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

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

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

|                                                               |        |                                     |  |  |  |  |  |  |
|---------------------------------------------------------------|--------|-------------------------------------|--|--|--|--|--|--|
| Maryland                                                      |   | 45-2544432                          |
| (State or Other Jurisdiction ofIncorporation or Organization) |   | (I.R.S. EmployerIdentification No.) |
| 280 Park Avenue, 6th Floor East, New York, NY 10017           |        |                                     |
| (Address of Principal Executive Offices)                      |        |                                     |

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

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

----

Table of Contents

|                                                                                                              |      |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------|------|--|--|--|--|
| Part I. Financial Information                                                                                |      |
| Item 1. Financial Statements                                                                                 |      |
| Consolidated Statements of Assets and Liabilities as of June 30, 2020 (unaudited) and December 31, 2019      | F-1  |
| Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (unaudited)  | F-2  |
| Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2020 and 2019 (unaudited) | F-3  |
| Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (unaudited)            | F-4  |
| Consolidated Schedule of Investments as of June 30, 2020 (unaudited)                                         | F-5  |
| Consolidated Schedule of Investments as of December 31, 2019                                                 | F-12 |
| Notes to Consolidated Financial Statements (unaudited)                                                       | F-19 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations          | 1    |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                           | 20   |
| Item 4. Controls and Procedures                                                                              | 22   |
| Part II. Other Information                                                                                   |      |
| Item 1. Legal Proceedings                                                                                    | 22   |
| Item 1A. Risk Factors                                                                                        | 23   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                          | 25   |
| Item 3. Defaults Upon Senior Securities                                                                      | 25   |
| Item 4. Mine Safety Disclosures                                                                              | 25   |
| Item 5. Other Information                                                                                    | 25   |
| Item 6. Exhibits                                                                                             | 25   |
| SIGNATURES                                                                                                   | 27   |

----

Table of Contents

|                                                                                                                                                                 |  |                   |                   |                   |                   |        |                   |        |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------|-------------------|-------------------|-------------------|--------|-------------------|--------|--|--|--|--|--|--|
|                                                                                                                                                            |  | June 30, 2020     |                   | December 31, 2019 |
| ASSETS                                                                                                                                                          |  | (unaudited)       |                   |                   |
| Investments at fair value                                                                                                                                       |  |                   |                   |                   |
| Non-controlled/non-affiliated investments (amortized cost of $632,966,232 and $651,393,473 respectively)                                                    |  | $                 | 482,526,290  |              |                   | $      | 567,402,503  |   |
| Controlled/affiliated investments (amortized cost of $160,421,548 and $146,639,688 respectively)                                                            |  | 99,934,957   |              |                   | 108,221,427  |   |
| Investments at fair value                                                                                                                                       |  | 582,461,247  |              |                   | 675,623,930  |   |
| Cash and cash equivalents                                                                                                                                       |  | 84,431,707   |              |                   | 225,316,656  |   |
| Interest receivable from non-controlled/non-affiliated investments                                                                                          |  | 3,872,039    |              |                   | 8,137,227    |   |
| Unsettled trades receivable                                                                                                                                     |  | 730,013      |              |                   | 20,481       |   |
| Prepaid expenses and other assets                                                                                                                               |  | 634,451      |              |                   | 1,790,983    |   |
| Deferred transaction costs (Note 2)                                                                                                                             |  | —      |              |                   | 14,993,778   |   |
| Total assets                                                                                                                                                    |  | $                 | 672,129,457  |              |                   | $      | 925,883,055  |   |
|                                                                                                                                                                 |  |                   |                   |                   |
| LIABILITIES                                                                                                                                                     |  |                   |                   |                   |
| Revolving credit facilities payable (net of deferred financing costs of $955,015 and $2,235,279, respectively) (Note 6)                                         |  | $                 | 192,858,057  |              |                   | $      | 325,864,721  |   |
| Base management fees payable (Note 7)                                                                                                                           |  | 2,944,745    |              |                   | 4,060,518    |   |
| Accounts payable and accrued expenses                                                                                                                           |  | 1,492,427    |              |                   | 2,131,765    |   |
| Administrator fees payable (Note 7)                                                                                                                             |  | 669,024      |              |                   | 381,923      |   |
| Interest payable                                                                                                                                                |  | 609,954      |              |                   | 1,612,981    |   |
| Deferred tax liability                                                                                                                                          |  | 293,783      |              |                   | 240,935      |   |
| Unsettled trades payable                                                                                                                                        |  | 247,500      |              |                   | —      |   |
| Distribution payable (Note 13)                                                                                                                                  |  | 153,728      |              |                   | —      |   |
| Transaction costs payable                                                                                                                                       |  | 101,319      |              |                   | 527,491      |   |
| Total liabilities                                                                                                                                               |  | $                 | 199,370,537  |              |                   | $      | 334,820,334  |   |
|                                                                                                                                                                 |  |                   |                   |                   |
| Commitments (Note 11)                                                                                                                                           |  |                   |                   |                   |
|                                                                                                                                                                 |  |                   |                   |                   |
| NET ASSETS                                                                                                                                                      |  |                   |                   |                   |
| Common shares, par value $0.001 per share, 250,000,000 common shares authorized, 102,833,465 and 102,282,366 common shares issued and outstanding, respectively |  | 102,833      |              |                   | 102,282      |   |
| Capital in excess of par value                                                                                                                                  |  | 872,534,843  |              |                   | 869,567,685  |   |
| Total distributable earnings/(loss)                                                                                                                         |  | (399,878,756)     |              |                   | (278,607,246)     |   |
| Total net assets                                                                                                                                                |  | 472,758,920  |              |                   | 591,062,721  |   |
| Total liabilities and net assets                                                                                                                                |  | $                 | 672,129,457  |              |                   | $      | 925,883,055  |   |
| NET ASSET VALUE PER COMMON SHARE                                                                                                                                |  | $                 | 4.60         |              |                   | $      | 5.78         |   |

----

Table of Contents

|                                                                                                           |  |                            |                  |             |                   |                          |                  |                   |        |   |                  |        |  |   |                  |        |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------|--|----------------------------|------------------|-------------|-------------------|--------------------------|------------------|-------------------|--------|---|------------------|--------|--|---|------------------|--------|--|--|--|--|--|--|--|--|--|--|
|                                                                                                      |  | Three Months EndedJune 30, |                  |             |                   | Six Months EndedJune 30, |                  |                   |
|                                                                                                      |  | 2020                       |                  | 2019        |                   | 2020                     |                  | 2019              |
| INVESTMENT INCOME                                                                                         |  | (unaudited)                |                  | (unaudited) |                   | (unaudited)              |                  | (unaudited)       |
| Interest and dividend income from investments                                                             |  |                            |                  |             |                   |                          |                  |                   |
| Non-controlled/non-affiliated investments:                                                        |  |                            |                  |             |                   |                          |                  |                   |
| Cash                                                                                                      |  | $                          | 10,682,719  |        |                   | $                        | 16,569,132  |              |        | $ | 18,008,572  |   |  | $ | 33,327,130  |   |
| Payment-in-kind                                                                                           |  | 472,844               |             |             | 835,808      |                     |                  | 1,009,889    |   |   | 1,623,405   |   |
| Controlled/affiliated investments:                                                                |  |                            |                  |             |                   |                          |                  |                   |
| Cash                                                                                                      |  | (28,696)                   |             |             | 3,364,610    |                     |                  | 1,817,381    |   |   | 5,605,882   |   |
| Payment-in-kind                                                                                           |  | 115,628               |             |             | 393,113      |                     |                  | 230,391      |   |   | 696,674     |   |
| Total interest and dividend income                                                                        |  | 11,242,495            |             |             | 21,162,663   |                     |                  | 21,066,233   |   |   | 41,253,091  |   |
| Fee income (Note 12)                                                                                      |  | 312,935               |             |             | 2,395,376    |                     |                  | 434,633      |   |   | 2,929,886   |   |
| Interest from cash and cash equivalents                                                                   |  | 144,024               |             |             | 348,524      |                     |                  | 1,375,399    |   |   | 634,046     |   |
| Total investment income                                                                                   |  | 11,699,454            |             |             | 23,906,563   |                     |                  | 22,876,265   |   |   | 44,817,023  |   |
| EXPENSES                                                                                                  |  |                            |                  |             |                   |                          |                  |                   |
| Interest and financing expenses                                                                           |  | 3,454,940             |             |             | 5,235,234    |                     |                  | 7,742,603    |   |   | 10,665,467  |   |
| Base management fees (Note 7)                                                                             |  | 2,944,745             |             |             | 4,335,538    |                     |                  | 6,196,196    |   |   | 8,777,628   |   |
| General and administrative expenses                                                                       |  | 8,307,229             |             |             | 1,578,495    |                     |                  | 10,278,197   |   |   | 2,519,993   |   |
| Professional fees                                                                                         |  | 11,089,264            |             |             | 357,888      |                     |                  | 11,207,318   |   |   | 1,005,455   |   |
| Administrator expenses (Note 7)                                                                           |  | 669,025               |             |             | 536,352      |                     |                  | 1,390,657    |   |   | 1,158,423   |   |
| Offering costs                                                                                            |  | 1,914                 |             |             | 3,528        |                     |                  | 5,157        |   |   | 35,836      |   |
| Total expenses                                                                                            |  | 26,467,117            |             |             | 12,047,035   |                     |                  | 36,820,128   |   |   | 24,162,802  |   |
| NET INVESTMENT INCOME/(LOSS)                                                                          |  | (14,767,663)               |             |             | 11,859,528   |                     |                  | (13,943,863)      |   |   | 20,654,221  |   |
| REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS                                                    |  |                            |                  |             |                   |                          |                  |                   |
| Net realized gain/(loss) from non-controlled/non-affiliated investments                           |  | (8,265,767)                |             |             | (7,670,130)       |                     |                  | (8,280,680)       |   |   | (9,699,366)      |   |
| Net realized gain/(loss) from controlled/affiliated investments                                   |  | —               |             |             | 9,150,067    |                     |                  | 232,392      |   |   | 3,770,443   |   |
| Net realized gain/(loss) on total return swap (Note 5)                                                |  | —               |             |             | (146,781)         |                     |                  | —      |   |   | (9,323,516)      |   |
| Net change in unrealized appreciation/(depreciation) on non-controlled/non-affiliated investments |  | 22,547,805            |             |             | (6,458,459)       |                     |                  | (66,450,775)      |   |   | 9,386,681   |   |
| Net change in unrealized appreciation/(depreciation) on controlled/affiliated investments         |  | 9,456,310             |             |             | (26,618,604)      |                     |                  | (22,068,330)      |   |   | (23,454,073)     |   |
| Net change in unrealized appreciation/(depreciation) on total return swap (Note 5)                    |  | —               |             |             | (144,311)         |                     |                  | —      |   |   | 6,524,904   |   |
| Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments       |  | (293,783)                  |             |             | 2,974,612    |                     |                  | (52,848)          |   |   | —     |   |
| Net realized and unrealized gain/(loss) on investments                                                |  | 23,444,565            |             |             | (28,913,606)      |                     |                  | (96,620,241)      |   |   | (22,794,927)     |   |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS                                       |  | $                          | 8,676,902   |        |                   | $                        | (17,054,078)     |              |        | $ | (110,564,104)    |   |  | $ | (2,140,706)      |   |
| WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS/(LOSS) PER COMMON SHARE                                 |  | $                          | 0.08        |        |                   | $                        | (0.17)           |              |        | $ | (1.08)           |   |  | $ | (0.02)           |   |
| WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME/(LOSS) PER COMMON SHARE                    |  | $                          | (0.14)           |        |                   | $                        | 0.12        |              |        | $ | (0.14)           |   |  | $ | 0.21        |   |
| WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED (NOTE 10)                                   |  | 102,856,314           |             |             | 100,135,004  |                     |                  | 102,785,734  |   |   | 99,649,414  |   |
| DISTRIBUTIONS DECLARED PER COMMON SHARE                                                                   |  | $                          | —     |        |                   | $                        | 0.16        |              |        | $ | 0.11        |   |  | $ | 0.32        |   |

----

Table of Contents

|                                                                                                     |                   |        |            |               |                  |        |                  |                   |                   |                  |        |               |                  |        |   |                   |                   |        |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------|-------------------|--------|------------|---------------|------------------|--------|------------------|-------------------|-------------------|------------------|--------|---------------|------------------|--------|---|-------------------|-------------------|--------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                | Common Stock      |        |            |               | Paid in Capital  |        | Distributable    |                   | Total             |
|                                                                                                     | Shares            |        | Par Amount |               | in Excess of Par |        | Earnings         |                   | Net Assets        |
| Balance at March 31, 2020                                                                           | 102,867,551  |   |            | $             | 102,868     |   |                  | $                 | 872,688,536  |             |        | $             | (408,540,080)    |   |   | $                 | 464,251,324  |   |
| Net increase (decrease) in net assets resulting from operations:                                |                   |        |            |               |                  |        |                  |                   |                   |
| Net investment income/(loss)                                                                    | —      |   |            | —  |             |        | —     |              |                   | (14,767,663)     |   |               | (14,767,663)     |   |
| Net realized gain (loss) on investments                                                             | —      |   |            | —  |             |        | —     |              |                   | (8,265,767)      |   |               | (8,265,767)      |   |
| Net change in unrealized appreciation/(depreciation) on investments                             | —      |   |            | —  |             |        | —     |              |                   | 32,004,115  |   |               | 32,004,115  |   |
| Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments | —      |   |            | —  |             |        | —     |              |                   | (293,783)        |   |               | (293,783)        |   |
| Shareholder distributions:                                                                      |                   |        |            |               |                  |        |                  |                   |                   |
| Issuance of common shares pursuant to distribution reinvestment plan                                | —      |   |            | —  |             |        | —     |              |                   | —     |   |               | —     |   |
| Repurchase of common shares                                                                         | (34,086)          |   |            | (35)          |             |        | (153,693)        |              |                   | —     |   |               | (153,728)        |   |
| Distributions from earnings                                                                         | —      |   |            | —  |             |        | —     |              |                   | (15,578)         |   |               | (15,578)         |   |
| Total increase (decrease) for the three months ended June 30, 2020                                  | (34,086)          |   |            | (35)          |             |        | (153,693)        |              |                   | 8,661,324   |   |               | 8,507,596   |   |
| Balance at June 30, 2020                                                                            | 102,833,465  |   |            | $             | 102,833     |   |                  | $                 | 872,534,843  |             |        | $             | (399,878,756)    |   |   | $                 | 472,758,920  |   |
|                                                                                                     |                   |        |            |               |                  |        |                  |                   |                   |
| Balance at December 31, 2019                                                                        | 102,282,366  |   |            | $             | 102,282     |   |                  | $                 | 869,567,685  |             |        | $             | (278,607,246)    |   |   | $                 | 591,062,721  |   |
| Net increase/(decrease) in net assets resulting from operations:                            |                   |        |            |               |                  |        |                  |                   |                   |
| Net investment income/(loss)                                                                    | —      |   |            | —  |             |        | —     |              |                   | (13,943,863)     |   |               | (13,943,863)     |   |
| Net realized gain/(loss) on investments                                                         | —      |   |            | —  |             |        | —     |              |                   | (8,048,288)      |   |               | (8,048,288)      |   |
| Net change in unrealized appreciation/(depreciation) on investments                             | —      |   |            | —  |             |        | —     |              |                   | (88,519,105)     |   |               | (88,519,105)     |   |
| Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments | —      |   |            | —  |             |        | —     |              |                   | (52,848)         |   |               | (52,848)         |   |
| Shareholder distributions:                                                                      |                   |        |            |               |                  |        |                  |                   |                   |
| Issuance of common shares pursuant to distribution reinvestment plan                                | 710,046      |   |            | 711      |             |        | 3,842,420   |              |                   | —     |   |               | 3,843,131   |   |
| Repurchase of common shares                                                                         | (158,947)         |   |            | (160)         |             |        | (875,262)        |              |                   | —     |   |               | (875,422)        |   |
| Distributions from earnings                                                                         | —      |   |            | —  |             |        | —     |              |                   | (10,707,406)     |   |               | (10,707,406)     |   |
| Total increase/(decrease) for the six months ended June 30, 2020                                | 551,099      |   |            | 551      |             |        | 2,967,158   |              |                   | (121,271,510)    |   |               | (118,303,801)    |   |
| Balance at June 30, 2020                                                                            | 102,833,465  |   |            | $             | 102,833     |   |                  | $                 | 872,534,843  |             |        | $             | (399,878,756)    |   |   | $                 | 472,758,920  |   |
|                                                                                                     |                   |        |            |               |                  |        |                  |                   |                   |
| Balance at March 31, 2019                                                                           | 99,485,633        |        | $          | 99,486   |             |        | $                | 864,886,848  |              |                  | $      | (197,619,611) |             |        | $ | 667,366,723  |              |
| Net increase (decrease) in net assets resulting from operations:                                |                   |        |            |               |                  |        |                  |                   |                   |
| Net investment income/(loss)                                                                    | —      |   |            | —  |             |        | —     |              |                   | 11,859,528  |   |               | 11,859,528  |   |
| Net realized gain (loss) on investments                                                             | —      |   |            | —  |             |        | —     |              |                   | 1,479,937   |   |               | 1,479,937   |   |
| Net realized gain/(loss) on total return swap (Note 5)                                          | —      |   |            | —  |             |        | —     |              |                   | (146,781)        |   |               | (146,781)        |   |
| Net change in unrealized appreciation/(depreciation) on investments                             | —      |   |            | —  |             |        | —     |              |                   | (33,077,063)     |   |               | (33,077,063)     |   |
| Net change in unrealized appreciation/(depreciation) on total return swap (Note 5)              | —      |   |            | —  |             |        | —     |              |                   | (144,311)        |   |               | (144,311)        |   |
| Change in provision for deferred taxes on unrealized appreciate/(depreciation) on investments   | —      |   |            | —  |             |        | —     |              |                   | 2,974,612   |   |               | 2,974,612   |   |
| Shareholder distributions:                                                                      |                   |        |            |               |                  |        |                  |                   |                   |
| Issuance of common shares, net of underwriting costs                                                | —      |   |            | —  |             |        | —     |              |                   | —     |   |               | —     |   |
| Issuance of common shares pursuant to distribution reinvestment plan                                | 976,953      |   |            | 977      |             |        | 6,095,932   |              |                   | —     |   |               | 6,096,909   |   |
| Repurchase of common shares                                                                         | —      |   |            | —  |             |        | —     |              |                   | —     |   |               | —     |   |
| Distributions from earnings                                                                         | —      |   |            | —  |             |        | —     |              |                   | (15,973,009)     |   |               | (15,973,009)     |   |
| Total increase (decrease) for the three months ended June 30, 2019                                  | 976,953      |   |            | 977      |             |        | 6,095,932   |              |                   | (33,027,087)     |   |               | (26,930,178)     |   |
| Balance at June 30, 2019                                                                            | 100,462,586  |   |            | $             | 100,463     |   |                  | $                 | 870,982,780  |             |        | $             | (230,646,698)    |   |   | $                 | 640,436,545  |   |
|                                                                                                     |                   |        |            |               |                  |        |                  |                   |                   |
| Balance at December 31, 2018                                                                        | 98,502,907        |        | $          | 98,503   |             |        | $                | 858,699,757  |              |                  | $      | (196,718,061) |             |        | $ | 662,080,199  |              |
| Net increase/(decrease) in net assets resulting from operations:                            |                   |        |            |               |                  |        |                  |                   |                   |
| Net investment income/(loss)                                                                    | —      |   |            | —  |             |        | —     |              |                   | 20,654,221  |   |               | 20,654,221  |   |
| Net realized gain/(loss) on investments                                                         | —      |   |            | —  |             |        | —     |              |                   | (5,928,923)      |   |               | (5,928,923)      |   |
| Net realized gain/(loss) on total return swap (Note 5)                                          | —      |   |            | —  |             |        | —     |              |                   | (9,323,516)      |   |               | (9,323,516)      |   |
| Net change in unrealized appreciation/(depreciation) on investments                             | —      |   |            | —  |             |        | —     |              |                   | (14,067,392)     |   |               | (14,067,392)     |   |
| Net change in unrealized appreciation/(depreciation) on total return swap (Note 5)              | —      |   |            | —  |             |        | —     |              |                   | 6,524,904   |   |               | 6,524,904   |   |
| Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments | —      |   |            | —  |             |        | —     |              |                   | —     |   |               | —     |   |
| Shareholder distributions:                                                                      |                   |        |            |               |                  |        |                  |                   |                   |
| Issuance of common shares, net of underwriting costs                                                | —      |   |            | —  |             |        | —     |              |                   | —     |   |               | —     |   |
| Issuance of common shares pursuant to distribution reinvestment plan                                | 1,959,679    |   |            | 1,960    |             |        | 12,283,023  |              |                   | —     |   |               | 12,284,983  |   |
| Distributions from earnings                                                                         | —      |   |            | —  |             |        | —     |              |                   | (31,787,931)     |   |               | (31,787,931)     |   |
| Total increase/(decrease) for the six months ended June 30, 2019                                | 1,959,679    |   |            | 1,960    |             |        | 12,283,023  |              |                   | (33,928,637)     |   |               | (21,643,654)     |   |
| Balance at June 30, 2019                                                                            | 100,462,586  |   |            | $             | 100,463     |   |                  | $                 | 870,982,780  |             |        | $             | (230,646,698)    |   |   | $                 | 640,436,545  |   |

----

Table of Contents

|                                                                                                                                                   |  |                           |                  |             |                   |        |                   |        |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------|------------------|-------------|-------------------|--------|-------------------|--------|--|--|--|--|--|--|
|                                                                                                                                              |  | Six Months Ended June 30, |                  |             |
|                                                                                                                                              |  | 2020                      |                  | 2019        |
|                                                                                                                                                   |  | (unaudited)               |                  | (unaudited) |
| Cash flows from operating activities                                                                                                              |  |                           |                  |             |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:                                                                          |  | $                         | (110,564,104)    |        |                   | $      | (2,140,706)       |   |
| ADJUSTMENT TO RECONCILE NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES: |  |                           |                  |             |
| Payment-in-kind interest income                                                                                                                   |  | (1,240,280)               |             |             | (2,320,079)       |   |
| Net amortization of premium on investments                                                                                                        |  | (174,522)                 |             |             | (1,149,608)       |   |
| Amortization of deferred financing costs                                                                                                          |  | 1,579,789            |             |             | 969,326      |   |
| Net realized (gain)/loss on investments                                                                                                       |  | 8,048,288            |             |             | 5,928,923    |   |
| Net change in unrealized (appreciation)/depreciation on investments                                                                           |  | 88,519,105           |             |             | 14,067,392   |   |
| Net change in unrealized (appreciation)/depreciation on total return swap (Note 5)                                                            |  | —              |             |             | (6,524,904)       |   |
| Purchases and originations                                                                                                                        |  | (66,572,171)              |             |             | (121,610,735)     |   |
| Proceeds from sale of investments and principal repayments                                                                                        |  | 64,582,263           |             |             | 223,542,838  |   |
| (Increase)/decrease in operating assets:                                                                                                  |  |                           |                  |             |
| Unsettled trades receivable                                                                                                                       |  | (709,532)                 |             |             | 2,029,431    |   |
| Interest receivable from non-controlled/non-affiliated investments                                                                            |  | 4,265,188            |             |             | 116,657      |   |
| Interest receivable from controlled/affiliated investments                                                                                    |  | —              |             |             | 382,121      |   |
| Receivable due on total return swap (Note 5)                                                                                                      |  | —              |             |             | 108,968      |   |
| Deferred transaction costs                                                                                                                        |  | 14,993,778           |             |             | (4,228,167)       |   |
| Prepaid expenses and other assets                                                                                                                 |  | 1,156,532            |             |             | 202,073      |   |
| Increase/(decrease) in operating liabilities:                                                                                             |  |                           |                  |             |
| Unsettled trades payable                                                                                                                          |  | 247,500              |             |             | 9,651,373    |   |
| Base management fee payable                                                                                                                       |  | (1,115,773)               |             |             | (155,696)         |   |
| Transaction costs payable                                                                                                                         |  | (426,172)                 |             |             | 307,502      |   |
| Accounts payable and accrued expenses                                                                                                             |  | (639,338)                 |             |             | (956,271)         |   |
| Administrator fees payable                                                                                                                        |  | 287,101              |             |             | (153,359)         |   |
| Interest payable                                                                                                                                  |  | (1,003,027)               |             |             | (26,393)          |   |
| Deferred tax liability                                                                                                                            |  | 52,848               |             |             | —      |   |
| Taxes Payable                                                                                                                                     |  | —              |             |             | 3,236,233    |   |
| NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES                                                                                           |  | 1,287,473            |             |             | 121,276,919  |   |
| Cash flows from financing activities:                                                                                                         |  |                           |                  |             |
| Repayments of revolving credit facility                                                                                                           |  | (134,286,928)             |             |             | (26,900,000)      |   |
| Payment of cash distributions                                                                                                                     |  | (6,864,275)               |             |             | (19,502,948)      |   |
| Financing costs paid                                                                                                                              |  | (299,525)                 |             |             | (140,000)         |   |
| Repurchase of common shares                                                                                                                       |  | (721,694)                 |             |             | —      |   |
| NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES                                                                                           |  | (142,172,422)             |             |             | (46,542,948)      |   |
| TOTAL INCREASE/(DECREASE) IN CASH                                                                                                             |  | (140,884,949)             |             |             | 74,733,971   |   |
| CASH, CASH EQUIVALENTS AND CASH COLLATERAL ON TOTAL RETURN SWAP AT BEGINNING OF PERIOD                                                            |  | 225,316,656          |             |             | 86,481,495   |   |
| CASH, CASH EQUIVALENTS AND CASH COLLATERAL ON TOTAL RETURN SWAP AT END OF PERIOD (1)                                                              |  | $                         | 84,431,707  |        |                   | $      | 161,215,466  |   |
| Supplemental Information:                                                                                                                     |  |                           |                  |             |
| Cash paid during the period for interest                                                                                                          |  | $                         | 7,165,841   |        |                   | $      | 9,722,533    |   |
| Supplemental non-cash information:                                                                                                            |  |                           |                  |             |
| Non-cash purchase of investments                                                                                                                  |  | $                         | 20,457,589  |        |                   | $      | 15,557,064   |   |
| Non-cash sale of investments                                                                                                                      |  | 20,457,589           |             |             | 15,557,064   |   |
| Payment-in-kind interest income                                                                                                                   |  | 1,240,280            |             |             | 2,320,079    |   |
| Amortization of deferred financing costs                                                                                                          |  | 1,579,789            |             |             | 969,327      |   |
| Net amortization of premium on investments                                                                                                        |  | 174,522              |             |             | 1,149,608    |   |
| Issuance of common shares in connection with distribution reinvestment plan                                                                       |  | $                         | 3,843,131   |        |                   | $      | 12,284,983   |   |

----

Table of Contents

|                                                              |  |                                   |  |                                                                                         |  |                    |  |                  |                 |        |                  |            |                 |                    |        |   |                 |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|--|-----------------------------------|--|-----------------------------------------------------------------------------------------|--|--------------------|--|------------------|-----------------|--------|------------------|------------|-----------------|--------------------|--------|---|-----------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                                |  | Industry                          |  | Type of Investment                                                                      |  | Maturity           |  | Par Amount       |                 | Cost   |                  | Fair Value |                 | % of Net Assets(3) |
| Non-controlled/non-affiliated investments – 102.1% |  |                                   |  |                                                                                         |  |                    |  |                  |                 |        |                  |            |                 | 472,758,920   |   |
| AAAHI Acquisition Corporation                                |  | Transportation: Consumer      |  | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(6)              |  | 12/10/2023 |  | $                | 7,141,553  |   |                  | $          | 7,141,553  |               |        | $ | 6,298,518  |   |  | 1.3% |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 7,141,553   |            |        | 7,141,553   |       |                 | 6,298,518     |   |   |                 |
| Alpine SG, LLC                                               |  | High Tech Industries              |  | Senior Secured First Lien Revolving Credit Facility LIBOR + 5.750%, 1.000% Floor (4)(5) |  | 11/16/2022 |  | 1,000,000   |            |        | 1,000,000   |       |                 | 996,500       |   |   | 0.2%            |
|                                                              |  |                                   |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)    |  | 11/16/2022 |  | 6,165,354   |            |        | 6,165,354   |       |                 | 5,829,959     |   |   | 1.2%            |
|                                                              |  |                                   |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)(6)              |  | 11/16/2022 |  | 12,483,025  |            |        | 12,483,025  |       |                 | 11,803,948    |   |   | 2.5%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 19,648,379  |            |        | 19,648,379  |       |                 | 18,630,407    |   |   |                 |
| American Dental Partners, Inc.                               |  | Healthcare & Pharmaceuticals  |  | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)                |  | 9/25/2023  |  | 4,893,750   |            |        | 4,893,750   |       |                 | 3,670,312     |   |   | 0.8%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 4,893,750   |            |        | 4,893,750   |       |                 | 3,670,312     |   |   |                 |
| Amerijet Holdings, Inc.                                      |  | Transportation: Cargo         |  | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (5)(7)                 |  | 7/15/2021  |  | 9,435,368   |            |        | 9,435,368   |       |                 | 9,320,256     |   |   | 2.0%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 9,435,368   |            |        | 9,435,368   |       |                 | 9,320,256     |   |   |                 |
| AMMC CLO 22, Limited Series 2018-22A                         |  | Multi-Sector Holdings             |  | Subordinated Notes 12.819% effective yield (8)(9)(10)                                   |  | 4/25/2031  |  | 7,222,000   |            |        | 5,564,875   |       |                 | 4,443,697     |   |   | 0.9%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 7,222,000   |            |        | 5,564,875   |       |                 | 4,443,697     |   |   |                 |
| Answers Finance, LLC                                         |  | High Tech Industries              |  | Common Stock - 389,533 shares (11)                                                      |  |                    |  | —     |            |        | 5,076,376   |       |                 | 493,437       |   |   | 0.1%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | —     |            |        | 5,076,376   |       |                 | 493,437       |   |   |                 |
| Apidos CLO XXIV, Series 2016-24A                             |  | Multi-Sector Holdings             |  | Subordinated Notes 8.117% effective yield (5)(8)(9)(10)                                 |  | 7/20/2027  |  | 18,357,647  |            |        | 10,915,024  |       |                 | 7,936,011     |   |   | 1.7%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 18,357,647  |            |        | 10,915,024  |       |                 | 7,936,011     |   |   |                 |
| Avantor, Inc.                                                |  | Wholesale                         |  | Common Stock  - 1,867,356 shares (5)(9)(11)(12)                                         |  |                    |  | —     |            |        | 26,500,652  |       |                 | 25,743,491    |   |   | 5.4%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | —     |            |        | 26,500,652  |       |                 | 25,743,491    |   |   |                 |
| Aviation Technical Services, Inc.                            |  | Aerospace & Defense           |  | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)                |  | 3/31/2022  |  | 25,000,000  |            |        | 25,000,000  |       |                 | 23,335,000    |   |   | 4.9%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 25,000,000  |            |        | 25,000,000  |       |                 | 23,335,000    |   |   |                 |
| Black Angus Steakhouses, LLC                                 |  | Hotel, Gaming & Leisure       |  | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor, PIK (4)(5)(13)        |  | 12/31/2020 |  | 20,503,051  |            |        | 20,503,051  |       |                 | 14,659,681    |   |   | 3.1%            |
|                                                              |  |                                   |  | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)(5)                 |  | 12/31/2020 |  | 1,562,500   |            |        | 1,562,500   |       |                 | 1,562,500     |   |   | 0.3%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 22,065,551  |            |        | 22,065,551  |       |                 | 16,222,181    |   |   |                 |
| BRG Sports, Inc.                                             |  | Consumer Goods: Durable       |  | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (5)(7)                 |  | 6/15/2023  |  | 4,952,500   |            |        | 4,952,500   |       |                 | 4,720,228     |   |   | 1.0%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 4,952,500   |            |        | 4,952,500   |       |                 | 4,720,228     |   |   |                 |
| Brook & Whittle Holding Corp.                            |  | Containers, Packaging & Glass |  | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5)                 |  | 10/17/2024 |  | 2,937,058   |            |        | 2,937,058   |       |                 | 2,819,870     |   |   | 0.6%            |
|                                                              |  |                                   |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5)    |  | 10/17/2024 |  | 690,757     |            |        | 690,757     |       |                 | 663,196       |   |   | 0.1%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 3,627,815   |            |        | 3,627,815   |       |                 | 3,483,066     |   |   |                 |
| Centauri Group Holdings, LLC                                 |  | High Tech Industries              |  | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor(4)                     |  | 2/12/2024  |  | 9,978,873   |            |        | 9,963,962   |       |                 | 9,557,764     |   |   | 2.0%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 9,978,873   |            |        | 9,963,962   |       |                 | 9,557,764     |   |   |                 |
| CPI International, Inc.                                      |  | Aerospace & Defense           |  | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (5)(7)                |  | 7/28/2025  |  | 8,580,652   |            |        | 8,562,505   |       |                 | 7,121,941     |   |   | 1.5%            |
|                                                              |  |                                   |  |                                                                                         |  |                    |  | 8,580,652   |            |        | 8,562,505   |       |                 | 7,121,941     |   |   |                 |

----

Table of Contents

|                                                     |  |                                               |  |                                                                            |  |                    |  |                  |        |      |                  |            |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|-----------------------------------------------|--|----------------------------------------------------------------------------|--|--------------------|--|------------------|--------|------|------------------|------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                       |  | Industry                                      |  | Type of Investment                                                         |  | Maturity           |  | Par Amount       |        | Cost |                  | Fair Value |  | % of Net Assets(3) |
| CT Technologies Intermediate Holdings, Inc.         |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan LIBOR + 4.250%, 1.000% Floor (5)(7)    |  | 12/1/2021  |  | 966,921     |   |      | 885,099     |       |  | 907,649       |   |  | 0.2% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 966,921     |   |      | 885,099     |       |  | 907,649       |   |  |      |
| DataOnline Corp.                                    |  | High Tech Industries                          |  | Revolving Credit Facility LIBOR + 5.500%, 1.000% Floor (4)(5)(6)           |  | 11/13/2025 |  | 1,607,143   |   |      | 1,607,143   |       |  | 1,512,857     |   |  | 0.3% |
|                                                     |  |                                               |  | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (4)(5)(6) |  | 11/13/2025 |  | 14,925,000  |   |      | 14,925,000  |       |  | 14,268,300    |   |  | 3.0% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 16,532,143  |   |      | 16,532,143  |       |  | 15,781,157    |   |  |      |
| DirectBuy Home Improvement, Inc.                    |  | Retail                                        |  | Subordinated notes LIBOR + 6.500%, 1.000% Floor (4)(5)(13)                 |  | 6/20/2022  |  | 260,919     |   |      | 244,752     |       |  | 39,138        |   |  | 0.0% |
|                                                     |  |                                               |  | Common Stock - 191,678 shares (5)(11)                                      |  |                    |  | —     |   |      | 75,340      |       |  | —       |   |  | 0.0% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 260,919     |   |      | 320,092     |       |  | 39,138        |   |  |      |
| Dryden 38 Senior Loan Fund, Series 2015-38A         |  | Multi-Sector Holdings                         |  | Subordinated Notes 11.277% effective yield (8)(9)(10)                      |  | 7/15/2027  |  | 7,000,000   |   |      | 4,564,907   |       |  | 2,729,300     |   |  | 0.6% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 7,000,000   |   |      | 4,564,907   |       |  | 2,729,300     |   |  |      |
| Dryden 43 Senior Loan Fund, Series 2016-43A         |  | Multi-Sector Holdings                         |  | Subordinated Notes 7.765% effective yield (5)(8)(9)(10)                    |  | 7/20/2029  |  | 3,620,000   |   |      | 2,624,344   |       |  | 1,708,278     |   |  | 0.4% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 3,620,000   |   |      | 2,624,344   |       |  | 1,708,278     |   |  |      |
| Dryden 49 Senior Loan Fund, Series 2017-49A         |  | Multi-Sector Holdings                         |  | Subordinated Notes 8.041% effective yield (5)(8)(9)(10)                    |  | 7/18/2030  |  | 17,233,288  |   |      | 12,942,660  |       |  | 8,103,092     |   |  | 1.7% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 17,233,288  |   |      | 12,942,660  |       |  | 8,103,092     |   |  |      |
| First Boston Construction Holdings, LLC             |  | Banking, Finance, Insurance & Real Estate |  | Senior secured first lien notes 12.000% (5)                                |  | 2/23/2023  |  | 7,972,000   |   |      | 7,972,000   |       |  | 7,654,714     |   |  | 1.6% |
|                                                     |  |                                               |  | Preferred Equity - 2,304,406 units (5)(11)                                 |  |                    |  | —     |   |      | 1,993,000   |       |  | 1,395,100     |   |  | 0.3% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 7,972,000   |   |      | 9,965,000   |       |  | 9,049,814     |   |  |      |
| Friedrich Holdings, Inc.                            |  | Construction & Building                   |  | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7)    |  | 2/7/2023   |  | 10,474,200  |   |      | 10,474,200  |       |  | 10,215,487    |   |  | 2.2% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 10,474,200  |   |      | 10,474,200  |       |  | 10,215,487    |   |  |      |
| GK Holdings, Inc.                                   |  | Services: Business                        |  | Senior Secured Second Lien Term Loan LIBOR + 10.250%, 1.000% Floor (4)(13) |  | 1/20/2022  |  | 10,000,000  |   |      | 10,000,000  |       |  | 3,700,000     |   |  | 0.8% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 10,000,000  |   |      | 10,000,000  |       |  | 3,700,000     |   |  |      |
| Golden West Packaging Group LLC                     |  | Forest Products & Paper                   |  | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (5)(7)    |  | 6/20/2023  |  | 1,413,504   |   |      | 1,413,504   |       |  | 1,339,719     |   |  | 0.3% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 1,413,504   |   |      | 1,413,504   |       |  | 1,339,719     |   |  |      |
| Holland Acquisition Corp.                           |  | Energy: Oil & Gas                     |  | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)(13)   |  | 5/29/2020  |  | 3,857,305   |   |      | 3,733,979   |       |  | 108,310       |   |  | 0.0% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 3,857,305   |   |      | 3,733,979   |       |  | 108,310       |   |  |      |
| Hylan Datacom & Electrical LLC                  |  | Construction & Building                   |  | Senior Secured First Lien Term Loan LIBOR + 9.500%, 1.000% Floor (4)(5)    |  | 7/25/2021  |  | 15,025,587  |   |      | 15,025,587  |       |  | 10,818,423    |   |  | 2.3% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 15,025,587  |   |      | 15,025,587  |       |  | 10,818,423    |   |  |      |
| IHS Intermediate, Inc.                              |  | Services: Business                        |  | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor (7)(13)  |  | 7/20/2022  |  | 25,000,000  |   |      | 25,000,000  |       |  | —       |   |  | 0.0% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 25,000,000  |   |      | 25,000,000  |       |  | —       |   |  |      |
| Impact Group, LLC                                   |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(7)    |  | 6/27/2023  |  | 5,765,408   |   |      | 5,765,408   |       |  | 5,038,967     |   |  | 1.1% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 5,765,408   |   |      | 5,765,408   |       |  | 5,038,967     |   |  |      |
| Innovative XCessories & Services, LLC |  | Automotive                                    |  | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor(5)(7)     |  | 3/5/2027   |  | 2,992,311   |   |      | 2,963,652   |       |  | 2,800,803     |   |  | 0.6% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 2,992,311   |   |      | 2,963,652   |       |  | 2,800,803     |   |  |      |
| Interflex Acquisition Company, LLC                  |  | Containers, Packaging & Glass             |  | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (5)(7)    |  | 8/18/2022  |  | 12,273,452  |   |      | 12,273,452  |       |  | 11,598,413    |   |  | 2.5% |
|                                                     |  |                                               |  |                                                                            |  |                    |  | 12,273,452  |   |      | 12,273,452  |       |  | 11,598,413    |   |  |      |
| Iqor US Inc.                                        |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor (4)(13)  |  | 7/31/2020  |  | 1,437,493   |   |      | 1,343,319   |       |  | 1,336,868     |   |  | 0.3% |

----

Table of Contents

|                                                |  |                                  |  |                                                                                      |  |                    |  |                  |        |      |                  |            |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|----------------------------------|--|--------------------------------------------------------------------------------------|--|--------------------|--|------------------|--------|------|------------------|------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                  |  | Industry                         |  | Type of Investment                                                                   |  | Maturity           |  | Par Amount       |        | Cost |                  | Fair Value |  | % of Net Assets(3) |
|                                                |  |                                  |  | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)                 |  | 4/1/2021   |  | 19,763,047  |   |      | 19,277,685  |       |  | 11,363,753    |   |  | 2.4% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 21,200,540  |   |      | 20,621,004  |       |  | 12,700,621    |   |  |      |
| Isagenix International, LLC                    |  | Wholesale                        |  | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (4)(5)              |  | 6/16/2025  |  | 1,797,415   |   |      | 1,790,865   |       |  | 691,645       |   |  | 0.1% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 1,797,415   |   |      | 1,790,865   |       |  | 691,645       |   |  |      |
| Isola USA Corp.                                |  | High Tech Industries             |  | Senior Secured Second Lien Term Loan LIBOR + 9.500%, 1.000% Floor, PIK (4)(6)(13)    |  | 1/2/2023   |  | 10,791,626  |   |      | 7,072,183   |       |  | 6,474,976     |   |  | 1.4% |
|                                                |  |                                  |  | Common Units - 10,283,782 units (11)                                                 |  |                    |  | —     |   |      | —     |       |  | —       |   |  | 0.0% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 10,791,626  |   |      | 7,072,183   |       |  | 6,474,976     |   |  |      |
| JFL-WCS Partners, LLC                          |  | Environmental Industries         |  | Preferred Units  - 618,876 6.000%, PIK (5)                                           |  |                    |  | —     |   |      | 693,141     |       |  | 693,141       |   |  | 0.1% |
|                                                |  |                                  |  | Common Units - 68,764 units (5)(11)                                                  |  |                    |  | —     |   |      | 68,764      |       |  | 1,787,864     |   |  | 0.4% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | —     |   |      | 761,905     |       |  | 2,481,005     |   |  |      |
| Keystone Acquisition Corp.                     |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5)              |  | 5/1/2024   |  | 1,793,351   |   |      | 1,739,110   |       |  | 1,700,096     |   |  | 0.4% |
|                                                |  |                                  |  | Senior Secured Second Lien Term Loan LIBOR + 9.250%, 1.000% Floor (4)(5)             |  | 5/1/2025   |  | 7,000,000   |   |      | 6,913,293   |       |  | 5,881,400     |   |  | 1.2% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 8,793,351   |   |      | 8,652,403   |       |  | 7,581,496     |   |  |      |
| Kronos Incorporated                            |  | Services: Business           |  | Senior Secured Second Lien Term Loan LIBOR + 8.250%(4)(5)                            |  | 11/1/2024  |  | 2,000,000   |   |      | 1,957,146   |       |  | 2,000,000     |   |  | 0.4% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 2,000,000   |   |      | 1,957,146   |       |  | 2,000,000     |   |  |      |
| Magnetite XIX, Limited                         |  | Multi-Sector Holdings            |  | Subordinated Notes LIBOR + 7.610% (4)(8)(9)(10)                                      |  | 7/17/2030  |  | 2,000,000   |   |      | 1,894,263   |       |  | 1,400,400     |   |  | 0.3% |
|                                                |  |                                  |  | Subordinated Notes 7.929% effective yield (5)(8)(9)(10)                              |  | 7/17/2030  |  | 13,730,209  |   |      | 9,856,054   |       |  | 6,493,016     |   |  | 1.4% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 15,730,209  |   |      | 11,750,317  |       |  | 7,893,416     |   |  |      |
| Manna Pro Products, LLC                        |  | Consumer Goods: Non-durable  |  | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7)              |  | 12/8/2023  |  | 4,062,500   |   |      | 4,062,500   |       |  | 3,789,906     |   |  | 0.8% |
|                                                |  |                                  |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7) |  | 12/8/2023  |  | 825,000     |   |      | 825,000     |       |  | 769,642       |   |  | 0.2% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 4,887,500   |   |      | 4,887,500   |       |  | 4,559,548     |   |  |      |
| Midwest Physician Administrative Services, LLC |  | Healthcare & Pharmaceuticals |  | Senior Secured Second Lien Term Loan LIBOR + 7.000%, 1.000% Floor (7)                |  | 8/15/2025  |  | 1,950,000   |   |      | 1,887,045   |       |  | 1,613,625     |   |  | 0.3% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 1,950,000   |   |      | 1,887,045   |       |  | 1,613,625     |   |  |      |
| Novetta Solutions, LLC                         |  | High Tech Industries             |  | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor(5)(7)               |  | 10/17/2022 |  | 1,568,994   |   |      | 1,521,060   |       |  | 1,520,041     |   |  | 0.3% |
|                                                |  |                                  |  | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (5)(7)             |  | 10/16/2023 |  | 11,000,000  |   |      | 10,944,979  |       |  | 10,340,000    |   |  | 2.2% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 12,568,994  |   |      | 12,466,039  |       |  | 11,860,041    |   |  |      |
| Offen Inc.                                     |  | Transportation: Cargo        |  | Senior Secured First Lien Term Loan LIBOR + 5.000% (4)(6)                            |  | 6/21/2026  |  | 2,908,673   |   |      | 2,874,573   |       |  | 2,739,127     |   |  | 0.6% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 2,908,673   |   |      | 2,874,573   |       |  | 2,739,127     |   |  |      |
| Path Medical, LLC                              |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan LIBOR + 9.500%, 1.000% Floor, PIK (5)(7)         |  | 10/11/2021 |  | 18,464,462  |   |      | 18,226,016  |       |  | 17,129,481    |   |  | 3.6% |
|                                                |  |                                  |  | Warrants - 36,716 warrants(5)(11)                                                    |  | 1/9/2027   |  | —     |   |      | 669,709     |       |  | —       |   |  | 0.0% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 18,464,462  |   |      | 18,895,725  |       |  | 17,129,481    |   |  |      |
| PetroChoice Holdings, Inc.                     |  | Chemicals, Plastics & Rubber |  | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (4)(5)             |  | 8/21/2023  |  | 9,000,000   |   |      | 9,000,000   |       |  | 6,955,200     |   |  | 1.6% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 9,000,000   |   |      | 9,000,000   |       |  | 6,955,200     |   |  |      |
| Polymer Solutions Group Holdings, LLC          |  | Chemicals, Plastics & Rubber |  | Senior Secured First Lien Term Loan LIBOR + 6.750%, 1.000% Floor (5)(7)              |  | 6/30/2021  |  | 1,059,622   |   |      | 1,059,622   |       |  | 1,031,966     |   |  | 0.2% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 1,059,622   |   |      | 1,059,622   |       |  | 1,031,966     |   |  |      |
| Project Silverback Holdings Corp.              |  | High Tech Industries             |  | Senior Secured First Lien Term Loan LIBOR + 3.500%, 1.000% Floor (4)                 |  | 8/21/2024  |  | 4,862,500   |   |      | 4,370,829   |       |  | 4,169,594     |   |  | 0.9% |

----

Table of Contents

|                                     |  |                                               |  |                                                                                         |  |                    |  |                  |        |      |                  |            |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--|-----------------------------------------------|--|-----------------------------------------------------------------------------------------|--|--------------------|--|------------------|--------|------|------------------|------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                       |  | Industry                                      |  | Type of Investment                                                                      |  | Maturity           |  | Par Amount       |        | Cost |                  | Fair Value |  | % of Net Assets(3) |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 4,862,500   |   |      | 4,370,829   |       |  | 4,169,594     |   |  |      |
| Proppants Holdings, LLC             |  | Energy:  Oil & Gas               |  | Common Units - 161,852 units (11)                                                       |  |                    |  | —     |   |      | 874,363     |       |  | 323,704       |   |  | 0.1% |
|                                     |  |                                               |  | Common Units - 161,852 units (11)                                                       |  |                    |  | —     |   |      | 8,832       |       |  | —       |   |  | 0.0% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | —     |   |      | 883,195     |       |  | 323,704       |   |  |      |
| PT Network, LLC                     |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (4)(5)                 |  | 11/30/2023 |  | 8,030,521   |   |      | 7,629,758   |       |  | 7,227,469     |   |  | 1.6% |
|                                     |  |                                               |  | Membership Units - 1.441 units (5)(11)                                                  |  |                    |  | —     |   |      | —     |       |  | —       |   |  | 0.1% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 8,030,521   |   |      | 7,629,758   |       |  | 7,227,469     |   |  |      |
| RateGain Technologies, Inc.         |  | Hotel, Gaming & Leisure                   |  | Subordinated Notes (5)(11)                                                              |  | 7/31/2020  |  | 440,050     |   |      | 440,049     |       |  | 220,025       |   |  | 0.0% |
|                                     |  |                                               |  | Subordinated Notes (5)(11)                                                              |  | 7/31/2021  |  | 476,190     |   |      | 476,190     |       |  | 238,095       |   |  | 0.1% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 916,240     |   |      | 916,239     |       |  | 458,120       |   |  |      |
| Recorded Books Inc.                 |  | Media:  Diversified & Production      |  | Senior Secured Second Lien Term Loan LIBOR + 4.250%, 1.000% Floor (5)(7)                |  | 8/29/2025  |  | 11,155      |   |      | 11,129      |       |  | 10,743        |   |  | 0.0% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 11,155      |   |      | 11,129      |       |  | 10,743        |   |  |      |
| Redwood Services Group, LLC         |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)                 |  | 6/6/2023   |  | 22,722,922  |   |      | 22,722,922  |       |  | 20,636,958    |   |  | 4.4% |
|                                     |  |                                               |  | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)                 |  | 6/6/2023   |  | 737,733     |   |      | 716,754     |       |  | 716,191       |   |  | 0.2% |
|                                     |  |                                               |  | Revolving Credit Facility LIBOR + 6.000%, 1.000% Floor (4)(5)(6)                        |  | 6/6/2023   |  | 2,012,500   |   |      | 2,012,500   |       |  | 1,747,136     |   |  | 0.4% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 25,473,155  |   |      | 25,452,176  |       |  | 23,100,285    |   |  |      |
| Resolute Investment Managers, Inc.  |  | Banking, Finance, Insurance & Real Estate |  | Senior Secured Second Lien Term Loan LIBOR + 7.500%, 1.000% Floor (4)(5)                |  | 4/30/2023  |  | 7,950,000   |   |      | 7,919,640   |       |  | 7,286,970     |   |  | 1.5% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 7,950,000   |   |      | 7,919,640   |       |  | 7,286,970     |   |  |      |
| Rhombus Cinema Holdings, LP         |  | Media: Diversified & Production       |  | Preferred Equity 10.000% - 7,449 shares (5)(13)                                         |  |                    |  | —     |   |      | 4,584,207   |       |  | —       |   |  | 0.0% |
|                                     |  |                                               |  | Common Units - 3,163 units (5)(8)(11)                                                   |  |                    |  | —     |   |      | 3,162,793   |       |  | —       |   |  | 0.0% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | —     |   |      | 7,747,000   |       |  | —       |   |  |      |
| SavATree, LLC                       |  | Environmental Industries                      |  | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5)                 |  | 6/2/2022   |  | 4,303,349   |   |      | 4,303,349   |       |  | 4,196,196     |   |  | 0.9% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 4,303,349   |   |      | 4,303,349   |       |  | 4,196,196     |   |  |      |
| SFP Holding, Inc.                   |  | Construction & Building                   |  | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(6)              |  | 9/1/2022   |  | 11,174,350  |   |      | 11,174,350  |       |  | 10,800,260    |   |  | 2.3% |
|                                     |  |                                               |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(6) |  | 9/1/2022   |  | 2,992,875   |   |      | 2,992,875   |       |  | 2,925,375     |   |  | 0.6% |
|                                     |  |                                               |  | Equity - 0.803% of outstanding equity (5)(11)                                           |  |                    |  | —     |   |      | 711,698     |       |  | 430,060       |   |  | 0.1% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 14,167,225  |   |      | 14,878,923  |       |  | 14,155,695    |   |  |      |
| Shift4 Payments, LLC                |  | Banking, Finance, Insurance & Real Estate |  | Senior Secured Second Lien Term Loan LIBOR + 4.500%, 1.000% Floor (4)(5)                |  | 11/29/2024 |  | 4,610,466   |   |      | 4,581,984   |       |  | 4,486,444     |   |  | 0.9% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 4,610,466   |   |      | 4,581,984   |       |  | 4,486,444     |   |  |      |
| Ship Supply Acquisition Corporation |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (4)(5)(13)             |  | 7/31/2020  |  | 21,677,134  |   |      | 21,308,406  |       |  | —       |   |  | 0.0% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 21,677,134  |   |      | 21,308,406  |       |  | —       |   |  |      |
| Simplified Logistics, LLC           |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)                 |  | 2/28/2022  |  | 18,388,264  |   |      | 18,388,264  |       |  | 17,665,605    |   |  | 3.7% |
|                                     |  |                                               |  | Revolving Credit Facility LIBOR + 6.500%, 1.000% Floor (4)(5)(6)                        |  | 2/28/2022  |  | 3,533,333   |   |      | 3,533,333   |       |  | 3,479,833     |   |  | 0.7% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 21,921,597  |   |      | 21,921,597  |       |  | 21,145,438    |   |  |      |
| SMART Financial Operations, LLC     |  | Retail                                        |  | Preferred Equity - 1,000,000 units (5)(11)                                              |  |                    |  | —     |   |      | 1,000,000   |       |  | 490,000       |   |  | 0.1% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | —     |   |      | 1,000,000   |       |  | 490,000       |   |  |      |
| Smile Doctors, LLC                  |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6)              |  | 10/6/2022  |  | 13,454,943  |   |      | 13,454,943  |       |  | 12,687,903    |   |  | 2.7% |
|                                     |  |                                               |  |                                                                                         |  |                    |  | 13,454,943  |   |      | 13,454,943  |       |  | 12,687,903    |   |  |      |

----

Table of Contents

|                                                     |  |                                                   |  |                                                                                      |  |                    |  |                  |        |              |                  |              |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|---------------------------------------------------|--|--------------------------------------------------------------------------------------|--|--------------------|--|------------------|--------|--------------|------------------|--------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                       |  | Industry                                          |  | Type of Investment                                                                   |  | Maturity           |  | Par Amount       |        | Cost         |                  | Fair Value   |  | % of Net Assets(3) |
| Sound Point CLO XX, Ltd.                            |  | Multi-Sector Holdings                             |  | Subordinated Notes 9.045% effective yield (5)(8)(9)(10)                              |  | 7/26/2031  |  | 4,489,000   |   |              | 3,714,543   |         |  | 2,382,761     |   |  | 0.5% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 4,489,000   |   |              | 3,714,543   |         |  | 2,382,761     |   |  |      |
| Starfish Holdco, LLC                                |  | High Tech Industries                              |  | Senior Secured Second Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)(5)             |  | 8/18/2025  |  | 2,000,000   |   |              | 1,980,410   |         |  | 1,804,200     |   |  | 0.4% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 2,000,000   |   |              | 1,980,410   |         |  | 1,804,200     |   |  |      |
| Sungard AS New Holdings, LLC                        |  | Services: Business                            |  | Senior Secured First Lien Term Loan LIBOR + 4.000%, 1.000% Floor, 2.500% PIK (4)(13) |  | 11/3/2022  |  | 5,047,633   |   |              | 4,938,558   |         |  | 3,028,580     |   |  | 0.6% |
|                                                     |  |                                                   |  | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor (4) (6)             |  | 2/3/2022   |  | 929,390     |   |              | 908,550     |         |  | 853,322       |   |  | 0.2% |
|                                                     |  |                                                   |  | Membership units - 73,135 units (11)                                                 |  |                    |  | —     |   |              | 2,163,076   |         |  | 330,205       |   |  | 0.1% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 5,977,023   |   |              | 8,010,184   |         |  | 4,212,107     |   |  |      |
| Team Car Care, LLC                                  |  | Automotive                                        |  | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (4)(5)              |  | 2/23/2023  |  | 13,896,944  |   |              | 13,896,944  |         |  | 13,335,508    |   |  | 2.8% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 13,896,944  |   |              | 13,896,944  |         |  | 13,335,508    |   |  |      |
| The Imagine Group LLC                               |  | Media: Advertising, Printing & Publishing |  | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (5)(7)(13)         |  | 6/21/2023  |  | 8,950,000   |   |              | 8,308,984   |         |  | 608,600       |   |  | 0.1% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 8,950,000   |   |              | 8,308,984   |         |  | 608,600       |   |  |      |
| The Octave Music Group, Inc.                        |  | Media: Diversified & Production           |  | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (5)(7)              |  | 5/29/2025  |  | 7,931,034   |   |              | 7,856,490   |         |  | 6,741,379     |   |  | 1.4% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 7,931,034   |   |              | 7,856,490   |         |  | 6,741,379     |   |  |      |
| True Religion Apparel, Inc.                         |  | Retail                                            |  | Senior Secured First Lien Term Loan 10.000% (13)                                     |  | 10/27/2022 |  | 179,437     |   |              | 133,654     |         |  | 12,094        |   |  | 0.0% |
|                                                     |  |                                                   |  | Common Stock - 2,448 shares (11)                                                     |  |                    |  | —     |   |              | —     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                                   |  | Warrants - 1,122 warrants (11)                                                       |  |                    |  | —     |   |              | —     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 179,437     |   |              | 133,654     |         |  | 12,094        |   |  |      |
| Velocity Pooling Vehicle, LLC                       |  | Automotive                                        |  | Senior Secured First Lien Term Loan LIBOR + 11.000%, 1.000% Floor (4)(5)(14)         |  | 4/28/2023  |  | 845,845     |   |              | 793,067     |         |  | 634,384       |   |  | 0.1% |
|                                                     |  |                                                   |  | Common units - 4,676 units (5)(11)                                                   |  |                    |  | —     |   |              | 259,938     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                                   |  | Warrants - 5,591 warrants(5)(11)                                                     |  | 3/30/2028  |  | —     |   |              | 310,802     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 845,845     |   |              | 1,363,807   |         |  | 634,384       |   |  |      |
| Vertafore, Inc.                                     |  | High Tech Industries                              |  | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (5)(7)             |  | 7/2/2026   |  | 9,950,000   |   |              | 9,827,829   |         |  | 9,774,880     |   |  | 2.1% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 9,950,000   |   |              | 9,827,829   |         |  | 9,774,880     |   |  |      |
| VOYA CLO 2016-2, LTD.                               |  | Multi-Sector Holdings                             |  | Subordinated Notes 2.185% effective yield (5)(8)(9)(10)                              |  | 7/19/2028  |  | 11,088,290  |   |              | 7,852,577   |         |  | 3,878,684     |   |  | 0.8% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 11,088,290  |   |              | 7,852,577   |         |  | 3,878,684     |   |  |      |
| VOYA CLO 2015-2, LTD.                               |  | Multi-Sector Holdings                             |  | Subordinated Notes 3.711% effective yield (5)(8)(9)(10)                              |  | 7/19/2028  |  | 10,735,659  |   |              | 6,384,362   |         |  | 2,744,034     |   |  | 0.6% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 10,735,659  |   |              | 6,384,362   |         |  | 2,744,034     |   |  |      |
| Walker Edison Furniture Company LLC                 |  | Consumer Goods:  Durable                 |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)              |  | 9/26/2024  |  | 14,437,500  |   |              | 14,437,500  |         |  | 13,255,069    |   |  | 2.8% |
|                                                     |  |                                                   |  | Senior Secured First Lien Term Loan 8.750%, (4)(5)                                   |  | 9/26/2024  |  | 2,000,000   |   |              | 2,000,000   |         |  | 2,000,000     |   |  | 0.4% |
|                                                     |  |                                                   |  | Common units - 2,000 units (5)(11)                                                   |  |                    |  | —     |   |              | 2,000,000   |         |  | 5,000,000     |   |  | 1.1% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 16,437,500  |   |              | 18,437,500  |         |  | 20,255,069    |   |  |      |
| Watermill-QMC Midco, Inc.                           |  | Automotive                                        |  | Equity - 1.62% partnership interest (5)(11)                                          |  |                    |  | —     |   |              | 902,277     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | —     |   |              | 902,277     |         |  | —       |   |  |      |
| West Dermatology, LLC                               |  | Healthcare & Pharmaceuticals                  |  | Revolving Credit Facility LIBOR + 5.000%, 1.000% Floor (5)(6)(7)                     |  | 2/11/2025  |  | 1,657,459   |   |              | 1,657,459   |         |  | 1,643,039     |   |  | 0.3% |
|                                                     |  |                                                   |  | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (5)(6)(7)           |  | 2/11/2025  |  | 4,751,381   |   |              | 4,751,380   |         |  | 4,133,984     |   |  | 0.9% |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  | 6,408,840   |   |              | 6,408,839   |         |  | 5,777,023     |   |  |      |
|                                           |  |                                                   |  |                                                                                      |  |                    |  |                  |        |              |                  |              |  |                    |
| Total non-controlled/non-affiliated investments |  |                                                   |  |                                                                                      |  |                    |  |                  |        | $632,966,232 |                  | $482,526,290 |  | 102.1%             |
|                                                     |  |                                                   |  |                                                                                      |  |                    |  |                  |        |              |                  |              |  |                    |

----

Table of Contents

|                                               |  |                                               |      |                                                                                     |  |                    |  |                   |        |      |                   |            |  |                    |        |  |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------|--|-----------------------------------------------|------|-------------------------------------------------------------------------------------|--|--------------------|--|-------------------|--------|------|-------------------|------------|--|--------------------|--------|--|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                 |  | Industry                                      |      | Type of Investment                                                                  |  | Maturity           |  | Par Amount        |        | Cost |                   | Fair Value |  | % of Net Assets(3) |
| Controlled/affiliated investments - 21.1% |  |                                               | (15) |                                                                                     |  |                    |  |                   |        |      |                   |            |  |                    |
| 1888 Industrial Services, LLC                 |  | Energy: Oil & Gas                     |      | Revolving Credit Facility LIBOR + 5.000%, 1.000% Floor, PIK (4)(5)(6)               |  | 9/30/2021  |  | 1,224,664    |   |      | 1,224,664    |       |  | 1,224,664     |   |  | 0.3%  |
|                                               |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor, PIK(4)(5)(13)     |  | 9/30/2021  |  | 3,428,785    |   |      | 3,315,574    |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor, PIK (4)(5)(13)    |  | 9/30/2021  |  | 8,874,029    |   |      | 6,816,029    |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor, PIK (4)(5)(6)(13) |  | 6/30/2021  |  | 431,176      |   |      | 416,940      |       |  | 408,367       |   |  | 0.1%  |
|                                               |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor, PIK (4)(5)        |  | 9/19/2020  |  | 82,717       |   |      | 82,717       |       |  | 82,717        |   |  | 0.0%  |
|                                               |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor, PIK (4)(5)        |  | 9/19/2020  |  | 298,144      |   |      | 298,144      |       |  | 298,144       |   |  | 0.1%  |
|                                               |  |                                               |      | Units - 7,546.76 units (5)(11)                                                      |  |                    |  | —      |   |      | —      |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      |                                                                                     |  |                    |  | 14,339,515   |   |      | 12,154,068   |       |  | 2,013,892     |   |  |       |
| Access Media Holdings, LLC                    |  | Media: Broadcasting & Subscription    |      | Senior Secured First Lien Term Loan 10.000% PIK (5)(13)                             |  | 7/22/2020  |  | 9,473,264    |   |      | 7,458,342    |       |  | 1,420,990     |   |  | 0.3%  |
|                                               |  |                                               |      | Common Stock - 140 units (5)(11)                                                    |  |                    |  | —      |   |      | —      |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      | Preferred Equity - 1,400,000 units (5)(11)                                          |  |                    |  | —      |   |      | 1,400,000    |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      | Preferred Equity - 700,000 units (5)(11)                                            |  |                    |  | —      |   |      | 700,000      |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      | Preferred Equity - 849,800 units (5)(6)(11)                                         |  |                    |  | —      |   |      | 849,800      |       |  | (88,200)           |   |  | 0.0%  |
|                                               |  |                                               |      |                                                                                     |  |                    |  | 9,473,264    |   |      | 10,408,142   |       |  | 1,332,790     |   |  |       |
| Caddo Investors Holdings 1  LLC               |  | Forest Products & Paper                   |      | Equity - 12.250% LLC Interest (5)(16)                                               |  |                    |  | —      |   |      | 5,032,364    |       |  | 6,054,300     |   |  | 1.3%  |
|                                               |  |                                               |      |                                                                                     |  |                    |  | —      |   |      | 5,032,364    |       |  | 6,054,300     |   |  |       |
| Charming Charlie LLC                          |  | Retail                                        |      | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor (4)(13)           |  | 4/24/2023  |  | 3,412,549    |   |      | 3,121,470    |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor (4)(13)           |  | 4/24/2023  |  | 4,178,224    |   |      | 2,737,658    |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      | Senior Secured First Lien Term Loan 20.000%                                         |  | 5/15/2020  |  | 138,517      |   |      | 138,517      |       |  | 71,281        |   |  | 0.0%  |
|                                               |  |                                               |      | Senior Secured First Lien Delayed Draw Term Loan 20.000%                            |  | 5/15/2020  |  | 769,967      |   |      | 769,967      |       |  | 396,225       |   |  | 0.1%  |
|                                               |  |                                               |      | Common Stock - 34,923,249 shares (11)                                               |  |                    |  | —      |   |      | —      |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      |                                                                                     |  |                    |  | 8,499,257    |   |      | 6,767,612    |       |  | 467,506       |   |  |       |
| Dynamic Energy Services International LLC     |  | Energy: Oil & Gas                     |      | Senior Secured First Lien Term Loan 13.500% PIK(4)(5)(13)                           |  | 12/31/2021 |  | 6,570,737    |   |      | 4,449,025    |       |  | 459,952       |   |  | 0.1%  |
|                                               |  |                                               |      | Common Units - 6,500,000 units (5)(11)                                              |  |                    |  | —      |   |      | —      |       |  | —       |   |  | 0.0%  |
|                                               |  |                                               |      |                                                                                     |  |                    |  | 6,570,737    |   |      | 4,449,025    |       |  | 459,952       |   |  |       |
| Kemmerer Operations, LLC                      |  | Metals & Mining                           |      | Senior Secured First Lien Term Loan 15.000% PIK (5)                                 |  | 6/21/2023  |  | 1,975,960    |   |      | 1,975,960    |       |  | 1,975,960     |   |  | 0.4%  |
|                                               |  |                                               |      | Senior Secured First Lien Delayed Draw Term Loan 15.000% PIK (6)                    |  | 6/21/2023  |  | 496,660      |   |      | 496,660      |       |  | 496,660       |   |  | 0.1%  |
|                                               |  |                                               |      | Common Units - 6.7797 units (5)(11)                                                 |  |                    |  | —      |   |      | 962,717      |       |  | 962,760       |   |  | 0.2%  |
|                                               |  |                                               |      |                                                                                     |  |                    |  | 2,472,620    |   |      | 3,435,337    |       |  | 3,435,380     |   |  |       |
| MCM 500 East Pratt Holdings, LLC              |  | Banking, Finance, Insurance & Real Estate |      | Equity - 5,000,000 units (9)(11)                                                    |  |                    |  | —      |   |      | 5,000,000    |       |  | 7,350,000     |   |  | 1.6%  |
|                                               |  |                                               |      |                                                                                     |  |                    |  | —      |   |      | 5,000,000    |       |  | 7,350,000     |   |  |       |
| MCM Capital Office Park Holdings LLC          |  | Banking, Finance, Insurance & Real Estate |      | Equity - 7,500,000 units (9)(11)                                                    |  |                    |  | —      |   |      | 7,500,000    |       |  | 14,625,000    |   |  | 3.1%  |
|                                               |  |                                               |      |                                                                                     |  |                    |  | —      |   |      | 7,500,000    |       |  | 14,625,000    |   |  |       |
| Sierra Senior Loan Strategy JV I LLC          |  | Multi-Sector Holdings                         |      | Equity - 87.5% ownership of SIC Senior Loan Strategy JV I LLC (9)(16)               |  |                    |  | 105,675,000  |   |      | 105,675,000  |       |  | 63,806,881    |   |  | 13.5% |

----

Table of Contents

|                                                 |  |                        |  |                                 |  |          |  |                   |                  |        |                   |            |                  |                    |                   |        |                  |        |  |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|------------------------|--|---------------------------------|--|----------|--|-------------------|------------------|--------|-------------------|------------|------------------|--------------------|-------------------|--------|------------------|--------|--|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                   |  | Industry               |  | Type of Investment              |  | Maturity |  | Par Amount        |                  | Cost   |                   | Fair Value |                  | % of Net Assets(3) |
|                                                 |  |                        |  |                                 |  |          |  | 105,675,000  |             |        | 105,675,000  |       |                  | 63,806,881    |              |        |                  |
| TwentyEighty, Inc.                              |  | Services: Business |  | Common Units - 58,098 units(11) |  |          |  | —      |             |        | —      |       |                  | 389,256       |              |        | 0.1%             |
|                                                 |  |                        |  |                                 |  |          |  | —      |             |        | —      |       |                  | 389,256       |              |        |                  |
|                                       |  |                        |  |                                 |  |          |  |                   |                  |        |                   |            |                  |                    |
| Total controlled/affiliated investments     |  |                        |  |                                 |  |          |  |                   |                  | $      | 160,421,548  |       |                  | $                  | 99,934,957   |   |                  | 21.1%  |
|                                                 |  |                        |  |                                 |  |          |  |                   |                  |        |                   |            |                  |                    |
| Total investments                               |  |                        |  |                                 |  |          |  |                   |                  | $      | 793,387,780  |       |                  | $                  | 582,461,247  |   |                  | 123.2% |
|                                                 |  |                        |  |                                 |  |          |  |                   |                  |        |                   |            |                  |                    |
| Money Market Fund - 13.7%                       |  |                        |  |                                 |  |          |  |                   |                  |        |                   |            |                  |                    |
| State Street Institutional Liquid Reserves Fund |  |                        |  | Money Market 0.330%(12)         |  |          |  | 6,125,004    |             |        | 6,127,454    |       |                  | 6,125,617     |              |        | 1.3%             |
| Federated Institutional Prime Obligations Fund  |  |                        |  | Money Market 0.070% (12)        |  |          |  | 58,696,106   |             |        | 58,696,106   |       |                  | 58,696,106    |              |        | 12.4%            |
| Total money market fund                         |  |                        |  |                                 |  |          |  | $                 | 64,821,110  |   |                   | $          | 64,823,560  |               |                   | $      | 64,821,723  |   |  | 13.7% |

----

Table of Contents

|                                                             |  |                                   |  |                                                                                      |  |                    |  |                  |                 |        |                  |            |                 |                    |                   |        |                 |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------|--|-----------------------------------|--|--------------------------------------------------------------------------------------|--|--------------------|--|------------------|-----------------|--------|------------------|------------|-----------------|--------------------|-------------------|--------|-----------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                               |  | Industry                          |  | Type of Investment                                                                   |  | Maturity           |  | Par Amount       |                 | Cost   |                  | Fair Value |                 | % of Net Assets(3) |
| Non-controlled/non-affiliated investments – 96.0% |  |                                   |  |                                                                                      |  |                    |  |                  |                 |        |                  |            |                 | $                  | 591,062,721  |   |
| AAAHI Acquisition Corporation                               |  | Transportation: Consumer      |  | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(6)           |  | 12/10/2023 |  | $                | 6,966,133  |   |                  | $          | 6,966,133  |               |                   | $      | 6,877,180  |   |  | 1.2% |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 6,966,133   |            |        | 6,966,133   |       |                 | 6,877,180     |              |        |                 |
|  Alpine SG, LLC                                        |  | High Tech Industries              |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 6.500%, 1.000% Floor (5)(7) |  | 11/16/2022 |  | 6,617,630   |            |        | 6,617,630   |       |                 | 6,613,660     |              |        | 1.1%            |
|                                                             |  |                                   |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(6)(7)           |  | 11/16/2022 |  | 13,398,750  |            |        | 13,398,750  |       |                 | 13,390,711    |              |        | 2.3%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 20,016,380  |            |        | 20,016,380  |       |                 | 20,004,371    |              |        |                 |
| American Dental Partners, Inc.                              |  | Healthcare & Pharmaceuticals  |  | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)             |  | 9/25/2023  |  | 4,893,750   |            |        | 4,893,750   |       |                 | 4,813,492     |              |        | 0.8%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 4,893,750   |            |        | 4,893,750   |       |                 | 4,813,492     |              |        |                 |
| Amerijet Holdings, Inc.                                     |  | Transportation: Cargo         |  | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (5)(7)              |  | 7/15/2021  |  | 9,847,868   |            |        | 9,847,868   |       |                 | 9,847,868     |              |        | 1.7%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 9,847,868   |            |        | 9,847,868   |       |                 | 9,847,868     |              |        |                 |
| AMMC CLO 22, Limited Series 2018-22A                        |  | Multi-Sector Holdings             |  | Subordinated Notes 12.573% effective yield (8)(9)(10)                                |  | 4/25/2031  |  | 7,222,000   |            |        | 5,719,206   |       |                 | 5,693,103     |              |        | 1.0%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 7,222,000   |            |        | 5,719,206   |       |                 | 5,693,103     |              |        |                 |
| Answers Finance, LLC                                        |  | High Tech Industries              |  | Common Stock - 389,533 shares (11)                                                   |  |                    |  | —     |            |        | 5,076,376   |       |                 | 802,438       |              |        | 0.1%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | —     |            |        | 5,076,376   |       |                 | 802,438       |              |        |                 |
| Apidos CLO XXIV, Series 2016-24A                            |  | Multi-Sector Holdings             |  | Subordinated Notes 12.285% effective yield (5)(8)(9)(10)                             |  | 7/20/2027  |  | 18,357,647  |            |        | 11,350,063  |       |                 | 11,142,247    |              |        | 1.9%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 18,357,647  |            |        | 11,350,063  |       |                 | 11,142,247    |              |        |                 |
| Avantor, Inc.                                               |  | Wholesale                         |  | Common Stock  - 1,867,356 shares (11)(12)                                            |  |                    |  | —     |            |        | 32,678,730  |       |                 | 33,892,511    |              |        | 5.7%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | —     |            |        | 32,678,730  |       |                 | 33,892,511    |              |        |                 |
| Aviation Technical Services, Inc.                           |  | Aerospace & Defense           |  | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)             |  | 3/31/2022  |  | 25,000,000  |            |        | 25,000,000  |       |                 | 25,000,000    |              |        | 4.2%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 25,000,000  |            |        | 25,000,000  |       |                 | 25,000,000    |              |        |                 |
| Black Angus Steakhouses, LLC                                |  | Hotel, Gaming & Leisure       |  | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)(5)              |  | 4/24/2020  |  | 18,225,446  |            |        | 18,225,446  |       |                 | 18,215,218    |              |        | 3.1%            |
|                                                             |  |                                   |  | Revolving Credit Facility LIBOR + 9.000%, 1.000% Floor (5)(6)(7)                     |  | 4/24/2020  |  | 2,232,143   |            |        | 2,232,143   |       |                 | 2,233,705     |              |        | 0.4%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 20,457,589  |            |        | 20,457,589  |       |                 | 20,448,923    |              |        |                 |
| BRG Sports, Inc.                                            |  | Consumer Goods: Durable       |  | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (5)(7)              |  | 6/15/2023  |  | 5,337,500   |            |        | 5,337,500   |       |                 | 5,331,629     |              |        | 0.9%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 5,337,500   |            |        | 5,337,500   |       |                 | 5,331,629     |              |        |                 |
| Brook & Whittle Holding Corp.                           |  | Containers, Packaging & Glass |  | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5)              |  | 10/17/2024 |  | 2,937,058   |            |        | 2,937,058   |       |                 | 2,924,135     |              |        | 0.5%            |
|                                                             |  |                                   |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5) |  | 10/17/2024 |  | 690,757     |            |        | 690,757     |       |                 | 687,718       |              |        | 0.1%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 3,627,815   |            |        | 3,627,815   |       |                 | 3,611,853     |              |        |                 |
| Capstone Nutrition Development, LLC                         |  | Healthcare & Pharmaceuticals  |  | Units  - 11,124.90 units (11)                                                        |  |                    |  | —     |            |        | 1,112,490   |       |                 | 1,112,490     |              |        | 0.2%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | —     |            |        | 1,112,490   |       |                 | 1,112,490     |              |        |                 |
| Centauri Group Holdings, LLC                                |  | High Tech Industries              |  | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor(4)(5)               |  | 2/12/2024  |  | 10,029,280  |            |        | 10,012,265  |       |                 | 10,004,207    |              |        | 1.7%            |
|                                                             |  |                                   |  |                                                                                      |  |                    |  | 10,029,280  |            |        | 10,012,265  |       |                 | 10,004,207    |              |        |                 |
| CPI International, Inc.                                     |  | Aerospace & Defense           |  | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (5)(7)             |  | 7/28/2025  |  | 9,900,752   |            |        | 9,876,226   |       |                 | 9,475,020     |              |        | 1.6%            |

----

Table of Contents

|                                             |  |                                               |  |                                                                                      |  |                    |  |                  |        |      |                  |            |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|--|-----------------------------------------------|--|--------------------------------------------------------------------------------------|--|--------------------|--|------------------|--------|------|------------------|------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                               |  | Industry                                      |  | Type of Investment                                                                   |  | Maturity           |  | Par Amount       |        | Cost |                  | Fair Value |  | % of Net Assets(3) |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 9,900,752   |   |      | 9,876,226   |       |  | 9,475,020     |   |  |      |
| CT Technologies Intermediate Holdings, Inc. |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan LIBOR + 4.250%, 1.000% Floor (5)(7)              |  | 12/1/2021  |  | 972,010     |   |      | 863,963     |       |  | 914,856       |   |  | 0.2% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 972,010     |   |      | 863,963     |       |  | 914,856       |   |  |      |
| DataOnline Corp.                            |  | High Tech Industries                          |  | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (4)(5)(6)           |  | 11/13/2025 |  | 15,000,000  |   |      | 15,000,000  |       |  | 15,000,000    |   |  | 2.5% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 15,000,000  |   |      | 15,000,000  |       |  | 15,000,000    |   |  |      |
| Dermatologists of Southwestern Ohio, LLC    |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(7)              |  | 4/20/2022  |  | 2,444,307   |   |      | 2,444,307   |       |  | 2,416,686     |   |  | 0.4% |
|                                             |  |                                               |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 6.500%, 1.000% Floor (5)(7) |  | 4/20/2022  |  | 927,413     |   |      | 927,413     |       |  | 916,934       |   |  | 0.2% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 3,371,720   |   |      | 3,371,720   |       |  | 3,333,620     |   |  |      |
| DirectBuy Home Improvement, Inc.            |  | Retail                                        |  | Subordinated notes LIBOR + 6.500%, 1.000% Floor (4)                                  |  | 6/20/2022  |  | 260,919     |   |      | 248,270     |       |  | 260,919       |   |  | 0.0% |
|                                             |  |                                               |  | Common Stock - 191,678 shares (11)                                                   |  |                    |  | —     |   |      | 75,340      |       |  | 61,337        |   |  | 0.0% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 260,919     |   |      | 323,610     |       |  | 322,256       |   |  |      |
| Dryden 38 Senior Loan Fund, Series 2015-38A |  | Multi-Sector Holdings                         |  | Subordinated Notes 12.678% effective yield (8)(9)(10)                                |  | 7/15/2027  |  | 7,000,000   |   |      | 4,715,290   |       |  | 4,664,800     |   |  | 0.8% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 7,000,000   |   |      | 4,715,290   |       |  | 4,664,800     |   |  |      |
| Dryden 43 Senior Loan Fund, Series 2016-43A |  | Multi-Sector Holdings                         |  | Subordinated Notes 10.956% effective yield (5)(8)(9)(10)                             |  | 7/20/2029  |  | 3,620,000   |   |      | 2,747,203   |       |  | 2,268,286     |   |  | 0.4% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 3,620,000   |   |      | 2,747,203   |       |  | 2,268,286     |   |  |      |
| Dryden 49 Senior Loan Fund, Series 2017-49A |  | Multi-Sector Holdings                         |  | Subordinated Notes 9.486% effective yield (5)(8)(9)(10)                              |  | 7/18/2030  |  | 17,233,288  |   |      | 13,515,790  |       |  | 11,498,222    |   |  | 1.9% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 17,233,288  |   |      | 13,515,790  |       |  | 11,498,222    |   |  |      |
| First Boston Construction Holdings, LLC     |  | Banking, Finance, Insurance & Real Estate |  | Senior secured first lien notes 12.000% (5)                                          |  | 2/23/2023  |  | 9,217,625   |   |      | 9,217,625   |       |  | 9,217,625     |   |  | 1.6% |
|                                             |  |                                               |  | Preferred Equity - 2,304,406 units (5)(11)                                           |  |                    |  | —     |   |      | 2,304,406   |       |  | 2,304,406     |   |  | 0.4% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 9,217,625   |   |      | 11,522,031  |       |  | 11,522,031    |   |  |      |
| Friedrich Holdings, Inc.                    |  | Construction & Building                   |  | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7)              |  | 2/7/2023   |  | 10,527,100  |   |      | 10,527,100  |       |  | 10,527,100    |   |  | 1.8% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 10,527,100  |   |      | 10,527,100  |       |  | 10,527,100    |   |  |      |
| GK Holdings, Inc.                           |  | Services: Business                        |  | Senior Secured Second Lien Term Loan LIBOR + 10.250%, 1.000% Floor (4)               |  | 1/20/2022  |  | 10,000,000  |   |      | 10,000,000  |       |  | 7,048,000     |   |  | 1.2% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 10,000,000  |   |      | 10,000,000  |       |  | 7,048,000     |   |  |      |
| Golden West Packaging Group LLC             |  | Forest Products & Paper                   |  | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (5)(7)              |  | 6/20/2023  |  | 1,427,655   |   |      | 1,427,655   |       |  | 1,417,661     |   |  | 0.2% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 1,427,655   |   |      | 1,427,655   |       |  | 1,417,661     |   |  |      |
| Holland Acquisition Corp.                   |  | Energy: Oil & Gas                     |  | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)(13)             |  | 5/29/2020  |  | 4,400,696   |   |      | 4,260,117   |       |  | 1,100,174     |   |  | 0.2% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 4,400,696   |   |      | 4,260,117   |       |  | 1,100,174     |   |  |      |
| Hylan Datacom & Electrical LLC          |  | Construction & Building                   |  | Senior Secured First Lien Term Loan LIBOR + 9.500%, 1.000% Floor (4)(5)              |  | 7/25/2021  |  | 14,548,297  |   |      | 14,548,297  |       |  | 11,638,638    |   |  | 2.0% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 14,548,297  |   |      | 14,548,297  |       |  | 11,638,638    |   |  |      |
| IHS Intermediate, Inc.                      |  | Services: Business                        |  | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor (4)(13)            |  | 7/20/2022  |  | 25,000,000  |   |      | 25,000,000  |       |  | 1,750,000     |   |  | 0.3% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 25,000,000  |   |      | 25,000,000  |       |  | 1,750,000     |   |  |      |
| Impact Group, LLC                           |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)              |  | 6/27/2023  |  | 5,796,354   |   |      | 5,796,354   |       |  | 5,458,427     |   |  | 0.9% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 5,796,354   |   |      | 5,796,354   |       |  | 5,458,427     |   |  |      |
| Interflex Acquisition Company, LLC          |  | Containers, Packaging & Glass             |  | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (5)(7)              |  | 8/18/2022  |  | 12,635,953  |   |      | 12,635,953  |       |  | 12,043,326    |   |  | 2.0% |
|                                             |  |                                               |  |                                                                                      |  |                    |  | 12,635,953  |   |      | 12,635,953  |       |  | 12,043,326    |   |  |      |

----

Table of Contents

|                                                |  |                                  |  |                                                                                      |  |                    |  |                  |        |      |                  |            |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|----------------------------------|--|--------------------------------------------------------------------------------------|--|--------------------|--|------------------|--------|------|------------------|------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                  |  | Industry                         |  | Type of Investment                                                                   |  | Maturity           |  | Par Amount       |        | Cost |                  | Fair Value |  | % of Net Assets(3) |
| Iqor US Inc.                                   |  | Services: Business           |  | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(7)              |  | 4/1/2021   |  | 19,815,331  |   |      | 19,012,372  |       |  | 17,027,313    |   |  | 2.9% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 19,815,331  |   |      | 19,012,372  |       |  | 17,027,313    |   |  |      |
| Isagenix International, LLC                    |  | Wholesale                        |  | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (4)(5)              |  | 6/16/2025  |  | 1,848,782   |   |      | 1,841,180   |       |  | 1,293,778     |   |  | 0.2% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 1,848,782   |   |      | 1,841,180   |       |  | 1,293,778     |   |  |      |
| Isola USA Corp.                                |  | High Tech Industries             |  | Senior Secured Second Lien Term Loan LIBOR + 9.500%, 1.000% Floor, PIK (4)(6)(13)    |  | 1/2/2023   |  | 10,237,487  |   |      | 7,578,468   |       |  | 7,187,740     |   |  | 1.2% |
|                                                |  |                                  |  | Common Units - 10,283,782 units (9)(11)                                              |  |                    |  | —     |   |      | —     |       |  | —       |   |  | 0.0% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 10,237,487  |   |      | 7,578,468   |       |  | 7,187,740     |   |  |      |
| JFL-WCS Partners, LLC                          |  | Environmental Industries         |  | Preferred Units  - 618,876 6.000%, PIK (5)(9)                                        |  |                    |  | —     |   |      | 618,876     |       |  | 618,876       |   |  | 0.1% |
|                                                |  |                                  |  | Common Units - 68,764 units (5)(9)(11)                                               |  |                    |  | —     |   |      | 68,764      |       |  | 1,461,923     |   |  | 0.2% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | —     |   |      | 687,640     |       |  | 2,080,799     |   |  |      |
| Keystone Acquisition Corp.                     |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5)              |  | 5/1/2024   |  | 1,802,571   |   |      | 1,741,353   |       |  | 1,757,507     |   |  | 0.3% |
|                                                |  |                                  |  | Senior Secured Second Lien Term Loan LIBOR + 9.250%, 1.000% Floor (4)(5)             |  | 5/1/2025   |  | 7,000,000   |   |      | 6,904,682   |       |  | 6,869,800     |   |  | 1.2% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 8,802,571   |   |      | 8,646,035   |       |  | 8,627,307     |   |  |      |
| L&S Plumbing Partnership, Ltd.             |  | Construction & Building      |  | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor (4)(5)              |  | 2/15/2022  |  | 7,535,892   |   |      | 7,535,892   |       |  | 7,579,600     |   |  | 1.3% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 7,535,892   |   |      | 7,535,892   |       |  | 7,579,600     |   |  |      |
| Magnetite XIX, Limited                         |  | Multi-Sector Holdings            |  | Subordinated Notes LIBOR + 7.610% (4)(8)(9)(10)                                      |  | 7/17/2030  |  | 2,000,000   |   |      | 1,874,937   |       |  | 1,757,368     |   |  | 0.3% |
|                                                |  |                                  |  | Subordinated Notes 8.407% effective yield (5)(8)(9)(10)                              |  | 7/17/2030  |  | 13,730,209  |   |      | 10,427,732  |       |  | 8,857,783     |   |  | 1.5% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 15,730,209  |   |      | 12,302,669  |       |  | 10,615,151    |   |  |      |
| Manna Pro Products, LLC                        |  | Consumer Goods: Non-durable  |  | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7)              |  | 12/8/2023  |  | 4,083,333   |   |      | 4,083,333   |       |  | 3,924,900     |   |  | 0.7% |
|                                                |  |                                  |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7) |  | 12/8/2023  |  | 829,167     |   |      | 829,167     |       |  | 796,995       |   |  | 0.1% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 4,912,500   |   |      | 4,912,500   |       |  | 4,721,895     |   |  |      |
| Midwest Physician Administrative Services, LLC |  | Healthcare & Pharmaceuticals |  | Senior Secured Second Lien Term Loan LIBOR + 7.000%, 1.000% Floor (7)                |  | 8/15/2025  |  | 1,950,000   |   |      | 1,881,156   |       |  | 1,862,250     |   |  | 0.3% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 1,950,000   |   |      | 1,881,156   |       |  | 1,862,250     |   |  |      |
| Novetta Solutions, LLC                         |  | High Tech Industries             |  | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (7)                |  | 10/16/2023 |  | 11,000,000  |   |      | 10,938,515  |       |  | 10,585,300    |   |  | 1.8% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 11,000,000  |   |      | 10,938,515  |       |  | 10,585,300    |   |  |      |
| Offen Inc.                                     |  | Transportation: Cargo        |  | Senior Secured First Lien Term Loan LIBOR + 5.000% (4)(6)                            |  | 6/21/2026  |  | 2,923,363   |   |      | 2,886,299   |       |  | 2,923,363     |   |  | 0.5% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 2,923,363   |   |      | 2,886,299   |       |  | 2,923,363     |   |  |      |
| Path Medical, LLC                              |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan LIBOR + 9.500%, 1.000% Floor, PIK (5)(7)         |  | 10/11/2021 |  | 17,601,348  |   |      | 17,340,449  |       |  | 16,328,771    |   |  | 2.8% |
|                                                |  |                                  |  | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor (5)(6)(7)          |  | 10/11/2021 |  | 328,000     |   |      | 328,000     |       |  | 327,836       |   |  | 0.1% |
|                                                |  |                                  |  | Warrants - 36,716 warrants(5)(11)                                                    |  | 1/9/2027   |  | —     |   |      | 669,709     |       |  | —       |   |  | 0.0% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 17,929,348  |   |      | 18,338,158  |       |  | 16,656,607    |   |  |      |
| PetroChoice Holdings, Inc.                     |  | Chemicals, Plastics & Rubber |  | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (4)(5)             |  | 8/21/2023  |  | 9,000,000   |   |      | 9,000,000   |       |  | 8,422,200     |   |  | 1.5% |
|                                                |  |                                  |  |                                                                                      |  |                    |  | 9,000,000   |   |      | 9,000,000   |       |  | 8,422,200     |   |  |      |
| Polymer Solutions Group Holdings, LLC          |  | Chemicals, Plastics & Rubber |  | Senior Secured First Lien Term Loan LIBOR + 6.750%, 1.000% Floor (5)(7)              |  | 6/30/2021  |  | 1,090,722   |   |      | 1,090,722   |       |  | 1,083,414     |   |  | 0.2% |

----

Table of Contents

|                                     |  |                                               |  |                                                                                          |  |                    |  |                  |        |      |                  |            |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--|-----------------------------------------------|--|------------------------------------------------------------------------------------------|--|--------------------|--|------------------|--------|------|------------------|------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                       |  | Industry                                      |  | Type of Investment                                                                       |  | Maturity           |  | Par Amount       |        | Cost |                  | Fair Value |  | % of Net Assets(3) |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 1,090,722   |   |      | 1,090,722   |       |  | 1,083,414     |   |  |      |
| Project Silverback Holdings Corp.   |  | High Tech Industries                          |  | Senior Secured First Lien Term Loan LIBOR + 3.500%, 1.000% Floor (4)                     |  | 8/21/2024  |  | 4,887,500   |   |      | 4,338,566   |       |  | 4,257,990     |   |  | 0.7% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 4,887,500   |   |      | 4,338,566   |       |  | 4,257,990     |   |  |      |
| Proppants Holdings, LLC             |  | Energy:  Oil & Gas               |  | Common Units - 161,852 units (11)                                                        |  |                    |  | —     |   |      | 874,363     |       |  | 809,260       |   |  | 0.1% |
|                                     |  |                                               |  | Common Units - 161,852 units (11)                                                        |  |                    |  | —     |   |      | 8,832       |       |  | 8,093         |   |  | 0.0% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | —     |   |      | 883,195     |       |  | 817,353       |   |  |      |
| PT Network, LLC                     |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (4)(5)                  |  | 11/30/2023 |  | 7,969,098   |   |      | 7,511,671   |       |  | 7,450,310     |   |  | 1.4% |
|                                     |  |                                               |  | Membership Units - 1.441 units (5)(11)                                                   |  |                    |  | —     |   |      | —     |       |  | —       |   |  | 0.1% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 7,969,098   |   |      | 7,511,671   |       |  | 7,450,310     |   |  |      |
| RateGain Technologies, Inc.         |  | Hotel, Gaming & Leisure                   |  | Subordinated Notes (5)(11)                                                               |  | 7/31/2020  |  | 440,050     |   |      | 440,050     |       |  | 440,050       |   |  | 0.1% |
|                                     |  |                                               |  | Subordinated Notes (5)(11)                                                               |  | 7/31/2021  |  | 476,190     |   |      | 476,190     |       |  | 476,190       |   |  | 0.1% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 916,240     |   |      | 916,240     |       |  | 916,240       |   |  |      |
| Redwood Services Group, LLC         |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)                  |  | 6/6/2023   |  | 22,837,649  |   |      | 22,837,649  |       |  | 22,791,974    |   |  | 3.9% |
|                                     |  |                                               |  | Revolving Credit Facility LIBOR + 6.000%, 1.000% Floor (4)(5)(6)                         |  | 6/6/2023   |  | 1,150,000   |   |      | 1,150,000   |       |  | 1,148,562     |   |  | 0.2% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 23,987,649  |   |      | 23,987,649  |       |  | 23,940,536    |   |  |      |
| Resolute Investment Managers, Inc.  |  | Banking, Finance, Insurance & Real Estate |  | Senior Secured Second Lien Term Loan LIBOR + 7.500%, 1.000% Floor (4)(5)                 |  | 4/30/2023  |  | 7,950,000   |   |      | 7,914,608   |       |  | 7,950,000     |   |  | 1.3% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 7,950,000   |   |      | 7,914,608   |       |  | 7,950,000     |   |  |      |
| Rhombus Cinema Holdings, LP         |  | Media: Diversified & Production       |  | Preferred Equity 10.000% - 7,449 shares (5)(9)                                           |  |                    |  | —     |   |      | 4,584,207   |       |  | 2,979,615     |   |  | 0.5% |
|                                     |  |                                               |  | Common Units - 3,163 units (5)(8)(11)                                                    |  |                    |  | —     |   |      | 3,162,793   |       |  | —       |   |  | 0.0% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | —     |   |      | 7,747,000   |       |  | 2,979,615     |   |  |      |
| SavATree, LLC                       |  | Environmental Industries                      |  | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5)                  |  | 6/2/2022   |  | 4,333,601   |   |      | 4,333,601   |       |  | 4,333,601     |   |  | 0.7% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 4,333,601   |   |      | 4,333,601   |       |  | 4,333,601     |   |  |      |
| SFP Holding, Inc.                   |  | Construction & Building                   |  | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (5)(6)(11)              |  | 9/1/2022   |  | 9,367,373   |   |      | 9,367,373   |       |  | 9,367,373     |   |  | 1.6% |
|                                     |  |                                               |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 6.250%, 1.000% Floor (5)(6)(11) |  | 9/1/2022   |  | 161,625     |   |      | 161,625     |       |  | 161,625       |   |  | 0.0% |
|                                     |  |                                               |  | Equity - 0.803% of outstanding equity (5)(11)                                            |  |                    |  | —     |   |      | 657,115     |       |  | 591,403       |   |  | 0.1% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 9,528,998   |   |      | 10,186,113  |       |  | 10,120,401    |   |  |      |
| Shift4 Payments, LLC                |  | Banking, Finance, Insurance & Real Estate |  | Senior Secured First Lien Term Loan LIBOR + 4.500%, 1.000% Floor (4)(5)                  |  | 11/29/2024 |  | 3,491,094   |   |      | 3,474,373   |       |  | 3,502,266     |   |  | 0.6% |
|                                     |  |                                               |  | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)                 |  | 11/28/2025 |  | 9,950,000   |   |      | 9,875,970   |       |  | 9,950,000     |   |  | 1.7% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 13,441,094  |   |      | 13,350,343  |       |  | 13,452,266    |   |  |      |
| Ship Supply Acquisition Corporation |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (4)(5)(13)              |  | 7/31/2020  |  | 21,799,085  |   |      | 21,427,121  |       |  | —       |   |  | 0.0% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 21,799,085  |   |      | 21,427,121  |       |  | —       |   |  |      |
| Simplified Logistics, LLC           |  | Services: Business                        |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)(6)               |  | 2/28/2022  |  | 18,481,420  |   |      | 18,481,420  |       |  | 18,481,420    |   |  | 3.1% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | 18,481,420  |   |      | 18,481,420  |       |  | 18,481,420    |   |  |      |
| SMART Financial Operations, LLC     |  | Retail                                        |  | Preferred Equity - 1,000,000 units (5)(9)(11)                                            |  |                    |  | —     |   |      | 1,000,000   |       |  | 760,000       |   |  | 0.1% |
|                                     |  |                                               |  |                                                                                          |  |                    |  | —     |   |      | 1,000,000   |       |  | 760,000       |   |  |      |
| Smile Doctors, LLC                  |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)                  |  | 10/6/2022  |  | 8,250,167   |   |      | 8,250,167   |       |  | 8,078,563     |   |  | 1.4% |

----

Table of Contents

|                                     |  |                                                   |  |                                                                                         |  |                    |  |                  |        |      |                  |            |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--|---------------------------------------------------|--|-----------------------------------------------------------------------------------------|--|--------------------|--|------------------|--------|------|------------------|------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                       |  | Industry                                          |  | Type of Investment                                                                      |  | Maturity           |  | Par Amount       |        | Cost |                  | Fair Value |  | % of Net Assets(3) |
|                                     |  |                                                   |  | Senior Secured First Lien Delayed Draw Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |  | 10/6/2022  |  | 4,642,608   |   |      | 4,642,608   |       |  | 4,525,356     |   |  | 0.8% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 12,892,775  |   |      | 12,892,775  |       |  | 12,603,919    |   |  |      |
| Sound Point CLO XX, Ltd.            |  | Multi-Sector Holdings                             |  | Subordinated Notes 12.370% effective yield (5)(8)(9)(10)                                |  | 7/26/2031  |  | 4,489,000   |   |      | 3,895,539   |       |  | 3,736,644     |   |  | 0.6% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 4,489,000   |   |      | 3,895,539   |       |  | 3,736,644     |   |  |      |
| Starfish Holdco, LLC                |  | High Tech Industries                              |  | Senior Secured Second Lien Term Loan LIBOR + 9.000%, 1.000% Floor (5)(7)                |  | 8/18/2025  |  | 4,000,000   |   |      | 3,957,111   |       |  | 3,862,000     |   |  | 0.7% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 4,000,000   |   |      | 3,957,111   |       |  | 3,862,000     |   |  |      |
| Sungard AS New Holdings, LLC        |  | Services: Business                            |  | Senior Secured First Lien Term Loan LIBOR + 4.000%, 1.000% Floor, 2.500% PIK (4)        |  | 11/3/2022  |  | 4,994,410   |   |      | 4,994,410   |       |  | 4,078,935     |   |  | 0.7% |
|                                     |  |                                                   |  | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor (4)                    |  | 2/3/2022   |  | 714,915     |   |      | 698,047     |       |  | 693,467       |   |  | 0.1% |
|                                     |  |                                                   |  | Membership units - 73,135 units (11)                                                    |  |                    |  | —     |   |      | 2,163,076   |       |  | 2,163,041     |   |  | 0.4% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 5,709,325   |   |      | 7,855,533   |       |  | 6,935,443     |   |  |      |
| Team Car Care, LLC                  |  | Automotive                                        |  | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (4)                    |  | 2/23/2023  |  | 14,091,320  |   |      | 14,091,319  |       |  | 13,926,451    |   |  | 2.4% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 14,091,320  |   |      | 14,091,319  |       |  | 13,926,451    |   |  |      |
| Techniplas, LLC                     |  | Automotive                                        |  | Senior Secured First Lien Notes 10.000% (8)                                             |  | 5/1/2020   |  | 6,000,000   |   |      | 6,000,000   |       |  | 5,137,200     |   |  | 0.9% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 6,000,000   |   |      | 6,000,000   |       |  | 5,137,200     |   |  |      |
| Tensar Corporation                  |  | Capital Equipment                                 |  | Senior Secured First Lien Term Loan LIBOR + 4.750%, 1.000% Floor, 3.000% PIK (4)        |  | 7/9/2021   |  | 6,900,187   |   |      | 6,778,258   |       |  | 6,537,927     |   |  | 1.1% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 6,900,187   |   |      | 6,778,258   |       |  | 6,537,927     |   |  |      |
| The Imagine Group LLC               |  | Media: Advertising, Printing & Publishing |  | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (5)(7)(13)            |  | 6/21/2023  |  | 8,950,000   |   |      | 8,623,411   |       |  | 1,700,500     |   |  | 0.3% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 8,950,000   |   |      | 8,623,411   |       |  | 1,700,500     |   |  |      |
| The Octave Music Group, Inc.        |  | Media: Diversified & Production           |  | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor (5)(7)                |  | 5/27/2022  |  | 6,532,258   |   |      | 6,532,258   |       |  | 6,513,968     |   |  | 1.1% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 6,532,258   |   |      | 6,532,258   |       |  | 6,513,968     |   |  |      |
| True Religion Apparel, Inc.         |  | Retail                                            |  | Senior Secured First Lien Term Loan 10.000% (13)                                        |  | 10/27/2022 |  | 179,896     |   |      | 134,083     |       |  | 23,386        |   |  | 0.0% |
|                                     |  |                                                   |  | Common Stock - 2,448 shares(11)                                                         |  |                    |  | —     |   |      | —     |       |  | —       |   |  | 0.0% |
|                                     |  |                                                   |  | Warrants - 1,122 warrants (11)                                                          |  |                    |  | —     |   |      | —     |       |  | —       |   |  | 0.0% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 179,896     |   |      | 134,083     |       |  | 23,386        |   |  |      |
| Velocity Pooling Vehicle, LLC       |  | Automotive                                        |  | Senior Secured First Lien Term Loan LIBOR + 11.000%, 1.000% Floor (4)(5)                |  | 4/28/2023  |  | 794,055     |   |      | 747,813     |       |  | 704,803       |   |  | 0.1% |
|                                     |  |                                                   |  | Common units - 4,676 units (5)(11)                                                      |  |                    |  | —     |   |      | 259,938     |       |  | 17,956        |   |  | 0.0% |
|                                     |  |                                                   |  | Warrants - 5,591 warrants(5)(11)                                                        |  | 3/30/2028  |  | —     |   |      | 310,802     |       |  | 21,469        |   |  | 0.0% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 794,055     |   |      | 1,318,553   |       |  | 744,228       |   |  |      |
| Vertafore, Inc.                     |  | High Tech Industries                              |  | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (5)(7)                |  | 7/2/2026   |  | 9,950,000   |   |      | 9,818,168   |       |  | 9,827,615     |   |  | 1.7% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 9,950,000   |   |      | 9,818,168   |       |  | 9,827,615     |   |  |      |
| VOYA CLO 2016-2, LTD.               |  | Multi-Sector Holdings                             |  | Subordinated Notes 6.704% effective yield (5)(8)(9)(10)                                 |  | 7/19/2028  |  | 11,088,290  |   |      | 8,296,086   |       |  | 6,199,335     |   |  | 1.0% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 11,088,290  |   |      | 8,296,086   |       |  | 6,199,335     |   |  |      |
| VOYA CLO 2015-2, LTD.               |  | Multi-Sector Holdings                             |  | Subordinated Notes 16.348% effective yield (5)(8)(9)(10)                                |  | 7/19/2028  |  | 10,735,659  |   |      | 6,716,495   |       |  | 6,026,473     |   |  | 1.0% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 10,735,659  |   |      | 6,716,495   |       |  | 6,026,473     |   |  |      |
| Walker Edison Furniture Company LLC |  | Consumer Goods:  Durable                 |  | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)                 |  | 9/26/2024  |  | 14,625,000  |   |      | 14,625,000  |       |  | 14,771,250    |   |  | 2.5% |
|                                     |  |                                                   |  | Common units - 2,000 units (5)(9)(11)                                                   |  |                    |  | —     |   |      | 2,000,000   |       |  | 4,111,210     |   |  | 0.7% |
|                                     |  |                                                   |  |                                                                                         |  |                    |  | 14,625,000  |   |      | 16,625,000  |       |  | 18,882,460    |   |  |      |

----

Table of Contents

|                                                     |  |                                               |      |                                                                                  |  |                    |  |                  |        |              |                  |              |  |                    |        |  |      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|-----------------------------------------------|------|----------------------------------------------------------------------------------|--|--------------------|--|------------------|--------|--------------|------------------|--------------|--|--------------------|--------|--|------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                       |  | Industry                                      |      | Type of Investment                                                               |  | Maturity           |  | Par Amount       |        | Cost         |                  | Fair Value   |  | % of Net Assets(3) |
| Watermill-QMC Midco, Inc.                           |  | Automotive                                    |      | Equity - 1.62% partnership interest (5)(9)(11)                                   |  |                    |  | —     |   |              | 902,277     |         |  | 53,776        |   |  | 0.0% |
|                                                     |  |                                               |      |                                                                                  |  |                    |  | —     |   |              | 902,277     |         |  | 53,776        |   |  |      |
|                                           |  |                                               |      |                                                                                  |  |                    |  |                  |        |              |                  |              |  |                    |
| Total non-controlled/non-affiliated investments |  |                                               |      |                                                                                  |  |                    |  |                  |        | $651,393,473 |                  | $567,402,503 |  | 96.0%              |
|                                                     |  |                                               |      |                                                                                  |  |                    |  |                  |        |              |                  |              |  |                    |
| Controlled/affiliated investments - 18.3%       |  |                                               | (14) |                                                                                  |  |                    |  |                  |        |              |                  |              |  |                    |
| 1888 Industrial Services, LLC                       |  | Energy: Oil & Gas                     |      | Revolving Credit Facility LIBOR + 5.000%, 1.000% Floor (4)(5)(6)                 |  | 9/30/2021  |  | 1,183,094   |   |              | 1,183,094   |         |  | 1,183,094     |   |  | 0.2% |
|                                                     |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5)          |  | 9/30/2021  |  | 3,315,574   |   |              | 3,315,574   |         |  | 3,315,574     |   |  | 0.6% |
|                                                     |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor, PIK (4)(5)(13) |  | 9/30/2021  |  | 8,454,467   |   |              | 6,816,029   |         |  | 2,113,617     |   |  | 0.4% |
|                                                     |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5)          |  | 6/30/2021  |  | 416,940     |   |              | 416,940     |         |  | 416,940       |   |  | 0.1% |
|                                                     |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5)          |  | 9/19/2020  |  | 79,986      |   |              | 79,986      |         |  | 79,986        |   |  | 0.0% |
|                                                     |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5)          |  | 9/19/2020  |  | 288,300     |   |              | 288,300     |         |  | 288,300       |   |  | 0.0% |
|                                                     |  |                                               |      | Units - 7,546.76 units (5)(11)                                                   |  |                    |  | —     |   |              | —     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                               |      |                                                                                  |  |                    |  | 13,738,361  |   |              | 12,099,923  |         |  | 7,397,511     |   |  |      |
| Access Media Holdings, LLC                          |  | Media: Broadcasting & Subscription    |      | Senior Secured First Lien Term Loan 10.000% PIK (5)(7)(13)                       |  | 7/22/2020  |  | 9,005,670   |   |              | 7,458,342   |         |  | 2,251,418     |   |  | 0.4% |
|                                                     |  |                                               |      | Common Stock - 140 units (5)(9)(11)                                              |  |                    |  | —     |   |              | —     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                               |      | Preferred Equity - 1,400,000 units (5)(9)(11)                                    |  |                    |  | —     |   |              | 1,400,000   |         |  | —       |   |  | 0.0% |
|                                                     |  |                                               |      | Preferred Equity - 700,000 units (5)(9)(11)                                      |  |                    |  | —     |   |              | 700,000     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                               |      | Preferred Equity - 849,800 units (5)(6)(9)(11)                                   |  |                    |  | —     |   |              | 849,800     |         |  | (88,200)           |   |  | 0.0% |
|                                                     |  |                                               |      |                                                                                  |  |                    |  | 9,005,670   |   |              | 10,408,142  |         |  | 2,163,218     |   |  |      |
| Caddo Investors Holdings 1  LLC                     |  | Forest Products & Paper                   |      | Equity - 12.250% LLC Interest (5)(9)(15)                                         |  |                    |  | —     |   |              | 5,027,482   |         |  | 5,765,253     |   |  | 1.0% |
|                                                     |  |                                               |      |                                                                                  |  |                    |  | —     |   |              | 5,027,482   |         |  | 5,765,253     |   |  |      |
| Charming Charlie LLC                                |  | Retail                                        |      | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor (4)(13)        |  | 4/24/2023  |  | 3,412,549   |   |              | 3,121,470   |         |  | —       |   |  | 0.0% |
|                                                     |  |                                               |      | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor (4)(13)        |  | 4/24/2023  |  | 4,178,224   |   |              | 2,737,658   |         |  | —       |   |  | 0.0% |
|                                                     |  |                                               |      | Senior Secured First Lien Term Loan 20.000%                                      |  | 5/15/2020  |  | 150,642     |   |              | 150,642     |         |  | 112,981       |   |  | 0.0% |
|                                                     |  |                                               |      | Senior Secured First Lien Delayed Draw Term Loan 20.000% (7)(13)                 |  | 5/15/2020  |  | 837,367     |   |              | 837,367     |         |  | 628,025       |   |  | 0.1% |
|                                                     |  |                                               |      | Common Stock - 34,923,249 shares (11)                                            |  |                    |  | —     |   |              | —     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                               |      |                                                                                  |  |                    |  | 8,578,782   |   |              | 6,847,137   |         |  | 741,006       |   |  |      |
| Dynamic Energy Services International LLC           |  | Energy: Oil & Gas                     |      | Senior Secured First Lien Term Loan 13.500% PIK(5)(7)(13)                        |  | 12/31/2021 |  | 6,089,982   |   |              | 4,449,025   |         |  | 692,431       |   |  | 0.1% |
|                                                     |  |                                               |      | Common Units - 6,500,000 units (5)(11)                                           |  |                    |  | —     |   |              | —     |         |  | —       |   |  | 0.0% |
|                                                     |  |                                               |      |                                                                                  |  |                    |  | 6,089,982   |   |              | 4,449,025   |         |  | 692,431       |   |  |      |
| Kemmerer Operations, LLC                            |  | Metals & Mining                           |      | Senior Secured First Lien Term Loan 15.000% PIK                                  |  | 6/21/2023  |  | 1,834,227   |   |              | 1,834,227   |         |  | 1,834,227     |   |  | 0.3% |
|                                                     |  |                                               |      | Senior Secured First Lien Delayed Draw Term Loan 15.000% PIK (6)                 |  | 6/21/2023  |  | 461,035     |   |              | 461,035     |         |  | 461,035       |   |  | 0.1% |
|                                                     |  |                                               |      | Common Units - 6.7797 units (11)                                                 |  |                    |  | —     |   |              | 962,717     |         |  | 962,760       |   |  | 0.2% |
|                                                     |  |                                               |      |                                                                                  |  |                    |  | 2,295,262   |   |              | 3,257,979   |         |  | 3,258,022     |   |  |      |
| MCM 500 East Pratt Holdings, LLC                    |  | Banking, Finance, Insurance & Real Estate |      | Equity - 5,000,000 units (9)(11)                                                 |  |                    |  | —     |   |              | 5,000,000   |         |  | 7,350,000     |   |  | 1.2% |

----

Table of Contents

|                                                 |  |                                               |  |                                                                          |  |          |  |                   |                   |        |                   |            |                   |                    |                   |        |                   |        |  |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|-----------------------------------------------|--|--------------------------------------------------------------------------|--|----------|--|-------------------|-------------------|--------|-------------------|------------|-------------------|--------------------|-------------------|--------|-------------------|--------|--|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company(1)(2)                                   |  | Industry                                      |  | Type of Investment                                                       |  | Maturity |  | Par Amount        |                   | Cost   |                   | Fair Value |                   | % of Net Assets(3) |
|                                                 |  |                                               |  |                                                                          |  |          |  | —      |              |        | 5,000,000    |       |                   | 7,350,000     |              |        |                   |
| MCM Capital Office Park Holdings LLC            |  | Banking, Finance, Insurance & Real Estate |  | Equity - 7,500,000 units (9)(11)                                         |  |          |  | —      |              |        | 7,500,000    |       |                   | 11,775,000    |              |        | 2.0%              |
|                                                 |  |                                               |  |                                                                          |  |          |  | —      |              |        | 7,500,000    |       |                   | 11,775,000    |              |        |                   |
| Sierra Senior Loan Strategy JV I LLC            |  | Multi-Sector Holdings                         |  | Equity - 87.5% ownership of SIC Senior Loan Strategy JV I LLC (6)(9)(15) |  |          |  | 92,050,000   |              |        | 92,050,000   |       |                   | 68,434,389    |              |        | 11.6%             |
|                                                 |  |                                               |  |                                                                          |  |          |  | 92,050,000   |              |        | 92,050,000   |       |                   | 68,434,389    |              |        |                   |
| TwentyEighty, Inc.                              |  | Services: Business                        |  | Common Units - 58,098 units(11)                                          |  |          |  | —      |              |        | —      |       |                   | 644,597       |              |        | 0.1%              |
|                                                 |  |                                               |  |                                                                          |  |          |  | —      |              |        | —      |       |                   | 644,597       |              |        |                   |
|                                       |  |                                               |  |                                                                          |  |          |  |                   |                   |        |                   |            |                   |                    |
| Total controlled/affiliated investments     |  |                                               |  |                                                                          |  |          |  |                   |                   | $      | 146,639,688  |       |                   | $                  | 108,221,427  |   |                   | 18.3%  |
|                                                 |  |                                               |  |                                                                          |  |          |  |                   |                   |        |                   |            |                   |                    |
| Money Market Fund - 32.5%                       |  |                                               |  |                                                                          |  |          |  |                   |                   |        |                   |            |                   |                    |
| State Street Institutional Liquid Reserves Fund |  |                                               |  | Money Market 1.730%(12)                                                  |  |          |  | 82,288,653   |              |        | 82,296,916   |       |                   | 82,296,882    |              |        | 13.9%             |
| Federated Institutional Prime Obligations Fund  |  |                                               |  | Money Market 1.740% (12)                                                 |  |          |  | 109,958,375  |              |        | 109,958,375  |       |                   | 109,958,375   |              |        | 18.6%             |
| Total money market fund                         |  |                                               |  |                                                                          |  |          |  | $                 | 192,247,028  |   |                   | $          | 192,255,291  |               |                   | $      | 192,255,257  |   |  | 32.5% |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                       |                   |                   |            |            |             |   |                  |        |                   |            |        |             |   |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|-------------------|-------------------|------------|------------|-------------|---|------------------|--------|-------------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|
|                                       | Amortized Cost    |                   | Percentage |            | Fair Value  |   | Percentage       |
| Senior secured first lien term loans  | $                 | 395,916,583  |       |            | 49.9   | % |                  | $      | 307,649,455  |       |        | 52.8   | % |
| Senior secured second lien term loans | 143,849,748  |              |            | 18.1  |        |   | 95,053,548  |   |                   | 16.3  |   |
| Senior secured first lien notes       | 7,972,000    |              |            | 1.0   |        |   | 7,654,714   |   |                   | 1.3   |   |
| Subordinated notes                    | 67,474,600   |              |            | 8.5   |        |   | 42,316,531  |   |                   | 7.3   |   |
| Sierra Senior Loan Strategy JV I LLC  | 105,675,000  |              |            | 13.4  |        |   | 63,806,881  |   |                   | 11.0  |   |
| Equity/warrants                   | 72,499,849   |              |            | 9.1   |        |   | 65,980,118  |   |                   | 11.3  |   |
| Total                                 | $                 | 793,387,780  |       |            | 100.0  | % |                  | $      | 582,461,247  |       |        | 100.0  | % |

|                                       |                   |                   |            |            |             |   |                   |        |                   |            |        |             |   |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|-------------------|-------------------|------------|------------|-------------|---|-------------------|--------|-------------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|
|                                       | Amortized Cost    |                   | Percentage |            | Fair Value  |   | Percentage        |
| Senior secured first lien term loans  | $                 | 382,580,269  |       |            | 48.0   | % |                   | $      | 328,816,197  |       |        | 48.7   | % |
| Senior secured second lien term loans | 157,794,323  |              |            | 19.8  |        |   | 122,817,885  |   |                   | 18.2  |   |
| Senior secured first lien notes       | 15,217,625   |              |            | 1.9   |        |   | 14,354,825   |   |                   | 2.1   |   |
| Subordinated notes                    | 70,422,851   |              |            | 8.8   |        |   | 63,021,420   |   |                   | 9.3   |   |
| Sierra Senior Loan Strategy JV I LLC  | 92,050,000   |              |            | 11.5  |        |   | 68,434,389   |   |                   | 10.1  |   |
| Equity/warrants                   | 79,968,093   |              |            | 10.0  |        |   | 78,179,214   |   |                   | 11.6  |   |
| Total                                 | $                 | 798,033,161  |       |            | 100.0  | % |                   | $      | 675,623,930  |       |        | 100.0  | % |

----

Table of Contents

|                                                   |  |                   |                   |            |            |             |   |                  |        |                   |            |        |             |   |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|--|-------------------|-------------------|------------|------------|-------------|---|------------------|--------|-------------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
| Industry Classification                           |  | Amortized Cost    |                   | Percentage |            | Fair Value  |   | Percentage       |
| Multi-Sector Holdings                             |  | $                 | 171,988,609  |       |            | 21.7   | % |                  | $      | 105,626,154  |       |        | 18.1   | % |
| High Tech Industries                              |  | 86,938,150   |              |            | 11.0  |        |   | 78,546,456  |   |                   | 13.5  |   |
| Services: Business                            |  | 140,035,921  |              |            | 17.7  |        |   | 72,286,674  |   |                   | 12.4  |   |
| Healthcare & Pharmaceuticals                  |  | 62,707,562   |              |            | 7.9   |        |   | 56,594,958  |   |                   | 9.7   |   |
| Banking, Finance, Insurance & Real Estate     |  | 34,966,624   |              |            | 4.4   |        |   | 42,798,228  |   |                   | 7.3   |   |
| Construction & Building                       |  | 40,378,710   |              |            | 5.1   |        |   | 35,189,605  |   |                   | 6.0   |   |
| Aerospace & Defense                           |  | 33,562,505   |              |            | 4.2   |        |   | 30,456,941  |   |                   | 5.2   |   |
| Wholesale                                         |  | 28,291,517   |              |            | 3.6   |        |   | 26,435,136  |   |                   | 4.5   |   |
| Consumer Goods: Durable                       |  | 23,390,000   |              |            | 2.9   |        |   | 24,975,297  |   |                   | 4.3   |   |
| Automotive                                        |  | 19,126,680   |              |            | 2.4   |        |   | 16,770,695  |   |                   | 2.9   |   |
| Hotel, Gaming & Leisure                       |  | 22,981,790   |              |            | 2.9   |        |   | 16,680,301  |   |                   | 2.9   |   |
| Containers, Packaging & Glass                 |  | 15,901,267   |              |            | 2.0   |        |   | 15,081,479  |   |                   | 2.6   |   |
| Transportation: Cargo                         |  | 12,309,941   |              |            | 1.6   |        |   | 12,059,383  |   |                   | 2.1   |   |
| Chemicals, Plastics & Rubber                  |  | 10,059,622   |              |            | 1.3   |        |   | 7,987,166   |   |                   | 1.4   |   |
| Forest Products & Paper                       |  | 6,445,868    |              |            | 0.8   |        |   | 7,394,019   |   |                   | 1.3   |   |
| Media: Diversified & Production           |  | 15,614,619   |              |            | 2.0   |        |   | 6,752,122   |   |                   | 1.2   |   |
| Environmental Industries                          |  | 5,065,254    |              |            | 0.6   |        |   | 6,677,201   |   |                   | 1.1   |   |
| Transportation: Consumer                      |  | 7,141,553    |              |            | 0.9   |        |   | 6,298,518   |   |                   | 1.1   |   |
| Consumer Goods: Non-durable                   |  | 4,887,500    |              |            | 0.6   |        |   | 4,559,548   |   |                   | 0.8   |   |
| Metals & Mining                               |  | 3,435,337    |              |            | 0.4   |        |   | 3,435,380   |   |                   | 0.6   |   |
| Energy: Oil & Gas                         |  | 21,220,267   |              |            | 2.7   |        |   | 2,905,858   |   |                   | 0.5   |   |
| Media: Broadcasting & Subscription        |  | 10,408,142   |              |            | 1.3   |        |   | 1,332,790   |   |                   | 0.2   |   |
| Retail                                            |  | 8,221,358    |              |            | 1.0   |        |   | 1,008,738   |   |                   | 0.2   |   |
| Media: Advertising, Printing & Publishing |  | 8,308,984    |              |            | 1.0   |        |   | 608,600     |   |                   | 0.1   |   |
| Total                                             |  | $                 | 793,387,780  |       |            | 100.0  | % |                  | $      | 582,461,247  |       |        | 100.0  | % |

----

Table of Contents

|                                                   |  |                   |                   |            |            |             |   |                  |        |                   |            |        |             |   |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------|--|-------------------|-------------------|------------|------------|-------------|---|------------------|--------|-------------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
| Industry Classification                           |  | Amortized Cost    |                   | Percentage |            | Fair Value  |   | Percentage       |
| Multi-Sector Holdings                             |  | $                 | 161,308,341  |       |            | 20.2   | % |                  | $      | 130,278,650  |       |        | 19.2   | % |
| High Tech Industries                              |  | 86,735,849   |              |            | 10.8  |        |   | 81,531,661  |   |                   | 12.1  |   |
| Services: Business                            |  | 131,560,449  |              |            | 16.5  |        |   | 81,285,736  |   |                   | 12.0  |   |
| Healthcare & Pharmaceuticals                  |  | 59,511,718   |              |            | 7.5   |        |   | 57,374,851  |   |                   | 8.5   |   |
| Banking, Finance, Insurance & Real Estate     |  | 45,286,982   |              |            | 5.7   |        |   | 52,049,297  |   |                   | 7.7   |   |
| Construction & Building                       |  | 42,797,402   |              |            | 5.4   |        |   | 39,865,739  |   |                   | 5.9   |   |
| Wholesale                                         |  | 34,519,910   |              |            | 4.3   |        |   | 35,186,289  |   |                   | 5.2   |   |
| Aerospace & Defense                           |  | 34,876,226   |              |            | 4.4   |        |   | 34,475,020  |   |                   | 5.1   |   |
| Consumer Goods: Durable                       |  | 21,962,500   |              |            | 2.8   |        |   | 24,214,089  |   |                   | 3.6   |   |
| Hotel, Gaming & Leisure                       |  | 21,373,829   |              |            | 2.7   |        |   | 21,365,163  |   |                   | 3.2   |   |
| Automotive                                        |  | 22,312,149   |              |            | 2.8   |        |   | 19,861,655  |   |                   | 2.9   |   |
| Containers, Packaging & Glass                 |  | 16,263,768   |              |            | 2.0   |        |   | 15,655,179  |   |                   | 2.3   |   |
| Transportation: Cargo                         |  | 12,734,167   |              |            | 1.6   |        |   | 12,771,231  |   |                   | 1.9   |   |
| Energy: Oil & Gas                         |  | 21,692,260   |              |            | 2.7   |        |   | 10,007,469  |   |                   | 1.5   |   |
| Chemicals, Plastics & Rubber                  |  | 10,090,722   |              |            | 1.3   |        |   | 9,505,614   |   |                   | 1.4   |   |
| Media: Diversified & Production           |  | 14,279,258   |              |            | 1.8   |        |   | 9,493,583   |   |                   | 1.4   |   |
| Forest Products & Paper                       |  | 6,455,137    |              |            | 0.8   |        |   | 7,182,914   |   |                   | 1.1   |   |
| Transportation: Consumer                      |  | 6,966,133    |              |            | 0.9   |        |   | 6,877,180   |   |                   | 1.0   |   |
| Capital Equipment                                 |  | 6,778,258    |              |            | 0.8   |        |   | 6,537,927   |   |                   | 1.0   |   |
| Environmental Industries                          |  | 5,021,241    |              |            | 0.6   |        |   | 6,414,400   |   |                   | 0.9   |   |
| Consumer Goods: Non-durable                   |  | 4,912,500    |              |            | 0.6   |        |   | 4,721,895   |   |                   | 0.7   |   |
| Metals & Mining                               |  | 3,257,979    |              |            | 0.4   |        |   | 3,258,022   |   |                   | 0.5   |   |
| Media: Broadcasting & Subscription        |  | 10,408,142   |              |            | 1.3   |        |   | 2,163,218   |   |                   | 0.3   |   |
| Retail                                            |  | 8,304,830    |              |            | 1.0   |        |   | 1,846,648   |   |                   | 0.3   |   |
| Media: Advertising, Printing & Publishing |  | 8,623,411    |              |            | 1.1   |        |   | 1,700,500   |   |                   | 0.3   |   |
| Total                                             |  | $                 | 798,033,161  |       |            | 100.0  | % |                  | $      | 675,623,930  |       |        | 100.0  | % |

|                |  |                  |                   |            |           |                   |   |                  |        |                   |           |        |             |   |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------|--|------------------|-------------------|------------|-----------|-------------------|---|------------------|--------|-------------------|-----------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                |  | June 30, 2020    |                   |            |           | December 31, 2019 |   |                  |
| Geography      |  | Fair Value       |                   | Percentage |           | Fair Value        |   | Percentage       |
| United States  |  | $                | 540,641,974  |       |           | 92.8         | % |                  | $      | 613,779,669  |      |        | 90.8   | % |
| Cayman Islands |  | 41,819,273  |              |            | 7.2  |              |   | 61,844,261  |   |                   | 9.2  |   |
| Total          |  | $                | 582,461,247  |       |           | 100.0        | % |                  | $      | 675,623,930  |      |        | 100.0  | % |

----

Table of Contents

|                                           |  |                                                  |  |                                 |                   |                                     |                  |                                     |                  |                                                        |        |                          |                 |                             |  |               |               |        |                  |        |               |                 |        |   |                  |        |  |   |                 |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|--|--------------------------------------------------|--|---------------------------------|-------------------|-------------------------------------|------------------|-------------------------------------|------------------|--------------------------------------------------------|--------|--------------------------|-----------------|-----------------------------|--|---------------|---------------|--------|------------------|--------|---------------|-----------------|--------|---|------------------|--------|--|---|-----------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Name of Investment(3)                     |  | Type of Investment                               |  | Fair Value at December 31, 2019 |                   | Purchases/(Sales)of Investments |                  | TransfersIn/(Out)of Investments |                  | Net change inunrealizedappreciation/(depreciation) |        | Realized Gain/(Loss) |                 | Fair Value at June 30, 2020 |  | IncomeEarned  |
| 1888 Industrial Services, LLC             |  | Revolving Credit Facility                        |  | $                               | 1,183,094    |                                |                  | $                                   | 41,570      |                                                   |        | $                        | —    |                        |  | $             | —  |   |                  | $      | —  |            |        | $ | 1,224,664   |   |  | $ | 41,341     |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | 3,315,574                  |              |                                     | —     |                                |                  | —                                           |   |                          | (3,315,574)     |                        |  | —  |          |        | —     |   |               | —    |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | 2,113,617                  |              |                                     | —     |                                |                  | —                                           |   |                          | (2,113,617)     |                        |  | —  |          |        | —     |   |               | —    |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | 416,940                    |              |                                     | —     |                                |                  | —                                           |   |                          | (8,573)         |                        |  | —  |          |        | 408,367     |   |               | —    |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | 79,986                     |              |                                     | 2,731       |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | 82,717      |   |               | 2,731      |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | 288,300                    |              |                                     | 9,844       |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | 298,144     |   |               | 9,892      |   |
|                                           |  | Membership Units                                 |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
| Access Media Holdings, LLC                |  | Senior Secured First Lien Term Loan              |  | 2,251,418                  |              |                                     | —     |                                |                  | —                                           |   |                          | (830,428)       |                        |  | —  |          |        | 1,420,990   |   |               | —    |   |
|                                           |  | Common Stock                                     |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
|                                           |  | Preferred Equity                                 |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
|                                           |  | Preferred Equity                                 |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
|                                           |  | Preferred Equity                                 |  | (88,200)                        |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | (88,200)         |   |               | —    |   |
| Caddo Investors Holdings 1 LLC            |  | Equity                                           |  | 5,765,253                  |              |                                     | 4,882       |                                |                  | —                                           |   |                          | 284,165    |                        |  | —  |          |        | 6,054,300   |   |               | —    |   |
| Charming Charlie LLC                      |  | Senior Secured First Lien Term Loan              |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | 112,981                    |              |                                     | (12,125)         |                                |                  | —                                           |   |                          | (29,575)        |                        |  | —  |          |        | 71,281      |   |               | 6,437      |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | 628,025                    |              |                                     | (67,400)         |                                |                  | —                                           |   |                          | (164,400)       |                        |  | —  |          |        | 396,225     |   |               | 35,782     |   |
|                                           |  | Common Stock                                     |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
| Dynamic Energy Services International LLC |  | Revolving Credit Facility                        |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
|                                           |  | Senior Secured First Lien Term Loan              |  | 692,431                    |              |                                     | —     |                                |                  | —                                           |   |                          | (232,479)       |                        |  | —  |          |        | 459,952     |   |               | —    |   |
|                                           |  | Equity                                           |  | —                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | —     |   |               | —    |   |
| Kemmerer Operations, LLC                  |  | Senior Secured First Lien Term Loan              |  | 461,035                    |              |                                     | 35,625      |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | 496,660     |   |               | 35,640     |   |
|                                           |  | Senior Secured First Lien Delayed Draw Term Loan |  | 1,834,227                  |              |                                     | 141,733     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | 1,975,960   |   |               | 141,792    |   |
|                                           |  | Equity                                           |  | 962,760                    |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | 962,760     |   |               | —    |   |
| MCM 500 East Pratt Holdings, LLC          |  | Equity                                           |  | 7,350,000                  |              |                                     | —     |                                |                  | —                                           |   |                          | —    |                        |  | —  |          |        | 7,350,000   |   |               | 94,677     |   |
| MCM Capital Office Park Holdings LLC      |  | Equity                                           |  | 11,775,000                 |              |                                     | —     |                                |                  | —                                           |   |                          | 2,850,000  |                        |  | —  |          |        | 14,625,000  |   |               | 279,480    |   |
| Sierra Senior Loan Strategy JV I LLC(2)   |  | Equity                                           |  | 68,434,389                 |              |                                     | 13,625,000  |                                |                  | —                                           |   |                          | (18,252,508)    |                        |  | —  |          |        | 63,806,881  |   |               | 1,400,000  |   |
| TwentyEighty, Inc.                        |  | Common Units                                     |  | 644,597                    |              |                                     | (232,392)        |                                |                  | —                                           |   |                          | (255,341)       |                        |  | 232,392  |          |        | 389,256     |   |               | —    |   |
| Total                                     |  |                                                  |  | $                               | 108,221,427  |                                |                  | $                                   | 13,549,468  |                                                   |        | $                        | —    |                        |  | $             | (22,068,330)  |   |                  | $      | 232,392  |            |        | $ | 99,934,957  |   |  | $ | 2,047,772  |   |

----

Table of Contents

|                                           |  |                                                              |  |                                 |               |                                     |                 |                                     |               |                                                        |             |                          |               |                             |        |               |                 |        |                 |               |               |               |        |   |                 |        |  |   |              |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|--|--------------------------------------------------------------|--|---------------------------------|---------------|-------------------------------------|-----------------|-------------------------------------|---------------|--------------------------------------------------------|-------------|--------------------------|---------------|-----------------------------|--------|---------------|-----------------|--------|-----------------|---------------|---------------|---------------|--------|---|-----------------|--------|--|---|--------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Name of Investment(3)                     |  | Type of Investment                                           |  | Fair Value at December 31, 2018 |               | Purchases/(Sales)of Investments |                 | TransfersIn/(Out)of Investments |               | Net change inunrealizedappreciation/(depreciation) |             | Realized Gain/(Loss) |               | Fair Value at June 30, 2019 |        | IncomeEarned  |
| 1888 Industrial Services, LLC             |  | Revolving Credit Facility                                    |  | $                               | 943,344  |                                |                 | $                                   | 251,559  |                                                   |             | $                        | —  |                        |        | $             | —    |   |                 | $             | —  |          |        | $ | 1,194,903  |   |  | $ | 41,090  |   |
|                                           |  | Senior Secured First Lien Term Loan                          |  | 3,144,481                  |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | 3,144,481  |          |               | 121,706  |   |
|                                           |  | Senior Secured First Lien Term Loan                          |  | 6,005,623                  |          |                                     | 1,695      |                                |               | —                                           |        |                          | (2,099,443)   |                        |        | —  |            |        | 3,907,875  |          |               | —  |   |
|                                           |  | Senior Secured First Lien Term Loan                          |  | —                    |          |                                     | 401,814    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | 401,814    |          |               | 248      |   |
|                                           |  | Membership Units                                             |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |
| Access Media Holdings, LLC                |  | Senior Secured First Lien Term Loan                          |  | 5,141,747                  |          |                                     | 35,935     |                                |               | —                                           |        |                          | (362,031)     |                        |        | —  |            |        | 4,815,651  |          |               | —  |   |
|                                           |  | Common Stock                                                 |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |
|                                           |  | Preferred Equity                                             |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |
|                                           |  | Preferred Equity                                             |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |
|                                           |  | Preferred Equity                                             |  | (88,200)                        |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | (88,200)        |          |               | —  |   |
| Caddo Investors Holdings 1 LLC            |  | Equity                                                       |  | 5,186,935                  |          |                                     | —    |                                |               | —                                           |        |                          | 258,202  |                        |        | —  |            |        | 5,445,137  |          |               | —  |   |
| Capstone Nutrition, Inc.                  |  | Senior Secured First Lien Term Loan                          |  | 9,524,176                  |          |                                     |                 |                                     |               |                                                        | (4,515,044) |                     |               | —                |   |               | 5,009,132  |   |                 | —  |          |
|                                           |  | Senior Secured First Lien Delayed Draw  Term Loan            |  | 4,282,981                  |          |                                     | —    |                                |               | —                                           |        |                          | (4,282,981)   |                        |        | —  |            |        | —    |          |               | —  |   |
|                                           |  | Senior Secured First Lien Incremental Delayed Draw Term Loan |  | 1,745,510                  |          |                                     | 1,162,092  |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | 2,907,602  |          |               | 267,373  |   |
|                                           |  | Common Stock                                                 |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |
|                                           |  | Common Stock                                                 |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |
|                                           |  | Common Stock                                                 |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |
| Charming Charlie LLC                      |  | Senior Secured First Lien Term Loan                          |  | 3,121,470                  |          |                                     | —    |                                |               | —                                           |        |                          | (3,121,470)   |                        |        | —  |            |        | —    |          |               | —  |   |
|                                           |  | Senior Secured First Lien Term Loan                          |  | 1,515,547                  |          |                                     | 102,381    |                                |               | —                                           |        |                          | (1,617,928)   |                        |        | —  |            |        | —    |          |               | —  |   |
|                                           |  | Senior Secured First Lien Term Loan                          |  | 182,617                    |          |                                     | —    |                                |               | —                                           |        |                          | (182,617)     |                        |        | —  |            |        | —    |          |               | 18,363   |   |
|                                           |  | Senior Secured First Lien Term Loan                          |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | 12,274   |   |
|                                           |  | Common Stock                                                 |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |
| Dynamic Energy Services International LLC |  | Revolving Credit Facility                                    |  | —                    |          |                                     | 690,428    |                                |               | 246,677                                           |        |                          |               |                             |        |               | 937,105    |   |                 | 42,479   |          |
|                                           |  | Senior Secured First Lien Term Loan                          |  | —                    |          |                                     | —    |                                |               | 9,828,831                                         |        |                          | (3,809,572)   |                        |        | (5,379,805)   |            |        | 639,454    |          |               | —  |   |
|                                           |  | Equity                                                       |  | —                    |          |                                     | —    |                                |               | —                                           |        |                          | —  |                        |        | —  |            |        | —    |          |               | —  |   |

----

Table of Contents

|                                         |  |                                                  |  |                                 |                   |                                     |                 |                                     |              |                                                        |        |                          |                  |                             |  |                  |              |        |                  |        |                 |                 |        |   |                   |        |  |   |                 |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--|--------------------------------------------------|--|---------------------------------|-------------------|-------------------------------------|-----------------|-------------------------------------|--------------|--------------------------------------------------------|--------|--------------------------|------------------|-----------------------------|--|------------------|--------------|--------|------------------|--------|-----------------|-----------------|--------|---|-------------------|--------|--|---|-----------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Name of Investment(3)                   |  | Type of Investment                               |  | Fair Value at December 31, 2018 |                   | Purchases/(Sales)of Investments |                 | TransfersIn/(Out)of Investments |              | Net change inunrealizedappreciation/(depreciation) |        | Realized Gain/(Loss) |                  | Fair Value at June 30, 2019 |  | IncomeEarned     |
| Kemmerer Operations, LLC                |  | Senior Secured First Lien Term Loan              |  | —                    |              |                                     | 1,694,915  |                                |              | —                                           |   |                          | —     |                        |  | —     |         |        | 1,694,915   |   |                 | 7,062      |   |
|                                         |  | Senior Secured First Lien Delayed Draw Term Loan |  | —                    |              |                                     | 677,966    |                                |              | —                                           |   |                          | —     |                        |  | —     |         |        | 677,966     |   |                 | —    |   |
|                                         |  | Equity                                           |  | —                    |              |                                     | 962,717    |                                |              | —                                           |   |                          | —     |                        |  | —     |         |        | 962,717     |   |                 | —    |   |
| MCM 500 East Pratt Holdings, LLC        |  | Equity                                           |  | 5,000,000                  |              |                                     | —    |                                |              | —                                           |   |                          | —     |                        |  | —     |         |        | 5,000,000   |   |                 | 183,627    |   |
| MCM Capital Office Park Holdings LLC    |  | Equity                                           |  | 12,499,125                 |              |                                     | —    |                                |              | —                                           |   |                          | (1,661,625)      |                        |  | —     |         |        | 10,837,500  |   |                 | 141,234    |   |
| Medley Chiller Holdings LLC             |  | Equity                                           |  | 9,098,157                  |              |                                     | (23,360,420)    |                                |              | —                                           |   |                          | (470,657)        |                        |  | 14,732,920  |         |        | —     |   |                 | 557,697    |   |
| Nomida LLC(1)                           |  | Equity                                           |  | 989,820                    |              |                                     | (771,420)       |                                |              | —                                           |   |                          | 1,299,940   |                        |  | (1,518,340)      |         |        | —     |   |                 | —    |   |
| Sierra Senior Loan Strategy JV I LLC(2) |  | Equity                                           |  | 82,515,860                 |              |                                     | —    |                                |              | —                                           |   |                          | (5,960,185)      |                        |  | —     |         |        | 76,555,675  |   |                 | 4,200,000  |   |
| TwentyEighty, Inc.                      |  | Senior Secured First Lien Term Loan              |  | 6,975,035                  |              |                                     | 139,415    |                                |              | —                                           |   |                          | (69,721)         |                        |  | —     |         |        | 7,044,729   |   |                 | 283,208    |   |
|                                         |  | Senior Secured First Lien Term Loan              |  | 6,497,461                  |              |                                     | 404,802    |                                |              | —                                           |   |                          | 79,231      |                        |  | —     |         |        | 6,981,494   |   |                 | 306,079    |   |
|                                         |  | Senior Secured First Lien Term Loan              |  | 319,870                    |              |                                     | (118,076)       |                                |              | —                                           |   |                          | 2,390       |                        |  | 513         |         |        | 204,697     |   |                 | 15,525     |   |
|                                         |  | Senior Secured First Lien Term Loan              |  | —                    |              |                                     | —    |                                |              | —                                           |   |                          | —     |                        |  | —     |         |        | —     |   |                 | —    |   |
|                                         |  | Equity                                           |  | 404,943                    |              |                                     | —    |                                |              | —                                           |   |                          | 3,059,439   |                        |  | —     |         |        | 3,464,382   |   |                 | —    |   |
| Total                                   |  |                                                  |  | $                               | 165,006,502  |                                |                 | $                                   | (17,724,197) |                                                   |        | $                        | 10,075,508  |                        |  | $                | (23,454,072) |   |                  | $      | 7,835,288  |            |        | $ | 141,739,029  |   |  | $ | 6,197,965  |   |

----

Table of Contents

|                                                                   |               |                   |                   |            |        |                   |        |  |  |  |  |
|-------------------------------------------------------------------|---------------|-------------------|-------------------|------------|--------|-------------------|--------|--|--|--|--|
|                                                              | June 30, 2020 |                   | December 31, 2019 |
|                                                                   | (unaudited)   |                   |                   |
| Senior secured loans(1)                                           | $             | 212,102,118  |              |            | $      | 255,853,296  |   |
| Weighted average current interest rate on senior secured loans(2) | 5.71     | %                 |                   | 6.86  | %      |
| Number of borrowers in the Sierra JV                              | 56       |              |                   | 60    |   |
| Investments at fair value                                         | $             | 182,413,261  |              |            | $      | 238,316,936  |   |
| Largest loan to a single borrower(1)                              | $             | 10,711,287   |              |            | $      | 10,826,856   |   |
| Total of five largest loans to borrowers(1)                       | $             | 39,443,892   |              |            | $      | 43,344,178   |   |

----

Table of Contents

|                                             |  |                                                   |  |                                                                              |  |                    |  |                 |                  |        |                 |               |                  |                 |        |   |                  |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|--|---------------------------------------------------|--|------------------------------------------------------------------------------|--|--------------------|--|-----------------|------------------|--------|-----------------|---------------|------------------|-----------------|--------|---|------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company                                     |  | Industry                                          |  | Type of Investment                                                           |  | Maturity           |  | Par Amount      |                  | Cost   |                 | Fair Value(2) |
| 4Over International, LLC                    |  | Media: Advertising, Printing & Publishing |  | Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)    |  | 6/7/2022   |  | $               | 10,711,287  |   |                 | $             | 10,711,287  |            |        | $ | 10,120,024  |   |
| Callaway Golf Company                       |  | Consumer Goods: Durable                       |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)    |  | 1/4/2026   |  | 1,514,532  |             |        | 1,491,517  |          |                  | 1,497,645  |   |
| Cambrex Corporation                         |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)    |  | 12/4/2026  |  | 2,982,506  |             |        | 2,927,646  |          |                  | 2,881,996  |   |
| Cardenas Markets LLC                        |  | Retail                                            |  | Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)(1)    |  | 11/29/2023 |  | 6,272,500  |             |        | 6,241,898  |          |                  | 5,932,531  |   |
| CHA Consulting, Inc.                        |  | Construction & Building                       |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)    |  | 4/10/2025  |  | 1,343,816  |             |        | 1,339,241  |          |                  | 1,272,594  |   |
| CHA Consulting, Inc.                        |  | Construction & Building                       |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)    |  | 4/10/2025  |  | 594,000    |             |        | 594,000    |          |                  | 562,518    |   |
| Covenant Surgical Partners, Inc.            |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%)(1)                       |  | 7/1/2026   |  | 4,962,594  |             |        | 4,919,946  |          |                  | 4,209,816  |   |
| CT Technologies Intermediate Holdings, Inc. |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)    |  | 12/1/2021  |  | 4,099,536  |             |        | 4,058,030  |          |                  | 3,848,029  |   |
| Directbuy Home Improvement, Inc.            |  | Retail                                            |  | Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(1)(3) |  | 6/20/2022  |  | 274,413    |             |        | 274,413    |          |                  | 41,162     |   |
| Directbuy Home Improvement, Inc.            |  | Retail                                            |  | Common Stock - 201,591 shares                                                |  |                    |  | 201,591    |             |        | 79,237     |          |                  | —    |   |
| Envision Healthcare Corporation             |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1)    |  | 10/10/2025 |  | 1,945,375  |             |        | 1,892,805  |          |                  | 1,294,939  |   |
| GC EOS Buyer, Inc.                          |  | Automotive                                        |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)    |  | 8/1/2025   |  | 3,418,987  |             |        | 3,379,502  |          |                  | 2,912,635  |   |
| GK Holdings, Inc.                           |  | Services: Business                            |  | Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)    |  | 1/20/2021  |  | 3,885,394  |             |        | 3,882,786  |          |                  | 2,525,506  |   |
| Glass Mountain Pipeline Holdings, LLC       |  | Energy: Oil & Gas                         |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)    |  | 12/23/2024 |  | 4,863,062  |             |        | 4,851,337  |          |                  | 2,177,679  |   |
| Golden West Packaging Group LLC             |  | Forest Products & Paper                       |  | Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)(1)    |  | 6/20/2023  |  | 4,080,982  |             |        | 4,080,982  |          |                  | 3,867,955  |   |
| High Ridge Brands Co.                       |  | Consumer Goods: Non-Durable                   |  | Senior Secured First Lien Term Loan (LIBOR + 7.00%, 1.00% LIBOR Floor)(1)(3) |  | 6/30/2022  |  | 2,887,398  |             |        | 2,872,392  |          |                  | 997,019    |   |
| Highline Aftermarket Acquisitions, LLC      |  | Automotive                                        |  | Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor)(1)    |  | 4/26/2025  |  | 4,035,294  |             |        | 4,026,032  |          |                  | 3,594,035  |   |
| Infogroup, Inc.                             |  | Services: Business                            |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)    |  | 4/3/2023   |  | 4,837,500  |             |        | 4,815,093  |          |                  | 3,942,563  |   |
| Intermediate LLC                            |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)    |  | 7/1/2026   |  | 2,729,375  |             |        | 2,714,295  |          |                  | 2,441,699  |   |
| Isagenix International, LLC                 |  | Wholesale                                         |  | Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)(1)    |  | 6/16/2025  |  | 2,673,655  |             |        | 2,662,910  |          |                  | 1,028,689  |   |
| IXS Holdings, Inc.                          |  | Automotive                                        |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)    |  | 3/5/2027   |  | 2,992,311  |             |        | 2,963,679  |          |                  | 2,800,653  |   |
| Keystone Acquisition Corp.                  |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)    |  | 5/1/2024   |  | 6,115,536  |             |        | 6,052,163  |          |                  | 5,797,528  |   |
| KNB Holdings Corporation                    |  | Consumer Goods: Durable                       |  | Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1)    |  | 4/26/2024  |  | 4,775,218  |             |        | 4,722,976  |          |                  | 2,142,879  |   |

----

Table of Contents

|                                      |  |                                               |  |                                                                                      |  |                    |  |                 |        |      |                 |               |  |                 |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|-----------------------------------------------|--|--------------------------------------------------------------------------------------|--|--------------------|--|-----------------|--------|------|-----------------|---------------|--|-----------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company                              |  | Industry                                      |  | Type of Investment                                                                   |  | Maturity           |  | Par Amount      |        | Cost |                 | Fair Value(2) |
| Liasion Acquisition, LLC             |  | High Tech Industries                          |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)            |  | 12/20/2026 |  | 6,467,500  |   |      | 6,452,534  |          |  | 6,176,463  |   |
| LifeMiles Ltd.                       |  | Services: Consumer                        |  | Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1)            |  | 8/18/2022  |  | 4,380,308  |   |      | 4,370,103  |          |  | 3,345,461  |   |
| Manna Pro Products, LLC              |  | Consumer Goods: Non-Durable               |  | Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)            |  | 12/8/2023  |  | 3,006,250  |   |      | 3,006,250  |          |  | 2,804,531  |   |
| Manna Pro Products, LLC              |  | Consumer Goods: Non-Durable               |  | Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)            |  | 12/8/2023  |  | 610,500    |   |      | 610,500    |          |  | 569,535    |   |
| NGS US Finco, LLC                    |  | Capital Equipment                             |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)            |  | 10/1/2025  |  | 2,950,723  |   |      | 2,940,198  |          |  | 2,580,112  |   |
| Northern Star Industries, Inc.       |  | Capital Equipment                             |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)            |  | 3/28/2025  |  | 4,154,375  |   |      | 4,140,233  |          |  | 3,491,752  |   |
| Nuvei Technologies Corp.             |  | Banking, Finance, Insurance & Real Estate |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)            |  | 9/29/2025  |  | 2,509,089  |   |      | 2,500,433  |          |  | 2,413,493  |   |
| Offen, Inc.                          |  | Transportation: Cargo                     |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%)(1)                               |  | 6/22/2026  |  | 3,635,841  |   |      | 3,604,693  |          |  | 3,423,909  |   |
| Patriot Rail Company LLC             |  | Transportation: Cargo                     |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)            |  | 10/19/2026 |  | 1,745,625  |   |      | 1,714,145  |          |  | 1,649,616  |   |
| Peraton Corp.                        |  | Aerospace and Defense                         |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)            |  | 4/29/2024  |  | 3,380,303  |   |      | 3,371,023  |          |  | 3,223,119  |   |
| PetroChoice Holdings, Inc.           |  | Chemicals, Plastics and Rubber                |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)            |  | 8/19/2022  |  | 6,787,352  |   |      | 6,773,320  |          |  | 5,605,199  |   |
| Phoenix Guarantor Inc.               |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan (LIBOR + 3.25%)(1)                               |  | 3/5/2026   |  | 1,965,113  |   |      | 1,940,275  |          |  | 1,887,785  |   |
| Plaskolite PPC Intermediate II LLC   |  | Chemicals, Plastics and Rubber                |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)            |  | 12/15/2025 |  | 3,201,250  |   |      | 3,153,830  |          |  | 3,065,997  |   |
| Port Townsend Holdings Company, Inc. |  | Forest Products & Paper                   |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)            |  | 4/3/2024   |  | 2,953,281  |   |      | 2,934,612  |          |  | 2,693,688  |   |
| PT Network, LLC                      |  | Healthcare & Pharmaceuticals              |  | Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor, 2% PIK)(1)(4) |  | 11/30/2023 |  | 4,473,500  |   |      | 4,265,463  |          |  | 4,026,150  |   |
| PT Network, LLC                      |  | Healthcare & Pharmaceuticals              |  | Class C Common Stock                                                                 |  |                    |  | 1          |   |      | —    |          |  | —    |   |
| PVHC Holding Corp                    |  | Containers, Packaging and Glass               |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)            |  | 8/5/2024   |  | 1,957,408  |   |      | 1,950,653  |          |  | 1,717,234  |   |
| Quartz Holding Company               |  | High Tech Industries                          |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)            |  | 4/2/2026   |  | 953,879    |   |      | 953,292    |          |  | 906,185    |   |
| RB Media, Inc.                       |  | Media: Diversified & Production       |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)            |  | 8/29/2025  |  | 5,971,031  |   |      | 5,929,566  |          |  | 5,750,998  |   |
| Rough Country, LLC                   |  | Automotive                                    |  | Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor)(1)            |  | 5/25/2023  |  | 2,698,652  |   |      | 2,691,649  |          |  | 2,503,810  |   |
| Safe Fleet Holdings LLC              |  | Automotive                                    |  | Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1)            |  | 2/3/2025   |  | 1,316,785  |   |      | 1,294,144  |          |  | 1,222,964  |   |
| Salient CRGT Inc.                    |  | High Tech Industries                          |  | Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(1)            |  | 2/28/2022  |  | 4,284,226  |   |      | 4,255,460  |          |  | 3,839,738  |   |
| Shift4 Payments, LLC                 |  | Banking, Finance, Insurance & Real Estate |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)            |  | 11/29/2024 |  | 7,304,819  |   |      | 7,281,725  |          |  | 7,108,684  |   |
| Sierra Enterprises, LLC              |  | Beverage & Food                           |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)            |  | 11/11/2024 |  | 3,889,153  |   |      | 3,881,266  |          |  | 3,691,195  |   |

----

Table of Contents

|                               |  |                                                   |  |                                                                           |  |                    |  |                 |                   |        |                 |               |                   |                 |        |   |                   |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|--|---------------------------------------------------|--|---------------------------------------------------------------------------|--|--------------------|--|-----------------|-------------------|--------|-----------------|---------------|-------------------|-----------------|--------|---|-------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company                       |  | Industry                                          |  | Type of Investment                                                        |  | Maturity           |  | Par Amount      |                   | Cost   |                 | Fair Value(2) |
| Simplified Logistics, LLC     |  | Services: Business                            |  | Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(1) |  | 2/27/2022  |  | 3,456,250  |              |        | 3,391,209  |          |                   | 3,320,419  |   |
| Syniverse Holdings, Inc.      |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1) |  | 3/9/2023   |  | 2,912,702  |              |        | 2,896,942  |          |                   | 2,082,873  |   |
| T-Mobile USA, Inc.            |  | Telecommunications                                |  | Senior Secured First Lien Term Loan (LIBOR + 3.00%)(1)                    |  | 4/1/2027   |  | 4,000,000  |              |        | 3,940,957  |          |                   | 3,940,800  |   |
| The Imagine Group, LLC        |  | Media: Advertising, Printing & Publishing |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1) |  | 6/21/2022  |  | 900,673    |              |        | 896,600    |          |                   | 200,535    |   |
| The Octave Music Group, Inc.  |  | Media: Diversified & Production           |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1) |  | 5/29/2025  |  | 5,948,276  |              |        | 5,892,464  |          |                   | 5,056,034  |   |
| ThoughtWorks, Inc.            |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1) |  | 10/11/2024 |  | 4,629,337  |              |        | 4,616,586  |          |                   | 4,418,239  |   |
| Tortoise Borrower LLC         |  | Banking, Finance, Insurance & Real Estate     |  | Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor)(1) |  | 1/31/2025  |  | 2,419,312  |              |        | 2,411,365  |          |                   | 2,056,416  |   |
| Vero Parent, Inc.             |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor)(1) |  | 8/16/2024  |  | 3,885,812  |              |        | 3,865,588  |          |                   | 3,570,867  |   |
| Wawona Delaware Holdings, LLC |  | Beverage & Food                               |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1) |  | 9/11/2026  |  | 947,738    |              |        | 939,320    |          |                   | 861,967    |   |
| Wok Holdings Inc.             |  | Retail                                            |  | Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(1) |  | 3/1/2026   |  | 6,566,875  |              |        | 6,521,091  |          |                   | 4,289,154  |   |
| Wrench Group LLC              |  | Services: Consumer                            |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1) |  | 4/30/2026  |  | 2,724,604  |              |        | 2,708,280  |          |                   | 2,584,366  |   |
| Wrench Group LLC              |  | Services: Consumer                            |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1) |  | 4/30/2026  |  | 225,654    |              |        | 218,379    |          |                   | 218,379    |   |
| Xebec Global Holdings, LLC    |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1) |  | 2/12/2024  |  | 8,073,559  |              |        | 8,073,559  |          |                   | 7,732,855  |   |
| Z Medica, LLC                 |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1) |  | 9/29/2022  |  | 2,617,500  |              |        | 2,617,500  |          |                   | 2,492,645  |   |
| Total                         |  |                                                   |  |                                                                           |  |                    |  | $               | 212,102,118  |   |                 | $             | 210,559,374  |            |        | $ | 182,413,261  |   |

|                              |  |                                                   |  |                                                                        |  |                    |  |                 |                  |        |                 |               |                  |                 |        |   |                  |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|--|---------------------------------------------------|--|------------------------------------------------------------------------|--|--------------------|--|-----------------|------------------|--------|-----------------|---------------|------------------|-----------------|--------|---|------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company                      |  | Industry                                          |  | Type of Investment                                                     |  | Maturity           |  | Par Amount      |                  | Cost   |                 | Fair Value(1) |
| 4Over International, LLC     |  | Media: Advertising, Printing & Publishing |  | Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor) |  | 6/7/2022   |  | $               | 10,826,856  |   |                 | $             | 10,826,856  |            |        | $ | 10,648,215  |   |
| Acrisure, LLC                |  | Banking, Finance, Insurance & Real Estate     |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor) |  | 11/22/2023 |  | 3,182,966  |             |        | 3,183,838  |          |                  | 3,187,103  |   |
| Brightspring Health Services |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%)                    |  | 3/5/2026   |  | 3,980,000  |             |        | 3,933,275  |          |                  | 3,998,905  |   |
| Callaway Golf Company        |  | Consumer Goods: Durable                       |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor) |  | 1/4/2026   |  | 2,766,749  |             |        | 2,720,217  |          |                  | 2,794,418  |   |
| Cambrex Corporation          |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor) |  | 12/4/2026  |  | 4,000,000  |             |        | 3,920,721  |          |                  | 3,920,000  |   |

----

Table of Contents

|                                             |  |                                  |  |                                                                              |  |                    |  |                 |        |      |                 |               |  |                 |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|--|----------------------------------|--|------------------------------------------------------------------------------|--|--------------------|--|-----------------|--------|------|-----------------|---------------|--|-----------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company                                     |  | Industry                         |  | Type of Investment                                                           |  | Maturity           |  | Par Amount      |        | Cost |                 | Fair Value(1) |
| Cardenas Markets LLC                        |  | Retail                           |  | Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)       |  | 11/29/2023 |  | 6,305,000  |   |      | 6,269,750  |          |  | 6,195,293  |   |
| CHA Consulting, Inc.                        |  | Construction & Building      |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)       |  | 4/10/2025  |  | 1,350,672  |   |      | 1,345,582  |          |  | 1,347,565  |   |
| CHA Consulting, Inc.                        |  | Construction & Building      |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(2)    |  | 4/10/2025  |  | 597,000    |   |      | 597,000    |          |  | 595,627    |   |
| Covenant Surgical Partners, Inc.            |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%)(2)                       |  | 7/1/2026   |  | 4,987,500  |   |      | 4,941,073  |          |  | 4,942,594  |   |
| CT Technologies Intermediate Holdings, Inc. |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)       |  | 12/1/2021  |  | 4,121,112  |   |      | 4,064,756  |          |  | 3,878,791  |   |
| Directbuy Home Improvement, Inc.            |  | Retail                           |  | Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(2)    |  | 6/20/2022  |  | 274,413    |   |      | 274,413    |          |  | 274,413    |   |
| Directbuy Home Improvement, Inc.            |  | Retail                           |  | Common Stock - 201,591 shares(3)                                             |  |                    |  | 201,591    |   |      | 79,237     |          |  | 64,509     |   |
| Envision Healthcare Corporation             |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)       |  | 10/10/2025 |  | 1,955,250  |   |      | 1,896,560  |          |  | 1,666,264  |   |
| GC EOS Buyer, Inc.                          |  | Automotive                       |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)       |  | 8/1/2025   |  | 3,436,387  |   |      | 3,392,804  |          |  | 3,340,511  |   |
| GK Holdings, Inc.                           |  | Services: Business           |  | Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)       |  | 1/20/2021  |  | 3,905,952  |   |      | 3,900,993  |          |  | 3,241,940  |   |
| Glass Mountain Pipeline Holdings, LLC       |  | Energy: Oil & Gas        |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)       |  | 12/23/2024 |  | 4,887,938  |   |      | 4,874,842  |          |  | 4,286,232  |   |
| Golden West Packaging Group LLC             |  | Forest Products & Paper      |  | Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)       |  | 6/20/2023  |  | 4,121,837  |   |      | 4,121,837  |          |  | 4,092,984  |   |
| High Ridge (DIP Term Loan)                  |  | Consumer Goods: Non-Durable  |  | Senior Secured First Lien Term Loan (LIBOR + 7.00%, 1.00% LIBOR Floor)(3)(4) |  | 4/18/2020  |  | 143,852    |   |      | 139,187    |          |  | 143,852    |   |
| High Ridge Brands Co.                       |  | Consumer Goods: Non-Durable  |  | Senior Secured First Lien Term Loan (LIBOR + 7.00%, 1.00% LIBOR Floor)       |  | 6/30/2022  |  | 3,031,250  |   |      | 3,011,569  |          |  | 1,312,531  |   |
| Highline Aftermarket Acquisitions, LLC      |  | Automotive                       |  | Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor)       |  | 4/26/2025  |  | 4,055,882  |   |      | 4,045,615  |          |  | 3,660,434  |   |
| Infogroup, Inc.                             |  | Services: Business           |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)       |  | 4/3/2023   |  | 4,862,500  |   |      | 4,835,906  |          |  | 4,704,955  |   |
| Intermediate LLC                            |  | High Tech Industries             |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)       |  | 7/1/2026   |  | 2,743,125  |   |      | 2,726,710  |          |  | 2,729,409  |   |
| Isagenix International, LLC                 |  | Wholesale                        |  | Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)       |  | 6/16/2025  |  | 2,750,063  |   |      | 2,737,896  |          |  | 1,924,494  |   |
| Jordan Health Products I, Inc.              |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)       |  | 5/15/2025  |  | 5,168,658  |   |      | 5,107,272  |          |  | 3,721,434  |   |
| Keystone Acquisition Corp.                  |  | Healthcare & Pharmaceuticals |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)       |  | 5/1/2024   |  | 6,146,978  |   |      | 6,075,006  |          |  | 5,993,304  |   |
| KNB Holdings Corporation                    |  | Consumer Goods: Durable      |  | Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)       |  | 4/26/2024  |  | 4,839,315  |   |      | 4,779,469  |          |  | 3,629,970  |   |
| Liasion Acquisition, LLC                    |  | High Tech Industries             |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)       |  | 12/20/2026 |  | 6,500,000  |   |      | 6,483,801  |          |  | 6,483,750  |   |
| LifeMiles Ltd.                              |  | Services: Consumer           |  | Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)       |  | 8/18/2022  |  | 4,684,602  |   |      | 4,671,137  |          |  | 4,614,801  |   |
| Manna Pro Products, LLC                     |  | Consumer Goods: Non-Durable  |  | Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(2)    |  | 12/8/2023  |  | 3,021,667  |   |      | 3,021,667  |          |  | 2,904,426  |   |
| Manna Pro Products, LLC                     |  | Consumer Goods: Non-Durable  |  | Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)       |  | 12/8/2023  |  | 613,583    |   |      | 613,583    |          |  | 589,776    |   |

----

Table of Contents

|                                      |  |                                                   |  |                                                                                   |  |                    |  |                 |        |      |                 |               |  |                 |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|---------------------------------------------------|--|-----------------------------------------------------------------------------------|--|--------------------|--|-----------------|--------|------|-----------------|---------------|--|-----------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company                              |  | Industry                                          |  | Type of Investment                                                                |  | Maturity           |  | Par Amount      |        | Cost |                 | Fair Value(1) |
| MediaOcean                           |  | Media: Advertising, Printing & Publishing |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(2)         |  | 8/18/2025  |  | 1,750,000  |   |      | 1,745,688  |          |  | 1,745,625  |   |
| NGS US Finco, LLC                    |  | Capital Equipment                                 |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)            |  | 10/1/2025  |  | 2,970,000  |   |      | 2,958,188  |          |  | 2,968,218  |   |
| Northern Star Industries, Inc.       |  | Capital Equipment                                 |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(4)         |  | 3/28/2025  |  | 4,175,625  |   |      | 4,159,917  |          |  | 4,049,521  |   |
| Nuvei Technologies Corp.             |  | Banking, Finance, Insurance & Real Estate     |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)            |  | 9/29/2025  |  | 975,269    |   |      | 975,269    |          |  | 980,145    |   |
| Nuvei Technologies Corp.             |  | Banking, Finance, Insurance & Real Estate     |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)            |  | 9/29/2025  |  | 4,826,747  |   |      | 4,785,934  |          |  | 4,850,881  |   |
| Nuvei Technologies Corp.             |  | Banking, Finance, Insurance & Real Estate     |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)            |  | 9/29/2025  |  | 707,074    |   |      | 707,074    |          |  | 710,609    |   |
| Offen, Inc.                          |  | Transportation: Cargo                         |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%)(2)                            |  | 6/22/2026  |  | 3,654,204  |   |      | 3,620,287  |          |  | 3,654,204  |   |
| Patriot Rail Company LLC             |  | Transportation: Cargo                         |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)            |  | 10/19/2026 |  | 1,750,000  |   |      | 1,715,946  |          |  | 1,715,000  |   |
| Peraton Corp.                        |  | Aerospace and Defense                             |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)            |  | 4/29/2024  |  | 3,397,727  |   |      | 3,387,186  |          |  | 3,380,739  |   |
| PetroChoice Holdings, Inc.           |  | Chemicals, Plastics and Rubber                    |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)            |  | 8/19/2022  |  | 6,822,978  |   |      | 6,807,103  |          |  | 6,473,642  |   |
| Plaskolite PPC Intermediate II LLC   |  | Chemicals, Plastics and Rubber                    |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)            |  | 12/15/2025 |  | 3,217,500  |   |      | 3,164,435  |          |  | 2,984,231  |   |
| Port Townsend Holdings Company, Inc. |  | Forest Products & Paper                       |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)            |  | 4/3/2024   |  | 3,034,160  |   |      | 3,012,438  |          |  | 2,883,970  |   |
| PT Network, LLC                      |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor, 2% PIK)(4) |  | 11/30/2023 |  | 4,439,284  |   |      | 4,198,393  |          |  | 4,150,286  |   |
| PT Network, LLC                      |  | Healthcare & Pharmaceuticals                  |  | Class C Common Stock(3)                                                           |  |                    |  | 1          |   |      | —    |          |  | —    |   |
| PVHC Holding Corp                    |  | Containers, Packaging and Glass                   |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(2)         |  | 8/5/2024   |  | 1,967,369  |   |      | 1,959,755  |          |  | 1,816,508  |   |
| Quartz Holding Company               |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)            |  | 4/2/2026   |  | 6,466,253  |   |      | 6,444,757  |          |  | 6,433,922  |   |
| RB Media, Inc.                       |  | Media: Diversified & Production           |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)            |  | 8/29/2025  |  | 5,431,250  |   |      | 5,387,100  |          |  | 5,431,250  |   |
| Rough Country, LLC                   |  | Automotive                                        |  | Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor)            |  | 5/25/2023  |  | 4,698,652  |   |      | 4,684,364  |          |  | 4,651,666  |   |
| Safe Fleet Holdings LLC              |  | Automotive                                        |  | Senior Secured First Lien Term Loan (LIBOR + 3.00%, 1.00% LIBOR Floor)            |  | 2/3/2025   |  | 3,414,188  |   |      | 3,407,774  |          |  | 3,254,233  |   |
| Safe Fleet Holdings LLC              |  | Automotive                                        |  | Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)            |  | 2/3/2025   |  | 1,332,506  |   |      | 1,291,776  |          |  | 1,271,344  |   |
| Salient CRGT Inc.                    |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)            |  | 2/28/2022  |  | 4,377,976  |   |      | 4,339,781  |          |  | 3,983,958  |   |
| SCS Holdings I Inc.                  |  | Wholesale                                         |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)            |  | 7/1/2026   |  | 2,238,750  |   |      | 2,233,552  |          |  | 2,247,257  |   |
| Shift4 Payments, LLC                 |  | Banking, Finance, Insurance & Real Estate     |  | Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)            |  | 11/29/2024 |  | 9,800,000  |   |      | 9,765,521  |          |  | 9,831,360  |   |
| Sierra Enterprises, LLC              |  | Beverage & Food                               |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)            |  | 11/11/2024 |  | 3,909,046  |   |      | 3,900,184  |          |  | 3,889,501  |   |

----

Table of Contents

|                               |  |                                                   |  |                                                                        |  |                    |  |                 |                   |        |                 |               |                   |                 |        |   |                   |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|--|---------------------------------------------------|--|------------------------------------------------------------------------|--|--------------------|--|-----------------|-------------------|--------|-----------------|---------------|-------------------|-----------------|--------|---|-------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Company                       |  | Industry                                          |  | Type of Investment                                                     |  | Maturity           |  | Par Amount      |                   | Cost   |                 | Fair Value(1) |
| Simplified Logistics, LLC     |  | Services: Business                            |  | Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor) |  | 2/27/2022  |  | 3,473,750  |              |        | 3,401,169  |          |                   | 3,473,750  |   |
| SMB Shipping Logistics, LLC   |  | Transportation: Cargo                         |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor) |  | 2/5/2024   |  | 1,462,048  |              |        | 1,451,196  |          |                   | 1,451,521  |   |
| Syniverse Holdings, Inc.      |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor) |  | 3/9/2023   |  | 2,927,601  |              |        | 2,908,826  |          |                   | 2,762,191  |   |
| The Imagine Group, LLC        |  | Media: Advertising, Printing & Publishing |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor) |  | 6/21/2022  |  | 7,780,000  |              |        | 7,740,720  |          |                   | 2,650,646  |   |
| The Octave Music Group, Inc.  |  | Media: Diversified & Production           |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor) |  | 5/28/2021  |  | 4,337,289  |              |        | 4,337,289  |          |                   | 4,332,085  |   |
| ThoughtWorks, Inc.            |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor) |  | 10/11/2024 |  | 6,658,045  |              |        | 6,643,269  |          |                   | 6,674,690  |   |
| Tortoise Borrower LLC         |  | Banking, Finance, Insurance & Real Estate     |  | Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor) |  | 1/31/2025  |  | 2,431,688  |              |        | 2,422,832  |          |                   | 2,416,611  |   |
| United Road Services, Inc.    |  | Transportation: Cargo                         |  | Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor) |  | 9/2/2024   |  | 3,729,999  |              |        | 3,717,259  |          |                   | 3,468,899  |   |
| Vero Parent, Inc.             |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor) |  | 8/16/2024  |  | 3,905,587  |              |        | 3,882,806  |          |                   | 3,739,600  |   |
| Wawona Delaware Holdings, LLC |  | Beverage & Food                               |  | Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor) |  | 9/11/2026  |  | 4,962,563  |              |        | 4,914,942  |          |                   | 4,912,937  |   |
| Wok Holdings Inc.             |  | Retail                                            |  | Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor) |  | 3/1/2026   |  | 6,600,125  |              |        | 6,549,669  |          |                   | 5,321,681  |   |
| Wrench Group LLC              |  | Services: Consumer                            |  | Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor) |  | 4/30/2026  |  | 2,220,094  |              |        | 2,203,372  |          |                   | 2,205,275  |   |
| Xebec Global Holdings, LLC    |  | High Tech Industries                              |  | Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor) |  | 2/12/2024  |  | 8,114,342  |              |        | 8,114,342  |          |                   | 8,094,056  |   |
| Z Medica, LLC                 |  | Healthcare & Pharmaceuticals                  |  | Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor) |  | 9/29/2022  |  | 2,632,500  |              |        | 2,632,500  |          |                   | 2,566,424  |   |
| Total                         |  |                                                   |  |                                                                        |  |                    |  | $               | 256,054,888  |   |                 | $             | 254,165,185  |            |        | $ | 238,316,936  |   |

|                                                                                                             |                   |                   |                   |                   |        |                   |        |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------|-------------------|-------------------|-------------------|-------------------|--------|-------------------|--------|--|--|--|--|
|                                                                                                        | June 30, 2020     |                   | December 31, 2019 |
|                                                                                                             | (unaudited)       |                   |                   |
| Selected Consolidated Statement of Assets and Liabilities Information:                                  |                   |                   |                   |
| Investments in loans at fair value (amortized cost of $210,559,374 and $254,165,185, respectively)          | $                 | 182,413,261  |              |                   | $      | 238,316,936  |   |
| Cash and cash equivalents                                                                                   | 11,415,505   |              |                   | 44,019,523   |   |
| Other assets                                                                                                | 1,055,615    |              |                   | 943,994      |   |
| Total assets                                                                                                | $                 | 194,884,381  |              |                   | $      | 283,280,453  |   |
|                                                                                                             |                   |                   |                   |
| Senior credit facility payable (net of deferred financing costs of $2,432,785 and $2,355,405, respectively) | 122,270,160  |              |                   | 202,544,595  |   |
| Interest payable                                                                                            | 651,593      |              |                   | 852,009      |   |
| Other liabilities                                                                                           | 403,579      |              |                   | 501,316      |   |
| Total liabilities                                                                                           | 123,325,332  |              |                   | 203,897,920  |   |
| Members’ capital                                                                                      | 71,559,049   |              |                   | 79,382,533   |   |
| Total liabilities and members' capital                                                                      | $                 | 194,884,381  |              |                   | $      | 283,280,453  |   |

----

Table of Contents

|                                                                         |                             |                 |             |               |                           |                 |              |        |   |                 |        |  |   |                  |        |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------|-----------------------------|-----------------|-------------|---------------|---------------------------|-----------------|--------------|--------|---|-----------------|--------|--|---|------------------|--------|--|--|--|--|--|--|--|--|
|                                                                         | Three Months Ended June 30, |                 |             |               | Six Months Ended June 30, |                 |              |
|                                                                    | 2020                        |                 | 2019        |               | 2020                      |                 | 2019         |
|                                                                         | (unaudited)                 |                 | (unaudited) |               | (unaudited)               |                 | (unaudited)  |
| Selected Consolidated Statement of Operations Information:          |                             |                 |             |               |                           |                 |              |
| Total investment income                                                 | $                           | 3,681,476  |        |               | $                         | 5,426,634  |         |        | $ | 8,134,188  |   |  | $ | 11,025,448  |   |
| Total expenses                                                          | (2,547,948)                 |            |             | (3,218,553)   |                      |                 | (5,558,944)  |   |   | (6,412,699)     |   |
| Net change in unrealized appreciation/(depreciation) of investments | 15,919,611             |            |             | 539,007  |                      |                 | (12,297,864) |   |   | (1,554,951)     |   |
| Net realized gain/(loss) on investments                             | (10,758,378)                |            |             | (4,836,350)   |                      |                 | (10,750,864) |   |   | (4,772,156)     |   |
| Net income/(loss)                                                   | $                           | 6,294,761  |        |               | $                         | (2,089,262)     |         |        | $ | (20,473,484)    |   |  | $ | (1,714,358)      |   |

----

Table of Contents

|                                         |  |                  |                  |         |               |         |               |                  |                   |        |                   |        |  |   |                   |        |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--|------------------|------------------|---------|---------------|---------|---------------|------------------|-------------------|--------|-------------------|--------|--|---|-------------------|--------|--|--|--|--|--|--|--|--|--|--|
| Type of Investment (1)                  |  | Level 1          |                  | Level 2 |               | Level 3 |               | Total            |
| Asset                                   |  |                  |                  |         |               |         |               |                  |
| Senior secured first lien term loans    |  | $                | —     |    |               | $       | —  |             |                   | $      | 312,135,899  |   |  | $ | 312,135,899  |   |
| Senior secured first lien notes         |  | —     |             |         | —  |    |               | 7,654,714   |              |        | 7,654,714    |   |
| Senior secured second lien term loans   |  | —     |             |         | —  |    |               | 90,567,104  |              |        | 90,567,104   |   |
| Subordinated notes                      |  | —     |             |         | —  |    |               | 42,316,531  |              |        | 42,316,531   |   |
| Equity/warrants                     |  | 25,743,491  |             |         | —  |    |               | 34,182,327  |              |        | 59,925,818   |   |
| Total                                   |  | $                | 25,743,491  |    |               | $       | —  |             |                   | $      | 486,856,575  |   |  | $ | 512,600,066  |   |
| Investments measured at net asset value |  |                  |                  |         |               |         |               | $                | 69,861,181   |   |
| Total Investments, at fair value        |  |                  |                  |         |               |         |               | $                | 582,461,247  |   |

|                                         |  |                  |                  |         |               |         |               |                   |                   |        |                   |        |  |   |                   |        |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--|------------------|------------------|---------|---------------|---------|---------------|-------------------|-------------------|--------|-------------------|--------|--|---|-------------------|--------|--|--|--|--|--|--|--|--|--|--|
| Type of Investment(1)                   |  | Level 1          |                  | Level 2 |               | Level 3 |               | Total             |
| Asset                                   |  |                  |                  |         |               |         |               |                   |
| Senior secured first lien term loans    |  | $                | —     |    |               | $       | —  |              |                   | $      | 328,816,197  |   |  | $ | 328,816,197  |   |
| Senior secured first lien notes         |  | —     |             |         | —  |    |               | 14,354,825   |              |        | 14,354,825   |   |
| Senior secured second lien term loans   |  | —     |             |         | —  |    |               | 122,817,885  |              |        | 122,817,885  |   |
| Subordinated notes                      |  | —     |             |         | —  |    |               | 63,021,420   |              |        | 63,021,420   |   |
| Equity/warrants                     |  | 33,892,511  |             |         | —  |    |               | 38,521,450   |              |        | 72,413,961   |   |
| Total                                   |  | $                | 33,892,511  |    |               | $       | —  |              |                   | $      | 567,531,777  |   |  | $ | 601,424,288  |   |
| Investments measured at net asset value |  |                  |                  |         |               |         |               | $                 | 74,199,642   |   |
| Total Investments, at fair value        |  |                  |                  |         |               |         |               | $                 | 675,623,930  |   |

----

Table of Contents

|                                                                                                   |                                   |                   |                              |               |                                    |                  |                    |        |                     |                   |        |  |               |                  |        |                  |        |                  |        |  |   |                   |        |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------|-----------------------------------|-------------------|------------------------------|---------------|------------------------------------|------------------|--------------------|--------|---------------------|-------------------|--------|--|---------------|------------------|--------|------------------|--------|------------------|--------|--|---|-------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                   | SeniorSecuredFirst LienTerm Loans |                   | SeniorSecuredFirst LienNotes |               | SeniorSecuredSecond LienTerm Loans |                  | Subordinated Notes |        | Equity/Warrants |                   | Total  |
| Balance, December 31, 2019                                                                        | $                                 | 328,816,197  |                         |               | $                                  | 14,354,825  |               |        | $                   | 122,817,885  |   |  | $             | 63,021,420  |   |                  | $      | 38,521,450  |   |  | $ | 567,531,777  |   |
| Purchases                                                                                         | 40,242,750                   |              |                              | —  |                               |                  | 2,509,139     |   |                     | —      |   |  | 110,283  |             |        | 42,862,172  |   |
| Sales                                                                                             | (22,536,083)                      |              |                              | (2,115,625)   |                               |                  | (20,137,262)       |   |                     | (2,948,249)       |   |  | (601,371)     |             |        | (48,338,590)     |   |
| Transfers in                                                                                      | —                      |              |                              | —  |                               |                  | —       |   |                     | —      |   |  | —  |             |        | —     |   |
| Transfers out                                                                                     | —                      |              |                              | —  |                               |                  | —       |   |                     | —      |   |  | —  |             |        | —     |   |
| Amortization of discount/(premium)                                                            | 578,476                      |              |                              | —  |                               |                  | (410,364)          |   |                     | —      |   |  | —  |             |        | 168,112     |   |
| Paid-in-kind interest income                                                                      | 1,221,714                    |              |                              | —  |                               |                  | —       |   |                     | —      |   |  | 18,566   |             |        | 1,240,280   |   |
| Net realized gains/(losses)                                                                   | (1,588,561)                       |              |                              | (5,130,000)   |                               |                  | (488,073)          |   |                     | —      |   |  | (822,525)     |             |        | (8,029,159)      |   |
| Net change in unrealized appreciation/(depreciation)                                          | (34,598,594)                      |              |                              | 545,514  |                               |                  | (13,724,221)       |   |                     | (17,756,640)      |   |  | (3,044,076)   |             |        | (68,578,017)     |   |
| Balance, June 30, 2020                                                                            | $                                 | 312,135,899  |                         |               | $                                  | 7,654,714   |               |        | $                   | 90,567,104   |   |  | $             | 42,316,531  |   |                  | $      | 34,182,327  |   |  | $ | 486,856,575  |   |
| Change in net unrealized appreciation/ (depreciation) in investments held as of June 30, 2020 | $                                 | (35,900,472)      |                         |               | $                                  | (317,286)        |               |        | $                   | (16,809,037)      |   |  | $             | (17,756,640)     |   |                  | $      | (3,055,047)      |   |  | $ | (73,838,482)      |   |

|                                                                                                  |                                   |                   |                              |                 |                                    |                  |                    |        |                     |                   |                 |  |                  |                  |        |                 |        |                  |                  |        |   |               |        |  |   |                   |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------|-----------------------------------|-------------------|------------------------------|-----------------|------------------------------------|------------------|--------------------|--------|---------------------|-------------------|-----------------|--|------------------|------------------|--------|-----------------|--------|------------------|------------------|--------|---|---------------|--------|--|---|-------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                  | SeniorSecuredFirst LienTerm Loans |                   | SeniorSecuredFirst LienNotes |                 | SeniorSecuredSecond LienTerm Loans |                  | Subordinated Notes |        | Equity/Warrants |                   | TotalReturnSwap |  | Total            |
| Balance, December 31, 2018                                                                       | $                                 | 479,593,279  |                         |                 | $                                  | 30,752,993  |               |        | $                   | 169,923,547  |            |  | $                | 66,187,857  |   |                 | $      | 75,480,034  |             |        | $ | (6,524,904)   |   |  | $ | 815,412,806  |   |
| Purchases                                                                                        | 68,000,324                   |              |                              | —    |                               |                  | 9,125,119     |   |                     | 7,377,980    |            |  | 878,844     |             |        | —    |   |                  | 85,382,267  |   |
| Sales                                                                                            | (110,922,355)                     |              |                              | (271,250)       |                               |                  | (24,485,036)       |   |                     | (9,784,347)       |            |  | (52,396,821)     |             |        | —    |   |                  | (197,859,809)    |   |
| Transfers in                                                                                     | —                      |              |                              | —    |                               |                  | —       |   |                     | —      |            |  | —     |             |        | —    |   |                  | —     |   |
| Transfers out                                                                                    | —                      |              |                              | —    |                               |                  | —       |   |                     | —      |            |  | —     |             |        | —    |   |                  | —     |   |
| Amortization of discount/(premium)                                                           | 744,007                      |              |                              | —    |                               |                  | 340,534       |   |                     | —      |            |  | —     |             |        | —    |   |                  | 1,084,541   |   |
| Paid-in-kind interest income                                                                     | 1,610,062                    |              |                              | —    |                               |                  | 1,111,867     |   |                     | —      |            |  | —     |             |        | —    |   |                  | 2,721,929   |   |
| Net realized gains/(losses)                                                                  | (27,130,599)                      |              |                              | (1,728,750)     |                               |                  | 124,586       |   |                     | (1,981,643)       |            |  | 15,910,217  |             |        | —    |   |                  | (14,806,189)     |   |
| Net change in unrealized appreciation/(depreciation)                                         | (10,007,770)                      |              |                              | 1,353,407  |                               |                  | (6,240,458)        |   |                     | 5,242,796    |            |  | (1,435,031)      |             |        | 6,524,904  |   |                  | (4,562,152)      |   |
| Balance, June 30, 2019                                                                           | $                                 | 401,886,948  |                         |                 | $                                  | 30,106,400  |               |        | $                   | 149,900,159  |            |  | $                | 67,042,643  |   |                 | $      | 38,437,243  |             |        | $ | —  |   |  | $ | 687,373,393  |   |
| Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2019 | $                                 | (30,084,046)      |                         |                 | $                                  | 216,808     |               |        | $                   | (6,777,748)       |            |  | $                | 2,359,670   |   |                 | $      | 2,600,264   |             |        | $ | —  |   |  | $ | (31,685,052)      |   |

----

Table of Contents

|                                       |  |                  |                   |                      |                                                                                                 |                       |                                                                |                          |                                                                      |                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|--|------------------|-------------------|----------------------|-------------------------------------------------------------------------------------------------|-----------------------|----------------------------------------------------------------|--------------------------|----------------------------------------------------------------------|-------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type of Investment                    |  | Fair Value       |                   | Valuation techniques |                                                                                                 | Unobservable input(1) |                                                                | Range (weighted average) |
| Senior Secured First Lien Term Loans  |  | $                | 227,772,924  |                 |                                                                                                 | Income Approach (DCF) |                                                                | Market Yield             |                                                                      | 5.67% - 84.19% (13.10%) |
| Senior Secured First Lien Term Loans  |  | 65,040,955  |              |                      | Market Approach (Guideline Comparable)/Income Approach (DCF)/ Enterprise Value Analysis |                       | EBITDA Multiple            Discount RateExpected Proceeds      |                          | 2.00x - 8.00x (5.42x)16.90% - 18.90% (17.90%)$0.11 - $66.20 ($22.11) |
| Senior Secured First Lien Term Loans  |  | 19,322,020  |              |                      | Recent Arms-Length Transaction                                                                  |                       | Recent Arms-Length Transaction                                 |                          | N/A                                                              |
| Senior Secured First Lien Notes       |  | 7,654,714   |              |                      | Income Approach (DCF)                                                                           |                       | Market Yield                                                   |                          | 13.80% - 13.80% (13.80%)                                             |
| Senior Secured Second Lien Term Loan  |  | 77,783,528  |              |                      | Income Approach (DCF)                                                                           |                       | Market Yield                                                   |                          | 7.98% - 22.00% (12.92%)                                              |
| Senior Secured Second Lien Term Loans |  | 10,783,576  |              |                      | Market Approach (Guideline Comparable)/Income Approach (DCF)                                |                       | EBITDA Multiple Black-Scholes Option Model               |                          | 4.00x - 7.00x (5.98x)55.00% - 65.00% (60.00%)                        |
| Senior Secured Second Lien Term Loans |  | 2,000,000   |              |                      | Recent Arms-Length Transaction                                                                  |                       | Recent Arms-Length Transaction                                 |                          | N/A                                                              |
| Subordinated Notes                    |  | 497,258     |              |                      | Market Approach (Guideline Comparable)                                                          |                       | EBITDA Multiple                                                |                          | 3.00x - 5.00x (4.42x)                                                |
| Subordinated Notes                    |  | 41,819,273  |              |                      | Income Approach (DCF)                                                                           |                       | Discount Rate                                                  |                          | 12.10% - 42.50% (22.64%)                                             |
| Equity                                |  | 323,704     |              |                      | Recent Arms-Length Transaction                                                                  |                       | Recent Arms-Length Transaction                                 |                          | N/A                                                              |
| Equity                                |  | 33,858,623  |              |                      | Market Approach (Guideline Comparable)/Income Approach (DCF)/Enterprise Value Analysis  |                       | Capitalization RateBook Value Multiple Expected Proceeds |                          | 7.50% - 9.00% (8.33%)0.75x - 1.00x (0.88x)$0.10 - $66.20 ($7.02)     |
| Total                                 |  | $                | 486,856,575  |                 |                                                                                                 |                       |                                                                |                          |                                                                      |                         |

|                                       |  |                   |                   |                      |                                                                                                       |                       |                                                                                                                 |                          |                                                                                                                    |                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|--|-------------------|-------------------|----------------------|-------------------------------------------------------------------------------------------------------|-----------------------|-----------------------------------------------------------------------------------------------------------------|--------------------------|--------------------------------------------------------------------------------------------------------------------|------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type of Investment                    |  | Fair Value        |                   | Valuation techniques |                                                                                                       | Unobservable input(1) |                                                                                                                 | Range (weighted average) |
| Senior Secured First Lien Term Loans  |  | $                 | 265,263,318  |                 |                                                                                                       | Income Approach (DCF) |                                                                                                                 | Market Yield             |                                                                                                                    | 6.11% - 19.47% (9.82%) |
| Senior Secured First Lien Term Loans  |  | 36,067,276   |              |                      | Market Approach (Guideline Comparable)/Income Approach (DCF)/ Enterprise Value Analysis       |                       | EBITDA Multiple               Discount RateExpected Proceeds                                                    |                          | 3.50x - 8.50x (6.28x)17.75% - 19.50% (18.63%)$9.0M - $65.0M ($9.0M)                                                |
| Senior Secured First Lien Term Loans  |  | 27,485,603   |              |                      | Recent Arms-Length Transaction                                                                        |                       | Recent Arms-Length Transaction                                                                                  |                          | N/A                                                                                                            |
| Senior Secured First Lien Notes       |  | 14,354,825   |              |                      | Income Approach (DCF)                                                                                 |                       | Market Yield                                                                                                    |                          | 10.94% - 65.06% (30.31%)                                                                                           |
| Senior Secured Second Lien Term Loan  |  | 112,179,645  |              |                      | Income Approach (DCF)                                                                                 |                       | Market Yield                                                                                                    |                          | 8.98% - 31.18% (11.67%)                                                                                            |
| Senior Secured Second Lien Term Loans |  | 10,638,240   |              |                      | Market Approach (Guideline Comparable)/Income Approach (DCF)                                      |                       | EBITDA Multiple Expected Proceeds                                                                         |                          | 4.50x - 123.75x (25.47x)$123.75 - $123.75 ($123.75)                                                                |
| Subordinated Notes                    |  | 1,177,159    |              |                      | Market Approach (Guideline Comparable)/Income Approach (DCF) / Recent Arms-length transaction |                       | EBITDA MultipleDiscount RateRecent Arms-length transaction                                                      |                          | 7.50x - 7.50x (7.50x) 13.00% - 13.00% (13.00%)                                                                     |
| Subordinated Notes                    |  | 61,844,261   |              |                      | Income Approach (DCF)                                                                                 |                       | Discount Rate                                                                                                   |                          | 9.40% - 23.00% (17.32%)                                                                                            |
| Equity                                |  | 35,575,070   |              |                      | Market Approach (Guideline Comparable)/Income Approach (DCF)/Enterprise Value Analysis        |                       | Book Value Multiple EBITDA Multiple Capitalization Rate Discount Rate Expected Proceeds |                          | $1.25x - $1.25 ($1.25)3.50x - 10.00x (7.92x)7.63% - 8.50% (8.16%)9.90% - 21.25% (18.30%)$2.60M - $65.00M ($11.45M) |
| Equity                                |  | 2,946,380    |              |                      | Recent Arms-Length Transaction                                                                        |                       | Recent Arms-Length Transaction                                                                                  |                          | N/A                                                                                                            |
| Total                                 |  | $                 | 567,531,777  |                 |                                                                                                       |                       |                                                                                                                 |                          |                                                                                                                    |                        |

----

Table of Contents

----

Table of Contents

|                                                                           |  |                            |               |        |          |                          |           |               |        |   |               |        |  |   |                 |        |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------|--|----------------------------|---------------|--------|----------|--------------------------|-----------|---------------|--------|---|---------------|--------|--|---|-----------------|--------|--|--|--|--|--|--|--|--|--|--|
|                                                                           |  | Three Months EndedJune 30, |               |        |          | Six Months EndedJune 30, |           |               |
|                                                                           |  | 2020                       |               | 2019   |          | 2020                     |           | 2019          |
| Interest income and settlement from TRS portfolio                         |  | $                          | —  |   |          | $                        | (103,503) |          |        | $ | —  |   |  | $ | (9,632,904)     |   |
| Traded gains/(loss) on TRS loan sales                                 |  | —               |          |        | (43,278) |                     |           | —  |   |   | 309,388  |   |
| Net realized gains/(loss) on TRS portfolio                            |  | $                          | —  |   |          | $                        | (146,781) |          |        | $ | —  |   |  | $ | (9,323,516)     |   |
| Net change in unrealized appreciation/(depreciation) on TRS portfolio |  | $                          | —  |   |          | $                        | (144,311) |          |        | $ | —  |   |  | $ | 6,524,904  |   |

|                                         |                            |               |        |  |                          |               |        |  |   |               |        |  |   |                  |        |  |  |  |  |  |  |  |  |
|-----------------------------------------|----------------------------|---------------|--------|--|--------------------------|---------------|--------|--|---|---------------|--------|--|---|------------------|--------|--|--|--|--|--|--|--|--|
|                                         | Three Months EndedJune 30, |               |        |  | Six Months EndedJune 30, |               |        |
|                                    | 2020                       |               | 2019   |  | 2020                     |               | 2019   |
| Average notional amount of contracts(1) | $                          | —  |   |  | $                        | —  |   |  | $ | —  |   |  | $ | 30,563,576  |   |

|                                                               |                   |                   |                          |                   |                        |                   |                   |        |                    |                   |                  |  |                   |                   |        |                   |        |                   |        |  |   |                   |        |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------|-------------------|-------------------|--------------------------|-------------------|------------------------|-------------------|-------------------|--------|--------------------|-------------------|------------------|--|-------------------|-------------------|--------|-------------------|--------|-------------------|--------|--|---|-------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                               | June 30, 2020     |                   |                          |                   |                        |                   | December 31, 2019 |        |                    |                   |                  |
|                                                               | TotalCommitment   |                   | BalanceOutstanding  |                   | UnusedCommitment  |                   | TotalCommitment   |        | BalanceOutstanding |                   | UnusedCommitment |
| ING Credit Facility                                           | $                 | 13,813,072   |                     |                   | $                      | 13,813,072   |              |        | $                  | —      |             |  | $                 | 215,000,000  |   |                   | $      | 88,100,000   |   |  | $ | 126,900,000  |   |
| Alpine Credit Facility                                        | 300,000,000  |              |                          | 180,000,000  |                   |                   | 120,000,000  |   |                    | 300,000,000  |             |  | 240,000,000  |              |        | 60,000,000   |   |
| Total before deferred financing costs                         | 313,813,072  |              |                          | 193,813,072  |                   |                   | 120,000,000  |   |                    | 515,000,000  |             |  | 328,100,000  |              |        | 186,900,000  |   |
| Unamortized deferred financing costs                          | —      |              |                          | (955,015)         |                   |                   | —      |   |                    | —      |             |  | (2,235,279)       |              |        | —      |   |
| Total borrowings outstanding, net of deferred financing costs | $                 | 313,813,072  |                     |                   | $                      | 192,858,057  |              |        | $                  | 120,000,000  |             |  | $                 | 515,000,000  |   |                   | $      | 325,864,721  |   |  | $ | 186,900,000  |   |

----

Table of Contents

----

Table of Contents

|                                                                          |                                                |                  |        |               |                                              |                   |                 |        |   |                  |        |  |   |                  |        |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------|------------------------------------------------|------------------|--------|---------------|----------------------------------------------|-------------------|-----------------|--------|---|------------------|--------|--|---|------------------|--------|--|--|--|--|--|--|--|--|
|                                                                          | For the Three Months EndedJune 30, (unaudited) |                  |        |               | For the Six Months EndedJune 30, (unaudited) |                   |                 |
|                                                                          | 2020                                           |                  | 2019   |               | 2020                                         |                   | 2019            |
| Interest expense related to the ING Credit Facility                      | $                                              | 532,770     |   |               | $                                            | 1,368,135    |            |        | $ | 1,711,249   |   |  | $ | 2,956,802   |   |
| Financing expenses related to the ING Credit Facility                    | 850,374                                   |             |        | 248,749  |                                         |                   | 1,093,766  |   |   | 488,187     |   |
| Total interest and financing expenses related to the ING Credit Facility | $                                              | 1,383,144   |   |               | $                                            | 1,616,884    |            |        | $ | 2,805,015   |   |  | $ | 3,444,989   |   |
| Weighted average outstanding debt balance of the ING Credit Facility     | $                                              | 57,883,812  |   |               | $                                            | 109,383,516  |            |        | $ | 72,825,883  |   |  | $ | 98,800,552  |   |
| Weighted average interest rate of the ING Credit Facility (annualized)   | 3.7                                       | %                |        | 5.8      | %                                            |                   | 4.6        | %      |   | 6.0         | %      |

----

Table of Contents

|                                                                             |                                                |                   |        |               |                                              |                   |               |        |   |                   |        |  |   |                   |        |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------|------------------------------------------------|-------------------|--------|---------------|----------------------------------------------|-------------------|---------------|--------|---|-------------------|--------|--|---|-------------------|--------|--|--|--|--|--|--|--|--|
|                                                                             | For the Three Months EndedJune 30, (unaudited) |                   |        |               | For the Six Months EndedJune 30, (unaudited) |                   |               |
|                                                                             | 2020                                           |                   | 2019   |               | 2020                                         |                   | 2019          |
| Interest expense related to the Alpine Credit Facility                      | $                                              | 1,827,672    |   |               | $                                            | 3,376,451    |          |        | $ | 4,451,565    |   |  | $ | 6,739,338    |   |
| Financing expenses related to the Alpine Credit Facility                    | 244,124                                   |              |        | 241,899  |                                         |                   | 486,023  |   |   | 481,140      |   |
| Total Interest and financing expenses related to the Alpine Credit Facility | $                                              | 2,071,796    |   |               | $                                            | 3,618,350    |          |        | $ | 4,937,588    |   |  | $ | 7,220,478    |   |
| Weighted average outstanding debt balance of the Alpine Credit Facility     | $                                              | 180,000,000  |   |               | $                                            | 240,000,000  |          |        | $ | 194,175,824  |   |  | $ | 240,000,000  |   |
| Weighted average interest rate of the Alpine Credit Facility (annualized)   | 4.0                                       | %                 |        | 5.6      | %                                            |                   | 4.5      | %      |   | 5.6          | %      |

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                                                         |                                    |                 |        |                   |                                  |              |                   |        |   |                  |        |  |   |             |        |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------|------------------------------------|-----------------|--------|-------------------|----------------------------------|--------------|-------------------|--------|---|------------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|
|                                                                         | For the Three Months EndedJune 30, |                 |        |                   | For the Six Months EndedJune 30, |              |                   |
|                                                                         | 2020                               |                 | 2019   |                   | 2020                             |              | 2019              |
| Net increase/(decrease) in net assets from operations               | $                                  | 8,676,902  |   |                   | $                                | (17,054,078) |              |        | $ | (110,564,104)    |   |  | $ | (2,140,706) |   |
| Weighted average common shares outstanding                              | 102,856,314                   |            |        | 100,135,004  |                             |              | 102,785,734  |   |   | 99,649,414  |   |
| Weighted average basic and diluted earnings/(loss) per common share | $                                  | 0.08       |   |                   | $                                | (0.17)       |              |        | $ | (1.08)           |   |  | $ | (0.02)      |   |

----

Table of Contents

|                                      |                 |                  |                   |                  |        |                  |        |  |  |  |  |
|--------------------------------------|-----------------|------------------|-------------------|------------------|--------|------------------|--------|--|--|--|--|
|                                 | As of           |                  |                   |
|                                 | June 30, 2020   |                  | December 31, 2019 |
| 1888 Industrial Services, LLC        | $               | 454,097     |              |                  | $      | 424,422     |   |
| AAAHI Acquisition Corporation        | 1,373,964  |             |                   | 1,586,982   |   |
| Access Media Holdings, LLC           | 88,200     |             |                   | 88,200      |   |
| Alpine SG, LLC                       | —    |             |                   | 1,000,000   |   |
| Black Angus Steakhouses, LLC         | —    |             |                   | 2,232,143   |   |
| DataOnline Corp.                     | 535,714    |             |                   | 2,142,857   |   |
| Isola USA Corp.                      | 1,138,277  |             |                   | 1,138,277   |   |
| Kemmerer Operations LLC              | 908,475    |             |                   | 908,475     |   |
| Offen, Inc.                          | 1,061,947  |             |                   | 1,061,947   |   |
| Redwood Services Group, LLC          | 862,500    |             |                   | 1,725,000   |   |
| SFP Holdings, Inc.                   | 5,459,025  |             |                   | 10,151,775  |   |
| Sierra Senior Loan Strategy JV I LLC | —    |             |                   | 4,200,000   |   |
| Simplified Logistics, LLC            | 1,466,667  |             |                   | 5,000,000   |   |
| Smile Doctors LLC                    | 365,600    |             |                   | 994,467     |   |
| Sungard AS New Holdings III, LLC     | 500,440    |             |                   | —     |   |
| West Dermatology                     | 5,419,889  |             |                   | —     |   |
| Total Commitments                    | $               | 19,634,795  |              |                  | $      | 32,654,545  |   |

|                           |                                    |               |        |                 |                                  |                 |               |        |   |                 |        |  |   |                 |        |  |  |  |  |  |  |  |  |
|---------------------------|------------------------------------|---------------|--------|-----------------|----------------------------------|-----------------|---------------|--------|---|-----------------|--------|--|---|-----------------|--------|--|--|--|--|--|--|--|--|
|                           | For the Three Months EndedJune 30, |               |        |                 | For the Six Months EndedJune 30, |                 |               |
|                           | 2020                               |               | 2019   |                 | 2020                             |                 | 2019          |
| Origination fees          | $                                  | 79,957   |   |                 | $                                | 3,401      |          |        | $ | 162,336    |   |  | $ | 48,090     |   |
| Prepayment fees           | —                       |          |        | 2,170,948  |                             |                 | —  |   |   | 2,512,536  |   |
| Amendment fees            | 218,588                       |          |        | 190,821    |                             |                 | 235,431  |   |   | 309,855    |   |
| Administrative agent fees | 7,213                         |          |        | 29,391     |                             |                 | 22,513   |   |   | 58,590     |   |
| Other fees                | 7,177                         |          |        | 815        |                             |                 | 14,353   |   |   | 815        |   |
| Fee income                | $                                  | 312,935  |   |                 | $                                | 2,395,376  |          |        | $ | 434,633    |   |  | $ | 2,929,886  |   |

----

Table of Contents

|                    |  |                    |  |                            |               |        |  |  |  |  |  |  |  |  |
|--------------------|--|--------------------|--|----------------------------|---------------|--------|--|--|--|--|--|--|--|--|
| Record Date        |  | Payment Date  |  | Amount per share |
| January 25, 2019   |  | January 31, 2019   |  | $                          | 0.05334  |   |
| February 11, 2019  |  | February 28, 2019  |  | 0.05334               |          |
| March 11, 2019     |  | March 29, 2019     |  | 0.05334               |          |
| April 29, 2019     |  | April 30, 2019     |  | 0.05334               |          |
| May 30, 2019       |  | May 31, 2019       |  | 0.05334               |          |
| June 27, 2019      |  | June 28, 2019      |  | 0.05334               |          |
| July 30, 2019      |  | July 31, 2019      |  | 0.05334               |          |
| August 29, 2019    |  | August 30, 2019    |  | 0.05334               |          |
| September 27, 2019 |  | September 30, 2019 |  | 0.05334               |          |
| October 30, 2019   |  | October 31, 2019   |  | 0.05334               |          |
| November 28, 2019  |  | November 29, 2019  |  | 0.05334               |          |
| December 30, 2019  |  | December 31, 2019  |  | 0.05334               |          |
| January 30, 2020   |  | January 31, 2020   |  | 0.03500               |          |
| February 27, 2020  |  | February 28, 2020  |  | 0.03500               |          |
| March 30, 2020     |  | March 31, 2020     |  | 0.03500               |          |

----

Table of Contents

|                                                                                     |                   |                   |        |                   |        |                   |        |  |  |  |  |
|-------------------------------------------------------------------------------------|-------------------|-------------------|--------|-------------------|--------|-------------------|--------|--|--|--|--|
|                                                                                     | 2020              |                   | 2019   |
| Per Share Data:(1)                                                              |                   |                   |        |
| Net asset value at beginning of period                                              | $                 | 5.78         |   |                   | $      | 6.72         |   |
| Net investment income                                                               | (0.14)            |              |        | 0.21         |   |
| Net realized gains/(losses) on investments and total return swap                | (0.08)            |              |        | (0.15)            |   |
| Net unrealized appreciation/(depreciation) on investments and total return swap | (0.86)            |              |        | (0.08)            |   |
| Net increase/(decrease) in net assets                                           | $                 | (1.08)            |   |                   | $      | (0.02)            |   |
| Distributions from return of capital                                                | —      |              |        | —      |   |
| Distributions declared from net investment income(2)                                | (0.11)            |              |        | (0.32)            |   |
| Distributions from net realized capital gains                                       | —      |              |        | —      |   |
| Total distributions to shareholders                                                 | $                 | (0.11)            |   |                   | $      | (0.32)            |   |
| Issuance of common shares above net asset value(3)                                  | —      |              |        | (0.01)            |   |
| Net asset value at end of period                                                    | $                 | 4.60         |   |                   | $      | 6.37         |   |
| Total return based on net asset value(4)(5)                                         | (18.91)           | %                 |        | (0.21)            | %      |
| Portfolio turnover rate(5)                                                          | 10.61        | %                 |        | 13.93        | %      |
| Shares outstanding at end of period                                                 | 102,833,465  |              |        | 100,462,586  |   |
| Net assets at end of period                                                         | $                 | 472,758,920  |   |                   | $      | 640,436,545  |   |
| Ratio/Supplemental Data (annualized):                                       |                   |                   |        |
| Ratio of net investment income to average net assets                                | (5.63)            | %                 |        | 6.32         | %      |
| Ratio of net expenses (including incentive fees) to average net assets              | 14.86        | %                 |        | 7.39         | %      |
| Ratio of incentive fees to average net assets (5)                                   | —      | %                 |        | —      | %      |
| Supplemental Data (annualized):                                                 |                   |                   |        |
| Asset coverage ratio per unit(6)                                                    | $                 | 3,440        |   |                   | $      | 2,952        |   |
| Percentage of non-recurring fee income(7)                                           | 3.62         | %                 |        | 2.27         | %      |
| Ratio of net expenses (excluding incentive fees) to average net assets              | 14.86        | %                 |        | 7.37         | %      |
| Ratio of interest and financing related expenses to average net assets              | 3.13         | %                 |        | 3.26         | %      |
| Total Debt Outstanding:(8)(9)                                                   |                   |                   |        |
| Revolving Credit Facility                                                           | $                 | 193,813,072  |   |                   | $      | 328,100,000  |   |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                       |                   |                   |            |            |             |   |                  |        |                   |            |        |             |   |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|-------------------|-------------------|------------|------------|-------------|---|------------------|--------|-------------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|
|                                       | Amortized Cost    |                   | Percentage |            | Fair Value  |   | Percentage       |
| Senior secured first lien term loans  | $                 | 395,916,583  |       |            | 49.9   | % |                  | $      | 307,649,455  |       |        | 52.8   | % |
| Senior secured second lien term loans | 143,849,748  |              |            | 18.1  |        |   | 95,053,548  |   |                   | 16.3  |   |
| Senior secured first lien notes       | 7,972,000    |              |            | 1.0   |        |   | 7,654,714   |   |                   | 1.3   |   |
| Subordinated notes                    | 67,474,600   |              |            | 8.5   |        |   | 42,316,531  |   |                   | 7.3   |   |
| Sierra Senior Loan Strategy JV I LLC  | 105,675,000  |              |            | 13.4  |        |   | 63,806,881  |   |                   | 11.0  |   |
| Equity/warrants                   | 72,499,849   |              |            | 9.1   |        |   | 65,980,118  |   |                   | 11.3  |   |
| Total                                 | $                 | 793,387,780  |       |            | 100.0  | % |                  | $      | 582,461,247  |       |        | 100.0  | % |

|                                       |                   |                   |            |            |             |   |                   |        |                   |            |        |             |   |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|-------------------|-------------------|------------|------------|-------------|---|-------------------|--------|-------------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|
|                                       | Amortized Cost    |                   | Percentage |            | Fair Value  |   | Percentage        |
| Senior secured first lien term loans  | $                 | 382,580,269  |       |            | 48.0   | % |                   | $      | 328,816,197  |       |        | 48.7   | % |
| Senior secured second lien term loans | 157,794,323  |              |            | 19.8  |        |   | 122,817,885  |   |                   | 18.2  |   |
| Senior secured first lien notes       | 15,217,625   |              |            | 1.9   |        |   | 14,354,825   |   |                   | 2.1   |   |
| Subordinated notes                    | 92,050,000   |              |            | 11.5  |        |   | 68,434,389   |   |                   | 10.1  |   |
| Sierra Senior Loan Strategy JV I LLC  | 70,422,851   |              |            | 8.8   |        |   | 63,021,420   |   |                   | 9.3   |   |
| Equity/warrants                   | 79,968,093   |              |            | 10.0  |        |   | 78,179,214   |   |                   | 11.6  |   |
| Total                                 | $                 | 798,033,161  |       |            | 100.0  | % |                   | $      | 675,623,930  |       |        | 100.0  | % |

|                                       |                               |        |                                                      |            |                               |  |                                                     |        |  |            |        |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|-------------------------------|--------|------------------------------------------------------|------------|-------------------------------|--|-----------------------------------------------------|--------|--|------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                       | June 30, 2020                 |        |                                                      |            | December 31, 2019             |  |                                                     |
|                                       | Percentageof TotalInvestments |        | Weighted AverageCurrentYield for TotalInvestments(1) |            | Percentageof TotalInvestments |  | WeightedAverageCurrentYield for TotalInvestments(1) |
| Senior secured first lien term loans  | 52.8                     | %      |                                                      | 9.9   | %                             |  | 48.7                                           | %      |  | 10.4  | %      |
| Senior secured second lien term loans | 16.3                     |   |                                                      | 11.1  |                          |  | 18.2                                           |   |  | 11.0  |   |
| Senior secured first lien notes       | 1.3                      |   |                                                      | 13.8  |                          |  | 2.1                                            |   |  | 29.6  |   |
| Subordinated notes                    | 7.3                      |   |                                                      | 7.5   |                          |  | 9.3                                            |   |  | 10.8  |   |
| Sierra Senior Loan Strategy JV I LLC  | 11.0                     |   |                                                      | 9.0   |                          |  | 10.1                                           |   |  | 9.6   |   |
| Equity/warrants                   | 11.3                     |   |                                                      | 6.0   |                          |  | 11.6                                           |   |  | 9.7   |   |
| Total                                 | 100.0                    | %      |                                                      | 9.9   | %                             |  | 100.0                                          | %      |  | 10.9  | %      |

----

Table of Contents

|                                                   |  |                           |                   |                               |            |             |   |  |  |  |  |  |  |  |
|---------------------------------------------------|--|---------------------------|-------------------|-------------------------------|------------|-------------|---|--|--|--|--|--|--|--|
| Industry Classification                           |  | Investments at Fair Value |                   | Percentage of Total Portfolio |
| Multi-Sector Holdings                             |  | $                         | 105,626,154  |                          |            | 18.1   | % |
| High Tech Industries                              |  | 78,546,456           |              |                               | 13.5  |        |
| Services: Business                            |  | 72,286,674           |              |                               | 12.4  |        |
| Healthcare & Pharmaceuticals                  |  | 56,594,958           |              |                               | 9.7   |        |
| Banking, Finance, Insurance & Real Estate     |  | 42,798,228           |              |                               | 7.3   |        |
| Construction & Building                       |  | 35,189,605           |              |                               | 6.0   |        |
| Aerospace & Defense                           |  | 30,456,941           |              |                               | 5.2   |        |
| Wholesale                                         |  | 26,435,136           |              |                               | 4.5   |        |
| Consumer Goods: Durable                       |  | 24,975,297           |              |                               | 4.3   |        |
| Automotive                                        |  | 16,770,695           |              |                               | 2.9   |        |
| Hotel, Gaming & Leisure                       |  | 16,680,301           |              |                               | 2.9   |        |
| Containers, Packaging & Glass                 |  | 15,081,479           |              |                               | 2.6   |        |
| Transportation: Cargo                         |  | 12,059,383           |              |                               | 2.1   |        |
| Chemicals, Plastics & Rubber                  |  | 7,987,166            |              |                               | 1.4   |        |
| Forest Products & Paper                       |  | 7,394,019            |              |                               | 1.3   |        |
| Media: Diversified & Production           |  | 6,752,122            |              |                               | 1.2   |        |
| Environmental Industries                          |  | 6,677,201            |              |                               | 1.1   |        |
| Transportation: Consumer                      |  | 6,298,518            |              |                               | 1.1   |        |
| Consumer Goods: Non-durable                   |  | 4,559,548            |              |                               | 0.8   |        |
| Metals & Mining                               |  | 3,435,380            |              |                               | 0.6   |        |
| Energy: Oil & Gas                         |  | 2,905,858            |              |                               | 0.5   |        |
| Media: Broadcasting & Subscription        |  | 1,332,790            |              |                               | 0.2   |        |
| Retail                                            |  | 1,008,738            |              |                               | 0.2   |        |
| Media: Advertising, Printing & Publishing |  | 608,600              |              |                               | 0.1   |        |
| Total                                             |  | $                         | 582,461,247  |                          |            | 100.0  | % |

----

Table of Contents

|                                                   |  |                           |                   |                               |            |             |   |  |  |  |  |  |  |  |
|---------------------------------------------------|--|---------------------------|-------------------|-------------------------------|------------|-------------|---|--|--|--|--|--|--|--|
| Industry Classification                           |  | Investments at Fair Value |                   | Percentage of Total Portfolio |
| Multi-Sector Holdings                             |  | $                         | 130,278,650  |                          |            | 19.2   | % |
| High Tech Industries                              |  | 81,531,661           |              |                               | 12.1  |        |
| Services: Business                            |  | 81,285,736           |              |                               | 12.0  |        |
| Healthcare & Pharmaceuticals                  |  | 57,374,851           |              |                               | 8.5   |        |
| Banking, Finance, Insurance & Real Estate     |  | 52,049,297           |              |                               | 7.7   |        |
| Construction & Building                       |  | 39,865,739           |              |                               | 5.9   |        |
| Wholesale                                         |  | 35,186,289           |              |                               | 5.2   |        |
| Aerospace & Defense                           |  | 34,475,020           |              |                               | 5.1   |        |
| Consumer Goods: Durable                       |  | 24,214,089           |              |                               | 3.6   |        |
| Hotel, Gaming & Leisure                       |  | 21,365,163           |              |                               | 3.2   |        |
| Automotive                                        |  | 19,861,655           |              |                               | 2.9   |        |
| Containers, Packaging & Glass                 |  | 15,655,179           |              |                               | 2.3   |        |
| Transportation: Cargo                         |  | 12,771,231           |              |                               | 1.9   |        |
| Energy: Oil & Gas                         |  | 10,007,469           |              |                               | 1.5   |        |
| Chemicals, Plastics & Rubber                  |  | 9,505,614            |              |                               | 1.4   |        |
| Media: Diversified & Production           |  | 9,493,583            |              |                               | 1.4   |        |
| Forest Products & Paper                       |  | 7,182,914            |              |                               | 1.1   |        |
| Transportation: Consumer                      |  | 6,877,180            |              |                               | 1.0   |        |
| Capital Equipment                                 |  | 6,537,927            |              |                               | 1.0   |        |
| Environmental Industries                          |  | 6,414,400            |              |                               | 0.9   |        |
| Consumer Goods: Non-durable                   |  | 4,721,895            |              |                               | 0.7   |        |
| Metals & Mining                               |  | 3,258,022            |              |                               | 0.5   |        |
| Media: Broadcasting & Subscription        |  | 2,163,218            |              |                               | 0.3   |        |
| Retail                                            |  | 1,846,648            |              |                               | 0.3   |        |
| Media: Advertising, Printing & Publishing |  | 1,700,500            |              |                               | 0.3   |        |
| Total                                             |  | $                         | 675,623,930  |                          |            | 100.0  | % |

|                          |                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Investment Credit Rating | Definition                                                                                                                                                                                                                                                                                                                                                               |
| 1                        | Investments that are performing above expectations.                                                                                                                                                                                                                                                                                                                      |
|                          |                                                                                                                                                                                                                                                                                                                                                                          |
| 2                        | Investments that are performing within expectations, with risks that are neutral or favorable compared to risks at the time of origination or purchase. All new loans are rated ‘2’.                                                                                                                                                                         |
|                          |                                                                                                                                                                                                                                                                                                                                                                          |
| 3                        | Investments that are performing below expectations and that require closer monitoring, but where no loss of interest, dividend or principal is expected. Companies rated ‘3’ may be out of compliance with financial covenants, however, loan payments are generally not past due.                                                                           |
|                          |                                                                                                                                                                                                                                                                                                                                                                          |
| 4                        | Investments that are performing below expectations and for which risk has increased materially since origination or purchase. Some loss of interest or dividend is expected, but no loss of principal. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 180 days past due). |
|                          |                                                                                                                                                                                                                                                                                                                                                                          |
| 5                        | Investments that are performing substantially below expectations and whose risks have increased substantially since origination or purchase. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Some loss of principal is expected.                                                                                      |

----

Table of Contents

|                          |  |                          |                   |            |            |                          |   |                   |        |                   |            |        |             |   |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------|--|--------------------------|-------------------|------------|------------|--------------------------|---|-------------------|--------|-------------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                     |  | June 30, 2020            |                   |            |            | December 31, 2019        |   |                   |
| Investment Credit Rating |  | Investments atFair Value |                   | Percentage |            | Investments atFair Value |   | Percentage        |
| 1                        |  | $                        | 34,880,069   |       |            | 6.0                 | % |                   | $      | 58,241,430   |       |        | 8.6    | % |
| 2                        |  | 375,758,871         |              |            | 64.5  |                     |   | 455,613,817  |   |                   | 67.5  |   |
| 3                        |  | 131,066,420         |              |            | 22.5  |                     |   | 144,141,977  |   |                   | 21.3  |   |
| 4                        |  | 6,474,976           |              |            | 1.1   |                     |   | 7,187,740    |   |                   | 1.1   |   |
| 5                        |  | 34,280,911          |              |            | 5.9   |                     |   | 10,438,966   |   |                   | 1.5   |   |
| Total                    |  | $                        | 582,461,247  |       |            | 100.0               | % |                   | $      | 675,623,930  |       |        | 100.0  | % |

|                                                                                               |                                    |                  |        |                  |                                  |                  |                  |        |   |                  |        |  |   |                  |        |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|------------------------------------|------------------|--------|------------------|----------------------------------|------------------|------------------|--------|---|------------------|--------|--|---|------------------|--------|--|--|--|--|--|--|--|--|
|                                                                                               | For the Three Months EndedJune 30, |                  |        |                  | For the Six Months EndedJune 30, |                  |                  |
|                                                                                               | 2020                               |                  | 2019   |                  | 2020                             |                  | 2019             |
| Total investment income                                                                       | $                                  | 11,699,454  |   |                  | $                                | 23,906,563  |             |        | $ | 22,876,265  |   |  | $ | 44,817,023  |   |
| Total expenses                                                                                | 26,467,117                    |             |        | 12,047,035  |                             |                  | 36,820,128  |   |   | 24,162,802  |   |
| Net investment income/(loss)                                                              | (14,767,663)                       |             |        | 11,859,528  |                             |                  | (13,943,863)     |   |   | 20,654,221  |   |
| Net realized gain/(loss) from investments and total return swap                           | (8,265,767)                        |             |        | 1,333,156   |                             |                  | (8,048,288)      |   |   | (15,252,439)     |   |
| Net change in unrealized appreciation/(depreciation) on investments and total return swap | 32,004,115                    |             |        | (33,221,374)     |                             |                  | (88,519,105)     |   |   | (7,542,488)      |   |
| Change in provision for deferred taxes on unrealized gain on investments                      | (293,783)                          |             |        | 2,974,612   |                             |                  | (52,848)         |   |   | —     |   |
| Net increase/(decrease) in net assets resulting from operations                           | $                                  | 8,676,902   |   |                  | $                                | (17,054,078)     |             |        | $ | (110,564,104)    |   |  | $ | (2,140,706)      |   |

----

Table of Contents

|                                     |                                    |                  |        |                 |                                  |                  |                  |        |   |                  |        |  |   |                  |        |  |  |  |  |  |  |  |  |
|-------------------------------------|------------------------------------|------------------|--------|-----------------|----------------------------------|------------------|------------------|--------|---|------------------|--------|--|---|------------------|--------|--|--|--|--|--|--|--|--|
|                                     | For the Three Months EndedJune 30, |                  |        |                 | For the Six Months EndedJune 30, |                  |                  |
|                                     | 2020                               |                  | 2019   |                 | 2020                             |                  | 2019             |
| Base management fees                | $                                  | 2,944,745   |   |                 | $                                | 4,335,538   |             |        | $ | 6,196,196   |   |  | $ | 8,777,628   |   |
| Interest and financing expenses     | 3,454,940                     |             |        | 5,235,234  |                             |                  | 7,742,603   |   |   | 10,665,467  |   |
| General and administrative expenses | 8,307,229                     |             |        | 1,578,495  |                             |                  | 10,278,197  |   |   | 2,519,993   |   |
| Administrator expenses              | 669,025                       |             |        | 536,352    |                             |                  | 1,390,657   |   |   | 1,158,423   |   |
| Offering costs                      | 1,914                         |             |        | 3,528      |                             |                  | 5,157       |   |   | 35,836      |   |
| Professional fees                   | 11,089,264                    |             |        | 357,888    |                             |                  | 11,207,318  |   |   | 1,005,455   |   |
| Total expenses                      | $                                  | 26,467,117  |   |                 | $                                | 12,047,035  |             |        | $ | 36,820,128  |   |  | $ | 24,162,802  |   |

----

Table of Contents

----

Table of Contents

|                                       |                   |                   |                    |                   |                  |                   |                   |        |                    |                   |                  |  |                   |                   |        |                   |        |                   |        |  |   |                   |        |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|-------------------|-------------------|--------------------|-------------------|------------------|-------------------|-------------------|--------|--------------------|-------------------|------------------|--|-------------------|-------------------|--------|-------------------|--------|-------------------|--------|--|---|-------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                       | June 30, 2020     |                   |                    |                   |                  |                   | December 31, 2019 |        |                    |                   |                  |
|                                       | TotalCommitment   |                   | BalanceOutstanding |                   | UnusedCommitment |                   | TotalCommitment   |        | BalanceOutstanding |                   | UnusedCommitment |
| ING Credit Facility                   | $                 | 13,813,072   |               |                   | $                | 13,813,072   |              |        | $                  | —      |             |  | $                 | 215,000,000  |   |                   | $      | 88,100,000   |   |  | $ | 126,900,000  |   |
| Alpine Credit Facility                | 300,000,000  |              |                    | 180,000,000  |             |                   | 120,000,000  |   |                    | 300,000,000  |             |  | 240,000,000  |              |        | 60,000,000   |   |
| Total before deferred financing costs | 313,813,072  |              |                    | 193,813,072  |             |                   | 120,000,000  |   |                    | 515,000,000  |             |  | 328,100,000  |              |        | 186,900,000  |   |
| Unamortized deferred financing costs  | —      |              |                    | (955,015)         |             |                   | —      |   |                    | —      |             |  | (2,235,279)       |              |        | —      |   |
| Total borrowings outstanding, net     | $                 | 313,813,072  |               |                   | $                | 192,858,057  |              |        | $                  | 120,000,000  |             |  | $                 | 515,000,000  |   |                   | $      | 325,864,721  |   |  | $ | 186,900,000  |   |

----

Table of Contents

|                               |                             |                   |                                 |               |             |                  |                   |        |                            |                   |        |               |        |               |        |  |   |               |        |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|-----------------------------|-------------------|---------------------------------|---------------|-------------|------------------|-------------------|--------|----------------------------|-------------------|--------|---------------|--------|---------------|--------|--|---|---------------|--------|--|--|--|--|--|--|--|--|--|--|
|                          | Payment Due By Period  |                   |                                 |               |             |                  |                   |        |                            |
|                          | Total                  |                   | Less than1 Year  |               | 1 - 3 Years |                  | 3 - 5 Years  |        | More than5 Years |
| ING Credit Facility           | $                           | 13,813,072   |                            |               | $           | 13,813,072  |              |        | $                          | —      |   |               | $      | —  |   |  | $ | —  |   |
| Alpine Credit Facility        | 180,000,000            |              |                                 | —  |        |                  | 180,000,000  |   |                            |                   |        | —  |   |
| Total Contractual Obligations | $                           | 193,813,072  |                            |               | $           | 13,813,072  |              |        | $                          | 180,000,000  |   |               | $      | —  |   |  | $ | —  |   |

----

Table of Contents

|                                         |                            |               |        |  |                          |               |        |  |   |               |        |  |   |                  |        |  |  |  |  |  |  |  |  |
|-----------------------------------------|----------------------------|---------------|--------|--|--------------------------|---------------|--------|--|---|---------------|--------|--|---|------------------|--------|--|--|--|--|--|--|--|--|
|                                         | Three Months EndedJune 30, |               |        |  | Six Months EndedJune 30, |               |        |
|                                    | 2020                       |               | 2019   |  | 2020                     |               | 2019   |
| Average notional amount of contracts(1) | $                          | —  |   |  | $                        | —  |   |  | $ | —  |   |  | $ | 30,563,576  |   |

----

Table of Contents

----

Table of Contents

|                    |  |                    |  |                            |               |        |  |  |  |  |  |  |  |  |
|--------------------|--|--------------------|--|----------------------------|---------------|--------|--|--|--|--|--|--|--|--|
| Record Date        |  | Payment Date  |  | Amount per share |
| January 25, 2019   |  | January 31, 2019   |  | $                          | 0.05334  |   |
| February 11, 2019  |  | February 28, 2019  |  | 0.05334               |          |
| March 11, 2019     |  | March 29, 2019     |  | 0.05334               |          |
| April 29, 2019     |  | April 30, 2019     |  | 0.05334               |          |
| May 30, 2019       |  | May 31, 2019       |  | 0.05334               |          |
| June 27, 2019      |  | June 28, 2019      |  | 0.05334               |          |
| July 30, 2019      |  | July 31, 2019      |  | 0.05334               |          |
| August 29, 2019    |  | August 30, 2019    |  | 0.05334               |          |
| September 27, 2019 |  | September 30, 2019 |  | 0.05334               |          |
| October 30, 2019   |  | October 31, 2019   |  | 0.05334               |          |
| November 28, 2019  |  | November 29, 2019  |  | 0.05334               |          |
| December 30, 2019  |  | December 31, 2019  |  | 0.05334               |          |
| January 30, 2020   |  | January 31, 2020   |  | 0.03500               |          |
| February 27, 2020  |  | February 28, 2020  |  | 0.03500               |          |
| March 30, 2020     |  | March 31, 2020     |  | 0.03500               |          |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                     |  |                     |                  |                  |                 |                     |                 |                 |        |   |                 |        |  |  |  |  |  |  |  |  |
|-------------------------------------|--|---------------------|------------------|------------------|-----------------|---------------------|-----------------|-----------------|--------|---|-----------------|--------|--|--|--|--|--|--|--|--|
|                                     |  | Change in           |                  |                  |                 |                     |
| Basis point increase/(decrease) |  | Interest Income (1) |                  | Interest Expense |                 | Net Interest Income |
| 300                                 |  | $                   | 15,404,030  |             |                 | $                   | 5,814,392  |            |        | $ | 9,589,638  |   |
| 200                                 |  | 6,411,002      |             |                  | 3,876,261  |                |                 | 2,534,741  |   |
| 100                                 |  | 1,276,326      |             |                  | 1,938,131  |                |                 | (661,805)       |   |
| (100)                               |  | —        |             |                  | (314,462)       |                |                 | 314,462    |   |
| (200)                               |  | —        |             |                  | (314,462)       |                |                 | 314,462    |   |
| (300)                               |  | —        |             |                  | (314,462)       |                |                 | 314,462    |   |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                |  |                                  |  |                              |  |                                                                                  |  |                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--|----------------------------------|--|------------------------------|--|----------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Period                         |  | Total Number of Shares Purchased |  | Average Price Per Share Paid |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Maximum Number of  Shares that May Yet be Purchased Under the Plans or Programs |
| March 1, 2020 - March 31, 2020 |  | 124,861                          |  | $5.78                        |  | —                                                                          |  | —                                                                         |
| June 1, 2020 - June 30, 2020   |  | 34,086                           |  | 4.51                         |  | —                                                                          |  | —                                                                         |
| Total                          |  | 158,947                          |  | $5.51                        |  | —                                                                          |  | —                                                                         |

|      |        |                                                                                                                                                                                                 |  |  |  |  |  |  |
|------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| 3.1  |   | Articles of Incorporation of the Registrant                                                                                                                                                     |
| 3.2  |   | Articles of Amendment of the Registrant                                                                                                                                                         |
| 3.3  |   | Articles of Amendment and Restatement of the Registrant                                                                                                                                         |
| 3.4  |   | Second Articles of Amendment and Restatement of the Registrant                                                                                                                                  |
| 3.5  |   | Form of Articles Supplementary Electing to be Subject to Subtitle 8 of the Maryland General Corporation Law                                                                                     |
| 3.6  |   | Form of Bylaws of the Registrant                                                                                                                                                                |
| 10.1 |        | Form of Subscription Agreements                                                                                                                                                                 |
| 10.2 |        | Second Amended and Restated Distribution Reinvestment Plan                                                                                                                                      |
| 10.3 |        | Investment Advisory Agreement                                                                                                                                                                   |
| 10.4 |        | Custody Agreement                                                                                                                                                                               |
| 10.5 |        | Form of Administration Agreement                                                                                                                                                                |
| 10.6 |        | Form of License Agreement                                                                                                                                                                       |
| 10.7 |        | Form of Escrow Agreement                                                                                                                                                                        |
| 10.8 |        | ISDA 2002 Master Agreement, together with the Schedule thereto and Credit Support Annex to such Schedule, each dated as of August 27, 2013, by and between Arbor Funding LLC and Citibank, N.A. |

----

Table of Contents

|       |              |                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  |
|-------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| 10.9  |              | Amended and Restated Loan Agreement, dated as of September 29, 2017, by and among Alpine Funding LLC as borrower, JPMorgan Chase Bank, National Association, as administrative agent, the Financing Providers from time to time party thereto, SIC Advisors LLC, as the portfolio manager, and the Collateral Administrator, Collateral Agent and Securities Intermediary party thereto |
| 10.10 |              | Fifth Amended and Restated Confirmation Letter Agreement, dated as of September 29, 2017, by and between Arbor Funding LLC and Citibank, N.A.                                                                                                                                                                                                                                           |
| 10.11 |              | Amended and Restated Senior Secured Revolving Credit Agreement among the Company as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, dated as of August 12, 2016                                                                                                                                                                                      |
| 10.12 |              | Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 8, 2019, by and among the Borrower, the lenders from time to time party thereto, the Administrative Agent and, solely for the purposes of Section 2.10 thereof, subsidiary guarantors party thereto                                                                             |
| 10.13 |              | Amendment No. 2 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 25, 2019, by and among the Borrower, the lenders from time to time party thereto, the Administrative Agent and, solely for purposes of Section 2.10 thereof, subsidiary guarantors thereto                                                                                          |
| 10.14 |              | Amendment No. 3 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 30, 2020 by and among the Borrower, the lenders from time to time party thereto, the Administrative Agent and, solely for purposes of Section 2.10 thereof, subsidiary guarantors thereto                                                                                          |
| 10.15 |              | Amendment No. 4 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of May 15, 2020 by and among the Borrower, the lenders from time to time party thereto, the Administrative Agent and, solely for purposes of Section 2.10 thereof, subsidiary guarantors thereto                                                                                            |
| 10.16 |              | Guarantee, Pledge and Security Agreement among the Company, the Subsidiary Guarantors party thereto, ING Capital LLC, as Administrative Agent, each Financial Agent and Designated Indebtedness Holder party thereto and ING Capital LLC, as Collateral Agent, dated December 4, 2013                                                                                                   |
| 10.17 |              | Control Agreement among the Company, ING Capital LLC, as collateral agent, and State Street Bank and Trust Company, as the Company’s Custodian, dated December 4, 2013                                                                                                                                                                                                            |
| 10.18 |              | Loan Agreement, dated as of July 23, 2014, by and among Alpine Funding LLC, as company, JPMorgan Chase Bank, National Association, as administrative agent, the Financing Providers from time to time party thereto, SIC Advisors LLC, as the portfolio manager, and the Collateral Administrator, Collateral Agent and Securities Intermediary party thereto                           |
| 10.19 |              | Sale and Contribution Agreement, dated as of July 23, 2014, by and between Sierra Income Corporation, as seller, and Alpine Funding LLC, as purchaser                                                                                                                                                                                                                                   |
| 10.20 |              | Portfolio Management Agreement, dated as of July 23, 2014, by and between Alpine Funding LLC, as borrower and SIC Advisors LLC, as portfolio manager                                                                                                                                                                                                                                    |
| 10.21 |              | Amendment No. 1 to the Loan Agreement, dated as of July 23, 2014, by and among Alpine Funding LLC, as borrower, JPMorgan Chase Bank, National Association, as administrative agent, the Financing Providers from time to time party thereto, SIC Advisors LLC, as the portfolio manager, and the Collateral Administrator, Collateral Agent and Securities Intermediary party thereto   |
| 10.22 |              | Limited Liability Company Operating Agreement of Sierra Senior Loan Strategy JV I LLC, dated March 27, 2015                                                                                                                                                                                                                                                                             |
| 31.1  |    | Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*                                                                                                                                                                                                                                 |
| 31.2  |    | Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*                                                                                                                                                                                                                                 |
| 32.1  |    | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*                                                                                                                                                                                                                                                                 |

----

Table of Contents

|                            |                           |        |                                                                                            |  |  |  |  |  |  |  |  |
|----------------------------|---------------------------|--------|--------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|
| Dated: August 13, 2020 | Sierra Income Corporation |        |                                                                                            |
|                            |                           |        |                                                                                            |
|                            | By                        |   | /s/ Seth Taube                                                                     |
|                            |                           |   | Seth TaubeChief Executive Officer(Principal Executive Officer)                             |
|                            |                           |        |                                                                                            |
|                            | By                        |   | /s/ Richard T. Allorto, Jr.                                                        |
|                            |                           |   | Richard T. Allorto, Jr.Chief Financial Officer(Principal Accounting and Financial Officer) |