|            |
|------------|
|            |  |
| (Mark One) |   |
| þ     | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the quarterly period ended June 30, 2018 |
| OR         |
|  ̈     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the transition period from               to |

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |
| Maryland(State or Other Jurisdiction of Incorporation or Organization)                         | 45-3999996(I.R.S. Employer Identification No.) |
|                                                                                           |   |
| 2800 Post Oak Boulevard, Suite 5000Houston, Texas(Address of Principal Executive Offices) | 77056-6118(Zip Code) |

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

----

|                                         |
|-----------------------------------------|
|                                         |  |  |
| Item 1.                                 | Condensed Consolidated Financial Statements: |   |
|                                    | Condensed Consolidated Balance Sheets | 1 |
|                                    | Condensed Consolidated Statements of Operations | 2 |
|                                    | Condensed Consolidated Statements of Changes in Net Assets | 3 |
|                                    | Condensed Consolidated Statements of Cash Flows | 4 |
|                                    | Condensed Consolidated Schedules of Investments | 5 |
|                                    | Notes to the Condensed Consolidated Financial Statements | 7 |
| Item 2.                                 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 37 |
| Item 3.                                 | Quantitative and Qualitative Disclosures About Market Risk | 59 |
| Item 4.                                 | Controls and Procedures | 60 |
|                                    |   |   |
| PART II — OTHER INFORMATION  |
|                                    |   |   |
| Item 1.                                 | Legal Proceedings | 61 |
| Item 1A.                                | Risk Factors | 61 |
| Item 2.                                 | Unregistered Sales of Equity Securities and Use of Proceeds | 61 |
| Item 3.                                 | Defaults Upon Senior Securities | 61 |
| Item 4.                                 | Mine Safety Disclosures | 61 |
| Item 5.                                 | Other Information | 62 |
| Item 6.                                 | Exhibits | 63 |
|                                    |   |   |
| Signatures                              |   | 64 |

----

|                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                                                                   | June 30, 2018 |   | December 31, 2017 |
|                                                                                                                                                                   | (Unaudited) |   |   |
| ASSETS                                                                                                                                                                 |   |   |   |
| Portfolio investments at fair value:                                                                                                                                   |   |   |   |
| Non-Control/Non-Affiliate investments (amortized cost: $952,064 and $948,029 as of June 30, 2018 and December 31, 2017, respectively)                                  | $ | 934,545 |  |   | $ | 922,898 |  |
| Affiliate investments (amortized cost: $111,354 and $71,708 as of June 30, 2018 and December 31, 2017, respectively)                                                   | 117,408 |  |   | 76,862 |  |
| Control investments (amortized cost: $45,821 and $44,592 as of June 30, 2018 and December 31, 2017, respectively)                                                      | 51,810 |  |   | 49,679 |  |
| Total portfolio investments (amortized cost: $1,109,239 and $1,064,329 as of June 30, 2018 and December 31, 2017, respectively)                                        | 1,103,763 |  |   | 1,049,439 |  |
|                                                                                                                                                                   |   |   |   |
| Cash and cash equivalents                                                                                                                                              | 37,633 |  |   | 45,791 |  |
| Interest receivable                                                                                                                                                    | 8,005 |  |   | 8,638 |  |
| Receivable for securities sold                                                                                                                                         | 15,014 |  |   | 4,959 |  |
| Prepaid and other assets                                                                                                                                               | 4,870 |  |   | 4,072 |  |
| Deferred financing costs (net of accumulated amortization of $975 and $309 as of June 30, 2018 and December 31, 2017, respectively)                                    | 5,496 |  |   | 6,163 |  |
| Total assets                                                                                                                                                           | $ | 1,174,781 |  |   | $ | 1,119,062 |  |
|                                                                                                                                                                   |   |   |   |
| LIABILITIES                                                                                                                                                            |   |  |   |   |  |
| Accounts payable and other liabilities                                                                                                                                 | $ | 1,919 |  |   | $ | 1,459 |  |
| Stockholder distributions payable                                                                                                                                      | 4,536 |  |   | 4,772 |  |
| Base management fees payable                                                                                                                                           | 5,737 |  |   | 5,682 |  |
| Due to affiliates                                                                                                                                                      | 46 |  |   | 59 |  |
| Directors’ fees payable                                                                                                                                          | 43 |  |   | 17 |  |
| Payable for securities purchased                                                                                                                                       | 16,331 |  |   | 29,284 |  |
| Credit facilities payable                                                                                                                                              | 504,000 |  |   | 430,000 |  |
| Total liabilities                                                                                                                                                      | 532,612 |  |   | 471,273 |  |
|                                                                                                                                                                   |   |   |   |
| Commitments and Contingencies (Note 12)                                                                                                                                |   |   |   |
|                                                                                                                                                                   |   |   |   |
| NET ASSETS                                                                                                                                                             |   |  |   |   |  |
| Common stock, $.001 par value; 150,000,000 shares authorized, 78,788,407 and 79,511,731 issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 79 |  |   | 80 |  |
| Additional paid-in capital                                                                                                                                             | 679,856 |  |   | 685,593 |  |
| Accumulated distributions in excess of net investment income                                                                                                           | (31,638 | ) |   | (22,660 | ) |
| Net unrealized depreciation on investments                                                                                                                             | (6,128 | ) |   | (15,224 | ) |
| Total net assets                                                                                                                                                       | 642,169 |  |   | 647,789 |  |
|                                                                                                                                                                   |   |   |   |
| Total liabilities and net assets                                                                                                                                       | $ | 1,174,781 |  |   | $ | 1,119,062 |  |
|                                                                                                                                                                   |   |   |   |
| Net asset value per share                                                                                                                                              | $ | 8.15 |  |   | $ | 8.15 |  |

----

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                           | Three Months Ended |   | Six Months Ended |
|                                                                                           | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| INVESTMENT INCOME:                                                                             |   |  |   |   |  |   |   |  |   |   |  |
| From non-control/non-affiliate investments:                                                    |   |   |   |   |   |   |   |
| Interest income                                                                                | $ | 22,973 |  |   | $ | 22,557 |  |   | $ | 45,882 |  |   | $ | 45,100 |  |
| Fee income                                                                                     | 653 |  |   | 827 |  |   | 921 |  |   | 1,537 |  |
| Dividend income                                                                                | 226 |  |   | 182 |  |   | 529 |  |   | 384 |  |
| From affiliate investments:                                                                    |   |   |   |   |   |   |   |
| Interest income                                                                                | 2,189 |  |   | 1,138 |  |   | 3,953 |  |   | 2,101 |  |
| Fee income                                                                                     | 53 |  |   | 49 |  |   | 102 |  |   | 103 |  |
| Dividend income                                                                                | 552 |  |   | 555 |  |   | 1,027 |  |   | 981 |  |
| From control investments:                                                                      |   |   |   |   |   |   |   |
| Interest income                                                                                | 156 |  |   | 170 |  |   | 312 |  |   | 338 |  |
| Fee income                                                                                     | 18 |  |   | 20 |  |   | 35 |  |   | 41 |  |
| Dividend income                                                                                | 653 |  |   | 50 |  |   | 1,348 |  |   | 327 |  |
| Total interest, fee and dividend income                                                        | 27,473 |  |   | 25,548 |  |   | 54,109 |  |   | 50,912 |  |
| EXPENSES:                                                                                      |   |  |   |   |  |   |   |  |   |   |  |
| Interest expense                                                                               | 6,107 |  |   | 4,343 |  |   | 11,235 |  |   | 8,338 |  |
| Base management and incentive fees                                                             | 5,876 |  |   | 6,126 |  |   | 11,585 |  |   | 12,771 |  |
| Internal administrative services expenses                                                      | 617 |  |   | 873 |  |   | 1,421 |  |   | 1,534 |  |
| Offering costs                                                                                 | 104 |  |   | 408 |  |   | 207 |  |   | 798 |  |
| Professional fees                                                                              | 147 |  |   | 60 |  |   | 415 |  |   | 324 |  |
| Insurance                                                                                      | 48 |  |   | 48 |  |   | 96 |  |   | 96 |  |
| Other general and administrative                                                               | 493 |  |   | 292 |  |   | 936 |  |   | 619 |  |
| Expenses before fee and expense waivers                                                        | 13,392 |  |   | 12,150 |  |   | 25,895 |  |   | 24,480 |  |
| Waiver of incentive fees                                                                       | (139 | ) |   | (823 | ) |   | (154 | ) |   | (2,318 | ) |
| Waiver of internal administrative services expenses                                            | (617 | ) |   | (873 | ) |   | (1,421 | ) |   | (1,534 | ) |
| Total expenses, net of fee and expense waivers                                                 | 12,636 |  |   | 10,454 |  |   | 24,320 |  |   | 20,628 |  |
| Net investment income before taxes                                                             | 14,837 |  |   | 15,094 |  |   | 29,789 |  |   | 30,284 |  |
| Income tax expense (benefit), including excise tax                                             | 95 |  |   | 30 |  |   | 197 |  |   | 78 |  |
| NET INVESTMENT INCOME                                                                          | 14,742 |  |   | 15,064 |  |   | 29,592 |  |   | 30,206 |  |
| NET REALIZED GAIN (LOSS) ON INVESTMENTS                                                        |   |  |   |   |  |   |   |  |   |   |  |
| Non-Control/Non-Affiliate investments                                                          | (1,014 | ) |   | (5 | ) |   | (11,823 | ) |   | 2,635 |  |
| Affiliate investments                                                                          | — |  |   | — |  |   | 912 |  |   | — |  |
| Control investments                                                                            | — |  |   | — |  |   | — |  |   | — |  |
| Total realized gain (loss) on investments                                                      | (1,014 | ) |   | (5 | ) |   | (10,911 | ) |   | 2,635 |  |
| NET REALIZED INCOME                                                                            | 13,728 |  |   | 15,059 |  |   | 18,681 |  |   | 32,841 |  |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS                            |   |  |   |   |  |   |   |  |   |   |  |
| Non-Control/Non-Affiliate investments                                                          | (2,147 | ) |   | 1,439 |  |   | 7,316 |  |   | (4,130 | ) |
| Affiliate investments                                                                          | 388 |  |   | 812 |  |   | 880 |  |   | 1,872 |  |
| Control investments                                                                            | 253 |  |   | 150 |  |   | 902 |  |   | 143 |  |
| Total net change in unrealized appreciation (depreciation) on investments                      | (1,506 | ) |   | 2,401 |  |   | 9,098 |  |   | (2,115 | ) |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                           | $ | 12,222 |  |   | $ | 17,460 |  |   | $ | 27,779 |  |   | $ | 30,726 |  |
| PER SHARE INFORMATION - BASIC AND DILUTED                                                      |   |   |   |   |   |   |   |
| NET INVESTMENT INCOME PER SHARE                                                                | $ | 0.18 |  |   | $ | 0.20 |  |   | $ | 0.37 |  |   | $ | 0.40 |  |
| NET REALIZED INCOME PER SHARE                                                                  | $ | 0.17 |  |   | $ | 0.19 |  |   | $ | 0.23 |  |   | $ | 0.43 |  |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE (EARNINGS PER SHARE) | $ | 0.16 |  |   | $ | 0.22 |  |   | $ | 0.35 |  |   | $ | 0.40 |  |
| DISTRIBUTIONS DECLARED PER SHARE                                                               | $ | 0.18 |  |   | $ | 0.18 |  |   | $ | 0.35 |  |   | $ | 0.35 |  |
| WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED                                  | 79,330,060 |  |   | 76,992,837 |  |   | 79,586,935 |  |   | 75,929,218 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |
|                                                                            |   | Six Months Ended June 30, 2018 |   | Six Months Ended June 30, 2017 |
| Change in Net Assets from Operations:                                           |   |   |   |   |
| Net investment income                                                           |   | $ | 29,592 |  |   | $ | 30,206 |  |
| Net realized gain (loss) on investments                                         |   | (10,911 | ) |   | 2,635 |  |
| Net change in unrealized appreciation (depreciation) on investments             |   | 9,098 |  |   | (2,115 | ) |
| Net increase in net assets resulting from operations                            |   | 27,779 |  |   | 30,726 |  |
|                                                                            |   |   |   |   |
| Change in Net Assets from Stockholders’ Distributions:                    |   |   |   |   |
| Distributions from net investment income                                        |   | (27,658 | ) |   | (23,725 | ) |
| Distributions from net realized gain on investments                             |   | — |  |   | (2,635 | ) |
| Net decrease in net assets resulting from stockholders’ distributions     |   | (27,658 | ) |   | (26,360 | ) |
|                                                                            |   |   |   |   |
| Change in Net Assets from Capital Share Transactions:                           |   |   |   |   |
| Issuance of common stock, net of issuance costs                                 |   | — |  |   | 32,151 |  |
| Reinvestment of stockholder distributions                                       |   | 13,819 |  |   | 13,545 |  |
| Repurchase of common stock                                                      |   | (19,560 | ) |   | (7,894 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions |   | (5,741 | ) |   | 37,802 |  |
|                                                                            |   |   |   |   |
| Total Increase (Decrease) in Net Assets                                         |   | (5,620 | ) |   | 42,168 |  |
| Net Assets at beginning of the period                                           |   | 647,789 |  |   | 597,833 |  |
| Net Assets at end of the period                                                 |   | $ | 642,169 |  |   | $ | 640,001 |  |
|                                                                            |   |   |   |   |
| NAV per share at end of the period                                              |   | $ | 8.15 |  |   | $ | 8.22 |  |
|                                                                            |   |   |   |   |
| Common shares outstanding, beginning of the period                              |   | 79,511,731 |  |   | 73,382,971 |  |
| Issuance of common shares                                                       |   | — |  |   | 3,844,275 |  |
| Issuance of common shares pursuant to distribution reinvestment plan            |   | 1,666,634 |  |   | 1,624,413 |  |
| Repurchase of common shares                                                     |   | (2,389,958 | ) |   | (960,486 | ) |
| Common shares outstanding, end of the period                                    |   | 78,788,407 |  |   | 77,891,173 |  |

----

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |  |  |  |  |  |  |
|                                                                                                                    | Six Months Ended  June 30, 2018 |   | Six Months Ended  June 30, 2017 |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                    |   |  |   |   |  |
| Net increase in net assets resulting from operations                                                                    | $ | 27,779 |  |   | $ | 30,726 |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |   |   |   |
| Principal repayments received and proceeds from sales of investments in portfolio companies                             | 243,113 |  |   | 280,006 |  |
| Investments in portfolio companies                                                                                      | (314,312 | ) |   | (307,041 | ) |
| Net change in unrealized (appreciation) depreciation on portfolio investments                                           | (9,098 | ) |   | 2,115 |  |
| Net realized (gain) loss on sale of portfolio investments                                                               | 10,911 |  |   | (2,635 | ) |
| Amortization of deferred financing costs                                                                                | 667 |  |   | 699 |  |
| Amortization of deferred offering costs                                                                                 | 207 |  |   | 798 |  |
| Accretion of unearned income                                                                                            | (7,416 | ) |   | (7,896 | ) |
| Net payment-in-kind interest accrual                                                                                    | (483 | ) |   | (839 | ) |
| Changes in other assets and liabilities:                                                                                |   |   |   |  |
| Interest receivable                                                                                                     | 633 |  |   | (771 | ) |
| Prepaid and other assets                                                                                                | (528 | ) |   | 354 |  |
| Base management fees payable                                                                                            | 55 |  |   | 250 |  |
| Due to affiliates                                                                                                       | (13 | ) |   | (109 | ) |
| Directors’ fees payable                                                                                           | 26 |  |   | 15 |  |
| Accounts payable and other liabilities                                                                                  | 143 |  |   | (108 | ) |
| Payable for unsettled trades                                                                                            | — |  |   | (649 | ) |
| Net cash used in operating activities                                                                                   | (48,316 | ) |   | (5,085 | ) |
|                                                                                                                    |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                    |   |  |   |   |  |
| Proceeds from issuance of common stock                                                                                  | — |  |   | 35,018 |  |
| Redemption of common stock                                                                                              | (19,560 | ) |   | (7,894 | ) |
| Payment of selling commissions and dealer manager fees                                                                  | — |  |   | (2,849 | ) |
| Payment of offering costs                                                                                               | (207 | ) |   | (709 | ) |
| Payment of stockholder distributions                                                                                    | (14,075 | ) |   | (12,694 | ) |
| Repayments on credit facilities payable                                                                                 | (169,000 | ) |   | (291,000 | ) |
| Proceeds from credit facilities payable                                                                                 | 243,000 |  |   | 295,000 |  |
| Payment of deferred financing costs                                                                                     | — |  |   | (601 | ) |
| Net cash generated from financing activities                                                                            | 40,158 |  |   | 14,271 |  |
|                                                                                                                    |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                                    | (8,158 | ) |   | 9,186 |  |
|                                                                                                                    |   |   |   |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD                                                                | 45,791 |  |   | 23,719 |  |
|                                                                                                                    |   |   |   |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                                                                      | $ | 37,633 |  |   | $ | 32,905 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS Income Fund, Inc.Consolidated Schedule of Investments                                             |
| As of June 30, 2018                                                                                   |
| (dollars in thousands)                                                                                |
| Portfolio Company (1) (3)                                                                             | Business Description | Type of Investment (2) (3) | Index Rate (22) | Principal (7) | Cost (7) | Fair Value (26) |
|                                                                                                  |   |   |   |   |   |   |
| Control Investments (6)                                                                               |
| Copper Trail Energy Fund I, LP (9)(15)(16)                                                            | Investment Partnership | LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 30.1%) | — | $ | — |  | $ | 3,246 |  | $ | 3,246 |  |
| CTMH, LP (9) (15)                                                                                     | Investment Partnership | LP Interests (CTMH, LP) (Fully diluted 38.8%) | — | — |  | 872 |  | 872 |  |
| GRT Rubber Technologies, LLC (8) (10) (13)                                                            | Manufacturer of Engineered Rubber Products | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.98%, Secured Debt (Maturity - December 19, 2019) | 1 month LIBOR | 5,311 |  | 5,268 |  | 5,310 |  |
|                                                                                                  |   | Member Units (2,896 units) | — | — |  | 6,435 |  | 12,535 |  |
|                                                                                                  |   |   |   |   | 11,703 |  | 17,845 |  |
| HMS-ORIX SLF LLC  (9) (15)                                                                            | Investment Partnership | Membership Interests (Fully diluted 60.00%) (16) | — | — |  | 30,000 |  | 29,847 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Control Investments (6) (5% of total investments at fair value)                              |   |   | $ | 45,821 |  | $ | 51,810 |  |
| Affiliate Investments (4)                                                                             |
| AFG Capital Group, LLC (10) (13)                                                                      | Provider of Rent-to-Own Financing Solutions and Services | Member Units (46 units) (16) | — | $ | — |  | $ | 300 |  | $ | 940 |  |
|                                                                                                  |   | Warrants (10 equivalent units, Expiration - November 7, 2024) | — | — |  | 65 |  | 225 |  |
|                                                                                                  |   |   |   |   | 365 |  | 1,165 |  |
| Brewer Crane Holdings, LLC (8) (10) (13)                                                              | Provider of Crane Rental and Operating Services | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.98%, Secured Debt (Maturity - January 9, 2023) | 1 month LIBOR | 2,449 |  | 2,404 |  | 2,404 |  |
|                                                                                                  |   | Preferred Member Units (737 units) | — | — |  | 1,070 |  | 1,070 |  |
|                                                                                                  |   |   |   |   | 3,474 |  | 3,474 |  |
| Chamberlin HoldCo, LLC (8) (10) (13)                                                                  | Roofing and waterproofing specialty subcontractor | LIBOR plus 10.00% (Floor 1.00%), Current Coupon 12.38%, (Maturity - February 23, 2023) | 1 month LIBOR | 5,400 |  | 5,272 |  | 5,272 |  |
|                                                                                                  |   | Member Units (1,087 units) | — | — |  | 2,860 |  | 2,860 |  |
|                                                                                                  |   |   |   |   | 8,132 |  | 8,132 |  |
| Charlotte Russe, Inc.                                                                                 | Fast-Fashion Retailer to Young Women | 8.50% Secured Debt (Maturity - February 2, 2023) | None | 6,269 |  | 6,269 |  | 5,571 |  |
|                                                                                                  |   | Common Stock (14,973 shares) | — | — |  | 2,470 |  | 2,470 |  |
|                                                                                                  |   |   |   |   | 8,739 |  | 8,041 |  |
| Charps, LLC (10) (13)                                                                                 | Pipeline Maintenance and Construction | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 3,975 |  | 3,894 |  | 3,896 |  |
|                                                                                                  |   | Preferred Member Units (400 units) | — | — |  | 100 |  | 298 |  |
|                                                                                                  |   |   |   |   | 3,994 |  | 4,194 |  |
| Clad-Rex Steel, LLC (10) (13)                                                                         | Specialty Manufacturer of Vinyl-Clad Metal | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.48%, Secured Debt (Maturity - December 20, 2021) (8) | 1 month LIBOR | 3,220 |  | 3,171 |  | 3,220 |  |
|                                                                                                  |   | Member Units (179 units) (16) | — | — |  | 1,820 |  | 2,445 |  |
|                                                                                                  |   | 10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 19, 2036) | None | 293 |  | 290 |  | 290 |  |
|                                                                                                  |   | Member Units (Clad-Rex Steel RE Investor, LLC) (200 units) | — | — |  | 53 |  | 70 |  |
|                                                                                                  |   |   |   |   | 5,334 |  | 6,025 |  |
| Digital Products Holdings LLC (10) (13)                                                               | Designer and Distributor of Consumer Electronics | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - March 31, 2023) (8) | 1 month LIBOR | 6,599 |  | 6,473 |  | 6,473 |  |
|                                                                                                  |   | Preferred Member Units (863 shares) | — | — |  | 2,200 |  | 2,200 |  |
|                                                                                                  |   |   |   |   | 8,673 |  | 8,673 |  |
| Direct Marketing Solutions, Inc. (10) (13)                                                            | Provider of Omni-Channel Direct Marketing Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.00%, (Maturity - February 13, 2023) (8) | 1 month LIBOR | 4,622 |  | 4,502 |  | 4,511 |  |
|                                                                                                  |   | Preferred Stock (2,100 shares) | — | — |  | 2,100 |  | 2,100 |  |
|                                                                                                  |   |   |   |   | 6,602 |  | 6,611 |  |
| Freeport Financial Funds (9) (15)                                                                     | Investment Partnership | LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 5.6%) (16) | — | — |  | 8,558 |  | 8,506 |  |
| Gamber-Johnson Holdings, LLC (10) (13)                                                                | Manufacturer of Ruggedized Computer Mounting Systems | LIBOR Plus 9.00% (Floor 2.00%), Current Coupon 11.00%, Secured Debt (Maturity - June 24, 2021) (8) | 1 month LIBOR | $ | 5,727 |  | $ | 5,640 |  | $ | 5,727 |  |
|                                                                                                  |   | Member Units (2,155 units) (16) | — | — |  | 3,711 |  | 8,345 |  |
|                                                                                                  |   |   |   |   | 9,351 |  | 14,072 |  |
| Guerdon Modular Holdings, Inc. (10) (13)                                                              | Multi-Family and Commercial Modular Construction Company | 13.00% Secured Debt (Maturity - March 1, 2019) | None | 3,147 |  | 3,112 |  | 2,992 |  |
|                                                                                                  |   | Common Stock (53,008 shares) | — | — |  | 746 |  | — |  |
|                                                                                                  |   | Class B Preferred Stock (101,250 shares) | — | — |  | 285 |  | — |  |
|                                                                                                  |   |   |   |   | 4,143 |  | 2,992 |  |
| Gulf Publishing Holdings, LLC (10) (13)                                                               | Energy Industry Focused Media and Publishing | 12.50% Secured Debt (Maturity - April 29, 2021) | None | 3,166 |  | 3,124 |  | 3,124 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.48%, Secured Debt (Maturity - September 30, 2020) | 1 month LIBOR | 40 |  | 40 |  | 40 |  |
|                                                                                                  |   | Member Units (781 shares) | — | — |  | 920 |  | 1,142 |  |
|                                                                                                  |   |   |   |   | 4,084 |  | 4,306 |  |
| Harris Preston Fund Investments (15) (16)                                                             | Investment Partnership | LP Interests (HPEP 3, LP) (Fully diluted 8.2%) (9) | — | — |  | 1,460 |  | 1,460 |  |
|                                                                                                  |   | LP Interests (2717 MH, LP) (Fully diluted 7.0%) | — | — |  | 786 |  | 879 |  |
|                                                                                                  |   |   |   |   | 2,246 |  | 2,339 |  |
| Hawk Ridge Systems, LLC (9) (10) (13)                                                                 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | 10.50% Secured Debt (Maturity - December 2, 2021) | None | 3,575 |  | 3,519 |  | 3,575 |  |
|                                                                                                  |   | Preferred Member Units (56 units) (16) | — | — |  | 713 |  | 1,555 |  |
|                                                                                                  |   | Preferred Member Units (HRS Services, ULC) (56 units) (16) | — | — |  | 38 |  | 83 |  |
|                                                                                                  |   |   |   |   | 4,270 |  | 5,213 |  |
| HW Temps LLC (8) (10) (13)                                                                            | Temporary Staffing Solutions | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.98%, Secured Debt (Maturity - July 2, 2020) | 1 month LIBOR | 2,493 |  | 2,461 |  | 2,461 |  |
|                                                                                                  |   | Preferred Member Units (800 units) (16) | — | — |  | 986 |  | 986 |  |
|                                                                                                  |   |   |   |   | 3,447 |  | 3,447 |  |
| Market Force Information, Inc. (10) (13)                                                              | Provider of Customer Experience Management Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.30%, Secured Debt (Maturity - July 28, 2022) (8) | 1 month LIBOR | 5,700 |  | 5,606 |  | 5,606 |  |
|                                                                                                  |   | Member Units (170,000 units) | — | — |  | 3,675 |  | 3,590 |  |
|                                                                                                  |   |   |   |   | 9,281 |  | 9,196 |  |
| M.H. Corbin Holding LLC (10) (13)                                                                     | Manufacturer and Distributor of Traffic Safety Products | 10.00% Secured Debt (Maturity - August 31, 2020) | None | 3,063 |  | 3,020 |  | 3,020 |  |
|                                                                                                  |   | Preferred Member Units (1,000 units) | — | — |  | 1,500 |  | 1,500 |  |
|                                                                                                  |   |   |   |   | 4,520 |  | 4,520 |  |
| Mystic Logistics Holdings, LLC (10) (13)                                                              | Logistics and Distribution Services Provider for Large Volume Mailers | 12.00% Secured Debt (Maturity - August 15, 2019) | None | 1,884 |  | 1,864 |  | 1,865 |  |
|                                                                                                  |   | Common Stock (1,468 shares) (16) | — | — |  | 680 |  | 1,030 |  |
|                                                                                                  |   |   |   |   | 2,544 |  | 2,895 |  |
| NexRev, LLC (10) (13)                                                                                 | Provider of Energy Efficiency Products & Services | 11.00% Secured Debt (Maturity - February 28, 2023) | None | 4,360 |  | 4,268 |  | 4,277 |  |
|                                                                                                  |   | Preferred Member Units (21,600,000 units) | — | — |  | 1,720 |  | 1,720 |  |
|                                                                                                  |   |   |   |   | 5,988 |  | 5,997 |  |
| NuStep, LLC (10) (13)                                                                                 | Designer, Manufacturer and Distributor of Fitness Equipment | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 5,150 |  | 5,059 |  | 5,060 |  |
|                                                                                                  |   | Preferred Member Units (102 units) | — | — |  | 2,550 |  | 2,550 |  |
|                                                                                                  |   |   |   |   | 7,609 |  | 7,610 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Affiliate Investments (4) (11% of total investments at fair value)                           |   |   | $ | 111,354 |  | $ | 117,408 |  |
|                                                                                                  |   |   |   |   |   |   |
| Non-Control/Non-Affiliate Investments (5)                                                             |
| AAC Holdings Inc. (8)                                                                                 | Substance Abuse Treatment Service Provider | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.11%, Secured Debt (Maturity - June 30, 2023) | 1 month LIBOR | $ | 14,688 |  | $ | 14,407 |  | $ | 14,907 |  |
| Adams Publishing Group, LLC (8) (11)                                                                  | Local Newspaper Operator | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.33%, Secured Debt (Maturity - December 30, 2022) | 3 month LIBOR | 9,282 |  | 9,112 |  | 9,282 |  |
| ADS Tactical, Inc. (8) (11)                                                                           | Value-Added Logistics and Supply Chain Solutions Provider to the Defense Industry | LIBOR Plus 7.50% (Floor 0.75%), Current Coupon 9.67%, Secured Debt (Maturity - December 31, 2022) | 1 month LIBOR | 12,916 |  | 12,631 |  | 12,754 |  |
| Aethon United BR, LP (8) (11)                                                                         | Oil & Gas Exploration & Production | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.78%, Secured Debt (Maturity - September 8, 2023) (14) | 1 month LIBOR | 3,438 |  | 3,391 |  | 3,391 |  |
| Allflex Holdings III Inc. (8)                                                                         | Manufacturer of Livestock Identification Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.36%, Secured Debt (Maturity - July 19, 2021) (14) | 3 month LIBOR | 13,570 |  | 13,659 |  | 13,637 |  |
| American Nuts, LLC (8) (11)                                                                           | Roaster, Mixer and Packager of Bulk Nuts and Seeds | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.33%, Secured Debt (Maturity - April 10, 2023) | 3 month LIBOR | 11,250 |  | 11,029 |  | 11,029 |  |
|                                                                                                  |   | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.33%, Secured Debt (Maturity - October 10, 2018) | 3 month LIBOR | 422 |  | 414 |  | 414 |  |
|                                                                                                  |   |   |   |   | 11,443 |  | 11,443 |  |
| American Scaffold Holdings, Inc. (8) (11)                                                             | Marine Scaffolding Service Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.83%, Secured Debt (Maturity - March 31, 2022) | 3 month LIBOR | 6,844 |  | 6,771 |  | 6,810 |  |
| American Teleconferencing Services, Ltd. (8)                                                          | Provider of Audio Conferencing and Video Collaboration Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.86%, Secured Debt (Maturity - December 8, 2021) | 2 month LIBOR | 15,011 |  | 14,223 |  | 14,589 |  |
| Apex Linen Service, Inc. (10) (13)                                                                    | Industrial Launderers | 16.00% Secured Debt (Maturity - October 30, 2022) | None | 3,604 |  | 3,556 |  | 3,556 |  |
|                                                                                                  |   | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.98%, Secured Debt (Maturity - October 30, 2022) (8) | 1 month LIBOR | 600 |  | 600 |  | 600 |  |
|                                                                                                  |   |   |   |   | 4,156 |  | 4,156 |  |
| Arcus Hunting, LLC (8) (11)                                                                           | Manufacturer of Bowhunting and Archery Products and Accessories | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.31%, Secured Debt (Maturity - November 13, 2019) | 1 month LIBOR | 8,033 |  | 7,977 |  | 8,030 |  |
| Arise Holdings, Inc. (11)                                                                             | Tech-enabled business process outsourcing | Preferred Stock (1,000,000 shares) | — | — |  | 1,000 |  | 1,000 |  |
| ATI Investment Sub, Inc. (8)                                                                          | Manufacturer of Solar Tracking Systems | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.34%, Secured Debt (Maturity - June 22, 2021) | 1 month LIBOR | 6,864 |  | 6,739 |  | 6,856 |  |
| ATX Networks Corp. (8) (9)                                                                            | Provider of Radio Frequency Management Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.33%, Current Coupon plus PIK 9.33%, Secured Debt (Maturity - June 11, 2021) | 3 month LIBOR | 14,174 |  | 13,985 |  | 13,430 |  |
| BarFly Ventures, LLC (11)                                                                             | Casual Restaurant Group | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 3,150 |  | 3,113 |  | 3,147 |  |
|                                                                                                  |   | Warrants (.410 equivalent units, Expiration - August 31, 2025) | — | — |  | 158 |  | 152 |  |
|                                                                                                  |   | Options (.731 equivalent units) | — | — |  | 133 |  | 268 |  |
|                                                                                                  |   |   |   |   | 3,404 |  | 3,567 |  |
| BBB Tank Services, LLC (10) (13)                                                                      | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | 17.00% Secured Debt (Maturity - April 8, 2021) | None | 1,000 |  | 988 |  | 973 |  |
|                                                                                                  |   | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.98%, Secured Debt (Maturity - April 9, 2018) (8) | 1 month LIBOR | 163 |  | 163 |  | 163 |  |
|                                                                                                  |   | Member Units (200,000 units) | — | — |  | 200 |  | 118 |  |
|                                                                                                  |   |   |   |   | 1,351 |  | 1,254 |  |
| BigName Commerce, LLC (8) (11)                                                                        | Provider of Envelopes and Complimentary Stationery Products | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.56%, Secured Debt (Maturity - May 11, 2022) | 1 month LIBOR | 2,525 |  | 2,500 |  | 2,500 |  |
| Binswanger Enterprises, LLC (8) (11)                                                                  | Glass Repair and Installation Service Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.34%, Secured Debt (Maturity - March 9, 2022) | 3 month LIBOR | $ | 14,465 |  | $ | 14,237 |  | $ | 14,371 |  |
|                                                                                                  |   | Member Units (1,050,000 units) | — | — |  | 1,050 |  | 1,100 |  |
|                                                                                                  |   |   |   |   | 15,287 |  | 15,471 |  |
| Bluestem Brands, Inc. (8)                                                                             | Multi-Channel Retailer of General Merchandise | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.69%, Secured Debt (Maturity - November 6, 2020) | 3 month LIBOR | 12,600 |  | 12,461 |  | 8,317 |  |
| Boccella Precast Products, LLC (10) (13)                                                              | Manufacturer of Precast Hollow Core Concrete | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.31%, Secured Debt (Maturity - June 30, 2022) (8) | 1 month LIBOR | 4,186 |  | 4,102 |  | 4,174 |  |
|                                                                                                  |   | Member Units (540,000 units) | — | — |  | 540 |  | 1,305 |  |
|                                                                                                  |   |   |   |   | 4,642 |  | 5,479 |  |
| Brightwood Capital Fund Investments (9) (15)                                                          | Investment Partnership | LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 0.52%) (16) | — | — |  | 4,074 |  | 3,453 |  |
|                                                                                                  |   | LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 1.58%) (16) | — | — |  | 2,037 |  | 2,126 |  |
|                                                                                                  |   |   |   |   | 6,111 |  | 5,579 |  |
| Brundage-Bone Concrete Pumping, Inc.                                                                  | Construction Services Provider | 10.38% Secured Debt (Maturity - September 1, 2023) (14) | None | 12,000 |  | 12,069 |  | 12,750 |  |
| Buca C, LLC (10) (13)                                                                                 | Casual Restaurant Group | LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 11.25%, Secured Debt (Maturity - June 30, 2020) (8) | 1 month LIBOR | 13,136 |  | 13,017 |  | 13,017 |  |
|                                                                                                  |   | Preferred Member Units (4 units, 6.00% cumulative) (16) | — | — |  | 2,866 |  | 2,866 |  |
|                                                                                                  |   |   |   |   | 15,883 |  | 15,883 |  |
| BW NHHC Holdco, Inc. (8)                                                                              | Full-Continuum Provider of Home Health Services | LIBOR Plus 5.00%, Current Coupon 7.07%, Secured Debt (Maturity - May 15, 2025) | 3 month LIBOR | 7,500 |  | 7,389 |  | 7,425 |  |
| Cadence Aerospace, LLC (8)                                                                            | Aerospace Manufacturing | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.86%, Secured Debt (Maturity - November 14, 2023) | 3 month LIBOR | 14,925 |  | 14,788 |  | 14,925 |  |
| CAI Software, LLC (10) (13)                                                                           | Provider of Specialized Enterprise Resource Planning Software | 12.00% Secured Debt (Maturity - October 10, 2019) | None | 961 |  | 950 |  | 961 |  |
|                                                                                                  |   | Member Units (16,339 units) (16) | — | — |  | 163 |  | 712 |  |
|                                                                                                  |   |   |   |   | 1,113 |  | 1,673 |  |
| CDHA Management, LLC (8) (11)                                                                         | Dental Services | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.64%, Secured Debt (Maturity - December 5, 2021) | 3 month LIBOR | 5,412 |  | 5,334 |  | 5,412 |  |
| Central Security Group, Inc. (8)                                                                      | Security Alarm Monitoring Service Provider | LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 7.72%, Secured Debt (Maturity - October 6, 2021) | 1 month LIBOR | 7,941 |  | 7,922 |  | 7,980 |  |
| Cenveo Corporation (18)                                                                               | Provider of Commercial Printing, Envelopes, Labels, Printed Office Products | 6.00% Secured Debt (Maturity - August 1, 2019) (18) | None | 15,000 |  | 13,706 |  | 5,400 |  |
|                                                                                                  |   | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.04%, Secured Debt (Maturity - November 5, 2018) (8) | 1 month LIBOR | 4,774 |  | 4,753 |  | 4,727 |  |
|                                                                                                  |   |   |   |   | 18,459 |  | 10,127 |  |
| Clarius BIGS, LLC (11) (18)                                                                           | Prints & Advertising Film Financing | 15.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 2,140 |  | 1,882 |  | 60 |  |
|                                                                                                  |   | 20.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 773 |  | 680 |  | 22 |  |
|                                                                                                  |   |   |   |   | 2,562 |  | 82 |  |
| Clickbooth.com, LLC (8) (11)                                                                          | Provider of Digital Advertising Performance Marketing Solutions | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.81%, Secured Debt (Maturity - December 5, 2022) | 1 month LIBOR | 2,963 |  | 2,908 |  | 2,908 |  |
| Construction Supply Investments, LLC (11)                                                             | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.99%, Secured Debt (Maturity - June 30, 2023) (8) | 3 month LIBOR | 10,885 |  | 10,832 |  | 10,858 |  |
|                                                                                                  |   | Member units (42,207 units) | — | — |  | 4,220 |  | 4,221 |  |
|                                                                                                  |   |   |   |   | 15,052 |  | 15,079 |  |
| CTVSH, PLLC (8) (11) (13)                                                                             | Emergency Care and Specialty Service Animal Hospital | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.30%, Secured Debt (Maturity - August 3, 2022) | 1 month LIBOR | $ | 2,888 |  | $ | 2,838 |  | $ | 2,863 |  |
| Datacom, LLC (10) (13) (18)                                                                           | Technology and Telecommunications Provider | 5.25% Current / 5.25% PIK, Current Coupon 10.50% Secured Debt (Maturity - May 30, 2019) (18) | None | 1,384 |  | 1,377 |  | 1,168 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - May 30, 2018) (18) | None | 200 |  | 200 |  | 200 |  |
|                                                                                                  |   | Class A Preferred Member Units (1,530 units) (16) | — | — |  | 131 |  | — |  |
|                                                                                                  |   | Class B Preferred Member Units (717 units) | — | — |  | 670 |  | — |  |
|                                                                                                  |   |   |   |   | 2,378 |  | 1,368 |  |
| Digital River, Inc. (8)                                                                               | Provider of Outsourced e-Commerce Solutions and Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity - February 12, 2021) | 3 month LIBOR | 9,779 |  | 9,694 |  | 9,765 |  |
| DTE Enterprises, LLC (11)                                                                             | Industrial Powertrain Repair and Services | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.85%, Secured Debt (Maturity - April 13, 2023) (8) | 3 month LIBOR | 13,795 |  | 13,514 |  | 13,528 |  |
|                                                                                                  |   | Class AA Preferred Member Units (non-voting) | — | — |  | 724 |  | 724 |  |
|                                                                                                  |   | Class A Preferred Member Units (776,316 units) | — | — |  | 776 |  | 776 |  |
|                                                                                                  |   |   |   |   | 15,014 |  | 15,028 |  |
| Epic Y-Grade Services, LP (8)                                                                         | NGL Transportation & Storage | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.59%, Secured Debt (Maturity - June 13, 2024) | 1 month LIBOR | 17,500 |  | 17,150 |  | 17,238 |  |
| Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)                                          | Technology-Based Performance Support Solutions | LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 10.34%, Secured Debt (Maturity - April 28, 2022) (14) | 1 month LIBOR | 10,901 |  | 10,545 |  | 9,161 |  |
| Extreme Reach, Inc. (8) (12)                                                                          | Integrated TV and Video Advertising Platform | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.35%, Secured Debt (Maturity - February 7, 2020) | 1 month LIBOR | 13,307 |  | 13,297 |  | 13,324 |  |
| Felix Investments Holdings II, LLC (8) (11)                                                           | Oil and Gas Exploration and Production | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.87%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | 3,333 |  | 3,273 |  | 3,273 |  |
| Flavors Holdings, Inc. (8)                                                                            | Global Provider of Flavoring and Sweetening Products and Solutions | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.08%, Secured Debt (Maturity - April 3, 2020) | 3 month LIBOR | 11,714 |  | 11,298 |  | 10,894 |  |
| GoWireless Holdings, Inc. (8)                                                                         | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.59%, Secured Debt (Maturity - December 22, 2024) | 3 month LIBOR | 16,153 |  | 16,014 |  | 16,033 |  |
| Hojeij Branded Foods, LLC (8) (11)                                                                    | Multi-Airport, Multi-Concept Restaurant Operator | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.36%, Secured Debt (Maturity - July 20, 2022) | 1 month LIBOR | 12,382 |  | 12,277 |  | 12,382 |  |
| Hoover Group, Inc. (8) (9) (11)                                                                       | Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.58%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | 14,772 |  | 14,035 |  | 14,403 |  |
|                                                                                                  |   | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.17%, Secured Debt (Maturity - January 28, 2020) | 2 month LIBOR | 5,188 |  | 4,510 |  | 4,896 |  |
|                                                                                                  |   |   |   |   | 18,545 |  | 19,299 |  |
| Houghton Mifflin Harcourt Publishers, Inc. (8)                                                        | Provider of Educational Print and Digital Services | LIBOR Plus 3.00% (Floor 1.00%), Current Coupon 5.09%, Secured Debt (Maturity - May 28, 2021) | 1 month LIBOR | 7,955 |  | 7,521 |  | 7,455 |  |
| Hunter Defense Technologies, Inc. (8) (11)                                                            | Provider of Military and Commercial Shelters and Systems | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.33%, Secured Debt (Maturity - March 29, 2023) | 3 month LIBOR | 22,228 |  | 21,744 |  | 21,744 |  |
| Hydrofarm Holdings, LLC (8) (11)                                                                      | Wholesaler of Horticultural Products | LIBOR Plus 7.00%, Current Coupon 8.89%, Secured Debt (Maturity - May 12, 2022) | 1 month LIBOR | 6,623 |  | 6,516 |  | 5,927 |  |
| iEnergizer Limited (8) (9)                                                                            | Provider of Business Outsourcing Solutions | LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 8.10%, Secured Debt (Maturity - May 1, 2019) | 1 month LIBOR | 9,245 |  | 9,114 |  | 9,245 |  |
| Implus Footcare, LLC (8) (11)                                                                         | Provider of Footwear and Related Accessories | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.84%, Secured Debt (Maturity - April 30, 2021) | 1 month LIBOR | 16,586 |  | 16,417 |  | 16,501 |  |
| Industrial Services Acquisitions, LLC (11)                                                            | Industrial Cleaning Services | 6.00% Current / 7.00% PIK, Current Coupon 13.00%, Unsecured Debt (Maturity - December 17, 2022) (17) | None | $ | 10,810 |  | $ | 10,649 |  | $ | 10,314 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (336 units; 10.00% cumulative) | — | — |  | 202 |  | 202 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (2,100,000 units) | — | — |  | 2,100 |  | 490 |  |
|                                                                                                  |   |   |   |   | 12,951 |  | 11,006 |  |
| Inn of the Mountain Gods Resort and Casino                                                            | Hotel & Casino Owner & Operator | 9.25% Secured Debt (Maturity - November 30, 2020) | None | 11,748 |  | 11,589 |  | 11,132 |  |
| IronGate Energy Services, LLC (18)                                                                    | Oil and Gas Services | 11.00% Secured Debt (Maturity - July 1, 2018) (18) | None | 5,825 |  | 5,827 |  | 2,097 |  |
| Isagenix International, LLC (8) (12)                                                                  | Direct Marketer of Health and Wellness Products | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.08%, Secured Debt (Maturity - June 14, 2025) | 3 month LIBOR | 6,429 |  | 6,364 |  | 6,445 |  |
| Jackmont Hospitality, Inc. (8) (11)                                                                   | Franchisee of Casual Dining Restaurants | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.73%, Secured Debt (Maturity  - May 26, 2021) | 1 month LIBOR | 8,435 |  | 8,416 |  | 8,435 |  |
| Jacuzzi Brands LLC (8)                                                                                | Manufacturer of Bath and Spa Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.09%, Secured Debt (Maturity - June 28, 2023) | 3 month LIBOR | 5,850 |  | 5,746 |  | 5,909 |  |
| Joerns Healthcare, LLC (8)                                                                            | Manufacturer and Distributor of Health Care Equipment & Supplies | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.31%, Secured Debt (Maturity - May 9, 2020) | 3 month LIBOR | 11,119 |  | 10,981 |  | 10,266 |  |
| Kellermeyer Bergensons Services, LLC (8)                                                              | Outsourced Janitorial Services to Retail/Grocery Customers | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.86%, Secured Debt (Maturity - April 29, 2022) (14) | 3 month LIBOR | 14,700 |  | 14,626 |  | 14,902 |  |
| LaMi Products, LLC (8) (11)                                                                           | General Merchandise Distribution | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.82%, Secured Debt (Maturity -September 16, 2020) | 3 month LIBOR | 10,852 |  | 10,756 |  | 10,828 |  |
| Larchmont Resources, LLC                                                                              | Oil & Gas Exploration & Production | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.33%, PIK Secured Debt (Maturity - August 7, 2020) (8) | 3 month LIBOR | 4,237 |  | 4,237 |  | 4,194 |  |
|                                                                                                  |   | Member units (Larchmont Intermediate Holdco, LLC) (4,806 units) | — | — |  | 601 |  | 1,322 |  |
|                                                                                                  |   |   |   |   | 4,838 |  | 5,516 |  |
| LJ Host Merger Sub, Inc. (8)                                                                          | Managed Services and Hosting Provider | LIBOR Plus 5.75% (Floor 1.25%), Current Coupon 7.84%, Secured Debt (Maturity - December 13, 2019) | 1 month LIBOR | 17,222 |  | 16,879 |  | 16,836 |  |
| Logix Acquisition Company, LLC (8) (11)                                                               | Competitive Local Exchange Carrier | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.84%, Secured Debt (Maturity - December 22, 2024) (23) | 1 month LIBOR | 9,679 |  | 9,587 |  | 9,727 |  |
| LSF9 Atlantis Holdings, LLC (8)                                                                       | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - May 1, 2023) | 1 month LIBOR | 13,650 |  | 13,556 |  | 13,538 |  |
| Lulu’s Fashion Lounge, LLC (8)(11)                                                              | Fast Fashion E-Commerce Retailer | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.09%, Secured Debt (Maturity - August 28, 2022) | 1 month LIBOR | 6,435 |  | 6,263 |  | 6,628 |  |
| Meisler Operating, LLC (10) (13)                                                                      | Provider of Short Term Trailer and Container Rental | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.82%, Secured Debt (Maturity - June 7, 2022) (8) | 1 month LIBOR | 5,200 |  | 5,083 |  | 5,083 |  |
|                                                                                                  |   | Member Units (Milton Meisler Holdings, LLC) (12,139 units) | — | — |  | 1,214 |  | 1,393 |  |
|                                                                                                  |   |   |   |   | 6,297 |  | 6,476 |  |
| MHVC Acquisition Corp. (8)                                                                            | Provider of Differentiated Information Solutions, Systems Engineering and Analytics | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 7.59%, Secured Debt (Maturity - April 29, 2024) | 3 month LIBOR | 8,400 |  | 8,363 |  | 8,450 |  |
| Minute Key, Inc. (10) (13)                                                                            | Operator of Automated Key Duplication Kiosk | Warrants (359,352 equivalent units, Expiration - May 20, 2025) | — | — |  | 70 |  | 350 |  |
| NBG Acquisition, Inc. (8)                                                                             | Wholesaler of Home Decor Products | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.95%, Secured Debt (Maturity - April 26, 2024) | 1 month LIBOR | 4,347 |  | 4,285 |  | 4,347 |  |
| New Era Technology, Inc. (8) (12)                                                                     | Managed Services and Hosting Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.58%, Secured Debt (Maturity - June 22, 2023) | 1 month LIBOR | 6,231 |  | 6,107 |  | 6,097 |  |
| New Media Holdings II LLC (8) (9)                                                                     | Local Newspaper Operator | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity - July 14, 2022) | 1 month LIBOR | 14,161 |  | 13,983 |  | 14,272 |  |
| NNE Partners, LLC (8) (11)                                                                            | Oil & Gas Exploration & Production | LIBOR Plus 8.00%, Current Coupon 10.32%, Secured Debt (Maturity - March 2, 2022) | 3 month LIBOR | $ | 18,375 |  | $ | 18,228 |  | $ | 18,220 |  |
| North American Lifting Holdings, Inc. (8)                                                             | Crane Service Provider | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.83%, Secured Debt (Maturity - November 27, 2020) | 3 month LIBOR | 6,277 |  | 5,731 |  | 6,030 |  |
| Novetta Solutions, LLC (8)                                                                            | Provider of Advanced Analytics Solutions for Defense Agencies | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.10%, Secured Debt (Maturity - October 17, 2022) | 1 month LIBOR | 15,054 |  | 14,686 |  | 14,640 |  |
| NTM Acquisition Corp. (8)                                                                             | Provider of B2B Travel Information Content | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.58%, Secured Debt (Maturity - June 7, 2022) | 3 month LIBOR | 4,206 |  | 4,166 |  | 4,212 |  |
| Paris Presents, Inc. (8)                                                                              | Branded Cosmetic and Bath Accessories | LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 10.84%, Secured Debt (Maturity - December 31, 2021) (14) | 1 month LIBOR | 10,000 |  | 9,909 |  | 10,038 |  |
| Pasha Group (8)                                                                                       | Diversified Logistics and Transportation Provided | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.64%, Secured Debt (Maturity - January 26, 2023) | 1 month LIBOR | 11,718 |  | 11,372 |  | 11,895 |  |
| Permian Holdco 2, Inc.                                                                                | Storage Tank Manufacturer | 14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (8) (17) | None | 923 |  | 923 |  | 923 |  |
|                                                                                                  |   | Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 units) (16) | — | — |  | 1,997 |  | 2,299 |  |
|                                                                                                  |   | Common Shares (Permian Holdco 1, Inc.) (386,255 units) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 2,920 |  | 3,222 |  |
| Pernix Therapeutics Holdings, Inc. (11)                                                               | Pharmaceutical Royalty | 12.00% Secured Debt (Maturity - August 1, 2020) | None | 2,652 |  | 2,635 |  | 1,714 |  |
| Pier 1 Imports, Inc. (8) (9)                                                                          | Decorative Home Furnishings Retailer | LIBOR Plus 3.50% (Floor 1.00%), Current Coupon 5.95%, Secured Debt (Maturity - April 30, 2021) | 3 month LIBOR | 7,494 |  | 7,145 |  | 6,875 |  |
| PPC/Shift, LLC (8) (11)                                                                               | Provider of Digital Solutions to Automotive Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.31%, Secured Debt (Maturity - December 22, 2021) | 1 month LIBOR | 6,426 |  | 6,325 |  | 6,426 |  |
| PricewaterhouseCoopers Public Sector LLP (8) (14)                                                     | Provider of Consulting Services to Governments | LIBOR Plus 7.25%, Current Coupon 9.48%, Secured Debt (Maturity - May 1, 2026) | 1 month LIBOR | 12,000 |  | 11,940 |  | 12,075 |  |
| Prowler Acquisition Corporation (8)                                                                   | Specialty Distributor to the Energy Sector | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.83%, Secured Debt (Maturity - January 28, 2020) | 3 month LIBOR | 12,346 |  | 11,400 |  | 12,223 |  |
| Radiology Partners, Inc. (8) (11)                                                                     | Radiology Practice Providing Scan Interpretations | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.59%, Secured Debt (Maturity - December 4, 2023) | 3 month LIBOR | 9,709 |  | 9,568 |  | 9,740 |  |
| Resolute Industrial, LLC (8) (11)                                                                     | HVAC Equipment Rental and Remanufacturing | LIBOR Plus 7.62% (Floor 1.00%), Current Coupon 9.92%, Secured Debt (Maturity - July 26, 2022) (24) | 3 month LIBOR | 17,088 |  | 16,731 |  | 16,798 |  |
|                                                                                                  |   | Common Stock (601 units) | — | — |  | 750 |  | 830 |  |
|                                                                                                  |   |   |   |   | 17,481 |  | 17,628 |  |
| RGL Reservoir Operations, Inc.  (9) (11)                                                              | Oil & Gas Equipment & Services | 1.00% Current / 9.00% PIK Secured Debt (Maturity - December 21, 2024) | None | 755 |  | 450 |  | 415 |  |
| Rise Broadband (8) (11)                                                                               | Fixed Wireless Broadband Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - May 2, 2023) | 1 month LIBOR | 14,963 |  | 14,815 |  | 14,815 |  |
| RM Bidder, LLC (11)                                                                                   | Scripted and Unscripted TV and Digital Programming Provider | Common Stock (1,854 units) | — | — |  | 31 |  | 11 |  |
|                                                                                                  |   | Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025) | — | — |  | 284 |  | — |  |
|                                                                                                  |   | Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 315 |  | 11 |  |
| Salient Partners, LP (8)                                                                              | Provider of Asset Management Services | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity - June 9, 2021) | 1 month LIBOR | 12,658 |  | 12,374 |  | 12,469 |  |
| Smart Modular Technologies, Inc. (8) (9) (11)                                                         | Provider of Specialty Memory Solutions | LIBOR Plus 6.25%, (Floor 1.00%), Current Coupon 8.62%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | 13,875 |  | 13,635 |  | 13,805 |  |
| Sorenson Communications, Inc. (8)                                                                     | Manufacturer of Communication Products for Hearing Impaired | LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.09%, Secured Debt (Maturity - April 30, 2020) | 3 month LIBOR | 2,931 |  | 2,920 |  | 2,944 |  |
| Strike, LLC (8)                                                                                       | Pipeline Construction and Maintenance Services | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.45%, Secured Debt (Maturity - November 30, 2022) | 3 month LIBOR | $ | 9,250 |  | $ | 9,026 |  | $ | 9,400 |  |
|                                                                                                  |   | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.32%, Secured Debt (Maturity - May 30, 2019) | 3 month LIBOR | 409 |  | 397 |  | 411 |  |
|                                                                                                  |   |   |   |   | 9,423 |  | 9,811 |  |
| Synagro Infrastructure Company, Inc. (8)                                                              | Waste Management Services | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.83%, Secured Debt (Maturity - August 22, 2020) | 3 month LIBOR | 8,290 |  | 8,011 |  | 7,586 |  |
| TE Holdings, LLC                                                                                      | Oil & Gas Exploration & Production | Common Units (72,785 units) | — | — |  | 728 |  | 80 |  |
| Teleguam Holdings, LLC (8)                                                                            | Cable and Telecom Services Provider | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity - April 12, 2024) (14) | 1 month LIBOR | 7,750 |  | 7,611 |  | 7,808 |  |
| TMC Merger Sub Corp (8)                                                                               | Refractory & Maintenance Services Provider | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.38%, Secured Debt (Maturity - October 31, 2022) (25) | 1 month LIBOR | 18,901 |  | 18,768 |  | 19,041 |  |
| TOMS Shoes, LLC (8)                                                                                   | Global Designer, Distributor, and Retailer of Casual Footwear | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.59%, Secured Debt (Maturity - October 30, 2020) | 1 month LIBOR | 4,838 |  | 4,621 |  | 3,679 |  |
| Turning Point Brands, Inc. (8) (9) (11)                                                               | Marketer/Distributor of Tobacco Products | LIBOR Plus 7.00%, Current Coupon 9.05%, Secured Debt (Maturity - March 7, 2024) (14) | 1 month LIBOR | 8,499 |  | 8,418 |  | 8,670 |  |
| TVG-I-E CMN Acquisition, LLC (8) (11)                                                                 | Organic Lead Generation for Online Postsecondary Schools | LIBOR Plus 6.00%, (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity - November 3, 2021) | 1 month LIBOR | 16,197 |  | 15,917 |  | 16,197 |  |
| U.S. Telepacific Corp. (8)                                                                            | Provider of Communications and Managed Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.33%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | 17,691 |  | 17,287 |  | 17,454 |  |
| Valley Healthcare Group, LLC (10) (13)                                                                | Provider of Durable Medical Equipment | LIBOR Plus 10.50% (Floor 0.50%), Current Coupon 12.48%, Secured Debt (Maturity - December 29, 2020) (8) | 1 month LIBOR | 2,912 |  | 2,877 |  | 2,912 |  |
|                                                                                                  |   | Preferred Member Units (Valley Healthcare Holding, LLC) (400 units) | — | — |  | 400 |  | 575 |  |
|                                                                                                  |   |   |   |   | 3,277 |  | 3,487 |  |
| VIP Cinema Holdings, Inc. (8)                                                                         | Supplier of Luxury Seating to the Cinema Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity - March 1, 2023) | 3 month LIBOR | 9,375 |  | 9,336 |  | 9,466 |  |
| Vistar Media, Inc. (8) (11)                                                                           | Operator of Digital Out-of-Home Advertising Platform | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.32%, Secured Debt (Maturity - February 16, 2022) | 3 month LIBOR | 3,263 |  | 3,019 |  | 3,049 |  |
|                                                                                                  |   | Warrants (70,207 equivalent units, Expiration - February 17, 2027) | — | — |  | 331 |  | 600 |  |
|                                                                                                  |   |   |   |   | 3,350 |  | 3,649 |  |
| Volusion, LLC (10) (13)                                                                               | Provider of Online Software-as-a-Service eCommerce Solutions | 11.50% Secured Debt (Maturity - January 27, 2020) | None | 7,172 |  | 6,597 |  | 6,671 |  |
|                                                                                                  |   | 11.50% Secured Debt (Maturity - January 27, 2020) | None | 1,088 |  | 1,088 |  | 1,012 |  |
|                                                                                                  |   | 8.00% Unsecured Convertible Debt (Maturity - November 16, 2023) | None | 127 |  | 127 |  | 127 |  |
|                                                                                                  |   | Preferred Member Units (2,090,001 units) | — | — |  | 6,000 |  | 6,000 |  |
|                                                                                                  |   | Warrants (784,866.80 equivalent units, Expiration - January 26, 2025) | — | — |  | 1,104 |  | 373 |  |
|                                                                                                  |   |   |   |   | 14,916 |  | 14,183 |  |
| Wireless Vision Holdings, LLC (8) (11)                                                                | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 10.89%, Secured Debt (Maturity - September 29, 2022) (23) | 1 month LIBOR | 12,834 |  | 12,538 |  | 12,584 |  |
| Subtotal Non-Control/Non-Affiliate Investments (5) (84% of total portfolio investments at fair value) |   |   | $ | 952,064 |  | $ | 934,545 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Portfolio Investments                                                                           |   |   |   |   | $ | 1,109,239 |  | $ | 1,103,763 |  |
|                                                                                                  |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |
| Short Term Investments (20)                                                                           |   |   |   |   |   |   |
| Fidelity Institutional Money Market Funds (21)                                                        | — | Prime Money Market Portfolio, Class III Shares | — | — |  | $ | 12,225 |  | $ | 12,225 |  |
| US Bank Money Market Account (21)                                                                     | — | — | — | — |  | 15,122 |  | 15,122 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Short Term Investments                                                                          |   |   |   |   | $ | 27,347 |  | $ | 27,347 |  |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   |   |   | Six Months Ended June 30, 2018 |   |   |   | Six Months Ended June 30, 2018 |
| Portfolio Company                              |   | Fair Value at December 31, 2017 |   | Gross Additions (Cost)* |   | Gross Reductions (Cost)** |   | Net Unrealized Gain (Loss) |   | Fair Value at June 30, 2018 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Affiliate Investments                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AFG Capital Group, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Member units                                   |   | $ | 897 |  |   | $ | 1 |  |   | $ | — |  |   | $ | 42 |  |   | $ | 940 |  |   | $ | — |  | $ | — |  | $ | — |  | $ | 5 |  |
| Warrants                                       |   | 215 |  |   | — |  |   | — |  |   | 10 |  |   | 225 |  |   | — |  | — |  | — |  | — |  |
| Brewer Crane Holdings, LLC                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 2,484 |  |   | (80 | ) |   | — |  |   | 2,404 |  |   | — |  | 144 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 1,070 |  |   | — |  |   | — |  |   | 1,070 |  |   | — |  | — |  | 7 |  | 8 |  |
| Chamberlin HoldCo, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 5,407 |  |   | (135 | ) |   | — |  |   | 5,272 |  |   | — |  | 239 |  | 2 |  | — |  |
| Member units                                   |   | — |  |   | 2,860 |  |   | — |  |   | — |  |   | 2,860 |  |   | — |  | — |  | 20 |  | 192 |  |
| Charlotte Russe, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 6,285 |  |   | (16 | ) |   | (698 | ) |   | 5,571 |  |   | — |  | 224 |  | — |  | — |  |
| Common stock                                   |   | — |  |   | 2,470 |  |   | — |  |   | — |  |   | 2,470 |  |   | — |  | — |  | — |  | — |  |
| Charps, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 4,500 |  |   | 23 |  |   | (625 | ) |   | (2 | ) |   | 3,896 |  |   | — |  | 280 |  | — |  | — |  |
| Preferred member units                         |   | 163 |  |   | 1 |  |   | — |  |   | 134 |  |   | 298 |  |   | — |  | — |  | — |  | — |  |
| Clad-Rex Steel, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,320 |  |   | 7 |  |   | (100 | ) |   | (7 | ) |   | 3,220 |  |   | — |  | 194 |  | — |  | — |  |
| Member units                                   |   | 2,375 |  |   | 1 |  |   | — |  |   | 69 |  |   | 2,445 |  |   | — |  | — |  | — |  | — |  |
| Term loan (Clad-Rex Steel RE Investor, LLC)    |   | 293 |  |   | — |  |   | (3 | ) |   | — |  |   | 290 |  |   | — |  | 15 |  | — |  | — |  |
| Member units (Clad-Rex Steel RE Investor, LLC) |   | 70 |  |   | — |  |   | — |  |   | — |  |   | 70 |  |   | — |  | — |  | — |  | 88 |  |
| Digital Products Holdings LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 6,605 |  |   | (132 | ) |   | — |  |   | 6,473 |  |   | — |  | 203 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 2,200 |  |   | — |  |   | — |  |   | 2,200 |  |   | — |  | — |  | 12 |  | — |  |
| Direct Marketing Solutions, Inc.               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 4,717 |  |   | (206 | ) |   | — |  |   | 4,511 |  |   | — |  | 247 |  | 3 |  | — |  |
| Preferred stock                                |   | — |  |   | 2,100 |  |   | — |  |   | — |  |   | 2,100 |  |   | — |  | — |  | — |  | — |  |
| Freeport Financial Funds                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   |   | 8,506 |  |   | — |  |   | — |  |   | — |  |   | 8,506 |  |   | — |  | — |  | — |  | 421 |  |
| Gamber-Johnson Holdings, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,850 |  |   | 11 |  |   | (122 | ) |   | (12 | ) |   | 5,727 |  |   | — |  | 353 |  | — |  | — |  |
| Common stock                                   |   | 5,843 |  |   | — |  |   | — |  |   | 2,502 |  |   | 8,345 |  |   | — |  | — |  | 12 |  | 131 |  |
| Guerdon Modular Holdings, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,660 |  |   | 507 |  |   | (37 | ) |   | (138 | ) |   | 2,992 |  |   | — |  | 195 |  | — |  | — |  |
| Term loan                                      |   | — |  |   | 70 |  |   | (70 | ) |   | — |  |   | — |  |   | — |  | 1 |  | — |  | — |  |
| Common stock                                   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Class B preferred units                        |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gulf Publishing Holdings, LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | $ | 3,151 |  |   | $ | 6 |  |   | $ | (33 | ) |   | $ | — |  |   | $ | 3,124 |  |   | $ | — |  | $ | 206 |  | $ | — |  | $ | — |  |
| Term loan                                      |   | 20 |  |   | 40 |  |   | (20 | ) |   | — |  |   | 40 |  |   | — |  | 1 |  | — |  | — |  |
| Member units                                   |   | 1,210 |  |   | — |  |   | — |  |   | (68 | ) |   | 1,142 |  |   | — |  | — |  | — |  | — |  |
| Harris Preston Fund Investments                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests (HPEP 3, LP)                      |   | 943 |  |   | 517 |  |   | — |  |   | — |  |   | 1,460 |  |   | — |  | — |  | — |  | — |  |
| LP interests (2717 HM, LP)                     |   | 536 |  |   | 250 |  |   | — |  |   | 93 |  |   | 879 |  |   | — |  | — |  | — |  | — |  |
| Hawk Ridge Systems, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,574 |  |   | 7 |  |   | — |  |   | (6 | ) |   | 3,575 |  |   | — |  | 196 |  | — |  | — |  |
| Preferred member units                         |   | 950 |  |   | — |  |   | — |  |   | 605 |  |   | 1,555 |  |   | — |  | — |  | — |  | 43 |  |
| Preferred member units (HRS Services, ULC)     |   | 50 |  |   | — |  |   | — |  |   | 33 |  |   | 83 |  |   | — |  | — |  | — |  | — |  |
| HWT, LLC                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,454 |  |   | 3 |  |   | — |  |   | 4 |  |   | 2,461 |  |   | — |  | 167 |  | — |  | — |  |
| Member units                                   |   | 985 |  |   | — |  |   | — |  |   | 1 |  |   | 986 |  |   | — |  | — |  | 14 |  | — |  |
| Market Force Information, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,732 |  |   | 14 |  |   | (140 | ) |   | — |  |   | 5,606 |  |   | — |  | 393 |  | — |  | — |  |
| Member units                                   |   | 3,675 |  |   | — |  |   | — |  |   | (85 | ) |   | 3,590 |  |   | — |  | — |  | — |  | — |  |
| M.H. Corbin Holding, LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,130 |  |   | 8 |  |   | (118 | ) |   | — |  |   | 3,020 |  |   | — |  | 255 |  | — |  | — |  |
| Member units                                   |   | 1,500 |  |   | — |  |   | — |  |   | — |  |   | 1,500 |  |   | — |  | — |  | 18 |  | — |  |
| Mystic Logistics Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 1,916 |  |   | 6 |  |   | (57 | ) |   | — |  |   | 1,865 |  |   | — |  | 123 |  | — |  | — |  |
| Common stock                                   |   | 1,705 |  |   | — |  |   | — |  |   | (675 | ) |   | 1,030 |  |   | — |  | — |  | — |  | — |  |
| NexRev, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 4,375 |  |   | (98 | ) |   | — |  |   | 4,277 |  |   | — |  | 172 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 1,720 |  |   | — |  |   | — |  |   | 1,720 |  |   | — |  | — |  | 3 |  | 5 |  |
| NuStep, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,048 |  |   | 12 |  |   | — |  |   | — |  |   | 5,060 |  |   | — |  | 324 |  | — |  | — |  |
| Preferred member units                         |   | 2,550 |  |   | 1 |  |   | (1 | ) |   | — |  |   | 2,550 |  |   | — |  | — |  | — |  | — |  |
| SoftTouch Medical Holdings, LLC                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 1,260 |  |   | 10 |  |   | (1,260 | ) |   | (10 | ) |   | — |  |   | — |  | 21 |  | — |  | — |  |
| Member units                                   |   | 1,781 |  |   | — |  |   | (869 | ) |   | (912 | ) |   | — |  |   | 912 |  | — |  | 11 |  | 134 |  |
|                                           |   | $ | 76,862 |  |   | $ | 43,788 |  |   | $ | (4,122 | ) |   | $ | 880 |  |   | $ | 117,408 |  |   | $ | 912 |  | $ | 3,953 |  | $ | 102 |  | $ | 1,027 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   |   |   | Six Months Ended June 30, 2018 |   |   |   | Six Months Ended June 30, 2018 |
| Portfolio Company              |   | Fair Value at December 31, 2017 |   | Gross Additions (Cost)** |   | Gross Reductions (Cost)*** |   | Net Unrealized Gain (Loss) |   | Fair Value at June 30, 2018 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Control Investments            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Copper Trail Energy Fund I, LP |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                   |   | $ | 2,500 |  |   | $ | 746 |  |   | $ | — |  |   | $ | — |  |   | $ | 3,246 |  |   | $ | — |  | $ | — |  | $ | — |  | $ | 34 |  |
| CTMH, LP                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                   |   | — |  |   | 872 |  |   | — |  |   | — |  |   | 872 |  |   | — |  | — |  | — |  | — |  |
| GRT Rubber Technologies, LLC   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                      |   | 5,715 |  |   | 15 |  |   | (404 | ) |   | (16 | ) |   | 5,310 |  |   | — |  | 312 |  | — |  | — |  |
| Member units                   |   | 10,821 |  |   | — |  |   | — |  |   | 1,714 |  |   | 12,535 |  |   | — |  | — |  | 35 |  | 259 |  |
| HMS-ORIX SLF LLC*              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Membership interests           |   | 30,643 |  |   | — |  |   | — |  |   | (796 | ) |   | 29,847 |  |   | — |  | — |  | — |  | 1,055 |  |
|                           |   | $ | 49,679 |  |   | $ | 1,633 |  |   | $ | (404 | ) |   | $ | 902 |  |   | $ | 51,810 |  |   | $ | — |  | $ | 312 |  | $ | 35 |  | $ | 1,348 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS Income Fund, Inc.Consolidated Schedule of Investments                                             |
| As of December 31, 2017                                                                               |
| (dollars in thousands)                                                                                |
| Portfolio Company (1) (3)                                                                             | Business Description | Type of Investment (2) (3) | Index Rate (22) | Principal (7) | Cost (7) | Fair Value (26) |
|                                                                                                  |   |   |   |   |   |   |
| Control Investments (6)                                                                               |
| Copper Trail Energy Fund I, LP (9)(15)(16)                                                            | Investment Partnership | LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 30.1%) | — | $ | — |  | $ | 2,500 |  | $ | 2,500 |  |
| GRT Rubber Technologies, LLC (8) (10) (13)                                                            | Engineered Rubber Product Manufacturer | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.36%, Secured Debt (Maturity - December 19, 2019) | 1 month LIBOR | 5,715 |  | 5,657 |  | 5,715 |  |
|                                                                                                  |   | Member Units (2,896 shares) (16) | — | — |  | 6,435 |  | 10,821 |  |
|                                                                                                  |   |   |   |   | 12,092 |  | 16,536 |  |
| HMS-ORIX SLF LLC  (9) (15)                                                                            | Investment Partnership | Membership Interests (Fully diluted 60.00%) (16) | — | — |  | 30,000 |  | 30,643 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Control Investments (6) (5% of total investments at fair value)                              |   |   | $ | 44,592 |  | $ | 49,679 |  |
| Affiliate Investments (4)                                                                             |
| AFG Capital Group, LLC (10) (13)                                                                      | Provider of Rent-to-Own Financing Solutions and Services | Member Units (46 shares) (16) | — | $ | — |  | $ | 300 |  | $ | 897 |  |
|                                                                                                  |   | Warrants (10 equivalent shares, Expiration - November 7, 2024) | — | — |  | 65 |  | 215 |  |
|                                                                                                  |   |   |   |   | 365 |  | 1,112 |  |
| Charps, LLC (10) (13)                                                                                 | Pipeline Maintenance and Construction | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 4,600 |  | 4,497 |  | 4,500 |  |
|                                                                                                  |   | Preferred Member Units (400 units) | — | — |  | 100 |  | 163 |  |
|                                                                                                  |   |   |   |   | 4,597 |  | 4,663 |  |
| Clad-Rex Steel, LLC (10) (13)                                                                         | Specialty Manufacturer of Vinyl-Clad Metal | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.86%, Secured Debt (Maturity - December 20, 2021) (8) | 1 month LIBOR | 3,320 |  | 3,264 |  | 3,320 |  |
|                                                                                                  |   | Member Units (179 units) (16) | — | — |  | 1,820 |  | 2,375 |  |
|                                                                                                  |   | 10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 19, 2036) | None | 296 |  | 293 |  | 293 |  |
|                                                                                                  |   | Member Units (Clad-Rex Steel RE Investor, LLC) (200 units) | — | — |  | 53 |  | 70 |  |
|                                                                                                  |   |   |   |   | 5,430 |  | 6,058 |  |
| Freeport First Lien Loan Fund III, LP (9) (15)                                                        | Investment Partnership | LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 5.60%) (16) | — | — |  | 8,558 |  | 8,506 |  |
| Gamber-Johnson Holdings, LLC (8) (10) (13)                                                            | Manufacturer of Ruggedized Computer Mounting Systems | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.36%, Secured Debt (Maturity - June 24, 2021) | 1 month LIBOR | 5,850 |  | 5,750 |  | 5,850 |  |
|                                                                                                  |   | Member Units (2,155 units) (16) | — | — |  | 3,711 |  | 5,843 |  |
|                                                                                                  |   |   |   |   | 9,461 |  | 11,693 |  |
| Guerdon Modular Holdings, Inc. (10) (13)                                                              | Multi-Family and Commercial Modular Construction Company | 13.00% Secured Debt (Maturity - August 13, 2019) | None | 2,677 |  | 2,644 |  | 2,660 |  |
|                                                                                                  |   | Common Stock (53,008 shares) | — | — |  | 746 |  | — |  |
|                                                                                                  |   | Class B Preferred Stock (101,250 shares) | — | — |  | 285 |  | — |  |
|                                                                                                  |   |   |   |   | 3,675 |  | 2,660 |  |
| Gulf Publishing Investor, LLC (10) (13)                                                               | Energy Focused Media and Publishing | 12.50% Secured Debt (Maturity - April 29, 2021) | None | 3,200 |  | 3,151 |  | 3,151 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.86%, Secured Debt (Maturity - September 30, 2020) (8) | 1 month LIBOR | 20 |  | 20 |  | 20 |  |
|                                                                                                  |   | Member Units (781 shares) | — | — |  | 920 |  | 1,210 |  |
|                                                                                                  |   |   |   |   | 4,091 |  | 4,381 |  |
| Harris Preston Fund Investments (15) (16)                                                             | Investment Partnership | LP Interests (HPEP 3, LP) (Fully diluted 9.60%) (9) | — | — |  | 943 |  | 943 |  |
|                                                                                                  |   | LP Interests (2717 MH, LP) (Fully diluted 7.00%) | — | — |  | 536 |  | 536 |  |
|                                                                                                  |   |   |   |   | 1,479 |  | 1,479 |  |
|                                                                                                  |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |
| Hawk Ridge Systems, LLC (9) (10) (13)                                                                 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | 11.00% Secured Debt (Maturity - December 2, 2021) | None | $ | 3,575 |  | $ | 3,513 |  | $ | 3,574 |  |
|                                                                                                  |   | Preferred Member Units (56 units) (16) | — | — |  | 713 |  | 950 |  |
|                                                                                                  |   | Preferred Member Units (HRS Services, ULC) (56 units) (16) | — | — |  | 38 |  | 50 |  |
|                                                                                                  |   |   |   |  |  | 4,264 |  | 4,574 |  |
| HW Temps LLC (8) (10) (13)                                                                            | Temporary Staffing Solutions | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.36%, Secured Debt (Maturity - July 2, 2020) | 1 month LIBOR | 2,494 |  | 2,454 |  | 2,454 |  |
|                                                                                                  |   | Preferred Member Units (800 shares) (16) | — | — |  | 986 |  | 985 |  |
|                                                                                                  |   |   |   |   | 3,440 |  | 3,439 |  |
| Market Force Information, Inc. (8)(10)(13)                                                            | Provider of Customer Experience Management Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.48%, Secured Debt (Maturity - July 28, 2022) | 3 month LIBOR | 5,840 |  | 5,732 |  | 5,732 |  |
|                                                                                                  |   | Member Units (170,000 units) | — | — |  | 3,675 |  | 3,675 |  |
|                                                                                                  |   |   |   |   | 9,407 |  | 9,407 |  |
| M.H. Corbin, Inc. (10) (13)                                                                           | Manufacturer and Distributor of Traffic Safety Products | 13.00% Secured Debt (Maturity - August 31, 2020) | None | 3,150 |  | 3,130 |  | 3,130 |  |
|                                                                                                  |   | Preferred Member Units (1,000 units) | — | — |  | 1,500 |  | 1,500 |  |
|                                                                                                  |   |   |   |   | 4,630 |  | 4,630 |  |
| Mystic Logistics, Inc. (10) (13)                                                                      | Logistics and Distribution Services Provider for Large Volume Mailers | 12.00% Secured Debt (Maturity - August 15, 2019) | None | 1,942 |  | 1,914 |  | 1,916 |  |
|                                                                                                  |   | Common Stock (1,468 shares) (16) | — | — |  | 680 |  | 1,705 |  |
|                                                                                                  |   |   |   |   | 2,594 |  | 3,621 |  |
| NuStep, LLC (10) (13)                                                                                 | Designer, Manufacturer and Distributor of Fitness Equipment | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 5,150 |  | 5,047 |  | 5,048 |  |
|                                                                                                  |   | Preferred Member Units (102 units) | — | — |  | 2,550 |  | 2,550 |  |
|                                                                                                  |   |   |   |   | 7,597 |  | 7,598 |  |
| SoftTouch Medical Holdings LLC (8) (10) (13)                                                          | Home Provider of Pediatric Durable Medical Equipment | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.36%,  Secured Debt (Maturity - October 31, 2019) | 1 month LIBOR | 1,260 |  | 1,250 |  | 1,260 |  |
|                                                                                                  |   | Member Units (785 units) (16) | — | — |  | 870 |  | 1,781 |  |
|                                                                                                  |   |   |   |   | 2,120 |  | 3,041 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Affiliate Investments (4) (7% of total investments at fair value)                            |   |   | $ | 71,708 |  | $ | 76,862 |  |
|                                                                                                  |   |   |   |   |  |  |  |  |
| Non-Control/Non-Affiliate Investments (5)                                                             |
| AAC Holding Corp. (8)                                                                                 | Substance Abuse Treatment Service Provider | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.13%, Secured Debt (Maturity - June 30, 2023) | 3 month LIBOR | $ | 11,751 |  | $ | 11,475 |  | $ | 11,810 |  |
| Adams Publishing Group, LLC (8) (11)                                                                  | Local Newspaper Operator | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.69%, Secured Debt (Maturity - November 3, 2020) | 3 month LIBOR | 10,341 |  | 10,123 |  | 10,147 |  |
| ADS Tactical, Inc. (8) (11)                                                                           | Value-Added Logistics and Supply Chain Solutions Provider | LIBOR Plus 7.50% (Floor 0.75%), Current Coupon 9.19%, Secured Debt (Maturity - December 31, 2022) | 3 month LIBOR | 12,981 |  | 12,671 |  | 12,801 |  |
| Aethon United BR, LP (8)(11)                                                                          | Oil & Gas Exploration & Production | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.16%, Secured Debt (Maturity - September 8, 2023) (14) | 1 month LIBOR | 3,438 |  | 3,388 |  | 3,388 |  |
| Ahead, LLC (8) (11)                                                                                   | IT Infrastructure Value Added Reseller | LIBOR Plus 6.50%, Current Coupon 8.20%, Secured Debt (Maturity - November 2, 2020) | 3 month LIBOR | 7,374 |  | 7,233 |  | 7,420 |  |
| Allflex Holdings III Inc. (8)                                                                         | Manufacturer of Livestock Identification Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.36%, Secured Debt (Maturity - July 19, 2021) (14) | 3 month LIBOR | 13,964 |  | 14,054 |  | 14,075 |  |
| American Scaffold Holdings, Inc. (8) (11)                                                             | Marine Scaffolding Service Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.19%, Secured Debt (Maturity - March 31, 2022) | 3 month LIBOR | 7,031 |  | 6,948 |  | 6,996 |  |
|                                                                                                  |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |
| American Teleconferencing Services, Ltd. (8)                                                          | Provider of Audio Conferencing and Video Collaboration Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.90%, Secured Debt (Maturity - December 8, 2021) | 2 month LIBOR | $ | 9,532 |  | $ | 8,684 |  | $ | 9,407 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.85%, Secured Debt (Maturity - June 6, 2022) (14) | 3 month LIBOR | 5,571 |  | 5,335 |  | 5,260 |  |
|                                                                                                  |   |   |   |   | 14,019 |  | 14,667 |  |
| Apex Linen Service, Inc. (10) (13)                                                                    | Industrial Launderers | 16.00% Secured Debt (Maturity - October 30, 2022) | None | 3,604 |  | 3,552 |  | 3,552 |  |
|                                                                                                  |   | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.36%, Secured Debt (Maturity - October 30, 2022) (8) | 1 month LIBOR | 600 |  | 600 |  | 600 |  |
|                                                                                                  |   |   |   |   | 4,152 |  | 4,152 |  |
| Arcus Hunting, LLC (8) (11)                                                                           | Manufacturer of Bowhunting and Archery Products and Accessories | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.34%, Secured Debt (Maturity - November 13, 2019) | 1 month LIBOR | 7,696 |  | 7,618 |  | 7,690 |  |
| ATI Investment Sub, Inc. (8)                                                                          | Manufacturer of Solar Tracking Systems | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.82%, Secured Debt (Maturity - June 22, 2021) | 1 month LIBOR | 7,364 |  | 7,221 |  | 7,346 |  |
| ATX Networks Corp. (8) (9)                                                                            | Provider of Radio Frequency Management Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.33%, Current Coupon plus PIK 8.33%, Secured Debt (Maturity - June 11, 2021) | 3 month LIBOR | 14,474 |  | 14,253 |  | 14,384 |  |
| BarFly Ventures, LLC (11)                                                                             | Casual Restaurant Group | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 2,905 |  | 2,863 |  | 2,905 |  |
|                                                                                                  |   | Warrants (.410 equivalent units, Expiration - August 31, 2025) | — | — |  | 158 |  | 175 |  |
|                                                                                                  |   | Options (.731 equivalent units) | — | — |  | 133 |  | 309 |  |
|                                                                                                  |   |   |   |   | 3,154 |  | 3,389 |  |
| BBB Tank Services, LLC (10) (13)                                                                      | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | 15.00% Secured Debt (Maturity - April 8, 2021) | None | 1,000 |  | 987 |  | 969 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.74%, Secured Debt (Maturity - April 9, 2018) (8) | 1 month LIBOR | 200 |  | 200 |  | 200 |  |
|                                                                                                  |   | Member Units (200,000 units) | — | — |  | 200 |  | 125 |  |
|                                                                                                  |   |   |   |   | 1,387 |  | 1,294 |  |
| Berry Aviation, Inc. (11)                                                                             | Airline Charter Service Operator | Current Coupon 13.75%, Secured Debt (Maturity - January 30, 2020) (14) | None | 1,407 |  | 1,395 |  | 1,407 |  |
|                                                                                                  |   | Common Stock (138 shares) | — | — |  | 100 |  | 252 |  |
|                                                                                                  |   |   |   |   | 1,495 |  | 1,659 |  |
| BigName Commerce, LLC (8) (11)                                                                        | Provider of Envelopes and Complimentary Stationery Products | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.59%, Secured Debt (Maturity - May 11, 2022) | 1 month LIBOR | 2,488 |  | 2,460 |  | 2,460 |  |
| Binswanger Enterprises, LLC (8) (11)                                                                  | Glass Repair and Installation Service Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.49%, Secured Debt (Maturity - March 9, 2022) | 3 month LIBOR | 15,267 |  | 15,002 |  | 15,135 |  |
|                                                                                                  |   | Member Units (1,050,000 Class A units) | — | — |  | 1,050 |  | 1,000 |  |
|                                                                                                  |   |   |   |  |  | 16,052 |  | 16,135 |  |
| Bluestem Brands, Inc. (8)                                                                             | Multi-Channel Retailer of General Merchandise | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.07%, Secured Debt (Maturity - November 6, 2020) | 3 month LIBOR | 13,005 |  | 12,836 |  | 9,158 |  |
| Boccella Precast Products, LLC (8) (10) (13)                                                          | Manufacturer of Precast Hollow Core Concrete | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.34%, Secured Debt (Maturity - June 30, 2022) | 1 month LIBOR | 4,100 |  | 4,005 |  | 4,100 |  |
|                                                                                                  |   | Member Units (540,000 units) | — | — |  | 540 |  | 860 |  |
|                                                                                                  |   |   |   |   | 4,545 |  | 4,960 |  |
| Brightwood Capital Fund Investments (9) (15)                                                          | Investment Partnership | LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 0.52%) (16) | — | — |  | 4,075 |  | 3,443 |  |
|                                                                                                  |   | LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 1.58%) (16) | — | — |  | 2,037 |  | 2,037 |  |
|                                                                                                  |   |   |   |   | 6,112 |  | 5,480 |  |
| Brundage-Bone Concrete Pumping, Inc.                                                                  | Construction Services Provider | 10.38% Secured Debt (Maturity - September 1, 2023) (14) | None | 12,000 |  | 12,074 |  | 12,720 |  |
| Buca C, LLC (8) (10) (13)                                                                             | Casual Restaurant Group | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.63%, Secured Debt (Maturity - June 30, 2020) | 1 month LIBOR | $ | 13,536 |  | $ | 13,386 |  | $ | 13,386 |  |
|                                                                                                  |   | Preferred Member Units (4 units, 6.00% cumulative) (16) | — | — |  | 2,702 |  | 2,781 |  |
|                                                                                                  |   |   |   |   | 16,088 |  | 16,167 |  |
| Cadence Aerospace, LLC (8) (11)                                                                       | Aerospace and Defense | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.91%, Secured Debt (Maturity - November 14, 2023) | 3 month LIBOR | 15,000 |  | 14,853 |  | 14,853 |  |
| CAI Software, LLC (10) (13)                                                                           | Provider of Specialized Enterprise Resource Planning Software | 12.00% Secured Debt (Maturity - October 10, 2019) | None | 1,021 |  | 1,005 |  | 1,021 |  |
|                                                                                                  |   | Member Units (16,339 units) (16) | — | — |  | 163 |  | 807 |  |
|                                                                                                  |   |   |   |   | 1,168 |  | 1,828 |  |
| CapFusion Holding, LLC (9) (10) (13)                                                                  | Business Lender | 13.00% Secured Debt (Maturity - March 25, 2021) (18) | None | 1,669 |  | 1,394 |  | 468 |  |
| CDHA Management, LLC (8) (11)                                                                         | Dental Services | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.78%, Secured Debt (Maturity - December 5, 2021) | 3 month LIBOR | 5,365 |  | 5,270 |  | 5,365 |  |
| Central Security Group, Inc. (8)                                                                      | Security Alarm Monitoring Service Provider | LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 7.19%, Secured Debt (Maturity - October 6, 2021) | 1 month LIBOR | 7,481 |  | 7,462 |  | 7,518 |  |
| Cenveo Corporation                                                                                    | Provider of Commercial Printing, Envelopes, Labels, Printed Office Products | 6.00% Secured Debt (Maturity - August 1, 2019) | None | 15,000 |  | 13,706 |  | 10,650 |  |
| Charlotte Russe, Inc. (8)                                                                             | Fast-Fashion Retailer to Young Women | LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.89%, Secured Debt (Maturity - May 22, 2019) | 3 month LIBOR | 14,972 |  | 14,863 |  | 6,045 |  |
| Clarius BIGS, LLC (11) (18)                                                                           | Prints & Advertising Film Financing | 15.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 2,140 |  | 1,882 |  | 62 |  |
|                                                                                                  |   | 20.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 773 |  | 680 |  | 22 |  |
|                                                                                                  |   |   |   |   | 2,562 |  | 84 |  |
| Clickbooth.com, LLC (8) (11)                                                                          | Provider of Digital Advertising Performance Marketing Solutions | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.01%, Secured Debt (Maturity - December 5, 2022) | 1 month LIBOR | 3,000 |  | 2,941 |  | 2,941 |  |
| Construction Supply Investments, LLC (11)                                                             | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.57%, Secured Debt (Maturity - June 30, 2023) (8) | 1 month LIBOR | 7,125 |  | 7,090 |  | 7,090 |  |
|                                                                                                  |   | Member units (20,000 units) | — | — |  | 3,723 |  | 3,723 |  |
|                                                                                                  |   |   |   |   | 10,813 |  | 10,813 |  |
| ContextMedia Health, LLC (8)                                                                          | Provider of Healthcare Media Content | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.13%, Secured Debt (Maturity - December 23, 2021) | 1 month LIBOR | 9,500 |  | 8,685 |  | 6,413 |  |
| CTVSH, PLLC (8) (11) (13)                                                                             | Emergency Care and Specialty Service Animal Hospital | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.48%, Secured Debt (Maturity - August 3, 2022) | 1 month LIBOR | 2,963 |  | 2,907 |  | 2,907 |  |
| Datacom, LLC (10) (13)                                                                                | Technology and Telecommunications Provider | 5.25% Current / 5.25% PIK, Current Coupon 10.50% Secured Debt (Maturity - May 30, 2019) | None | 1,366 |  | 1,357 |  | 1,229 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - May 30, 2018) | None | 175 |  | 175 |  | 175 |  |
|                                                                                                  |   | Class A Preferred Member Units (1,530 units, 15.00% cumulative) (16) | — | — |  | 131 |  | 81 |  |
|                                                                                                  |   | Class B Preferred Member Units (717 units) | — | — |  | 670 |  | — |  |
|                                                                                                  |   |   |   |   | 2,333 |  | 1,485 |  |
| Digital River, Inc. (8)                                                                               | Provider of Outsourced e-Commerce Solutions and Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.08%, Secured Debt (Maturity - February 12, 2021) | 3 month LIBOR | 8,946 |  | 8,898 |  | 8,969 |  |
| Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)                                          | Technology-Based Performance Support Solutions | LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.82%, Secured Debt (Maturity - April 28, 2022) (14) | 1 month LIBOR | 10,901 |  | 10,510 |  | 9,725 |  |
| Extreme Reach, Inc. (8)                                                                               | Integrated TV and Video Advertising Platform | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.59%, Secured Debt (Maturity - February 7, 2020) | 3 month LIBOR | 10,411 |  | 10,397 |  | 10,398 |  |
| Felix Investments Holdings II, LLC (8) (11)                                                           | Oil and Gas Exploration and Production | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.90%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | $ | 3,333 |  | $ | 3,267 |  | $ | 3,267 |  |
| Flavors Holdings, Inc. (8)                                                                            | Global Provider of Flavoring and Sweetening Products and Solutions | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.44%, Secured Debt (Maturity - April 3, 2020) | 3 month LIBOR | 12,407 |  | 11,853 |  | 11,507 |  |
| GoWireless Holdings, Inc. (8) (12)                                                                    | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.16%, Secured Debt (Maturity - December 22, 2024) | 3 month LIBOR | 15,000 |  | 14,850 |  | 14,888 |  |
| GST Autoleather, Inc. (8)                                                                             | Automotive Leather Manufacturer | Prime Plus 6.50% (Floor 2.00%), Current Coupon 11.00%, Secured Debt (Maturity - July 10, 2020) | PRIME | 17,384 |  | 16,898 |  | 13,994 |  |
|                                                                                                  |   | Prime Plus 6.50% (Floor 2.25%), Current Coupon 11.00%, Secured Debt (Maturity - April 5, 2018) | PRIME | 3,377 |  | 3,299 |  | 3,326 |  |
|                                                                                                  |   |   |   |   | 20,197 |  | 17,320 |  |
| Guitar Center, Inc.                                                                                   | Musical Instruments Retailer | 6.50% Secured Debt (Maturity - April 15, 2019) | None | 15,015 |  | 14,490 |  | 13,889 |  |
| Hojeij Branded Foods, LLC (8) (11)                                                                    | Multi-Airport, Multi-Concept Restaurant Operator | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.57%, Secured Debt (Maturity - July 20, 2022) | 1 month LIBOR | 12,107 |  | 12,000 |  | 12,107 |  |
| Hoover Group, Inc. (8) (9) (11)                                                                       | Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.70%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | 14,848 |  | 14,030 |  | 13,656 |  |
| Hunter Defense Technologies, Inc. (8)                                                                 | Provider of Military and Commercial Shelters and Systems | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.35%, Secured Debt (Maturity - August 5, 2019) | 3 month LIBOR | 14,552 |  | 14,161 |  | 14,389 |  |
| Hydrofarm Holdings, LLC (8) (11)                                                                      | Wholesaler of Horticultural Products | LIBOR Plus 7.00%, Current Coupon 8.49%, Secured Debt (Maturity - May 12, 2022) | 1 month LIBOR | 6,666 |  | 6,546 |  | 6,657 |  |
| iEnergizer Limited (8) (9)                                                                            | Provider of Business Outsourcing Solutions | LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.57%, Secured Debt (Maturity - May 1, 2019) | 1 month LIBOR | 10,644 |  | 10,408 |  | 10,618 |  |
| Implus Footcare, LLC (8) (11)                                                                         | Provider of Footwear and Other Accessories | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.44%, Secured Debt (Maturity - April 30, 2021) | 3 month LIBOR | 14,491 |  | 14,299 |  | 14,394 |  |
| Industrial Services Acquisitions, LLC (11)                                                            | Industrial Cleaning Services | 11.25% Current / 0.75% PIK, Current Coupon 12.00%, Unsecured Debt (Maturity - December 17, 2022) (17) | None | 10,603 |  | 10,429 |  | 10,603 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (2,100,000 units) | — | — |  | 2,100 |  | 1,890 |  |
|                                                                                                  |   |   |   |   | 12,529 |  | 12,493 |  |
| Inn of the Mountain Gods Resort and Casino                                                            | Hotel & Casino Owner & Operator | 9.25% Secured Debt (Maturity - November 30, 2020) | None | 10,749 |  | 10,620 |  | 9,782 |  |
| iPayment, Inc. (8)                                                                                    | Provider of Merchant Acquisition | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.62%, Secured Debt (Maturity - April 11, 2023) | 3 month LIBOR | 11,970 |  | 11,970 |  | 12,090 |  |
| iQor US Inc. (8)                                                                                      | Business Process Outsourcing Services Provider | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.34%, Secured Debt (Maturity - April 1, 2021) | 3 month LIBOR | 7,678 |  | 7,338 |  | 7,649 |  |
| IronGate Energy Services, LLC (18)                                                                    | Oil and Gas Services | 11.00% Secured Debt (Maturity - July 1, 2018) (18) | None | 5,825 |  | 5,827 |  | 2,039 |  |
| Joerns Healthcare, LLC (8)                                                                            | Manufacturer and Distributor of Health Care Equipment & Supplies | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.48%, Secured Debt (Maturity - May 9, 2020) | 3 month LIBOR | 11,119 |  | 10,948 |  | 10,359 |  |
| Kellermeyer Bergensons Services, LLC (8)                                                              | Outsourced Janitorial Services to Retail/Grocery Customers | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.88%, Secured Debt (Maturity - April 29, 2022) (14) | 3 month LIBOR | 14,700 |  | 14,618 |  | 14,241 |  |
| Keypoint Government Solutions, Inc. (8) (11)                                                          | Provider of Pre-Employment Screening Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.35%, Secured Debt (Maturity - April 18, 2024) | 3 month LIBOR | 12,031 |  | 11,921 |  | 12,031 |  |
| LaMi Products, LLC (8) (11)                                                                           | General Merchandise Distribution | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.05%, Secured Debt (Maturity -September 16, 2020) | 3 month LIBOR | 11,110 |  | 10,988 |  | 11,085 |  |
| Larchmont Resources, LLC (8)                                                                          | Oil & Gas Exploration & Production | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.53%, Secured Debt (Maturity - August 7, 2020) | 3 month LIBOR | 4,118 |  | 4,118 |  | 4,076 |  |
|                                                                                                  |   | Member units (Larchmont Intermediate Holdco, LLC) (4,806 units) | — | — |  | 601 |  | 1,658 |  |
|                                                                                                  |   |   |   |   | 4,719 |  | 5,734 |  |
| LJ Host Merger Sub, Inc. (8)                                                                          | Managed Services and Hosting Provider | LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.44%, Secured Debt (Maturity - December 13, 2019) | 3 month LIBOR | $ | 16,137 |  | $ | 15,744 |  | $ | 15,714 |  |
|                                                                                                  |   | LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.44%, Secured Debt (Maturity - December 13, 2018) | 3 month LIBOR | 2,433 |  | 2,358 |  | 2,293 |  |
|                                                                                                  |   |   |   |   | 18,102 |  | 18,007 |  |
| Logix Acquisition Company, LLC (8) (11)                                                               | Competitive Local Exchange Carrier | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.28%, Secured Debt (Maturity - August 9, 2024) (23) | 1 month LIBOR | 9,730 |  | 9,632 |  | 9,839 |  |
| LSF9 Atlantis Holdings, LLC (8)                                                                       | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.36%, Secured Debt (Maturity - May 1, 2023) | 1 month LIBOR | 13,825 |  | 13,722 |  | 13,897 |  |
| Lulu’s Fashion Lounge, LLC (8)(11)                                                              | Fast Fashion E-Commerce Retailer | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.57%, Secured Debt (Maturity - August 28, 2022) | 1 month LIBOR | 6,690 |  | 6,496 |  | 6,766 |  |
| Meisler Operating, LLC (10) (13)                                                                      | Provider of Short Term Trailer and Container Rental | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.84%, Secured Debt (Maturity - June 7, 2022) (8) | 3 month LIBOR | 4,200 |  | 4,095 |  | 4,104 |  |
|                                                                                                  |   | Member Units (Milton Meisler Holdings, LLC) (8,000 units) | — | — |  | 800 |  | 848 |  |
|                                                                                                  |   |   |   |   | 4,895 |  | 4,952 |  |
| MHVC Acquisition Corp. (8)                                                                            | Provider of Differentiated Information Solutions, Systems Engineering and Analytics | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.95%, Secured Debt (Maturity - April 29, 2024) | 1 month LIBOR | 10,448 |  | 10,399 |  | 10,578 |  |
| Minute Key, Inc. (10) (13)                                                                            | Operator of Automated Key Duplication Kiosk | Warrants (359,352 equivalent units, Expiration - May 20, 2025) | — | — |  | 70 |  | 293 |  |
| NBG Acquisition, Inc. (8)                                                                             | Wholesaler of Home Decor Products | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.19%, Secured Debt (Maturity - April 26, 2024) | 1 month LIBOR | 4,402 |  | 4,336 |  | 4,452 |  |
| New Media Holdings II LLC (8) (9)                                                                     | Local Newspaper Operator | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.82%, Secured Debt (Maturity - July 14, 2022) | 1 month LIBOR | 17,033 |  | 16,762 |  | 17,176 |  |
| NNE Issuer, LLC (8) (11)                                                                              | Oil & Gas Exploration & Production | LIBOR Plus 8.00%, Current Coupon 9.49%, Secured Debt (Maturity - March 2, 2022) | 3 month LIBOR | 11,958 |  | 11,851 |  | 11,854 |  |
| North American Lifting Holdings, Inc. (8)                                                             | Crane Service Provider | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.19%, Secured Debt (Maturity - November 27, 2020) | 3 month LIBOR | 6,310 |  | 5,666 |  | 5,912 |  |
| Novetta Solutions, LLC (8)                                                                            | Provider of Advanced Analytics Solutions for Defense Agencies | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.70%, Secured Debt (Maturity - October 17, 2022) | 3 month LIBOR | 9,625 |  | 9,382 |  | 9,364 |  |
| NTM Acquisition Corp. (8)                                                                             | Provider of B2B Travel Information Content | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.94%, Secured Debt (Maturity - June 7, 2022) | 3 month LIBOR | 10,908 |  | 10,797 |  | 10,853 |  |
| Paris Presents, Inc. (8)                                                                              | Branded Cosmetic and Bath Accessories | LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 10.32%, Secured Debt (Maturity - December 31, 2021) (14) | 1 month LIBOR | 10,000 |  | 9,899 |  | 9,950 |  |
| Parq Holdings, LP (8) (9)                                                                             | Hotel and Casino Operator | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.19%, Secured Debt (Maturity - December 17, 2020) | 3 month LIBOR | 12,469 |  | 12,317 |  | 12,547 |  |
| Permian Holdco 2, Inc.                                                                                | Storage Tank Manufacturer | 14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (17) | None | 765 |  | 765 |  | 765 |  |
|                                                                                                  |   | Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 units) (12.00% Cumulative) (16) | — | — |  | 1,997 |  | 2,449 |  |
|                                                                                                  |   | Common Shares (Permian Holdco 1, Inc.) (386,255 units) | — | — |  | — |  | 350 |  |
|                                                                                                  |   |   |   |   | 2,762 |  | 3,564 |  |
| Permian Holdings, Inc.                                                                                | Storage Tank Manufacturer | 10.50% Secured Debt (Maturity - January 15, 2018) | None | 1,000 |  | 968 |  | 290 |  |
| Pernix Therapeutics Holdings, Inc. (11)                                                               | Pharmaceutical Royalty - Anti-Migraine | 12.00% Secured Debt (Maturity - August 1, 2020) | None | 2,737 |  | 2,717 |  | 1,725 |  |
| PPC/Shift, LLC (8) (11)                                                                               | Provider of Digital Solutions to Automotive Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.69%, Secured Debt (Maturity - December 22, 2021) | 3 month LIBOR | 6,825 |  | 6,704 |  | 6,825 |  |
| Prowler Acquisition Corporation (8)                                                                   | Specialty Distributor to the Energy Sector | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.34%, Secured Debt (Maturity - January 28, 2020) | 3 month LIBOR | 12,412 |  | 11,199 |  | 11,854 |  |
| Renaissance Learning, Inc.  (8)                                                                       | Technology-based K-12 Learning Solutions | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.69%, Secured Debt (Maturity - April 11, 2022) (14) | 3 month LIBOR | $ | 12,695 |  | $ | 12,359 |  | $ | 12,767 |  |
| Resolute Industrial, LLC (8) (11)                                                                     | HVAC Equipment Rental and Remanufacturing | LIBOR Plus 7.62% (Floor 1.00%), Current Coupon 8.95%, Secured Debt (Maturity - July 26, 2022) (24) | 3 month LIBOR | 17,086 |  | 16,679 |  | 16,774 |  |
|                                                                                                  |   | Common Stock (601 units) | — | — |  | 750 |  | 750 |  |
|                                                                                                  |   |   |   |   | 17,429 |  | 17,524 |  |
| RGL Reservoir Operations, Inc.  (9) (11)                                                              | Oil & Gas Equipment & Services | 1.00% Current / 9.00% PIK Secured Debt (Maturity - December 23, 2024) | None | 721 |  | 407 |  | 407 |  |
| RM Bidder, LLC (11)                                                                                   | Full-scale Film and Television Production and Distribution | Common Stock (1,854 units) | — | — |  | 31 |  | 13 |  |
|                                                                                                  |   | Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025) | — | — |  | 284 |  | — |  |
|                                                                                                  |   | Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 315 |  | 13 |  |
| Salient Partners, LP (8)                                                                              | Provider of Asset Management Services | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.85%, Secured Debt (Maturity - June 9, 2021) | 3 month LIBOR | 11,042 |  | 10,748 |  | 10,711 |  |
| Smart Modular Technologies, Inc. (8) (9) (11)                                                         | Provider of Specialty Memory Solutions | LIBOR Plus 6.25%, (Floor 1.00%), Current Coupon 7.66%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | 14,625 |  | 14,351 |  | 14,552 |  |
| Sorenson Communications, Inc.                                                                         | Manufacturer of Communication Products for Hearing Impaired | 9.00% Secured Debt (Maturity - October 31, 2020) (14) | None | 6,616 |  | 6,457 |  | 6,599 |  |
|                                                                                                  |   | LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.00%, Secured Debt (Maturity - April 30, 2020) (8) | 3 month LIBOR | 2,947 |  | 2,932 |  | 2,971 |  |
|                                                                                                  |   |   |   |   | 9,389 |  | 9,570 |  |
| Strike, LLC (8)                                                                                       | Pipeline Construction and Maintenance Services | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - November 30, 2022) | 3 month LIBOR | 9,500 |  | 9,251 |  | 9,643 |  |
|                                                                                                  |   | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.45%, Secured Debt (Maturity - May 30, 2019) | 3 month LIBOR | 2,500 |  | 2,480 |  | 2,513 |  |
|                                                                                                  |   |   |   |   | 11,731 |  | 12,156 |  |
| Synagro Infrastructure Company, Inc. (8)                                                              | Waste Management Services | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.19%, Secured Debt (Maturity - August 22, 2020) | 3 month LIBOR | 6,411 |  | 6,235 |  | 6,023 |  |
| TE Holdings, LLC                                                                                      | Oil & Gas Exploration & Production | Common Units (72,785 units) | — | — |  | 728 |  | 118 |  |
| Teleguam Holdings, LLC (8)                                                                            | Cable and Telecom Services Provider | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.07%, Secured Debt (Maturity - April 12, 2024) (14) | 1 month LIBOR | 7,750 |  | 7,602 |  | 7,808 |  |
| TMC Merger Sub Corp (8)                                                                               | Refractory & Maintenance Services Provider | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.88%, Secured Debt (Maturity - October 31, 2022) (25) | 1 month LIBOR | 19,140 |  | 18,993 |  | 19,237 |  |
| TOMS Shoes, LLC (8)                                                                                   | Global Designer, Distributor, and Retailer of Casual Footwear | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.98%, Secured Debt (Maturity - October 30, 2020) | 3 month LIBOR | 4,863 |  | 4,604 |  | 2,893 |  |
| Turning Point Brands, Inc. (8) (9) (11)                                                               | Marketer/Distributor of Tobacco Products | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.61%, Secured Debt (Maturity - May 17, 2022) (24) | 3 month LIBOR | 8,436 |  | 8,364 |  | 8,605 |  |
| TVG-I-E CMN Acquisition, LLC (8) (11)                                                                 | Organic Lead Generation for Online Postsecondary Schools | LIBOR Plus 6.00%, (Floor 1.00%), Current Coupon 7.56%, Secured Debt (Maturity - November 3, 2021) | 1 month LIBOR | 8,170 |  | 8,031 |  | 8,170 |  |
| U.S. Telepacific Corp. (8)                                                                            | Provider of Communications and Managed Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.69%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | 16,421 |  | 16,027 |  | 15,754 |  |
| USJ-IMECO Holding Company, LLC (8)                                                                    | Marine Interior Design and Installation | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.70%, Secured Debt (Maturity - April 16, 2020) | 3 month LIBOR | 8,243 |  | 8,224 |  | 8,202 |  |
|                                                                                                  |   |   |   |   |   |   |
|                                                                                                  |   |   |   |   |   |   |
| Valley Healthcare Group, LLC (8) (10) (13)                                                            | Provider of Durable Medical Equipment | LIBOR Plus 12.50% (Floor 0.50%), Current Coupon 13.86%, Secured Debt (Maturity - December 29, 2020) | 1 month LIBOR | $ | 2,942 |  | $ | 2,901 |  | $ | 2,901 |  |
|                                                                                                  |   | Preferred Member Units (Valley Healthcare Holding, LLC) (400 units) | — | — |  | 400 |  | 400 |  |
|                                                                                                  |   |   |   |   | 3,301 |  | 3,301 |  |
| VIP Cinema Holdings, Inc. (8)                                                                         | Supplier of Luxury Seating to the Cinema Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.70%, Secured Debt (Maturity - March 1, 2023) | 3 month LIBOR | 9,625 |  | 9,582 |  | 9,721 |  |
| Vistar Media, Inc. (8) (11)                                                                           | Operator of Digital Out-of-Home Advertising Platform | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.69%, Secured Debt (Maturity - February 16, 2022) | 3 month LIBOR | 3,319 |  | 3,046 |  | 3,102 |  |
|                                                                                                  |   | Warrants (70,207 equivalent units, Expiration - February 17, 2027) | — | — |  | 331 |  | 500 |  |
|                                                                                                  |   |   |   |   | 3,377 |  | 3,602 |  |
| Volusion, LLC (10) (13)                                                                               | Provider of Online Software-as-a-Service eCommerce Solutions | 11.50% Secured Debt (Maturity - January 24, 2020) | None | 7,172 |  | 6,453 |  | 6,453 |  |
|                                                                                                  |   | Preferred Member Units (2,090,001 units) | — | — |  | 6,000 |  | 6,000 |  |
|                                                                                                  |   | Warrants (784,866.80 equivalent units, Expiration - January 26, 2025) | — | — |  | 1,104 |  | 891 |  |
|                                                                                                  |   |   |   |   | 13,557 |  | 13,344 |  |
| Wellnext, LLC (8) (11)                                                                                | Manufacturer of Supplements and Vitamins | LIBOR Plus 10.10% (Floor 1.00%), Current Coupon 11.67%, Secured Debt (Maturity - July 21, 2022) (23) | 1 month LIBOR | 9,930 |  | 9,856 |  | 9,930 |  |
| Wireless Vision Holdings, LLC (8) (11)                                                                | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 10.27%, Secured Debt (Maturity - September 29, 2022) (23) | 1 month LIBOR | 12,899 |  | 12,574 |  | 12,574 |  |
| Wirepath, LLC (8)                                                                                     | E-Commerce Provider Into Connected Home Market | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.87%, Secured Debt (Maturity - August 5, 2024) | 2 month LIBOR | 11,471 |  | 11,416 |  | 11,629 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Non-Control/Non-Affiliate Investments (5) (88% of total portfolio investments at fair value) |   |   | $ | 948,029 |  | $ | 922,898 |  |
|                                                                                                  |   |   |   |   |  |  |  |  |
| Total Portfolio Investments                                                                           |   |   |   |   | $ | 1,064,329 |  | $ | 1,049,439 |  |
|                                                                                                  |   |   |   |   |  |  |  |  |
| Short Term Investments (20)                                                                           |   |   |   |   |   |   |
| Fidelity Institutional Money Market Funds (21)                                                        | — | Prime Money Market Portfolio, Class III Shares | — | — |  | $ | 11,335 |  | $ | 11,335 |  |
| US Bank Money Market Account (21)                                                                     | — | — | — | — |  | 18,613 |  | 18,613 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Short Term Investments                                                                          |   |   |   |   | $ | 29,948 |  | $ | 29,948 |  |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   |   |   | Twelve Months Ended December 31, 2017 |   |   |   | Twelve Months Ended December 31, 2017 |
| Portfolio Company                              |   | Fair Value at December 31, 2016 |   | Gross Additions (Cost)* |   | Gross Reductions (Cost)** |   | Net Unrealized Gain (Loss) |   | Fair Value at December 31, 2017 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Affiliate Investments                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AFG Capital Group, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Member units                                   |   | $ | 687 |  |   | $ | — |  |   | $ | — |  |   | $ | 210 |  |   | $ | 897 |  |   | $ | — |  | $ | — |  | $ | — |  | $ | 18 |  |
| Warrants                                       |   | 167 |  |   | — |  |   | — |  |   | 48 |  |   | 215 |  |   | — |  | — |  | — |  | — |  |
| Charps, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 4,817 |  |   | (320 | ) |   | 3 |  |   | 4,500 |  |   | — |  | 533 |  | 1 |  | — |  |
| Preferred member units                         |   | — |  |   | 101 |  |   | — |  |   | 62 |  |   | 163 |  |   | — |  | — |  | — |  | — |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Clad-Rex Steel, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | $ | 3,449 |  |   | $ | 16 |  |   | $ | (201 | ) |   | $ | 56 |  |   | $ | 3,320 |  |   | $ | — |  | $ | 392 |  | $ | — |  | $ | — |  |
| Term loan                                      |   | 99 |  |   | — |  |   | (99 | ) |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Member units                                   |   | 1,820 |  |   | — |  |   | — |  |   | 555 |  |   | 2,375 |  |   | — |  | — |  | — |  | 103 |  |
| Term loan (Clad-Rex Steel RE Investor, LLC)    |   | 298 |  |   | — |  |   | (5 | ) |   | — |  |   | 293 |  |   | — |  | 30 |  | — |  | — |  |
| Member units (Clad-Rex Steel RE Investor, LLC) |   | 53 |  |   | — |  |   | — |  |   | 17 |  |   | 70 |  |   | — |  | — |  | — |  | — |  |
| EIG Traverse Co-Investment, LP                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   |   | 9,905 |  |   | 951 |  |   | (10,756 | ) |   | (100 | ) |   | — |  |   | 951 |  | — |  | — |  | 871 |  |
| Freeport First Lien Loan Fund III, LP          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   |   | 4,763 |  |   | 3,795 |  |   | — |  |   | (52 | ) |   | 8,506 |  |   | — |  | — |  | — |  | 617 |  |
| Gamber-Johnson Holdings, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,964 |  |   | 19 |  |   | (170 | ) |   | 37 |  |   | 5,850 |  |   | — |  | 755 |  | — |  | — |  |
| Common stock                                   |   | 4,730 |  |   | — |  |   | — |  |   | 1,113 |  |   | 5,843 |  |   | — |  | — |  | 54 |  | 105 |  |
| Guerdon Modular Holdings, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,642 |  |   | 22 |  |   | (1 | ) |   | (3 | ) |   | 2,660 |  |   | — |  | 366 |  | — |  | — |  |
| Common stock                                   |   | 20 |  |   | — |  |   | — |  |   | (20 | ) |   | — |  |   | — |  | — |  | — |  | — |  |
| Class B preferred units                        |   | 285 |  |   | — |  |   | — |  |   | (285 | ) |   | — |  |   | — |  | — |  | — |  | — |  |
| Gulf Publishing Holdings, LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,455 |  |   | 710 |  |   | (14 | ) |   | — |  |   | 3,151 |  |   | — |  | 387 |  | 1 |  | — |  |
| Term loan                                      |   | — |  |   | 20 |  |   | — |  |   | — |  |   | 20 |  |   | — |  | — |  | — |  | — |  |
| Member units                                   |   | 781 |  |   | 142 |  |   | — |  |   | 287 |  |   | 1,210 |  |   | — |  | — |  | 10 |  | — |  |
| Harris Preston Fund Investments                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests (HPEP 3, LP)                      |   | — |  |   | 943 |  |   | — |  |   | — |  |   | 943 |  |   | — |  | — |  | — |  | — |  |
| LP interests (2717 HM, LP)                     |   | — |  |   | 536 |  |   | — |  |   | — |  |   | 536 |  |   | — |  | — |  | — |  | — |  |
| Hawk Ridge Systems, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,451 |  |   | 1,212 |  |   | (149 | ) |   | 60 |  |   | 3,574 |  |   | — |  | 301 |  | — |  | — |  |
| Preferred member units                         |   | 713 |  |   | — |  |   | — |  |   | 237 |  |   | 950 |  |   | — |  | — |  | — |  | 65 |  |
| Preferred member units (HRS Services, ULC)     |   | 38 |  |   | — |  |   | — |  |   | 12 |  |   | 50 |  |   | — |  | — |  | — |  | 1 |  |
| HWT, LLC                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,591 |  |   | 13 |  |   | (150 | ) |   | — |  |   | 2,454 |  |   | — |  | 370 |  | — |  | — |  |
| Member units                                   |   | 985 |  |   | — |  |   | — |  |   | — |  |   | 985 |  |   | — |  | — |  | 35 |  | — |  |
| Market Force Information, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 6,018 |  |   | (286 | ) |   | — |  |   | 5,732 |  |   | — |  | 324 |  | — |  | — |  |
| Member units                                   |   | — |  |   | 3,675 |  |   | — |  |   | — |  |   | 3,675 |  |   | — |  | — |  | — |  | — |  |
| M.H. Corbin, LLC                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,299 |  |   | 8 |  |   | (177 | ) |   | — |  |   | 3,130 |  |   | — |  | 382 |  | — |  | — |  |
| Member units                                   |   | 1,500 |  |   | — |  |   | — |  |   | — |  |   | 1,500 |  |   | — |  | — |  | 35 |  | — |  |
| Mystic Logistics, Inc.                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,294 |  |   | 21 |  |   | (352 | ) |   | (47 | ) |   | 1,916 |  |   | — |  | 272 |  | 2 |  | — |  |
| Common stock                                   |   | 1,445 |  |   | — |  |   | — |  |   | 260 |  |   | 1,705 |  |   | — |  | — |  | — |  | — |  |
| NuStep, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 5,179 |  |   | (131 | ) |   | — |  |   | 5,048 |  |   | — |  | 603 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 2,550 |  |   | — |  |   | — |  |   | 2,550 |  |   | — |  | — |  | — |  | — |  |
| SoftTouch Medical Holdings, LLC                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 1,260 |  |   | 5 |  |   | — |  |   | (5 | ) |   | 1,260 |  |   | — |  | 135 |  | — |  | 124 |  |
| Member units                                   |   | 1,618 |  |   | — |  |   | — |  |   | 163 |  |   | 1,781 |  |   | — |  | — |  | 42 |  | — |  |
|                                           |   | $ | 56,312 |  |   | $ | 30,753 |  |   | $ | (12,811 | ) |   | $ | 2,608 |  |   | $ | 76,862 |  |   | $ | 951 |  | $ | 4,850 |  | $ | 180 |  | $ | 1,904 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   |   |   | Twelve Months Ended December 31, 2017 |   |   |   | Twelve Months Ended December 31, 2017 |
| Portfolio Company              |   | Fair Value at December 31, 2016 |   | Gross Additions (Cost)** |   | Gross Reductions (Cost)*** |   | Net Unrealized Gain (Loss) |   | Fair Value at December 31, 2017 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Control Investments            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Copper Trail Energy Fund I, LP |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                   |   | $ | — |  |   | $ | 2,500 |  |   | $ | — |  |   | $ | — |  |   | $ | 2,500 |  |   | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
| GRT Rubber Technologies, LLC   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                      |   | 6,538 |  |   | 32 |  |   | (824 | ) |   | (31 | ) |   | 5,715 |  |   | — |  | 663 |  | — |  | — |  |
| Member units                   |   | 10,004 |  |   | — |  |   | — |  |   | 817 |  |   | 10,821 |  |   | — |  | — |  | 73 |  | 577 |  |
| HMS-ORIX SLF LLC*              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Membership interests           |   | — |  |   | 30,000 |  |   | — |  |   | 643 |  |   | 30,643 |  |   | — |  | — |  | — |  | 450 |  |
|                           |   | $ | 16,542 |  |   | $ | 32,532 |  |   | $ | (824 | ) |   | $ | 1,429 |  |   | $ | 49,679 |  |   | $ | — |  | $ | 663 |  | $ | 73 |  | $ | 1,027 |  |

----

----

----

----

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2—Valuations based on inputs other than quoted prices in active markets, which are either directly or indirectly observable for essentially the full term of the investment. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in non-active markets (for example, thinly traded public companies),  pricing models whose inputs are observable for substantially the full term of the investment, and pricing models whose inputs are derived principally from or corroborated by, observable market data through correlation or other means for substantially the full term of the investment. |

|         |                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Such information may be the result of consensus pricing information or broker quotes for which sufficient observable inputs were not available. |

----

|         |                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | Current and projected financial condition of the portfolio company; |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | Current and projected ability of the portfolio company to service its debt obligations; |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Type and amount of collateral, if any, underlying the investment; |

|         |                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio, and net debt/earnings before interest, tax, depreciation and amortization (“EBITDA”) ratio) applicable to the investment; |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio); |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | Pending debt or capital restructuring of the portfolio company; |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | Projected operating results of the portfolio company; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Current information regarding any offers to purchase the investment; |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Current ability of the portfolio company to raise any additional financing as needed; |

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | Changes in the economic environment which may have a material impact on the operating results of the portfolio company; |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company; |

|         |                                           |
|---------|-------------------------------------------|
| • | Qualitative assessment of key management; |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Contractual rights, obligations or restrictions associated with the investment; |

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | Third party pricing for securities with limited observability of inputs determining the pricing; and |

|         |                                |
|---------|--------------------------------|
| • | Other factors deemed relevant. |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Fair Value Measurements |
|                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| First lien secured debt investments  | $ | — |  |   | $ | — |  |   | $ | 872,224 |  |   | $ | 872,224 |  |
| Second lien secured debt investments | — |  |   | — |  |   | 92,432 |  |   | 92,432 |  |
| Unsecured debt investments           | — |  |   | — |  |   | 11,237 |  |   | 11,237 |  |
| Equity investments (1)               | — |  |   | — |  |   | 127,870 |  |   | 127,870 |  |
| Total                                | $ | — |  |   | $ | — |  |   | $ | 1,103,763 |  |   | $ | 1,103,763 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Fair Value Measurements |
|                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| First lien secured debt investments  | $ | — |  |   | $ | — |  |   | $ | 830,460 |  |   | $ | 830,460 |  |
| Second lien secured debt investments | — |  |   | — |  |   | 97,940 |  |   | 97,940 |  |
| Unsecured debt investments           | — |  |   | — |  |   | 11,368 |  |   | 11,368 |  |
| Equity investments (1)               | — |  |   | — |  |   | 109,671 |  |   | 109,671 |  |
| Total                                | $ | — |  |   | $ | — |  |   | $ | 1,049,439 |  |   | $ | 1,049,439 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Fair Value Measurements |
|                            | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| LMM portfolio investments       | $ | — |  |   | $ | — |  |   | $ | 170,676 |  |   | $ | 170,676 |  |
| Private Loan investments        | — |  |   | — |  |   | 385,851 |  |   | 385,851 |  |
| Middle Market investments       | — |  |   | — |  |   | 496,847 |  |   | 496,847 |  |
| Other Portfolio investments (1) | — |  |   | — |  |   | 50,389 |  |   | 50,389 |  |
| Total                           | $ | — |  |   | $ | — |  |   | $ | 1,103,763 |  |   | $ | 1,103,763 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Fair Value Measurements |
|                            | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| LMM portfolio investments       | $ | — |  |   | $ | — |  |   | $ | 135,657 |  |   | $ | 135,657 |  |
| Private Loan investments        | — |  |   | — |  |   | 315,382 |  |   | 315,382 |  |
| Middle Market investments       | — |  |   | — |  |   | 549,792 |  |   | 549,792 |  |
| Other Portfolio investments (1) | — |  |   | — |  |   | 48,608 |  |   | 48,608 |  |
| Total                           | $ | — |  |   | $ | — |  |   | $ | 1,049,439 |  |   | $ | 1,049,439 |  |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |
|                             | Fair Value | ValuationTechnique | Significant Unobservable Inputs | Range |   | WeightedAverage (2) |
| LMM equity investments           | $ | 60,936 |  | Discounted Cash Flows | WACC | 12.7% - 17.6% |   | 13.9% |
|                             |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.0x - 12.9x |   | 7.2x |
| LMM debt investments             | 109,740 |  | Discounted Cash Flows | Expected Principal Recovery | 100.0% - 100.0% |   | 100.0% |
|                             |   |   | Risk Adjusted Discount Factor | 10.0% - 20.5% |   | 12.8% |
| Private Loan debt investments    | 280,658 |  | Discounted Cash Flows | Expected Principal Recovery | 2.9% - 100.0% |   | 99.8% |
|                             |   |   | Risk Adjusted Discount Factor | 4.9% - 28.9% |   | 8.3% |
|                             | 94,819 |  | Market Approach | Third Party Quotes | 94.4% - 103.0% |   | 99.7% |
| Private Loan equity investments  | 10,374 |  | Market Approach/Enterprise Value | EBITDA Multiples (1) | 6.4x - 9.6x |   | 7.8x |
|                             |   | Discounted Cash Flows | WACC | 11.7% - 13.8% |   | 12.4% |
| Middle Market debt investments   | 490,676 |  | Market Approach | Third Party Quotes | 36.0% - 106.3% |   | 96.9% |
| Middle Market equity investments | 6,171 |  | Market Approach | Third Party Quotes | $1.1 - $275.0 |   | $259.4 |
|                             |   | Discounted Cash Flows | WACC | 15.4% - 16.1% |   | 15.7% |
|                             |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 3.9x - 5.5x |   | 4.7x |
| Other Portfolio investments(3)   | 50,389 |  | Market Approach | NAV (1) | 86.3% - 111.8% |   | 99.1% |
|                             | $ | 1,103,763 |  |   |   |   |   |   |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |
|                                 | Fair Value | ValuationTechnique | Significant Unobservable Inputs | Range |   | WeightedAverage (2) |
| LMM equity investments               | $ | 47,876 |  | Discounted Cash Flows | WACC | 12.6% - 17.4% |   | 13.9% |
|                                 |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.0x - 10.0x |   | 7.1x |
| LMM debt investments                 | 87,781 |  | Discounted Cash Flows | Expected Principal Recovery | 28.0% - 100.0% |   | 98.9% |
|                                 |   |  |   | Risk Adjusted Discount Factor | 10.6% - 20.5% |   | 12.3% |
| Private Loan debt investments        | 228,789 |  | Discounted Cash Flows | Expected Principal Recovery | 2.9% - 100.0% |   | 99.7% |
|                                 |   |   | Risk Adjusted Discount Factor | 4.5% - 28.3% |   | 7.9% |
|                                 | 77,981 |  | Market Approach | Third Party Quotes | 92.0% - 102.0% |   | 98.8% |
| Private Loan equity investments      | 8,612 |  | Market Approach/Enterprise Value | EBITDA Multiples (1) | 5.0x - 9.5x |   | 8.0x |
|                                 |   | Discounted Cash Flows | WACC | 9.9% - 14.0% |   | 11.8% |
| Middle Market debt investments       | 545,217 |  | Market Approach | Third Party Quotes | 29.0% - 106.0% |   | 96.1% |
| Middle Market equity investments     | 4,575 |  | Market Approach | Third Party Quotes | $1.6 - $345.0 |   | $322.2 |
|                                 |   | Discounted Cash Flows | WACC | 15.3% - 15.3% |   | 15.3% |
|                                 |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 5.5x - 5.5x |   | 5.5x |
| Other Portfolio investments (3) | 48,608 |  | Market Approach | NAV (1) | 86.1% - 102.1% |   | 100.3% |
|                                 | $ | 1,049,439 |  |   |   |   |   |   |

----

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment   | January 1, 2018 Fair Value |   | PIK Interest Accrual |   | New Investments(1) |   | Sales/ Repayments |   | Net Change in UnrealizedAppreciation(Depreciation)(2) |   | Net Realized Gain (Loss) |   | June 30, 2018 Fair Value |
| LMM Equity           | $ | 47,876 |  |   | $ | — |  |   | $ | 10,528 |  |   | $ | (1,780 | ) |   | $ | 3,400 |  |   | $ | 912 |  |   | $ | 60,936 |  |
| LMM Debt             | 87,781 |  |   | 18 |  |   | 27,080 |  |   | (4,754 | ) |   | 675 |  |   | (1,060 | ) |   | 109,740 |  |
| Private Loan Equity  | 8,612 |  |   | — |  |   | 3,200 |  |   | (449 | ) |   | (1,339 | ) |   | 350 |  |   | 10,374 |  |
| Private Loan Debt    | 306,770 |  |   | 208 |  |   | 129,226 |  |   | (60,933 | ) |   | 137 |  |   | 69 |  |   | 375,477 |  |
| Middle Market Debt   | 545,217 |  |   | 257 |  |   | 133,884 |  |   | (185,521 | ) |   | 8,021 |  |   | (11,182 | ) |   | 490,676 |  |
| Middle Market Equity | 4,575 |  |   | — |  |   | 2,472 |  |   | — |  |   | (876 | ) |   | — |  |   | 6,171 |  |
| Other Portfolio(3)   | 48,608 |  |   | — |  |   | 2,385 |  |   | — |  |   | (604 | ) |   | — |  |   | 50,389 |  |
| Total                | $ | 1,049,439 |  |   | $ | 483 |  |   | $ | 308,775 |  |   | $ | (253,437 | ) |   | $ | 9,414 |  |   | $ | (10,911 | ) |   | $ | 1,103,763 |  |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment       | January 1, 2017 Fair Value |   | PIK InterestAccrual |   | New Investments(1) |   | Sales/ Repayments |   | Net Change in UnrealizedAppreciation(Depreciation) (2) |   | Net Realized Gain (Loss) |   | June 30, 2017 Fair Value |
| LMM Equity               | $ | 37,616 |  |   | $ | 154 |  |   | $ | 4,598 |  |   | $ | (273 | ) |   | $ | 576 |  |   | $ | (40 | ) |   | $ | 42,631 |  |
| LMM Debt                 | 78,444 |  |   | 84 |  |   | 18,867 |  |   | (5,367 | ) |   | (1,798 | ) |   | — |  |   | 90,230 |  |
| Private Loan Equity      | 6,323 |  |   | — |  |   | 3,105 |  |   | (2,917 | ) |   | (1,530 | ) |   | 2,548 |  |   | 7,529 |  |
| Private Loan Debt        | 205,034 |  |   | 161 |  |   | 87,291 |  |   | (55,122 | ) |   | (1,027 | ) |   | — |  |   | 236,337 |  |
| Middle Market Debt       | 638,374 |  |   | 357 |  |   | 190,328 |  |   | (219,833 | ) |   | 2,407 |  |   | 127 |  |   | 611,760 |  |
| Middle Market Equity     | 5,090 |  |   | 83 |  |   | — |  |   | — |  |   | (1,093 | ) |   | — |  |   | 4,080 |  |
| Other Portfolio (3) | 18,366 |  |   | — |  |   | 33,830 |  |   | — |  |   | 175 |  |   | — |  |   | 52,371 |  |
| Total                    | $ | 989,247 |  |   | $ | 839 |  |   | $ | 338,019 |  |   | $ | (283,512 | ) |   | $ | (2,290 | ) |   | $ | 2,635 |  |   | $ | 1,044,938 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| First lien secured debt investments  | $ | 889,026 |  |   | 80.2 | % |   | $ | 872,224 |  |   | 79.0 | % |
| Second lien secured debt investments | 92,168 |  |   | 8.3 |  |   | 92,432 |  |   | 8.4 |  |
| Unsecured debt investments           | 11,572 |  |   | 1.0 |  |   | 11,237 |  |   | 1.0 |  |
| Equity investments(1)                | 114,461 |  |   | 10.3 |  |   | 126,170 |  |   | 11.4 |  |
| Equity warrants                      | 2,012 |  |   | 0.2 |  |   | 1,700 |  |   | 0.2 |  |
| Total                                | $ | 1,109,239 |  |   | 100.0 | % |   | $ | 1,103,763 |  |   | 100.0 | % |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| First lien secured debt investments  | $ | 856,582 |  |   | 80.5 | % |   | $ | 830,460 |  |   | 79.1 | % |
| Second lien secured debt investments | 97,691 |  |   | 9.2 |  |   | 97,940 |  |   | 9.3 |  |
| Unsecured debt investments           | 11,194 |  |   | 1.0 |  |   | 11,368 |  |   | 1.1 |  |
| Equity investments (1)               | 96,850 |  |   | 9.1 |  |   | 107,597 |  |   | 10.3 |  |
| Equity warrants                      | 2,012 |  |   | 0.2 |  |   | 2,074 |  |   | 0.2 |  |
| Total                                | $ | 1,064,329 |  |   | 100.0 | % |   | $ | 1,049,439 |  |   | 100.0 | % |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| Northeast         | $ | 164,697 |  |   | 15.6 | % |   | $ | 155,890 |  |   | 14.8 | % |
| Southeast         | 160,693 |  |   | 15.2 |  |   | 168,391 |  |   | 16.0 |  |
| West              | 195,485 |  |   | 18.5 |  |   | 193,177 |  |   | 18.3 |  |
| Southwest         | 260,572 |  |   | 24.6 |  |   | 257,408 |  |   | 24.5 |  |
| Midwest           | 245,599 |  |   | 23.2 |  |   | 247,610 |  |   | 23.5 |  |
| Non-United States | 31,160 |  |   | 2.9 |  |   | 30,898 |  |   | 2.9 |  |
| Total             | $ | 1,058,206 |  |   | 100.0 | % |   | $ | 1,053,374 |  |   | 100.0 | % |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| Northeast         | $ | 155,908 |  |  | 15.4 | % |  | $ | 154,098 |  |  | 15.4 | % |
| Southeast         | 180,946 |  |  | 17.8 |  |  | 188,290 |  |  | 18.8 |  |
| West              | 190,615 |  |  | 18.8 |  |  | 177,422 |  |  | 17.7 |  |
| Southwest         | 193,219 |  |  | 19.0 |  |  | 190,926 |  |  | 19.1 |  |
| Midwest           | 250,005 |  |  | 24.6 |  |  | 244,331 |  |  | 24.4 |  |
| Non-United States | 44,987 |  |  | 4.4 |  |  | 45,764 |  |  | 4.6 |  |
| Total             | $ | 1,015,680 |  |  | 100.0 | % |  | $ | 1,000,831 |  |  | 100.0 | % |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   | Cost |   | Fair Value |
|                                   | June 30, 2018 |   | December 31, 2017 |   | June 30, 2018 |   | December 31, 2017 |
| Commercial Services and Supplies       | 8.6 | % |   | 7.9 | % |   | 7.7 | % |   | 7.7 | % |
| Construction and Engineering           | 6.2 |  |   | 5.4 |  |   | 6.3 |  |   | 5.5 |  |
| Aerospace and Defense                  | 5.6 |  |   | 4.8 |  |   | 5.7 |  |   | 4.9 |  |
| IT Services                            | 5.4 |  |   | 4.6 |  |   | 5.5 |  |   | 4.6 |  |
| Hotels, Restaurants, and Leisure       | 4.9 |  |   | 6.2 |  |   | 4.9 |  |   | 6.3 |  |
| Machinery                              | 4.7 |  |   | 3.5 |  |   | 5.4 |  |   | 4.0 |  |
| Diversified Telecommunication Services | 4.5 |  |   | 5.3 |  |   | 4.4 |  |   | 5.3 |  |
| Oil, Gas, and Consumable Fuels         | 4.5 |  |   | 2.4 |  |   | 4.6 |  |   | 2.5 |  |
| Communications Equipment               | 4.3 |  |   | 4.3 |  |   | 4.4 |  |   | 4.5 |  |
| Internet Software and Services         | 4.1 |  |   | 3.3 |  |   | 4.1 |  |   | 3.3 |  |
| Media                                  | 4.1 |  |   | 4.0 |  |   | 4.0 |  |   | 3.9 |  |
| Energy Equipment and Services          | 3.7 |  |   | 3.5 |  |   | 3.5 |  |   | 3.2 |  |
| Health Care Providers and Services     | 3.4 |  |   | 1.5 |  |   | 3.5 |  |   | 1.6 |  |
| Distributors                           | 3.2 |  |   | 3.1 |  |   | 3.1 |  |   | 3.2 |  |
| Diversified Consumer Services          | 3.0 |  |   | 3.6 |  |   | 2.9 |  |   | 3.7 |  |
| Food Products                          | 3.0 |  |   | 2.6 |  |   | 2.9 |  |   | 2.6 |  |
| Leisure Equipment and Products         | 2.9 |  |   | 3.0 |  |   | 2.9 |  |   | 3.1 |  |
| Computers and Peripherals              | 2.2 |  |   | 2.3 |  |   | 2.7 |  |   | 2.6 |  |
| Construction Materials                 | 1.9 |  |   | 1.5 |  |   | 2.0 |  |   | 1.6 |  |
| Internet and Catalog Retail            | 1.8 |  |   | 1.9 |  |   | 1.4 |  |   | 1.6 |  |
| Health Care Equipment and Supplies     | 1.7 |  |   | 2.0 |  |   | 1.7 |  |   | 2.1 |  |
| Professional Services                  | 1.6 |  |   | 3.5 |  |   | 1.6 |  |   | 3.6 |  |
| Specialty Retail                       | 1.5 |  |   | 2.9 |  |   | 1.4 |  |   | 2.0 |  |
| Wireless Telecommunication Services    | 1.4 |  |   | — |  |   | 1.4 |  |   | — |  |
| Capital Markets                        | 1.2 |  |   | 1.1 |  |   | 1.2 |  |   | 1.1 |  |
| Household Durables                     | 1.2 |  |   | 1.6 |  |   | 1.2 |  |   | 1.6 |  |
| Trading Companies and Distributors     | 1.2 |  |   | 1.2 |  |   | 1.2 |  |   | 1.3 |  |
| Food & Staples Retailing           | 1.1 |  |   | 1.0 |  |   | 1.1 |  |   | 1.0 |  |
| Transportation Infrastructure          | 1.1 |  |   | — |  |   | 1.1 |  |   | — |  |
| Auto Components                        | 0.6 |  |   | 2.7 |  |   | 0.6 |  |   | 2.4 |  |
| Diversified Financial Services         | — |  |   | 1.3 |  |   | — |  |   | 1.2 |  |
| Other (1)                              | 5.4 |  |   | 8.0 |  |   | 5.6 |  |   | 8.0 |  |
| Total                                  | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |
|                                         | As of June 30, 2018 | As of December 31, 2017 |
|                                         |   |   |
| Total debt investments (1)                   | $ | 144,293 |  | $ | 138,908 |  |
| Weighted average effective yield on loans(2) | 5.38 | % | 4.95 | % |
| Largest loan to a single borrower(1)         | $ | 3,479 |  | $ | 3,496 |  |
| Total of 10 largest loans to borrowers(1)    | $ | 31,032 |  | $ | 30,790 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of June 30, 2018                  |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acrisure, LLC                        | Insurance | LIBOR (2 months) + 4.25%, Current Coupon 6.61%, Secured Debt (Maturity - November 22, 2023) | $ | 2,104 |  | $ | 2,109 |  | $ | 2,103 |  |
| Advantage Sales & Marketing Inc. | Commercial Services & Supplies | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - July 23, 2021) | 1,980 |  | 1,936 |  | 1,877 |  |
| Air Medical Group Holdings, Inc.     | Health Care Providers & Services | LIBOR (1 month) + 3.25%, Current Coupon 5.28%, Secured Debt (Maturity - April 28, 2022) | 1,980 |  | 1,971 |  | 1,928 |  |
| AlixPartners, LLP                    | Asset Management | LIBOR (3 months) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - April 4, 2024) | 997 |  | 997 |  | 998 |  |
| American Seafoods Group LLC          | Food Products | LIBOR (1 month) + 2.75%, Current Coupon 4.85%, Secured Debt (Maturity - August 21, 2023) | 1,456 |  | 1,450 |  | 1,453 |  |
| Ancestry.com Operations Inc.         | Internet Software & Services | LIBOR (1 month) + 3.25%, Current Coupon 5.35%, Secured Debt (Maturity - October 19, 2023) | 1,300 |  | 1,311 |  | 1,301 |  |
| Arch Coal, Inc.                      | Metals & Mining | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - March 7, 2024) | 1,975 |  | 1,981 |  | 1,968 |  |
| AshCo, Inc.                          | Specialty Retail | LIBOR (3 months) + 5.00%, Current Coupon 7.09%, Secured Debt (Maturity - September 25, 2024) | 1,985 |  | 1,945 |  | 1,991 |  |
| Asurion, LLC                         | Insurance | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - November 3, 2023) | 1,268 |  | 1,268 |  | 1,268 |  |
|                                 |   | LIBOR (1 month) + 3.00%, Current Coupon 4.97%, Secured Debt (Maturity - November 4, 2024) | 325 |  | 323 |  | 324 |  |
|                                 |   |   |   | 1,591 |  | 1,592 |  |
| Atkore International, Inc.           | Electric Equipment, Instruments & Components | LIBOR (3 months) + 2.75%, Current Coupon 5.09%, Secured Debt (Maturity - December 22, 2023) | 2,963 |  | 2,980 |  | 2,962 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of June 30, 2018                        |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| BCP Renaissance Parent L.L.C.              | Oil, Gas & Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 6.36%, Secured Debt (Maturity - October 31, 2024) | $ | 600 |  | $ | 602 |  | $ | 600 |  |
| BMC Software Finance, Inc.                 | Software | LIBOR (3 months) + 4.25%, Current Coupon 6.55%, Secured Debt (Maturity - September 1, 2025) | 2,800 |  | 2,772 |  | 2,786 |  |
|                                       |   | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - September 12, 2022) | 3,140 |  | 3,163 |  | 3,132 |  |
|                                       |   |   |   | 5,935 |  | 5,918 |  |
| Builders FirstSource, Inc.                 | Building Products | LIBOR (1 month) + 3.00%, Current Coupon 5.33%, Secured Debt (Maturity - February 29, 2024) | 2,962 |  | 2,959 |  | 2,966 |  |
| Calpine Corporation                        | Independent Power and Renewable Electricity Producers | LIBOR (3 months) + 2.50%, Current Coupon 4.84%, Secured Debt (Maturity - January 15, 2023) | 1,980 |  | 1,986 |  | 1,977 |  |
| CDS U.S. Intermediate Holdings             | Recreation Facilities & Services | LIBOR (1 month) + 3.75%, Current Coupon 5.84%, Secured Debt (Maturity - July 8, 2022) | 978 |  | 979 |  | 972 |  |
| CHS/Community Health Systems, Inc.         | Healthcare Providers & Services | LIBOR (3 months) + 3.25%, Current Coupon 5.56%, Secured Debt (Maturity - January 27, 2021) | 1,575 |  | 1,570 |  | 1,541 |  |
| ClubCorp Holdings, Inc.                    | Real Estate Management & Development | LIBOR (3 months) + 2.75%, Current Coupon 5.08%, Secured Debt (Maturity - September 18, 2024) | 1,959 |  | 1,950 |  | 1,939 |  |
| Confie Seguros Holding II Co.              | Insurance | LIBOR (1 month) + 5.25%, Current Coupon 7.56%, Secured Debt (Maturity - April 19, 2022) | 1,250 |  | 1,254 |  | 1,242 |  |
| CPI International, Inc.                    | Aerospace & Defense | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - July 26, 2024) | 1,985 |  | 1,985 |  | 1,995 |  |
| Cyxtera DC Holdings, Inc.                  | Communications | LIBOR (3 months) + 3.00%, Current Coupon 5.36%, Secured Debt (Maturity - May 1, 2024) | 2,970 |  | 2,979 |  | 2,972 |  |
| Deerfield Holdings Corporation             | Diversified Financial Services | LIBOR (1 month) + 3.25%, Current Coupon 5.55%, Secured Debt (Maturity - February 13, 2025) | 2,993 |  | 2,989 |  | 2,984 |  |
| Duff & Phelps Corporation              | Diversified Financial Services | LIBOR (3 months) + 3.25%, Current Coupon 4.63%, Secured Debt (Maturity - September 1, 2023) | 2,141 |  | 2,170 |  | 2,141 |  |
| EFS Cogen Holdings I LLC                   | Utilities | LIBOR (3 months) + 3.25%, Current Coupon 5.59%, Secured Debt (Maturity - June 28, 2023) | 1,867 |  | 1,878 |  | 1,868 |  |
| Encapsys LLC                               | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - November 7, 2024) | 998 |  | 998 |  | 1,000 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 6.38%, Secured Debt (Maturity - April 29, 2024) | 1,980 |  | 1,997 |  | 1,980 |  |
| Envision Healthcare Corporation            | Health Care Providers & Services | LIBOR (1 month) + 3.00%, Current Coupon 5.10%, Secured Debt (Maturity - December 1, 2023) | 1,415 |  | 1,415 |  | 1,416 |  |
| Everi Payments Inc.                        | Leisure Products | LIBOR (3 months) + 3.00%, Current Coupon 5.09%, Secured Debt (Maturity - May 9, 2024) | 1,980 |  | 1,974 |  | 1,982 |  |
| Exgen Renewables IV, LLC                   | Electrical Production | LIBOR (3 months) + 3.00%, Current Coupon 5.31%, Secured Debt (Maturity - November 29, 2024) | 294 |  | 294 |  | 296 |  |
| First American Payment Systems, L.P.       | Diversified Financial Services | LIBOR (1 month) + 4.75%, Current Coupon 6.76%, Secured Debt (Maturity - January 5, 2024) | 922 |  | 931 |  | 931 |  |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                |
| Loan Portfolio                          |
| As of June 30, 2018                     |
| (dollars in thousands)                  |
| Portfolio Company                       | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                    |   |   |   |   |   |
| Fitness International, LLC              | Hotels, Restaurants & Leisure | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - April 18, 2025) | $ | 1,588 |  | $ | 1,611 |  | $ | 1,592 |  |
| Flex Acquisition Company Inc            | Containers & Packaging | LIBOR (3 months) + 3.00%, Current Coupon 5.31%, Secured Debt (Maturity - December 29, 2023) | 1,985 |  | 1,993 |  | 1,979 |  |
| Flexera Software LLC                    | Software | LIBOR (1 month) + 3.25%, Current Coupon 5.35%, Secured Debt (Maturity - February 26, 2025) | 1,526 |  | 1,522 |  | 1,525 |  |
| Gardner Denver, Inc.                    | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - July 30, 2024) | 1,829 |  | 1,838 |  | 1,833 |  |
| Golden Nugget, Inc.                     | Hotels, Restaurants & Leisure | LIBOR (1 month) + 2.75%, Current Coupon 4.80%, Secured Debt (Maturity - October 4, 2023) | 1,980 |  | 1,980 |  | 1,981 |  |
| GrafTech Finance Inc.                   | Diversified Financial Services | LIBOR (1 month) + 3.50%, Current Coupon 5.50%, Secured Debt (Maturity - February 12, 2025) | 2,000 |  | 1,980 |  | 1,993 |  |
| Greatbatch Ltd.                         | Health Care Equipment & Supplies | LIBOR (1 month) + 3.25%, Current Coupon 5.30%, Secured Debt (Maturity - October 27, 2022) | 2,570 |  | 2,584 |  | 2,579 |  |
| GYP Holdings III Corp.                  | Trading Companies & Distributors | LIBOR (2 months) + 2.75%, Current Coupon 4.85%, Secured Debt (Maturity - June 2, 2025) | 3,465 |  | 3,491 |  | 3,448 |  |
| Harbor Freight Tools USA, Inc.          | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 4.59%, Secured Debt (Maturity - August 18, 2023) | 1,970 |  | 1,977 |  | 1,963 |  |
| HD Supply Waterworks, Ltd.              | Trading Companies & Distributors | LIBOR (6 months) + 3.00%, Current Coupon 5.21%, Secured Debt (Maturity - August 1, 2024) | 139 |  | 139 |  | 139 |  |
| Horizon Pharma, Inc.                    | Pharmaceuticals | LIBOR (1 month) + 3.25%, Current Coupon 5.38%, Secured Debt (Maturity - March 29, 2024) | 1,925 |  | 1,942 |  | 1,924 |  |
| IG Investments Holdings, LLC            | Construction | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - May 23, 2025) | 1,985 |  | 1,997 |  | 1,984 |  |
| IRB Holding Corp.                       | Hotels, Restaurants & Leisure | LIBOR (1 month) + 3.25%, Current Coupon 5.25%, Secured Debt (Maturity - February 5, 2025) | 399 |  | 399 |  | 400 |  |
| KBR, Inc.                               | Construction | LIBOR (1 month) + 3.75%, Current Coupon 5.84%, Secured Debt (Maturity - April 25, 2025) | 1,250 |  | 1,244 |  | 1,254 |  |
| KMG Chemicals, Inc.                     | Chemicals | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - June 17, 2024) | 783 |  | 780 |  | 785 |  |
| KUEHG Corp.                             | Educational Services | LIBOR (1 month) + 3.75%, Current Coupon 6.08%, Secured Debt (Maturity - August 12, 2022) | 2,470 |  | 2,476 |  | 2,470 |  |
| LANDesk Group, Inc.                     | Software | LIBOR (1 month) + 4.25%, Current Coupon 6.35%, Secured Debt (Maturity - January 22, 2024) | 988 |  | 993 |  | 981 |  |
| Learfield Communications LLC            | Media | LIBOR (1 month) + 3.25%, Current Coupon 5.35%, Secured Debt (Maturity - December 1, 2023) | 1,980 |  | 1,997 |  | 1,987 |  |
| MA FinanceCo., LLC                      | Electric Equipment, Instruments & Components | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - June 21, 2024) | 386 |  | 386 |  | 385 |  |
| Mallinckrodt International Finance S.A. | Pharmaceuticals | LIBOR (6 months) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - February 24, 2025) | 998 |  | 995 |  | 984 |  |
| McDermott International, Inc.           | Oil, Gas & Consumable Fuels | LIBOR (1 month) + 5.00%, Current Coupon 7.09%, Secured Debt (Maturity - May 12, 2025) | 998 |  | 978 |  | 1,004 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                 |
| Loan Portfolio                           |
| As of June 30, 2018                      |
| (dollars in thousands)                   |
| Portfolio Company                        | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                     |   |   |   |   |   |
| Mohegan Tribal                           | Hotels, Restaurants & Leisure | LIBOR (1 month) + 4.00%, Current Coupon 5.98%, Secured Debt (Maturity - October 13, 2023) | $ | 1,924 |  | $ | 1,940 |  | $ | 1,822 |  |
| MPH Acquisition Holdings LLC             | Health Care Technology | LIBOR (3 months) + 2.75%, Current Coupon 5.08%, Secured Debt (Maturity - June 7, 2023) | 2,768 |  | 2,802 |  | 2,756 |  |
| NAB Holdings, LLC                        | IT Services | LIBOR (3 months) + 3.00%, Current Coupon 5.33%, Secured Debt (Maturity - July 1, 2024) | 1,985 |  | 1,976 |  | 1,978 |  |
| Ortho-Clinical Diagnostics, Inc          | Life Sciences Tools & Services | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - June 30, 2025) | 1,975 |  | 1,970 |  | 1,969 |  |
| PI UK Holdco II Limited                  | Specialty Finance | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - January 3, 2025) | 2,993 |  | 2,970 |  | 2,957 |  |
| PODS, LLC                                | Transportation & Logistics | LIBOR (1 month) + 2.75%, Current Coupon 4.78%, Secured Debt (Maturity - December 6, 2024) | 2,154 |  | 2,152 |  | 2,149 |  |
| Rackspace Hosting, Inc.                  | Internet Software & Services | LIBOR (3 months) + 3.00%, Current Coupon 5.36%, Secured Debt (Maturity - November 3, 2023) | 3,267 |  | 3,290 |  | 3,231 |  |
| Radiate Holdco, LLC                      | Media | LIBOR (1 month) + 3.00%, Current Coupon 5.09%, Secured Debt (Maturity - February 1, 2024) | 2,557 |  | 2,533 |  | 2,523 |  |
| Red Ventures, LLC                        | Direct Marketing Services | LIBOR (1 month) + 4.00%, Current Coupon 6.09%, Secured Debt (Maturity - November 8, 2024) | 1,985 |  | 1,972 |  | 1,998 |  |
| Scientific Games International, Inc.     | Leisure Products | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - August 14, 2024) | 897 |  | 898 |  | 892 |  |
| Seattle SpinCo, Inc.                     | Electric Equipment, Instruments & Components | LIBOR (3 months) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - June 21, 2024) | 2,607 |  | 2,609 |  | 2,601 |  |
| SeaWorld Parks & Entertainment, Inc. | Hotels, Restaurants & Leisure | LIBOR (3 months) + 3.00%, Current Coupon 5.09%, Secured Debt (Maturity - April 1, 2024) | 1,975 |  | 1,977 |  | 1,964 |  |
| SRS Distribution Inc.                    | Trading Companies & Distributors | LIBOR (3 months) + 3.25%, Current Coupon 5.58%, Secured Debt (Maturity - May 23, 2025) | 1,200 |  | 1,197 |  | 1,184 |  |
| SS&C Technologies, Inc.              | Software | LIBOR (1 month) + 2.50%, Current Coupon 4.48%, Secured Debt (Maturity - April 16, 2025) | 585 |  | 584 |  | 586 |  |
|                                     |   | LIBOR (1 month) + 2.50%, Current Coupon 4.48%, Secured Debt (Maturity - April 16, 2025) | 221 |  | 221 |  | 222 |  |
|                                     |   |   |   | 805 |  | 808 |  |
| Staples, Inc.                            | Distributors | LIBOR (3 months) + 4.00%, Current Coupon 6.36%, Secured Debt (Maturity - September 12, 2024) | 1,990 |  | 1,986 |  | 1,966 |  |
| Telenet Financing USD LLC                | Diversified Telecommunications Services | LIBOR (1 month) + 2.25%, Current Coupon 4.32%, Secured Debt (Maturity - August 17, 2026) | 1,655 |  | 1,653 |  | 1,642 |  |
| Transdigm, Inc.                          | Aerospace & Defense | LIBOR (1 month) + 2.50%, Current Coupon 4.59%, Secured Debt (Maturity - June 9, 2023) | 1,975 |  | 1,982 |  | 1,966 |  |
|                                     |   | LIBOR (1 month) + 2.50%, Current Coupon 4.59%, Secured Debt (Maturity - August 22, 2024) | 995 |  | 993 |  | 989 |  |
|                                     |   |   |   | 2,975 |  | 2,955 |  |
| Travelport Finance (Luxembourg) S.A.R.L. | Internet Software & Services | LIBOR (3 months) + 2.50%, Current Coupon 4.83%, Secured Debt (Maturity - March 17, 2025) | 1,250 |  | 1,244 |  | 1,247 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                    |
| Loan Portfolio                              |
| As of June 30, 2018                         |
| (dollars in thousands)                      |
| Portfolio Company                           | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                        |   |   |   |   |   |
| Traverse Midstream Partners LLC             | Oil, Gas & Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 6.34%, Secured Debt (Maturity - September 27, 2024) | $ | 781 |  | $ | 784 |  | $ | 782 |  |
| UFC Holdings, LLC                           | Media | LIBOR (3 months) + 3.25%, Current Coupon 5.35%, Secured Debt (Maturity - August 18, 2023) | 1,980 |  | 1,991 |  | 1,984 |  |
| Ultra Resources, Inc.                       | Oil, Gas & Consumable Fuels | LIBOR (1 month) + 3.00%, Current Coupon 5.09%, Secured Debt (Maturity - April 12, 2024) | 2,000 |  | 2,002 |  | 1,848 |  |
| Utz Quality Foods, LLC                      | Commercial Services & Supplies | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - November 21, 2024) | 1,596 |  | 1,595 |  | 1,604 |  |
| Valeant Pharmaceuticals International, Inc. | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 4.98%, Secured Debt (Maturity - June 2, 2025) | 1,456 |  | 1,463 |  | 1,453 |  |
| Vertafore                                   | Software | LIBOR (3 months) + 3.25%, Current Coupon 5.57%, Secured Debt (Maturity - June 4, 2025) | 2,500 |  | 2,488 |  | 2,487 |  |
| Vertiv Group Corporation                    | Electrical Equipment | LIBOR (3 months) + 4.00%, Current Coupon 6.00%, Secured Debt (Maturity - November 30, 2023) | 1,555 |  | 1,568 |  | 1,547 |  |
| Vistra Operations Company LLC               | Electric Utilities | LIBOR (1 month) + 2.25%, Current Coupon 4.34%, Secured Debt (Maturity - December 14, 2023) | 1,975 |  | 1,985 |  | 1,968 |  |
| West Corporation                            | Diversified Telecommunications Services | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - October 10, 2024) | 650 |  | 649 |  | 646 |  |
|                                        |   | LIBOR (1 month) + 4.00%, Current Coupon 5.98%, Secured Debt (Maturity - October 10, 2024) | 1,027 |  | 1,017 |  | 1,024 |  |
|                                        |   |   |   | 1,666 |  | 1,670 |  |
| WideOpenWest Finance, LLC                   | Diversified Telecommunications Services | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - August 18, 2023) | 3,479 |  | 3,487 |  | 3,325 |  |
| Total Loan Portfolio                        |   |   |   | $ | 144,396 |  | $ | 143,393 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of December 31, 2017              |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acosta, Inc.                         | Commercial Services and Supplies | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - September 26, 2021) | $ | 2,000 |  | $ | 1,881 |  | $ | 1,766 |  |
| Acrisure, LLC                        | Insurance | LIBOR (2 months) + 4.25%, Current Coupon 5.65%, Secured Debt (Maturity - November 22, 2023) | 2,115 |  | 2,122 |  | 2,139 |  |
| Advantage Sales & Marketing Inc. | Commercial Services and Supplies | LIBOR (1 month) + 3.25%, Current Coupon 4.63%, Secured Debt (Maturity - July 23, 2021) | 1,990 |  | 1,938 |  | 1,945 |  |
| Air Medical Group Holdings Inc       | Health Care Providers & Services | LIBOR (6 months) + 4.00%, Current Coupon 5.67%, Secured Debt (Maturity - April 28, 2022) | 1,990 |  | 1,981 |  | 1,993 |  |
| Albany Molecular Research, Inc.      | Life Sciences Tools & Services | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - August 28, 2024) | 100 |  | 100 |  | 99 |  |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                            |
| Loan Portfolio                      |
| As of December 31, 2017             |
| (dollars in thousands)              |
| Portfolio Company                   | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                |   |   |   |   |   |
| Alphabet Holding Company, Inc.      | Food Products | LIBOR (1 month) + 3.50%, Current Coupon 5.07%, Secured Debt (Maturity - September 26, 2024) | $ | 1,995 |  | $ | 1,985 |  | $ | 1,935 |  |
| American Seafoods Group LLC         | Food Products | Prime + 2.25%, Current Coupon 6.75%, Secured Debt (Maturity - August 21, 2023) | 1,500 |  | 1,493 |  | 1,513 |  |
| Ancestry.com Operations Inc.        | Internet Software & Services | LIBOR (1 month) + 3.25%, Current Coupon 4.66%, Secured Debt (Maturity - October 19, 2023) | 1,995 |  | 2,013 |  | 2,007 |  |
| Arch Coal, Inc.                     | Metals & Mining | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - March 7, 2024) | 1,985 |  | 1,992 |  | 2,004 |  |
| AshCo, Inc.                         | Specialty Retail | LIBOR (3 months) + 5.00%, Current Coupon 6.57%, Secured Debt (Maturity - September 25, 2024) | 1,995 |  | 1,951 |  | 1,993 |  |
| Asurion, LLC                        | Insurance | LIBOR (1 month) + 3.00%, Current Coupon 4.57%, Secured Debt (Maturity - November 3, 2023) | 1,312 |  | 1,312 |  | 1,320 |  |
| Atkore International, Inc.          | Electric Equipment, Instruments & Components | LIBOR (3 months) + 3.00%, Current Coupon 4.70%, Secured Debt (Maturity - December 22, 2023) | 2,977 |  | 3,005 |  | 2,999 |  |
| BCP Renaissance Parent L.L.C.       | Oil, Gas & Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 5.38%, Secured Debt (Maturity - October 31, 2024) | 600 |  | 602 |  | 608 |  |
| BMC Software Finance, Inc.          | Software | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - September 12, 2022) | 3,156 |  | 3,181 |  | 3,163 |  |
| Builders FirstSource, Inc.          | Building Products | LIBOR (1 month) + 3.00%, Current Coupon 4.69%, Secured Debt (Maturity - February 29, 2024) | 2,977 |  | 2,974 |  | 2,993 |  |
| Calpine Corporation                 | Independent Power and Renewable Electricity Producers | LIBOR (3 months) + 2.50%, Current Coupon 4.20%, Secured Debt (Maturity - January 15, 2023) | 1,990 |  | 1,997 |  | 1,991 |  |
| CHS/Community Health Systems, Inc.  | Health Care Providers & Services | LIBOR (3 months) + 3.00%, Current Coupon 4.48%, Secured Debt (Maturity - January 27, 2021) | 1,613 |  | 1,608 |  | 1,543 |  |
| ClubCorp Holdings, Inc.             | Real Estate Management & Development | LIBOR (3 months) + 3.25%, Current Coupon 4.94%, Secured Debt (Maturity - September 18, 2024) | 1,959 |  | 1,949 |  | 1,969 |  |
| Colorado Buyer Inc                  | Technology Hardware, Storage & Peripherals | LIBOR (3 months) + 3.00%, Current Coupon 4.38%, Secured Debt (Maturity - May 1, 2024) | 2,985 |  | 2,995 |  | 3,008 |  |
| Confie Seguros Holding II Co.       | Insurance | LIBOR (1 month) + 5.25%, Current Coupon 6.73%, Secured Debt (Maturity - April 19, 2022) | 1,985 |  | 1,992 |  | 1,987 |  |
| CPI International, Inc.             | Aerospace & Defense | LIBOR (1 month) + 3.50%, Current Coupon 5.07%, Secured Debt (Maturity - July 26, 2024) | 1,995 |  | 1,995 |  | 2,011 |  |
| Diamond Resorts International, Inc. | Hotels, Restaurants & Leisure | LIBOR (1 month) + 4.50%, Current Coupon 6.07%, Secured Debt (Maturity - September 1, 2023) | 2,152 |  | 2,179 |  | 2,173 |  |
| Duff & Phelps Corporation       | Diversified Financial Services | LIBOR (3 months) + 3.25%, Current Coupon 4.94%, Secured Debt (Maturity - October 15, 2024) | 491 |  | 494 |  | 493 |  |
|                                |   | LIBOR (3 months) + 3.25%, Current Coupon 4.63%, Secured Debt (Maturity - December 4, 2024) | 2,728 |  | 2,724 |  | 2,737 |  |
|                                |   |   | 3,219 |  | 3,218 |  | 3,230 |  |
| EFS Cogen Holdings I LLC            | Electric Utilities | LIBOR (3 months) + 3.25%, Current Coupon 4.95%, Secured Debt (Maturity - June 28, 2023) | 1,904 |  | 1,917 |  | 1,925 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of December 31, 2017                    |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Encapsys LLC                               | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - November 7, 2024) | $ | 1,000 |  | $ | 1,001 |  | $ | 1,006 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 5.88%, Secured Debt (Maturity - April 29, 2024) | 1,990 |  | 2,009 |  | 2,005 |  |
| Envision Healthcare Corporation            | Health Care Providers & Services | LIBOR (1 month) + 3.00%, Current Coupon 4.57%, Secured Debt (Maturity - December 1, 2023) | 2,481 |  | 2,481 |  | 2,491 |  |
| Everi Payments Inc.                        | Leisure Products | LIBOR (3 months) + 3.50%, Current Coupon 4.98%, Secured Debt (Maturity - May 9, 2024) | 1,990 |  | 1,983 |  | 2,013 |  |
| Exgen Renewables IV, LLC                   | Electrical Production | LIBOR (3 months) + 3.00%, Current Coupon 4.47%, Secured Debt (Maturity - November 29, 2024) | 300 |  | 299 |  | 304 |  |
| First American Payment Systems, L.P.       | Diversified Financial Services | LIBOR (1 month) + 5.75%, Current Coupon 7.14%, Secured Debt (Maturity - January 5, 2024) | 952 |  | 963 |  | 958 |  |
| Fitness International, LLC                 | Hotels, Restaurants & Leisure | LIBOR (1 month) + 3.50%, Current Coupon 5.19%, Secured Debt (Maturity - July 1, 2020) | 1,735 |  | 1,757 |  | 1,760 |  |
| Flex Acquisition Company Inc               | Containers & Packaging | LIBOR (3 months) + 3.00%, Current Coupon 4.34%, Secured Debt (Maturity - December 29, 2023) | 1,995 |  | 2,004 |  | 2,008 |  |
| Flexera Software LLC                       | Software | LIBOR (1 month) + 3.50%, Current Coupon 4.83%, Secured Debt (Maturity - April 2, 2020) | 1,995 |  | 2,013 |  | 2,008 |  |
| Gardner Denver, Inc.                       | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 4.44%, Secured Debt (Maturity - July 30, 2024) | 1,995 |  | 2,005 |  | 2,004 |  |
| Golden Nugget, Inc.                        | Hotels, Restaurants & Leisure | LIBOR (1 month) + 3.25%, Current Coupon 4.66%, Secured Debt (Maturity - October 4, 2023) | 1,990 |  | 1,990 |  | 2,008 |  |
| Greatbatch Ltd.                            | Health Care Equipment & Supplies | LIBOR (1 month) + 3.25%, Current Coupon 4.66%, Secured Debt (Maturity - October 27, 2022) | 2,763 |  | 2,780 |  | 2,788 |  |
| GYP Holdings III Corp.                     | Trading Companies & Distributors | LIBOR (1 month) + 3.00%, Current Coupon 4.38%, Secured Debt (Maturity - March 31, 2023) | 3,483 |  | 3,506 |  | 3,502 |  |
| Harbor Freight Tools USA, Inc.             | Specialty Retail | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - August 18, 2023) | 1,980 |  | 1,987 |  | 1,996 |  |
| HD Supply Waterworks, Ltd.                 | Trading Companies & Distributors | LIBOR (6 months) + 3.00%, Current Coupon 4.46%, Secured Debt (Maturity - August 1, 2024) | 140 |  | 140 |  | 141 |  |
| Horizon Pharma, Inc.                       | Pharmaceuticals | LIBOR (1 month) + 3.25%, Current Coupon 4.75%, Secured Debt (Maturity - March 29, 2024) | 1,990 |  | 2,009 |  | 2,001 |  |
| IG Investments Holdings, LLC               | Professional Services | LIBOR (1 month) + 3.50%, Current Coupon 5.19%, Secured Debt (Maturity - October 29, 2021) | 1,990 |  | 2,002 |  | 1,992 |  |
| Jackson Hewitt Tax Service Inc.            | Diversified Financial Services | LIBOR (1 month) + 7.00%, Current Coupon 8.38%, Secured Debt (Maturity - July 30, 2020) | 1,939 |  | 1,868 |  | 1,922 |  |
| KMG Chemicals, Inc.                        | Chemicals | LIBOR (1 month) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - June 17, 2024) | 863 |  | 859 |  | 868 |  |
| KUEHG Corp.                                | Educational Services | LIBOR (1 month) + 3.75%, Current Coupon 5.44%, Secured Debt (Maturity - August 12, 2022) | 2,482 |  | 2,489 |  | 2,493 |  |
| LANDesk Group, Inc.                        | Software | LIBOR (1 month) + 4.25%, Current Coupon 5.82%, Secured Debt (Maturity - January 22, 2024) | 993 |  | 999 |  | 947 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                 |
| Loan Portfolio                           |
| As of December 31, 2017                  |
| (dollars in thousands)                   |
| Portfolio Company                        | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                     |   |   |   |   |   |
| Learfield Communications LLC             | Media | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - December 1, 2023) | $ | 1,990 |  | $ | 2,009 |  | $ | 2,007 |  |
| MA FinanceCo., LLC                       | Electric Equipment, Instruments & Components | LIBOR (1 month) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - June 21, 2024) | 387 |  | 387 |  | 388 |  |
| Mohegan Tribal Gaming Authority          | Hotels, Restaurants & Leisure | LIBOR (1 month) + 4.00%, Current Coupon 5.57%, Secured Debt (Maturity - October 13, 2023) | 1,985 |  | 2,003 |  | 2,006 |  |
| MPH Acquisition Holdings LLC             | Health Care Technology | LIBOR (3 months) + 3.00%, Current Coupon 4.69%, Secured Debt (Maturity - June 7, 2023) | 2,896 |  | 2,935 |  | 2,905 |  |
| NAB Holdings, LLC                        | IT Services | LIBOR (3 months) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - July 1, 2024) | 1,990 |  | 1,981 |  | 2,000 |  |
| Ortho-Clinical Diagnostics, Inc          | Life Sciences Tools & Services | LIBOR (1 month) + 3.75%, Current Coupon 5.44%, Secured Debt (Maturity - June 30, 2021) | 1,985 |  | 1,980 |  | 1,992 |  |
| PODS, LLC                                | Transportation & Logistics | LIBOR (1 month) + 3.00%, Current Coupon 4.40%, Secured Debt (Maturity - December 6, 2024) | 1,995 |  | 1,994 |  | 2,010 |  |
| Rackspace Hosting, Inc.                  | Electric Equipment, Instruments & Components | LIBOR (3 months) + 3.00%, Current Coupon 4.38%, Secured Debt (Maturity - November 3, 2023) | 3,284 |  | 3,309 |  | 3,286 |  |
| Radiate Holdco, LLC                      | Media | LIBOR (3 months) + 3.00%, Current Coupon 4.38%, Secured Debt (Maturity - February 1, 2024) | 2,570 |  | 2,544 |  | 2,547 |  |
| Red Ventures, LLC                        | Direct Marketing Services | LIBOR (1 month) + 4.00%, Current Coupon 5.57%, Secured Debt (Maturity - November 8, 2024) | 1,995 |  | 1,981 |  | 1,996 |  |
| Scientific Games International, Inc.     | Leisure Products | LIBOR (1 month) + 3.25%, Current Coupon 4.67%, Secured Debt (Maturity - August 14, 2024) | 399 |  | 401 |  | 403 |  |
| Seattle Spin Co.                         | Electric Equipment, Instruments & Components | LIBOR (3 months) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - June 21, 2024) | 2,613 |  | 2,616 |  | 2,618 |  |
| SeaWorld Parks & Entertainment, Inc. | Hotels, Restaurants & Leisure | LIBOR (3 months) + 3.00%, Current Coupon 4.69%, Secured Debt (Maturity - April 1, 2024) | 1,985 |  | 1,987 |  | 1,966 |  |
| Signode Industrial Group US Inc.         | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - April 30, 2021) | 2,773 |  | 2,792 |  | 2,785 |  |
| Staples, Inc.                            | Distributors | LIBOR (3 months) + 4.00%, Current Coupon 5.49%, Secured Debt (Maturity - September 12, 2024) | 2,000 |  | 1,995 |  | 1,965 |  |
| Telenet Financing USD LLC                | Diversified Telecommunications Services | LIBOR (1 month) + 2.50%, Current Coupon 3.92%, Secured Debt (Maturity - March 2, 2026) | 1,655 |  | 1,655 |  | 1,663 |  |
| Transdigm, Inc.                          | Aerospace & Defense | LIBOR (1 month) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - June 9, 2023) | 1,985 |  | 1,992 |  | 1,990 |  |
|                                     |   | LIBOR (1 month) + 3.00%, Current Coupon 4.57%, Secured Debt (Maturity - August 22, 2024) | 1,000 |  | 998 |  | 1,006 |  |
|                                     |   |   | 2,985 |  | 2,990 |  | 2,996 |  |
| Travelport Finance (Luxembourg) S.A.R.L. | Internet Software & Services | LIBOR (3 months) + 2.75%, Current Coupon 4.17%, Secured Debt (Maturity - September 2, 2021) | 1,901 |  | 1,901 |  | 1,903 |  |
| Traverse Midstream Partners LLC          | Oil, Gas & Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 5.85%, Secured Debt (Maturity - September 27, 2024) | 781 |  | 784 |  | 793 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                    |
| Loan Portfolio                              |
| As of December 31, 2017                     |
| (dollars in thousands)                      |
| Portfolio Company                           | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                        |   |   |   |   |   |
| UFC Holdings, LLC                           | Media | LIBOR (3 months) + 3.25%, Current Coupon 4.81%, Secured Debt (Maturity - August 18, 2023) | $ | 1,990 |  | $ | 2,002 |  | $ | 2,003 |  |
| Ultra Resources, Inc.                       | Oil, Gas & Consumable Fuels | LIBOR (1 month) + 3.00%, Current Coupon 4.41%, Secured Debt (Maturity - April 12, 2024) | 2,000 |  | 2,002 |  | 2,002 |  |
| Utz Quality Foods, LLC                      | Commercial Services and Supplies | LIBOR (1 month) + 3.50%, Current Coupon 5.01%, Secured Debt (Maturity - November 21, 2024) | 1,600 |  | 1,599 |  | 1,616 |  |
| Valeant Pharmaceuticals International, Inc. | Pharmaceuticals | LIBOR (1 month) + 3.50%, Current Coupon 4.94%, Secured Debt (Maturity - April 1, 2022) | 1,546 |  | 1,553 |  | 1,570 |  |
| Vertiv Group Corporation                    | Electrical Equipment | LIBOR (3 months) + 4.00%, Current Coupon 5.35%, Secured Debt (Maturity - November 30, 2023) | 1,555 |  | 1,569 |  | 1,556 |  |
| Vistra Operations Company LLC               | Electric Utilities | LIBOR (2 months) + 2.75%, Current Coupon 4.08%, Secured Debt (Maturity - December 14, 2023) | 1,985 |  | 1,996 |  | 2,001 |  |
| West Corporation                            | Diversified Telecommunications Services | LIBOR (1 month) + 4.00%, Current Coupon 5.35%, Secured Debt (Maturity - October 10, 2024) | 1,032 |  | 1,022 |  | 1,036 |  |
| WideOpenWest Finance, LLC                   | Diversified Telecommunications Services | LIBOR (1 month) + 3.25%, Current Coupon 4.75%, Secured Debt (Maturity - August 18, 2023) | 3,496 |  | 3,506 |  | 3,470 |  |
| Total Loan Portfolio                        |   |   |   | $ | 139,017 |  | $ | 139,012 |  |

|                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                      |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                                                                                                     |
| Balance Sheet (Unaudited)                                                                                                            |
| (dollars in thousands)                                                                                                               |
|                                                                                                                                 |   |   |   |
|                                                                                                                                 | As of June 30, 2018 |   | As of December 31, 2017 |
| Assets                                                                                                                               |   |   |   |
| Portfolio investments at fair value (amortized cost:  $144,396 and $139,017 as of June 30, 2018 and December 31, 2017, respectively) | $ | 143,393 |  |   | $ | 139,012 |  |
| Cash and cash equivalents                                                                                                            | 3,401 |  |   | 2,681 |  |
| Receivable for securities sold                                                                                                       | 716 |  |   | — |  |
| Interest receivable                                                                                                                  | 308 |  |   | 306 |  |
| Deferred financing costs, net                                                                                                        | 695 |  |   | 890 |  |
| Other assets                                                                                                                         | 44 |  |   | 15 |  |
| Total assets                                                                                                                         | $ | 148,557 |  |   | $ | 142,904 |  |
| Liabilities                                                                                                                          |   |   |   |
| Credit facilities payable                                                                                                            | $ | 91,300 |  |   | $ | 86,500 |  |
| Payable for securities purchased                                                                                                     | 6,562 |  |   | 5,268 |  |
| Distributions payable                                                                                                                | 884 |  |   | — |  |
| Accounts payable and accrued expenses                                                                                                | 68 |  |   | 64 |  |
| Total liabilities                                                                                                                    | 98,814 |  |   | 91,832 |  |
| Net assets                                                                                                                           |   |   |   |
| Members’ equity                                                                                                                | 49,743 |  |   | 51,072 |  |
| Total net assets                                                                                                                     | 49,743 |  |   | 51,072 |  |
| Total liabilities and net assets                                                                                                     | $ | 148,557 |  |   | $ | 142,904 |  |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                                |
| Statement of Operations (Unaudited)                             |
| (dollars in thousands)                                          |
|                                                            | Three Months Ended June 30, 2018 |   | Period from Inception (April 4, 2017) to June 30, 2017 |   | Six Months Ended June 30, 2018 |   | Period from Inception (April 4, 2017) to June 30, 2017 |
|                                                            |   |   |   |
| Investment income                                               |   |   |   |   |   |   |   |
| Interest income                                                 | $ | 1,888 |  |   | $ | 494 |  |   | $ | 3,622 |  |   | $ | 494 |  |
| Dividend income                                                 | — |  |   | — |  |   | — |  |   | — |  |
| Fee income                                                      | — |  |   | — |  |   | — |  |   | — |  |
| Other income                                                    | — |  |   | — |  |   | — |  |   | — |  |
| Total investment income                                         | 1,888 |  |   | 494 |  |   | 3,622 |  |   | 494 |  |
| Expenses                                                        |   |   |   |   |   |   |   |
| Interest expense                                                | 921 |  |   | 251 |  |   | 1,771 |  |   | 251 |  |
| Other expenses                                                  | 2 |  |   | 32 |  |   | 2 |  |   | 32 |  |
| General and administrative expenses                             | 26 |  |   | 21 |  |   | 47 |  |   | 21 |  |
| Total expenses                                                  | 949 |  |   | 304 |  |   | 1,820 |  |   | 304 |  |
| Net investment income                                           | 939 |  |   | 190 |  |   | 1,802 |  |   | 190 |  |
| Net realized loss from investments                              | (348 | ) |   | (1 | ) |   | (374 | ) |   | (1 | ) |
| Net realized income                                             | 591 |  |   | 189 |  |   | 1,428 |  |   | 189 |  |
| Net change in unrealized depreciation on investments            | (939 | ) |   | (226 | ) |   | (998 | ) |   | (226 | ) |
| Net increase (decrease) in net assets resulting from operations | $ | (348 | ) |   | $ | (37 | ) |   | $ | 430 |  |   | $ | (37 | ) |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Payments Due By Period (dollars in thousands) |
|                             | Total |   | Less than 1 year |   | 1-3 years |   | 3-5 years |   | After 5 years |
| TIAA Credit Facility(1)          | $ | 120,000 |  |   | $ | — |  |   | $ | 120,000 |  |   | $ | — |  |   | $ | — |  |
| Deutsche Bank Credit Facility(2) | 384,000 |  |   | — |  |   | — |  |   | 384,000 |  |   | — |  |
| Total Credit Facilities          | $ | 504,000 |  |   | $ | — |  |   | $ | 120,000 |  |   | $ | 384,000 |  |   | $ | — |  |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (1) | At June 30, 2018, $0.0 million was available under the TIAA Credit Facility. |

|     |                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | At June 30, 2018, $66.0 million remained available under the Deutsche Bank Credit Facility; however, the Company’s borrowing ability is limited to the asset coverage ratio restrictions imposed by the 1940 Act, as discussed above. |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |
| Per Share Data:                                                        | Six Months Ended  June 30, 2018 |   | Six Months Ended  June 30, 2017 |
| NAV at beginning of period                                                       | $ | 8.15 |  |   | $ | 8.15 |  |
| Results from Operations                                                          |   |   |   |
| Net investment income (1) (2)                                                    | 0.37 |  |   | 0.40 |  |
| Net realized appreciation (depreciation) (1) (2)                                 | (0.14 | ) |   | 0.03 |  |
| Net change in unrealized appreciation (depreciation) on investments (1) (2) | 0.12 |  |   | (0.03 | ) |
| Net increase in net assets resulting from operations                             | 0.35 |  |   | 0.40 |  |
| Stockholder distributions (1) (3)                                           |   |   |   |
| Distributions from net investment income (1) (2)                                 | (0.35 | ) |   | (0.32 | ) |
| Distributions from realized appreciation (1) (2)                                 | — |  |   | (0.03 | ) |
| Net decrease in net assets resulting from stockholder distributions              | (0.35 | ) |   | (0.35 | ) |
| Capital share transactions                                                       |   |   |   |
| Issuance of common stock above NAV, net of offering costs (1)                    | — |  |   | 0.02 |  |
| Net increase in net assets resulting from capital share transactions             | — |  |   | 0.02 |  |
| NAV at end of the period                                                         | $ | 8.15 |  |   | $ | 8.22 |  |
| Shares of common stock outstanding at end of period                              | 78,788,407 |  |   | 77,891,173 |  |
| Weighted average shares of common stock outstanding                              | 79,586,935 |  |   | 75,929,218 |  |

|     |                                                                                        |
|-----|----------------------------------------------------------------------------------------|
| (1) | Based on weighted average number of shares of common stock outstanding for the period. |

|     |                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Changes in net investment income and realized and unrealized appreciation (depreciation) on investments can change significantly from period to period. |

|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| (3) | The stockholder distributions represent the stockholder distributions declared for the period. |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
|                                                     | Six Months Ended  June 30, 2018 |   | Six Months Ended  June 30, 2017 |
|                                                     | (dollars in thousands) |
| Net assets at end of period                              | $ | 642,169 |  |   | $ | 640,001 |  |
| Average net assets                                       | $ | 645,675 |  |   | $ | 618,381 |  |
| Average Credit Facilities borrowings                     | $ | 464,000 |  |   | $ | 405,333 |  |
|                                                     |   |   |   |
| Ratios to average net assets:                            |   |   |   |
| Ratio of total expenses to average net assets (1)   | 3.80 | % |   | 3.35 | % |
| Ratio of net investment income to average net assets (1) | 4.58 | % |   | 4.88 | % |
| Portfolio turnover ratio                                 | 23.61 | % |   | 28.42 | % |
| Total return (2)                                    | 4.29 | % |   | 5.15 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the six months ended June 30, 2018 and 2017, the Advisers did not waive base management fees but waived subordinated incentive fees of approximately $154,000 and $2.3 million, respectively, and internal administrative services expenses of approximately $1.4 million and $1.5 million, respectively. The ratio is calculated by reducing the expenses to reflect the waiver of expenses and reimbursement of internal administrative services in both periods presented.  Excluding interest expense, the ratio of total expenses to average net assets for the six months ended June 30, 2018 and June 30, 2017 was 2.06% and 2.00%, respectively.  See Note 10 - Related Party Transactions and Arrangements for further discussion of fee waivers provided by the Advisers. |

|     |                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Total return is calculated on the change in NAV per share and stockholder distributions declared per share over the reporting period. The total return does not reflect the sales load from the sale of the Company’s common stock. |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Distributions |
|                              | Per Share |   | Amount |
| 2018                              |   |   |   |
| Three months ended June 30, 2018  | $ | 0.18 |  |   | $ | 13,855 |  |
| Three months ended March 31, 2018 | $ | 0.17 |  |   | $ | 13,803 |  |
| 2017                              |   |   |   |
| Three months ended June 30, 2017  | $ | 0.18 |  |   | $ | 13,438 |  |
| Three months ended March 31, 2017 | $ | 0.17 |  |   | $ | 12,922 |  |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | Six Months Ended  June 30, 2018 |   | Six Months Ended  June 30, 2017 |
|                                                                  | (dollars in thousands) |
| Source of Distribution                                      | DistributionAmount |   | Percentage |   | DistributionAmount |   | Percentage |
| Net realized income from operations (before waiver of incentive fees) | $ | 18,527 |  |   | 67.0 | % |   | $ | 26,360 |  |   | 100.0 | % |
| Waiver of incentive fees                                              | 154 |  |   | 0.6 |  |   | — |  |   | — |  |
| Distributions in excess of net realized income from operations (1)    | 8,977 |  |   | 32.4 |  |   | — |  |   | — |  |
| Total                                                                 | $ | 27,658 |  |   | 100.0 | % |   | $ | 26,360 |  |   | 100.0 | % |

|     |                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes adjustments made to GAAP-basis net investment income to arrive at taxable income available for distributions. See Note 8 for the sources of the Company’s cash distributions on a tax basis. |

----

----

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                                     | Six Months Ended June 30, 2018 |   | Six Months Ended June 30, 2017 |
|                                                                                                                                     |   |   |   |
| Net increase in net assets resulting from operations                                                                                     | $ | 27,779 |  |   | $ | 30,726 |  |
| Net change in unrealized (appreciation) depreciation                                                                                     | (9,098 | ) |   | 2,115 |  |
| Income tax provision                                                                                                                     | 197 |  |   | 78 |  |
| Pre-tax book loss not consolidated for tax purposes                                                                                      | 8,238 |  |   | 283 |  |
| Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates | (92 | ) |   | 795 |  |
| Estimated taxable income (1)                                                                                                        | 27,024 |  |   | 33,997 |  |
|                                                                                                                                     |   |   |   |
| Taxable income earned in prior year and carried forward for distribution in current year                                                 | 15,005 |  |   | 7,238 |  |
|                                                                                                                                     |   |   |   |
| Taxable income earned prior to period end and carried forward for distribution next period                                               | (18,907 | ) |   | (19,350 | ) |
| Dividend accrued as of period end and paid-in the following period                                                                       | 4,536 |  |   | 4,475 |  |
| Taxable income earned to be carried forward                                                                                              | (14,371 | ) |   | (14,875 | ) |
|                                                                                                                                     |   |   |   |
| Total distributions accrued or paid to common stockholders                                                                               | $ | 27,658 |  |   | $ | 26,360 |  |

|     |                                                                                                                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | June 30, 2018 |   | December 31, 2017 |
| Deferred tax assets:                                                |   |   |   |   |
| Net operating loss carryforwards                                    |   | $ | 1,264 |  |   | $ | 1,901 |  |
| Foreign tax credit carryforwards                                    |   | 10 |  |   | 10 |  |
| Capital loss carryforwards                                          |   | 6,215 |  |   | 5,390 |  |
| Net basis differences in portfolio investments                      |   | 1,198 |  |   | — |  |
| Net unrealized depreciation of portfolio investments                |   | 1,356 |  |   | — |  |
|     Total deferred tax assets                   |   | 10,043 |  |   | 7,301 |  |
| Deferred tax liabilities:                                           |   |   |   |   |
| Net basis differences in portfolio investments                      |   | — |  |   | (703 | ) |
| Net unrealized appreciation of portfolio investments                |   | (11 | ) |   | (426 | ) |
| Other                                                               |   | — |  |   | — |  |
|     Total deferred tax liabilities              |   | (11 | ) |   | (1,129 | ) |
| Valuation allowance                                                 |   | (10,032 | ) |   | (6,172 | ) |
|     Total net deferred tax assets (liabilities) |   | $ | — |  |   | $ | — |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Year Ended December 31, |
| Tax Characteristics of Distributions | 2017 |   | 2016 |   | 2015 |
|                                 |   |   |   |   |   |   |   |   |
| Ordinary income                      | $ | 52,473 |  | 96.43 | % |   | $ | 44,848 |  | 93.90 | % |   | $ | 34,085 |  | 99.68 | % |
| Capital gain distributions           | 1,941 |  | 3.57 |  |   | 2,913 |  | 6.10 |  |   | 110 |  | 0.32 |  |
| Total distributions                  | $ | 54,414 |  | 100.00 | % |   | $ | 47,761 |  | 100.00 | % |   | $ | 34,195 |  | 100.00 | % |

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |
| Supplemental Disclosure of Cash Flow Information |   | Six Months Ended June 30, 2018 |   | Six Months Ended June 30, 2017 |
| Cash paid for interest                                                    |   | $ | 10,502 |  |   | $ | 7,680 |  |
| Cash paid for income taxes                                                |   | 601 |  |   | 342 |  |
|                                                                      |   |   |   |   |
| Supplemental Disclosure of Non-Cash Flow Information                      |   |   |  |   |   |  |
| Stockholder distributions declared and unpaid                             |   | 4,536 |  |   | 4,475 |  |
| Stockholder distributions reinvested                                      |   | 13,819 |  |   | 13,545 |  |
| Change in unpaid deferred offering costs                                  |   | — |  |   | (20 | ) |
| Unpaid deferred financing costs                                           |   | — |  |   | 42 |  |
| Unpaid sales commissions and dealer manager fee                           |   | — |  |   | 104 |  |

|    |                                                                                                                    |
|----|--------------------------------------------------------------------------------------------------------------------|
| 1. | First, to reimburse Expense Support Payments, beginning with the earliest expenses eligible for reimbursement; and |

|    |                                                                                                    |
|----|----------------------------------------------------------------------------------------------------|
| 2. | Second, to reimburse all waived fees, beginning with the earliest fees eligible for reimbursement. |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | Management Fee (1) |   | Subordinated Incentive Fee (1) |   | Capital Gain Incentive Fee (1) |   | Expense Support (1) |   |   |   |   |
| Quarter Ended | Waivers | Repaid to Adviser  (2) |   | Waivers | Repaid to Adviser (2) |   | Waivers | Repaid to Adviser (2) |   | Payments | Repaid to Adviser (2) |   | Operating Expense Ratio (3) | Annualized Distribution Rate (4) | Eligible to be Repaid Through (5) |
| 9/30/2015     | $ | — |  | $ | — |  |   | $ | 155 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 2.11% | $0.70 | 9/30/2018 |
| 12/31/2015    | $ | — |  | $ | — |  |   | $ | 1,159 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 2.27% | $0.70 | 12/31/2018 |
| 3/31/2016     | $ | — |  | $ | — |  |   | $ | 493 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.83% | $0.70 | 3/31/2019 |
| 6/30/2016     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.76% | $0.70 | 6/30/2019 |
| 9/30/2016     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.73% | $0.70 | 9/30/2019 |
| 12/31/2016    | $ | — |  | $ | — |  |   | $ | 1,196 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.68% | $0.70 | 12/31/2019 |
| 3/31/2017     | $ | — |  | $ | — |  |   | $ | 1,495 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.68% | $0.70 | 3/31/2020 |
| 6/30/2017     | $ | — |  | $ | — |  |   | $ | 823 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.67% | $0.70 | 6/30/2020 |
| 9/30/2017     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.91% | $0.70 | 9/30/2020 |
| 12/31/2017    | $ | — |  | $ | — |  |   | $ | 711 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.82% | $0.70 | 12/31/2020 |
| 3/31/2018     | $ | — |  | $ | — |  |   | $ | 15 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.80% | $0.70 | 3/31/2021 |
| 6/30/2018     | $ | — |  | $ | — |  |   | $ | 139 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.96% | $0.70 | 6/30/2021 |

|     |                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Fees waived pursuant to the Conditional Fee Waiver Agreement and the 2016-2018 Conditional Income Incentive Fee Waiver Agreements. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Subject to the approval of the Company’s board of directors, in future periods previously waived fees may be paid to the Advisers, if the Company’s cumulative net increase in net assets resulting from operations exceeds the amount of cumulative distributions paid to stockholders. The previously waived fees are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of each respective fee waiver. To date, none of the previously waived fees and Expense Support Payments have been approved for reimbursement by the Company’s board of directors. |

|     |                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The “Operating Expense Ratio” is calculated on a quarterly basis as a percentage of average net assets and includes all expenses borne by the Company, except for base management and incentive fees and administrative expenses waived by the Advisers and organizational and offering expenses. |

|     |                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | “Annualized Distribution Rate” equals $0.00191781 per share, per day based on the distributions declared by the Company’s board of directors. |

|     |                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Prior to September 30, 2015, the Advisers waived total management fees of $2.8 million, total subordinated incentive fees of $1.9 million and total capital gain incentive fees of $8,000.  Due to the passage of time, such waived fees are not eligible for repayment under the applicable fee waiver agreements. |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Incurred |   | Incurred |   | Unpaid as of |
|                                                              | Three Months Ended June 30, |   | Six Months Ended June 30, |   | June 30, 2018 |   | December 31, 2017 |
| Type and Recipient                                                | 2018 |   | 2017 |   | 2018 |   | 2017 |   |
| Incentive Fees on Income (1) - the Adviser, Sub-Adviser | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Offering Costs - the Adviser, Sub-Adviser                         | 104 |  |   | 341 |  |   | 207 |  |   | 728 |  |   | — |  |   | — |  |
| Other (2) - the Adviser                                      | 157 |  |   | 104 |  |   | 333 |  |   | 292 |  |   | 46 |  |   | 59 |  |
| Selling Commissions - Dealer Manager                              | — |  |   | 807 |  |   | — |  |   | 1,867 |  |   | — |  |   | — |  |
| Dealer Manager Fee - Dealer Manager                               | — |  |   | 442 |  |   | — |  |   | 1,000 |  |   | — |  |   | — |  |
| Due to Affiliates                                                 |   |   |   |  |   |   |  |   |   |  |   | $ | 46 |  |   | $ | 59 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Base Management Fees (1) - the Adviser, Sub-Adviser     | $ | 5,737 |  |   | $ | 5,303 |  |   | $ | 11,431 |  |   | $ | 10,453 |  |   | $ | 5,737 |  |   | $ | 5,682 |  |

|     |                                        |
|-----|----------------------------------------|
| (1) | Net of amounts waived by the Advisers. |

|     |                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------|
| (2) | Includes amounts the Adviser paid on behalf of the Company such as general and administrative services expenses. |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| For the Quarter Ended |   | Repurchase Date |   | Shares Repurchased |   | Percentage of Shares Tendered that were Repurchased |   | Repurchase Priceper Share |   | Aggregate Consideration for Repurchased Shares |
| March 31, 2018        |   | March 22, 2018 |   | 1,147,067.15 |   | 100% |   | $ | 8.20 |  |   | $ | 9,405,951 |  |
| June 30, 2018         |   | May 31, 2018 |   | 1,242,890.47 |   | 100% |   | $ | 8.17 |  |   | $ | 10,154,415 |  |

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Commitments and Contingencies |
|                              | (dollars in thousands) |
|                              | June 30, 2018 |   | December 31, 2017 |
| Unfunded Loan Commitments         |  |   |   |
| Adams Publishing Group, LLC       | $ | 166 |  |   | $ | — |  |
| American Nuts, LLC                | 1,266 |  |   | — |  |
| Apex Linen Services, Inc.         | 403 |  |   | 403 |  |
| Arcus Hunting, LLC                | 602 |  |   | 976 |  |
| BarFly Ventures, LLC              | 368 |  |   | 613 |  |
| BBB Tank Services                 | 37 |  |  | — |  |
| BigName Holdings, LLC             | 29 |  |  | 101 |  |
| Boccella Precast Products, LLC    | 245 |  |   | 500 |  |
| CDHA Management, LLC              | 1,973 |  |   | 2,343 |  |
| Chamberlin HoldCo, LLC            | 400 |  |  | — |  |
| Charps, LLC                       | 1,000 |  |   | 1,000 |  |
| Clad-Rex Steel, LLC               | 100 |  |  | 100 |  |
| CTVSH, PLLC                       | 200 |  |  | 200 |  |
| Datacom, LLC                      | — |  |   | 25 |  |
| Direct Marketing Solutions, Inc.  | 400 |  |  | — |  |
| DTE Enterprises, LLC              | 750 |  |   | — |  |
| Felix Investments Holdings II LLC | 1,667 |  |  | 1,667 |  |
| Gamber-Johnson Holdings, LLC      | 300 |  |   | 300 |  |
| GST Autoleather Inc.              | — |  |   | 1,281 |  |
| Guerdon Modular Holdings, Inc.    | 400 |  |   | 400 |  |
| Hawk Ridge Systems, LLC           | 400 |  |   | 400 |  |
| Hojeij Branded Foods, Inc.        | 1,588 |  |   | 1,923 |  |
| Hoover Group, Inc.                | 2,313 |  |   | — |  |
| Hostway Corporation               | — |  |  | 7 |  |
| Hunter Defense Technologies, Inc. | 2,832 |  |  | — |  |
| HW Temps LLC                      | 200 |  |   | 200 |  |
| LaMi Products, LLC                | 294 |  |   | 294 |  |
| Market Force Information, Inc.    | 400 |  |  | 400 |  |
| Meisler Operating, LLC            | 320 |  |  | 400 |  |
| Mystic Logistics Holdings, LLC    | 200 |  |   | 200 |  |
| New Era Technology, Inc.          | 479 |  |   | — |  |
| NexRev, LLC                       | 1,000 |  |  | — |  |
| NNE Partners, LLC                 | 2,042 |  |  | 5,542 |  |
| NuStep, LLC                       | 300 |  |  | 300 |  |
| Permian Holdco 2, Inc.            | — |  |   | 97 |  |
| PPC/Shift, LLC                    | 500 |  |   | 500 |  |
| Radiology Partners, Inc.          | 5,254 |  |  | — |  |
| Resolute Industrial LLC           | 5,750 |  |  | 5,750 |  |
| Wireless Vision Holdings, LLC     | 2,115 |  |  | 2,084 |  |
| Unfunded Capital Commitments      |   |   |   |
| Brightwood Capital Fund III, LP   | 1,000 |  |   | 1,000 |  |
| Brightwood Capital Fund IV, LP    | 8,000 |  |   | 9,000 |  |
| Copper Trail Energy Fund I LP     | 1,754 |  |   | 2,500 |  |
| Freeport Financial Funds          | 3,942 |  |   | 4,941 |  |
| Total                             | $ | 50,989 |  |   | $ | 45,447 |  |

----

----

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

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

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

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | the ability of our portfolio companies to achieve their objectives; |

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

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

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

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

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

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | our contractual arrangements and relationships with third parties; |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the dependence of our future success on the general economy, including general economic trends, and its impact on the industries in which we invest; |

|         |                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the relative and absolute performance of our investment adviser, HMS Adviser LP (the “Adviser”), a Texas limited partnership, including in identifying suitable investments for us; |

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

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | the effects of applicable legislation and regulations and changes thereto; and |

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

|         |                         |
|---------|-------------------------|
| • | changes in the economy; |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | risks associated with possible disruption in our operations or the economy generally; and |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | future changes in laws or regulations and conditions in our operating areas. |

----

----

|                     |
|---------------------|
|                     |  |  |
|   ● |   | corporate and organizational expenses relating to offerings of our common stock, subject to certain limitations; |
|   ● |   | the cost of calculating our net asset value (“NAV”), including the cost of any third-party valuation services; |
|   ● |   | the cost of effecting sales and repurchase of shares of our common stock and other securities; |
|   ● |   | fees payable to third parties relating to, or associated with, monitoring our financial and legal affairs, making investments, and valuing investments, including fees and expenses associated with performing due diligence reviews of prospective investments; |
|   ● |   | interest payable on debt, if any, including any hedging costs; |
|   ● |   | investment advisory fees; |
|   ● |   | transfer agent and custodial fees; |
|   ● |   | fees and expenses associated with marketing efforts; |
|   ● |   | federal and state registration fees; |
|   ● |   | federal, state and local taxes; |
|   ● |   | independent directors’ fees and expenses, including travel expenses; |
|   ● |   | costs of director and stockholder meetings, proxy statements, stockholders’ reports and notices; |
|   ● |   | cost of fidelity bond, directors and officers/errors and omissions liability insurance and other insurance premiums; |

----

|                     |
|---------------------|
|                     |  |  |
|   ● |   | direct costs such as printing of stockholder reports and advertising or sales materials, mailing, long distance telephone, and staff; |
|   ● |   | fees and expenses associated with independent audits and outside legal costs, including compliance with the Sarbanes-Oxley Act of 2002, the 1940 Act, and other applicable federal and state securities laws and regulations; |
|   ● |   | costs associated with our reporting and compliance obligations under the 1940 Act and other applicable federal and state securities laws and regulations; |
|   ● |   | brokerage commissions for our investments; |
|   ● |   | all other expenses incurred by our Advisers in performing their obligations, subject to the limitations included in the Investment Advisory Agreement and Sub-Advisory Agreement; and |
|   ● |   | all other expenses incurred by us or any administrator in connection with administering our business, including payments under any administration agreement that will be based upon our allocable portion of overhead and other expenses incurred by any administrator in performing its obligations under any proposed administration agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer and Chief Financial Officer and their respective staffs. |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | June 30, 2018 |   | December 31, 2017 |
| Cost:                    | LMM |   | Private Loan |   | Middle Market |   | Total |   | LMM |   | Private Loan |   | Middle Market |   | Total |
| First Lien Secured Debt  | 69.6 | % |   | 91.2 | % |   | 83.0 | % |   | 84.0 | % |   | 69.8 | % |   | 92.5 | % |   | 83.1 | % |   | 84.3 | % |
| Second Lien Secured Debt | — |  |   | 3.1 |  |   | 15.7 |  |   | 8.7 |  |   | — |  |   | 1.5 |  |   | 16.2 |  |   | 9.6 |  |
| Unsecured Debt           | — |  |   | 2.7 |  |   | 0.2 |  |   | 1.1 |  |   | — |  |   | 3.3 |  |   | 0.1 |  |   | 1.1 |  |
| Equity (1)          | 29.6 |  |   | 2.8 |  |   | 1.1 |  |   | 6.0 |  |   | 29.2 |  |   | 2.5 |  |   | 0.6 |  |   | 4.8 |  |
| Equity warrants          | 0.8 |  |   | 0.2 |  |   | — |  |   | 0.2 |  |   | 1.0 |  |   | 0.2 |  |   | — |  |   | 0.2 |  |
| Total                    | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | June 30, 2018 |   | December 31, 2017 |
| Fair Value:              | LMM |   | Private Loan |   | Middle Market |   | Total |   | LMM |   | Private Loan |   | Middle Market |   | Total |
| First Lien Secured Debt  | 64.3 | % |   | 91.5 | % |   | 82.4 | % |   | 82.8 | % |   | 64.7 | % |   | 92.4 | % |   | 82.1 | % |   | 83.0 | % |
| Second Lien Secured Debt | — |  |   | 3.1 |  |   | 16.2 |  |   | 8.8 |  |   | — |  |   | 1.5 |  |   | 17.0 |  |   | 9.8 |  |
| Unsecured Debt           | — |  |   | 2.7 |  |   | 0.2 |  |   | 1.1 |  |   | — |  |   | 3.4 |  |   | 0.1 |  |   | 1.1 |  |
| Equity (1)          | 35.1 |  |   | 2.5 |  |   | 1.2 |  |   | 7.2 |  |   | 34.3 |  |   | 2.5 |  |   | 0.8 |  |   | 5.9 |  |
| Equity warrants          | 0.6 |  |   | 0.2 |  |   | — |  |   | 0.1 |  |   | 1.0 |  |   | 0.2 |  |   | — |  |   | 0.2 |  |
| Total                    | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |
|                                         | As of June 30, 2018 | As of December 31, 2017 |
|                                         |   |   |
| Total debt investments (1)                   | $ | 144,293 |  | $ | 138,908 |  |
| Weighted average effective yield on loans(2) | 5.38 | % | 4.95 | % |
| Largest loan to a single borrower(1)         | $ | 3,479 |  | $ | 3,496 |  |
| Total of 10 largest loans to borrowers(1)    | $ | 31,032 |  | $ | 30,790 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of June 30, 2018                  |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acrisure, LLC                        | Insurance | LIBOR (2 months) + 4.25%, Current Coupon 6.61%, Secured Debt (Maturity - November 22, 2023) | $ | 2,104 |  | $ | 2,109 |  | $ | 2,103 |  |
| Advantage Sales & Marketing Inc. | Commercial Services & Supplies | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - July 23, 2021) | 1,980 |  | 1,936 |  | 1,877 |  |
| Air Medical Group Holdings, Inc.     | Health Care Providers & Services | LIBOR (1 month) + 3.25%, Current Coupon 5.28%, Secured Debt (Maturity - April 28, 2022) | 1,980 |  | 1,971 |  | 1,928 |  |
| AlixPartners, LLP                    | Asset Management | LIBOR (3 months) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - April 4, 2024) | 997 |  | 997 |  | 998 |  |
| American Seafoods Group LLC          | Food Products | LIBOR (1 month) + 2.75%, Current Coupon 4.85%, Secured Debt (Maturity - August 21, 2023) | 1,456 |  | 1,450 |  | 1,453 |  |
| Ancestry.com Operations Inc.         | Internet Software & Services | LIBOR (1 month) + 3.25%, Current Coupon 5.35%, Secured Debt (Maturity - October 19, 2023) | 1,300 |  | 1,311 |  | 1,301 |  |
| Arch Coal, Inc.                      | Metals & Mining | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - March 7, 2024) | 1,975 |  | 1,981 |  | 1,968 |  |
| AshCo, Inc.                          | Specialty Retail | LIBOR (3 months) + 5.00%, Current Coupon 7.09%, Secured Debt (Maturity - September 25, 2024) | 1,985 |  | 1,945 |  | 1,991 |  |
| Asurion, LLC                         | Insurance | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - November 3, 2023) | 1,268 |  | 1,268 |  | 1,268 |  |
|                                 |   | LIBOR (1 month) + 3.00%, Current Coupon 4.97%, Secured Debt (Maturity - November 4, 2024) | 325 |  | 323 |  | 324 |  |
|                                 |   |   |   | 1,591 |  | 1,592 |  |
| Atkore International, Inc.           | Electric Equipment, Instruments & Components | LIBOR (3 months) + 2.75%, Current Coupon 5.09%, Secured Debt (Maturity - December 22, 2023) | 2,963 |  | 2,980 |  | 2,962 |  |
| BCP Renaissance Parent L.L.C.        | Oil, Gas & Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 6.36%, Secured Debt (Maturity - October 31, 2024) | 600 |  | 602 |  | 600 |  |
| BMC Software Finance, Inc.           | Software | LIBOR (3 months) + 4.25%, Current Coupon 6.55%, Secured Debt (Maturity - September 1, 2025) | 2,800 |  | 2,772 |  | 2,786 |  |
|                                 |   | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - September 12, 2022) | 3,140 |  | 3,163 |  | 3,132 |  |
|                                 |   |   |   | 5,935 |  | 5,918 |  |
| Builders FirstSource, Inc.           | Building Products | LIBOR (1 month) + 3.00%, Current Coupon 5.33%, Secured Debt (Maturity - February 29, 2024) | 2,962 |  | 2,959 |  | 2,966 |  |
| Calpine Corporation                  | Independent Power and Renewable Electricity Producers | LIBOR (3 months) + 2.50%, Current Coupon 4.84%, Secured Debt (Maturity - January 15, 2023) | 1,980 |  | 1,986 |  | 1,977 |  |
| CDS U.S. Intermediate Holdings       | Recreation Facilities & Services | LIBOR (1 month) + 3.75%, Current Coupon 5.84%, Secured Debt (Maturity - July 8, 2022) | 978 |  | 979 |  | 972 |  |
| CHS/Community Health Systems, Inc.   | Healthcare Providers & Services | LIBOR (3 months) + 3.25%, Current Coupon 5.56%, Secured Debt (Maturity - January 27, 2021) | 1,575 |  | 1,570 |  | 1,541 |  |
| ClubCorp Holdings, Inc.              | Real Estate Management & Development | LIBOR (3 months) + 2.75%, Current Coupon 5.08%, Secured Debt (Maturity - September 18, 2024) | 1,959 |  | 1,950 |  | 1,939 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of June 30, 2018                        |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Confie Seguros Holding II Co.              | Insurance | LIBOR (1 month) + 5.25%, Current Coupon 7.56%, Secured Debt (Maturity - April 19, 2022) | $ | 1,250 |  | $ | 1,254 |  | $ | 1,242 |  |
| CPI International, Inc.                    | Aerospace & Defense | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - July 26, 2024) | 1,985 |  | 1,985 |  | 1,995 |  |
| Cyxtera DC Holdings, Inc.                  | Communications | LIBOR (3 months) + 3.00%, Current Coupon 5.36%, Secured Debt (Maturity - May 1, 2024) | 2,970 |  | 2,979 |  | 2,972 |  |
| Deerfield Holdings Corporation             | Diversified Financial Services | LIBOR (1 month) + 3.25%, Current Coupon 5.55%, Secured Debt (Maturity - February 13, 2025) | 2,993 |  | 2,989 |  | 2,984 |  |
| Duff & Phelps Corporation              | Diversified Financial Services | LIBOR (3 months) + 3.25%, Current Coupon 4.63%, Secured Debt (Maturity - September 1, 2023) | 2,141 |  | 2,170 |  | 2,141 |  |
| EFS Cogen Holdings I LLC                   | Utilities | LIBOR (3 months) + 3.25%, Current Coupon 5.59%, Secured Debt (Maturity - June 28, 2023) | 1,867 |  | 1,878 |  | 1,868 |  |
| Encapsys LLC                               | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - November 7, 2024) | 998 |  | 998 |  | 1,000 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 6.38%, Secured Debt (Maturity - April 29, 2024) | 1,980 |  | 1,997 |  | 1,980 |  |
| Envision Healthcare Corporation            | Health Care Providers & Services | LIBOR (1 month) + 3.00%, Current Coupon 5.10%, Secured Debt (Maturity - December 1, 2023) | 1,415 |  | 1,415 |  | 1,416 |  |
| Everi Payments Inc.                        | Leisure Products | LIBOR (3 months) + 3.00%, Current Coupon 5.09%, Secured Debt (Maturity - May 9, 2024) | 1,980 |  | 1,974 |  | 1,982 |  |
| Exgen Renewables IV, LLC                   | Electrical Production | LIBOR (3 months) + 3.00%, Current Coupon 5.31%, Secured Debt (Maturity - November 29, 2024) | 294 |  | 294 |  | 296 |  |
| First American Payment Systems, L.P.       | Diversified Financial Services | LIBOR (1 month) + 4.75%, Current Coupon 6.76%, Secured Debt (Maturity - January 5, 2024) | 922 |  | 931 |  | 931 |  |
| Fitness International, LLC                 | Hotels, Restaurants & Leisure | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - April 18, 2025) | 1,588 |  | 1,611 |  | 1,592 |  |
| Flex Acquisition Company Inc               | Containers & Packaging | LIBOR (3 months) + 3.00%, Current Coupon 5.31%, Secured Debt (Maturity - December 29, 2023) | 1,985 |  | 1,993 |  | 1,979 |  |
| Flexera Software LLC                       | Software | LIBOR (1 month) + 3.25%, Current Coupon 5.35%, Secured Debt (Maturity - February 26, 2025) | 1,526 |  | 1,522 |  | 1,525 |  |
| Gardner Denver, Inc.                       | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - July 30, 2024) | 1,829 |  | 1,838 |  | 1,833 |  |
| Golden Nugget, Inc.                        | Hotels, Restaurants & Leisure | LIBOR (1 month) + 2.75%, Current Coupon 4.80%, Secured Debt (Maturity - October 4, 2023) | 1,980 |  | 1,980 |  | 1,981 |  |
| GrafTech Finance Inc.                      | Diversified Financial Services | LIBOR (1 month) + 3.50%, Current Coupon 5.50%, Secured Debt (Maturity - February 12, 2025) | 2,000 |  | 1,980 |  | 1,993 |  |
| Greatbatch Ltd.                            | Health Care Equipment & Supplies | LIBOR (1 month) + 3.25%, Current Coupon 5.30%, Secured Debt (Maturity - October 27, 2022) | 2,570 |  | 2,584 |  | 2,579 |  |
| GYP Holdings III Corp.                     | Trading Companies & Distributors | LIBOR (2 months) + 2.75%, Current Coupon 4.85%, Secured Debt (Maturity - June 2, 2025) | 3,465 |  | 3,491 |  | 3,448 |  |
| Harbor Freight Tools USA, Inc.             | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 4.59%, Secured Debt (Maturity - August 18, 2023) | 1,970 |  | 1,977 |  | 1,963 |  |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                |
| Loan Portfolio                          |
| As of June 30, 2018                     |
| (dollars in thousands)                  |
| Portfolio Company                       | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                    |   |   |   |   |   |
| HD Supply Waterworks, Ltd.              | Trading Companies & Distributors | LIBOR (6 months) + 3.00%, Current Coupon 5.21%, Secured Debt (Maturity - August 1, 2024) | $ | 139 |  | $ | 139 |  | $ | 139 |  |
| Horizon Pharma, Inc.                    | Pharmaceuticals | LIBOR (1 month) + 3.25%, Current Coupon 5.38%, Secured Debt (Maturity - March 29, 2024) | 1,925 |  | 1,942 |  | 1,924 |  |
| IG Investments Holdings, LLC            | Construction | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - May 23, 2025) | 1,985 |  | 1,997 |  | 1,984 |  |
| IRB Holding Corp.                       | Hotels, Restaurants & Leisure | LIBOR (1 month) + 3.25%, Current Coupon 5.25%, Secured Debt (Maturity - February 5, 2025) | 399 |  | 399 |  | 400 |  |
| KBR, Inc.                               | Construction | LIBOR (1 month) + 3.75%, Current Coupon 5.84%, Secured Debt (Maturity - April 25, 2025) | 1,250 |  | 1,244 |  | 1,254 |  |
| KMG Chemicals, Inc.                     | Chemicals | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - June 17, 2024) | 783 |  | 780 |  | 785 |  |
| KUEHG Corp.                             | Educational Services | LIBOR (1 month) + 3.75%, Current Coupon 6.08%, Secured Debt (Maturity - August 12, 2022) | 2,470 |  | 2,476 |  | 2,470 |  |
| LANDesk Group, Inc.                     | Software | LIBOR (1 month) + 4.25%, Current Coupon 6.35%, Secured Debt (Maturity - January 22, 2024) | 988 |  | 993 |  | 981 |  |
| Learfield Communications LLC            | Media | LIBOR (1 month) + 3.25%, Current Coupon 5.35%, Secured Debt (Maturity - December 1, 2023) | 1,980 |  | 1,997 |  | 1,987 |  |
| MA FinanceCo., LLC                      | Electric Equipment, Instruments & Components | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - June 21, 2024) | 386 |  | 386 |  | 385 |  |
| Mallinckrodt International Finance S.A. | Pharmaceuticals | LIBOR (6 months) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - February 24, 2025) | 998 |  | 995 |  | 984 |  |
| McDermott International, Inc.           | Oil, Gas & Consumable Fuels | LIBOR (1 month) + 5.00%, Current Coupon 7.09%, Secured Debt (Maturity - May 12, 2025) | 998 |  | 978 |  | 1,004 |  |
| Mohegan Tribal                          | Hotels, Restaurants & Leisure | LIBOR (1 month) + 4.00%, Current Coupon 5.98%, Secured Debt (Maturity - October 13, 2023) | 1,924 |  | 1,940 |  | 1,822 |  |
| MPH Acquisition Holdings LLC            | Health Care Technology | LIBOR (3 months) + 2.75%, Current Coupon 5.08%, Secured Debt (Maturity - June 7, 2023) | 2,768 |  | 2,802 |  | 2,756 |  |
| NAB Holdings, LLC                       | IT Services | LIBOR (3 months) + 3.00%, Current Coupon 5.33%, Secured Debt (Maturity - July 1, 2024) | 1,985 |  | 1,976 |  | 1,978 |  |
| Ortho-Clinical Diagnostics, Inc         | Life Sciences Tools & Services | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - June 30, 2025) | 1,975 |  | 1,970 |  | 1,969 |  |
| PI UK Holdco II Limited                 | Specialty Finance | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - January 3, 2025) | 2,993 |  | 2,970 |  | 2,957 |  |
| PODS, LLC                               | Transportation & Logistics | LIBOR (1 month) + 2.75%, Current Coupon 4.78%, Secured Debt (Maturity - December 6, 2024) | 2,154 |  | 2,152 |  | 2,149 |  |
| Rackspace Hosting, Inc.                 | Internet Software & Services | LIBOR (3 months) + 3.00%, Current Coupon 5.36%, Secured Debt (Maturity - November 3, 2023) | 3,267 |  | 3,290 |  | 3,231 |  |
| Radiate Holdco, LLC                     | Media | LIBOR (1 month) + 3.00%, Current Coupon 5.09%, Secured Debt (Maturity - February 1, 2024) | 2,557 |  | 2,533 |  | 2,523 |  |
| Red Ventures, LLC                       | Direct Marketing Services | LIBOR (1 month) + 4.00%, Current Coupon 6.09%, Secured Debt (Maturity - November 8, 2024) | 1,985 |  | 1,972 |  | 1,998 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                    |
| Loan Portfolio                              |
| As of June 30, 2018                         |
| (dollars in thousands)                      |
| Portfolio Company                           | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                        |   |   |   |   |   |
| Scientific Games International, Inc.        | Leisure Products | LIBOR (1 month) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - August 14, 2024) | $ | 897 |  | $ | 898 |  | $ | 892 |  |
| Seattle SpinCo, Inc.                        | Electric Equipment, Instruments & Components | LIBOR (3 months) + 2.75%, Current Coupon 4.84%, Secured Debt (Maturity - June 21, 2024) | 2,607 |  | 2,609 |  | 2,601 |  |
| SeaWorld Parks & Entertainment, Inc.    | Hotels, Restaurants & Leisure | LIBOR (3 months) + 3.00%, Current Coupon 5.09%, Secured Debt (Maturity - April 1, 2024) | 1,975 |  | 1,977 |  | 1,964 |  |
| SRS Distribution Inc.                       | Trading Companies & Distributors | LIBOR (3 months) + 3.25%, Current Coupon 5.58%, Secured Debt (Maturity - May 23, 2025) | 1,200 |  | 1,197 |  | 1,184 |  |
| SS&C Technologies, Inc.                 | Software | LIBOR (1 month) + 2.50%, Current Coupon 4.48%, Secured Debt (Maturity - April 16, 2025) | 585 |  | 584 |  | 586 |  |
|                                        |   | LIBOR (1 month) + 2.50%, Current Coupon 4.48%, Secured Debt (Maturity - April 16, 2025) | 221 |  | 221 |  | 222 |  |
|                                        |   |   |   | 805 |  | 808 |  |
| Staples, Inc.                               | Distributors | LIBOR (3 months) + 4.00%, Current Coupon 6.36%, Secured Debt (Maturity - September 12, 2024) | 1,990 |  | 1,986 |  | 1,966 |  |
| Telenet Financing USD LLC                   | Diversified Telecommunications Services | LIBOR (1 month) + 2.25%, Current Coupon 4.32%, Secured Debt (Maturity - August 17, 2026) | 1,655 |  | 1,653 |  | 1,642 |  |
| Transdigm, Inc.                             | Aerospace & Defense | LIBOR (1 month) + 2.50%, Current Coupon 4.59%, Secured Debt (Maturity - June 9, 2023) | 1,975 |  | 1,982 |  | 1,966 |  |
|                                        |   | LIBOR (1 month) + 2.50%, Current Coupon 4.59%, Secured Debt (Maturity - August 22, 2024) | 995 |  | 993 |  | 989 |  |
|                                        |   |   |   | 2,975 |  | 2,955 |  |
| Travelport Finance (Luxembourg) S.A.R.L.    | Internet Software & Services | LIBOR (3 months) + 2.50%, Current Coupon 4.83%, Secured Debt (Maturity - March 17, 2025) | 1,250 |  | 1,244 |  | 1,247 |  |
| Traverse Midstream Partners LLC             | Oil, Gas & Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 6.34%, Secured Debt (Maturity - September 27, 2024) | 781 |  | 784 |  | 782 |  |
| UFC Holdings, LLC                           | Media | LIBOR (3 months) + 3.25%, Current Coupon 5.35%, Secured Debt (Maturity - August 18, 2023) | 1,980 |  | 1,991 |  | 1,984 |  |
| Ultra Resources, Inc.                       | Oil, Gas & Consumable Fuels | LIBOR (1 month) + 3.00%, Current Coupon 5.09%, Secured Debt (Maturity - April 12, 2024) | 2,000 |  | 2,002 |  | 1,848 |  |
| Utz Quality Foods, LLC                      | Commercial Services & Supplies | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - November 21, 2024) | 1,596 |  | 1,595 |  | 1,604 |  |
| Valeant Pharmaceuticals International, Inc. | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 4.98%, Secured Debt (Maturity - June 2, 2025) | 1,456 |  | 1,463 |  | 1,453 |  |
| Vertafore                                   | Software | LIBOR (3 months) + 3.25%, Current Coupon 5.57%, Secured Debt (Maturity - June 4, 2025) | 2,500 |  | 2,488 |  | 2,487 |  |
| Vertiv Group Corporation                    | Electrical Equipment | LIBOR (3 months) + 4.00%, Current Coupon 6.00%, Secured Debt (Maturity - November 30, 2023) | 1,555 |  | 1,568 |  | 1,547 |  |
| Vistra Operations Company LLC               | Electric Utilities | LIBOR (1 month) + 2.25%, Current Coupon 4.34%, Secured Debt (Maturity - December 14, 2023) | 1,975 |  | 1,985 |  | 1,968 |  |
|                                        |   |   |   |   |   |

----

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                  |
| Loan Portfolio            |
| As of June 30, 2018       |
| (dollars in thousands)    |
| Portfolio Company         | Industry | Type of Investment | Principal | Cost | Fair Value |
|                      |   |   |   |   |   |
| West Corporation          | Diversified Telecommunications Services | LIBOR (1 month) + 3.50%, Current Coupon 5.59%, Secured Debt (Maturity - October 10, 2024) | $ | 650 |  | $ | 649 |  | $ | 646 |  |
|                      |   | LIBOR (1 month) + 4.00%, Current Coupon 5.98%, Secured Debt (Maturity - October 10, 2024) | 1,027 |  | 1,017 |  | 1,024 |  |
|                      |   |   |   | 1,666 |  | 1,670 |  |
| WideOpenWest Finance, LLC | Diversified Telecommunications Services | LIBOR (1 month) + 3.25%, Current Coupon 5.34%, Secured Debt (Maturity - August 18, 2023) | 3,479 |  | 3,487 |  | 3,325 |  |
| Total Loan Portfolio      |   |   |   | $ | 144,396 |  | $ | 143,393 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of December 31, 2017              |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acosta, Inc.                         | Commercial Services and Supplies | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - September 26, 2021) | $ | 2,000 |  | $ | 1,881 |  | $ | 1,766 |  |
| Acrisure, LLC                        | Insurance | LIBOR (2 months) + 4.25%, Current Coupon 5.65%, Secured Debt (Maturity - November 22, 2023) | 2,115 |  | 2,122 |  | 2,139 |  |
| Advantage Sales & Marketing Inc. | Commercial Services and Supplies | LIBOR (1 month) + 3.25%, Current Coupon 4.63%, Secured Debt (Maturity - July 23, 2021) | 1,990 |  | 1,938 |  | 1,945 |  |
| Air Medical Group Holdings Inc       | Health Care Providers & Services | LIBOR (6 months) + 4.00%, Current Coupon 5.67%, Secured Debt (Maturity - April 28, 2022) | 1,990 |  | 1,981 |  | 1,993 |  |
| Albany Molecular Research, Inc.      | Life Sciences Tools & Services | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - August 28, 2024) | 100 |  | 100 |  | 99 |  |
| Alphabet Holding Company, Inc.       | Food Products | LIBOR (1 month) + 3.50%, Current Coupon 5.07%, Secured Debt (Maturity - September 26, 2024) | 1,995 |  | 1,985 |  | 1,935 |  |
| American Seafoods Group LLC          | Food Products | Prime + 2.25%, Current Coupon 6.75%, Secured Debt (Maturity - August 21, 2023) | 1,500 |  | 1,493 |  | 1,513 |  |
| Ancestry.com Operations Inc.         | Internet Software & Services | LIBOR (1 month) + 3.25%, Current Coupon 4.66%, Secured Debt (Maturity - October 19, 2023) | 1,995 |  | 2,013 |  | 2,007 |  |
| Arch Coal, Inc.                      | Metals & Mining | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - March 7, 2024) | 1,985 |  | 1,992 |  | 2,004 |  |
| AshCo, Inc.                          | Specialty Retail | LIBOR (3 months) + 5.00%, Current Coupon 6.57%, Secured Debt (Maturity - September 25, 2024) | 1,995 |  | 1,951 |  | 1,993 |  |
| Asurion, LLC                         | Insurance | LIBOR (1 month) + 3.00%, Current Coupon 4.57%, Secured Debt (Maturity - November 3, 2023) | 1,312 |  | 1,312 |  | 1,320 |  |
| Atkore International, Inc.           | Electric Equipment, Instruments & Components | LIBOR (3 months) + 3.00%, Current Coupon 4.70%, Secured Debt (Maturity - December 22, 2023) | 2,977 |  | 3,005 |  | 2,999 |  |
| BCP Renaissance Parent L.L.C.        | Oil, Gas & Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 5.38%, Secured Debt (Maturity - October 31, 2024) | 600 |  | 602 |  | 608 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of December 31, 2017                    |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| BMC Software Finance, Inc.                 | Software | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - September 12, 2022) | $ | 3,156 |  | $ | 3,181 |  | $ | 3,163 |  |
| Builders FirstSource, Inc.                 | Building Products | LIBOR (1 month) + 3.00%, Current Coupon 4.69%, Secured Debt (Maturity - February 29, 2024) | 2,977 |  | 2,974 |  | 2,993 |  |
| Calpine Corporation                        | Independent Power and Renewable Electricity Producers | LIBOR (3 months) + 2.50%, Current Coupon 4.20%, Secured Debt (Maturity - January 15, 2023) | 1,990 |  | 1,997 |  | 1,991 |  |
| CHS/Community Health Systems, Inc.         | Health Care Providers & Services | LIBOR (3 months) + 3.00%, Current Coupon 4.48%, Secured Debt (Maturity - January 27, 2021) | 1,613 |  | 1,608 |  | 1,543 |  |
| ClubCorp Holdings, Inc.                    | Real Estate Management & Development | LIBOR (3 months) + 3.25%, Current Coupon 4.94%, Secured Debt (Maturity - September 18, 2024) | 1,959 |  | 1,949 |  | 1,969 |  |
| Colorado Buyer Inc                         | Technology Hardware, Storage & Peripherals | LIBOR (3 months) + 3.00%, Current Coupon 4.38%, Secured Debt (Maturity - May 1, 2024) | 2,985 |  | 2,995 |  | 3,008 |  |
| Confie Seguros Holding II Co.              | Insurance | LIBOR (1 month) + 5.25%, Current Coupon 6.73%, Secured Debt (Maturity - April 19, 2022) | 1,985 |  | 1,992 |  | 1,987 |  |
| CPI International, Inc.                    | Aerospace & Defense | LIBOR (1 month) + 3.50%, Current Coupon 5.07%, Secured Debt (Maturity - July 26, 2024) | 1,995 |  | 1,995 |  | 2,011 |  |
| Diamond Resorts International, Inc.        | Hotels, Restaurants & Leisure | LIBOR (1 month) + 4.50%, Current Coupon 6.07%, Secured Debt (Maturity - September 1, 2023) | 2,152 |  | 2,179 |  | 2,173 |  |
| Duff & Phelps Corporation              | Diversified Financial Services | LIBOR (3 months) + 3.25%, Current Coupon 4.94%, Secured Debt (Maturity - October 15, 2024) | 491 |  | 494 |  | 493 |  |
|                                       |   | LIBOR (3 months) + 3.25%, Current Coupon 4.63%, Secured Debt (Maturity - December 4, 2024) | 2,728 |  | 2,724 |  | 2,737 |  |
|                                       |   |   | 3,219 |  | 3,218 |  | 3,230 |  |
| EFS Cogen Holdings I LLC                   | Electric Utilities | LIBOR (3 months) + 3.25%, Current Coupon 4.95%, Secured Debt (Maturity - June 28, 2023) | 1,904 |  | 1,917 |  | 1,925 |  |
| Encapsys LLC                               | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - November 7, 2024) | 1,000 |  | 1,001 |  | 1,006 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 5.88%, Secured Debt (Maturity - April 29, 2024) | 1,990 |  | 2,009 |  | 2,005 |  |
| Envision Healthcare Corporation            | Health Care Providers & Services | LIBOR (1 month) + 3.00%, Current Coupon 4.57%, Secured Debt (Maturity - December 1, 2023) | 2,481 |  | 2,481 |  | 2,491 |  |
| Everi Payments Inc.                        | Leisure Products | LIBOR (3 months) + 3.50%, Current Coupon 4.98%, Secured Debt (Maturity - May 9, 2024) | 1,990 |  | 1,983 |  | 2,013 |  |
| Exgen Renewables IV, LLC                   | Electrical Production | LIBOR (3 months) + 3.00%, Current Coupon 4.47%, Secured Debt (Maturity - November 29, 2024) | 300 |  | 299 |  | 304 |  |
| First American Payment Systems, L.P.       | Diversified Financial Services | LIBOR (1 month) + 5.75%, Current Coupon 7.14%, Secured Debt (Maturity - January 5, 2024) | 952 |  | 963 |  | 958 |  |
| Fitness International, LLC                 | Hotels, Restaurants & Leisure | LIBOR (1 month) + 3.50%, Current Coupon 5.19%, Secured Debt (Maturity - July 1, 2020) | 1,735 |  | 1,757 |  | 1,760 |  |
| Flex Acquisition Company Inc               | Containers & Packaging | LIBOR (3 months) + 3.00%, Current Coupon 4.34%, Secured Debt (Maturity - December 29, 2023) | 1,995 |  | 2,004 |  | 2,008 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                        |
| Loan Portfolio                  |
| As of December 31, 2017         |
| (dollars in thousands)          |
| Portfolio Company               | Industry | Type of Investment | Principal | Cost | Fair Value |
|                            |   |   |   |   |   |
| Flexera Software LLC            | Software | LIBOR (1 month) + 3.50%, Current Coupon 4.83%, Secured Debt (Maturity - April 2, 2020) | $ | 1,995 |  | $ | 2,013 |  | $ | 2,008 |  |
| Gardner Denver, Inc.            | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 4.44%, Secured Debt (Maturity - July 30, 2024) | 1,995 |  | 2,005 |  | 2,004 |  |
| Golden Nugget, Inc.             | Hotels, Restaurants & Leisure | LIBOR (1 month) + 3.25%, Current Coupon 4.66%, Secured Debt (Maturity - October 4, 2023) | 1,990 |  | 1,990 |  | 2,008 |  |
| Greatbatch Ltd.                 | Health Care Equipment & Supplies | LIBOR (1 month) + 3.25%, Current Coupon 4.66%, Secured Debt (Maturity - October 27, 2022) | 2,763 |  | 2,780 |  | 2,788 |  |
| GYP Holdings III Corp.          | Trading Companies & Distributors | LIBOR (1 month) + 3.00%, Current Coupon 4.38%, Secured Debt (Maturity - March 31, 2023) | 3,483 |  | 3,506 |  | 3,502 |  |
| Harbor Freight Tools USA, Inc.  | Specialty Retail | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - August 18, 2023) | 1,980 |  | 1,987 |  | 1,996 |  |
| HD Supply Waterworks, Ltd.      | Trading Companies & Distributors | LIBOR (6 months) + 3.00%, Current Coupon 4.46%, Secured Debt (Maturity - August 1, 2024) | 140 |  | 140 |  | 141 |  |
| Horizon Pharma, Inc.            | Pharmaceuticals | LIBOR (1 month) + 3.25%, Current Coupon 4.75%, Secured Debt (Maturity - March 29, 2024) | 1,990 |  | 2,009 |  | 2,001 |  |
| IG Investments Holdings, LLC    | Professional Services | LIBOR (1 month) + 3.50%, Current Coupon 5.19%, Secured Debt (Maturity - October 29, 2021) | 1,990 |  | 2,002 |  | 1,992 |  |
| Jackson Hewitt Tax Service Inc. | Diversified Financial Services | LIBOR (1 month) + 7.00%, Current Coupon 8.38%, Secured Debt (Maturity - July 30, 2020) | 1,939 |  | 1,868 |  | 1,922 |  |
| KMG Chemicals, Inc.             | Chemicals | LIBOR (1 month) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - June 17, 2024) | 863 |  | 859 |  | 868 |  |
| KUEHG Corp.                     | Educational Services | LIBOR (1 month) + 3.75%, Current Coupon 5.44%, Secured Debt (Maturity - August 12, 2022) | 2,482 |  | 2,489 |  | 2,493 |  |
| LANDesk Group, Inc.             | Software | LIBOR (1 month) + 4.25%, Current Coupon 5.82%, Secured Debt (Maturity - January 22, 2024) | 993 |  | 999 |  | 947 |  |
| Learfield Communications LLC    | Media | LIBOR (1 month) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - December 1, 2023) | 1,990 |  | 2,009 |  | 2,007 |  |
| MA FinanceCo., LLC              | Electric Equipment, Instruments & Components | LIBOR (1 month) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - June 21, 2024) | 387 |  | 387 |  | 388 |  |
| Mohegan Tribal Gaming Authority | Hotels, Restaurants & Leisure | LIBOR (1 month) + 4.00%, Current Coupon 5.57%, Secured Debt (Maturity - October 13, 2023) | 1,985 |  | 2,003 |  | 2,006 |  |
| MPH Acquisition Holdings LLC    | Health Care Technology | LIBOR (3 months) + 3.00%, Current Coupon 4.69%, Secured Debt (Maturity - June 7, 2023) | 2,896 |  | 2,935 |  | 2,905 |  |
| NAB Holdings, LLC               | IT Services | LIBOR (3 months) + 3.25%, Current Coupon 4.82%, Secured Debt (Maturity - July 1, 2024) | 1,990 |  | 1,981 |  | 2,000 |  |
| Ortho-Clinical Diagnostics, Inc | Life Sciences Tools & Services | LIBOR (1 month) + 3.75%, Current Coupon 5.44%, Secured Debt (Maturity - June 30, 2021) | 1,985 |  | 1,980 |  | 1,992 |  |
| PODS, LLC                       | Transportation & Logistics | LIBOR (1 month) + 3.00%, Current Coupon 4.40%, Secured Debt (Maturity - December 6, 2024) | 1,995 |  | 1,994 |  | 2,010 |  |
| Rackspace Hosting, Inc.         | Electric Equipment, Instruments & Components | LIBOR (3 months) + 3.00%, Current Coupon 4.38%, Secured Debt (Maturity - November 3, 2023) | 3,284 |  | 3,309 |  | 3,286 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                    |
| Loan Portfolio                              |
| As of December 31, 2017                     |
| (dollars in thousands)                      |
| Portfolio Company                           | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                        |   |   |   |   |   |
| Radiate Holdco, LLC                         | Media | LIBOR (3 months) + 3.00%, Current Coupon 4.38%, Secured Debt (Maturity - February 1, 2024) | $ | 2,570 |  | $ | 2,544 |  | $ | 2,547 |  |
| Red Ventures, LLC                           | Direct Marketing Services | LIBOR (1 month) + 4.00%, Current Coupon 5.57%, Secured Debt (Maturity - November 8, 2024) | 1,995 |  | 1,981 |  | 1,996 |  |
| Scientific Games International, Inc.        | Leisure Products | LIBOR (1 month) + 3.25%, Current Coupon 4.67%, Secured Debt (Maturity - August 14, 2024) | 399 |  | 401 |  | 403 |  |
| Seattle Spin Co.                            | Electric Equipment, Instruments & Components | LIBOR (3 months) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - June 21, 2024) | 2,613 |  | 2,616 |  | 2,618 |  |
| SeaWorld Parks & Entertainment, Inc.    | Hotels, Restaurants & Leisure | LIBOR (3 months) + 3.00%, Current Coupon 4.69%, Secured Debt (Maturity - April 1, 2024) | 1,985 |  | 1,987 |  | 1,966 |  |
| Signode Industrial Group US Inc.            | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - April 30, 2021) | 2,773 |  | 2,792 |  | 2,785 |  |
| Staples, Inc.                               | Distributors | LIBOR (3 months) + 4.00%, Current Coupon 5.49%, Secured Debt (Maturity - September 12, 2024) | 2,000 |  | 1,995 |  | 1,965 |  |
| Telenet Financing USD LLC                   | Diversified Telecommunications Services | LIBOR (1 month) + 2.50%, Current Coupon 3.92%, Secured Debt (Maturity - March 2, 2026) | 1,655 |  | 1,655 |  | 1,663 |  |
| Transdigm, Inc.                             | Aerospace & Defense | LIBOR (1 month) + 2.75%, Current Coupon 4.32%, Secured Debt (Maturity - June 9, 2023) | 1,985 |  | 1,992 |  | 1,990 |  |
|                                        |   | LIBOR (1 month) + 3.00%, Current Coupon 4.57%, Secured Debt (Maturity - August 22, 2024) | 1,000 |  | 998 |  | 1,006 |  |
|                                        |   |   | 2,985 |  | 2,990 |  | 2,996 |  |
| Travelport Finance (Luxembourg) S.A.R.L.    | Internet Software & Services | LIBOR (3 months) + 2.75%, Current Coupon 4.17%, Secured Debt (Maturity - September 2, 2021) | 1,901 |  | 1,901 |  | 1,903 |  |
| Traverse Midstream Partners LLC             | Oil, Gas & Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 5.85%, Secured Debt (Maturity - September 27, 2024) | 781 |  | 784 |  | 793 |  |
| UFC Holdings, LLC                           | Media | LIBOR (3 months) + 3.25%, Current Coupon 4.81%, Secured Debt (Maturity - August 18, 2023) | 1,990 |  | 2,002 |  | 2,003 |  |
| Ultra Resources, Inc.                       | Oil, Gas & Consumable Fuels | LIBOR (1 month) + 3.00%, Current Coupon 4.41%, Secured Debt (Maturity - April 12, 2024) | 2,000 |  | 2,002 |  | 2,002 |  |
| Utz Quality Foods, LLC                      | Commercial Services and Supplies | LIBOR (1 month) + 3.50%, Current Coupon 5.01%, Secured Debt (Maturity - November 21, 2024) | 1,600 |  | 1,599 |  | 1,616 |  |
| Valeant Pharmaceuticals International, Inc. | Pharmaceuticals | LIBOR (1 month) + 3.50%, Current Coupon 4.94%, Secured Debt (Maturity - April 1, 2022) | 1,546 |  | 1,553 |  | 1,570 |  |
| Vertiv Group Corporation                    | Electrical Equipment | LIBOR (3 months) + 4.00%, Current Coupon 5.35%, Secured Debt (Maturity - November 30, 2023) | 1,555 |  | 1,569 |  | 1,556 |  |
| Vistra Operations Company LLC               | Electric Utilities | LIBOR (2 months) + 2.75%, Current Coupon 4.08%, Secured Debt (Maturity - December 14, 2023) | 1,985 |  | 1,996 |  | 2,001 |  |
| West Corporation                            | Diversified Telecommunications Services | LIBOR (1 month) + 4.00%, Current Coupon 5.35%, Secured Debt (Maturity - October 10, 2024) | 1,032 |  | 1,022 |  | 1,036 |  |
| WideOpenWest Finance, LLC                   | Diversified Telecommunications Services | LIBOR (1 month) + 3.25%, Current Coupon 4.75%, Secured Debt (Maturity - August 18, 2023) | 3,496 |  | 3,506 |  | 3,470 |  |
| Total Loan Portfolio                        |   |   |   | $ | 139,017 |  | $ | 139,012 |  |

----

|                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                      |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                                                                                                     |
| Balance Sheet (Unaudited)                                                                                                            |
| (dollars in thousands)                                                                                                               |
|                                                                                                                                 |   |   |   |
|                                                                                                                                 | As of June 30, 2018 |   | As of December 31, 2017 |
| Assets                                                                                                                               |   |   |   |
| Portfolio investments at fair value (amortized cost:  $144,396 and $139,017 as of June 30, 2018 and December 31, 2017, respectively) | $ | 143,393 |  |   | $ | 139,012 |  |
| Cash and cash equivalents                                                                                                            | 3,401 |  |   | 2,681 |  |
| Receivable for securities sold                                                                                                       | 716 |  |   | — |  |
| Interest receivable                                                                                                                  | 308 |  |   | 306 |  |
| Deferred financing costs, net                                                                                                        | 695 |  |   | 890 |  |
| Other assets                                                                                                                         | 44 |  |   | 15 |  |
| Total assets                                                                                                                         | $ | 148,557 |  |   | $ | 142,904 |  |
| Liabilities                                                                                                                          |   |   |   |
| Credit facilities payable                                                                                                            | $ | 91,300 |  |   | $ | 86,500 |  |
| Payable for securities purchased                                                                                                     | 6,562 |  |   | 5,268 |  |
| Distributions payable                                                                                                                | 884 |  |   | — |  |
| Accounts payable and accrued expenses                                                                                                | 68 |  |   | 64 |  |
| Total liabilities                                                                                                                    | 98,814 |  |   | 91,832 |  |
| Net assets                                                                                                                           |   |   |   |
| Members’ equity                                                                                                                | 49,743 |  |   | 51,072 |  |
| Total net assets                                                                                                                     | 49,743 |  |   | 51,072 |  |
| Total liabilities and net assets                                                                                                     | $ | 148,557 |  |   | $ | 142,904 |  |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                                |
| Statement of Operations (Unaudited)                             |
| (dollars in thousands)                                          |
|                                                            | Three Months Ended June 30, 2018 |   | Period from Inception (April 4, 2017) to June 30, 2017 |   | Six Months Ended June 30, 2018 |   | Period from Inception (April 4, 2017) to June 30, 2017 |
|                                                            |   |   |   |
| Investment income                                               |   |   |   |   |   |   |   |
| Interest income                                                 | $ | 1,888 |  |   | $ | 494 |  |   | $ | 3,622 |  |   | $ | 494 |  |
| Dividend income                                                 | — |  |   | — |  |   | — |  |   | — |  |
| Fee income                                                      | — |  |   | — |  |   | — |  |   | — |  |
| Other income                                                    | — |  |   | — |  |   | — |  |   | — |  |
| Total investment income                                         | 1,888 |  |   | 494 |  |   | 3,622 |  |   | 494 |  |
| Expenses                                                        |   |   |   |   |   |   |   |
| Interest expense                                                | 921 |  |   | 251 |  |   | 1,771 |  |   | 251 |  |
| Other expenses                                                  | 2 |  |   | 32 |  |   | 2 |  |   | 32 |  |
| General and administrative expenses                             | 26 |  |   | 21 |  |   | 47 |  |   | 21 |  |
| Total expenses                                                  | 949 |  |   | 304 |  |   | 1,820 |  |   | 304 |  |
| Net investment income                                           | 939 |  |   | 190 |  |   | 1,802 |  |   | 190 |  |
| Net realized loss from investments                              | (348 | ) |   | (1 | ) |   | (374 | ) |   | (1 | ) |
| Net realized income                                             | 591 |  |   | 189 |  |   | 1,428 |  |   | 189 |  |
| Net change in unrealized depreciation on investments            | (939 | ) |   | (226 | ) |   | (998 | ) |   | (226 | ) |
| Net increase (decrease) in net assets resulting from operations | $ | (348 | ) |   | $ | (37 | ) |   | $ | 430 |  |   | $ | (37 | ) |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 52 debt investments in 50 Middle Market portfolio companies with an aggregate fair value of approximately $490.7 million and a cost basis of approximately $506.7 million. The Middle Market debt investments had a weighted average annual effective yield of approximately 9.1%, which is calculated assuming the investments on non-accrual status have a zero yield, and 83.4% of the Middle Market debt investments were secured by first priority liens. Further, 92.5% of the Middle Market debt investments contain variable rates, though a majority of the investments with variable rates are subject to contractual minimum base interest rates between 100 and 150 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 42 debt investments in 39 Private Loan portfolio companies with an aggregate fair value of approximately $375.5 million and a cost basis of approximately $376.3 million. The Private Loan debt investments had a weighted average annual effective yield of approximately 10.0%, which is calculated assuming the investments on non-accrual status have a zero yield, and 94.0% of the Private Loan debt investments were secured by first priority liens. Further, 95.9% of the Private Loan debt investments contain variable rates, though a majority of the investments with variable rates are subject to contractual minimum base interest rates between 100 and 150 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 33 debt investments in 26 LMM portfolio companies with an aggregate fair value of approximately $109.7 million and a cost basis of approximately $109.7 million. The LMM debt investments had a weighted average annual effective yield of approximately 12.6%, and 100.0% of the debt investments were secured by first priority liens. Also, 39.0% of the LMM debt investments are fixed rate investments with fixed interest rates between 4.2% and 17.0%. Also, 27 LMM debt investments, representing approximately 61.0% of the LMM debt investments have variable rates subject to a contractual minimum base interest rate of 100 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 53 equity investments and seven equity warrant investments in 27 LMM portfolio companies, nine Private Loan portfolio companies, four Middle Market portfolio companies and six Other Portfolio companies with an aggregate fair value of approximately $127.9 million and a cost basis of approximately $116.5 million. |

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 1 represents a LMM portfolio company that is performing in a manner which significantly exceeds expectations. |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 2 represents a LMM portfolio company that, in general, is performing above expectations. |

|         |                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 3 represents a LMM portfolio company that is generally performing in accordance with expectations. All new LMM portfolio investments receive an initial Investment Rating 3. |

|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 4 represents a LMM portfolio company that is underperforming expectations, requiring increased monitoring and scrutiny by us. |

|         |                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 5 represents a LMM portfolio company that is significantly underperforming, requiring heightened levels of monitoring and scrutiny by us and involves the recognition of significant unrealized depreciation on such investment. |

----

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   | June 30, 2018 |   | December 31, 2017 |
| Investment Rating |   | Investments at Fair Value |   | Percentage of Total LMM Portfolio |   | Investments at Fair Value |   | Percentage of Total LMM Portfolio |
| 1                 |   | $ | 22,473 |  |   | 13.2 | % |   | $ | 2,940 |  |   | 2.2 | % |
| 2                 |   | 32,836 |  |   | 19.2 |  |   | 47,155 |  |   | 34.8 |  |
| 3                 |   | 109,753 |  |   | 64.3 |  |   | 79,655 |  |   | 58.7 |  |
| 4                 |   | 5,614 |  |   | 3.3 |  |   | 5,439 |  |   | 4.0 |  |
| 5                 |   | — |  |   | — |  |   | 468 |  |   | 0.3 |  |
| Total             |   | $ | 170,676 |  |   | 100.0 | % |   | $ | 135,657 |  |   | 100.0 | % |

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Distributions |
|                              | Per Share |   | Amount |
| 2018                              |   |   |   |
| Three months ended June 30, 2018  | $ | 0.18 |  |   | $ | 13,855 |  |
| Three months ended March 31, 2018 | $ | 0.17 |  |   | $ | 13,803 |  |
| 2017                              |   |   |   |
| Three months ended June 30, 2017  | $ | 0.18 |  |   | $ | 13,438 |  |
| Three months ended March 31, 2017 | $ | 0.17 |  |   | $ | 12,922 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Year Ended December 31, |
| Tax Characteristics of Distributions | 2017 |   | 2016 |   | 2015 |
|                                 |   |   |   |   |   |   |   |   |
| Ordinary income                      | $ | 52,473 |  | 96.43 | % |   | $ | 44,848 |  | 93.90 | % |   | $ | 34,085 |  | 99.68 | % |
| Capital gain distributions           | 1,941 |  | 3.57 |  |   | 2,913 |  | 6.10 |  |   | 110 |  | 0.32 |  |
| Total                                | $ | 54,414 |  | 100.00 | % |   | $ | 47,761 |  | 100.00 | % |   | $ | 34,195 |  | 100.00 | % |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Payments Due By Period (dollars in thousands) |
|                             | Total |   | Less than 1 year |   | 1-3 years |   | 3-5 years |   | After 5 years |
| TIAA Credit Facility(1)          | $ | 120,000 |  |   | $ | — |  |   | $ | 120,000 |  |   | $ | — |  |   | $ | — |  |
| Deutsche Bank Credit Facility(2) | 384,000 |  |   | — |  |   | — |  |   | 384,000 |  |   | — |  |
| Total Credit Facilities          | $ | 504,000 |  |   | $ | — |  |   | $ | 120,000 |  |   | $ | 384,000 |  |   | $ | — |  |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (1) | At June 30, 2018, $0.0 million was available under our TIAA Credit Facility. |

|     |                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | At June 30, 2018, $66.0 million remained available under the Deutsche Bank Credit Facility; however, our borrowing ability is limited to the asset coverage ratio restrictions imposed by the 1940 Act, as discussed above. |

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Commitments and Contingencies |
|                              | (dollars in thousands) |
|                              | June 30, 2018 |   | December 31, 2017 |
| Unfunded Loan Commitments         |   |   |   |
| Adams Publishing Group, LLC       | $ | 166 |  |   | $ | — |  |
| American Nuts, LLC                | 1,266 |  |   | — |  |
| Apex Linen Services, Inc.         | 403 |  |   | 403 |  |
| Arcus Hunting, LLC                | 602 |  |   | 976 |  |
| BarFly Ventures, LLC              | 368 |  |   | 613 |  |
| BBB Tank Services                 | 37 |  |   | — |  |
| BigName Holdings, LLC             | 29 |  |   | 101 |  |
| Boccella Precast Products, LLC    | 245 |  |   | 500 |  |
| CDHA Management, LLC              | 1,973 |  |   | 2,343 |  |
| Chamberlin HoldCo, LLC            | 400 |  |   | — |  |
| Charps, LLC                       | 1,000 |  |   | 1,000 |  |
| Clad-Rex Steel, LLC               | 100 |  |   | 100 |  |
| CTVSH, PLLC                       | 200 |  |   | 200 |  |
| Datacom, LLC                      | — |  |   | 25 |  |
| Direct Marketing Solutions, Inc.  | 400 |  |   | — |  |
| DTE Enterprises, LLC              | 750 |  |   | — |  |
| Felix Investments Holdings II LLC | 1,667 |  |   | 1,667 |  |
| Gamber-Johnson Holdings, LLC      | 300 |  |   | 300 |  |
| GST Autoleather Inc.              | — |  |   | 1,281 |  |
| Guerdon Modular Holdings, Inc.    | 400 |  |   | 400 |  |
| Hawk Ridge Systems, LLC           | 400 |  |   | 400 |  |
| Hojeij Branded Foods, Inc.        | 1,588 |  |   | 1,923 |  |
| Hoover Group, Inc.                | 2,313 |  |   | — |  |
| Hostway Corporation               | — |  |   | 7 |  |
| Hunter Defense Technologies, Inc. | 2,832 |  |   | — |  |
| HW Temps LLC                      | 200 |  |   | 200 |  |
| LaMi Products, LLC                | 294 |  |   | 294 |  |
| Market Force Information, Inc.    | 400 |  |   | 400 |  |
| Meisler Operating, LLC            | 320 |  |   | 400 |  |
| Mystic Logistics Holdings, LLC    | 200 |  |   | 200 |  |
| New Era Technology, Inc.          | 479 |  |   | — |  |
| NexRev, LLC                       | 1,000 |  |   | — |  |
| NNE Partners, LLC                 | 2,042 |  |   | 5,542 |  |
| NuStep, LLC                       | 300 |  |   | 300 |  |
| Permian Holdco 2, Inc.            | — |  |   | 97 |  |
| PPC/Shift, LLC                    | 500 |  |   | 500 |  |
| Radiology Partners, Inc.          | 5,254 |  |   | — |  |
| Resolute Industrial LLC           | 5,750 |  |   | 5,750 |  |
| Wireless Vision Holdings, LLC     | 2,115 |  |   | 2,084 |  |
| Unfunded Capital Commitments      |   |   |   |
| Brightwood Capital Fund III, LP   | 1,000 |  |   | 1,000 |  |
| Brightwood Capital Fund IV, LP    | 8,000 |  |   | 9,000 |  |
| Copper Trail Energy Fund I LP     | 1,754 |  |   | 2,500 |  |
| Freeport Financial Funds          | 3,942 |  |   | 4,941 |  |
| Total                             | $ | 50,989 |  |   | $ | 45,447 |  |

----

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |
| Change in interest rates |   | Increase (Decrease) inInterest Income |   | Increase (Decrease) inInterest Expense |   | Net Increase (Decrease) in NetInvestment Income |
| Down 100 basis points    |   | $ | (8,749 | ) |   | $ | (5,040 | ) |   | $ | (3,709 | ) |
| Down 50 basis points     |   | (4,400 | ) |   | (2,520 | ) |   | (1,880 | ) |
| Up 50 basis points       |   | 4,435 |  |   | 2,520 |  |   | 1,915 |  |
| Up 100 basis points      |   | 8,870 |  |   | 5,040 |  |   | 3,830 |  |
| Up 200 basis points      |   | 17,741 |  |   | 10,080 |  |   | 7,661 |  |
| Up 300 basis points      |   | 26,611 |  |   | 15,120 |  |   | 11,491 |  |

----

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                               |   | Total Number of Shares Purchased |   | Average Price per Share |   | Cumulative Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) |
|                                 |   |   |   |   |   |  |   |   |
| April 1, 2018 through April 30, 2018 |   | — |  |   | $ | — |  |   | — |  |   | — |  |
| May 1, 2018 through May 31, 2018     |   | 1,242,890.47 |  |   | 8.17 |  |   | 1,242,890.47 |  |   | — |  |
| June 1, 2018 through June 30, 2018   |   | — |  |   | — |  |   | — |  |   | — |  |

----

----

|             |
|-------------|
|             |  |  |
| Exhibit No. |   | Description |
| 10.1        |   | Second Quarter 2018 Conditional Income Incentive Fee Waiver Agreement, dated as of August 8, 2018, by and among the Registrant, HMS Adviser LP and MSC Adviser I, LLC (Filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on August 9, 2018 (File No. 814-00939) and incorporated herein by reference). |
| 31.1        |   | Certification of Chief Executive Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 31.2        |   | Certification of Chief Financial Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 32.1        |   | Certification of Chief Executive Officer and Chief Financial Officer of the Registrant, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |

----

|        |
|--------|
|        |  |  |  |
|   |   | HMS INCOME FUND, INC. |
|   |   |   |   |
| Date:  | August 14, 2018 | By: | /s/ SHERRI W. SCHUGART |
|   |   |   | Sherri W. Schugart |
|   |   |   | Chairman, Chief Executive Officer and President |
|   |   |   |   |
| Date:  | August 14, 2018 | By: | /s/ RYAN T. SIMS |
|   |   |   | Ryan T. Sims |
|   |   |   | Chief Financial Officer and Secretary |