                         | $ | 1,351,767 |  |   | $ | 248,253 |  |   | $ | 7,212 |  |   | $ | 14,182 |  |   | $ | 4,900 |  |   | $ | 56,886 |  |   | $ | 1,683,200 |  |
| Investments purchased                                                                        | 177,154 |  |   | 354 |  |   | — |  |   | — |  |   | — |  |   | 611 |  |   | 178,119 |  |
| Net realized (loss) gain                                                                     | (4,195 | ) |   | 1 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (4,194 | ) |
| Net change in unrealized depreciation                                                        | (85,030 | ) |   | (17,215 | ) |   | — |  |   | (3,020 | ) |   | (104 | ) |   | (11,042 | ) |   | (116,411 | ) |
| Accretion of discount                                                                        | 4,689 |  |   | 488 |  |   | — |  |   | — |  |   | 4 |  |   | — |  |   | 5,181 |  |
| Sales and principal repayments                                                               | (170,060 | ) |   | (30,716 | ) |   | (7,212 | ) |   | (190 | ) |   | — |  |   | — |  |   | (208,178 | ) |
| Ending balance, March 31, 2020                                                          | $ | 1,274,325 |  |   | $ | 201,165 |  |   | $ | — |  |   | $ | 10,972 |  |   | $ | 4,800 |  |   | $ | 46,455 |  |   | $ | 1,537,717 |  |
| Change in net unrealized depreciation on investments still held as of March 31, 2020(1) | $ | (81,934 | ) |   | $ | (16,670 | ) |   | $ | — |  |   | $ | (3,020 | ) |   | $ | (104 | ) |   | $ | (11,042 | ) |   | $ | (112,770 | ) |

|     |                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------|
| (1) | Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations. |

----

|                                                                                                             |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                        | Three Months EndedMarch 31, 2019 |
|                                                                                                        | Senior Secured First Lien Debt |   | Senior Secured Second Lien Debt |   | Collateralized Securities and Structured Products - Debt |   | Collateralized Securities and Structured Products - Equity |   | Equity |   | Total |
| Beginning balance, December 31, 2018                                                                   | $ | 1,462,989 |  |   | $ | 323,365 |  |   | $ | 15,193 |  |   | $ | 14,827 |  |   | $ | 29,076 |  |   | $ | 1,845,450 |  |
| Investments purchased                                                                                       | 134,777 |  |   | 9,824 |  |   | — |  |   | — |  |   | 4,254 |  |   | 148,855 |  |
| Net realized loss                                                                                           | (895 | ) |   | (13 | ) |   | (49 | ) |   | — |  |   | — |  |   | (957 | ) |
| Net change in unrealized (depreciation) appreciation                                                        | (2,837 | ) |   | (2,471 | ) |   | (114 | ) |   | 755 |  |   | (346 | ) |   | (5,013 | ) |
| Accretion of discount                                                                                       | 2,663 |  |   | 354 |  |   | — |  |   | — |  |   | — |  |   | 3,017 |  |
| Sales and principal repayments                                                                              | (183,229 | ) |   | (20,867 | ) |   | — |  |   | (107 | ) |   | — |  |   | (204,203 | ) |
| Ending balance, March 31, 2019                                                                         | $ | 1,413,468 |  |   | $ | 310,192 |  |   | $ | 15,030 |  |   | $ | 15,475 |  |   | $ | 32,984 |  |   | $ | 1,787,149 |  |
| Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2019(1) | $ | (3,537 | ) |   | $ | (2,397 | ) |   | $ | (114 | ) |   | $ | 755 |  |   | $ | (346 | ) |   | $ | (5,639 | ) |

|     |                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------|
| (1) | Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations. |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | March 31, 2020 |
|                                                       |   | Fair Value |   | Valuation Techniques/Methodologies |   | UnobservableInputs |   | Range |   | Weighted Average(1) |
| Senior secured first lien debt                             |   | $ | 1,166,046 |  |   | Discounted Cash Flow |   | Discount Rates |   | 6.3% |   | — |   | 23.1% |   | 10.9% |
|                                                       |   | 47,442 |  |   | Broker Quotes |   | Broker Quotes |   | N/A |   | N/A |
|                                                       |   | 34,547 |  |   | Market Comparable Approach |   | EBITDA Multiple |   | 2.13x |   | — |   | 7.50x |   | 4.79x |
|                                                       |   | 25,886 |  |   |   | Revenue Multiple |   | 0.28x |   | — |   | 2.72x |   | 1.87x |
|                                                       |   | 404 |  |   | Other(2) |   | Other(2) |   | N/A |   | N/A |
| Senior secured second lien debt                            |   | 190,167 |  |   | Discounted Cash Flow |   | Discount Rates |   | 9.5% |   | — |   | 17.7% |   | 12.4% |
|                                                       |   | 9,814 |  |   | Broker Quotes |   | Broker Quotes |   | N/A |   | N/A |
|                                                       |   | 1,184 |  |   | Market Comparable Approach |   | EBITDA Multiple |   | 6.50x |   | — |   | 9.25x |   | 9.25x |
| Collateralized securities and structured products - equity |   | 8,884 |  |   | Discounted Cash Flow |   | Discount Rates |   | 15.5% |   | — |   | 18.0% |   | 15.7% |
|                                                       |   | 2,088 |  |   | Other(2) |   | Other(2) |   | N/A |   | N/A |
| Unsecured debt                                             |   | 4,800 |  |   | Discounted Cash Flow |   | Discount Rates |   | 16.1% |   | N/A |
| Equity                                                     |   | 25,817 |  |   | Market Comparable Approach |   | EBITDA Multiple |   | 3.25x |   | — |   | 9.50x |   | 5.98x |
|                                                       |   | 6,661 |  |   |   | Revenue Multiple |   | 0.25x |   | — |   | 1.63x |   | 0.48x |
|                                                       |   | 13,877 |  |   | Discounted Cash flow |   | Discount Rates |   | 21.6% |   | N/A |
|                                                       |   | 100 |  |   | Options Pricing Model |   | Expected Volatility |   | 50.0% |   | — |   | 96.0% |   | 64.6% |
| Total                                                      |   | $ | 1,537,717 |  |   |   |   |   |   |   |   |   |   |   |   |   |

|     |                                                                  |
|-----|------------------------------------------------------------------|
| (1) | Weighted average amounts are based on the estimated fair values. |
|     |                                                                                               |
|-----|-----------------------------------------------------------------------------------------------|
| (2) | Fair value based on expected outcome of proposed corporate transactions and/or other factors. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   | December 31, 2019 |
|                                                       |   | Fair Value |   | Valuation Techniques/Methodologies |   | UnobservableInputs |   | Range |   | Weighted Average(1) |
| Senior secured first lien debt                             |   | $ | 1,115,676 |  |   | Discounted Cash Flow |   | Discount Rates |   | 5.0% |   | - |   | 24.7% |   | 10.0% |
|                                                       |   | 225,310 |  |   | Broker Quotes |   | Broker Quotes |   | N/A |   | N/A |
|                                                       |   | 7,591 |  |   | Market Comparable Approach |   | EBITDA Multiple |   | 5.25x |   | - |   | 9.00x |   | 7.49x |
|                                                       |   | 3,190 |  |   | Other(2) |   | Other(2) |   | N/A |   | N/A |
| Senior secured second lien debt                            |   | 139,363 |  |   | Discounted Cash Flow |   | Discount Rates |   | 9.0% |   | - |   | 14.9% |   | 11.0% |
|                                                       |   | 107,816 |  |   | Broker Quotes |   | Broker Quotes |   | N/A |   | N/A |
|                                                       |   | 1,074 |  |   | Market Comparable Approach |   | EBITDA Multiple |   | 5.25x |   | - |   | 7.55x |   | 7.55x |
| Collateralized securities and structured products - debt   |   | 7,212 |  |   | Other(2) |   | Other(2) |   | N/A |   | N/A |
| Collateralized securities and structured products - equity |   | 11,274 |  |   | Discounted Cash Flow |   | Discount Rates |   | 12.5% |   | - |   | 16.0% |   | 13.0% |
|                                                       |   | 2,908 |  |   | Other(2) |   | Other(2) |   | N/A |   | N/A |
| Unsecured debt                                             |   | 4,900 |  |   | Discounted Cash Flow |   | Discount Rates |   | 15.5% |   | N/A |
| Equity                                                     |   | 33,230 |  |   | Market Comparable Approach |   | EBITDA Multiple |   | 4.50x |   | - |   | 13.00x |   | 7.18x |
|                                                       |   | 9,456 |  |   |   | Revenue Multiple |   | 0.30x |   | - |   | 3.50x |   | 0.77x |
|                                                       |   | 13,270 |  |   | Discounted Cash Flow |   | Discount Rates |   | 21.6% |   | N/A |
|                                                       |   | 914 |  |   | Broker Quotes |   | Broker Quotes |   | N/A |   | N/A |
|                                                       |   | 16 |  |   | Options Pricing Model |   | Expected Volatility |   | 60.0% |   | - |   | 92.0% |   | 61.7% |
| Total                                                      |   | $ | 1,683,200 |  |   |   |   |   |   |   |   |   |   |   |   |   |

|     |                                                                  |
|-----|------------------------------------------------------------------|
| (1) | Weighted average amounts are based on the estimated fair values. |
|     |                                                                                               |
|-----|-----------------------------------------------------------------------------------------------|
| (2) | Fair value based on expected outcome of proposed corporate transactions and/or other factors. |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Three Months Ended March 31, |
|                                     | 2020 |   | 2019 |
| Transfer agent expense                   | $ | 395 |  |   | $ | 265 |  |
| Professional fees                        | 297 |  |   | 553 |  |
| Valuation expense                        | 276 |  |   | 115 |  |
| Accounting and administration costs      | 146 |  |   | 15 |  |
| Director fees and expenses               | 116 |  |   | 121 |  |
| Insurance expense                        | 108 |  |   | 101 |  |
| Dues and subscriptions                   | 82 |  |   | 135 |  |
| Printing and marketing expense           | 15 |  |   | 22 |  |
| Due diligence fees                       | — |  |   | 61 |  |
| Other expenses                           | 35 |  |   | 1 |  |
| Total general and administrative expense | $ | 1,470 |  |   | $ | 1,389 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
| Unfunded Commitments                                |   | March 31, 2020(1) |   | December 31, 2019(1) |
| Palmetto Solar, LLC                                 |   | $ | 15,021 |  |   | $ | 19,142 |  |
| Mimeo.com, Inc.                                     |   | 10,000 |  |   | 11,500 |  |
| West Dermatology Management Holdings, LLC           |   | 8,840 |  |   | — |  |
| Independent Pet Partners Intermediate Holdings, LLC |   | 7,363 |  |   | 7,852 |  |
| Volta Charging, LLC                                 |   | 5,850 |  |   | 10,000 |  |
| Manna Pro Products, LLC                             |   | 4,413 |  |   | 5,528 |  |
| Foundation Consumer Healthcare, LLC                 |   | 4,211 |  |   | 4,211 |  |
| BCP Great Lakes Fund LP                             |   | 2,924 |  |   | 792 |  |
| CircusTrix Holdings, LLC                            |   | 2,898 |  |   | 2,892 |  |
| Lift Brands, Inc.                                   |   | 2,500 |  |   | 3,950 |  |
| Coyote Buyer, LLC                                   |   | 2,250 |  |   | — |  |
| Moss Holding Company                                |   | 2,232 |  |   | 2,232 |  |
| Echo US Holdings, LLC                               |   | 2,037 |  |   | 2,586 |  |
| Adapt Laser Acquisition, Inc.                       |   | 2,000 |  |   | 2,000 |  |
| Anthem Sports & Entertainment Inc.              |   | 1,333 |  |   | 1,333 |  |
| Teladoc, Inc.                                       |   | 1,250 |  |   | 1,250 |  |
| LAV Gear Holdings, Inc.                             |   | 864 |  |   | 864 |  |
| AMCP Staffing Intermediate Holdings III, LLC        |   | 603 |  |   | 1,059 |  |
| American Media, Inc.                                |   | 170 |  |   | 128 |  |
| Instant Web, LLC                                    |   | — |  |   | 2,704 |  |
| Extreme Reach, Inc.                                 |   | — |  |   | 1,744 |  |
| Adams Publishing Group, LLC                         |   | — |  |   | 1,600 |  |
| Country Fresh Holdings, LLC                         |   | — |  |   | 327 |  |
| Total                                               |   | $ | 76,759 |  |   | $ | 83,694 |  |

|     |                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated. |

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |
|                               | Three Months EndedMarch 31, |
|                               | 2020 |   | 2019 |
| Amendment fees                     | $ | 489 |  |   | $ | 298 |  |
| Capital structuring and other fees | 115 |  |   | — |  |
| Total                              | $ | 604 |  |   | $ | 298 |  |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |
|                                                                 |   | Three Months EndedMarch 31, |
|                                                                 |   | 2020 |   | 2019 |
| Per share data:(1)                                                   |   |   |   |   |
| Net asset value at beginning of period                               |   | $ | 8.40 |  |   | $ | 8.69 |  |
| Results of operations:                                               |   |   |   |   |
| Net investment income                                                |   | 0.19 |  |   | 0.19 |  |
| Net realized and change in unrealized losses(2)                      |   | (1.12 | ) |   | (0.05 | ) |
| Net (decrease) increase in net assets resulting from operations(2)   |   | (0.93 | ) |   | 0.14 |  |
| Shareholder distributions:                                           |   |   |   |   |
| Distributions from net investment income                             |   | (0.18 | ) |   | (0.18 | ) |
| Net decrease in net assets from shareholders' distributions          |   | (0.18 | ) |   | (0.18 | ) |
| Capital share transactions:                                          |   |   |   |   |
| Issuance of common stock above net asset value(3)                    |   | — |  |   | — |  |
| Repurchases of common stock(4)                                       |   | — |  |   | — |  |
| Net increase in net assets resulting from capital share transactions |   | — |  |   | — |  |
| Net asset value at end of period                                     |   | $ | 7.29 |  |   | $ | 8.65 |  |
| Shares of common stock outstanding at end of period                  |   | 113,313,249 |  |   | 113,401,873 |  |
| Total investment return-net asset value(5)                           |   | (11.25 | )% |   | 1.68 | % |
| Net assets at beginning of period                                    |   | $ | 952,563 |  |   | $ | 979,271 |  |
| Net assets at end of period                                          |   | $ | 825,858 |  |   | $ | 981,135 |  |
| Average net assets                                                   |   | $ | 917,565 |  |   | $ | 987,393 |  |
| Ratio/Supplemental data:                                             |   |   |   |   |
| Ratio of net investment income to average net assets(6)              |   | 2.36 |  % |   | 2.18 | % |
| Ratio of gross operating expenses to average net assets(6)(7)        |   | 2.62 |  % |   | 3.00 | % |
| Ratio of expenses to average net assets(6)                           |   | 2.62 |  % |   | 3.00 | % |
| Portfolio turnover rate(8)                                           |   | 10.53 |  % |   | 7.92 | % |
| Asset coverage ratio(9)                                              |   | 2.02 |  |   | 2.11 |  |

|     |                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The per share data for the three months ended March 31, 2020 and 2019 was derived by using the weighted average shares of common stock outstanding during each period. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The amount shown for net realized loss and net change in unrealized depreciation on investments is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio. As a result, net (decrease) increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations. |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The continuous issuance of shares of common stock may have caused an incremental increase in net asset value per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of net asset value per share on each subscription closing date. The per share impact of the continuous issuance of shares of common stock was an increase to net asset value of less than $0.01 per share during the three months ended March 31, 2019. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Repurchases of common stock may cause an incremental decrease in net asset value per share due to the repurchase of shares at a price in excess of net asset value per share on each repurchase date. The per share impact of repurchases of common stock was a decrease to net asset value of less than $0.01 per share during the three months ended March 31, 2020 and 2019. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s common stock at the beginning and end of the period, including distributions paid or payable during the period. Total investment return-net asset value is based on (i) the beginning period net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of monthly distributions, and (iii) the value of distributions payable, if any, on the last day of the period. The total investment return-net asset value calculation assumes that monthly cash distributions are reinvested in accordance with the Company's distribution reinvestment plan then in effect as described in Note 5. The total investment return-net asset value does not consider the effect of the sales load from the sale of the Company’s common stock. The total investment return-net asset value includes the effect of the issuance of shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. Total returns covering less than a full year are not annualized. |
|     |                          |
|-----|--------------------------|
| (6) | Ratio is not annualized. |
|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| (7) | Ratio of gross operating expenses to average net assets does not include expense support provided by CIM, if any. |
|     |                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments, and is not annualized. |
|     |                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period. |

----

|         |                               |
|---------|-------------------------------|
| • | our future operating results; |
|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of COVID-19; |
|         |                                                       |
|---------|-------------------------------------------------------|
| • | the impact of the investments that we expect to make; |
|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | the ability of our portfolio companies to achieve their objectives; |
|         |                                                      |
|---------|------------------------------------------------------|
| • | our current and expected financings and investments; |
|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | the adequacy of our cash resources, financing sources and working capital; |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | the use of borrowed money to finance a portion of our investments; |
|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | the timing of cash flows, if any, from the operations of our portfolio companies; |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | our contractual arrangements and relationships with third parties; |
|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | the actual and potential conflicts of interest with CIM and Apollo and their respective affiliates; |
|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the ability of CIM's and AIM's investment professionals to locate suitable investments for us and the ability of CIM to monitor and administer our investments; |
|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | the ability of CIM and its affiliates to attract and retain highly talented professionals; |
|         |                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the dependence of our future success on the general economy and its impact on the industries in which we invest, including COVID-19 and the related economic disruptions caused thereby; |
|         |                                                      |
|---------|------------------------------------------------------|
| • | the effects of a changing interest rate environment; |
|         |                                                      |
|---------|------------------------------------------------------|
| • | our ability to source favorable private investments; |
|         |                 |
|---------|-----------------|
| • | our tax status; |
|         |                                                                |
|---------|----------------------------------------------------------------|
| • | the effect of changes to tax legislation and our tax position; |
|         |                                                         |
|---------|---------------------------------------------------------|
| • | the tax status of the companies in which we invest; and |
|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | the timing and amount of distributions and dividends from the companies in which we invest. |
|         |                         |
|---------|-------------------------|
| • | changes in the economy; |
|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | risks associated with possible disruption in our operations or the economy generally due to terrorism, pandemics, or natural disasters; and |
|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | future changes in laws or regulations and conditions in our operating areas. |

----

----

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |
|                                                    |   | Three Months EndedMarch 31, |
| Net Investment Activity                                 |   | 2020 |   | 2019 |
| Purchases and drawdowns                                 |   |   |   |   |
|     Senior secured first lien debt  |   | $ | 175,543 |  |   | $ | 134,130 |  |
|     Senior secured second lien debt |   | — |  |   | 9,824 |  |
|     Equity                          |   | 88 |  |   | 1,691 |  |
| Sales and principal repayments                          |   | (210,398 | ) |   | (204,203 | ) |
| Net portfolio activity                                  |   | $ | (34,767 | ) |   | $ | (58,558 | ) |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | March 31, 2020 |
|                                                          |   | Investments Cost(1) |   | Investments FairValue |   | Percentage ofInvestmentPortfolio |
| Senior secured first lien debt                                |   | $ | 1,396,530 |  |   | $ | 1,274,325 |  |   | 80.6 | % |
| Senior secured second lien debt                               |   | 234,407 |  |   | 201,165 |  |   | 12.7 | % |
| Collateralized securities and structured products - equity    |   | 16,286 |  |   | 10,972 |  |   | 0.7 | % |
| Unsecured debt                                                |   | 4,905 |  |   | 4,800 |  |   | 0.3 | % |
| Equity                                                        |   | 114,216 |  |   | 89,701 |  |   | 5.7 | % |
| Subtotal/total percentage                                     |   | 1,766,344 |  |   | 1,580,963 |  |   | 100.0 | % |
| Short term investments(2)                                     |   | 56,657 |  |   | 56,657 |  |   |   |
| Total investments                                             |   | $ | 1,823,001 |  |   | $ | 1,637,620 |  |   |   |
| Number of portfolio companies                                 |   |   |   | 134 |  |
| Average annual EBITDA of portfolio companies                  |   | $78.8 million |   |
| Median annual EBITDA of portfolio companies                   |   | $54.6 million |   |
| Purchased at a weighted average price of par                  |   | 97.96 | % |
| Gross annual portfolio yield based upon the purchase price(3) |   | 8.52 | % |

|     |                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents amortized cost for debt investments and cost for equity investments. Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on our investments. |
|     |                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. |
|     |                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage. |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |
|                                                          | December 31, 2019 |
|                                                          | Investments Cost(1) |   | Investments FairValue |   | Percentage ofInvestmentPortfolio |
| Senior secured first lien debt                                | $ | 1,388,942 |  |   | $ | 1,351,767 |  |   | 77.9 | % |
| Senior secured second lien debt                               | 264,280 |  |   | 248,253 |  |   | 14.3 | % |
| Collateralized securities and structured products - debt      | 7,212 |  |   | 7,212 |  |   | 0.4 | % |
| Collateralized securities and structured products - equity    | 16,476 |  |   | 14,182 |  |   | 0.8 | % |
| Unsecured debt                                                | 4,901 |  |   | 4,900 |  |   | 0.3 | % |
| Equity                                                        | 115,738 |  |   | 109,231 |  |   | 6.3 | % |
| Subtotal/total percentage                                     | 1,797,549 |  |   | 1,735,545 |  |   | 100.0 | % |
| Short term investments(2)                                     | 29,527 |  |   | 29,527 |  |   |   |  |
| Total investments                                             | $ | 1,827,076 |  |   | $ | 1,765,072 |  |   |   |
| Number of portfolio companies                                 |   |   |  |   | 136 |  |
| Average annual EBITDA of portfolio companies                  |   | $81.7 million |   |
| Median annual EBITDA of portfolio companies                   |   | $56.1 million |   |
| Purchased at a weighted average price of par                  |   | 97.68 | % |
| Gross annual portfolio yield based upon the purchase price(3) |   | 9.33 | % |

|     |                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents amortized cost for debt investments and cost for equity investments. Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on our investments. |
|     |                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. |

----

|     |                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage. |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                               |   | March 31, 2020 |   | December 31, 2019 |
| Interest Rate Allocation           |   | Investments Cost |   | Investments Fair Value |   | Percentage ofInvestmentPortfolio |   | Investments Cost |   | Investments Fair Value |   | Percentage ofInvestmentPortfolio |
| Floating interest rate investments |   | $ | 1,604,188 |  |   | $ | 1,451,604 |  |   | 91.8 | % |   | $ | 1,648,380 |  |   | $ | 1,594,594 |  |   | 91.8 | % |
| Fixed interest rate investments    |   | 79,636 |  |   | 70,526 |  |   | 4.5 | % |   | 66,460 |  |   | 65,233 |  |   | 3.8 | % |
| Non-income producing equity        |   | 51,888 |  |   | 32,768 |  |   | 2.1 | % |   | 51,887 |  |   | 45,213 |  |   | 2.6 | % |
| Other income producing investments |   | 30,632 |  |   | 26,065 |  |   | 1.6 | % |   | 30,822 |  |   | 30,505 |  |   | 1.8 | % |
| Total investments                  |   | $ | 1,766,344 |  |   | $ | 1,580,963 |  |   | 100.0 | % |   | $ | 1,797,549 |  |   | $ | 1,735,545 |  |   | 100.0 | % |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          |   | March 31, 2020 |   | December 31, 2019 |
| Industry Classification                       |   | Investments Fair Value |   | Percentage ofInvestment Portfolio |   | Investments Fair Value |   | Percentage ofInvestment Portfolio |
| Healthcare & Pharmaceuticals              |   | $ | 286,586 |  |   | 18.1 | % |   | $ | 294,947 |  |   | 17.0 | % |
| Services: Business                            |   | 171,713 |  |   | 10.9 | % |   | 191,126 |  |   | 11.0 | % |
| Media: Diversified & Production           |   | 132,468 |  |   | 8.4 | % |   | 206,159 |  |   | 11.9 | % |
| Chemicals, Plastics & Rubber              |   | 121,045 |  |   | 7.7 | % |   | 102,906 |  |   | 5.9 | % |
| Media: Advertising, Printing & Publishing |   | 115,946 |  |   | 7.3 | % |   | 120,810 |  |   | 7.0 | % |
| Services: Consumer                            |   | 86,297 |  |   | 5.5 | % |   | 94,058 |  |   | 5.4 | % |
| Capital Equipment                             |   | 78,316 |  |   | 4.9 | % |   | 73,586 |  |   | 4.2 | % |
| High Tech Industries                          |   | 65,754 |  |   | 4.2 | % |   | 60,197 |  |   | 3.5 | % |
| Telecommunications                            |   | 62,424 |  |   | 3.9 | % |   | 61,577 |  |   | 3.6 | % |
| Beverage, Food & Tobacco                  |   | 62,308 |  |   | 3.9 | % |   | 68,440 |  |   | 3.9 | % |
| Retail                                        |   | 60,952 |  |   | 3.9 | % |   | 53,599 |  |   | 3.1 | % |
| Diversified Financials                        |   | 49,528 |  |   | 3.1 | % |   | 66,897 |  |   | 3.9 | % |
| Banking, Finance, Insurance & Real Estate |   | 39,738 |  |   | 2.5 | % |   | 62,738 |  |   | 3.6 | % |
| Construction & Building                   |   | 35,871 |  |   | 2.3 | % |   | 37,096 |  |   | 2.1 | % |
| Energy: Oil & Gas                         |   | 35,869 |  |   | 2.3 | % |   | 48,742 |  |   | 2.8 | % |
| Consumer Goods: Non-Durable                   |   | 33,156 |  |   | 2.1 | % |   | 33,609 |  |   | 1.9 | % |
| Aerospace & Defense                       |   | 29,741 |  |   | 1.9 | % |   | 30,378 |  |   | 1.8 | % |
| Consumer Goods: Durable                       |   | 29,081 |  |   | 1.8 | % |   | 31,705 |  |   | 1.8 | % |
| Forest Products & Paper                   |   | 19,818 |  |   | 1.2 | % |   | 24,217 |  |   | 1.4 | % |
| Metals & Mining                           |   | 19,437 |  |   | 1.2 | % |   | 10,373 |  |   | 0.6 | % |
| Hotel, Gaming & Leisure                   |   | 18,694 |  |   | 1.2 | % |   | 25,081 |  |   | 1.4 | % |
| Transportation: Cargo                         |   | 18,391 |  |   | 1.2 | % |   | 27,291 |  |   | 1.6 | % |
| Automotive                                    |   | 7,830 |  |   | 0.5 | % |   | 10,013 |  |   | 0.6 | % |
| Subtotal/total percentage                     |   | 1,580,963 |  |   | 100.0 | % |   | 1,735,545 |  |   | 100.0 | % |
| Short term investments                        |   | 56,657 |  |   |   |  |   | 29,527 |  |   |   |
| Total investments                             |   | $ | 1,637,620 |  |   |   |   | $ | 1,765,072 |  |   |   |

----

|                   |
|-------------------|
|                   |  |  |
| Investment Rating |   | Description |
| 1                 |   | Indicates the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. |
| 2                 |   | Indicates a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing in accordance with our analysis of its business and the full return of principal and interest or dividend is expected. |
| 3                 |   | Indicates that the risk to our ability to recoup the cost of such investment has increased since origination or acquisition, but full return of principal and interest or dividend is expected. A portfolio company with an investment rating of 3 requires closer monitoring. |
| 4                 |   | Indicates that the risk to our ability to recoup the cost of such investment has increased significantly since origination or acquisition, including as a result of factors such as declining performance and noncompliance with debt covenants, and we expect some loss of interest, dividend or capital appreciation, but still expect an overall positive internal rate of return on the investment. |
| 5                 |   | Indicates that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance. Loss of interest or dividend and some loss of principal investment is expected, which would result in an overall negative internal rate of return on the investment. |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   | March 31, 2020 |   | December 31, 2019 |
| Investment Rating |   | InvestmentsFair Value |   | Percentage ofInvestment Portfolio |   | InvestmentsFair Value |   | Percentage ofInvestment Portfolio |
| 1                 |   | $ | 25,970 |  |   | 1.7 | % |   | $ | 154,264 |  |   | 8.9 | % |
| 2                 |   | 1,241,913 |  |   | 78.6 | % |   | 1,278,576 |  |   | 73.7 | % |
| 3                 |   | 228,229 |  |   | 14.4 | % |   | 282,140 |  |   | 16.3 | % |
| 4                 |   | 46,328 |  |   | 2.9 | % |   | 16,463 |  |   | 0.9 | % |
| 5                 |   | 38,523 |  |   | 2.4 | % |   | 4,102 |  |   | 0.2 | % |
|              |   | $ | 1,580,963 |  |   | 100.0 | % |   | $ | 1,735,545 |  |   | 100.0 | % |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |
|                                                          |   |   |   | Investments FairValue |   | Percentage ofInvestmentPortfolio |
| Senior secured first lien debt                                |   |   |   | $ | 1,264,499 |  |   | 80.5 | % |
| Senior secured second lien debt                               |   |   |   | 199,827 |  |   | 12.7 | % |
| Collateralized securities and structured products - equity    |   |   |   | 10,942 |  |   | 0.7 | % |
| Unsecured debt                                                |   |   |   | 4,800 |  |   | 0.3 | % |
| Equity                                                        |   |   |   | 91,430 |  |   | 5.8 | % |
| Subtotal/total percentage                                     |   |   |   | 1,571,498 |  |   | 100.0 | % |
| Short term investments(2)                                     |   |   |   | 55,579 |  |   |   |
| Total investments                                             |   |   |   | $ | 1,627,077 |  |   |   |
| Number of portfolio companies                                 |   |   |   | 134 |  |
| Average annual EBITDA of portfolio companies                  |   | $79.3 million |   |
| Median annual EBITDA of portfolio companies                   |   | $54.6 million |   |
| Purchased at a weighted average price of par                  |   |   |   |   |   | 97.66 | % |
| Gross annual portfolio yield based upon the purchase price(2) |   |   |   |   |   | 8.58 | % |

|     |                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. |
|     |                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage. |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
|                                                                  | Three Months EndedMarch 31, |
|                                                                  | 2020 |   | 2019 |
| Investment income                                                     | $ | 45,748 |  |   | $ | 51,171 |  |
| Net operating expenses                                                | 24,087 |  |   | 29,632 |  |
| Net investment income                                                 | 21,661 |  |   | 21,539 |  |
| Net realized loss on investments and foreign currency                 | (4,196 | ) |   | (960 | ) |
| Net change in unrealized depreciation on investments                  | (123,377 | ) |   | (4,050 | ) |
| Net change in unrealized depreciation on foreign currency translation | — |  |   | (113 | ) |
| Net (decrease) increase in net assets resulting from operations       | $ | (105,912 | ) |   | $ | 16,416 |  |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |
|                                 | Three Months EndedMarch 31, |
|                                 | 2020 |   | 2019 |
| Management fees                      | $ | 8,451 |  |   | $ | 9,331 |  |
| Administrative services expense      | 394 |  |   | 497 |  |
| Subordinated incentive fee on income | 3,308 |  |   | 5,375 |  |
| General and administrative           | 1,470 |  |   | 1,389 |  |
| Interest expense                     | 10,464 |  |   | 13,040 |  |
| Total operating expenses             | $ | 24,087 |  |   | $ | 29,632 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Three Months EndedMarch 31, |
|                                     | 2020 |   | 2019 |
| Transfer agent expense                   | $ | 395 |  |   | $ | 265 |  |
| Professional fees                        | 297 |  |   | 553 |  |
| Valuation expense                        | 276 |  |   | 115 |  |
| Accounting and administration costs      | 146 |  |   | 15 |  |
| Director fees and expenses               | 116 |  |   | 121 |  |
| Insurance expense                        | 108 |  |   | 101 |  |
| Dues and subscriptions                   | 82 |  |   | 135 |  |
| Printing and marketing expense           | 15 |  |   | 22 |  |
| Due diligence fees                       | — |  |   | 61 |  |
| Other expenses                           | 35 |  |   | 1 |  |
| Total general and administrative expense | $ | 1,470 |  |   | $ | 1,389 |  |

----

----

----

----

|         |                                                                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our quarterly valuation process begins with each portfolio company or investment being initially valued by certain of CIM’s investment professionals and certain members of its management team, with such valuation taking into account information received from various sources, including independent valuation firms, if applicable; |
|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | preliminary valuation conclusions are then documented and discussed with members of CIM’s management team; |
|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | designated members of CIM’s management team review the preliminary valuation, and, if applicable, deliver such preliminary valuation to an independent valuation firm for its review; |
|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | designated members of CIM’s management team and, if appropriate, the relevant investment professionals meet with the independent valuation firm to discuss the preliminary valuation; |
|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | designated members of CIM’s management team respond and supplement the preliminary valuation to reflect any comments provided by the independent valuation firm; |
|         |                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our audit committee meets with members of CIM’s management team and the independent valuation firms to discuss the assistance provided and the results of the independent valuation firms' review; and |
|         |                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our board of directors discusses the valuation and determines the fair value of each investment in our portfolio in good faith based on various statistical and other factors, including the input and recommendation of CIM, the audit committee and any third-party valuation firm, if applicable. |

----

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |
| Basis Point Change in Interest Rates                        |   | (Decrease) Increase in Net Interest Income(1) |   | Percentage Change in Net Interest Income |
| Down 100 basis points                                       |   | $ | (2,525 | ) |   | (2.3 | )% |
| Down 50 basis points                                        |   | (2,137 | ) |   | (1.9 | )% |
| No change to current base rate (1.38% as of March 31, 2020) |   | — |  |   | — |  |
| Up 50 basis points                                          |   | 3,855 |  |   | 3.5 |  % |
| Up 100 basis points                                         |   | 7,884 |  |   | 7.2 |  % |
| Up 200 basis points                                         |   | 16,191 |  |   | 14.8 |  % |
| Up 300 basis points                                         |   | 25,018 |  |   | 22.8 |  % |

|     |                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------|
| (1) | This table assumes no change in defaults or prepayments by portfolio companies over the next twelve months. |

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----

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Our NAV has significantly decreased as a result of the outbreak. As of March 31, 2020, our NAV per share was $7.29 as compared to $8.40 as of December 31, 2019. We expect our NAV per share in the future will be different, and possibly materially different, from our March 31, 2020 NAV per share. The recent decrease was the result of significant mark downs in the fair value of our investment portfolio, including our quoted syndicated loan investments and our private loan and other investments. The fair value of these investments deteriorated as a result of market conditions triggered by COVID-19, including increased credit risk for our portfolio companies as their businesses were impacted by the outbreak and technical selling pressure as other market participants began selling assets in an effort to realize liquidity. It is possible that the fair value of our investments, and therefore our NAV per share, could continue to decrease during the period of the COVID-19 outbreak and potentially longer. We believe our investments in portfolio companies in certain industries have been and will continue to be most affected by the COVID-19 outbreak, but the majority of our investments have been and may continue to be affected by the outbreak. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The portfolio companies that are borrowers of our loans may not be able to make interest payments, which would adversely impact our net income and results of operations. Many of these portfolio companies’ businesses are adversely affected by COVID-19 and are experiencing lost revenue as quarantines and other social disruption have slowed or stopped purchases of their products or services or have forced them to limit or suspend operations. Furthermore, although most of our loans are secured by first lien security interests in the applicable portfolio company’s assets, if a portfolio company defaults on its loan there is no guarantee we will be able to recover the principal amount of the loan. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Disruption in the financial markets caused by the COVID-19 outbreak may restrict our access to financing. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained prior to the outbreak of the pandemic. Furthermore, because of declining values of certain of our assets, we may need to post additional unencumbered assets to secure certain of our financing arrangements, leaving less remaining unencumbered assets for future financing. These factors may limit our ability to make new investments and adversely impact our results of operations. |
|         |                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | weakening financial conditions of or the bankruptcy or insolvency of portfolio companies, which may result in the inability of such portfolio companies to meet debt obligations, delays in collecting accounts receivable, defaults, or forgiveness or deferral of interest payments from such portfolio companies; |
|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | deteriorations in credit and financing market conditions, which may adversely impact our ability to access financing for our investments on favorable terms or at all; |
|         |                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | operational impacts on our service providers, vendors and counterparties, including our lenders and other providers of financing, brokers and other counterparties that we purchase and sell assets to and from, and legal and diligence professionals that we rely on for acquiring our investments; |
|         |                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | limitations on our ability to ensure business continuity in the event our, or our third-party service providers’, continuity of operations plan is not effective or improperly implemented or deployed during a disruption; |
|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | the availability of key personnel of our service providers as they face changed circumstances and potential illness during the pandemic; |
|         |                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | difficulty in valuing our assets in light of significant changes in the financial markets, including difficulty in forecasting discount rates and making market comparisons, and circumstances affecting our service providers’ personnel during the pandemic; |
|         |                                                  |
|---------|--------------------------------------------------|
| • | limitations on our ability to raise new capital; |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | significant changes to the valuations of pending investments; and |

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|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | limitations on our ability to make distributions to and/or repurchase shares from our shareholders due to material adverse impacts on our cash flows from operations or liquidity. |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                          |   | Total Number of Shares Purchased |   | Average Price Paid per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs |
| January 1 to January 31, 2020   |   | — |  |   | $ | — |  |   | — |  |   | — |  |
| February 1 to February 29, 2020 |   | — |  |   | — |  |   | — |  |   | — |  |
| March 1 to March 31, 2020       |   | 1,076,229 |  |   | 7.50 |  |   | 1,076,229 |  |   | (1 | ) |
| Total                           |   | 1,076,229 |  |   | $ | 7.50 |  |   | 1,076,229 |  |   | (1 | ) |

|     |                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | A description of the maximum number of shares of our common stock that may be repurchased is set forth in a detailed discussion of the terms of our share repurchase program in Note 3 to our unaudited consolidated financial statements contained in this Quarterly Report on Form 10-Q. |

----

|               |
|---------------|
|               |  |  |
| ExhibitNumber |   | Description of Document |
| 2.1           |   | Purchase and Sale Agreement, dated as of September 30, 2016, by and between Park South Funding, LLC and Credit Suisse Alternative Capital, LLC (Incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K filed with the SEC on October 4, 2016 (File No. 814-00941)). |
| 3.1           |   | Second Articles of Amendment and Restatement of the Articles of Incorporation of CĪON Investment Corporation (Incorporated by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K filed with the SEC on August 27, 2012 (File No. 814-00941)). |
| 3.2           |   | Bylaws of CĪON Investment Corporation (Incorporated by reference to Exhibit (B) to Pre-Effective Amendment No. 4 to Registrant’s Registration Statement on Form N-2 filed with the SEC on June 29, 2012 (File No. 333-178646)). |
| 4.1           |   | Form of Follow-On Subscription Agreement (Incorporated by reference to Appendix A to Final Prospectus on Form 497 filed with the SEC on September 25, 2018 (File No. 333-203683)). |
| 4.2           |   | Fifth Amended and Restated Distribution Reinvestment Plan of CĪON Investment Corporation (Incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K filed with the SEC on December 8, 2016 (File No. 814-00941)). |
| 4.3           |   | Description of Registrant’s Securities (Incorporated by reference to Exhibit 4.3 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 17, 2020 (File No. 814-00941)). |
| 10.1          |   | Investment Advisory Agreement by and between CĪON Investment Corporation and CION Investment Management, LLC (Incorporated by reference to Exhibit (G)(1) to Pre-Effective Amendment No. 4 to Registrant’s Registration Statement on Form N-2 filed with the SEC on June 29, 2012 (File No. 333-178646)). |
| 10.2          |   | Custody Agreement by and between CĪON Investment Corporation and U.S. Bank National Association (Incorporated by reference to Exhibit (J) to Pre-Effective Amendment No. 4 to Registrant’s Registration Statement on Form N-2 filed with the SEC on June 29, 2012 (File No. 333-178646)). |
| 10.3          |   | Escrow Agreement by and among CĪON Investment Corporation, UMB Bank, N.A., and ICON Securities Corp. (Incorporated by reference to Exhibit (K)(1) to Pre-Effective Amendment No. 4 to Registrant’s Registration Statement on Form N-2 filed with the SEC on June 29, 2012 (File No. 333-178646)). |
| 10.4          |   | Second Amended and Restated Expense Support and Conditional Reimbursement Agreement, dated as of December 20, 2019, by and between CĪON Investment Corporation and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 26, 2019 (File No. 814-00941)). |
| 10.5          |   | Amended and Restated Follow-On Dealer Manager Agreement, dated as of December 28, 2016, by and among CĪON Investment Corporation, CION Investment Management, LLC and CION Securities, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on January 4, 2017 (File No. 814-00941)). |
| 10.6          |   | Form of Follow-On Selected Dealer Agreement (Incorporated by reference to Exhibit (H)(4) to Registrant’s Registration Statement on Form N-2 filed with the SEC on April 28, 2015 (File No. 333-203683)). |

----

|               |
|---------------|
|               |  |  |
| ExhibitNumber |   | Description of Document |
| 10.7          |   | Sale and Contribution Agreement, dated as of August 26, 2016, by and between 34th Street Funding, LLC and CĪON Investment Corporation (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on September 1, 2016 (File No. 814-00941)). |
| 10.8          |   | Master Participation Agreement, dated as of August 26, 2016, by and between 34th Street Funding, LLC and CĪON Investment Corporation (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on September 1, 2016 (File No. 814-00941)). |
| 10.9          |   | Amended and Restated Loan and Security Agreement, dated as of September 30, 2016, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on October 4, 2016 (File No. 814-00941)). |
| 10.10         |   | Amended and Restated Portfolio Management Agreement, dated as of September 30, 2016, by and among 34th Street Funding, LLC, CION Investment Management, LLC and JPMorgan Chase Bank, National Association (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on October 4, 2016 (File No. 814-00941)). |
| 10.11         |   | Credit and Security Agreement, dated as of March 29, 2017, by and among Flatiron Funding II, LLC, CION Investment Management, LLC, CĪON Investment Corporation, Citibank, N.A. and U.S. Bank National Association (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on April 4, 2017 (File No. 814-00941)). |
| 10.12         |   | Second Amendment, dated as of March 14, 2019, to Credit and Security Agreement, dated as of March 29, 2017, by and among Flatiron Funding II, LLC, CION Investment Management, LLC, CĪON Investment Corporation, the Lenders from time to time party thereto, Citibank, N.A. and U.S. Bank National Association. (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on March 18, 2019 (File No. 814-00941)). |
| 10.13         |   | Account Control Agreement, dated as of March 29, 2017, by and among Flatiron Funding II, LLC, CION Investment Management, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on April 4, 2017 (File No. 814-00941)). |
| 10.14         |   | Master Participation and Assignment Agreement, dated as of March 29, 2017, by and between 15th Street Loan Funding LLC and Flatiron Funding II, LLC (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on April 4, 2017 (File No. 814-00941)). |
| 10.15         |   | Master Participation and Assignment Agreement, dated as of March 29, 2017, by and between 15th Street Loan Funding 2 LLC and Flatiron Funding II, LLC (Incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K filed with the SEC on April 4, 2017 (File No. 814-00941)). |
| 10.16         |   | Contribution Agreement, dated as of May 19, 2017, by and among CĪON Investment Corporation, Murray Hill Funding, LLC and Murray Hill Funding II, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)). |

----

|               |
|---------------|
|               |  |  |
| ExhibitNumber |   | Description of Document |
| 10.17         |   | Amended and Restated Indenture, dated as of December 1, 2017, by and between Murray Hill Funding II, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 7, 2017 (File No. 814-00941)). |
| 10.18         |   | Murray Hill Funding II, LLC Class A Notes Due 2027 (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)). |
| 10.19         |   | Contribution Agreement, dated as of May 19, 2017, by and among UBS AG, London Branch, Murray Hill Funding II, LLC, U.S. Bank National Association, Murray Hill Funding, LLC and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)). |
| 10.20         |   | October 2000 Version Global Master Repurchase Agreement, by and between UBS AG and Murray Hill Funding, LLC, together with the related Annex and Master Confirmation thereto, each dated as of May 19, 2017 (Incorporated by reference to Exhibit 10.5 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)). |
| 10.21         |   | Collateral Management Agreement, dated as of May 19, 2017, by and between CION Investment Management, LLC and Murray Hill Funding II, LLC (Incorporated by reference to Exhibit 10.6 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)). |
| 10.22         |   | Collateral Administration Agreement, dated as of May 19, 2017, by and among Murray Hill Funding II, LLC, CION Investment Management, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.7 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)). |
| 10.23         |   | Murray Hill Funding II, LLC Class A Notes Due 2027 (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 7, 2017 (File No. 814-00941)). |
| 10.24         |   | First Amended and Restated Master Confirmation, dated as of December 1, 2017, to the October 2000 Version Global Master Repurchase Agreement, dated as of May 19, 2017, by and between UBS AG, London Branch and Murray Hill Funding, LLC (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 7, 2017 (File No. 814-00941)). |
| 10.25         |   | Loan and Servicing Agreement, dated as of December 19, 2017, by and among 33rd Street Funding, LLC, CION Investment Management, LLC, Morgan Stanley Asset Funding Inc., Morgan Stanley Bank, N.A. and U.S. Bank National Association (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 22, 2017 (File No. 814-00941)). |
| 10.26         |   | Sale and Contribution Agreement, dated as of December 19, 2017, by and between 33rd Street Funding, LLC and CĪON Investment Corporation (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 22, 2017 (File No. 814-00941)). |
| 10.27         |   | Portfolio Management Agreement, dated as of December 19, 2017, by and between 33rd Street Funding, LLC and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 22, 2017 (File No. 814-00941)). |
| 10.28         |   | Administration Agreement, dated as of April 1, 2018, by and between CĪON Investment Corporation and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2018 (File No. 814-00941)). |
| 10.29         |   | Third Amendment to Amended and Restated Loan Agreement, dated as of May 23, 2018, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2018 (File No. 814-00941)). |
| 31.1          |   | Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer. |
| 31.2          |   | Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer. |
| 31.3          |   | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. |
| 32.1          |   | Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2          |   | Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.3          |   | Certification of Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

----

|                               |
|-------------------------------|
|                               |
| By: /s/ Michael A. Reisner    |
| Michael A. Reisner            |
| Co-Chief Executive Officer    |
| (Principal Executive Officer) |

|                               |
|-------------------------------|
|                               |
| By: /s/ Mark Gatto            |
| Mark Gatto                    |
| Co-Chief Executive Officer    |
| (Principal Executive Officer) |

|                                              |
|----------------------------------------------|
|                                              |
| By: /s/ Keith S. Franz                       |
| Keith S. Franz                               |
| Chief Financial Officer                      |
| (Principal Financial and Accounting Officer) |