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

|   |
|---|
|   |  |
| 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                                                                                 | F-1 |
| Consolidated Statements of Assets and Liabilities as of June 30, 2018 (unaudited) and December 31, 2017      | F-1 |
| Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017 (unaudited)  | F-2 |
| Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2018 and 2017 (unaudited) | F-3 |
| Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 (unaudited)            | F-4 |
| Consolidated Schedule of Investments as of June 30, 2018 (unaudited)                                         | F-5 |
| Consolidated Schedule of Investments as of December 31, 2017                                                 | F-17 |
| Notes to Consolidated Financial Statements (unaudited)                                                       | F-29 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations          | 1 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                           | 19 |
| Item 4. Controls and Procedures                                                                              | 20 |
| Part II. Other Information                                                                                   |   |
| Item 1. Legal Proceedings                                                                                    | 20 |
| Item 1A. Risk Factors                                                                                        | 20 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                          | 21 |
| Item 3. Defaults Upon Senior Securities                                                                      | 21 |
| Item 4. Mine Safety Disclosures                                                                              | 21 |
| Item 5. Other Information                                                                                    | 21 |
| Item 6. Exhibits                                                                                             | 21 |
| SIGNATURES                                                                                                   | 23 |

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Table of Contents

|                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                               |  |  |  |  |  |  |  |  |
|                                                                                                                                                          |   | June 30, 2018 |   | December 31, 2017 |
| ASSETS                                                                                                                                                        |   | (unaudited) |   |   |
| Investments at fair value                                                                                                                                     |   |   |   |   |
| Non-controlled/non-affiliated investments (amortized cost of $879,297,564 and $975,968,734, respectively)                                                     |   | $ | 829,963,524 |  |   | $ | 917,820,822 |  |
| Controlled/affiliated investments (amortized cost of $179,524,217 and $153,660,073, respectively)                                                             |   | 161,446,505 |  |   | 146,288,268 |  |
| Investments at fair value                                                                                                                                     |   | 991,410,029 |  |   | 1,064,109,090 |  |
| Cash and cash equivalents                                                                                                                                     |   | 53,032,878 |  |   | 64,909,759 |  |
| Cash collateral on total return swap (Note 5)                                                                                                                 |   | 46,000,000 |  |   | 48,000,000 |  |
| Interest receivable from non-controlled/non-affiliated investments                                                                                            |   | 9,508,523 |  |   | 9,039,243 |  |
| Unsettled trades receivable                                                                                                                                   |   | 2,254,019 |  |   | 339,573 |  |
| Receivable due on total return swap (Note 5)                                                                                                                  |   | 488,111 |  |   | 462,555 |  |
| Interest receivable from controlled/affiliated investments                                                                                                    |   | 331,587 |  |   | 638,458 |  |
| Prepaid expenses and other assets                                                                                                                             |   | 340,550 |  |   | 219,096 |  |
| Receivable for Company shares sold                                                                                                                            |   | — |  |   | 235,060 |  |
| Total assets                                                                                                                                                  |   | $ | 1,103,365,697 |  |   | $ | 1,187,952,834 |  |
|                                                                                                                                                          |   |   |   |   |
| LIABILITIES                                                                                                                                                   |   |   |   |   |
| Revolving credit facilities payable (net of deferred financing costs of $4,381,791 and $5,286,927, respectively) (Note 6)                                     |   | $ | 380,618,209 |  |   | $ | 429,713,073 |  |
| Payable for Company shares redeemed                                                                                                                           |   | 6,666,454 |  |   | — |  |
| Base management fees payable (Note 7)                                                                                                                         |   | 4,834,494 |  |   | 5,196,997 |  |
| Unrealized depreciation on total return swap (Note 5)                                                                                                         |   | 2,720,213 |  |   | 5,354,868 |  |
| Interest payable                                                                                                                                              |   | 1,752,061 |  |   | 1,822,523 |  |
| Accounts payable and accrued expenses                                                                                                                         |   | 1,325,986 |  |   | 1,755,968 |  |
| Administrator fees payable (Note 7)                                                                                                                           |   | 758,177 |  |   | 695,777 |  |
| Unsettled trades payable                                                                                                                                      |   | 503,750 |  |   | 308,233 |  |
| Deferred tax liability                                                                                                                                        |   | 213,177 |  |   | 291,454 |  |
| Incentive fees payable (Note 7)                                                                                                                               |   | — |  |   | 2,827,372 |  |
| Total liabilities                                                                                                                                             |   | $ | 399,392,521 |  |   | $ | 447,966,265 |  |
|                                                                                                                                                          |   |   |   |   |
| Commitments (Note 11)                                                                                                                                         |   |   |   |   |
|                                                                                                                                                          |   |   |   |   |
| NET ASSETS                                                                                                                                                    |   |   |   |   |
| Common shares, par value $0.001 per share, 250,000,000 common shares authorized, 96,784,857 and 96,620,231 common shares issued and outstanding, respectively |   | $ | 96,785 |  |   | $ | 96,620 |  |
| Capital in excess of par value                                                                                                                                |   | 844,995,420 |  |   | 843,592,066 |  |
| Accumulated distribution in excess of net realized gain/(loss) from investments and total return swap                                                         |   | (80,238,359 | ) |   | (49,402,054 | ) |
| Accumulated undistributed net investment income                                                                                                               |   | 9,377,872 |  |   | 16,779,377 |  |
| Net unrealized appreciation/(depreciation) on investments and total return swap, net of provision for taxes of ($126,577) and ($204,855), respectively        |   | (70,258,542 | ) |   | (71,079,440 | ) |
| Total net assets                                                                                                                                              |   | 703,973,176 |  |   | 739,986,569 |  |
| Total liabilities and net assets                                                                                                                              |   | $ | 1,103,365,697 |  |   | $ | 1,187,952,834 |  |
|                                                                                                                                                          |   |   |   |   |
| NET ASSET VALUE PER COMMON SHARE                                                                                                                              |   | $ | 7.27 |  |   | $ | 7.66 |  |

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Table of Contents

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                              |   | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                                                                              |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| INVESTMENT INCOME                                                                                 |   | (unaudited) |   | (unaudited) |   | (unaudited) |   | (unaudited) |
| Interest and dividends from investments                                                           |   |   |   |   |   |   |   |   |
| Non-controlled/non-affiliated investments:                                                        |   |   |   |   |   |   |   |   |
| Cash                                                                                              |   | $ | 20,570,784 |  |   | $ | 21,009,050 |  |   | $ | 41,251,531 |  |   | $ | 40,724,339 |  |
| Payment-in-kind                                                                                   |   | 303,893 |  |   | 708,422 |  |   | 576,517 |  |   | 2,523,471 |  |
| Controlled/affiliated investments:                                                                |   |   |   |   |   |   |   |   |
| Cash                                                                                              |   | 2,522,757 |  |   | 2,043,533 |  |   | 4,885,199 |  |   | 4,476,334 |  |
| Payment-in-kind                                                                                   |   | 490,883 |  |   | 270,379 |  |   | 867,382 |  |   | 334,977 |  |
| Total interest and dividend income                                                                |   | 23,888,317 |  |   | 24,031,384 |  |   | 47,580,629 |  |   | 48,059,121 |  |
| Fee income (Note 12)                                                                              |   | 947,466 |  |   | 649,964 |  |   | 1,592,141 |  |   | 2,840,164 |  |
| Interest from cash and cash equivalents                                                           |   | 55,100 |  |   | 22,877 |  |   | 78,153 |  |   | 35,531 |  |
| Total investment income                                                                           |   | 24,890,883 |  |   | 24,704,225 |  |   | 49,250,923 |  |   | 50,934,816 |  |
| EXPENSES                                                                                          |   |   |   |   |   |   |   |   |
| Interest and financing expenses                                                                   |   | 5,219,779 |  |   | 4,517,158 |  |   | 10,392,209 |  |   | 8,461,242 |  |
| Base management fees (Note 7)                                                                     |   | 4,834,495 |  |   | 5,449,266 |  |   | 9,838,311 |  |   | 10,657,835 |  |
| General and administrative expenses                                                               |   | 1,216,840 |  |   | 887,678 |  |   | 2,641,958 |  |   | 1,769,807 |  |
| Administrator expenses (Note 7)                                                                   |   | 758,178 |  |   | 794,622 |  |   | 1,481,713 |  |   | 1,588,151 |  |
| Professional fees                                                                                 |   | 413,143 |  |   | 646,616 |  |   | 750,689 |  |   | 1,232,659 |  |
| Offering costs                                                                                    |   | 187,736 |  |   | 299,700 |  |   | 470,986 |  |   | 821,384 |  |
| Incentive fees (Note 7)                                                                           |   | — |  |   | — |  |   | — |  |   | 548,806 |  |
| Total expenses                                                                                    |   | 12,630,171 |  |   | 12,595,040 |  |   | 25,575,866 |  |   | 25,079,884 |  |
| NET INVESTMENT INCOME                                                                             |   | 12,260,712 |  |   | 12,109,185 |  |   | 23,675,057 |  |   | 25,854,932 |  |
| REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS                                                |   |   |   |   |   |   |   |   |
| Net realized gain/(loss) from non-controlled/non-affiliated investments                           |   | 909,846 |  |   | (2,745,404 | ) |   | (31,271,252 | ) |   | (15,939,732 | ) |
| Net realized gain/(loss) on total return swap (Note 5)                                            |   | (1,043,675 | ) |   | (7,589,962 | ) |   | 434,947 |  |   | (4,870,611 | ) |
| Net change in unrealized appreciation/(depreciation) on non-controlled/non-affiliated investments |   | (14,252,484 | ) |   | (5,152,411 | ) |   | 8,813,872 |  |   | 1,563,788 |  |
| Net change in unrealized appreciation/(depreciation) on controlled/affiliated investments         |   | (2,837,785 | ) |   | 1,241,507 |  |   | (10,705,907 | ) |   | 125,432 |  |
| Net change in unrealized appreciation/(depreciation) on total return swap (Note 5)                |   | (306,714 | ) |   | 10,300,626 |  |   | 2,634,655 |  |   | 10,196,270 |  |
| Change in provision for deferred taxes on unrealized appreciation/(depreciation) on   investments |   | (57,177 | ) |   | (36,746 | ) |   | 78,278 |  |   | (334,318 | ) |
| Net realized and unrealized gain/(loss) on investments                                            |   | (17,587,989 | ) |   | (3,982,390 | ) |   | (30,015,407 | ) |   | (9,259,171 | ) |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS                                   |   | $ | (5,327,277 | ) |   | $ | 8,126,795 |  |   | $ | (6,340,350 | ) |   | $ | 16,595,761 |  |
| WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE                                    |   | $ | (0.05 | ) |   | $ | 0.08 |  |   | $ | (0.07 | ) |   | $ | 0.17 |  |
| WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME PER COMMON SHARE                       |   | $ | 0.13 |  |   | $ | 0.13 |  |   | $ | 0.24 |  |   | $ | 0.27 |  |
| WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED (NOTE 10)                           |   | 97,385,971 |  |   | 96,367,879 |  |   | 97,190,689 |  |   | 95,877,796 |  |
| DISTRIBUTIONS DECLARED PER COMMON SHARE                                                           |   | $ | 0.16 |  |   | $ | 0.16 |  |   | $ | 0.32 |  |   | $ | 0.32 |  |

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Table of Contents

|                                                                                                 |
|-------------------------------------------------------------------------------------------------|
|                                                                                                 |  |  |  |  |  |  |  |
|                                                                                            | Six Months Ended June 30, |
|                                                                                            | 2018 |   | 2017 |
| INCREASE/(DECREASE) FROM OPERATIONS                                                             | (unaudited) |   | (unaudited) |
| Net investment income                                                                           | $ | 23,675,057 |  |   | $ | 25,854,932 |  |
| Net realized gain/(loss) on investments                                                         | (31,271,252 | ) |   | (15,939,732 | ) |
| Net realized gain/(loss) on total return swap (Note 5)                                          | 434,947 |  |   | (4,870,611 | ) |
| Net change in unrealized appreciation/(depreciation) on investments                             | (1,892,035 | ) |   | 1,689,220 |  |
| Net change in unrealized appreciation/(depreciation) on total return swap (Note 5)              | 2,634,655 |  |   | 10,196,270 |  |
| Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments | 78,278 |  |   | (334,318 | ) |
| Net increase/(decrease) in net assets resulting from operations                                 | (6,340,350 | ) |   | 16,595,761 |  |
| SHAREHOLDER DISTRIBUTIONS (Note 2)                                                              |   |   |   |
| Distributions from net investment income                                                        | (31,076,562 | ) |   | (30,665,819 | ) |
| Distributions from return of capital                                                            | — |  |   | — |  |
| Distributions from net realized gains                                                           | — |  |   | — |  |
| Net decrease in net assets from shareholder distributions                                       | (31,076,562 | ) |   | (30,665,819 | ) |
| COMMON SHARE TRANSACTIONS                                                                       |   |   |   |
| Issuance of common shares, net of underwriting costs                                            | 2,478,445 |  |   | 11,370,406 |  |
| Issuance of common shares pursuant to distribution reinvestment plan                            | 13,174,371 |  |   | 14,068,852 |  |
| Repurchase of common shares                                                                     | (14,249,297 | ) |   | (14,507,550 | ) |
| Net increase in net assets resulting from common share transactions                             | 1,403,519 |  |   | 10,931,708 |  |
| Total increase/(decrease) in net assets                                                         | (36,013,393 | ) |   | (3,138,350 | ) |
| Net assets at beginning of period                                                               | 739,986,569 |  |   | 773,113,087 |  |
| Net assets at end of period(1)                                                                  | $ | 703,973,176 |  |   | $ | 769,974,737 |  |
|                                                                                            |   |   |   |
| Net asset value per common share                                                                | $ | 7.27 |  |   | $ | 8.02 |  |
| Common shares outstanding, beginning of period                                                  | 96,620,231 |  |   | 94,666,418 |  |
| Issuance of common shares                                                                       | 323,587 |  |   | 1,393,488 |  |
| Issuance of common shares pursuant to distribution reinvestment plan                            | 1,721,015 |  |   | 1,745,246 |  |
| Repurchase of common shares                                                                     | (1,879,976 | ) |   | (1,783,393 | ) |
| Common shares outstanding, end of period                                                        | 96,784,857 |  |   | 96,021,759 |  |

|     |                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Net assets at end of period include accumulated undistributed net investment income of $9,377,872 and $14,945,853 as of June 30, 2018 and 2017, respectively. |

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Table of Contents

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |  |  |  |  |  |  |  |
|                                                                                                                    |   | Six Months Ended June 30, |
|                                                                                                                    |   | 2018 |   | 2017 |
|                                                                                                                    |   | (unaudited) |   | (unaudited) |
| Cash flows from operating activities                                                                                    |   |   |   |   |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:                                                        |   | $ | (6,340,350 | ) |   | $ | 16,595,761 |  |
| ADJUSTMENT TO RECONCILE NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES: |   |   |   |   |
| Payment-in-kind interest income                                                                                         |   | (1,443,899 | ) |   | (2,858,448 | ) |
| Net amortization of premium on investments                                                                              |   | (998,023 | ) |   | (493,680 | ) |
| Amortization of deferred financing costs                                                                                |   | 942,636 |  |   | 718,280 |  |
| Net realized (gain)/loss on investments                                                                                 |   | 31,271,252 |  |   | 15,939,732 |  |
| Net change in unrealized (appreciation)/depreciation on investments                                                     |   | 1,892,035 |  |   | (1,689,220 | ) |
| Net change in unrealized (appreciation)/depreciation on total return swap (Note 5)                                      |   | (2,634,655 | ) |   | (10,196,270 | ) |
| Purchases and originations                                                                                              |   | (122,795,043 | ) |   | (240,889,700 | ) |
| Proceeds from sale of investments and principal repayments                                                              |   | 164,772,739 |  |   | 149,796,557 |  |
| (Increase)/decrease in operating assets:                                                                                |   |   |   |   |
| Cash collateral on total return swap (Note 5)                                                                           |   | — |  |   | 4,120,942 |  |
| Unsettled trades receivable                                                                                             |   | (1,914,446 | ) |   | (6,425,640 | ) |
| Due from affiliate (Note 7)                                                                                             |   | — |  |   | 4,571,137 |  |
| Interest receivable from non-controlled/non-affiliated investments                                                      |   | (469,280 | ) |   | 1,525,620 |  |
| Interest receivable from controlled/affiliated investments                                                              |   | 306,871 |  |   | 918,232 |  |
| Receivable for Company shares sold                                                                                      |   | 235,060 |  |   | (206,277 | ) |
| Receivable due on total return swap (Note 5)                                                                            |   | (25,556 | ) |   | (609,665 | ) |
| Prepaid expenses and other assets                                                                                       |   | (121,454 | ) |   | (77,786 | ) |
| Increase/(decrease) in operating liabilities:                                                                           |   |   |   |   |
| Unsettled trades payable                                                                                                |   | 195,517 |  |   | 36,065,885 |  |
| Management fee payable                                                                                                  |   | (362,503 | ) |   | 311,158 |  |
| Accounts payable and accrued expenses                                                                                   |   | (429,982 | ) |   | (437,950 | ) |
| Incentive fees payable                                                                                                  |   | (2,827,372 | ) |   | (1,405,419 | ) |
| Administrator fees payable                                                                                              |   | 62,400 |  |   | (56,056 | ) |
| Interest payable                                                                                                        |   | (70,462 | ) |   | (415,701 | ) |
| Deferred tax liability                                                                                                  |   | (78,277 | ) |   | 334,318 |  |
| Due to affiliate (Note 7)                                                                                               |   | — |  |   | (135,784 | ) |
| NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES                                                                     |   | 59,167,208 |  |   | (34,999,974 | ) |
| Cash flows from financing activities:                                                                                   |   |   |   |   |
| Borrowings under revolving credit facility                                                                              |   | 38,000,000 |  |   | 105,000,000 |  |
| Repayments of revolving credit facility                                                                                 |   | (88,000,000 | ) |   | (65,000,000 | ) |
| Proceeds from issuance of common stock, net of underwriting costs                                                       |   | 2,478,445 |  |   | 11,370,406 |  |
| Payment of cash distributions                                                                                           |   | (17,902,191 | ) |   | (16,596,967 | ) |
| Financing costs paid                                                                                                    |   | (37,500 | ) |   | (390,000 | ) |
| Repurchase of common shares                                                                                             |   | (7,582,843 | ) |   | (14,507,550 | ) |
| NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES                                                                     |   | (73,044,089 | ) |   | 19,875,889 |  |
| TOTAL INCREASE/(DECREASE) IN CASH                                                                                       |   | (13,876,881 | ) |   | (15,124,085 | ) |
| CASH AND CASH COLLATERAL ON TOTAL RETURN SWAP AT BEGINNING OF PERIOD                                                    |   | 112,909,759 |  |   | 99,400,794 |  |
| CASH AND CASH COLLATERAL ON TOTAL RETURN SWAP AT END OF PERIOD(1)                                                       |   | $ | 99,032,878 |  |   | $ | 84,276,709 |  |
| Supplemental Information:                                                                                               |   |   |   |   |
| Cash paid during the period for interest                                                                                |   | $ | 9,520,035 |  |   | $ | 8,158,663 |  |
| Supplemental non-cash information:                                                                                      |   |   |   |   |
| Non-cash purchase of investments                                                                                        |   | $ | 20,928,063 |  |   | $ | 21,975,181 |  |
| Non-cash sale of investments                                                                                            |   | 20,928,063 |  |   | 21,975,181 |  |
| Payment-in-kind interest income                                                                                         |   | 1,443,899 |  |   | 2,858,448 |  |
| Amortization of deferred financing costs                                                                                |   | 942,636 |  |   | 718,280 |  |
| Net amortization of premium on investments                                                                              |   | 998,023 |  |   | 493,680 |  |
| Issuance of common shares in connection with distribution reinvestment plan                                             |   | $ | 13,174,371 |  |   | $ | 14,068,852 |  |

|     |                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes cash and cash equivalents of $53,032,878 and $84,276,709 and cash collateral on total return swap of $46,000,000 and $75,500,000 as of June 30, 2018 and 2017, respectively. |

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|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                                                 |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| Non-controlled/non-affiliated investments – 117.9% |   |   |   |   |   |   |   | $ | 703,973,176 |  |
| AAAHI Acquisition Corporation                                 |   | Transportation: Consumer |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (4)(5) |   | 12/15/2021 |   | $ | 7,007,360 |  |   | $ | 7,007,360 |  |   | $ | 7,007,360 |  |   | 1.0% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (4)(5)(6) |   | 12/14/2018 |   | 1,742,263 |  |   | 1,742,263 |  |   | 1,742,263 |  |   | 0.2% |
|                                                          |   |   |   |   |   |   |   | 8,749,623 |  |   | 8,749,623 |  |   | 8,749,623 |  |   |   |
| Alpha Media LLC                                               |   | Media: Broadcasting & Subscription |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (7) |   | 2/25/2022 |   | 5,928,635 |  |   | 5,751,749 |  |   | 5,582,996 |  |   | 0.8% |
|                                                          |   |   |   |   |   |   |   | 5,928,635 |  |   | 5,751,749 |  |   | 5,582,996 |  |   |   |
|  Alpine SG, LLC                                          |   |  High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |   | 11/16/2022 |   | 6,630,037 |  |   | 6,630,037 |  |   | 6,605,506 |  |   | 0.9% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5) |   | 11/16/2022 |   | 13,432,500 |  |   | 13,432,500 |  |   | 13,382,800 |  |   | 1.9% |
|                                                          |   |   |   |   |   |   |   | 20,062,537 |  |   | 20,062,537 |  |   | 19,988,306 |  |   |   |
| American Dental Partners, Inc.                                |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5) |   | 9/25/2023 |   | 7,250,000 |  |   | 7,250,000 |  |   | 7,322,500 |  |   | 1.0% |
|                                                          |   |   |   |   |   |   |   | 7,250,000 |  |   | 7,250,000 |  |   | 7,322,500 |  |   |   |
| Amerijet Holdings, Inc.                                       |   | Transportation: Cargo |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (5)(7) |   | 7/15/2021 |   | 11,927,204 |  |   | 11,927,204 |  |   | 12,077,486 |  |   | 1.7% |
|                                                          |   |   |   |   |   |   |   | 11,927,204 |  |   | 11,927,204 |  |   | 12,077,486 |  |   |   |
| AMMC CLO 22, Limited Series 2018-22A                          |   | Multi-Sector Holdings |   | Subordinated Notes 15.238% effective yield (8)(9)(10) |   | 4/25/2031 |   | 7,222,000 |  |   | 5,885,930 |  |   | 5,885,930 |  |   | 0.8% |
|                                                          |   |   |   |   |   |   |   | 7,222,000 |  |   | 5,885,930 |  |   | 5,885,930 |  |   |   |
| Answers Finance, LLC                                          |   | High Tech Industries |   | Senior Secured Second Lien Term Loan Base Rate + 7.900%, 1.100% Cap (11) |   | 9/15/2021 |   | 1,993,500 |  |   | 1,993,500 |  |   | 1,993,500 |  |   | 0.3% |
|                                                          |   |   |   | Common Stock  - 389,533 shares (12)  |   |   |   | — |  |   | 5,426,955 |  |   | 5,426,195 |  |   | 0.8% |
|                                                          |   |   |   |   |   |   |   | 1,993,500 |  |   | 7,420,455 |  |   | 7,419,695 |  |   |   |
| Apidos CLO XXIV, Series 2016-24A                              |   | Multi-Sector Holdings |   | Subordinated Notes 8.880% effective yield (5)(8)(9)(10) |   | 7/20/2027 |   | 18,357,647 |  |   | 14,374,986 |  |   | 15,084,479 |  |   | 2.1% |
|                                                          |   |   |   |   |   |   |   | 18,357,647 |  |   | 14,374,986 |  |   | 15,084,479 |  |   |   |
| Asurion, LLC                                                  |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7) |   | 8/4/2025 |   | 5,950,000 |  |   | 5,950,000 |  |   | 6,032,110 |  |   | 0.9% |
|                                                          |   |   |   |   |   |   |   | 5,950,000 |  |   | 5,950,000 |  |   | 6,032,110 |  |   |   |
| Aviation Technical Services, Inc.                             |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)(13) |   | 3/31/2022 |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,000,000 |  |   | 3.6% |
|                                                          |   |   |   |   |   |   |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,000,000 |  |   |   |
| Barry's Bootcamp Holdings, LLC                                |   | Services: Consumer |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |   | 7/14/2022 |   | 8,571,429 |  |   | 8,571,429 |  |   | 8,522,572 |  |   | 1.2% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |   | 7/14/2022 |   | 1,120,000 |  |   | 1,120,000 |  |   | 1,111,857 |  |   | 0.2% |
|                                                          |   |   |   |   |   |   |   | 9,691,429 |  |   | 9,691,429 |  |   | 9,634,429 |  |   |   |
| Black Angus Steakhouses, LLC                                  |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)\(5)(6)(13) |   | 4/24/2020 |   | 18,867,188 |  |   | 18,867,188 |  |   | 18,483,180 |  |   | 2.6% |
|                                                          |   |   |   |   |   |   |   | 18,867,188 |  |   | 18,867,188 |  |   | 18,483,180 |  |   |   |
| BRG Sports, Inc.                                              |   | Consumer Goods: Durable |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(7) |   | 6/15/2023 |   | 7,700,000 |  |   | 7,700,000 |  |   | 7,700,000 |  |   | 1.1% |
|                                                          |   |   |   |   |   |   |   | 7,700,000 |  |   | 7,700,000 |  |   | 7,700,000 |  |   |   |

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|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                               |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| Brook & Whittle Holding Corp.           |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |   | 10/17/2023 |   | 3,026,576 |  |   | 3,026,576 |  |   | 3,026,576 |  |   | 0.4% |
|                                        |   |   |   |   |   |   |   | 3,026,576 |  |   | 3,026,576 |  |   | 3,026,576 |  |   |   |
| BW NHHC Holdco Inc.                         |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor(7) |   | 5/15/2025 |   | 7,000,000 |  |   | 6,895,000 |  |   | 6,895,000 |  |   | 1.0% |
|                                        |   |   |   |   |   |   |   | 7,000,000 |  |   | 6,895,000 |  |   | 6,895,000 |  |   |   |
| Central States Dermatology Services, LLC    |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(6)(7) |   | 4/20/2022 |   | 2,960,939 |  |   | 2,960,939 |  |   | 2,960,939 |  |   | 0.4% |
|                                        |   |   |   |   |   |   |   | 2,960,939 |  |   | 2,960,939 |  |   | 2,960,939 |  |   |   |
| Covenant Surgical Partners, Inc.            |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 4.750%(4)(5) |   | 10/4/2024 |   | 5,357,692 |  |   | 5,345,578 |  |   | 5,350,192 |  |   | 0.8% |
|                                        |   |   |   | Senior Secured First Lien Term Loan LIBOR + 4.750%(4)(5)(6) |   | 10/4/2024 |   | 964,717 |  |   | 961,074 |  |   | 962,461 |  |   | 0.1% |
|                                        |   |   |   |   |   |   |   | 6,322,409 |  |   | 6,306,652 |  |   | 6,312,653 |  |   |   |
| CP Opco, LLC                                |   | Services: Consumer |   | Senior Secured First Lien Term Loan Base Rate + 5.500%, PIK (5)(7)(11)(14)  |   | 4/1/2019 |   | 236,515 |  |   | 209,514 |  |   | 41,296 |  |   | 0.0% |
|                                        |   |   |   | Senior Secured First Lien Term Loan Base Rate + 8.500%, PIK (5)(7)(11)(14)  |   | 4/1/2019 |   | 1,766,333 |  |   | 717,016 |  |   | — |  |   | 0.0% |
|                                        |   |   |   | Preferred Units LIBOR+9.500%, 1.000% Floor, PIK(5)(14)   |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                        |   |   |   | Common Units - 41 units(5)(12) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                        |   |   |   |   |   |   |   | 2,002,848 |  |   | 926,530 |  |   | 41,296 |  |   |   |
| CPI International, Inc.                     |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (5)(7)(15) |   | 7/28/2025 |   | 9,900,752 |  |   | 9,869,843 |  |   | 9,829,466 |  |   | 1.4% |
|                                        |   |   |   |   |   |   |   | 9,900,752 |  |   | 9,869,843 |  |   | 9,829,466 |  |   |   |
| CSP Technologies North America, LLC         |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5) |   | 1/31/2022 |   | 4,923,123 |  |   | 4,923,123 |  |   | 4,923,123 |  |   | 0.7% |
|                                        |   |   |   |   |   |   |   | 4,923,123 |  |   | 4,923,123 |  |   | 4,923,123 |  |   |   |
| DHISCO Electronic Distribution, Inc.        |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.500% Floor (5)(7) |   | 11/10/2019 |   | 2,702,877 |  |   | 2,702,877 |  |   | 2,702,877 |  |   | 0.4% |
|                                        |   |   |   | Senior Secured First Lien Term Loan LIBOR + 11.000%, 1.500% Floor, PIK (5)(7)(14)  |   | 11/10/2019 |   | 10,130,848 |  |   | 9,207,947 |  |   | 836,808 |  |   | 0.1% |
|                                        |   |   |   | Senior Secured First Lien Term Loan LIBOR + 12.250%, 1.500% Floor, PIK (5)(7)(14)  |   | 11/10/2019 |   | 8,851,405 |  |   | 7,257,480 |  |   | — |  |   | 0.0% |
|                                        |   |   |   | Senior Secured First Lien Term Loan LIBOR + 13.250%, 1.500% Floor, PIK (5)(7)(14)  |   | 11/10/2019 |   | 8,361,380 |  |   | 2,940,892 |  |   | — |  |   | 0.0% |
|                                        |   |   |   | Common Units - 769,230 units (5)(12)  |   |   |   | — |  |   | 769,231 |  |   | — |  |   | 0.0% |
|                                        |   |   |   |   |   |   |   | 30,046,510 |  |   | 22,878,427 |  |   | 3,539,685 |  |   |   |
| Drew Marine Partners, LP                    |   | Transportation: Cargo |   | Senior Secured Second Lien Term Loan LIBOR + 7.000%, 1.000% Floor (7) |   | 5/19/2021 |   | 10,000,000 |  |   | 10,042,010 |  |   | 10,000,000 |  |   | 1.4% |
|                                        |   |   |   |   |   |   |   | 10,000,000 |  |   | 10,042,010 |  |   | 10,000,000 |  |   |   |
| Dryden 38 Senior Loan Fund, Series 2015-38A |   | Multi-Sector Holdings |   | Subordinated Notes 12.114% effective yield (8)(9)(10) |   | 7/15/2027 |   | 7,000,000 |  |   | 4,893,717 |  |   | 5,667,200 |  |   | 0.8% |
|                                        |   |   |   |   |   |   |   | 7,000,000 |  |   | 4,893,717 |  |   | 5,667,200 |  |   |   |
| Dryden 43 Senior Loan Fund, Series 2016-43A |   | Multi-Sector Holdings |   | Subordinated Notes 9.705% effective yield (5)(8)(9)(10) |   | 7/20/2029 |   | 3,620,000 |  |   | 2,908,350 |  |   | 2,779,798 |  |   | 0.4% |
|                                        |   |   |   |   |   |   |   | 3,620,000 |  |   | 2,908,350 |  |   | 2,779,798 |  |   |   |
| Dryden 49 Senior Loan Fund, Series 2017-49A |   | Multi-Sector Holdings |   | Subordinated Notes 13.164% effective yield (5)(9)(10) |   | 7/18/2030 |   | 17,233,288 |  |   | 15,192,738 |  |   | 14,918,857 |  |   | 2.1% |
|                                        |   |   |   |   |   |   |   | 17,233,288 |  |   | 15,192,738 |  |   | 14,918,857 |  |   |   |

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|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                                |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| Dynamic Energy Services International LLC    |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loan 13.500% PIK + LIBOR (4)(5)(14)  |   | 5/6/2019 |   | 10,597,949 |  |   | 9,828,831 |  |   | 3,179,385 |  |   | 0.5% |
|                                         |   |   |   |   |   |   |   | 10,597,949 |  |   | 9,828,831 |  |   | 3,179,385 |  |   |   |
| Elite Comfort Solutions LLC                  |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(6) |   | 1/15/2021 |   | 9,443,153 |  |   | 9,443,153 |  |   | 9,443,153 |  |   | 1.3% |
|                                         |   |   |   |   |   |   |   | 9,443,153 |  |   | 9,443,153 |  |   | 9,443,153 |  |   |   |
| Engineered Machinery Holdings, Inc.          |   | Capital Equipment |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (4)(5) |   | 7/18/2025 |   | 2,936,702 |  |   | 2,917,010 |  |   | 2,898,231 |  |   | 0.4% |
|                                         |   |   |   |   |   |   |   | 2,936,702 |  |   | 2,917,010 |  |   | 2,898,231 |  |   |   |
| First Boston Construction Holdings, LLC      |   | Banking, Finance, Insurance & Real Estate |   | Senior secured first lien notes 12.000% (5) |   | 12/31/2020 |   | 9,965,000 |  |   | 9,965,000 |  |   | 9,965,000 |  |   | 1.4% |
|                                         |   |   |   | Preferred Equity - 1,646,250 units (5)(12) |   |   |   | — |  |   | 2,491,250 |  |   | 2,491,250 |  |   | 0.4% |
|                                         |   |   |   |   |   |   |   | 9,965,000 |  |   | 12,456,250 |  |   | 12,456,250 |  |   |   |
| FKI Security Group, LLC                      |   | Capital Equipment |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5) |   | 3/30/2020 |   | 11,375,000 |  |   | 11,375,000 |  |   | 11,375,000 |  |   | 1.6% |
|                                         |   |   |   |   |   |   |   | 11,375,000 |  |   | 11,375,000 |  |   | 11,375,000 |  |   |   |
| Friedrich Holdings, Inc.                     |   | Construction & Building |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (5)(7) |   | 2/7/2023 |   | 13,256,343 |  |   | 13,256,343 |  |   | 13,388,906 |  |   | 1.9% |
|                                         |   |   |   |   |   |   |   | 13,256,343 |  |   | 13,256,343 |  |   | 13,388,906 |  |   |   |
| Fusion Telecommunications International Inc. |   | Telecommunications |   | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor (4) |   | 5/4/2023 |   | 3,437,500 |  |   | 3,301,465 |  |   | 3,300,000 |  |   | 0.5% |
|                                         |   |   |   |   |   |   |   | 3,437,500 |  |   | 3,301,465 |  |   | 3,300,000 |  |   |   |
| 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 |  |   | 8,969,000 |  |   | 1.3% |
|                                         |   |   |   |   |   |   |   | 10,000,000 |  |   | 10,000,000 |  |   | 8,969,000 |  |   |   |
| Golden West Packaging Group LLC              |   | Forest Products & Paper |   | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (5)(7) |   | 6/20/2023 |   | 3,692,848 |  |   | 3,692,848 |  |   | 3,692,848 |  |   | 0.5% |
|                                         |   |   |   |   |   |   |   | 3,692,848 |  |   | 3,692,848 |  |   | 3,692,848 |  |   |   |
| Green Field Energy Services, Inc.            |   | Energy: Oil & Gas |   | Senior Secured First Lien Notes 13.000% (5)(8)(14) |   | 11/15/2016 |   | 766,616 |  |   | 754,615 |  |   | 122,658 |  |   | 0.0% |
|                                         |   |   |   | Warrants - 0.00% of outstanding equity (5)(12) |   |   |   | — |  |   | 29,000 |  |   | — |  |   | 0.0% |
|                                         |   |   |   |   |   |   |   | 766,616 |  |   | 783,615 |  |   | 122,658 |  |   |   |
| HBC Holdings LLC                             |   | Wholesale |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(7) |   | 3/30/2020 |   | 11,812,500 |  |   | 11,812,500 |  |   | 11,514,825 |  |   | 1.6% |
|                                         |   |   |   |   |   |   |   | 11,812,500 |  |   | 11,812,500 |  |   | 11,514,825 |  |   |   |
| Heligear Acquisition Co.                     |   | Aerospace & Defense |   | Senior secured first lien notes 10.250% (5)(8) |   | 10/15/2019 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,115,500 |  |   | 2.1% |
|                                         |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,115,500 |  |   |   |
| High Ridge Brands Co.                        |   | Consumer Goods: Non-Durable |   | Senior secured first lien notes 8.875% (5)(8)(16) |   | 3/15/2025 |   | 2,000,000 |  |   | 2,000,000 |  |   | 890,800 |  |   | 0.1% |
|                                         |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 890,800 |  |   |   |
| Holland Acquisition Corp.                    |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4) |   | 5/29/2020 |   | 4,493,420 |  |   | 4,466,620 |  |   | 3,200,663 |  |   | 0.5% |
|                                         |   |   |   |   |   |   |   | 4,493,420 |  |   | 4,466,620 |  |   | 3,200,663 |  |   |   |
| Hylan Datacom & Electrical LLC           |   | Construction & Building |   | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor (5)(7) |   | 7/25/2021 |   | 14,670,095 |  |   | 14,670,095 |  |   | 14,670,095 |  |   | 2.1% |
|                                         |   |   |   |   |   |   |   | 14,670,095 |  |   | 14,670,095 |  |   | 14,670,095 |  |   |   |
| IHS Intermediate, Inc.                       |   | Services: Business |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor (4) |   | 7/20/2022 |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,000,000 |  |   | 3.6% |
|                                         |   |   |   |   |   |   |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,000,000 |  |   |   |
| Imagine! Print Solutions, LLC                |   | Media: Advertising, Printing & Publishing |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (5)(7)(15) |   | 6/21/2023 |   | 8,950,000 |  |   | 8,837,978 |  |   | 8,312,760 |  |   | 1.2% |

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|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                      |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
|                               |   |   |   |   |   |   |   | 8,950,000 |  |   | 8,837,978 |  |   | 8,312,760 |  |   |   |
| Impact Sales, LLC                  |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5) |   | 6/27/2023 |   | 6,189,258 |  |   | 6,189,258 |  |   | 6,189,258 |  |   | 0.9% |
|                               |   |   |   |   |   |   |   | 6,189,258 |  |   | 6,189,258 |  |   | 6,189,258 |  |   |   |
| Interflex Acquisition Company, LLC |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (5)(7) |   | 8/18/2022 |   | 13,775,000 |  |   | 13,775,000 |  |   | 12,960,897 |  |   | 1.8% |
|                               |   |   |   |   |   |   |   | 13,775,000 |  |   | 13,775,000 |  |   | 12,960,897 |  |   |   |
| Invision Diversified, LLC          |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)(13) |   | 6/30/2020 |   | 23,100,084 |  |   | 23,100,084 |  |   | 23,100,084 |  |   | 3.3% |
|                               |   |   |   |   |   |   |   | 23,100,084 |  |   | 23,100,084 |  |   | 23,100,084 |  |   |   |
| IOP Monroe Acquisition, Inc.       |   | Capital Equipment |   | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (5)(6)(7) |   | 4/1/2022 |   | 950,000 |  |   | 950,000 |  |   | 950,000 |  |   | 0.1% |
|                               |   |   |   |   |   |   |   | 950,000 |  |   | 950,000 |  |   | 950,000 |  |   |   |
| Isagenix International, LLC        |   | Wholesale |   | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (4)(5) |   | 6/16/2025 |   | 2,000,000 |  |   | 1,988,808 |  |   | 2,000,000 |  |   | 0.3% |
|                               |   |   |   |   |   |   |   | 2,000,000 |  |   | 1,988,808 |  |   | 2,000,000 |  |   |   |
| Isola USA Corp.                    |   | High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 10.750%, 1.000% Floor (4)(6) |   | 1/2/2023 |   | 113,828 |  |   | 113,828 |  |   | 113,828 |  |   | 0.0% |
|                               |   |   |   | Senior Secured Second Lien Term Loan LIBOR + 9.500%, 1.000% Floor, PIK (4)  |   | 1/2/2023 |   | 10,186,998 |  |   | 6,577,332 |  |   | 6,188,601 |  |   | 0.9% |
|                               |   |   |   | Common Units - 10,283,782 units(9)(12) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                               |   |   |   |   |   |   |   | 10,300,826 |  |   | 6,691,160 |  |   | 6,302,429 |  |   |   |
| JFL-WCS Partners, LLC              |   | Environmental Industries |   | Preferred Units  - 618,876 6.000%, PIK (5)(9) |   |   |   | — |  |   | 618,876 |  |   | 618,876 |  |   | 0.1% |
|                               |   |   |   | Common Units - 66,764 units (5)(9)(12)  |   |   |   | — |  |   | 68,764 |  |   | 68,764 |  |   | 0.0% |
|                               |   |   |   |   |   |   |   | — |  |   | 687,640 |  |   | 687,640 |  |   |   |
| Keystone Acquisition Corp.         |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 9.250%, 1.000% Floor (4)(5)(15) |   | 5/1/2025 |   | 7,000,000 |  |   | 6,878,912 |  |   | 6,858,600 |  |   | 1.0% |
|                               |   |   |   |   |   |   |   | 7,000,000 |  |   | 6,878,912 |  |   | 6,858,600 |  |   |   |
| L&S Plumbing Partnership, Ltd. |   | Construction & Building |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5) |   | 2/15/2022 |   | 11,084,069 |  |   | 11,084,069 |  |   | 11,172,741 |  |   | 1.6% |
|                               |   |   |   |   |   |   |   | 11,084,069 |  |   | 11,084,069 |  |   | 11,172,741 |  |   |   |
| Livingston International Inc.      |   | Transportation: Cargo |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.250% Floor (4)(9) |   | 4/17/2020 |   | 4,613,287 |  |   | 4,503,825 |  |   | 4,325,879 |  |   | 0.6% |
|                               |   |   |   |   |   |   |   | 4,613,287 |  |   | 4,503,825 |  |   | 4,325,879 |  |   |   |
| LTCG Holdings Corp.                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (7) |   | 6/6/2020 |   | 2,838,571 |  |   | 2,833,308 |  |   | 2,828,920 |  |   | 0.4% |
|                               |   |   |   |   |   |   |   | 2,838,571 |  |   | 2,833,308 |  |   | 2,828,920 |  |   |   |
| Magnetite XIX, Limited             |   | Multi-Sector Holdings |   | Subordinated Notes LIBOR + 7.610% (4)(8)(9)(10) |   | 7/17/2030 |   | 2,000,000 |  |   | 1,875,000 |  |   | 1,871,400 |  |   | 0.3% |
|                               |   |   |   | Subordinated Notes 10.518% effective yield (5)(8)(9)(10) |   | 7/17/2030 |   | 13,730,209 |  |   | 11,972,163 |  |   | 10,708,190 |  |   | 1.5% |
|                               |   |   |   |   |   |   |   | 15,730,209 |  |   | 13,847,163 |  |   | 12,579,590 |  |   |   |
| Manna Pro Products, LLC            |   | Consumer Goods: Non-durable |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(6)(7) |   | 12/8/2023 |   | 4,654,166 |  |   | 4,654,166 |  |   | 4,611,346 |  |   |   |
|                               |   |   |   |   |   |   |   | 4,654,166 |  |   | 4,654,166 |  |   | 4,611,346 |  |   |   |
| Nathan's Famous, Inc.              |   | Beverage & Food |   | Senior secured first lien notes 6.625% (5)(8)(9)(16) |   | 11/1/2025 |   | 4,950,000 |  |   | 4,966,193 |  |   | 4,996,530 |  |   | 0.7% |
|                               |   |   |   |   |   |   |   | 4,950,000 |  |   | 4,966,193 |  |   | 4,996,530 |  |   |   |
| New Media Holdings II LLC          |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (5)(7)(15) |   | 7/14/2022 |   | 13,801,587 |  |   | 13,793,795 |  |   | 13,801,587 |  |   | 2.0% |
|                               |   |   |   |   |   |   |   | 13,801,587 |  |   | 13,793,795 |  |   | 13,801,587 |  |   |   |

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Table of Contents

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|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                         |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| 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 |  |   | 10,920,879 |  |   | 10,225,600 |  |   | 1.5% |
|                                  |   |   |   |   |   |   |   | 11,000,000 |  |   | 10,920,879 |  |   | 10,225,600 |  |   |   |
| Oxford Mining Company, LLC            |   | Metals & Mining |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 0.750% Floor, 3.000% PIK (4)(5)(14)  |   | 12/31/2018 |   | 12,535,235 |  |   | 11,685,379 |  |   | 6,672,506 |  |   | 0.9% |
|                                  |   |   |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 0.750% Floor, 3.000% PIK (4)(5)(14) |   | 12/31/2018 |   | 8,884,762 |  |   | 8,308,439 |  |   | 4,729,359 |  |   | 0.7% |
|                                  |   |   |   |   |   |   |   | 21,419,997 |  |   | 19,993,818 |  |   | 11,401,865 |  |   |   |
| Path Medical, LLC                     |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 9.500%, 1.000% Floor (5)(7) |   | 10/11/2021 |   | 14,610,737 |  |   | 14,190,519 |  |   | 13,719,482 |  |   | 1.9% |
|                                  |   |   |   | Warrants - 2.09%  of outstanding equity  (5)(12) |   |   |   | — |  |   | 669,709 |  |   | — |  |   | 0.0% |
|                                  |   |   |   |   |   |   |   | 14,610,737 |  |   | 14,860,228 |  |   | 13,719,482 |  |   |   |
| Payless Holdings LLC                  |   | Retail |   | Common Stock - 37,126 shares (12)  |   |   |   | — |  |   | 543,120 |  |   | 543,153 |  |   | 0.1% |
|                                  |   |   |   |   |   |   |   | — |  |   | 543,120 |  |   | 543,153 |  |   |   |
| PetroChoice Holdings, Inc.            |   | Chemicals, Plastics & Rubber |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (4)(5)(13)(15)  |   | 9/3/2023 |   | 9,000,000 |  |   | 9,000,000 |  |   | 9,000,000 |  |   | 1.3% |
|                                  |   |   |   |   |   |   |   | 9,000,000 |  |   | 9,000,000 |  |   | 9,000,000 |  |   |   |
| Polymer Solutions Group Holdings, LLC |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (5)(7) |   | 6/30/2021 |   | 2,461,830 |  |   | 2,461,830 |  |   | 2,461,830 |  |   | 0.3% |
|                                  |   |   |   |   |   |   |   | 2,461,830 |  |   | 2,461,830 |  |   | 2,461,830 |  |   |   |
| Press Ganey Holdings, Inc             |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 6.500%, 1.000% Floor (7) |   | 10/21/2024 |   | 5,842,724 |  |   | 5,932,737 |  |   | 5,866,679 |  |   | 0.8% |
|                                  |   |   |   |   |   |   |   | 5,842,724 |  |   | 5,932,737 |  |   | 5,866,679 |  |   |   |
| PT Network, LLC                       |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (4)(5)(6) |   | 11/30/2021 |   | 8,002,098 |  |   | 8,002,098 |  |   | 7,952,340 |  |   | 1.1% |
|                                  |   |   |   |   |   |   |   | 8,002,098 |  |   | 8,002,098 |  |   | 7,952,340 |  |   |   |
| Reddy Ice Corporation                 |   | Beverage & Food |   | Senior Secured Second Lien Term Loan LIBOR + 9.500%, 1.250% Floor (4)(5) |   | 11/1/2019 |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,000,000 |  |   | 0.3% |
|                                  |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,000,000 |  |   |   |
| Redwood Services Group, LLC           |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(6)(7) |   | 6/6/2023 |   | 9,918,750 |  |   | 9,918,750 |  |   | 9,918,750 |  |   | 1.4% |
|                                  |   |   |   |   |   |   |   | 9,918,750 |  |   | 9,918,750 |  |   | 9,918,750 |  |   |   |
| 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 |   | 9,950,000 |  |   | 9,874,320 |  |   | 9,978,855 |  |   | 1.4% |
|                                  |   |   |   |   |   |   |   | 9,950,000 |  |   | 9,874,320 |  |   | 9,978,855 |  |   |   |
| Rhombus Cinema Holdings, LP           |   | Media: Diversified & Production |   | Preferred Equity 10.000% PIK - 7,449 shares (5)(9) |   |   |   | — |  |   | 4,584,207 |  |   | 5,126,428 |  |   | 0.7% |
|                                  |   |   |   | Common Units - 3,163 units (5)(9)(12)  |   |   |   | — |  |   | 3,162,793 |  |   | 932,676 |  |   | 0.1% |
|                                  |   |   |   |   |   |   |   | — |  |   | 7,747,000 |  |   | 6,059,104 |  |   |   |
| RMS Holding Company, LLC              |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4) (5) |   | 11/16/2022 |   | 14,887,500 |  |   | 14,887,500 |  |   | 14,887,500 |  |   | 2.1% |
|                                  |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |   | 11/16/2022 |   | 1,262,593 |  |   | 1,262,593 |  |   | 1,235,793 |  |   | 0.2% |
|                                  |   |   |   |   |   |   |   | 16,150,093 |  |   | 16,150,093 |  |   | 16,123,293 |  |   |   |
| Safe Fleet Holdings LLC               |   | Automotive |   | Senior Secured Second Lien Term Loan LIBOR + 6.750%, 1.000% Floor (5)(7) |   | 2/2/2026 |   | 4,950,000 |  |   | 4,926,381 |  |   | 4,896,045 |  |   | 0.7% |
|                                  |   |   |   |   |   |   |   | 4,950,000 |  |   | 4,926,381 |  |   | 4,896,045 |  |   |   |

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|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                       |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| SavATree, LLC                       |   | Environmental Industries |   | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5)(6) |   | 6/2/2022 |   | 4,131,598 |  |   | 4,131,598 |  |   | 4,131,598 |  |   | 0.6% |
|                                |   |   |   |   |   |   |   | 4,131,598 |  |   | 4,131,598 |  |   | 4,131,598 |  |   |   |
| SFP Holding, Inc.                   |   | Construction & Building |   | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(6) |   | 9/1/2022 |   | 5,018,369 |  |   | 5,018,369 |  |   | 5,018,369 |  |   | 0.7% |
|                                |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(6) |   | 9/1/2022 |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,000,000 |  |   | 0.3% |
|                                |   |   |   | Equity - 0.94% of outstanding equity (5) (12) |   |   |   | — |  |   | 400,000 |  |   | 400,000 |  |   | 0.1% |
|                                |   |   |   |   |   |   |   | 7,018,369 |  |   | 7,418,369 |  |   | 7,418,369 |  |   |   |
| Shift4 Payments, LLC                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (5)(7)(15) |   | 11/29/2024 |   | 9,950,000 |  |   | 9,857,548 |  |   | 9,896,270 |  |   | 1.4% |
|                                |   |   |   |   |   |   |   | 9,950,000 |  |   | 9,857,548 |  |   | 9,896,270 |  |   |   |
| Ship Supply Acquisition Corporation |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (4)(5) |   | 7/31/2020 |   | 21,562,500 |  |   | 21,562,500 |  |   | 20,684,906 |  |   | 2.9% |
|                                |   |   |   |   |   |   |   | 21,562,500 |  |   | 21,562,500 |  |   | 20,684,906 |  |   |   |
| Simplified Logistics, LLC           |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)(6) |   | 2/28/2022 |   | 18,762,561 |  |   | 18,762,561 |  |   | 18,642,480 |  |   | 2.6% |
|                                |   |   |   |   |   |   |   | 18,762,561 |  |   | 18,762,561 |  |   | 18,642,480 |  |   |   |
| Sizzling Platter, LLC               |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor(4) |   | 4/29/2020 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,000,000 |  |   | 2.1% |
|                                |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,000,000 |  |   |   |
| SMART Financial Operations, LLC     |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor (4)(5(6) |   | 11/22/2021 |   | 6,400,000 |  |   | 6,400,000 |  |   | 6,403,000 |  |   | 0.9% |
|                                |   |   |   | Preferred Equity - 1,000,000 units (5)(9)(12)  |   |   |   | 1,000,000 |  |   | 1,000,000 |  |   | 1,160,000 |  |   | 0.2% |
|                                |   |   |   |   |   |   |   | 7,400,000 |  |   | 7,400,000 |  |   | 7,563,000 |  |   |   |
| Smile Doctors LLC                   |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (4)(5) |   | 10/6/2022 |   | 4,379,806 |  |   | 4,379,806 |  |   | 4,354,404 |  |   | 0.6% |
|                                |   |   |   | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (4)(5)(6) |   | 10/6/2022 |   | 3,781,891 |  |   | 3,781,891 |  |   | 3,755,327 |  |   | 0.5% |
|                                |   |   |   |   |   |   |   | 8,161,697 |  |   | 8,161,697 |  |   | 8,109,731 |  |   |   |
| Sound Point CLO XX, Ltd.            |   | Multi-Sector Holdings |   | Subordinated Notes 13.366% effective yield (5)(8)(9)(10) |   | 7/26/2031 |   | 4,489,000 |  |   | 4,072,623 |  |   | 4,072,421 |  |   | 0.6% |
|                                |   |   |   |   |   |   |   | 4,489,000 |  |   | 4,072,623 |  |   | 4,072,421 |  |   |   |
| Southwest Dealer Services, Inc.     |   | Automotive |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5) |   | 6/2/2022 |   | 4,718,651 |  |   | 4,718,651 |  |   | 4,718,651 |  |   | 0.7% |
|                                |   |   |   |   |   |   |   | 4,718,651 |  |   | 4,718,651 |  |   | 4,718,651 |  |   |   |
| SRS Software, LLC                   |   | High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (4)(5)(6) |   | 2/17/2022 |   | 19,256,250 |  |   | 19,256,250 |  |   | 19,448,812 |  |   | 2.8% |
|                                |   |   |   |   |   |   |   | 19,256,250 |  |   | 19,256,250 |  |   | 19,448,812 |  |   |   |
| Starfish Holdco LLC                 |   | High Tech Industries |   | Senior Secured Second Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)(5) |   | 8/18/2025 |   | 4,000,000 |  |   | 3,946,003 |  |   | 3,977,600 |  |   | 0.5% |
|                                |   |   |   |   |   |   |   | 4,000,000 |  |   | 3,946,003 |  |   | 3,977,600 |  |   |   |
| TCH-2 Holdings, LLC                 |   | Hotel, Gaming & Leisure |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor (7) |   | 11/6/2021 |   | 2,036,364 |  |   | 2,019,733 |  |   | 2,036,364 |  |   | 0.3% |
|                                |   |   |   |   |   |   |   | 2,036,364 |  |   | 2,019,733 |  |   | 2,036,364 |  |   |   |
| Team Car Care, LLC                  |   | Automotive |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (5)(6)(7) |   | 2/23/2023 |   | 15,550,000 |  |   | 15,550,000 |  |   | 15,550,000 |  |   | 2.2% |
|                                |   |   |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (5)(6)(7) |   | 2/23/2023 |   | 542,344 |  |   | 542,344 |  |   | 542,344 |  |   | 0.1% |
|                                |   |   |   |   |   |   |   | 16,092,344 |  |   | 16,092,344 |  |   | 16,092,344 |  |   |   |

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|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                                            |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| Techniplas, LLC                                          |   | Automotive |   | Senior Secured First Lien Notes 10.000% (8) |   | 5/1/2020 |   | 6,000,000 |  |   | 6,000,000 |  |   | 5,381,400 |  |   | 0.8% |
|                                                     |   |   |   |   |   |   |   | 6,000,000 |  |   | 6,000,000 |  |   | 5,381,400 |  |   |   |
| The Garretson Resolution Group, Inc.                     |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)(14) |   | 5/24/2021 |   | 9,375,000 |  |   | 9,328,125 |  |   | 7,701,562 |  |   | 1.1% |
|                                                     |   |   |   |   |   |   |   | 9,375,000 |  |   | 9,328,125 |  |   | 7,701,562 |  |   |   |
| The Octave Music Group, Inc.                             |   | Media: Diversified & Production |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor (5)(7)(15) |   | 5/27/2022 |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,500,000 |  |   | 1.1% |
|                                                     |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,500,000 |  |   |   |
| Transocean Phoenix 2 Ltd.                                |   | Energy: Oil & Gas |   | Senior Secured First Lien Notes 7.750% (5)(8)(16) |   | 10/15/2024 |   | 6,375,000 |  |   | 6,279,380 |  |   | 6,825,075 |  |   | 1.0% |
|                                                     |   |   |   |   |   |   |   | 6,375,000 |  |   | 6,279,380 |  |   | 6,825,075 |  |   |   |
| True Religion Apparel, Inc.                              |   | Retail |   | Senior Secured First Lien Term Loan 10.000% |   | 10/27/2022 |   | 146,584 |  |   | 140,225 |  |   | 138,097 |  |   | 0.0% |
|                                                     |   |   |   | Common Stock - 1,964 shares (12)   |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                     |   |   |   | Warrants - 0.10% of outstanding equity (12) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                     |   |   |   |   |   |   |   | 146,584 |  |   | 140,225 |  |   | 138,097 |  |   |   |
| U.S. Auto Sales Inc.                                     |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 11.750%, 1.000% Floor (5)(7)(13)  |   | 6/8/2020 |   | 5,500,000 |  |   | 5,500,000 |  |   | 5,500,000 |  |   | 0.8% |
|                                                     |   |   |   |   |   |   |   | 5,500,000 |  |   | 5,500,000 |  |   | 5,500,000 |  |   |   |
| U.S. Well Services, LLC                                  |   | Energy: Oil & Gas |   | Warrants - 2.04% of outstanding equity (12) |   | 2/21/2019 |   | — |  |   | 173 |  |   | — |  |   | 0.0% |
|                                                     |   |   |   |   |   |   |   | — |  |   | 173 |  |   | — |  |   |   |
| Vail Holdco Corp.                                        |   | Wholesale |   | Preferred Equity 12.500% PIK - 20,330 shares (5) |   |   |   | — |  |   | 20,097,643 |  |   | 20,042,135 |  |   | 2.8% |
|                                                     |   |   |   | Preferred Equity - 15,250 shares (5)(12) |   |   |   | — |  |   | 15,250,000 |  |   | 15,250,000 |  |   | 2.2% |
|                                                     |   |   |   | Warrants - 0.985% of outstanding equity  (5)(12) |   |   |   | — |  |   | 860,357 |  |   | 860,310 |  |   | 0.1% |
|                                                     |   |   |   |   |   |   |   | — |  |   | 36,208,000 |  |   | 36,152,445 |  |   |   |
| Valence Surface Technologies, Inc.                       |   | Aerospace & Defense |   | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (4)(5) |   | 6/13/2019 |   | 3,896,181 |  |   | 3,891,001 |  |   | 3,896,181 |  |   | 0.6% |
|                                                     |   |   |   |   |   |   |   | 3,896,181 |  |   | 3,891,001 |  |   | 3,896,181 |  |   |   |
| Velocity Pooling Vehicle, LLC                            |   | Automotive |   | Senior Secured First Lien Term Loan LIBOR + 11.000%, 1.000% Floor (4)(5) |   | 4/28/2023 |   | 694,375 |  |   | 629,269 |  |   | 626,118 |  |   | 0.1% |
|                                                     |   |   |   | Common units - 4,676 units (5)(12)  |   |   |   | — |  |   | 259,938 |  |   | 259,938 |  |   | 0.0% |
|                                                     |   |   |   | Warrants - 5,591 warrants(5)(12)  |   |   |   | — |  |   | 310,802 |  |   | 310,803 |  |   | 0.0% |
|                                                     |   |   |   |   |   |   |   | 694,375 |  |   | 1,200,009 |  |   | 1,196,859 |  |   |   |
| VOYA CLO 2016-2, LTD.                                    |   | Multi-Sector Holdings |   | Subordinated Notes 7.250% effective yield (5)(8)(9)(10) |   | 7/19/2028 |   | 22,842,661 |  |   | 18,825,786 |  |   | 17,431,235 |  |   | 2.5% |
|                                                     |   |   |   |   |   |   |   | 22,842,661 |  |   | 18,825,786 |  |   | 17,431,235 |  |   |   |
| Watermill-QMC Holdings, Corp.                            |   | Automotive |   | Equity - 2.3% partnership interest (5)(9)(12) |   |   |   | — |  |   | 902,277 |  |   | 1,215,187 |  |   | 0.2% |
|                                                     |   |   |   |   |   |   |   | — |  |   | 902,277 |  |   | 1,215,187 |  |   |   |
| Z Gallerie, LLC                                          |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(18) |   | 10/8/2020 |   | 4,573,791 |  |   | 4,551,362 |  |   | 4,335,039 |  |   | 0.6% |
|                                                     |   |   |   |   |   |   |   | 4,573,791 |  |   | 4,551,362 |  |   | 4,335,039 |  |   |   |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total non-controlled/non-affiliated investments          |   |   |   |   |  | $879,297,564 |  | $829,963,524 |   | 117.9% |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Controlled/affiliated investments – 22.9%(17) |   |   |   |   |   |   |   |   |   |   |   |   |
| 1888 Industrial Services, LLC                            |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5)(6) |   | 9/30/2021 |   | 1,069,124 |  |   | 1,069,124 |  |   | 1,069,124 |  |   | 0.2% |

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|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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)(5) |   | 9/30/2021 |   | 3,144,481 |  |   | 3,144,481 |  |   | 3,144,481 |  |   | 0.4% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor, PIK (4)(5)  |   | 9/30/2021 |   | 7,423,439 |  |   | 6,516,492 |  |   | 6,728,605 |  |   | 1.0% |
|                                 |   |   |   | Membership Units - 7.55 units (5)(12)  |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                 |   |   |   |   |   |   |   | 11,637,044 |  |   | 10,730,097 |  |   | 10,942,210 |  |   |   |
| Access Media Holdings, LLC           |   | Media: Broadcasting & Subscription |   | Senior Secured First Lien Term Loan 5.000%, 5.000% PIK (5)(7)(14) |   | 7/22/2020 |   | 7,739,001 |  |   | 7,422,407 |  |   | 5,141,793 |  |   | 0.7% |
|                                 |   |   |   | Common Stock - 14 units (5) (9) (12)  |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                 |   |   |   | Preferred Equity - 1,400,000 units (5)(9)(12)  |   |   |   | — |  |   | 1,400,000 |  |   | — |  |   | 0.0% |
|                                 |   |   |   | Preferred Equity - 700,000 units (5)(9)(12)  |   |   |   | — |  |   | 700,000 |  |   | — |  |   | 0.0% |
|                                 |   |   |   | Preferred Equity - 693,000 units (5)(6)(9)(12)  |   |   |   | — |  |   | 693,000 |  |   | (77,000 | ) |   | 0.0% |
|                                 |   |   |   |   |   |   |   | 7,739,001 |  |   | 10,215,407 |  |   | 5,064,793 |  |   |   |
| Capstone Nutrition, Inc.             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 12.500%, 1.000% Floor, PIK (4)(5)(14)  |   | 9/25/2020 |   | 21,791,704 |  |   | 15,619,898 |  |   | 9,117,648 |  |   | 1.3% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 12.500%, 1.000% Floor, PIK (4)(5)(14)  |   | 9/25/2020 |   | 9,429,252 |  |   | 6,869,187 |  |   | 3,945,199 |  |   | 0.6% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 12.500%, 1.000% Floor, PIK (4)(5)  |   | 9/25/2020 |   | 1,617,800 |  |   | 1,617,800 |  |   | 1,617,800 |  |   | 0.2% |
|                                 |   |   |   | Common Stock - 2,197.8 shares (5)(12) |   |   |   | — |  |   | 9 |  |   | — |  |   | 0.0% |
|                                 |   |   |   | Common Stock - 3,498.5 shares(5)(12)  |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                 |   |   |   | Common Stock - 7,068.3 shares(5)(12) |   |   |   | — |  |   | 300,002 |  |   | — |  |   | 0.0% |
|                                 |   |   |   |   |   |   |   | 32,838,756 |  |   | 24,406,896 |  |   | 14,680,647 |  |   |   |
| Charming Charlie LLC                 |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor, 5.000% PIK (4) |   | 4/24/2023 |   | 3,043,620 |  |   | 3,043,620 |  |   | 3,043,620 |  |   | 0.4% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 1.000%, 1.000% Floor, 9.000% PIK (4)(6)  |   | 4/24/2023 |   | 3,652,344 |  |   | 2,470,184 |  |   | 2,435,017 |  |   | 0.3% |
|                                 |   |   |   | Common Stock - 34,923,249 shares (12) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                 |   |   |   |   |   |   |   | 6,695,964 |  |   | 5,513,804 |  |   | 5,478,637 |  |   |   |
| MCM 500 East Pratt Holdings, LLC     |   | Banking, Finance, Insurance & Real Estate |   | Equity - 5,000,000 units (9)(12) |   |   |   | — |  |   | 5,000,000 |  |   | 5,000,000 |  |   | 0.7% |
|                                 |   |   |   |   |   |   |   | — |  |   | 5,000,000 |  |   | 5,000,000 |  |   |   |
| MCM Capital Office Park Holdings LLC |   | Banking, Finance, Insurance & Real Estate |   | Equity - 7,500,000 units (9)(12) |   |   |   | — |  |   | 7,500,000 |  |   | 7,500,000 |  |   | 1.1% |
|                                 |   |   |   |   |   |   |   | — |  |   | 7,500,000 |  |   | 7,500,000 |  |   |   |
| Medley Chiller Holdings LLC          |   | Services:  Business |   | Equity - 85% interest (9)(12) |   |   |   | — |  |   | 8,627,500 |  |   | 8,498,886 |  |   | 1.2% |
|                                 |   |   |   |   |   |   |   | — |  |   | 8,627,500 |  |   | 8,498,886 |  |   |   |
| Nomida, LLC                          |   | Construction & Building |   | Equity 5,400,000 units (9)(12) |   |   |   | — |  |   | 4,794,000 |  |   | 4,290,000 |  |   | 0.6% |
|                                 |   |   |   |   |   |   |   | — |  |   | 4,794,000 |  |   | 4,290,000 |  |   |   |
| Sierra Senior Loan Strategy JV I LLC |   | Multi-Sector Holdings |   | Equity - 87.5% ownership of SIC Senior Loan Strategy JV I LLC (9)  |   |   |   | 87,500,000 |  |   | 87,500,000 |  |   | 85,151,762 |  |   | 12.1% |
|                                 |   |   |   |   |   |   |   | 87,500,000 |  |   | 87,500,000 |  |   | 85,151,762 |  |   |   |

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|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                                       |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| TwentyEighty, Inc.                                  |   | Services: Business |   | Senior Secured First Lien Term Loan 1.000%, 7.000% PIK (4) |   | 3/31/2020 |   | 6,833,840 |  |   | 6,833,840 |  |   | 6,744,317 |  |   | 1.0% |
|                                                |   |   |   | Senior Secured First Lien Term Loan 0.250%, 8.750% PIK (4) |   | 3/31/2020 |   | 6,396,528 |  |   | 6,007,077 |  |   | 5,689,072 |  |   | 0.8% |
|                                                |   |   |   | Senior Secured First Lien Term Loan LIBOR + 3.500%, 1.000% Floor, 4.500% PIK (4)(6)  |   | 3/31/2020 |   | 2,406,181 |  |   | 2,395,596 |  |   | 2,406,181 |  |   | 0.3% |
|                                                |   |   |   | Common Units - 58,098 units (12)  |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                |   |   |   |   |   |   |   | 15,636,549 |  |   | 15,236,513 |  |   | 14,839,570 |  |   |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total controlled/affiliated investments             |   |   |   |   |  | $ | 179,524,217 |  |  | $ | 161,446,505 |  |   | 22.9% |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Money market fund – 2.5%                      |   |   |   |   |   |   |   |   |   | — |  |   | 829,963,524 |  |   |   |
| Federated Institutional Prime Obligations Fund (18) |   |   |   | Money Market 2.080% |   |   |   | 19,895,860 |  |   | 19,895,860 |  |   | 19,895,860 |  |   | 2.8% |
| Total money market fund                             |   |   |   |   |   |   |   |   |   | $ | 19,895,860 |  |   | $ | 19,895,860 |  |   |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivative instrument - long exposure               |   |   |   |   | Notional Amount |   | Unrealized Appreciation/(Depreciation) |   |
| Total return swap with Citibank, N.A. (Note 5)      |   |   |   | Total Return Swap |   |   |   |   | 172,316,942 |   |   | (2,720,213 | ) |   |
| Total derivative instrument - long exposure         |   |   |   |   |   |   | $ | 172,316,942 |   |   | $ | (2,720,213 | ) |   |

|      |
|------|
|      |  |
| (1)  | All of the Company's investments are domiciled in the United States except for Livingston International Inc., which is domiciled in Canada and AMMC CLO 22, Limited Series 2018-22A, Apidos CLO XXIV, Series 2016-24A, Dryden 38 Senior Loan Fund, Series 2015-38A, Dryden 43 Senior Loan Fund, Series 2016-43A, Dryden 49 Senior Loan Fund, 2017-49A, Magnetite XIX, Limited, Sound Point CLO XX, Ltd. and VOYA CLO 2016-2, LTD. which are all domiciled in the Cayman Islands. All foreign investments were denominated in US Dollars. |
| (2)  | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy. |
| (3)  | Percentage is based on net assets of $703,973,176 as of June 30, 2018. |
| (4)  | The interest rate on these loans is subject to a base rate plus 3 Month “3M” LIBOR, which at June 30, 2018 was 2.34%. The interest rate is subject to a minimum LIBOR floor. |
| (5)  | An affiliated fund that is managed by an affiliate of SIC Advisors LLC also holds an investment in this security. |
| (6)  | The investment has an unfunded commitment as of June 30, 2018. For further details see Note 11. Fair value includes an analysis of the unfunded commitment. |
| (7)  | The interest rate on these loans is subject to a base rate plus 1 Month "1M" LIBOR, which at June 30, 2018 was 2.09%. The interest rate is subject to a minimum LIBOR floor. |
| (8)  | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $96,832,616 or 13.8% of net assets as of June 30, 2018 and are considered restricted securities. |
| (9)  | The investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act of 1940 (the 1940 Act"). Non-qualifying assets represent 20.5% of the Company's portfolio at fair value. |
| (10) | This investment is in the equity class of a collateralized loan obligation (CLO"). The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield is based on the current projections of this excess cash flow taking into account assumptions that have been made regarding expected prepayments |
| (11) | The interest rate on these loans is subject to a base rate plus a spread. The base rate in effect at June 30, 2018 was the Prime Rate of 5.000%. |
| (12) | Security is non-income producing. |
| (13) | A portion of this investment was sold via a participation agreement. The listed amount is the portion retained by Sierra Income Corporation. |
| (14) | The investment was on non-accrual status as of June 30, 2018. |
| (15) | Security is also held in the underlying portfolio of the total return swap with Citibank, N.A. (see Note 5). The Company's total exposure to CPI International, Inc., Imagine! Print Solutions, Inc., Keystone Acquisition Corp., New Media Holdings II, LLC, PetroChoice Holdings, LLC, Shift4 Payments, LLC, and The Octave Music Group, Inc. is $13,809,466 or 2.0%, $14,193,360 or 2.0%, $8,693,442 or 1.2%. $14,680,655 or 2.1%, $13,936,709 or 2.0%, $12,327,926 or 1.8%, and $8,446,208 or 1.2%,, respectively, of Net Assets as of June 30, 2018. |
| (16) | Represents securities in Level 2 in the ASC 820 table (see Note 4). |
| (17) | Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns at least 5% but no more than 25% of the voting securities or we are under common control with such portfolio company. Control Investments are defined by the 1940 Act as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation. |
| (18) | Represents securities in Level 1 in the ASC 820 table (see Note 4). |

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|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                       |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Notional Amount(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| AmWINS Group, Inc.                               |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loans   LIBOR + 6.750%, 1.000% Floor(4) |   | 1/25/2025 |   | $ | 4,000,000 |  |   | $ | 3,970,000 |  |   | $ | 4,014,000 |  |   | $ | 44,000 |  |
| AP Gaming I, LLC                                 |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans   LIBOR + 4.250%, 1.000% Floor(4) |   | 2/15/2024 |   | 5,040,862 |  |   | 5,030,937 |  |   | 5,068,184 |  |   | 37,247 |  |
| Argon Medical Devices, Inc.                      |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans   LIBOR + 3.750%, 1.000% Floor(5) |   | 1/23/2025 |   | 1,950,000 |  |   | 1,940,250 |  |   | 1,953,666 |  |   | 13,416 |  |
| BCPE Eagle Buyer LLC                             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans   LIBOR + 4.250%, 1.000% Floor(4) |   | 3/18/2024 |   | 4,950,000 |  |   | 4,900,500 |  |   | 4,677,750 |  |   | (222,750 | ) |
| Brand Energy & Infrastructure Services, Inc. |   | Construction & Building |   | Senior Secured First Lien Term Loans   LIBOR + 4.250%, 1.000% Floor(5) |   | 6/21/2024 |   | 5,955,000 |  |   | 5,983,528 |  |   | 5,959,466 |  |   | (24,062 | ) |
| BW NHHC Holdco Inc.                              |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans   LIBOR + 5.000%(4) |   | 5/15/2025 |   | 4,000,000 |  |   | 3,940,000 |  |   | 3,940,000 |  |   | — |  |
| Comfort Holding, LLC                             |   | Consumer Goods:  Durable |   | Senior Secured First Lien Term Loans   LIBOR + 4.750%, 1.000% Floor(4) |   | 2/5/2024 |   | 6,930,000 |  |   | 6,860,700 |  |   | 6,635,475 |  |   | (225,225 | ) |
| CPI Holdco, LLC                                  |   | Capital Equipment |   | Senior Secured First Lien Term Loans   LIBOR + 3.500%, 1.000% Floor(5) |   | 3/21/2024 |   | 3,940,138 |  |   | 3,920,438 |  |   | 3,954,914 |  |   | 34,476 |  |
| CPI International, Inc.                          |   | Aerospace & Defense |   | Senior Secured First Lien Term Loans   LIBOR + 3.500%, 1.000% Floor(4) |   | 7/26/2024 |   | 3,980,000 |  |   | 3,980,000 |  |   | 3,989,950 |  |   | 9,950 |  |
| CT Technologies Intermediate Holdings, Inc.      |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans   LIBOR + 4.250%, 1.000% Floor(4) |   | 12/1/2021 |   | 989,822 |  |   | 970,025 |  |   | 957,653 |  |   | (12,372 | ) |
| Deliver Buyer, Inc.                              |   | Capital Equipment |   | Senior Secured First Lien Term Loans   LIBOR + 5.000%, 1.000% Floor(5) |   | 5/1/2024 |   | 6,027,249 |  |   | 6,003,297 |  |   | 6,015,978 |  |   | 12,681 |  |
| Engineered Machinery Holdings, Inc.              |   | Capital Equipment |   | Senior Secured First Lien Term Loans   LIBOR + 3.250%, 1.000% Floor(5) |   | 7/19/2024 |   | 2,992,500 |  |   | 2,992,500 |  |   | 2,975,682 |  |   | (16,818 | ) |
| Fieldwood Energy LLC                             |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loans   LIBOR + 5.250%, 1.000% Floor(4) |   | 4/11/2022 |   | 1,222,222 |  |   | 1,100,000 |  |   | 1,222,833 |  |   | 122,833 |  |
| Highline Aftermarket Acquisitions, LLC           |   | Automotive |   | Senior Secured First Lien Term Loans   LIBOR + 3.500%, 1.000% Floor(4) |   | 4/22/2025 |   | 3,000,000 |  |   | 2,992,500 |  |   | 2,992,500 |  |   | — |  |
| Imagine! Print Solutions, LLC                    |   | Media:  Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loans   LIBOR + 4.750%, 1.000% Floor(5) |   | 6/21/2022 |   | 5,940,000 |  |   | 5,880,600 |  |   | 5,664,384 |  |   | (216,216 | ) |
| Iqor US Inc.                                     |   | Services:  Business |   | Senior Secured First Lien Term Loans   LIBOR + 5.000%, 1.000% Floor(5) |   | 4/1/2021 |   | 4,498,057 |  |   | 4,408,096 |  |   | 4,482,314 |  |   | 74,218 |  |
| Keystone Acquisition Corp.                       |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans   LIBOR + 5.250%, 1.000% Floor(5) |   | 5/1/2024 |   | 1,834,842 |  |   | 1,834,842 |  |   | 1,831,172 |  |   | (3,670 | ) |
| Kingpin Intermediate Holdings LLC                |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans   LIBOR + 4.250%, 1.000% Floor(4) |   | 7/3/2024 |   | 4,466,256 |  |   | 4,446,419 |  |   | 4,455,091 |  |   | 8,672 |  |
| KNB Holdings Corporation                         |   | Consumer Goods:  Durable |   | Senior Secured First Lien Term Loans   LIBOR + 5.500%, 1.000% Floor(4) |   | 4/26/2024 |   | 2,298,120 |  |   | 2,273,265 |  |   | 2,266,636 |  |   | (6,629 | ) |
| Kronos Incorporated                              |   | Services:  Business |   | Senior Secured Second Lien Term Loans   LIBOR + 8.250%, 1.000% Floor(3)(5) |   | 11/1/2024 |   | 2,000,000 |  |   | 1,980,000 |  |   | 2,055,000 |  |   | 75,000 |  |
| LifeMiles Ltd.                                   |   | Services:  Consumer |   | Senior Secured First Lien Term Loans   LIBOR + 5.500%, 1.000% Floor(3)(4) |   | 8/18/2022 |   | 4,702,500 |  |   | 4,655,475 |  |   | 4,773,038 |  |   | 117,563 |  |
| Lightstone Holdco LLC                            |   | Utilities:  Electric |   | Senior Secured First Lien Term Loans   LIBOR + 3.750%, 1.000% Floor(4) |   | 1/30/2024 |   | 173,913 |  |   | 170,435 |  |   | 174,457 |  |   | 4,022 |  |

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|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                     |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Notional Amount(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| Lightstone Holdco LLC                          |   | Utilities:  Electric |   | Senior Secured First Lien Term Loans   LIBOR + 3.750%, 1.000% Floor(4) |   | 1/30/2024 |   | 2,716,304 |  |   | 2,661,978 |  |   | 2,724,806 |  |   | 62,828 |  |
| Liquidnet Holdings, Inc.                       |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans   LIBOR + 3.750%, 1.000% Floor(4) |   | 7/15/2024 |   | 2,887,500 |  |   | 2,858,625 |  |   | 2,894,719 |  |   | 36,094 |  |
| Loparex International B.V.                     |   | Metals & Mining |   | Senior Secured First Lien Term Loans   LIBOR + 4.250%, 1.000% Floor(3)(5) |   | 4/11/2025 |   | 1,500,000 |  |   | 1,492,500 |  |   | 1,492,500 |  |   | — |  |
| Mastronardi Produce Limited                    |   | Beverage & Food |   | Senior Secured First Lien Term Loans   LIBOR + 3.250%, 1.000% Floor(3)(4) |   | 5/1/2025 |   | 1,000,000 |  |   | 997,500 |  |   | 1,002,500 |  |   | 5,000 |  |
| MH SUB I, LLC                                  |   | Services:  Consumer |   | Senior Secured Second Lien Term Loans   LIBOR + 7.500%, 1.000% Floor(4) |   | 9/15/2025 |   | 3,925,000 |  |   | 3,930,188 |  |   | 3,949,531 |  |   | 19,343 |  |
| MH SUB I, LLC                                  |   | Services:  Consumer |   | Senior Secured First Lien Term Loans   LIBOR + 2.750%, 1.000% Floor(4) |   | 9/13/2024 |   | 3,592,000 |  |   | 3,589,040 |  |   | 3,588,516 |  |   | (524 | ) |
| Midwest Physician Administrative Services, LLC |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loans   LIBOR + 7.000%, 0.750% Floor(4) |   | 8/15/2025 |   | 3,950,000 |  |   | 3,910,500 |  |   | 3,912,475 |  |   | 1,975 |  |
| New Media Holdings II LLC                      |   | Media:  Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loans   LIBOR + 6.250%, 1.000% Floor(4) |   | 7/14/2022 |   | 876,876 |  |   | 879,068 |  |   | 876,876 |  |   | (2,192 | ) |
| Nine West Holdings, Inc.                       |   | Consumer Goods:  Non-durable |   | Senior Secured First Lien Term Loans   LIBOR + 3.750%, 1.000% Floor(4) |   | 10/8/2019 |   | 5,758,716 |  |   | 5,744,319 |  |   | 5,638,762 |  |   | (105,557 | ) |
| Petco Animal Supplies, Inc.                    |   | Retail |   | Senior Secured First Lien Term Loans   LIBOR + 3.250%, 1.000% Floor(5) |   | 1/26/2023 |   | 8,809,910 |  |   | 8,673,157 |  |   | 6,343,135 |  |   | (2,330,022 | ) |
| PetroChoice Holdings, Inc.                     |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loans   LIBOR + 5.000%, 1.000% Floor(5) |   | 8/22/2022 |   | 4,936,709 |  |   | 4,936,709 |  |   | 4,936,709 |  |   | — |  |
| Pre-Paid Legal Services, Inc.                  |   | Services: Consumer |   | Senior Secured First Lien Term Loans   LIBOR + 3.250%(4) |   | 5/1/2025 |   | 3,000,000 |  |   | 2,985,000 |  |   | 3,007,500 |  |   | 22,500 |  |
| Preferred Proppants, LLC                       |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loans   LIBOR + 5.750%, 1.000% Floor(4) |   | 7/27/2020 |   | 5,903,303 |  |   | 5,593,379 |  |   | 5,549,104 |  |   | (44,275 | ) |
| Project Silverback Holdings Corp.              |   | High Tech Industries |   | Senior Secured First Lien Term Loans   LIBOR + 3.500%, 1.000% Floor(4) |   | 8/21/2024 |   | 4,975,000 |  |   | 4,962,563 |  |   | 4,900,375 |  |   | (62,188 | ) |
| Rough Country, LLC                             |   | Automotive |   | Senior Secured First Lien Term Loans   LIBOR + 3.750%, 1.000% Floor(4) |   | 5/25/2023 |   | 3,210,000 |  |   | 3,193,950 |  |   | 3,193,950 |  |   | — |  |
| Shift4 Payments, LLC                           |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans   LIBOR + 4.500%, 1.000% Floor(4) |   | 11/29/2024 |   | 2,443,875 |  |   | 2,431,656 |  |   | 2,443,875 |  |   | 12,219 |  |
| Silversea Cruise Holding, Ltd.                 |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Notes   7.250% |   | 2/1/2025 |   | 1,250,000 |  |   | 1,261,250 |  |   | 1,346,875 |  |   | 85,625 |  |
| Sungard Availability Services Capital, Inc.    |   | Services:  Business |   | Senior Secured First Lien Term Loans   LIBOR + 7.000%, 1.000% Floor(4) |   | 9/30/2021 |   | 7,829,403 |  |   | 7,796,680 |  |   | 7,203,051 |  |   | (593,629 | ) |
| Tensar Corporation                             |   | Capital Equipment |   | Senior Secured First Lien Term Loans   LIBOR + 4.750%, 1.000% Floor(5) |   | 7/9/2021 |   | 10,900,187 |  |   | 10,791,185 |  |   | 10,763,935 |  |   | (27,250 | ) |
| The KeyW Corporation                           |   | Aerospace & Defense |   | Senior Secured First Lien Term Loans   LIBOR + 4.500%, 1.000% Floor(4) |   | 5/8/2024 |   | 950,000 |  |   | 945,250 |  |   | 945,250 |  |   | — |  |
| The Octave Music Group, Inc.                   |   | Media:  Diversified & Production |   | Senior Secured First Lien Term Loans   LIBOR + 4.750%, 1.000% Floor(4) |   | 5/28/2021 |   | 940,331 |  |   | 946,208 |  |   | 939,108 |  |   | (7,100 | ) |
| TravelCLICK, Inc.                              |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans   LIBOR + 3.500%, 1.000% Floor(4) |   | 5/6/2021 |   | 4,669,687 |  |   | 4,652,841 |  |   | 4,710,547 |  |   | 57,706 |  |
| United Road Services, Inc.                     |   | Transportation:  Cargo |   | Senior Secured First Lien Term Loans   LIBOR + 5.250%, 1.000% Floor(4) |   | 9/1/2024 |   | 1,920,750 |  |   | 1,911,146 |  |   | 1,928,049 |  |   | 16,903 |  |

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Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                     |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Notional Amount(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| VCVH Holding Corp.                             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans   LIBOR + 5.000%, 1.000% Floor(5) |   | 6/1/2023 |   | 920,098 |  |   | 910,897 |  |   | 930,403 |  |   | 19,506 |  |
| YRC Worldwide Inc.                             |   | Transportation: Cargo |   | Senior Secured First Lien Term Loans   LIBOR + 8.500%, 1.000% Floor(3)(4) |   | 7/26/2022 |   | 3,968,026 |  |   | 4,027,546 |  |   | 3,994,493 |  |   | (33,053 | ) |
| Total                                          |   |   |   | $ | 173,725,156 |  |   | $ | 172,316,942 |  |   | $ | 169,277,187 |  |   | $ | (3,039,755 | ) |
| Total accrued interest income, net of expenses |   |   |   |   |   |   |   |   |   | 319,542 |  |
| Total unrealized depreciation on TRS           |   |   |   |   |   |   |   |   |   | $ | (2,720,213 | ) |

|     |                                                     |
|-----|-----------------------------------------------------|
| (1) | All investments are domiciled in the United States. |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (2) | Represents the cost of an investment in which the TRS is referenced. |

|     |                                                                                          |
|-----|------------------------------------------------------------------------------------------|
| (3) | The investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The interest rate on these loans is subject to a base rate plus 1 Month (“1M”) LIBOR, which at June 30, 2018 was 2.09%. The interest rate is subject to a minimum LIBOR floor. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The interest rate on these loans is subject to a base rate plus 3 Month (“3M”) LIBOR, which at June 30, 2018 was 2.34%. The interest rate is subject to a minimum LIBOR floor. |

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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 – 124.0% |   |   |   |   |   |   |   | $ | 739,986,569 |  |
| AAAHI Acquisition Corporation                                 |   | Transportation: Consumer |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (4)(5) |   | 12/15/2021 |   | $ | 7,098,364 |  |   | $ | 7,098,364 |  |   | $ | 7,098,364 |  |   | 1.0% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (4)(5)(6) |   | 12/14/2018 |   | 515,730 |  |   | 515,730 |  |   | 515,730 |  |   | 0.1% |
|                                                          |   |   |   |   |   |   |   | 7,614,094 |  |   | 7,614,094 |  |   | 7,614,094 |  |   |   |
| Advanced Diagnostic Holdings, LLC                             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 0.875% Floor (4)(5) |   | 12/11/2020 |   | 14,582,109 |  |   | 14,582,109 |  |   | 14,582,109 |  |   | 2.0% |
|                                                          |   |   |   |   |   |   |   | 14,582,109 |  |   | 14,582,109 |  |   | 14,582,109 |  |   |   |
| Alpha Media LLC                                               |   | Media: Broadcasting & Subscription |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (7) |   | 2/25/2022 |   | 6,166,263 |  |   | 5,961,599 |  |   | 5,917,762 |  |   | 0.8% |
|                                                          |   |   |   |   |   |   |   | 6,166,263 |  |   | 5,961,599 |  |   | 5,917,762 |  |   |   |
|  Alpine SG, LLC                                          |   |  High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)(6) |   | 11/16/2022 |   | 4,642,857 |  |   | 4,642,857 |  |   | 4,642,857 |  |   | 0.6% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5) |   | 11/16/2022 |   | 13,500,000 |  |   | 13,500,000 |  |   | 13,500,000 |  |   | 1.8% |
|                                                          |   |   |   |   |   |   |   | 18,142,857 |  |   | 18,142,857 |  |   | 18,142,857 |  |   |   |
| American Dental Partners, Inc.                                |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5) |   | 9/25/2023 |   | 7,250,000 |  |   | 7,250,000 |  |   | 7,337,000 |  |   | 1.0% |
|                                                          |   |   |   |   |   |   |   | 7,250,000 |  |   | 7,250,000 |  |   | 7,337,000 |  |   |   |
| Amerijet Holdings, Inc.                                       |   | Transportation: Cargo |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (5)(7) |   | 7/15/2021 |   | 13,349,908 |  |   | 13,349,908 |  |   | 13,616,906 |  |   | 1.8% |
|                                                          |   |   |   |   |   |   |   | 13,349,908 |  |   | 13,349,908 |  |   | 13,616,906 |  |   |   |
| AMMC CLO 17, Limited Series 2015-17A                          |   | Multi-Sector Holdings |   | Subordinated Notes 16.471% effective yield (8)(9)(10) |   | 11/15/2027 |   | 5,000,000 |  |   | 3,537,556 |  |   | 4,237,500 |  |   | 0.6% |
|                                                          |   |   |   |   |   |   |   | 5,000,000 |  |   | 3,537,556 |  |   | 4,237,500 |  |   |   |
| Anaren, Inc.                                                  |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor (4) |   | 8/18/2021 |   | 10,000,000 |  |   | 9,941,988 |  |   | 10,000,000 |  |   | 1.4% |
|                                                          |   |   |   |   |   |   |   | 10,000,000 |  |   | 9,941,988 |  |   | 10,000,000 |  |   |   |
| Answers Finance, LLC                                          |   | High Tech Industries |   | Senior Secured First Lien Term Loan Base Rate + 5.000% |   | 4/15/2021 |   | 1,288,514 |  |   | 1,288,514 |  |   | 1,288,514 |  |   | 0.2% |
|                                                          |   |   |   | Senior Secured Second Lien Term Loan Base Rate + 4.500% (19) |   | 9/15/2021 |   | 2,003,594 |  |   | 2,003,594 |  |   | 2,003,594 |  |   | 0.3% |
|                                                          |   |   |   | Common Stock  -  389,533 shares (11)  |   |   |   | — |  |   | 5,426,955 |  |   | 5,426,195 |  |   | 0.7% |
|                                                          |   |   |   |   |   |   |   | 3,292,108 |  |   | 8,719,063 |  |   | 8,718,303 |  |   |   |
| APCO Holdings, Inc.                                           |   | Automotive |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7) |   | 1/31/2022 |   | 4,124,797 |  |   | 4,033,466 |  |   | 4,124,797 |  |   | 0.6% |
|                                                          |   |   |   |   |   |   |   | 4,124,797 |  |   | 4,033,466 |  |   | 4,124,797 |  |   |   |
| Apidos CLO XXIV, Series 2016-24A                              |   | Multi-Sector Holdings |   | Subordinated Notes 8.748% effective yield (5)(8)(9)(10) |   | 7/20/2027 |   | 18,357,647 |  |   | 14,627,243 |  |   | 14,497,034 |  |   | 2.0% |
|                                                          |   |   |   |   |   |   |   | 18,357,647 |  |   | 14,627,243 |  |   | 14,497,034 |  |   |   |
| Asurion, LLC                                                  |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5) |   | 8/4/2025 |   | 5,950,000 |  |   | 5,950,000 |  |   | 6,069,000 |  |   | 0.8% |
|                                                          |   |   |   |   |   |   |   | 5,950,000 |  |   | 5,950,000 |  |   | 6,069,000 |  |   |   |
| Aviation Technical Services, Inc.                             |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5)(12) |   | 3/31/2022 |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,000,000 |  |   | 3.4% |
|                                                          |   |   |   |   |   |   |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,000,000 |  |   |   |

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Table of Contents

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                            |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| Barry's Bootcamp Holdings, LLC           |   | Services: Consumer |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)(6) |   | 7/14/2022 |   | 8,571,429 |  |   | 8,571,429 |  |   | 8,571,429 |  |   | 1.2% |
|                                     |   |   |   |   |   |   |   | 8,571,429 |  |   | 8,571,429 |  |   | 8,571,429 |  |   |   |
| Birch Communications Inc.                |   | Telecommunications |   | Senior Secured First Lien Term Loan LIBOR + 7.250%, 1.000% Floor (5)(7) |   | 7/17/2020 |   | 13,066,112 |  |   | 12,945,213 |  |   | 12,944,597 |  |   | 1.7% |
|                                     |   |   |   |   |   |   |   | 13,066,112 |  |   | 12,945,213 |  |   | 12,944,597 |  |   |   |
| Black Angus Steakhouses, LLC             |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)(5)(6)(12) |   | 4/24/2020 |   | 892,857 |  |   | 892,857 |  |   | 725,670 |  |   | 0.1% |
|                                     |   |   |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)\(5)(12) |   | 4/24/2020 |   | 19,123,884 |  |   | 19,123,884 |  |   | 18,399,089 |  |   | 2.5% |
|                                     |   |   |   |   |   |   |   | 20,016,741 |  |   | 20,016,741 |  |   | 19,124,759 |  |   |   |
| Brook & Whittle Holding Corp.        |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(6) |   | 10/17/2023 |   | 3,041,785 |  |   | 3,041,785 |  |   | 3,041,785 |  |   | 0.4% |
|                                     |   |   |   |   |   |   |   | 3,041,785 |  |   | 3,041,785 |  |   | 3,041,785 |  |   |   |
| Central States Dermatology Services, LLC |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(6)(7) |   | 4/20/2022 |   | 2,975,910 |  |   | 2,975,910 |  |   | 2,975,910 |  |   | 0.4% |
|                                     |   |   |   |   |   |   |   | 2,975,910 |  |   | 2,975,910 |  |   | 2,975,910 |  |   |   |
| Charming Charlie LLC                     |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor, 1.500% PIK (4)(13)  |   | 12/24/2019 |   | 14,078,861 |  |   | 8,212,738 |  |   | 422,366 |  |   | 0.1% |
|                                     |   |   |   | Senior Secured First Lien Term Loan Base Rate + 3.500% (6)(19) |   | 6/8/2018 |   | 1,215,520 |  |   | 1,215,520 |  |   | 1,215,520 |  |   |   |
|                                     |   |   |   |   |   |   |   | 15,294,381 |  |   | 9,428,258 |  |   | 1,637,886 |  |   |   |
| Covenant Surgical Partners, Inc.         |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 4.750%, 1.000% Floor (5)(7) |   | 10/4/2024 |   | 5,384,615 |  |   | 5,371,504 |  |   | 5,384,615 |  |   | 0.8% |
|                                     |   |   |   | Senior Secured First Lien Term Loan LIBOR + 4.750%, 1.000% Floor (5)(6)(7) |   | 10/4/2024 |   | 297,949 |  |   | 294,015 |  |   | 297,949 |  |   |   |
|                                     |   |   |   |   |   |   |   | 5,682,564 |  |   | 5,665,519 |  |   | 5,682,564 |  |   |   |
| CP Opco, LLC                             |   | Services: Consumer |   | Senior Secured First Lien Term Loan Base Rate + 5.500%, PIK (5)(6)(13)  |   | 4/1/2019 |   | 224,970 |  |   | 209,515 |  |   | 59,729 |  |   | 0.0% |
|                                     |   |   |   | Senior Secured First Lien Term Loan Base Rate + 8.500%, PIK (5)(13)  |   | 4/1/2019 |   | 1,655,407 |  |   | 717,016 |  |   | — |  |   | 0.0% |
|                                     |   |   |   | Preferred Units LIBOR+9.500%, 1.000% Floor, PIK(4)(5)(12)   |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                     |   |   |   | Common Units - 41 units(5)(11) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                     |   |   |   |   |   |   |   | 1,880,377 |  |   | 926,531 |  |   | 59,729 |  |   |   |
| CPI International, Inc.                  |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (5)(7) |   | 7/28/2025 |   | 12,345,000 |  |   | 12,300,357 |  |   | 12,283,275 |  |   | 1.7% |
|                                     |   |   |   |   |   |   |   | 12,345,000 |  |   | 12,300,357 |  |   | 12,283,275 |  |   |   |
| CSP Technologies North America, LLC      |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (4)(5) |   | 1/31/2022 |   | 4,948,749 |  |   | 4,948,749 |  |   | 4,948,749 |  |   | 0.7% |
|                                     |   |   |   |   |   |   |   | 4,948,749 |  |   | 4,948,749 |  |   | 4,948,749 |  |   |   |
| CSTN Merger Sub Inc.                     |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan 6.750% (5)(8)(14) |   | 8/15/2024 |   | 2,500,000 |  |   | 2,500,000 |  |   | 2,487,750 |  |   | 0.3% |
|                                     |   |   |   |   |   |   |   | 2,500,000 |  |   | 2,500,000 |  |   | 2,487,750 |  |   |   |
| Deliver Buyer, Inc.                      |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4) |   | 5/1/2024 |   | 3,034,875 |  |   | 3,017,378 |  |   | 3,034,875 |  |   | 0.4% |
|                                     |   |   |   |   |   |   |   | 3,034,875 |  |   | 3,017,378 |  |   | 3,034,875 |  |   |   |
| DHISCO Electronic Distribution, Inc.     |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.500% Floor (5)(7) |   | 11/10/2019 |   | 2,567,024 |  |   | 2,567,024 |  |   | 2,567,024 |  |   | 0.3% |

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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 + 11.000%, 1.500% Floor, PIK (5)(7)(13)  |   | 11/10/2019 |   | 9,501,965 |  |   | 9,207,947 |  |   | 3,834,043 |  |   | 0.5% |
|                                        |   |   |   | Senior Secured First Lien Term Loan LIBOR + 12.250%, 1.500% Floor, PIK (5)(7)(13)  |   | 11/10/2019 |   | 8,250,230 |  |   | 7,257,481 |  |   | — |  |   | 0.0% |
|                                        |   |   |   | Senior Secured First Lien Term Loan LIBOR + 13.250%, 1.500% Floor, PIK (5)(7)(13)  |   | 11/10/2019 |   | 7,754,662 |  |   | 2,940,892 |  |   | — |  |   | 0.0% |
|                                        |   |   |   | Common Units - 769,230 units (5)(11)  |   |   |   | — |  |   | 769,231 |  |   | — |  |   | 0.0% |
|                                        |   |   |   |   |   |   |   | 28,073,881 |  |   | 22,742,575 |  |   | 6,401,067 |  |   |   |
| Drew Marine Partners, LP                    |   | Transportation: Cargo |   | Senior Secured Second Lien Term Loan LIBOR + 7.000%, 1.000% Floor (7) |   | 5/19/2021 |   | 10,000,000 |  |   | 10,048,123 |  |   | 10,000,000 |  |   | 1.4% |
|                                        |   |   |   |   |   |   |   | 10,000,000 |  |   | 10,048,123 |  |   | 10,000,000 |  |   |   |
| Dryden 38 Senior Loan Fund, Series 2015-38A |   | Multi-Sector Holdings |   | Subordinated Notes 13.246% effective yield (8)(9)(10) |   | 7/15/2027 |   | 7,000,000 |  |   | 4,919,153 |  |   | 5,032,300 |  |   | 0.7% |
|                                        |   |   |   |   |   |   |   | 7,000,000 |  |   | 4,919,153 |  |   | 5,032,300 |  |   |   |
| Dryden 43 Senior Loan Fund, Series 2016-43A |   | Multi-Sector Holdings |   | Subordinated Notes 10.546% effective yield (5)(8)(9)(10) |   | 7/20/2029 |   | 3,620,000 |  |   | 2,954,917 |  |   | 2,874,642 |  |   | 0.4% |
|                                        |   |   |   |   |   |   |   | 3,620,000 |  |   | 2,954,917 |  |   | 2,874,642 |  |   |   |
| Dryden 49 Senior Loan Fund, Series 2017-49A |   | Multi-Sector Holdings |   | Subordinated Notes 13.408% effective yield (5)(9)(10) |   | 7/18/2030 |   | 17,233,288 |  |   | 15,325,601 |  |   | 15,777,075 |  |   | 2.1% |
|                                        |   |   |   |   |   |   |   | 17,233,288 |  |   | 15,325,601 |  |   | 15,777,075 |  |   |   |
| Dynamic Energy Services International LLC   |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loan 13.500% PIK + LIBOR (5)(7)  |   | 6/6/2018 |   | 9,910,049 |  |   | 9,910,049 |  |   | 8,435,434 |  |   | 1.1% |
|                                        |   |   |   |   |   |   |   | 9,910,049 |  |   | 9,910,049 |  |   | 8,435,434 |  |   |   |
| Elite Comfort Solutions LLC                 |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (6)(7) |   | 1/15/2021 |   | 9,666,845 |  |   | 9,666,845 |  |   | 9,666,845 |  |   | 1.3% |
|                                        |   |   |   |   |   |   |   | 9,666,845 |  |   | 9,666,845 |  |   | 9,666,845 |  |   |   |
| Engineered Machinery Holdings, Inc.         |   | Capital Equipment |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (4)(5) |   | 7/18/2025 |   | 2,010,638 |  |   | 1,991,468 |  |   | 1,990,532 |  |   | 0.3% |
|                                        |   |   |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (4)(5)(6) |   | 7/18/2025 |   | 201,064 |  |   | 201,064 |  |   | 198,670 |  |   | 0.0% |
|                                        |   |   |   |   |   |   |   | 2,211,702 |  |   | 2,192,532 |  |   | 2,189,202 |  |   |   |
| First Boston Construction Holdings, LLC     |   | Banking, Finance, Insurance & Real Estate |   | Senior secured first lien notes 12.000% (5) |   | 12/31/2020 |   | 6,585,000 |  |   | 6,585,000 |  |   | 6,610,023 |  |   | 0.9% |
|                                        |   |   |   | Preferred Equity - 1,646,250 units (5)(11) |   |   |   | — |  |   | 1,646,250 |  |   | 1,646,250 |  |   | 0.2% |
|                                        |   |   |   |   |   |   |   | 6,585,000 |  |   | 8,231,250 |  |   | 8,256,273 |  |   |   |
| FKI Security Group, LLC                     |   | Capital Equipment |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor (5)(7) |   | 3/30/2020 |   | 11,562,500 |  |   | 11,562,500 |  |   | 11,562,500 |  |   | 1.6% |
|                                        |   |   |   |   |   |   |   | 11,562,500 |  |   | 11,562,500 |  |   | 11,562,500 |  |   |   |
| Friedrich Holdings, Inc.                    |   | Construction & Building |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (5)(7) |   | 2/7/2023 |   | 13,806,751 |  |   | 13,806,751 |  |   | 14,004,188 |  |   | 1.9% |
|                                        |   |   |   |   |   |   |   | 13,806,751 |  |   | 13,806,751 |  |   | 14,004,188 |  |   |   |
| Frontier Communications Corp.               |   | Telecommunications |   | Senior secured first lien notes 10.500% (8)(9) |   | 9/15/2022 |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,513,800 |  |   | 0.2% |
|                                        |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,513,800 |  |   |   |
| Genex Holdings, Inc.                        |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan LIBOR + 4.250%, 1.000% Floor (7) |   | 5/28/2021 |   | 4,141,927 |  |   | 4,095,099 |  |   | 4,141,927 |  |   | 0.6% |
|                                        |   |   |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor (7) |   | 5/30/2022 |   | 9,500,000 |  |   | 9,521,331 |  |   | 9,448,700 |  |   | 1.3% |
|                                        |   |   |   |   |   |   |   | 13,641,927 |  |   | 13,616,430 |  |   | 13,590,627 |  |   |   |

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|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                      |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| 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 |  |   | 9,752,000 |  |   | 1.3% |
|                               |   |   |   |   |   |   |   | 10,000,000 |  |   | 10,000,000 |  |   | 9,752,000 |  |   |   |
| Global Eagle Entertainment, Inc.   |   | Telecommunications |   | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor (5)(15) |   | 1/6/2023 |   | 4,121,250 |  |   | 4,053,177 |  |   | 4,121,250 |  |   | 0.6% |
|                               |   |   |   |   |   |   |   | 4,121,250 |  |   | 4,053,177 |  |   | 4,121,250 |  |   |   |
| Green Field Energy Services, Inc.  |   | Energy: Oil & Gas |   | Senior Secured First Lien Notes 13.000% (5)(8)(13) |   | 11/15/2016 |   | 766,616 |  |   | 754,615 |  |   | 122,658 |  |   | 0.0% |
|                               |   |   |   | Warrants - 0.00% of outstanding equity (5)(11) |   |   |   | — |  |   | 29,000 |  |   | — |  |   | 0.0% |
|                               |   |   |   |   |   |   |   | 766,616 |  |   | 783,615 |  |   | 122,658 |  |   |   |
| HBC Holdings LLC                   |   | Wholesale |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5) |   | 3/30/2020 |   | 12,262,500 |  |   | 12,262,500 |  |   | 12,252,690 |  |   | 1.7% |
|                               |   |   |   |   |   |   |   | 12,262,500 |  |   | 12,262,500 |  |   | 12,252,690 |  |   |   |
| Heligear Acquisition Co.           |   | Aerospace & Defense |   | Senior secured first lien notes 10.250% (5)(8) |   | 10/15/2019 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,318,000 |  |   | 2.1% |
|                               |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,318,000 |  |   |   |
| High Ridge Brands Co.              |   | Consumer Goods: Non-Durable |   | Senior secured first lien notes 8.875% (5)(8) |   | 3/15/2025 |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,776,200 |  |   | 0.2% |
|                               |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,776,200 |  |   |   |
| Holland Acquisition Corp.          |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4) |   | 5/29/2018 |   | 4,515,605 |  |   | 4,503,823 |  |   | 3,216,465 |  |   | 0.4% |
|                               |   |   |   |   |   |   |   | 4,515,605 |  |   | 4,503,823 |  |   | 3,216,465 |  |   |   |
| Hylan Datacom & Electrical LLC |   | Construction & Building |   | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor (5)(7) |   | 7/25/2021 |   | 15,059,976 |  |   | 15,059,976 |  |   | 15,210,575 |  |   | 2.1% |
|                               |   |   |   |   |   |   |   | 15,059,976 |  |   | 15,059,976 |  |   | 15,210,575 |  |   |   |
| Ignite Restaurant Group, Inc.      |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan Base Rate + 6.000% (13)(19)  |   | 2/13/2019 |   | 6,354,341 |  |   | 6,140,155 |  |   | 217,318 |  |   | 0.0% |
|                               |   |   |   |   |   |   |   | 6,354,341 |  |   | 6,140,155 |  |   | 217,318 |  |   |   |
| IHS Intermediate, Inc.             |   | Services: Business |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor (4) |   | 7/20/2022 |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,000,000 |  |   | 3.4% |
|                               |   |   |   |   |   |   |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,000,000 |  |   |   |
| Imagine! Print Solutions, LLC      |   | Media: Advertising, Printing & Publishing |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (4)(5)(16) |   | 6/21/2023 |   | 8,950,000 |  |   | 8,826,856 |  |   | 8,815,750 |  |   | 1.2% |
|                               |   |   |   |   |   |   |   | 8,950,000 |  |   | 8,826,856 |  |   | 8,815,750 |  |   |   |
| Impact Sales, LLC                  |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (4)(5)(6) |   | 12/30/2021 |   | 4,853,857 |  |   | 4,853,857 |  |   | 4,720,525 |  |   | 0.6% |
|                               |   |   |   |   |   |   |   | 4,853,857 |  |   | 4,853,857 |  |   | 4,720,525 |  |   |   |
| Interflex Acquisition Company, LLC |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (5)(7) |   | 8/18/2022 |   | 14,137,500 |  |   | 14,137,500 |  |   | 14,137,500 |  |   | 1.9% |
|                               |   |   |   |   |   |   |   | 14,137,500 |  |   | 14,137,500 |  |   | 14,137,500 |  |   |   |
| Invision Diversified, LLC          |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor (5)(7)(12) |   | 6/30/2020 |   | 23,866,435 |  |   | 23,866,435 |  |   | 24,105,100 |  |   | 3.3% |
|                               |   |   |   |   |   |   |   | 23,866,435 |  |   | 23,866,435 |  |   | 24,105,100 |  |   |   |
| IOP Monroe Acquisition, Inc.       |   | Capital Equipment |   | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (5)(6)(7) |   | 4/1/2022 |   | 975,000 |  |   | 975,000 |  |   | 975,000 |  |   | 0.1% |
|                               |   |   |   |   |   |   |   | 975,000 |  |   | 975,000 |  |   | 975,000 |  |   |   |
| Isola USA Corp.                    |   | High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 8.250%, 1.000% Floor (4)(13) |   | 11/29/2018 |   | 9,131,742 |  |   | 7,707,403 |  |   | 5,547,533 |  |   | 0.7% |
|                               |   |   |   |   |   |   |   | 9,131,742 |  |   | 7,707,403 |  |   | 5,547,533 |  |   |   |
| Keystone Acquisition Corp.         |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 9.250%, 1.000% Floor (4)(5)(16) |   | 5/1/2025 |   | 7,000,000 |  |   | 6,870,343 |  |   | 6,898,500 |  |   | 0.9% |
|                               |   |   |   |   |   |   |   | 7,000,000 |  |   | 6,870,343 |  |   | 6,898,500 |  |   |   |

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|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                      |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| L&S Plumbing Partnership, Ltd. |   | Construction & Building |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(5) |   | 2/15/2022 |   | 11,562,500 |  |   | 11,562,500 |  |   | 11,709,344 |  |   | 1.6% |
|                               |   |   |   |   |   |   |   | 11,562,500 |  |   | 11,562,500 |  |   | 11,709,344 |  |   |   |
| Lighthouse Network, LLC            |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (5)(7)(16) |   | 11/28/2025 |   | 9,950,000 |  |   | 9,851,416 |  |   | 9,850,500 |  |   |   |
|                               |   |   |   |   |   |   |   | 9,950,000 |  |   | 9,851,416 |  |   | 9,850,500 |  |   |   |
| Livingston International Inc.      |   | Transportation: Cargo |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.250% Floor (4)(9) |   | 4/17/2020 |   | 4,613,287 |  |   | 4,480,497 |  |   | 4,520,560 |  |   | 0.6% |
|                               |   |   |   |   |   |   |   | 4,613,287 |  |   | 4,480,497 |  |   | 4,520,560 |  |   |   |
| LSF9 Atlantis Holdings, LLC        |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (5)(7) |   | 5/1/2023 |   | 6,621,575 |  |   | 6,569,770 |  |   | 6,621,575 |  |   | 0.9% |
|                               |   |   |   |   |   |   |   | 6,621,575 |  |   | 6,569,770 |  |   | 6,621,575 |  |   |   |
| LTCG Holdings Corp.                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4) |   | 6/6/2020 |   | 2,838,571 |  |   | 2,832,091 |  |   | 2,737,234 |  |   | 0.4% |
|                               |   |   |   |   |   |   |   | 2,838,571 |  |   | 2,832,091 |  |   | 2,737,234 |  |   |   |
| Magnetite XIX, Limited             |   | Multi-Sector Holdings |   | Subordinated Notes LIBOR + 7.610% (8) (9) (10) |   | 7/17/2030 |   | 2,000,000 |  |   | 1,875,000 |  |   | 1,875,000 |  |   | 0.3% |
|                               |   |   |   | Subordinated Notes 14.525% effective yield (5) (8) (9) (10) |   | 7/17/2030 |   | 13,730,209 |  |   | 12,256,271 |  |   | 12,255,585 |  |   | 1.7% |
|                               |   |   |   |   |   |   |   | 15,730,209 |  |   | 14,131,271 |  |   | 14,130,585 |  |   |   |
| Manna Pro Products, LLC            |   | Consumer Goods: Non-durable |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |   | 12/8/2023 |   | 4,166,667 |  |   | 4,166,667 |  |   | 4,166,667 |  |   |   |
|                               |   |   |   |   |   |   |   | 4,166,667 |  |   | 4,166,667 |  |   | 4,166,667 |  |   |   |
| Nathan's Famous Inc.               |   | Beverage & Food |   | Senior secured first lien notes 6.625% (5)(8)(9)(14) |   | 11/1/2025 |   | 4,950,000 |  |   | 4,967,041 |  |   | 5,144,535 |  |   | 0.7% |
|                               |   |   |   |   |   |   |   | 4,950,000 |  |   | 4,967,041 |  |   | 5,144,535 |  |   |   |
| New Media Holdings II LLC          |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(16) |   | 7/14/2022 |   | 15,877,190 |  |   | 15,867,455 |  |   | 15,877,190 |  |   | 2.1% |
|                               |   |   |   |   |   |   |   | 15,877,190 |  |   | 15,867,455 |  |   | 15,877,190 |  |   |   |
| Novetta Solutions, LLC             |   | High Tech Industries |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4) |   | 10/16/2023 |   | 11,000,000 |  |   | 10,915,540 |  |   | 10,225,600 |  |   | 1.4% |
|                               |   |   |   |   |   |   |   | 11,000,000 |  |   | 10,915,540 |  |   | 10,225,600 |  |   |   |
| Nuspire, LLC                       |   | High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |   | 11/8/2022 |   | 6,310,000 |  |   | 6,310,000 |  |   | 6,310,000 |  |   | 0.9% |
|                               |   |   |   |   |   |   |   | 6,310,000 |  |   | 6,310,000 |  |   | 6,310,000 |  |   |   |
| Omnitracs, LLC                     |   | Telecommunications |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor (4) |   | 5/25/2021 |   | 7,000,000 |  |   | 7,009,042 |  |   | 7,000,000 |  |   | 0.9% |
|                               |   |   |   |   |   |   |   | 7,000,000 |  |   | 7,009,042 |  |   | 7,000,000 |  |   |   |
| Oxford Mining Company, LLC         |   | Metals & Mining |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 0.750% Floor, 3.000%      PIK (4)(5)  |   | 12/31/2018 |   | 12,450,782 |  |   | 12,450,782 |  |   | 12,450,782 |  |   | 1.7% |
|                               |   |   |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 0.750% Floor, 3.000%      PIK (4)(5)  |   | 12/31/2018 |   | 8,751,527 |  |   | 8,751,527 |  |   | 8,751,527 |  |   | 1.2% |
|                               |   |   |   |   |   |   |   | 21,202,309 |  |   | 21,202,309 |  |   | 21,202,309 |  |   |   |
| Path Medical, LLC                  |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 9.500%, 1.000% Floor (4)(5) |   | 10/11/2021 |   | 14,815,737 |  |   | 14,339,545 |  |   | 14,894,260 |  |   | 2.0% |
|                               |   |   |   | Warrants - 2.09%  of outstanding equity  (5)(11) |   |   |   | — |  |   | 669,709 |  |   | 111,251 |  |   | 0.0% |
|                               |   |   |   |   |   |   |   | 14,815,737 |  |   | 15,009,254 |  |   | 15,005,511 |  |   |   |
| Payless Holdings LLC               |   | Retail |   | Common Stock - 37,126 shares (11)  |   |   |   | — |  |   | 543,120 |  |   | 543,153 |  |   | 0.1% |
|                               |   |   |   |   |   |   |   | — |  |   | 543,120 |  |   | 543,153 |  |   |   |

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|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                       |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
| Petco Animal Supplies, Inc.         |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 3.000%, 1.000% Floor (4)(16) |   | 1/26/2023 |   | 1,984,848 |  |   | 1,844,566 |  |   | 1,493,598 |  |   | 0.2% |
|                                |   |   |   |   |   |   |   | 1,984,848 |  |   | 1,844,566 |  |   | 1,493,598 |  |   |   |
| PetroChoice Holdings, Inc.          |   | Chemicals, Plastics & Rubber |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (4)(5)(12)(16) |   | 9/3/2023 |   | 9,000,000 |  |   | 9,000,000 |  |   | 9,000,000 |  |   | 1.2% |
|                                |   |   |   |   |   |   |   | 9,000,000 |  |   | 9,000,000 |  |   | 9,000,000 |  |   |   |
| Preferred Proppants, LLC            |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (4) |   | 7/27/2020 |   | 5,933,969 |  |   | 4,953,814 |  |   | 5,454,504 |  |   | 0.7% |
|                                |   |   |   |   |   |   |   | 5,933,969 |  |   | 4,953,814 |  |   | 5,454,504 |  |   |   |
| Press Ganey Holdings, Inc           |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 6.500%, 1.000% Floor (7) |   | 10/21/2024 |   | 8,753,172 |  |   | 8,823,199 |  |   | 8,753,172 |  |   | 1.2% |
|                                |   |   |   |   |   |   |   | 8,753,172 |  |   | 8,823,199 |  |   | 8,753,172 |  |   |   |
| PT Network, LLC                     |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (4)(5)(6) |   | 11/30/2021 |   | 8,042,410 |  |   | 8,042,410 |  |   | 8,042,410 |  |   | 1.1% |
|                                |   |   |   |   |   |   |   | 8,042,410 |  |   | 8,042,410 |  |   | 8,042,410 |  |   |   |
| Reddy Ice Corporation               |   | Beverage & Food |   | Senior Secured Second Lien Term Loan LIBOR + 9.500%, 1.250% Floor (4)(5) |   | 11/1/2019 |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,913,600 |  |   | 0.3% |
|                                |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,913,600 |  |   |   |
| RESIC Enterprises, LLC              |   | Beverage & Food |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (5)(7) |   | 11/10/2025 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,000,000 |  |   | 2.0% |
|                                |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,000,000 |  |   |   |
| 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 |   | 9,950,000 |  |   | 9,866,809 |  |   | 9,950,000 |  |   | 1.3% |
|                                |   |   |   |   |   |   |   | 9,950,000 |  |   | 9,866,809 |  |   | 9,950,000 |  |   |   |
| Rhombus Cinema Holdings, LP         |   | Media: Diversified & Production |   | Preferred Equity 10.000% PIK - 7,449 shares (5)(9) |   |   |   | — |  |   | 4,584,207 |  |   | 5,123,448 |  |   | 0.7% |
|                                |   |   |   | Common Units - 3,163 units (5) (9) (11)  |   |   |   | — |  |   | 3,162,793 |  |   | 1,848,273 |  |   | 0.2% |
|                                |   |   |   |   |   |   |   | — |  |   | 7,747,000 |  |   | 6,971,721 |  |   |   |
| RMS Holding Company, LLC            |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4) (5) |   | 11/16/2022 |   | 14,962,500 |  |   | 14,962,500 |  |   | 14,962,500 |  |   | 2.0% |
|                                |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5)(6) |   | 11/16/2022 |   | 1,262,593 |  |   | 1,262,593 |  |   | 1,262,593 |  |   | 0.2% |
|                                |   |   |   |   |   |   |   | 16,225,093 |  |   | 16,225,093 |  |   | 16,225,093 |  |   |   |
| SavATree, LLC                       |   | Environmental Industries |   | Senior Secured First Lien Term Loan LIBOR + 5.250%, 1.000% Floor (5)(6)(7) |   | 6/2/2022 |   | 4,058,089 |  |   | 4,058,089 |  |   | 4,082,837 |  |   | 0.6% |
|                                |   |   |   |   |   |   |   | 4,058,089 |  |   | 4,058,089 |  |   | 4,082,837 |  |   |   |
| SFP Holding, Inc.                   |   | Construction & Building |   | Senior Secured First Lien Term Loan LIBOR + 6.250%, 1.000% Floor (4)(5)(6) |   | 9/1/2022 |   | 4,277,778 |  |   | 4,277,778 |  |   | 4,277,778 |  |   | 0.6% |
|                                |   |   |   | Equity - 0.94% of outstanding equity (5) (11) |   |   |   | — |  |   | 400,000 |  |   | 400,000 |  |   | 0.1% |
|                                |   |   |   |   |   |   |   | 4,277,778 |  |   | 4,677,778 |  |   | 4,677,778 |  |   |   |
| Ship Supply Acquisition Corporation |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor (4)(5) |   | 7/31/2020 |   | 22,187,500 |  |   | 22,187,500 |  |   | 21,284,469 |  |   | 2.9% |
|                                |   |   |   |   |   |   |   | 22,187,500 |  |   | 22,187,500 |  |   | 21,284,469 |  |   |   |
| Simplified Logistics, LLC           |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)(6) |   | 2/28/2022 |   | 402,500 |  |   | 402,500 |  |   | 402,500 |  |   | 0.1% |
|                                |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5)(6) |   | 2/28/2022 |   | 17,855,593 |  |   | 17,855,593 |  |   | 17,855,593 |  |   |   |
|                                |   |   |   |   |   |   |   | 18,258,093 |  |   | 18,258,093 |  |   | 18,258,093 |  |   |   |
| Sizzling Platter, LLC               |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor (7) |   | 4/28/2020 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,000,000 |  |   | 2.0% |

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|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                        |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
|                                 |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,000,000 |  |   |   |
| SMART Financial Operations, LLC      |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor (4)(5)(6) |   | 11/22/2021 |   | 3,700,000 |  |   | 3,700,000 |  |   | 3,798,000 |  |   | 0.5% |
|                                 |   |   |   | Preferred Equity - 1,000,000 units (5) (9) (11) |   |   |   | 1,000,000 |  |   | 1,000,000 |  |   | 1,050,000 |  |   | 0.1% |
|                                 |   |   |   |   |   |   |   | 4,700,000 |  |   | 4,700,000 |  |   | 4,848,000 |  |   |   |
| Smile Doctors LLC                    |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (5)(7) |   | 10/6/2022 |   | 4,401,871 |  |   | 4,401,871 |  |   | 4,401,870 |  |   | 0.6% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor (5)(6)(7) |   | 10/6/2022 |   | 823,065 |  |   | 823,065 |  |   | 823,065 |  |   | 0.1% |
|                                 |   |   |   |   |   |   |   | 5,224,936 |  |   | 5,224,936 |  |   | 5,224,935 |  |   |   |
| Southwest Dealer Services, Inc.      |   | Automotive |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor (4)(5) |   | 6/2/2022 |   | 4,838,750 |  |   | 4,838,750 |  |   | 4,838,750 |  |   | 0.7% |
|                                 |   |   |   |   |   |   |   | 4,838,750 |  |   | 4,838,750 |  |   | 4,838,750 |  |   |   |
| SRS Software, LLC                    |   | High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor (4)(5)(6) |   | 2/17/2022 |   | 19,353,750 |  |   | 19,353,750 |  |   | 19,522,128 |  |   | 2.6% |
|                                 |   |   |   |   |   |   |   | 19,353,750 |  |   | 19,353,750 |  |   | 19,522,128 |  |   |   |
| Starfish Holdco LLC                  |   | High Tech Industries |   | Senior Secured Second Lien Term Loan LIBOR + 9.000%, 1.000% Floor (4)(5) |   | 8/18/2025 |   | 4,000,000 |  |   | 3,942,308 |  |   | 3,940,000 |  |   | 0.5% |
|                                 |   |   |   |   |   |   |   | 4,000,000 |  |   | 3,942,308 |  |   | 3,940,000 |  |   |   |
| TCH-2 Holdings, LLC                  |   | Hotel, Gaming & Leisure |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor (7)(16) |   | 11/6/2021 |   | 3,636,364 |  |   | 3,603,131 |  |   | 3,636,364 |  |   | 0.5% |
|                                 |   |   |   |   |   |   |   | 3,636,364 |  |   | 3,603,131 |  |   | 3,636,364 |  |   |   |
| Techniplas, LLC                      |   | Automotive |   | Senior Secured First Lien Notes 10.000% (8) |   | 5/1/2020 |   | 6,000,000 |  |   | 6,000,000 |  |   | 4,930,200 |  |   | 0.7% |
|                                 |   |   |   |   |   |   |   | 6,000,000 |  |   | 6,000,000 |  |   | 4,930,200 |  |   |   |
| The Garretson Resolution Group, Inc. |   | Services: Business |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (4)(5) |   | 5/24/2021 |   | 9,375,000 |  |   | 9,345,609 |  |   | 9,277,500 |  |   | 1.3% |
|                                 |   |   |   |   |   |   |   | 9,375,000 |  |   | 9,345,609 |  |   | 9,277,500 |  |   |   |
| The Octave Music Group, Inc.         |   | Media: Diversified & Production |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor (4)(5)(16) |   | 5/27/2022 |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,500,000 |  |   | 1.0% |
|                                 |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,500,000 |  |   |   |
| Transocean Phoenix 2 Ltd.            |   | Energy: Oil & Gas |   | Senior Secured First Lien Notes 7.750% (5)(8)(14) |   | 10/15/2024 |   | 6,750,000 |  |   | 6,648,755 |  |   | 7,342,650 |  |   | 1.0% |
|                                 |   |   |   |   |   |   |   | 6,750,000 |  |   | 6,648,755 |  |   | 7,342,650 |  |   |   |
| Truco Enterprises, LP                |   | Beverage & Food |   | Senior Secured First Lien Term Loan LIBOR + 7.190%, 1.000% Floor (5)(7) |   | 4/26/2021 |   | 9,567,540 |  |   | 9,567,540 |  |   | 9,567,540 |  |   | 1.3% |
|                                 |   |   |   |   |   |   |   | 9,567,540 |  |   | 9,567,540 |  |   | 9,567,540 |  |   |   |
| True Religion Apparel, Inc.          |   | Retail |   | Senior Secured First Lien Term Loan 10.000% |   | 10/27/2022 |   | 147,321 |  |   | 140,238 |  |   | 139,999 |  |   | 0.0% |
|                                 |   |   |   | Common Stock - 1,964 shares (11)   |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                 |   |   |   | Warrants - 0.10% of outstanding equity (11) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                 |   |   |   |   |   |   |   | 147,321 |  |   | 140,238 |  |   | 139,999 |  |   |   |
| U.S. Auto Sales Inc.                 |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 11.750%, 1.000% Floor (5)(7)(12) |   | 6/8/2020 |   | 5,500,000 |  |   | 5,500,000 |  |   | 5,544,550 |  |   | 0.7% |
|                                 |   |   |   |   |   |   |   | 5,500,000 |  |   | 5,500,000 |  |   | 5,544,550 |  |   |   |
| U.S. Well Services, LLC              |   | Energy: Oil & Gas |   | Warrants - 2.04% of outstanding equity (11) |   | 2/21/2019 |   | — |  |   | 173 |  |   | — |  |   | 0.0% |
|                                 |   |   |   |   |   |   |   | — |  |   | 173 |  |   | — |  |   |   |
| Vail Holdco Corp.                    |   | Wholesale |   | Preferred Equity 12.500% PIK - 19,700 shares (5)(11) |   |   |   | — |  |   | 18,839,643 |  |   | 18,839,110 |  |   | 2.5% |
|                                 |   |   |   | Preferred Equity - 15,250 shares (5)(11) |   |   |   | — |  |   | 15,250,000 |  |   | 15,250,000 |  |   | 2.1% |

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|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                                            |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
|                                                     |   |   |   | Warrants - 0.985% of outstanding equity  (5)(11) |   |   |   | — |  |   | 860,357 |  |   | 860,310 |  |   | 0.1% |
|                                                     |   |   |   |   |   |   |   | — |  |   | 34,950,000 |  |   | 34,949,420 |  |   |   |
| Valence Surface Technologies, Inc.                       |   | Aerospace & Defense |   | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor (4)(5) |   | 6/13/2019 |   | 4,077,629 |  |   | 4,069,535 |  |   | 4,042,562 |  |   | 0.5% |
|                                                     |   |   |   |   |   |   |   | 4,077,629 |  |   | 4,069,535 |  |   | 4,042,562 |  |   |   |
| Velocity Pooling Vehicle, LLC                            |   | Automotive |   | Senior Secured First Lien Term Loan 12.000% (5) |   | 8/15/2018 |   | 698,931 |  |   | 698,931 |  |   | 698,931 |  |   | 0.1% |
|                                                     |   |   |   | Senior Secured First Lien Term Loan LIBOR + 4.000%, 1.000% Floor (5)(13)(15) |   | 5/14/2021 |   | 1,683,230 |  |   | 995,554 |  |   | 185,155 |  |   | 0.0% |
|                                                     |   |   |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (5)(13)(15) |   | 5/13/2022 |   | 20,625,000 |  |   | 18,717,854 |  |   | 206,250 |  |   | 0.0% |
|                                                     |   |   |   |   |   |   |   | 23,007,161 |  |   | 20,412,339 |  |   | 1,090,336 |  |   |   |
| VOYA CLO 2016-2, LTD.                                    |   | Multi-Sector Holdings |   | Subordinated Notes 7.635% effective yield (5)(8)(9)(10) |   | 7/19/2028 |   | 22,842,661 |  |   | 19,102,817 |  |   | 17,792,149 |  |   | 2.4% |
|                                                     |   |   |   |   |   |   |   | 22,842,661 |  |   | 19,102,817 |  |   | 17,792,149 |  |   |   |
| Watermill-QMC Holdings, Corp.                            |   | Automotive |   | Equity - 2.3% partnership interest (5)(9)(11) |   |   |   | — |  |   | 902,277 |  |   | 1,170,254 |  |   | 0.2% |
|                                                     |   |   |   |   |   |   |   | — |  |   | 902,277 |  |   | 1,170,254 |  |   |   |
| YRC Worldwide Inc.                                       |   | Transportation: Cargo |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor (4)(9) |   | 7/26/2022 |   | 8,569,133 |  |   | 8,379,051 |  |   | 8,522,859 |  |   | 1.2% |
|                                                     |   |   |   |   |   |   |   | 8,569,133 |  |   | 8,379,051 |  |   | 8,522,859 |  |   |   |
| Z Gallerie, LLC                                          |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor (5)(7) |   | 10/8/2020 |   | 4,646,901 |  |   | 4,620,082 |  |   | 4,646,901 |  |   | 0.6% |
|                                                     |   |   |   |   |   |   |   | 4,646,901 |  |   | 4,620,082 |  |   | 4,646,901 |  |   |   |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total non-controlled/non-affiliated investments          |   |   |   |   |  | $ | 975,968,734 |  |  | $ | 917,820,822 |  |   | 124.0% |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Controlled/affiliated investments – 19.8%(17) |   |   |   |   |   |   |   |   |   |   |   |   |
| AAR Intermediate Holdings, LLC                           |   | Energy: Oil & Gas |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5)(6) |   | 9/30/2021 |   | 188,669 |  |   | 188,669 |  |   | 188,669 |  |   | 0.0% |
|                                                     |   |   |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor (4)(5) |   | 9/30/2021 |   | 3,144,481 |  |   | 3,144,481 |  |   | 3,144,481 |  |   | 0.4% |
|                                                     |   |   |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor, PIK (4)(5) |   | 9/30/2021 |   | 7,078,964 |  |   | 6,066,217 |  |   | 7,078,964 |  |   | 1.0% |
|                                                     |   |   |   |  Membership Units - 7.55 units (5)(11)  |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                     |   |   |   |   |   |   |   | 10,412,114 |  |   | 9,399,367 |  |   | 10,412,114 |  |   |   |
| Access Media Holdings, LLC                               |   | Media: Broadcasting & Subscription |   | Senior Secured First Lien Term Loan 5.000%, 5.000% PIK (5) |   | 7/22/2020 |   | 7,390,587 |  |   | 7,390,587 |  |   | 7,390,587 |  |   | 1.0% |
|                                                     |   |   |   | Common Stock - 14 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 - 466,200 units (5)(6)(9)(11) |   |   |   | — |  |   | 466,200 |  |   | 130,200 |  |   | 0.0% |
|                                                     |   |   |   |   |   |   |   | 7,390,587 |  |   | 9,956,787 |  |   | 7,520,787 |  |   |   |
| Capstone Nutrition, Inc.                                 |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 12.500%, 1.000% Floor, PIK (4)(5)(13)  |   | 9/25/2020 |   | 20,286,895 |  |   | 15,619,898 |  |   | 12,042,301 |  |   | 1.6% |
|                                                     |   |   |   | Senior Secured First Lien Term Loan LIBOR + 12.500%, 1.000% Floor, PIK (4)(5)(13)  |   | 9/25/2020 |   | 8,778,122 |  |   | 6,869,187 |  |   | 5,210,693 |  |   | 0.7% |

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|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)(2)                                       |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(3) |
|                                                |   |   |   | Common Stock - 2,197.8 shares (5)(11) |   |   |   | — |  |   | 9 |  |   | — |  |   | 0.0% |
|                                                |   |   |   | Common Stock - 3,498.5 shares(5)(11)  |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                |   |   |   | Common Stock - 7,068.3 shares(5)(11) |   |   |   | — |  |   | 300,002 |  |   | — |  |   | 0.0% |
|                                                |   |   |   |   |   |   |   | 29,065,017 |  |   | 22,789,096 |  |   | 17,252,994 |  |   |   |
| MCM 500 East Pratt Holdings, LLC                    |   | Banking, Finance, Insurance & Real Estate |   | Equity - 455,871 units (9)(11) |   |   |   | — |  |   | 455,871 |  |   | 455,871 |  |   | 0.1% |
|                                                |   |   |   |   |   |   |   | — |  |   | 455,871 |  |   | 455,871 |  |   |   |
| MCM Capital Office Park Holdings LLC                |   | Banking, Finance, Insurance & Real Estate |   | Equity - 7,500,000 units (9)(11) |   |   |   | — |  |   | 7,500,000 |  |   | 7,500,000 |  |   | 1.0% |
|                                                |   |   |   |   |   |   |   | — |  |   | 7,500,000 |  |   | 7,500,000 |  |   |   |
| Nomida, LLC                                         |   | Construction & Building |   | Senior Secured First Lien Term Loan 10.000% (9) |   | 12/1/2020 |   | 2,935,000 |  |   | 2,935,000 |  |   | 2,935,000 |  |   | 0.4% |
|                                                |   |   |   | Equity 5,400,000 units (9)(11) |   |   |   | — |  |   | 5,400,000 |  |   | 5,400,000 |  |   | 0.7% |
|                                                |   |   |   |   |   |   |   | 2,935,000 |  |   | 8,335,000 |  |   | 8,335,000 |  |   |   |
| Sierra Senior Loan Strategy JV I LLC                |   | Multi-Sector Holdings |   | Equity - 87.5% ownership of SIC Senior Loan Strategy JV I LLC (6)(9)  |   |   |   | 79,816,250 |  |   | 79,816,250 |  |   | 79,515,513 |  |   | 10.7% |
|                                                |   |   |   |   |   |   |   | 79,816,250 |  |   | 79,816,250 |  |   | 79,515,513 |  |   |   |
| TwentyEighty, Inc.                                  |   | Services: Business |   | Senior Secured First Lien Term Loan 1.000%, 7.000% PIK (4) |   | 3/31/2020 |   | 6,696,055 |  |   | 6,696,055 |  |   | 6,696,055 |  |   | 0.9% |
|                                                |   |   |   | Senior Secured First Lien Term Loan 0.250%, 8.750% PIK (4) |   | 3/31/2020 |   | 6,122,689 |  |   | 5,627,149 |  |   | 5,501,849 |  |   | 0.7% |
|                                                |   |   |   | Senior Secured First Lien Term Loan LIBOR + 3.500%, 1.000% Floor, 4.500% PIK (4)(6)  |   | 3/31/2020 |   | 3,098,085 |  |   | 3,084,498 |  |   | 3,098,085 |  |   | 0.4% |
|                                                |   |   |   | Common Units - 58,098 units (11)  |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                |   |   |   |   |   |   |   | 15,916,829 |  |   | 15,407,702 |  |   | 15,295,989 |  |   |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total controlled/affiliated investments             |   |   |   |   |  | $ | 153,660,073 |  |  | $ | 146,288,268 |  |   | 19.8% |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Money market fund – 2.5%                      |   |   |   |   |   |   |   |   |   | — |  |   | 917,820,822 |  |   |   |
| Federated Institutional Prime Obligations Fund (18) |   |   |   | Money Market 1.440% |   |   |   | 12,932,993 |  |   | 12,932,993 |  |   | 12,932,993 |  |   | 1.7% |
| Total money market fund                             |   |   |   |   |   |   |   |   |   | $12,932,993 |   | $12,932,993 |   | 1.7% |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivative Instrument - Long Exposure               |   |   |   |   | Notional Amount |   | Unrealized Appreciation/(Depreciation) |   |
| Total return swap with Citibank, N.A. (Note 5)      |   |   |   | Total Return Swap |   |   |   |   | 175,519,693 |   |   | (5,354,868 | ) |   |
| Total derivative instrument - long exposure         |   |   |   |   |   |   | $ | 175,519,693 |   |   | $ | (5,354,868 | ) |   |

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|-----|
|     |  |
| (1) | All of the Company's investments are domiciled in the United States except for Livingston International Inc., which is domiciled in Canada and AMMC CLO 17, Limited Series 2015-17A, Apidos CLO XXIV, Series 2016-24A, Dryden 38 Senior Loan Fund, Series 2015-38A, Dryden 43 Senior Loan Fund, Series 2016-43A, Dryden 49 Senior Loan Fund, 2017-49A, Magnetite XIX, Limited and VOYA CLO 2016-2, LTD. which are all domiciled in the Cayman Islands. All foreign investments were denominated in US Dollars. |
| (2) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy. |
| (3) | Percentage is based on net assets of $739,986,569 as of December 31, 2017. |
| (4) | The interest rate on these loans is subject to a base rate plus 3 Month “3M” LIBOR, which at December 31, 2017 was 1.69%. As the interest rate is subject to a minimum LIBOR floor, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor or 3M LIBOR. |
| (5) | An affiliated fund that is managed by an affiliate of SIC Advisors LLC also holds an investment in this security. |
| (6) | The investment has an unfunded commitment as of December 31, 2017. For further details see Note 11. Fair value includes an analysis of the unfunded commitment. |
| (7) | The interest rate on these loans is subject to a base rate plus 1 Month "1M" LIBOR, which at December 31, 2017 was 1.57%. As the interest rate is subject to a minimum LIBOR floor, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor or 1M LIBOR. |
| (8) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $97,200,003 or 13.1% of net assets as of December 31, 2017 and are considered restricted. |

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|      |
|------|
|      |  |
| (9)  | The investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 17.6% of the Company's portfolio at fair value. |
| (10) | This investment is in the equity class of a collateralized loan obligation ("CLO"). The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current effective yield is based on the current projections of this excess cash flow taking into account assumptions that have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions. |
| (11) | Security is non-income producing. |
| (12) | A portion of this investment was sold via a participation agreement. The listed amount is the portion retained by Sierra Income Corporation. |
| (13) | The investment was on non-accrual status as of December 31, 2017. |
| (14) | Represents securities in Level 2 in the ASC 820 table (see Note 4). |
| (15) | The interest rate on these loans is subject to a base rate plus 6 month "6M" LIBOR, which at December 31, 2017 was 1.84%. As the interest rate is subject to a minimum LIBOR floor, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor or 6M LIBOR. |
| (16) | Security is also held in the underlying portfolio of the total return swap with Citibank, N.A. (see Note 5). The Company's total exposure to Imagine! Print Solutions, Inc., Keystone Acquisition Corp., Lighthouse Network, LLC, New Media Holdings II LLC, Petco Animal Supplies, Inc., PetroChoice Holdings, LLC, TCH-2 Holdings, LLC, and The Octave Music Group, Inc. is $14,726,050 or 2.0%, $8,742,563 or 1.2%, $12,288,250 or 1.7%. $16,824,754 or 2.3%, $10,211,119 or 1.4%, $13,962,025 or 1.9%, $6,805,128 or 0.9%, and $8,451,073 or 1.1%, respectively, of Net Assets as of December 31, 2017. |
| (17) | Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns at least 5% but no more than 25% of the voting securities or we are under common control with such portfolio company. Control Investments are defined by the 1940 Act as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation. |
| (18) | Represents securities in Level 1 in the ASC 820 table (see Note 4). |
| (19) | The interest rate on these loans is subject to a base rate plus a spread. The base rate in effect at December 31, 2018 was the Prime Rate of 4.500%. |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                       |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Notional Amount(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| AP Gaming I, LLC                                 |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan(4) LIBOR + 5.500%, 1.000% Floor |   | 2/15/2024 |   | $ | 4,565,000 |  |   | $ | 4,555,025 |  |   | $ | 4,596,407 |  |   | $ | 41,382 |  |
| Amplify Snack Brands, Inc.                       |   | Beverage & Food |   | Senior Secured First Lien Term Loan(4) LIBOR + 5.500%, 1.000% Floor |   | 9/4/2023 |   | 1,358,684 |  |   | 1,345,098 |  |   | 1,351,347 |  |   | 6,250 |  |
| AmWINS Group, Inc.                               |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan(4) LIBOR + 6.750%, 1.000% Floor |   | 1/25/2025 |   | 4,000,000 |  |   | 3,970,000 |  |   | 4,038,000 |  |   | 68,000 |  |
| Anaren, Inc.                                     |   | Aerospace & Defense |   | Senior Secured First Lien Term Loan(6) LIBOR + 4.500%, 1.000% Floor |   | 2/18/2021 |   | 4,610,439 |  |   | 4,564,335 |  |   | 4,610,439 |  |   | 46,104 |  |
| Atrium Innovations, Inc.                         |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan(3)(6) LIBOR + 3.250%, 1.000% Floor |   | 2/15/2021 |   | 4,961,819 |  |   | 4,955,617 |  |   | 4,974,224 |  |   | 18,607 |  |
| BCPE Eagle Buyer LLC                             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.250%, 1.000% Floor |   | 3/18/2024 |   | 4,975,000 |  |   | 4,925,250 |  |   | 4,850,625 |  |   | (74,625 | ) |
| Brand Energy & Infrastructure Services, Inc. |   | Construction & Building |   | Senior Secured First Lien Term Loan(6) LIBOR + 4.250%, 1.000% Floor |   | 6/17/2024 |   | 5,985,000 |  |   | 6,013,671 |  |   | 6,004,451 |  |   | (9,220 | ) |
| Comfort Holding, LLC                             |   | Consumer Goods:  Durable |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.750%, 1.000% Floor |   | 2/5/2024 |   | 6,965,000 |  |   | 6,895,350 |  |   | 6,281,594 |  |   | (613,756 | ) |
| Comfort Holding, LLC                             |   | Consumer Goods:  Durable |   | Senior Secured Second Lien Term Loan(4) LIBOR + 10.000%, 1.000% Floor |   | 2/3/2025 |   | 1,500,000 |  |   | 1,440,000 |  |   | 1,266,900 |  |   | (173,100 | ) |
| CPI Holdco, LLC                                  |   | Capital Equipment |   | Senior Secured First Lien Term Loan(6) LIBOR + 3.500%, 1.000% Floor |   | 7/26/2024 |   | 3,960,031 |  |   | 3,940,230 |  |   | 3,989,731 |  |   | 49,500 |  |
| CPI International, Inc.                          |   | Aerospace & Defense |   | Senior Secured First Lien Term Loan(4) LIBOR + 3.500%, 1.000% Floor |   | 7/26/2024 |   | 4,000,000 |  |   | 4,000,000 |  |   | 4,023,320 |  |   | 23,320 |  |
| CT Technologies Intermediate Holdings, Inc.      |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.250%, 1.000% Floor |   | 12/1/2021 |   | 994,911 |  |   | 975,013 |  |   | 994,911 |  |   | 19,898 |  |
| Fieldwood Energy LLC                             |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan(6) LIBOR + 7.000%, 1.000% Floor |   | 8/31/2020 |   | 1,222,222 |  |   | 1,100,000 |  |   | 1,100,000 |  |   | — |  |
| Fieldwood Energy LLC                             |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan(6) LIBOR + 7.125%, 1.250% Floor |   | 9/30/2020 |   | 1,650,000 |  |   | 1,641,125 |  |   | 1,133,006 |  |   | (508,119 | ) |
| Fieldwood Energy LLC                             |   | Energy:  Oil & Gas |   | Senior Secured Second Lien Term Loan(6) LIBOR + 7.125%, 1.250% Floor |   | 9/30/2020 |   | 2,596,305 |  |   | 2,676,375 |  |   | 832,973 |  |   | (1,843,402 | ) |

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|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                     |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Notional Amount(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| Imagine! Print Solutions, LLC                  |   | Media:  Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan(6) LIBOR + 4.750%, 1.000% Floor |   | 6/21/2022 |   | 5,970,000 |  |   | 5,910,300 |  |   | 5,910,300 |  |   | — |  |
| Iqor US Inc.                                   |   | Services:  Business |   | Senior Secured First Lien Term Loan(6) LIBOR + 5.000%, 1.000% Floor |   | 4/1/2021 |   | 4,521,363 |  |   | 4,430,936 |  |   | 4,484,649 |  |   | 53,714 |  |
| Keystone Acquisition Corp.                     |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan(6) LIBOR + 5.250%, 1.000% Floor |   | 5/1/2024 |   | 1,844,063 |  |   | 1,844,063 |  |   | 1,853,283 |  |   | 9,220 |  |
| Kingpin Intermediate Holdings LLC              |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan(6) LIBOR + 4.250%, 1.000% Floor |   | 7/3/2024 |   | 3,987,500 |  |   | 3,967,563 |  |   | 4,027,375 |  |   | 59,813 |  |
| KNB Holdings Corporation                       |   | Consumer Goods:  Durable |   | Senior Secured First Lien Term Loan(6) LIBOR + 5.500%, 1.000% Floor |   | 4/26/2024 |   | 2,950,000 |  |   | 2,912,375 |  |   | 2,957,375 |  |   | 45,000 |  |
| Kronos Incorporated                            |   | Services:  Business |   | Senior Secured Second Lien Term Loan(3)(6) LIBOR + 8.250%, 1.000% Floor |   | 11/1/2024 |   | 2,000,000 |  |   | 1,980,000 |  |   | 2,073,000 |  |   | 93,000 |  |
| LifeMiles Ltd.                                 |   | Services:  Consumer |   | Senior Secured First Lien Term Loan(3)(6) LIBOR + 5.500%, 1.000% Floor |   | 8/18/2022 |   | 4,950,000 |  |   | 4,900,500 |  |   | 4,900,500 |  |   | — |  |
| Lighthouse Network, LLC                        |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.500%, 1.000% Floor |   | 11/29/2024 |   | 2,450,000 |  |   | 2,437,750 |  |   | 2,437,750 |  |   | — |  |
| Lightstone HoldCo LLC                          |   | Utilities:  Electric |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.500%, 1.000% Floor |   | 1/30/2024 |   | 2,965,000 |  |   | 2,905,700 |  |   | 2,975,822 |  |   | 70,122 |  |
| Liquidnet Holdings, Inc.                       |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.250%, 1.000% Floor |   | 7/15/2024 |   | 2,962,500 |  |   | 2,932,875 |  |   | 2,969,906 |  |   | 37,031 |  |
| MH SUB I, LLC                                  |   | Services:  Consumer |   | Senior Secured Second Lien Term Loan(6) LIBOR + 7.500%, 1.000% Floor |   | 9/15/2025 |   | 1,950,000 |  |   | 1,930,500 |  |   | 1,918,215 |  |   | (12,285 | ) |
| MH SUB I, LLC                                  |   | Services:  Consumer |   | Senior Secured First Lien Term Loan(6) LIBOR + 3.750%, 1.000% Floor |   | 9/13/2024 |   | 1,600,000 |  |   | 1,592,000 |  |   | 1,603,600 |  |   | 11,600 |  |
| Midwest Physician Administrative Services, LLC |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan(6) LIBOR + 7.000%, 1.000% Floor |   | 8/15/2025 |   | 3,950,000 |  |   | 3,910,500 |  |   | 3,910,500 |  |   | — |  |
| MPH Acquisition Holdings LLC                   |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan(6) LIBOR + 3.000%, 1.000% Floor |   | 6/7/2023 |   | 4,721,347 |  |   | 4,707,708 |  |   | 4,727,909 |  |   | 20,201 |  |
| Neustar, Inc.                                  |   | High Tech Industries |   | Senior Secured First Lien Term Loan(6) LIBOR + 3.750%, 1.000% Floor |   | 8/8/2024 |   | 2,000,000 |  |   | 1,990,000 |  |   | 2,016,000 |  |   | 26,000 |  |
| Neustar, Inc.                                  |   | High Tech Industries |   | Senior Secured Second Lien Term Loan(6) LIBOR + 8.000%, 1.000% Floor |   | 8/8/2025 |   | 1,000,000 |  |   | 985,000 |  |   | 1,009,060 |  |   | 24,060 |  |
| New Media Holdings II LLC                      |   | Media:  Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan(4) LIBOR + 6.250%, 1.000% Floor |   | 7/14/2022 |   | 945,201 |  |   | 947,564 |  |   | 945,201 |  |   | (2,363 | ) |
| Nine West Holdings, Inc.                       |   | Consumer Goods:  Non-durable |   | Senior Secured First Lien Term Loan(6) LIBOR + 3.750%, 1.000% Floor |   | 10/8/2019 |   | 5,758,716 |  |   | 5,744,319 |  |   | 5,151,172 |  |   | (593,148 | ) |
| Petco Animal Supplies, Inc.                    |   | Retail |   | Senior Secured First Lien Term Loan(6) LIBOR + 3.000%, 1.000% Floor |   | 1/26/2023 |   | 8,854,974 |  |   | 8,717,521 |  |   | 6,663,368 |  |   | (2,054,154 | ) |
| PetroChoice Holdings, Inc.                     |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan(5) LIBOR + 5.000%, 1.000% Floor |   | 8/22/2022 |   | 4,962,025 |  |   | 4,962,025 |  |   | 4,962,025 |  |   | — |  |
| Rough Country, LLC                             |   | Automotive |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.500%, 1.000% Floor |   | 5/25/2023 |   | 2,798,723 |  |   | 2,770,735 |  |   | 2,786,968 |  |   | 16,233 |  |
| SESAC Holdco II LLC                            |   | Media:  Broadcasting & Subscription |   | Senior Secured Second Lien Term Loan(4) LIBOR + 7.250%, 1.000% Floor |   | 2/24/2025 |   | 2,000,000 |  |   | 1,980,000 |  |   | 1,965,000 |  |   | (15,000 | ) |
| Silversea Cruise Finance Ltd.                  |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Notes(4) 7.250% |   | 2/1/2025 |   | 1,000,000 |  |   | 1,000,000 |  |   | 1,077,500 |  |   | 77,500 |  |
| Sparta Systems, Inc.                           |   | High Tech Industries |   | Senior Secured First Lien Term Loan(6) LIBOR + 4.000%, 1.000% Floor |   | 8/21/2024 |   | 5,000,000 |  |   | 4,987,500 |  |   | 5,037,500 |  |   | 50,000 |  |

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|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                     |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Notional Amount(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| Sungard Availability Services Capital Inc.     |   | Services:  Business |   | Senior Secured First Lien Term Loan(4) LIBOR + 7.000%, 1.000% Floor |   | 9/30/2021 |   | 7,989,438 |  |   | 7,956,046 |  |   | 7,330,309 |  |   | (625,737 | ) |
| TCH-2 Holdings, LLC                            |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.000%, 1.250% Floor |   | 5/6/2021 |   | 3,185,696 |  |   | 3,168,764 |  |   | 3,200,032 |  |   | 31,268 |  |
| Tensar Corporation                             |   | Capital Equipment |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.750%, 1.000% Floor |   | 7/9/2021 |   | 11,114,962 |  |   | 11,003,812 |  |   | 10,781,513 |  |   | (222,299 | ) |
| The Octave Music Group, Inc.                   |   | Media:  Diversified & Production |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.750%, 1.000% Floor |   | 5/28/2021 |   | 945,165 |  |   | 951,073 |  |   | 945,165 |  |   | (5,907 | ) |
| tronc, Inc.                                    |   | Media:  Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan(3)(4) LIBOR + 4.750%, 1.000% Floor |   | 8/4/2021 |   | 6,611,111 |  |   | 6,545,000 |  |   | 6,660,694 |  |   | 115,694 |  |
| United Road Services, Inc.                     |   | Transportation:  Cargo |   | Senior Secured First Lien Term Loan(4) LIBOR + 5.250%, 1.000% Floor |   | 9/1/2024 |   | 1,950,000 |  |   | 1,940,250 |  |   | 1,940,250 |  |   | — |  |
| US Shipping Partners LP                        |   | Transportation:  Cargo |   | Senior Secured First Lien Term Loan(4) LIBOR + 4.250%, 1.000% Floor |   | 6/26/2021 |   | 1,688,831 |  |   | 1,676,165 |  |   | 1,486,171 |  |   | (189,993 | ) |
| VCVH Holding Corp.                             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan(6) LIBOR + 5.000%, 1.000% Floor |   | 6/1/2023 |   | 987,500 |  |   | 977,625 |  |   | 991,648 |  |   | 14,023 |  |
| Veresen Midstream Limited Partnership          |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan(3)(6) LIBOR + 3.000%, 1.000% Floor |   | 3/31/2022 |   | 2,962,025 |  |   | 2,926,185 |  |   | 2,982,019 |  |   | 55,834 |  |
| Wink Holdco, Inc.                              |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan(6) LIBOR + 3.000%, 1.000% Floor |   | 12/2/2024 |   | 2,000,000 |  |   | 1,995,000 |  |   | 2,008,760 |  |   | 13,760 |  |
| Wink Holdco, Inc.                              |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan(6) LIBOR + 6.750%, 1.000% Floor |   | 12/1/2025 |   | 2,950,000 |  |   | 2,935,250 |  |   | 2,935,250 |  |   | — |  |
| Total                                          |   |   |   | $ | 176,870,551 |  |   | $ | 175,519,693 |  |   | $ | 169,673,718 |  |   | $ | (5,845,975 | ) |
| Total accrued interest income, net of expenses |   |   |   |   |   |   |   |   |   | 491,107 |  |
| Total unrealized depreciation on TRS           |   |   |   |   |   |   |   |   |   | $ | (5,354,868 | ) |

|     |                                                     |
|-----|-----------------------------------------------------|
| (1) | All investments are domiciled in the United States. |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (2) | Represents the cost of an investment in which the TRS is referenced. |

|     |                                                                         |
|-----|-------------------------------------------------------------------------|
| (3) | The investment is not a qualifying asset as defined under the 1940 Act. |

|     |                                                                                                                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The interest rate on these loans is subject to a base rate plus 1 Month (“1M”) LIBOR, which at December 31, 2017 was 1.56%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1M LIBOR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The interest rate on these loans is subject to a base rate plus 2 Month (“2M”) LIBOR, which at December 31, 2017 was 1.62%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 2M LIBOR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The interest rate on these loans is subject to a base rate plus 3 Month (“3M”) LIBOR, which at December 31, 2017 was 1.69%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 3M LIBOR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor. |

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|         |                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The “Market Approach” uses prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities, or a group of assets and liabilities, such as a business. |

|         |                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The “Income Approach” converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the Income Approach is used, the fair value measurement reflects current market expectations about those future amounts. |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | valuations of comparable public companies (“Guideline Comparable Approach”); |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | recent sales of private and public comparable companies (“Guideline Comparable Approach”); |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | recent acquisition prices of the company, debt securities or equity securities (“Recent Arms-length Transaction”); |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | external valuations of the portfolio company, offers from third parties to buy the company (“Estimated Sales Proceeds Approach”); |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | subsequent sales made by the company of its investments (“Expected Sales Proceeds Approach”); and |

|         |                                           |
|---------|-------------------------------------------|
| • | estimating the value to potential buyers. |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | discounting the forecasted cash flows of the portfolio company or securities (“Discounted Cash Flow” or “DCF” Approach); and |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Black-Scholes model or simulation models or a combination thereof (Income Approach – Option Model) with respect to the valuation of warrants. |

|         |                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|
| • | the quarterly valuation process begins with each portfolio investment being initially valued by the Company's valuation professionals; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | preliminary valuation conclusions are then documented and discussed with senior management; and |

|         |                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an independent valuation firm engaged by the Company’s board of directors prepares an independent valuation report for approximately one-third of the portfolio investments each quarter on a rotating quarterly basis on non- |

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|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | management reviews preliminary valuations and its own independent assessment; |

|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the independent audit committee of the Company’s board of directors reviews the preliminary valuations of senior management and independent valuation firms; and |

|         |                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the Company’s board of directors discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the input of SIC Advisors, the respective independent valuation firms and the audit committee. |

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|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         |   | Six Months Ended June 30, 2018 |   | Six Months Ended June 30, 2017 |
| Source of Distribution       |   | DistributionAmount |   | Percentage |   | DistributionAmount |   | Percentage |
| Ordinary income              |   | $ | 31,076,562 |  |   | 100.0 | % |   | $ | 30,665,819 |  |   | 100.0 | % |
| Net realized gain            |   | — |  |   | — |  |   | — |  |   | — |  |
| Return of capital            |   | — |  |   | — |  |   | — |  |   | — |  |
| Distributions on a tax basis |   | $ | 31,076,562 |  |   | 100.0 | % |   | $ | 30,665,819 |  |   | 100.0 | % |

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|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Senior secured first lien term loans  | $ | 563,597,680 |  |   | 53.2 | % |   | $ | 511,016,131 |  |   | 51.5 | % |
| Senior secured second lien term loans | 196,298,014 |  |   | 18.5 |  |   | 193,608,061 |  |   | 19.5 |  |
| Senior secured first lien notes       | 44,965,188 |  |   | 4.2 |  |   | 43,296,963 |  |   | 4.4 |  |
| Subordinated notes                    | 80,001,293 |  |   | 7.6 |  |   | 78,419,510 |  |   | 7.9 |  |
| Sierra Senior Loan Strategy JV I LLC  | 87,500,000 |  |   | 8.3 |  |   | 85,151,762 |  |   | 8.6 |  |
| Equity/warrants                       | 86,459,606 |  |   | 8.2 |  |   | 79,917,602 |  |   | 8.1 |  |
| Total                                 | $ | 1,058,821,781 |  |   | 100.0 | % |   | $ | 991,410,029 |  |   | 100.0 | % |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Senior secured first lien term loans  | $ | 609,837,869 |  |   | 54.0 | % |   | $ | 569,902,295 |  |   | 53.6 | % |
| Senior secured second lien term loans | 43,955,411 |  |   | 3.9 |  |   | 42,758,067 |  |   | 4.0 |  |
| Senior secured first lien notes       | 251,114,921 |  |   | 22.2 |  |   | 231,837,616 |  |   | 21.8 |  |
| Subordinated notes                    | 74,598,558 |  |   | 6.6 |  |   | 74,341,284 |  |   | 7.0 |  |
| Sierra Senior Loan Strategy JV I LLC  | 79,816,250 |  |   | 7.1 |  |   | 79,515,513 |  |   | 7.5 |  |
| Equity/warrants                       | 70,305,798 |  |   | 6.2 |  |   | 65,754,315 |  |   | 6.2 |  |
| Total                                 | $ | 1,129,628,807 |  |   | 100.0 | % |   | $ | 1,064,109,090 |  |   | 100.0 | % |

----

Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industry Classification                        |   | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Multi-Sector Holdings                          |   | $ | 167,501,294 |  |   | 15.8 | % |   | $ | 163,571,272 |  |   | 16.5 | % |
| Services:  Business                       |   | 163,875,384 |  |   | 15.5 | % |   | 159,667,789 |  |   | 16.1 | % |
| Healthcare & Pharmaceuticals               |   | 91,655,159 |  |   | 8.7 | % |   | 80,678,571 |  |   | 8.1 | % |
| High Tech Industries                           |   | 68,297,284 |  |   | 6.5 | % |   | 67,362,442 |  |   | 6.8 | % |
| Banking, Finance, Insurance & Real Estate  |   | 58,971,427 |  |   | 5.6 | % |   | 59,192,405 |  |   | 6.0 | % |
| Aerospace & Defense                        |   | 53,760,844 |  |   | 5.1 | % |   | 53,841,148 |  |   | 5.4 | % |
| Construction & Building                    |   | 51,222,874 |  |   | 4.8 | % |   | 50,940,110 |  |   | 5.1 | % |
| Wholesale                                      |   | 50,009,308 |  |   | 4.7 | % |   | 49,667,270 |  |   | 5.0 | % |
| Hotel, Gaming & Leisure                    |   | 58,765,348 |  |   | 5.6 | % |   | 39,059,228 |  |   | 3.9 | % |
| Automotive                                     |   | 33,839,663 |  |   | 3.2 | % |   | 33,500,486 |  |   | 3.4 | % |
| Transportation:  Cargo                    |   | 26,473,039 |  |   | 2.5 | % |   | 26,403,366 |  |   | 2.7 | % |
| Energy:  Oil & Gas                    |   | 32,088,716 |  |   | 3.0 | % |   | 24,269,991 |  |   | 2.4 | % |
| Media:  Advertising, Printing & Publishing |   | 22,631,774 |  |   | 2.1 | % |   | 22,114,347 |  |   | 2.2 | % |
| Containers, Packaging & Glass              |   | 21,724,699 |  |   | 2.1 | % |   | 20,910,597 |  |   | 2.1 | % |
| Chemicals, Plastics & Rubber               |   | 20,904,983 |  |   | 2.0 | % |   | 20,904,983 |  |   | 2.1 | % |
| Retail                                         |   | 18,148,511 |  |   | 1.7 | % |   | 18,057,927 |  |   | 1.8 | % |
| Capital Equipment                              |   | 15,242,010 |  |   | 1.4 | % |   | 15,223,231 |  |   | 1.5 | % |
| Media:  Diversified & Production           |   | 15,247,000 |  |   | 1.4 | % |   | 13,559,104 |  |   | 1.4 | % |
| Metals & Mining                            |   | 19,993,817 |  |   | 1.9 | % |   | 11,401,865 |  |   | 1.2 | % |
| Media:  Broadcasting & Subscription   |   | 15,967,156 |  |   | 1.5 | % |   | 10,647,788 |  |   | 1.1 | % |
| Services:  Consumer                       |   | 10,617,959 |  |   | 1.0 | % |   | 9,675,725 |  |   | 1.0 | % |
| Transportation:  Consumer                 |   | 8,749,622 |  |   | 0.8 | % |   | 8,749,622 |  |   | 0.9 | % |
| Consumer Goods:  Durable                  |   | 7,700,000 |  |   | 0.7 | % |   | 7,700,000 |  |   | 0.8 | % |
| Beverage & Food                            |   | 6,966,193 |  |   | 0.7 | % |   | 6,996,530 |  |   | 0.7 | % |
| Consumer Goods:  Non-durable              |   | 6,654,167 |  |   | 0.6 | % |   | 5,502,146 |  |   | 0.6 | % |
| Environmental Industries                       |   | 4,819,237 |  |   | 0.5 | % |   | 4,819,237 |  |   | 0.5 | % |
| Forest Products & Paper                    |   | 3,692,848 |  |   | 0.3 | % |   | 3,692,848 |  |   | 0.4 | % |
| Telecommunications                             |   | 3,301,465 |  |   | 0.3 | % |   | 3,300,000 |  |   | 0.3 | % |
| Total                                          |   | $ | 1,058,821,781 |  |   | 100.0 | % |   | $ | 991,410,029 |  |   | 100.0 | % |

----

Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industry Classification                        |   | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Multi-Sector Holdings                          |   | $ | 154,414,808 |  |   | 13.7 | % |   | $ | 153,856,797 |  |   | 14.4 | % |
| Services:  Business                       |   | 148,161,667 |  |   | 13.1 |  |   | 146,953,643 |  |   | 13.8 |  |
| Healthcare & Pharmaceuticals               |   | 97,232,777 |  |   | 8.6 |  |   | 91,755,106 |  |   | 8.6 |  |
| High Tech Industries                           |   | 75,090,922 |  |   | 6.6 |  |   | 72,406,421 |  |   | 6.8 |  |
| Aerospace & Defense                        |   | 66,311,880 |  |   | 5.9 |  |   | 66,643,836 |  |   | 6.3 |  |
| Banking, Finance, Insurance & Real Estate  |   | 63,803,867 |  |   | 5.6 |  |   | 63,954,055 |  |   | 6.0 |  |
| Chemicals, Plastics & Rubber               |   | 21,166,845 |  |   | 1.9 |  |   | 21,154,595 |  |   | 2.0 |  |
| Construction & Building                    |   | 53,442,004 |  |   | 4.7 |  |   | 53,936,884 |  |   | 5.1 |  |
| Hotel, Gaming & Leisure                    |   | 67,502,603 |  |   | 6.0 |  |   | 44,379,508 |  |   | 4.2 |  |
| Transportation:  Cargo                    |   | 36,257,578 |  |   | 3.2 |  |   | 36,660,325 |  |   | 3.4 |  |
| Energy:  Oil & Gas                    |   | 36,199,596 |  |   | 3.2 |  |   | 34,983,825 |  |   | 3.3 |  |
| Beverage & Food                            |   | 31,534,581 |  |   | 2.8 |  |   | 31,625,675 |  |   | 3.0 |  |
| Telecommunications                             |   | 26,007,433 |  |   | 2.3 |  |   | 25,579,647 |  |   | 2.4 |  |
| Media:  Advertising, Printing & Publishing |   | 24,694,311 |  |   | 2.2 |  |   | 24,692,940 |  |   | 2.3 |  |
| Containers, Packaging & Glass              |   | 22,128,033 |  |   | 2.0 |  |   | 22,128,034 |  |   | 2.1 |  |
| Metals & Mining                            |   | 21,202,310 |  |   | 1.9 |  |   | 21,202,310 |  |   | 2.0 |  |
| Retail                                         |   | 27,846,032 |  |   | 2.5 |  |   | 19,931,113 |  |   | 1.9 |  |
| Automotive                                     |   | 36,186,832 |  |   | 3.2 |  |   | 16,154,337 |  |   | 1.5 |  |
| Capital Equipment                              |   | 14,730,032 |  |   | 1.3 |  |   | 14,726,702 |  |   | 1.4 |  |
| Media:  Diversified & Production           |   | 15,247,000 |  |   | 1.3 |  |   | 14,471,721 |  |   | 1.4 |  |
| Media:  Broadcasting & Subscription   |   | 15,918,385 |  |   | 1.4 |  |   | 13,438,549 |  |   | 1.3 |  |
| Wholesale                                      |   | 47,212,500 |  |   | 4.2 |  |   | 47,202,110 |  |   | 4.4 |  |
| Services:  Consumer                       |   | 9,497,960 |  |   | 0.8 |  |   | 8,631,158 |  |   | 0.8 |  |
| Transportation:  Consumer                 |   | 7,614,095 |  |   | 0.7 |  |   | 7,614,095 |  |   | 0.7 |  |
| Consumer Goods:  Non-durable              |   | 6,166,667 |  |   | 0.5 |  |   | 5,942,867 |  |   | 0.5 |  |
| Environmental Industries                       |   | 4,058,089 |  |   | 0.4 |  |   | 4,082,837 |  |   | 0.4 |  |
| Total                                          |   | $ | 1,129,628,807 |  |   | 100.0 | % |   | $ | 1,064,109,090 |  |   | 100.0 | % |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|           |   | June 30, 2018 |   | December 31, 2017 |
| Geography      |   | Fair Value |   | Percentage |   | Fair Value |   | Percentage |
| United States  |   | $ | 908,664,640 |  |   | 91.6 | % |   | $ | 985,247,246 |  |   | 92.6 | % |
| Cayman Islands |   | 78,419,510 |  |   | 8.0 |  |   | 74,341,284 |  |   | 7.0 |  |
| Canada         |   | 4,325,879 |  |   | 0.4 |  |   | 4,520,560 |  |   | 0.4 |  |
| Total          |   | $ | 991,410,029 |  |   | 100.0 | % |   | $ | 1,064,109,090 |  |   | 100.0 | % |

----

Table of Contents

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Name of Investment(3)                   |   | Type of Investment |   | Fair Value at December 31, 2017 |   | Purchases/(Sales)of Investments |   | TransfersIn/(Out)of Investments |   | Net change inunrealizedappreciation/(depreciation) |   | Realized Gain/(Loss) |   | Fair Value at June 30, 2018 |   | IncomeEarned |
| 1888 Industrial Services, LLC           |   | Senior Secured First Lien Term Loan |   | $ | 188,669 |  |   | $ | 880,455 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 1,069,124 |  |   | $ | 20,178 |  |
|                                    |   | Senior Secured First Lien Term Loan |   | 3,144,481 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 3,144,481 |  |   | 110,574 |  |
|                                    |   | Senior Secured First Lien Term Loan |   | 7,078,964 |  |   | 450,275 |  |   | — |  |   | (800,634 | ) |   | — |  |   | 6,728,605 |  |   | 368,665 |  |
|                                    |   |  Membership Units |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Access Media Holdings, LLC              |   | Senior Secured First Lien Term Loan |   | 7,390,587 |  |   | 31,820 |  |   | — |  |   | (2,280,614 | ) |   | — |  |   | 5,141,793 |  |   | — |  |
|                                    |   | Common Stock |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Preferred Equity |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Preferred Equity |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Preferred Equity |   | 130,200 |  |   | 226,800 |  |   | — |  |   | (434,000 | ) |   | — |  |   | (77,000 | ) |   | — |  |
| Capstone Nutrition                      |   | Senior Secured First Lien Term Loan |   | 12,042,301 |  |   | — |  |   | — |  |   | (2,924,653 | ) |   | — |  |   | 9,117,648 |  |   | — |  |
|                                    |   | Senior Secured First Lien Term Loan |   | 5,210,693 |  |   | — |  |   | — |  |   | (1,265,494 | ) |   | — |  |   | 3,945,199 |  |   | — |  |
|                                    |   | Senior Secured First Lien Term Loan |   | — |  |   | 1,617,800 |   | — |  |   | — |  |   | — |  |   | 1,617,800 |  |   | — |  |
|                                    |   | Common Stock |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Common Stock |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Common Stock |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Charming Charlie LLC                    |   | Senior Secured First Lien Term Loan |   | — |  |   | 2,470,184 |  |   | — |  |   | (35,167 | ) |   | — |  |   | 2,435,017 |  |   | 85,265 |  |
|                                    |   | Senior Secured First Lien Term Loan |   | — |  |   | 3,043,620 |  |   | — |  |   | — |  |   | — |  |   | 3,043,620 |  |   | 82,552 |  |
|                                    |   | Common Stock |   |   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| MCM 500 East Pratt Holdings, LLC        |   | Equity |   | 455,871 |  |   | 4,544,129 |  |   | — |  |   | — |  |   | — |  |   | 5,000,000 |  |   | 188,575 |  |
| MCM Capital Office Park Holdings LLC    |   | Equity |   | 7,500,000 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 7,500,000 |  |   | 194,805 |  |
| Medley Chiller Holdings LLC             |   | Equity |   | — |  |   | 8,627,500 |  |   | — |  |   | (128,614 | ) |   | — |  |   | 8,498,886 |  |   | — |  |
| Nomida LLC(1)                           |   | Senior Secured First Lien Term Loan |   | 2,935,000 |  |   | (2,935,000 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | 71,564 |  |
|                                    |   | Equity |   | 5,400,000 |  |   | (606,000 | ) |   | — |  |   | (504,000 | ) |   | — |  |   | 4,290,000 |  |   | — |  |
| Sierra Senior Loan Strategy JV I LLC(2) |   | Equity |   | 79,515,513 |  |   | 7,683,750 |  |   | — |  |   | (2,047,501 | ) |   | — |  |   | 85,151,762 |  |   | 3,937,500 |  |
| TwentyEighty, Inc.                      |   | Senior Secured First Lien Term Loan |   | 5,501,849 |  |   | 379,928 |  |   | — |  |   | (192,705 | ) |   | — |  |   | 5,689,072 |  |   | 280,270 |  |
|                                    |   | Senior Secured First Lien Term Loan |   | 6,696,055 |  |   | 137,785 |  |   | — |  |   | (89,523 | ) |   | — |  |   | 6,744,317 |  |   | 270,794 |  |
|                                    |   | Senior Secured First Lien Term Loan |   | 3,098,085 |  |   | (688,902 | ) |   | — |  |   | (3,002 | ) |   | — |  |   | 2,406,181 |  |   | 1,184 |  |
|                                    |   | Senior Secured First Lien Term Loan |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 140,655 |  |
|                                    |   | Equity |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                                   |   |   |   | $ | 146,288,268 |  |   | $ | 25,864,144 |  |   | $ | — |  |   | $ | (10,705,907 | ) |   | $ | — |  |   | $ | 161,446,505 |  |   | $ | 5,752,581 |  |

----

Table of Contents

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Name of Investment(3)                   |   | Type of Investment |   | Fair Value atDecember 31,2016 |   | Purchases/(Sales)of Investments |   | TransfersIn/(Out)of Investments |   | Net change inunrealizedappreciation/(depreciation) |   | Realized Gain/(Loss) |   | Fair Value atJune 30,2017 |   | IncomeEarned |
| Access Media Holdings, LLC              |   | Senior Secured First Lien Term Loan |   | $ | — |  |   | $ | 415,382 |  |   | $ | 9,073,514 |  |   | $ | (2,100,000 | ) |   | $ | — |  |   | $ | 7,388,896 |  |   | $ | 356,596 |  |
|                                    |   | Common Stock |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Preferred Equity |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Preferred Equity |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Capstone Nutrition                      |   | Senior Secured First Lien Term Loan |   | 16,246,819 |  |   | (281,770 | ) |   | — |  |   | 3,225,808 |  |   | — |  |   | 19,190,857 |  |   | — |  |
|                                    |   | Common Stock |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Common Stock |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Common Stock |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| MCM Capital Office Park Holdings LLC    |   | Equity |   | 7,500,000 |  |   | (311,688 | ) |   | — |  |   | — |  |   | — |  |   | 7,188,312 |  |   | — |  |
| Nomida LLC(1)                           |   | Senior Secured First Lien Term Loan |   | 8,100,000 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 8,100,000 |  |   | 407,250 |  |
|                                    |   | Equity |   | 5,400,000 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 5,400,000 |  |   | — |  |
| Sierra Senior Loan Strategy JV I LLC(2) |   | Equity |   | 60,496,647 |  |   | 12,206,250 |  |   | — |  |   | (907,217 | ) |   | — |  |   | 71,795,680 |  |   | 3,500,000 |  |
| TwentyEighty, Inc.                      |   | Senior Secured First Lien Term Loan |   | — |  |   | 14,738,004 |  |   | — |  |   | (93,159 | ) |   | — |  |   | 14,644,845 |  |   | 547,465 |  |
|                                    |   | Senior Secured First Lien Term Loan |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Senior Secured First Lien Term Loan |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
|                                    |   | Equity |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                                   |   |   |   | $ | 97,743,466 |  |   | $ | 26,766,178 |  |   | $ | 9,073,514 |  |   | $ | 125,432 |  |   | $ | — |  |   | $ | 133,708,590 |  |   | $ | 4,811,311 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Nomida, LLC ("Nomida") is a non-public real estate investment formed by the Company to purchase and develop a residential property. The Company is the sole equity shareholder of Nomida and has provided 100% of the debt financing to the entity. The Company is Nomida’s sole member responsible for Nomida’s daily operations. In addition, the Chief Financial Officer and Secretary of the Company also serves as President of Nomida. The assets of Nomida are comprised of a residential development property in the city of Chicago, IL and the proceeds of the loan from the Company; the liabilities of Nomida consist of the loan payable to the Company. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The Company and Great American Life Insurance Company ("GALIC") are the members of Sierra Senior Loan Strategy JV I LLC ("Sierra JV"), a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of an equal number of members appointed by each of the Company and GALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and GALIC. Because management of Sierra JV is shared equally between the Company and GALIC, the Company does not have operational control over the Sierra JV for purposes of the 1940 Act or otherwise. |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| (3) | The par amount and additional detail are shown in the consolidated schedule of investments. |

----

Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |
|                                                              | June 30, 2018 |   | December 31, 2017 |
| Senior secured loans(1)                                           | $ | 300,072,363 |  |   | $ | 262,812,353 |  |
| Weighted average current interest rate on senior secured loans(2) | 7.16 | % |   | 6.88 | % |
| Number of borrowers in the Sierra JV                              | 55 |  |   | 52 |  |
| Investments at fair value                                         | $ | 292,277,414 |  |   | $ | 257,714,909 |  |
| Largest loan to a single borrower(1)                              | $ | 11,173,572 |  |   | $ | 11,289,143 |  |
| Total of five largest loans to borrowers(1)                       | $ | 50,430,173 |  |   | $ | 47,048,607 |  |

|     |               |
|-----|---------------|
| (1) | At par value. |

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Computed as the (a) annual stated interest rate on accruing senior secured loans, divided by (b) total senior secured loans at principal amount. |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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% Cash, 1.00% LIBOR Floor (2) |   | 6/7/2022 |   | $ | 11,173,572 |  |   | $ | 11,173,572 |  |   | $ | 11,173,572 |  |
| Acrisure, LLC                    |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan  LIBOR + 4.25% Cash, 1.00% LIBOR Floor (4) |   | 11/22/2023 |   | 6,719,050 |  |   | 6,733,824 |  |   | 6,686,236 |  |
| Associated Asphalt Partners, LLC |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 5.25% Cash, 1.00% LIBOR Floor (2) |   | 4/5/2024 |   | 988,929 |  |   | 984,844 |  |   | 963,414 |  |
| Avantor, Inc.                    |   | Wholesale |   | Senior Secured First Lien Term Loan  LIBOR + 4.00% Cash, 1.00% LIBOR Floor (2) |   | 11/21/2024 |   | 6,542,125 |  |   | 6,452,193 |  |   | 6,569,602 |  |
| Blount International, Inc.       |   | Capital Equipment |   | Senior Secured First Lien Term Loan  LIBOR + 4.25% Cash, 1.00% LIBOR Floor (2) |   | 4/12/2023 |   | 2,369,063 |  |   | 2,363,860 |  |   | 2,369,063 |  |
| Canyon Valor Companies, Inc.     |   | Media: Diversified & Production |   | Senior Secured First Lien Term Loan  LIBOR + 3.25% Cash, 1.00% LIBOR Floor (4) |   | 6/16/2023 |   | 953,853 |  |   | 951,827 |  |   | 956,237 |  |
| Cardenas Markets LLC             |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 5.75% Cash, 1.00% LIBOR Floor (2) |   | 11/29/2023 |   | 6,402,500 |  |   | 6,352,953 |  |   | 6,366,006 |  |
| CD&R TZ Purchaser, Inc.      |   | Services: Consumer |   | Senior Secured First Lien Term Loan  LIBOR + 6.00% Cash, 1.00% LIBOR Floor (4) |   | 7/21/2023 |   | 6,382,772 |  |   | 6,313,124 |  |   | 6,304,264 |  |
| CHA Consulting, Inc.             |   | Construction & Building |   | Senior Secured First Lien Term Loans LIBOR + 4.50% Cash, 1.00% LIBOR Floor (4) |   | 4/10/2025 |   | 2,875,000 |  |   | 2,861,076 |  |   | 2,860,625 |  |
| Covenant Surgical Partners, Inc. |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 4.75% Cash,(4)(9)  |   | 10/4/2024 |   | 9,032,013 |  |   | 9,009,633 |  |   | 9,019,368 |  |
| CP Opco, LLC                     |   | Services: Business |   | Common Units (10) |   |   |   | — |  |   | — |  |   | — |  |
| CP Opco, LLC                     |   | Services: Business |   | Senior Secured First Lien Term Loan  Base Rate + 5.50% , PIK (4)(6)(7)  |   | 4/1/2019 |   | 394,164 |  |   | 355,849 |  |   | 68,821 |  |

----

Table of Contents

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                                     |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| CP Opco, LLC                                |   | Services: Business |   | Senior Secured First Lien Term Loan  Base Rate + 8.50% (4)(6)(7) |   | 4/1/2019 |   | 2,943,889 |  |   | 1,195,026 |  |   | — |  |
| CP Opco, LLC                                |   | Services: Business |   | Senior Secured First Lien Term Loan Base Rate + 7.00%, PIK (4)(6)(7)  |   | 4/1/2019 |   | 1,730,483 |  |   | — |  |   | — |  |
| CSP Technologies North America, LLC         |   | Containers, Packaging and Glass |   | Senior Secured First Lien Term Loan  LIBOR + 5.25% Cash, 1.00% LIBOR Floor (4) |   | 1/31/2022 |   | 4,682,759 |  |   | 4,682,759 |  |   | 4,682,759 |  |
| CT Technologies Intermediate Holdings, Inc. |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 4.25% Cash, 1.00% LIBOR Floor (2) |   | 12/1/2021 |   | 4,185,842 |  |   | 4,072,030 |  |   | 4,049,802 |  |
| DigiCert, Inc.                              |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 4.75% Cash, 1.00% LIBOR Floor (2) |   | 10/31/2024 |   | 4,488,750 |  |   | 4,468,297 |  |   | 4,482,017 |  |
| Elite Comfort Solutions LLC                 |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan  LIBOR + 6.50% Cash, 1.00% LIBOR Floor (4) |   | 1/15/2021 |   | 9,305,593 |  |   | 9,305,593 |  |   | 9,305,593 |  |
| Evo Payments International, LLC             |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan  LIBOR + 3.25% Cash, 1.00% LIBOR Floor (4) |   | 12/22/2023 |   | 7,499,538 |  |   | 7,492,643 |  |   | 7,499,538 |  |
| GK Holdings, Inc.                           |   | Services: Business |   | Senior Secured First Lien Term Loan  LIBOR + 6.00% Cash, 1.00% LIBOR Floor (4) |   | 1/20/2021 |   | 3,967,625 |  |   | 3,955,430 |  |   | 3,576,020 |  |
| Glass Mountain Pipeline Holdings, LLC       |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan  LIBOR + 4.50% Cash, 1.00% LIBOR Floor (4) |   | 12/23/2024 |   | 4,962,563 |  |   | 4,945,281 |  |   | 4,962,563 |  |
| Golden West Packaging Group LLC             |   | Forest Products & Paper |   | Senior Secured First Lien Term Loan  LIBOR + 5.25% Cash, 1.00% LIBOR Floor (2) |   | 6/20/2023 |   | 10,718,357 |  |   | 10,718,357 |  |   | 10,718,357 |  |
| High Ridge Brands Co.                       |   | Consumer Goods - Non-Durable |   | Senior Secured First Lien Term Loan  LIBOR + 5.25% Cash, 1.00% LIBOR Floor (4) |   | 6/30/2022 |   | 3,062,500 |  |   | 3,030,647 |  |   | 2,850,575 |  |
| Highline Aftermarket Acquisitions, LLC      |   | Automotive |   | Senior Secured First Lien Term Loan  LIBOR + 3.50% Cash, 1.00% LIBOR Floor (4) |   | 4/26/2025 |   | 7,000,000 |  |   | 6,978,313 |  |   | 6,982,500 |  |
| Imagine! Print Solutions, LLC               |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan  LIBOR + 4.75% Cash, 1.00% LIBOR Floor (2) |   | 6/21/2022 |   | 7,900,000 |  |   | 7,837,413 |  |   | 7,533,440 |  |
| InfoGroup, Inc                              |   | Services: Business |   | Senior Secured First Lien Term Loan  LIBOR + 5.00% Cash, 1.00% LIBOR Floor (4) |   | 4/3/2023 |   | 4,937,500 |  |   | 4,898,055 |  |   | 4,848,131 |  |
| Isagenix International, LLC                 |   | Consumer Goods - Durable |   | Senior Secured First Lien Term Loans LIBOR + 5.750%, 1.000% Floor (4) |   | 6/16/2025 |   | 2,975,000 |  |   | 2,958,266 |  |   | 2,975,000 |  |
| Jackson Hewitt Tax Services Inc.            |   | Services: Consumer |   | Senior Secured First Lien Term Loans LIBOR + 6.25% Cash, 1.00% LIBOR Floor (2) |   | 4/20/2023 |   | 6,000,000 |  |   | 6,000,000 |  |   | 6,000,000 |  |
| Keystone Acquisition Corp.                  |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 5.25% Cash, 1.00% LIBOR Floor (4) |   | 5/1/2024 |   | 6,241,305 |  |   | 6,142,885 |  |   | 6,228,823 |  |
| KNB Holdings Corporation                    |   | Consumer Goods: Durable |   | Senior Secured First Lien Term Loan  LIBOR + 5.50% Cash, 1.00% LIBOR Floor (4) |   | 4/26/2024 |   | 5,031,606 |  |   | 4,947,825 |  |   | 4,962,673 |  |
| LegalZoom.com, Inc.                         |   | Services: Business |   | Senior Secured First Lien Term Loan  LIBOR + 4.50% Cash, 1.00% LIBOR Floor (2) |   | 11/21/2024 |   | 1,989,893 |  |   | 1,971,653 |  |   | 1,956,264 |  |
| LifeMiles Ltd.                              |   | Services: Consumer |   | Senior Secured First Lien Term Loan  LIBOR + 5.50% Cash, 1.00% LIBOR Floor (4) |   | 8/18/2022 |   | 5,573,718 |  |   | 5,548,547 |  |   | 5,657,324 |  |
| Shift4 Payments, LLC                        |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan  LIBOR + 4.50% Cash, 1.00% LIBOR Floor (2) |   | 11/29/2024 |   | 9,950,000 |  |   | 9,904,287 |  |   | 9,950,000 |  |
| Loparex International B.V.                  |   | Metals & Mining |   | Senior Secured First Lien Term Loans LIBOR + 4.25% Cash, 1.00% LIBOR Floor (4) |   | 4/11/2025 |   | 7,500,000 |  |   | 7,463,646 |  |   | 7,462,500 |  |
| Manna Pro Products, LLC                     |   | Consumer Goods - Non-Durable |   | Senior Secured First Lien Term Loan  LIBOR + 6.00% Cash, 1.00% LIBOR Floor (2)(9) |   | 12/8/2023 |   | 3,444,083 |  |   | 3,444,083 |  |   | 3,414,464 |  |

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Table of Contents

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                              |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| New Media Holdings II LLC            |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan  LIBOR + 6.25% Cash, 1.00% LIBOR Floor (2) |   | 7/14/2022 |   | 5,427,056 |  |   | 5,416,173 |  |   | 5,427,056 |  |
| Northern Star Industries, Inc.       |   | Capital Equipment |   | Senior Secured First Lien Term Loans LIBOR + 4.75% Cash, 1.00% LIBOR Floor (4) |   | 3/28/2025 |   | 4,239,375 |  |   | 4,218,895 |  |   | 4,218,178 |  |
| Peraton Corp.                        |   | Aerospace and Defense |   | Senior Secured First Lien Term Loan  LIBOR + 5.25% Cash, 1.00% LIBOR Floor (2) |   | 4/29/2024 |   | 4,950,000 |  |   | 4,929,310 |  |   | 4,914,855 |  |
| PetroChoice Holdings, Inc.           |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan  LIBOR + 5.00% Cash, 1.00% LIBOR Floor (2) |   | 8/22/2022 |   | 4,924,051 |  |   | 4,924,051 |  |   | 4,924,051 |  |
| Port Townsend Holdings Company, Inc. |   | Forest Products & Paper |   | Senior Secured First Lien Term Loans LIBOR + 4.75% Cash, 1.00% LIBOR Floor (2) |   | 4/3/2024 |   | 6,830,625 |  |   | 6,764,268 |  |   | 6,762,319 |  |
| PT Network, LLC                      |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 5.50% Cash, 1.00% LIBOR Floor (4) |   | 11/30/2021 |   | 4,457,666 |  |   | 4,457,666 |  |   | 4,439,836 |  |
| Sierra Enterprises, LLC              |   | Beverage & Food |   | Senior Secured First Lien Term Loans LIBOR + 3.50% Cash, 1.00% LIBOR Floor (2) |   | 11/11/2024 |   | 6,225,023 |  |   | 6,204,875 |  |   | 6,217,553 |  |
| Rough Country, LLC                   |   | Automotive |   | Senior Secured First Lien Term Loan  LIBOR + 3.75% Cash, 1.00% LIBOR Floor (2) |   | 5/25/2023 |   | 9,282,651 |  |   | 9,241,935 |  |   | 9,236,238 |  |
| Safe Fleet Holdings LLC              |   | Automotive |   | Senior Secured First Lien Term Loan  LIBOR + 3.00% Cash, 1.00% LIBOR Floor (2) |   | 2/3/2025 |   | 3,466,313 |  |   | 3,458,151 |  |   | 3,448,981 |  |
| Salient CRGT Inc.                    |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 5.75% Cash, 1.00% LIBOR Floor (2) |   | 2/28/2022 |   | 4,660,714 |  |   | 4,591,794 |  |   | 4,642,071 |  |
| SCS Holdings I Inc.                  |   | Wholesale |   | Senior Secured First Lien Term Loan  LIBOR + 4.25% Cash, 1.00% LIBOR Floor (2) |   | 10/31/2022 |   | 7,830,613 |  |   | 7,796,640 |  |   | 7,830,613 |  |
| Starfish Holdco, LLC                 |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 5.00% Cash, 1.00% LIBOR Floor (2) |   | 8/16/2024 |   | 3,965,013 |  |   | 3,929,951 |  |   | 3,967,392 |  |
| Syniverse Holdings, Inc.             |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 5.00% Cash, 1.00% LIBOR Floor (2) |   | 3/9/2023 |   | 4,987,500 |  |   | 4,939,730 |  |   | 4,975,530 |  |
| The Garretson Resolution Group, Inc. |   | Services: Business |   | Senior Secured First Lien Term Loan  LIBOR + 6.50% Cash, 1.00% LIBOR Floor (4) |   | 5/24/2021 |   | 4,687,500 |  |   | 4,687,500 |  |   | 3,850,781 |  |
| The KeyW Corporation                 |   | Aerospace and Defense |   | Senior Secured First Lien Term Loans LIBOR + 4.50% Cash, 1.00% LIBOR Floor (2) |   | 5/8/2024 |   | 3,500,000 |  |   | 3,482,797 |  |   | 3,482,500 |  |
| The Octave Music Group, Inc.         |   | Media: Diversified & Production |   | Senior Secured First Lien Term Loan  LIBOR + 4.75% Cash, 1.00% LIBOR Floor (2) |   | 5/28/2021 |   | 4,936,387 |  |   | 4,936,387 |  |   | 4,929,969 |  |
| ThoughtWorks, Inc.                   |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 4.00% Cash, 1.00% LIBOR Floor (2) |   | 10/11/2024 |   | 5,000,000 |  |   | 4,986,129 |  |   | 4,975,000 |  |
| Tortoise Borrower LLC                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan  LIBOR + 4.00% Cash, 1.00% LIBOR Floor (2) |   | 1/31/2025 |   | 2,468,813 |  |   | 2,457,191 |  |   | 2,481,897 |  |
| United Road Services, Inc            |   | Transportation: Cargo |   | Senior Secured First Lien Term Loan  LIBOR + 5.25% Cash, 1.00% LIBOR Floor (2) |   | 9/1/2024 |   | 3,910,000 |  |   | 3,892,352 |  |   | 3,924,858 |  |
| Valence Surface Technologies, Inc.   |   | Aerospace and Defense |   | Senior Secured First Lien Term Loan  LIBOR + 5.50% Cash, 1.00% LIBOR Floor (4) |   | 6/13/2019 |   | 4,108,107 |  |   | 4,099,740 |  |   | 4,108,107 |  |
| Verscend Holding Corp.               |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 5.00% Cash, 1.00% LIBOR Floor (4) |   | 6/1/2023 |   | 5,520,587 |  |   | 5,481,111 |  |   | 5,582,418 |  |
| Xebec Global Holdings, LLC           |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 5.50% Cash, 1.00% LIBOR Floor (4) |   | 2/12/2024 |   | 6,982,500 |  |   | 6,982,500 |  |   | 6,982,500 |  |
| Z Gallerie, LLC                      |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 6.50% Cash, 1.00% LIBOR Floor (2) |   | 10/8/2020 |   | 4,810,328 |  |   | 4,810,328 |  |   | 4,559,228 |  |

----

Table of Contents

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company       |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| Z-Medica, LLC |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 5.50% Cash, 1.00% LIBOR Floor (4) |   | 9/29/2022 |   | 2,977,500 |  |   | 2,977,500 |  |   | 2,959,933 |  |
| Total         |   |   |   |   |   |   |   | $ | 300,072,363 |  |   | $ | 295,180,765 |  |   | $ | 292,277,414 |  |

|     |                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents the fair value in accordance with ASC 820 as determined by the board of managers of Sierra JV. The approval of the fair value of the portfolio investments held by Sierra JV is not included in the valuation process of the Company's board of directors described elsewhere herein. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The interest rate on these loans is subject to a base rate plus 1 Month (“1M”) LIBOR, which at June 30, 2018 was 2.09%. The interest rate is subject to a minimum LIBOR floor. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The interest rate on these loans is subject to a base rate plus 2 Month (“2M”) LIBOR, which at June 30, 2018 was 2.17%. The interest rate is subject to a minimum LIBOR floor. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The interest rate on these loans is subject to a base rate plus 3 Month (“3M”) LIBOR, which at June 30, 2018 was 2.34%. The interest rate is subject to a minimum LIBOR floor. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The interest rate on these loans is subject to a base rate plus 6 Month (“6M”) LIBOR, which at June 30, 2018 was 2.50%. The interest rate is subject to a minimum LIBOR floor. |

|     |                                                                    |
|-----|--------------------------------------------------------------------|
| (6) | The investment was on non-accrual status as of June 30, 2018. |

|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (7) | Par amount includes accumulated paid-in-kind ("PIK") interest and is net of repayments. |

|     |                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The interest rate on these loans is subject to an adjusted base rate ("ABR") plus a spread. As the interest rate is subject to a minimum ABR Floor which was greater than the ABR rate at June 30, 2018, the prevailing rate in effect at June 30, 2018 was the spread plus the ABR Floor. |

|     |                                                                     |
|-----|---------------------------------------------------------------------|
| (9) | Includes an analysis of the value of any unfunded loan commitments. |

|      |                                   |
|------|-----------------------------------|
| (10) | Security is non-income producing. |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 (2) LIBOR + 6.00% Cash, 1.00% LIBOR Floor |   | 6/7/2022 |  |   | $ | 11,289,143 |  |   | $ | 11,289,143 |  |   | $ | 11,289,143 |  |
| AccentCare, Inc.                             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.25% Cash, 1.00% LIBOR Floor |   | 10/1/2021 |  |   | 7,742,248 |  |   | 7,705,715 |  |   | 7,742,248 |  |
| Acrisure, LLC                                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan (3) LIBOR + 4.25% Cash, 1.00% LIBOR Floor |   | 11/22/2023 |  |   | 5,446,350 |  |   | 5,463,963 |  |   | 5,432,734 |  |
| Amplify Snack Brands, Inc.                   |   | Beverage & Food |   | Senior Secured First Lien Term Loan (2) LIBOR + 5.50% Cash, 1.00% LIBOR Floor |   | 9/4/2023 |  |   | 2,710,507 |  |   | 2,688,518 |  |   | 2,695,870 |  |
| Apco Holdings, Inc.                          |   | Automotive |   | Senior Secured First Lien Term Loan (2) LIBOR + 6.00% Cash, 1.00% LIBOR Floor |   | 1/31/2022 |  |   | 4,583,108 |  |   | 4,489,351 |  |   | 4,583,108 |  |
| API Technologies Corp.                       |   | Aerospace and Defense |   | Senior Secured First Lien Term Loan (4) LIBOR + 6.50% Cash, 1.00% LIBOR Floor |   | 4/22/2022 |  |   | 5,865,000 |  |   | 5,780,283 |  |   | 5,865,000 |  |
| Associated Asphalt Partners, LLC             |   | Construction & Building |   | Senior Secured First Lien Term Loan (2) LIBOR + 5.25% Cash, 1.00% LIBOR Floor |   | 4/5/2024 |  |   | 991,786 |  |   | 987,339 |  |   | 991,786 |  |
| Avantor Performance Materials Holdings, Inc. |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.00% Cash, 1.00% LIBOR Floor |   | 11/21/2024 |  |   | 7,250,000 |  |   | 7,142,615 |  |   | 7,280,450 |  |
| Blount International, Inc.                   |   | Capital Equipment |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.25% Cash, 1.00% LIBOR Floor |   | 4/12/2023 |  |   | 2,375,000 |  |   | 2,369,244 |  |   | 2,398,750 |  |
| Canyon Valor Companies, Inc.                 |   | Media: Diversified & Production |   | Senior Secured First Lien Term Loan (4) LIBOR + 4.25% Cash, 1.00% LIBOR Floor |   | 6/16/2023 |  |   | 997,500 |  |   | 995,170 |  |   | 1,007,475 |  |
| Cardenas Markets LLC                         |   | Retail |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.75% Cash, 1.00% LIBOR Floor |   | 11/29/2023 |  |   | 6,435,000 |  |   | 6,380,645 |  |   | 6,435,000 |  |
| CD&R TZ Purchaser, Inc.                  |   | Services: Business |   | Senior Secured First Lien Term Loan (4) LIBOR + 6.00% Cash, 1.00% LIBOR Floor |   | 7/21/2023 |  |   | 6,418,750 |  |   | 6,341,846 |  |   | 6,418,750 |  |
| Covenant Surgical Partners, Inc.             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan (4) LIBOR + 4.75% Cash, 1.00% LIBOR Floor |   | 10/4/2024 |  |   | 8,117,949 |  |   | 8,093,676 |  |   | 8,117,949 |  |
| CP OpCo, LLC                                 |   | Services: Business |   | Senior Secured First Lien Term Loan (4) (7) (8) ABR + 5.50% PIK, 4.25% ABR Floor |   | 4/1/2019 |  |   | 374,949 |  |   | 355,848 |  |   | 99,549 |  |

----

Table of Contents

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                                     |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| CP OpCo, LLC                                |   | Services: Business |   | Senior Secured First Lien Term Loan (4) (7) (8) ABR + 8.50% PIK, 4.25% ABR Floor |   | 4/1/2019 |  |   | 2,759,011 |  |   | 1,195,026 |  |   | — |  |
| CP OpCo, LLC                                |   | Services: Business |   | Senior Secured First Lien Term Loan (4) (7) (8) ABR + 7.00% PIK, 3.75% ABR Floor |   | 4/1/2019 |  |   | 1,730,483 |  |   | — |  |   | — |  |
| CP OpCo, LLC Revolving Credit Facility      |   | Services: Business |   | Senior Secured First Lien Term Loan (4) (9) (10) ABR + 3.50% Cash, 4.25% ABR Floor |   | 4/1/2019 |  |   | — |  |   | — |  |   | — |  |
| CP Opco, LLC                                |   | Services: Business |   | Common Units(11) |   | — |  |   | — |  |   | — |  |   | — |  |
| CSP Technologies North America, LLC         |   | Containers, Packaging and Glass |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.25% Cash, 1.00% LIBOR Floor |   | 1/31/2022 |  |   | 4,707,134 |  |   | 4,707,134 |  |   | 4,707,134 |  |
| CT Technologies Intermediate Holdings, Inc. |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.25% Cash, 1.00% LIBOR Floor |   | 12/1/2021 |  |   | 4,207,418 |  |   | 4,083,299 |  |   | 4,207,418 |  |
| DigiCert, Inc.                              |   | High Tech Industries |   | Senior Secured First Lien Term Loan (4) LIBOR + 4.75% Cash, 1.00% LIBOR Floor |   | 10/31/2024 |  |   | 4,500,000 |  |   | 4,477,893 |  |   | 4,545,000 |  |
| Elite Comfort Solutions, Inc.               |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan (4) LIBOR + 6.50% Cash, 1.00% LIBOR Floor |   | 1/15/2021 |  |   | 9,558,104 |  |   | 9,558,104 |  |   | 9,558,104 |  |
| Evo Payments International, LLC             |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.00% Cash, 1.00% LIBOR Floor |   | 12/22/2023 |  |   | 6,451,250 |  |   | 6,443,716 |  |   | 6,493,828 |  |
| GK Holdings, Inc.                           |   | Services: Business |   | Senior Secured First Lien Term Loan (4) LIBOR + 6.00% Cash, 1.00% LIBOR Floor |   | 1/20/2021 |  |   | 3,988,182 |  |   | 3,973,551 |  |   | 3,906,425 |  |
| Global Eagle Entertainment Inc.             |   | Telecommunications |   | Senior Secured First Lien Term Loan (5) LIBOR + 7.50% Cash, 1.00% LIBOR Floor |   | 1/6/2023 |  |   | 4,147,500 |  |   | 4,082,934 |  |   | 4,147,500 |  |
| Golden West Packaging Group LLC             |   | Forest Products & Paper |   | Senior Secured First Lien Term Loan (2) LIBOR + 5.25% Cash, 1.00% LIBOR Floor |   | 6/20/2023 |  |   | 6,691,374 |  |   | 6,691,374 |  |   | 6,691,374 |  |
| High Ridge Brands Co.                       |   | Consumer Goods - Non-Durable |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.00% Cash, 1.00% LIBOR Floor |   | 6/30/2022 |  |   | 3,078,124 |  |   | 3,042,142 |  |   | 3,078,125 |  |
| Highline Aftermarket Acquisitions, LLC      |   | Automotive |   | Senior Secured First Lien Term Loan (4) LIBOR + 4.25% Cash, 1.00% LIBOR Floor |   | 3/18/2024 |  |   | 3,102,770 |  |   | 3,089,235 |  |   | 3,102,770 |  |
| Imagine! Print Solutions, LLC               |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan (4) LIBOR + 4.75% Cash, 1.00% LIBOR Floor |   | 6/21/2022 |  |   | 7,940,000 |  |   | 7,868,779 |  |   | 7,860,600 |  |
| InfoGroup, Inc                              |   | Services: Business |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.00% Cash, 1.00% LIBOR Floor |   | 4/3/2023 |  |   | 4,962,500 |  |   | 4,918,711 |  |   | 4,941,161 |  |
| Keystone Acquisition Corp.                  |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.25% Cash, 1.00% LIBOR Floor |   | 5/1/2024 |  |   | 6,272,747 |  |   | 6,165,434 |  |   | 6,304,111 |  |
| KNB Holdings Corporation                    |   | Consumer Goods: Durable |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.50% Cash, 1.00% LIBOR Floor |   | 4/26/2024 |  |   | 6,459,375 |  |   | 6,342,607 |  |   | 6,475,523 |  |
| LegalZoom.com, Inc.                         |   | Services: Business |   | Senior Secured First Lien Term Loan (6) LIBOR + 4.50% Cash, 1.00% LIBOR Floor |   | 11/21/2024 |  |   | 2,000,000 |  |   | 1,980,247 |  |   | 1,980,000 |  |
| LifeMiles Ltd.                              |   | Services: Business |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.50% Cash, 1.00% LIBOR Floor |   | 8/18/2022 |  |   | 4,875,000 |  |   | 4,829,405 |  |   | 4,826,250 |  |
| Lighthouse Network, LLC.                    |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.50% Cash, 1.00% LIBOR Floor |   | 11/29/2024 |  |   | 10,000,000 |  |   | 9,950,510 |  |   | 9,950,000 |  |
| Manna Pro Products, LLC                     |   | Consumer Goods - Non-Durable |   | Senior Secured First Lien Term Loan (4) LIBOR + 6.00% Cash, 1.00% LIBOR Floor |   | 12/8/2023 |  |   | 3,083,333 |  |   | 3,083,333 |  |   | 3,083,333 |  |
| MB Aerospace ACP Holdings II Corp.          |   | Aerospace and Defense |   | Senior Secured First Lien Term Loan (2) LIBOR + 5.50% Cash, 1.00% LIBOR Floor |   | 12/15/2022 |  |   | 6,862,457 |  |   | 6,813,212 |  |   | 6,862,456 |  |
| New Media Holdings II LLC                   |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan (2) LIBOR + 6.25% Cash, 1.00% LIBOR Floor |   | 7/14/2022 |  |   | 5,850,003 |  |   | 5,835,262 |  |   | 5,850,004 |  |

----

Table of Contents

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                              |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| Peraton Corp.                        |   | Aerospace and Defense |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.25% Cash, 1.00% LIBOR Floor |   | 4/29/2024 |  |   | 4,975,000 |  |   | 4,952,439 |  |   | 4,950,125 |  |
| PetroChoice Holdings, Inc.           |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan (2) LIBOR + 5.00% Cash, 1.00% LIBOR Floor |   | 8/19/2022 |  |   | 4,949,368 |  |   | 4,949,368 |  |   | 4,949,368 |  |
| PT Network, LLC                      |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.50% Cash, 1.00% LIBOR Floor |   | 11/30/2021 |  |   | 4,480,124 |  |   | 4,480,124 |  |   | 4,480,124 |  |
| Quorum Health Corporation            |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan (2) LIBOR + 6.75% Cash, 1.00% LIBOR Floor |   | 4/29/2022 |  |   | 2,040,782 |  |   | 2,011,200 |  |   | 2,053,639 |  |
| RESIC Enterprises, LLC               |   | Beverage & Food |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.25% Cash, 1.00% LIBOR Floor |   | 11/11/2024 |  |   | 3,750,000 |  |   | 3,731,552 |  |   | 3,731,250 |  |
| Rough Country, LLC                   |   | Automotive |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.50% Cash, 1.00% LIBOR Floor |   | 5/25/2023 |  |   | 4,731,098 |  |   | 4,688,066 |  |   | 4,711,227 |  |
| Salient CRGT Inc.                    |   | High Tech Industries |   | Senior Secured First Lien Term Loan (2) LIBOR + 5.75% Cash, 1.00% LIBOR Floor |   | 2/28/2022 |  |   | 4,811,011 |  |   | 4,730,252 |  |   | 4,815,823 |  |
| SCS Holdings I Inc.                  |   | Wholesale |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.25% Cash, 1.00% LIBOR Floor |   | 10/31/2022 |  |   | 8,083,411 |  |   | 8,044,248 |  |   | 8,063,202 |  |
| Starfish Holdco, LLC                 |   | High Tech Industries |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.00% Cash, 1.00% LIBOR Floor |   | 8/16/2024 |  |   | 4,987,500 |  |   | 4,939,831 |  |   | 4,937,625 |  |
| The Garretson Resolution Group, Inc. |   | Services: Business |   | Senior Secured First Lien Term Loan (4) LIBOR + 6.50% Cash, 1.00% LIBOR Floor |   | 5/24/2021 |  |   | 4,687,500 |  |   | 4,687,500 |  |   | 4,638,750 |  |
| The Octave Music Group, Inc.         |   | Media: Diversified & Production |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.75% Cash, 1.00% LIBOR Floor |   | 5/28/2021 |  |   | 4,961,832 |  |   | 4,961,832 |  |   | 4,961,832 |  |
| ThoughtWorks, Inc.                   |   | High Tech Industries |   | Senior Secured First Lien Term Loan (2) LIBOR + 4.50% Cash, 1.00% LIBOR Floor |   | 10/11/2024 |  |   | 4,000,000 |  |   | 3,990,290 |  |   | 3,990,000 |  |
| United Road Services, Inc            |   | Cargo |   | Senior Secured First Lien Term Loan (2) LIBOR + 5.25% Cash, 1.00% LIBOR Floor |   | 9/1/2024 |  |   | 3,970,000 |  |   | 3,950,642 |  |   | 3,950,150 |  |
| Valence Surface Technologies, Inc.   |   | Aerospace and Defense |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.50% Cash, 1.00% LIBOR Floor |   | 6/13/2019 |  |   | 4,298,919 |  |   | 4,285,610 |  |   | 4,261,949 |  |
| VCVH Holding Corp.                   |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.00% Cash, 1.00% LIBOR Floor |   | 6/1/2023 |  |   | 5,910,000 |  |   | 5,863,482 |  |   | 5,934,822 |  |
| VIP Cinema Holdings, Inc.            |   | Consumer Goods: Durable |   | Senior Secured First Lien Term Loan (4) LIBOR + 6.00% Cash, 1.00% LIBOR Floor |   | 3/1/2023 |  |   | 472,035 |  |   | 469,992 |  |   | 476,377 |  |
| Z Gallerie, LLC                      |   | Retail |   | Senior Secured First Lien Term Loan (4) LIBOR + 6.50% Cash, 1.00% LIBOR Floor |   | 10/8/2020 |  |   | 4,887,218 |  |   | 4,887,220 |  |   | 4,887,218 |  |
| Z-Medica, LLC                        |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan (4) LIBOR + 5.50% Cash, 1.00% LIBOR Floor |   | 9/29/2022 |  |   | 2,992,500 |  |   | 2,992,500 |  |   | 2,992,500 |  |
| Total                                |   |   |   |   |   |   |   | $ | 262,812,353 |  |   | $ | 257,831,412 |  |   | $ | 257,714,909 |  |

|     |                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents the fair value in accordance with ASC 820 as determined by the board of managers of Sierra JV. The approval of the fair value of the portfolio investments held by Sierra JV is not included in the valuation process of the Company's board of directors described elsewhere herein. |

|     |                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The interest rate on these loans is subject to a base rate plus 1 Month (“1M”) LIBOR, which at December 31, 2017 was 1.56%. As the interest rate is subject to a minimum LIBOR floor, which was greater than the 1M LIBOR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The interest rate on these loans is subject to a base rate plus 2 Month (“2M”) LIBOR, which at December 31, 2017 was 1.62%. As the interest rate is subject to a minimum LIBOR floor, which was greater than the 1M LIBOR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The interest rate on these loans is subject to a base rate plus 3 Month (“3M”) LIBOR, which at December 31, 2017 was 1.69%. As the interest rate is subject to a minimum LIBOR floor, which was greater than the 3M LIBOR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The interest rate on these loans is subject to a base rate plus 6 Month (“6M”) LIBOR, which at December 31, 2017 was 1.84%. As the interest rate is subject to a minimum LIBOR floor, which was greater than the 6M LIBOR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor. |

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Table of Contents

|     |                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The interest rate on these loans is subject to a base rate plus 12 Month (“12M”) LIBOR, which at December 31, 2017 was 2.11%. As the interest rate is subject to a minimum LIBOR floor, which was greater than the 6M LIBOR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (7) | The investment was on non-accrual status as of December 31, 2017. |

|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (8) | Par amount includes accumulated paid-in-kind ("PIK") interest and is net of repayments. |

|     |                                                                                                                                                                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | The interest rate on these loans is subject to an adjusted base rate ("ABR") plus a spread. As the interest rate is subject to a minimum ABR Floor which was greater than the ABR rate at December 31, 2017, the prevailing rate in effect at December 31, 2017 was the spread plus the ABR Floor. |

|      |                                                                     |
|------|---------------------------------------------------------------------|
| (10) | Includes an analysis of the value of any unfunded loan commitments. |

|      |                                   |
|------|-----------------------------------|
| (11) | Security is non-income producing. |

|                                                                                                             |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |
|                                                                                                        | June 30, 2018 |   | December 31, 2017 |
|                                                                                                        | (unaudited) |   |   |
| Selected Consolidated Statement of Assets and Liabilities Information:                                      |   |   |   |
| Investments in loans at fair value (amortized cost of $295,180,765 and $257,831,412, respectively)          | $ | 292,277,414 |  |   | $ | 257,714,909 |  |
| Cash and cash equivalents                                                                                   | 8,716,364 |  |   | 19,304,435 |  |
| Other assets                                                                                                | 999,437 |  |   | 678,254 |  |
| Total assets                                                                                                | $ | 301,993,215 |  |   | $ | 277,697,598 |  |
|                                                                                                        |   |   |   |
| Senior credit facility payable (net of deferred financing costs of $1,895,613 and $2,064,346, respectively) | 196,704,387 |  |   | 177,935,654 |  |
| Other liabilities                                                                                           | 829,526 |  |   | 8,194,099 |  |
| Interest payable                                                                                            | 7,134,303 |  |   | 662,798 |  |
| Total liabilities                                                                                           | $ | 204,668,216 |  |   | $ | 186,792,551 |  |
| Members’ capital                                                                                      | 97,324,999 |  |   | 90,905,047 |  |
| Total liabilities and members' capital                                                                      | $ | 301,993,215 |  |   | $ | 277,697,598 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                                                | 2018 |   | 2017 |   | 2018 |   | 2017 |
|                                                                | (unaudited) |   | (unaudited) |   | (unaudited) |   | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |   |   |   |   |
| Total investment income                                             | $ | 5,116,742 |  |   | $ | 3,883,441 |  |   | $ | 9,730,431 |  |   | $ | 7,359,470 |  |
| Total expenses                                                      | (2,846,810 | ) |   | (1,958,547 | ) |   | (5,353,116 | ) |   | (3,452,879 | ) |
| Net change in unrealized appreciation/(depreciation) of investments | (2,274,324 | ) |   | (1,284,215 | ) |   | (2,786,848 | ) |   | (1,302,406 | ) |
| Net realized gain/(loss) on investments                             | 339,249 |  |   | 170,508 |  |   | 548,056 |  |   | 592,377 |  |
| Net income                                                          | $ | 334,857 |  |   | $ | 811,187 |  |   | $ | 2,138,523 |  |   | $ | 3,196,562 |  |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2 — Valuations based on inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets including actionable bids from third parties for privately held assets or liabilities, and observable inputs other |

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Table of Contents

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the Market or Income Approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates, beta and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment (1)                |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Asset                                 |   |   |   |   |   |   |   |   |
| Senior secured first lien term loans  |   |  |  |   |  |  |   | $ | 511,016,131 |  |   | $ | 511,016,131 |  |
| Senior secured first lien notes       |   |  |  |   | 12,712,405 |  |   | 30,584,558 |  |   | 43,296,963 |  |
| Senior secured second lien term loans |   |  |  |   |  |  |   | 193,608,061 |  |   | 193,608,061 |  |
| Subordinated notes                    |   |  |  |   |  |  |   | 78,419,510 |  |   | 78,419,510 |  |
| Equity/warrants                       |   |  |  |   |  |  |   | 79,917,602 |  |   | 79,917,602 |  |
| Total                                 |   | $ | — |  |   | $ | 12,712,405 |  |   | $ | 893,545,862 |  |   | $ | 906,258,267 |  |
| Sierra Senior Loan Strategy JV I LLC  |   |   |   |   |   |   |   | $ | 85,151,762 |  |
| Total Investments, at fair value      |   |   |   |   |   |   |   | $ | 991,410,029 |  |

|     |                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Derivative Instrument-Long Exposure                |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Asset/(Liability)                                  |   |   |   |   |   |   |   |   |
| Unrealized depreciation on TRS with Citibank, N.A. |   | $ | — |  |   | $ | — |  |   | $ | (2,720,213 | ) |   | $ | (2,720,213 | ) |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment(1)                 |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Asset                                 |   |   |   |   |   |   |   |   |
| Senior secured first lien term loans  |   | $ | — |  |   | $ | 2,487,750 |  |   | $ | 567,414,544 |  |   | $ | 569,902,294 |  |
| Senior secured first lien notes       |   | — |  |   | 12,487,185 |  |   | 30,270,881 |  |   | 42,758,066 |  |
| Senior secured second lien term loans |   | — |  |   | — |  |   | 231,837,617 |  |   | 231,837,617 |  |
| Subordinated notes                    |   | — |  |   | — |  |   | 74,341,285 |  |   | 74,341,285 |  |
| Equity/warrants                       |   | — |  |   | — |  |   | 65,754,315 |  |   | 65,754,315 |  |
| Total                                 |   | $ | — |  |   | $ | 14,974,935 |  |   | $ | 969,618,642 |  |   | $ | 984,593,577 |  |
| Sierra Senior Loan Strategy JV I LLC  |   |   |   |   |   |   |   | $ | 79,515,513 |  |
| Total Investments, at fair value      |   |   |   |   |   |   |   | $ | 1,064,109,090 |  |

|     |                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in |

----

Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Derivative Instrument-Long Exposure                |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Asset/(Liability)                                  |   |   |   |   |   |   |   |   |
| Unrealized depreciation on TRS with Citibank, N.A. |   | $ | — |  |   | $ | — |  |   | $ | (5,354,868 | ) |   | $ | (5,354,868 | ) |

|                                                                                                              |
|--------------------------------------------------------------------------------------------------------------|
|                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                         | SeniorSecuredFirst LienTerm Loans |   | SeniorSecuredFirst LienNotes |   | SeniorSecuredSecond LienTerm Loans |   | SubordinatedNotes |   | Equity/Warrants |   | TotalReturnSwap |   | Total |
| Balance, December 31, 2017                                                                              | $ | 567,414,544 |  |   | $ | 30,270,881 |  |   | $ | 231,837,617 |  |   | $ | 74,341,285 |  |   | $ | 65,754,315 |  |   | $ | (5,354,868 | ) |   | $ | 964,263,774 |  |
| Purchases                                                                                                    | 84,961,422 |  |   | 3,379,999 |  |   | 5,361,078 |  |   | 10,012,005 |  |   | 16,759,809 |  |   | — |  |   | 120,474,313 |  |
| Sales                                                                                                        | (116,967,171 | ) |   | (1,893,250 | ) |   | (42,714,040 | ) |   | (5,045,736 | ) |   | (606,000 | ) |   | — |  |   | (167,226,197 | ) |
| Transfers in                                                                                                 | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Transfers out                                                                                                | — |  |   | (1,776,200 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (1,776,200 | ) |
| Amortization of discount/(premium)                                                                           | 645,745 |  |   | — |  |   | 353,124 |  |   | — |  |   | — |  |   | — |  |   | 998,869 |  |
| Paid-in-kind interest income                                                                                 | 867,382 |  |   | — |  |   | 576,517 |  |   | — |  |   | — |  |   | — |  |   | 1,443,899 |  |
| Net realized gains/(losses)                                                                                  | (13,247,566 | ) |   | (106,750 | ) |   | (18,393,588 | ) |   | 436,466 |  |   | — |  |   | — |  |   | (31,311,438 | ) |
| Net change in unrealized appreciation/(depreciation)                                                         | (12,658,223 | ) |   | 709,878 |  |   | 16,587,352 |  |   | (1,324,510 | ) |   | (1,990,523 | ) |   | 2,634,655 |  |   | 3,958,629 |  |
| Balance, June 30, 2018                                                                                  | $ | 511,016,133 |  |   | $ | 30,584,558 |  |   | $ | 193,608,060 |  |   | $ | 78,419,510 |  |   | $ | 79,917,601 |  |   | $ | (2,720,213 | ) |   | $ | 890,825,649 |  |
| Change in net unrealized appreciation/ (depreciation) in investments held as of June 30, 2018(1)   | $ | (12,658,223 | ) |   | $ | 709,878 |  |   | $ | 16,587,352 |  |   | $ | (1,324,510 | ) |   | $ | (1,990,523 | ) |   | $ | 2,634,655 |  |   | $ | 3,958,629 |  |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Amount is included in the related amount on investments and derivative instruments in the condensed consolidated statements of operations. |

|                                                                                                 |
|-------------------------------------------------------------------------------------------------|
|                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                            | SeniorSecuredFirst LienTerm Loans |   | SeniorSecuredFirst LienNotes |   | SeniorSecuredSecond LienTerm Loans |   | SubordinatedNotes |   | Equity/Warrants |   | TotalReturnSwap |   | Total |
| Balance, December 31, 2016                                                                      | $ | 493,340,277 |  |   | $ | 46,429,960 |  |   | $ | 260,008,735 |  |   | $ | 55,185,590 |  |   | $ | 40,879,809 |  |   | $ | (13,647,330 | ) |   | $ | 882,197,041 |  |
| Purchases                                                                                       | 126,086,837 |  |   | 2,479,999 |  |   | 31,925,749 |  |   | 15,213,374 |  |   | 13,148,772 |  |   |  |  |   | 188,854,731 |  |
| Sales                                                                                           | (62,911,665 | ) |   | (2,890,699 | ) |   | (17,849,949 | ) |   | (7,708,178 | ) |   | (9,875,463 | ) |   |  |  |   | (101,235,954 | ) |
| Transfers in                                                                                    | — |  |   | 9,720,000 |  |   | — |  |   | — |  |   | — |  |   |  |  |   | 9,720,000 |  |
| Transfers out                                                                                   | — |  |   | (8,622,686 | ) |   | — |  |   | — |  |   | — |  |   |  |  |   | (8,622,686 | ) |
| Amortization of discount/(premium)                                                              | 443,839 |  |   | 40,398 |  |   | 15,132 |  |   | — |  |   | — |  |   |  |  |   | 499,369 |  |
| Paid-in-kind interest income                                                                    | 2,858,448 |  |   | — |  |   | — |  |   | — |  |   | — |  |   |  |  |   | 2,858,448 |  |
| Net realized gains/(losses)                                                                     | (10,946,881 | ) |   | (1,878,557 | ) |   | 123,315 |  |   | (107,130 | ) |   | (3,642,142 | ) |   |  |  |   | (16,451,395 | ) |
| Net change in unrealized appreciation/(depreciation)                                            | 5,613,033 |  |   | 1,002,068 |  |   | (1,225,506 | ) |   | (5,400,702 | ) |   | 3,077,736 |  |   | 10,196,270 |  |   | 13,262,899 |  |
| Balance, June 30, 2017                                                                          | $ | 554,483,888 |  |   | $ | 46,280,483 |  |   | $ | 272,997,476 |  |   | $ | 57,182,954 |  |   | $ | 43,588,712 |  |   | $ | (3,451,060 | ) |   | $ | 971,082,453 |  |
| Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2017(1) | $ | (1,928,766 | ) |   | $ | (831,086 | ) |   | $ | (933,158 | ) |   | $ | (5,302,525 | ) |   | $ | 402,830 |  |   | $ | 10,196,270 |  |   | $ | 1,603,565 |  |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |
| Type of Investment                   |   | Fair Value |   | Valuation techniques |   | Unobservable input(1) |   | Range (weighted average) |
| Senior Secured First Lien Term Loan  |   | $ | 394,907,674 |  |   |  Income Approach (DCF) |   |  Market yield |   |  7.10% - 14.84% (10.15%) |
| Senior Secured First Lien Term Loan  |   | 59,829,105 |  |   | Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF)/Enterprise Valuation Analysis |   |   Revenue Multiple, EBITDA Multiple, Discount Rate, Expected Proceeds |   |  0.75x - 1.35x (1.12x) / 4.50x-8.50x (6.122x) / 16.50% - 18.00% (17.35%) / $0.0M - $50.0M ($34.8M) |
| Senior Secured First Lien Term Loan  |   | 56,279,354 |  |   |  Recent Arms-length transaction |   |  Recent Arms-length transaction |   |  N/A |
| Senior Secured First Lien Notes      |   | 20,496,900 |  |   |  Income Approach (DCF) |   |  Market Yield |   |  9.88% - 16.78% (11.69%) |
| Senior Secured First Lien Notes      |   | 9,965,000 |  |   |  Recent Arms-length transaction |   |  Recent Arms-length transaction |   |  N/A |
| Senior Secured First Lien Notes      |   | 122,658 |  |   |  Enterprise Valuation Analysis |   |  Expected Proceeds |   |  $0.1M - $0.1M ($0.1M) |
| Senior Secured Second Lien Term Loan |   | 187,419,460 |  |   |  Income Approach (DCF) |   |  Market yield |   |  8.57% - 16.14% (10.98%) |
| Senior Secured Second Lien Term Loan |   | 6,188,601 |  |   |  Recent Arms-length transaction |   |  Recent Arms-length transaction |   |  N/A |
| Equity/warrants                      |   | 5,126,428 |  |   |  Income Approach (DCF) |   |  Market Yield |   | 20.41% |
| Equity/warrants                      |   | 62,542,658 |  |   |  Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF)/ Enterprise Valuation Analysis |   |   Revenue Multiple, EBITDA Multiple, Discount Rate, Capitalization Rate, Expected Proceeds |   |  0.40x-1.35x (1.25x) / 3.50x-13.50x (12.88x) / 12.50% - 20.00% (12.60%) / 7.50% - 8.50% (8.10%) / $1.1M - $1.1M ($1.1M) / $0.0M - $0.0M |
| Equity/warrants                      |   | 12,248,514 |  |   |  Recent Arms-length transaction |   |  Recent Arms-length transaction |   |  N/A |
| Subordinated Notes                   |   | 68,461,159 |  |   |  Income Approach (DCF) |   |  Discount Rate |   |  9.10% - 17.00% (14.73%) |
| Subordinated Notes                   |   | 9,958,351 |  |   |  Recent Arms-length transaction |   |  Recent Arms-length transaction |   |  N/A |
| Total                                |   | $ | 893,545,862 |  |   |   |   |   |   |   |
| TRS                                  |   | (2,720,213 | ) |   | Income Approach (DCF) |   | Market yield |   |  5.82% - 14.49% (8.37%) |
| Total                                |   | $ | 890,825,649 |  |   |   |   |   |   |   |

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents the method used when the Company has determined that market participants would use such inputs when measuring the fair value of these investments. |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |
| Type of Investment                   |   | Fair Value |   | Valuation techniques |   | Unobservable input(1) |   | Range (weighted average) |
| Senior Secured First Lien Term Loan  |   | $ | 414,580,810 |  |   | Income Approach (DCF) |   | Market Yield |   | 6.14% - 13.33% (9.42%) |
| Senior Secured First Lien Term Loan  |   | 277,048 |  |   | Enterprise Value Analysis |   | Expected Proceeds |   | $0.0M - $0.2M ($0.2M) |
| Senior Secured First Lien Term Loan  |   | 69,511,390 |  |   | Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF) /Enterprise Value Analysis |   | Revenue Multiple, EBITDA Multiple, Discount Rate, Expected Proceeds, Average List Price |   | 0.63x - 2.00x (1.11x) / 4.50x-10.00x (6.83x) / 16.50% - 18.50% (17.91%) / $18.3M - $18.3M ($18.3M) / $1.0M - $1.0M ($1.0M) |
| Senior Secured First Lien Term Loan  |   | 82,989,017 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Senior Secured First Lien Notes      |   | 30,148,223 |  |   | Income Approach (DCF) |   | Market Yield |   | 8.96% - 19.96% (11.98%) |
| Senior Secured First Lien Notes      |   | 122,658 |  |   | Enterprise Valuation Analysis |   | Expected Proceeds |   | $0.1M - $0.1M ($0.1M) |
| Senior Secured Second Lien Term Loan |   | 188,368,389 |  |   | Income Approach (DCF) |   | Market Yield |   | 7.86% - 13.93% (10.01%) |
| Senior Secured Second Lien Term Loan |   | 43,262,977 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Senior Secured Second Lien Term Loan |   | 206,250 |  |   | Market Approach (Guideline Comparable) |   | EBITDA Multiple |   | 9.50x - 10.50x (10.00x) |
| Preferred Equity                     |   | 5,123,448 |  |   | Income Approach (DCF) |   | Market Yield |   | 19.19%-19.19% (19.19%) |
| Equity/warrants                      |   | — |  |   | Enterprise Valuation Analysis |   | Expected Proceeds |   | $0.0M - $0.1M ($0.1M) |
| Equity/warrants                      |   | 24,338,703 |  |   | Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF) |   | Revenue Multiple, EBITDA Multiple, Discount Rate, Book Value Multiple, Average List Price |   | 0.93x-2.00x (1.25x) / 5.00x-9.25x (7.70x) / 15.50% - 22.50% (16.33%) / 1.25x - 1.25x (1.25x) / $1.0M - $1.0M ($1.0M) / 8.50% - 8.50% (8.50%) / $18.3M - $18.3M ($18.3M) |
| Equity/warrants                      |   | 36,348,444 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Subordinated Notes                   |   | 60,210,700 |  |   | Income Approach (DCF) |   | Discount Rate |   | 14.00% - 18.50% (16.17%) |
| Subordinated Notes                   |   | 14,130,585 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Total                                |   | $ | 969,618,642 |  |   |   |   |   |   |   |
| TRS                                  |   | (5,354,868 | ) |   | Income Approach (DCF) |   | Market yield |   | 5.17% - 62.21% (8.26%) |
| Total                                |   | $ | 964,263,774 |  |   |   |   |   |   |   |

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents the method used when the Company has determined that market participants would use such inputs when measuring the fair value of these investments. |

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  |   | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                                                  |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Interest income and settlement from TRS portfolio                     |   | $ | 1,222,320 |  |   | $ | 2,222,742 |  |   | $ | 2,659,675 |  |   | $ | 4,397,745 |  |
| Traded gains/(loss) on TRS loan sales                                 |   | (2,265,995 | ) |   | (9,812,704 | ) |   | (2,224,728 | ) |   | (9,268,356 | ) |
| Net realized gains/(loss) on TRS portfolio                            |   | $ | (1,043,675 | ) |   | $ | (7,589,962 | ) |   | $ | 434,947 |  |   | $ | (4,870,611 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| Net change in unrealized appreciation/(depreciation) on TRS portfolio |   | $ | (306,714 | ) |   | $ | 10,300,626 |  |   | $ | 2,634,655 |  |   | $ | 10,196,270 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | GrossDerivative  Assets/(Liabilities)Subject to MA |   | Derivative AmountAvailable forOffset |   | Net Amount Presentedin the ConsolidatedStatements of Assetsand Liabilities |   | Cash Collateral Posted (1) |   | Net Amount ofDerivativeAssets/(Liabilities) |
| June 30, 2018     |   |   |   |   |   |   |   |   |   |
| TRS(1)       | $ | (2,720,213 | ) |   | $ | — |  |   | $ | (2,720,213 | ) |   | $ | 2,720,213 |  |   | $ | — |  |
| December 31, 2017 |   |   |   |   |   |   |   |   |   |
| TRS(1)       | $ | (5,354,868 | ) |   | $ | — |  |   | $ | (5,354,868 | ) |   | $ | 5,354,868 |  |   | $ | — |  |

|     |                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of June 30, 2018 and December 31, 2017, $46,000,000 and $48,000,000, respectively, of cash was posted for initial margin requirements for the TRS as reported on the consolidated statements of assets and liabilities as cash collateral on TRS. |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                 |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Average notional amount of contracts |   | $ | 168,753,875 |  |   | $ | 254,095,027 |  |   | $ | 170,174,081 |  |   | $ | 248,586,810 |  |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          | June 30, 2018 |   | December 31, 2017 |
|                                                          | TotalCommitment |   | BalanceOutstanding  |   | UnusedCommitment  |   | TotalCommitment |   | BalanceOutstanding |   | UnusedCommitment |
| ING Credit Facility                                           | $ | 220,000,000 |  |   | $ | 145,000,000 |  |   | $ | 75,000,000 |  |   | $ | 220,000,000 |  |   | $ | 195,000,000 |  |   | $ | 25,000,000 |  |
| Alpine Credit Facility                                        | 300,000,000 |  |   | 240,000,000 |  |   | 60,000,000 |  |   | 300,000,000 |  |   | 240,000,000 |  |   | 60,000,000 |  |
| Total before deferred financing costs                         | 520,000,000 |  |   | 385,000,000 |  |   | 135,000,000 |  |   | 520,000,000 |  |   | 435,000,000 |  |   | 85,000,000 |  |
| Unamortized deferred financing costs                          | — |  |   | (4,381,791 | ) |   | — |  |   | — |  |   | (5,286,927 | ) |   | — |  |
| Total borrowings outstanding, net of deferred financing costs | $ | 520,000,000 |  |   | $ | 380,618,209 |  |   | $ | 135,000,000 |  |   | $ | 520,000,000 |  |   | $ | 429,713,073 |  |   | $ | 85,000,000 |  |

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|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                     |   | For the Three Months EndedJune 30, |   | For the Six Months EndedJune 30, |
|                                                                     |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Interest expense related to the ING Credit Facility                      |   | $ | 1,694,752 |  |   | $ | 1,419,907 |  |   | $ | 3,559,859 |  |   | $ | 2,465,030 |  |
| Financing expenses related to the ING Credit Facility                    |   | 231,882 |  |   | 225,847 |  |   | 461,496 |  |   | 429,450 |  |
| Total interest and financing expenses related to the ING Credit Facility |   | $ | 1,926,634 |  |   | $ | 1,645,754 |  |   | $ | 4,021,355 |  |   | $ | 2,894,480 |  |
|                                                                     |   |   |   |   |   |   |   |   |
| Weighted average outstanding debt balance of the ING Credit Facility     |   | $ | 138,813,187 |  |   | $ | 145,494,505 |  |   | $ | 153,132,597 |  |   | $ | 129,530,387 |  |
| Weighted average interest rate of the ING Credit Facility (annualized)   |   | 4.8 | % |   | 3.7 | % |   | 4.6 | % |   | 3.8 | % |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                        |   | For the Three Months EndedJune 30, |   | For the Six Months EndedJune 30, |
|                                                                        |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Interest expense related to the Alpine Credit Facility                      |   | $ | 3,051,246 |  |   | $ | 2,726,192 |  |   | $ | 5,889,714 |  |   | $ | 5,277,932 |  |
| Financing expenses related to the Alpine Credit Facility                    |   | 241,899 |  |   | 145,212 |  |   | 481,140 |  |   | 288,830 |  |
| Total Interest and financing expenses related to the Alpine Credit Facility |   | $ | 3,293,145 |  |   | $ | 2,871,404 |  |   | $ | 6,370,854 |  |   | $ | 5,566,762 |  |
|                                                                        |   |   |   |   |   |   |   |   |
| Weighted average outstanding debt balance of the Alpine Credit Facility     |   | $ | 240,000,000 |  |   | $ | 242,802,198 |  |   | $ | 241,364,641 |  |   | $ | 245,138,122 |  |
| Weighted average interest rate of the Alpine Credit Facility (annualized)   |   | 5.0 | % |   | 4.4 | % |   | 4.9 | % |   | 4.2 | % |

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Quarter Ended              |   | Amount of Expense Payment Obligation |   | Amount Repaid to SIC Advisors |   | Operating Expense Ratio(1) |   | Annualized Distribution Rate(2) |   | Eligible to be Repaid Through |
| June 30, 2012         |   | $ | 454,874 |  |   | $ | 454,874 |  |   | 6.13 | % |   | 8.00 | % |   | June 30, 2015 |
| September 30, 2012    |   | 437,303 |  |   | 437,303 |  |   | 4.05 | % |   | 8.00 | % |   | September 30, 2015 |
| December 31, 2012          |   | 573,733 |  |   | 573,733 |  |   | 3.91 | % |   | 8.00 | % |   | December 31, 2015 |
| March 31, 2013        |   | 685,404 |  |   | 685,404 |  |   | 1.71 | % |   | 8.00 | % |   | March 31, 2016 |
| June 30, 2013         |   | 732,425 |  |   | 732,425 |  |   | 1.00 | % |   | 7.84 | % |   | June 30, 2016 |
| September 30, 2013(3) |   | 1,262,848 |  |   | 1,078,500 |  |   | 0.83 | % |   | 7.84 | % |   | September 30, 2016 |
| December 31, 2013(3)       |   | 1,258,575 |  |   | — |  |   | 0.45 | % |   | 7.84 | % |   | December 31, 2016 |
| March 31, 2014(3)     |   | 1,177,686 |  |   | 135,784 |  |   | 0.45 | % |   | 7.80 | % |   | March 31, 2017 |
| June 30, 2014(3)      |   | 2,143,066 |  |   | — |  |   | 0.38 | % |   | 7.80 | % |   | June 30, 2017 |
| September 30, 2014(3) |   | 1,717,593 |  |   | 123,025 |  |   | 0.38 | % |   | 7.77 | % |   | September 30, 2017 |
| December 31, 2014(3)       |   | 1,585,471 |  |   | — |  |   | 0.47 | % |   | 8.00 | % |   | December 31, 2017 |
| March 31, 2015(3)     |   | 1,993,518 |  |   | — |  |   | 0.43 | % |   | 8.00 | % |   | March 31, 2018 |
| June 30, 2015(3)      |   | 2,148,462 |  |   | — |  |   | 0.31 | % |   | 8.00 | % |   | June 30, 2018 |
| September 30, 2015    |   | 627,752 |  |   | — |  |   | 0.32 | % |   | 8.25 | % |   | September 30, 2018 |
| December 31, 2015          |   | 3,974,895 |  |   | — |  |   | 0.40 | % |   | 8.65 | % |   | December 31, 2018 |
| March 31, 2016             |   | 5,204,896 |  |   | — |  |   | 0.37 | % |   | 8.89 | % |   | March 31, 2019 |
| June 30, 2016              |   | 5,634,390 |  |   | — |  |   | 0.29 | % |   | 8.89 | % |   | June 30, 2019 |
| September 30, 2016         |   | 5,389,627 |  |   | — |  |   | 0.45 | % |   | 8.84 | % |   | September 30, 2019 |

|     |                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | “Operating Expense Ratio” is as of the date the expense support payment obligation was incurred by the Company’s Advisor and includes all expenses borne by the Company, except for organizational and offering expenses, base management and incentive fees owed to SIC Advisors, and interest expense, as a percentage of net assets. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “Annualized Distribution Rate” equals the annualized rate of distributions paid to stockholders based on the amount of the regular cash distribution paid immediately prior to the date the expense support payment obligation was incurred by SIC Advisors. “Annualized Distribution Rate” does not include special cash or stock distributions paid to stockholders. |

|     |                                                                                               |
|-----|-----------------------------------------------------------------------------------------------|
| (3) | The unreimbursed part of the expense payment obligation has expired as of June 30, 2018. |

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|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   | For the Three Months EndedJune 30, |   | For the Six Months EndedJune 30, |
|                                                                |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Net increase/(decrease) in net assets from operations               |   | $ | (5,327,277 | ) |   | $ | 8,126,795 |  |   | $ | (6,340,350 | ) |   | $ | 16,595,761 |  |
| Weighted average common shares outstanding                          |   | 97,385,971 |  |   | 96,367,879 |  |   | 97,190,689 |  |   | 95,877,796 |  |
| Weighted average basic and diluted earnings/(loss) per common share |   | $ | (0.05 | ) |   | $ | 0.08 |  |   | $ | (0.07 | ) |   | $ | 0.17 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | As of |
|                                     | June 30, 2018 |   | December 31, 2017 |
| 1888 Industrial Services, LLC            | $ | 440,227 |  |   | $ | 440,227 |  |
| AAAHI Acquisition Corporation            | 466,121 |  |   | 1,700,234 |  |
| Access Media Holdings, LLC               | 77,000 |  |   | 93,800 |  |
| Alpine SG, LLC                           | 1,000,000 |  |   | 2,857,143 |  |
| Barrys Bootcamp Holdings, LLC            | 5,908,571 |  |   | 7,028,571 |  |
| Black Angus Steakhouses, LLC             | 4,464,286 |  |   | 3,571,429 |  |
| Brook & Whittle Holding Corp.        | 708,215 |  |   | 708,215 |  |
| Central States Dermatology Services, LLC | 459,738 |  |   | 459,738 |  |
| Charming Charlie, Inc.                   | 2,434,896 |  |   | 1,215,520 |  |
| Covenant Surgical Partners, Inc.         | 646,154 |  |   | 1,317,436 |  |
| CP Opco, LLC                             | — |  |   | 348,265 |  |
| Elite Comfort Solutions LLC              | 1,299,633 |  |   | 3,238,865 |  |
| Engineered Machinery Holdings, Inc.      | — |  |   | 38,298 |  |
| Impact Sales, LLC                        | — |  |   | 1,347,656 |  |
| IOP Monroe Acquisition, Inc.             | 2,500,000 |  |   | 2,500,000 |  |
| Isola USA Corp.                          | 1,024,449 |  |   | — |  |
| Manna Pro Products, LLC                  | 325,000 |  |   | 833,333 |  |
| MCM 500 East Pratt Holdings, LLC         | — |  |   | 4,544,129 |  |
| Nuspire Networks                         | — |  |   | 2,500,000 |  |
| PT Network, LLC                          | 4,437,433 |  |   | 4,437,433 |  |
| Redwood Services Group, LLC              | 13,081,250 |  |   | — |  |
| RMS Holding Company, LLC                 | 2,737,407 |  |   | 2,737,407 |  |
| SavATree, LLC                            | 267,222 |  |   | 361,111 |  |
| SFP Holdings, Inc.                       | 958,333 |  |   | 3,722,222 |  |
| Sierra Senior Loan Strategy JV I LLC     | — |  |   | 7,683,750 |  |
| Simplified Logistics, LLC                | 5,000,000 |  |   | 5,596,243 |  |
| SMART Financial Operations, LLC          | 3,600,000 |  |   | 6,300,000 |  |
| Smile Doctors LLC                        | 798,097 |  |   | 3,764,032 |  |
| SRS Software                             | 5,000,000 |  |   | 5,000,000 |  |
| Team Car Care, LLC                       | 1,407,656 |  |   | — |  |
| TwentyEighty, Inc.                       | 471,058 |  |   | 471,058 |  |
| Total Commitments                        | $ | 59,512,746 |  |   | $ | 74,816,115 |  |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     |   | For the Three Months EndedJune 30, |   | For the Six Months EndedJune 30, |
|                     |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Origination fee          |   | $ | 483,103 |  |   | $ | 173,591 |  |   | $ | 1,078,939 |  |   | $ | 1,857,382 |  |
| Prepayment fee           |   | 329,104 |  |   | 187,500 |  |   | 329,104 |  |   | 439,434 |  |
| Amendment fee            |   | 98,380 |  |   | 235,138 |  |   | 109,389 |  |   | 454,137 |  |
| Administrative agent fee |   | 36,879 |  |   | 36,643 |  |   | 63,606 |  |   | 72,119 |  |
| Other fees               |   | — |  |   | 17,092 |  |   | 11,103 |  |   | 17,092 |  |
| Fee income               |   | $ | 947,466 |  |   | $ | 649,964 |  |   | $ | 1,592,141 |  |   | $ | 2,840,164 |  |

----

Table of Contents

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |
| Record Date               |   | Payment Date |   | Amount per share |
| January 13 and 31, 2017   |   | January 31, 2017 |   | $ | 0.02667 |  |
| February 15 and 28, 2017  |   | February 28, 2017 |   | 0.02667 |  |
| March 15 and 31, 2017     |   | March 31, 2017 |   | 0.02667 |  |
| April 14 and 28, 2017     |   | April 28, 2017 |   | 0.02667 |  |
| May 15 and 31, 2017       |   | May 31, 2017 |   | 0.02667 |  |
| June 15 and 30, 2017      |   | June 30, 2017 |   | 0.02667 |  |
| July 14 and 31, 2017      |   | July 31, 2017 |   | 0.02667 |  |
| August 15 and 31, 2017    |   | August 31, 2017 |   | 0.02667 |  |
| September 15 and 29, 2017 |   | September 29, 2017 |   | 0.02667 |  |
| October 13 and 31, 2017   |   | October 31, 2017 |   | 0.02667 |  |
| November 15 and 30, 2017  |   | November 30, 2017 |   | 0.02667 |  |
| December 15 and 29, 2017  |   | December 29, 2017 |   | 0.02667 |  |
| January 15 and 31, 2018   |   | January 31, 2018 |   | 0.02667 |  |
| February 15 and 28, 2018  |   | February 28, 2018 |   | 0.02667 |  |
| March 15 and 30, 2018     |   | March 30, 2018 |   | 0.02667 |  |
| April 13 and 30, 2018     |   | April 30, 2018 |   | 0.02667 |  |
| May 15 and 31, 2018       |   | May 31, 2018 |   | 0.02667 |  |
| June 15 and 29, 2018      |   | June 29, 2018 |   | 0.02667 |  |

----

Table of Contents

|            |
|------------|
|            |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Offer Date |   | Quantity Offered |   | Price per Share |   | Repurchase Date |   | Repurchase Quantity |
| 6/4/2013   |   | 16,652 |  |   | $ | 9.18 |  |   | — |  |   | — |  |
| 8/8/2013   |   | 32,627 |  |   | 9.13 |  |   | 9/27/2013 |  |   | 3,642 |  |
| 11/7/2013  |   | 60,966 |  |   | 9.14 |  |   | 12/19/2013 |  |   | 5,826 |  |
| 3/12/2014  |   | 120,816 |  |   | 9.18 |  |   | 4/25/2014 |  |   | 9,835 |  |
| 5/6/2014   |   | 199,476 |  |   | 9.20 |  |   | 6/13/2014 |  |   | 17,777 |  |
| 8/5/2014   |   | 294,068 |  |   | 9.25 |  |   | 9/12/2014 |  |   | 35,887 |  |
| 11/5/2014  |   | 411,894 |  |   | 9.22 |  |   | 12/24/2014 |  |   | 411,894 |  |
| 3/4/2015   |   | 535,571 |  |   | 8.97 |  |   | 4/24/2015 |  |   | 68,472 |  |
| 5/6/2015   |   | 620,420 |  |   | 8.98 |  |   | 6/24/2015 |  |   | 90,916 |  |
| 8/5/2015   |   | 727,654 |  |   | 8.96 |  |   | 9/29/2015 |  |   | 328,353 |  |
| 11/3/2015  |   | 853,688 |  |   | 8.56 |  |   | 12/23/2015 |  |   | 285,559 |  |
| 3/2/2016   |   | 959,436 |  |   | 8.16 |  |   | 4/29/2016 |  |   | 959,436 |  |
| 5/5/2016   |   | 1,005,447 |  |   | 8.04 |  |   | 6/30/2016 |  |   | 855,215 |  |
| 8/4/2016   |   | 1,048,412 |  |   | 8.11 |  |   | 9/28/2016 |  |   | 1,048,407 |  |
| 11/25/2016 |   | 1,077,370 |  |   | 8.14 |  |   | 12/27/2016 |  |   | 1,077,352 |  |
| 4/4/2017   |   | 871,815 |  |   | 8.17 |  |   | 5/4/2017 |  |   | 871,806 |  |
| 5/23/2017  |   | 876,277 |  |   | 8.10 |  |   | 6/23/2017 |  |   | 876,254 |  |
| 8/24/2017  |   | 870,360 |  |   | 8.02 |  |   | 9/25/2017 |  |   | 870,337 |  |
| 11/22/2017 |   | 873,974 |  |   | 7.89 |  |   | 12/22/2017 |  |   | 873,932 |  |
| 3/27/2018  |   | 895,070 |  |   | 7.66 |  |   | 5/8/2018 |  |   | 895,036 |  |
| 5/21/2018  |   | 890,089 |  |   | 7.49 |  |   | 6/29/2018 |  |   | 890,048 |  |

----

Table of Contents

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
|                                                                            | 2018 |   | 2017 |
| Per Share Data:(1)                                                              |
| Net asset value at beginning of period                                          | $ | 7.66 |  |   | $ | 8.17 |  |
| Net investment income                                                           | 0.24 |  |   | 0.27 |  |
| Net realized gains/(losses) on investments and total return swap                | (0.32 | ) |   | (0.22 | ) |
| Net unrealized appreciation/(depreciation) on investments and total return swap | 0.01 |  |   | 0.12 |  |
| Net increase/(decrease) in net assets                                           | $ | (0.07 | ) |   | $ | 0.17 |  |
| Distributions from return of capital                                            | — |  |   | — |  |
| Distributions declared from net investment income(2)                            | (0.32 | ) |   | (0.32 | ) |
| Distributions from net realized capital gains                                   | — |  |   | — |  |
| Total distributions to shareholders                                             | $ | (0.32 | ) |   | $ | (0.32 | ) |
| Issuance of common shares above net asset value(3)                              | — |  |   | — |  |
| Net asset value at end of period                                                | $ | 7.27 |  |   | $ | 8.02 |  |
| Total return based on net asset value(4)(5)                                     | (1.20 | )% |   | 2.12 | % |
| Portfolio turnover rate(5)                                                      | 11.89 |  % |   | 14.60 | % |
| Shares outstanding at end of period                                             | 96,784,857 |  |   | 96,021,759 |  |
| Net assets at end of period                                                     | $ | 703,973,176 |  |   | $ | 769,974,737 |  |
| Ratio/Supplemental Data (annualized):                                           |   |   |   |
| Ratio of net investment income to average net assets                            | 6.64 |  % |   | 6.90 | % |
| Ratio of net expenses (including incentive fees) to average net assets          | 7.03 |  % |   | 6.34 | % |
| Ratio of incentive fees to average net assets (5)                               | — |  % |   | 0.07 | % |
| Supplemental Data (annualized):                                                 |   |   |   |
| Asset coverage ratio per unit(6)                                                | $ | 2,385 |  |   | $ | 2,306 |  |
| Percentage of non-recurring fee income(7)                                       | 3.73 |  % |   | 5.48 | % |
| Ratio of net expenses (excluding incentive fees) to average net assets          | 7.03 |  % |   | 6.27 | % |
| Ratio of interest and financing related expenses to average net assets(8)       | 2.89 |  % |   | 2.20 | % |

|     |                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2018 and 2017, which were 97,190,689 and 95,877,796 respectively. |

|     |                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------|
| (2) | The per share data for distributions is the actual amount of paid distributions per share during the period. |

|     |                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Shares issued under the DRIP (see Note 13) as well as the continuous issuance of common shares may cause on incremental increase/decrease in NAV per share due to the effect of issuing shares at amounts that differ from the prevailing NAV at each issuance. |

|     |                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Total annual returns are historical and assume reinvestments of all dividends and distributions at prices obtained under the Company’s DRIP, and no sales charge. |

|     |                 |
|-----|-----------------|
| (5) | Not annualized. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Asset coverage per unit is the ratio of the carrying value of the Company's total consolidated assets for regulatory purposes, which includes the underlying fair value of net TRS, less all liabilities and indebtedness not represented by senior securities to the aggregate amount of Senior Securities representing indebtedness and the implied leverage on the TRS. Asset coverage per unit is expressed in terms of dollars per $1,000 of indebtedness. As of June 30, 2018 and 2017, the Company's Asset Coverage Per Unit including unfunded commitments was $2,135 and $2,174, respectively. |

|     |                                                                           |
|-----|---------------------------------------------------------------------------|
| (7) | Represents the impact of non-recurring fees over total investment income. |

|     |                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The ratio of interest and financing related expenses to average net assets for the six months ended June 30, 2017 have been revised to include financing costs.  The ratio was previously reported as 2.01%. |

----

Table of Contents

|                           |
|---------------------------|
|                           |  |  |  |  |
| Record Date               |   | Payment Date |   | Amount per share |
| July 13 and 31, 2018      |   | July 31, 2018 |   | $0.02667 |
| August 15 and 31, 2018    |   | August 31, 2018 |   | 0.02667 |
| September 14 and 28, 2018 |   | September 28, 2018 |   | 0.02667 |

----

Table of Contents

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

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

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

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

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

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

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | actual and potential conflicts of interest with SIC Advisors and its affiliates; |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | the dependence of our future success on the general economy and its effect on the industries in which we invest; |

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

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | the use of borrowed money to finance a portion of our investments; |

|         |                                                            |
|---------|------------------------------------------------------------|
| • | the adequacy of our financing sources and working capital; |

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

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | the ability of SIC Advisors to locate suitable investments for us and to monitor and administer our investments; |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | the ability of SIC Advisors and its affiliates to attract and retain highly talented professionals; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | our ability to maintain our qualification as a RIC and as a BDC; and |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | the effect of changes in laws or regulations affecting our operations. |

----

Table of Contents

|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | corporate, organizational and offering expenses relating to offerings of our common stock, subject to limitations included in our Investment Advisory Agreement; |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | the cost of calculating our NAV, including the related fees and cost of any third-party valuation services; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | the cost of effecting sales and repurchases of shares of our common stock and other securities; |

|         |                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | fees payable to third parties relating to, or associated with, monitoring our financial and legal affairs, making investments, and valuing investments, including fees and expenses associated with performing due diligence reviews of prospective investments; |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | interest payable on debt, if any, incurred to finance our investments; |

|         |                                    |
|---------|------------------------------------|
| • | transfer agent and custodial fees; |

----

Table of Contents

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | fees and expenses associated with marketing efforts subject to limitations included in the Investment Advisory Agreement; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | federal and state registration fees and any stock exchange listing fees; |

|         |                                 |
|---------|---------------------------------|
| • | federal, state and local taxes; |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | independent directors’ fees and expenses, including travel expenses; |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | costs of director and stockholder meetings, proxy statements, stockholders’ reports and notices; |

|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| • | costs of fidelity bonds, directors and officers/errors and omissions liability insurance and other types of insurance; |

|         |                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | direct costs, including those relating to printing of stockholder reports and advertising or sales materials, mailing, long distance telephone and staff subject to limitations included in the Investment Advisory Agreement; |

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | fees and expenses associated with independent audits and outside legal costs, including compliance with the Sarbanes-Oxley Act of 2002, the 1940 Act and applicable federal and state securities laws; |

|         |                                            |
|---------|--------------------------------------------|
| • | brokerage commissions for our investments; |

|         |                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | all other expenses incurred by us or SIC Advisors in connection with administering our investment portfolio, including expenses incurred by SIC Advisors in performing certain of its obligations under the Investment Advisory Agreement; and |

|         |                                                                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the reimbursement of the compensation of our Chief Financial Officer and Chief Compliance Officer, whose compensation is paid by Medley Capital LLC, to the extent that each such reimbursement amount is annually approved by our independent director committee and subject to the limitations included in our Administration Agreement. |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Senior secured first lien term loans  | $ | 563,597,680 |  |   | 53.2 | % |   | $ | 511,016,131 |  |   | 51.5 | % |
| Senior secured second lien term loans | 196,298,014 |  |   | 18.5 |  |   | 193,608,061 |  |   | 19.5 |  |
| Senior secured first lien notes       | 44,965,188 |  |   | 4.2 |  |   | 43,296,963 |  |   | 4.4 |  |
| Subordinated notes                    | 80,001,293 |  |   | 7.6 |  |   | 78,419,510 |  |   | 7.9 |  |
| Sierra Senior Loan Strategy JV I LLC  | 87,500,000 |  |   | 8.3 |  |   | 85,151,762 |  |   | 8.6 |  |
| Equity/warrants                       | 86,459,606 |  |   | 8.2 |  |   | 79,917,602 |  |   | 8.1 |  |
| Total                                 | $ | 1,058,821,781 |  |   | 100.0 | % |   | $ | 991,410,029 |  |   | 100.0 | % |

----

Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Senior secured first lien term loans  | $ | 609,837,869 |  |   | 54.0 | % |   | $ | 569,902,295 |  |   | 53.6 | % |
| Senior secured first lien notes       | 43,955,411 |  |   | 3.9 |  |   | 42,758,067 |  |   | 4.0 |  |
| Senior secured second lien term loans | 251,114,921 |  |   | 22.2 |  |   | 231,837,616 |  |   | 21.8 |  |
| Subordinated notes                    | 74,598,558 |  |   | 6.6 |  |   | 74,341,284 |  |   | 7.0 |  |
| Sierra Senior Loan Strategy JV I LLC  | 79,816,250 |  |   | 7.1 |  |   | 79,515,513 |  |   | 7.5 |  |
| Equity/warrants                       | 70,305,798 |  |   | 6.2 |  |   | 65,754,315 |  |   | 6.2 |  |
| Total                                 | $ | 1,129,628,807 |  |   | 100.0 | % |   | $ | 1,064,109,090 |  |   | 100.0 | % |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                  | June 30, 2018 |   | December 31, 2017 |
|                                  | Percentageof TotalInvestments |   | Weighted AverageCurrentYield for TotalInvestments(1) |   | Percentageof TotalInvestments |   | WeightedAverageCurrentYield for TotalInvestments(1) |
| Senior secured first lien term loans  | 51.9 | % |   | 8.1 | % |   | 53.2 | % |   | 9.4 | % |
| Senior secured first lien notes       | 4.4 |  |   | 10.5 |  |   | 4.0 |  |   | 10.2 |  |
| Senior secured second lien term loans | 19.7 |  |   | 9.8 |  |   | 21.7 |  |   | 9.2 |  |
| Subordinated notes                    | 8.0 |  |   | 8.7 |  |   | 7.0 |  |   | 11.2 |  |
| Sierra Senior Loan Strategy JV I LLC  | 8.7 |  |   | 9.6 |  |   | 7.4 |  |   | 10.3 |  |
| Equity/warrants                       | 7.3 |  |   | 14.0 |  |   | 6.7 |  |   | 14.3 |  |
| Total                                 | 100.0 | % |   | 9.2 | % |   | 100.0 | % |   | 9.9 | % |

|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| (1) | The weighted average current yield for total investments does not represent the total return to our stockholders. |

----

Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industry Classification                        |   | Investmentsat FairValue(1) |   | Percentageof TotalPortfolio(1) |   | Value ofTRSUnderlyingLoans |   | Percentageof TRSUnderlyingLoans |   | TotalInvestmentsat Fair Valueincluding thevalue of TRSUnderlyingLoans |   | Percentageof TotalPortfolioIncluding the value of TRSUnderlyingLoans |
| Services:  Business                       |   | $ | 159,667,790 |  |   | 16.1 | % |   | $ | 13,740,364 |  |   | 8.1 | % |   | $ | 173,408,154 |  |   | 14.9 | % |
| Multi-Sector Holdings                          |   | 163,571,272 |  |   | 16.5 |  |   | — |  |   | — |  |   | 163,571,272 |  |   | 14.1 |  |
| Healthcare & Pharmaceuticals               |   | 80,678,571 |  |   | 8.1 |  |   | 18,203,119 |  |   | 10.8 |  |   | 98,881,690 |  |   | 8.5 |  |
| High Tech Industries                           |   | 67,362,442 |  |   | 6.8 |  |   | 4,900,375 |  |   | 2.9 |  |   | 72,262,817 |  |   | 6.2 |  |
| Banking, Finance, Insurance & Real Estate  |   | 59,192,405 |  |   | 6.0 |  |   | 9,352,594 |  |   | 5.5 |  |   | 68,544,999 |  |   | 5.9 |  |
| Aerospace & Defense                        |   | 53,841,148 |  |   | 5.4 |  |   | 4,935,200 |  |   | 2.9 |  |   | 58,776,348 |  |   | 5.1 |  |
| Construction & Building                    |   | 50,940,110 |  |   | 5.1 |  |   | 5,959,466 |  |   | 3.5 |  |   | 56,899,576 |  |   | 4.9 |  |
| Hotel, Gaming & Leisure                    |   | 39,059,228 |  |   | 3.9 |  |   | 15,580,696 |  |   | 9.2 |  |   | 54,639,924 |  |   | 4.7 |  |
| Wholesale                                      |   | 49,667,270 |  |   | 5.0 |  |   | — |  |   | — |  |   | 49,667,270 |  |   | 4.3 |  |
| Automotive                                     |   | 33,500,486 |  |   | 3.4 |  |   | 6,186,450 |  |   | 3.7 |  |   | 39,686,936 |  |   | 3.4 |  |
| Capital Equipment                              |   | 15,223,231 |  |   | 1.5 |  |   | 23,710,509 |  |   | 14.0 |  |   | 38,933,740 |  |   | 3.4 |  |
| Transportation:  Cargo                    |   | 26,403,366 |  |   | 2.7 |  |   | 5,922,542 |  |   | 3.5 |  |   | 32,325,908 |  |   | 2.8 |  |
| Energy:  Oil & Gas                    |   | 24,269,991 |  |   | 2.4 |  |   | 6,771,938 |  |   | 4.0 |  |   | 31,041,929 |  |   | 2.7 |  |
| Media:  Advertising, Printing & Publishing |   | 22,114,347 |  |   | 2.2 |  |   | 6,541,260 |  |   | 3.9 |  |   | 28,655,607 |  |   | 2.5 |  |
| Chemicals, Plastics & Rubber               |   | 20,904,983 |  |   | 2.1 |  |   | 4,936,709 |  |   | 2.9 |  |   | 25,841,692 |  |   | 2.2 |  |
| Services:  Consumer                       |   | 9,675,725 |  |   | 1.0 |  |   | 15,318,585 |  |   | 9.0 |  |   | 24,994,310 |  |   | 2.2 |  |
| Retail                                         |   | 18,057,927 |  |   | 1.8 |  |   | 6,343,135 |  |   | 3.7 |  |   | 24,401,062 |  |   | 2.1 |  |
| Containers, Packaging & Glass              |   | 20,910,597 |  |   | 2.1 |  |   | — |  |   | — |  |   | 20,910,597 |  |   | 1.8 |  |
| Consumer Goods:  Durable                  |   | 7,700,000 |  |   | 0.8 |  |   | 8,902,111 |  |   | 5.3 |  |   | 16,602,111 |  |   | 1.4 |  |
| Media:  Diversified & Production           |   | 13,559,104 |  |   | 1.4 |  |   | 939,108 |  |   | 0.6 |  |   | 14,498,212 |  |   | 1.2 |  |
| Metals & Mining                            |   | 11,401,865 |  |   | 1.2 |  |   | 1,492,500 |  |   | 0.9 |  |   | 12,894,365 |  |   | 1.1 |  |
| Consumer Goods:  Non-durable              |   | 5,502,146 |  |   | 0.6 |  |   | 5,638,762 |  |   | 3.3 |  |   | 11,140,908 |  |   | 1.0 |  |
| Media:  Broadcasting & Subscription   |   | 10,647,788 |  |   | 1.1 |  |   | — |  |   | — |  |   | 10,647,788 |  |   | 0.9 |  |
| Transportation:  Consumer                 |   | 8,749,622 |  |   | 0.9 |  |   | — |  |   | — |  |   | 8,749,622 |  |   | 0.8 |  |
| Beverage & Food                            |   | 6,996,530 |  |   | 0.7 |  |   | 1,002,500 |  |   | 0.6 |  |   | 7,999,030 |  |   | 0.7 |  |
| Environmental Industries                       |   | 4,819,237 |  |   | 0.5 |  |   | — |  |   | — |  |   | 4,819,237 |  |   | 0.4 |  |
| Forest Products & Paper                    |   | 3,692,848 |  |   | 0.4 |  |   | — |  |   | — |  |   | 3,692,848 |  |   | 0.3 |  |
| Telecommunications                             |   | 3,300,000 |  |   | 0.3 |  |   | — |  |   | — |  |   | 3,300,000 |  |   | 0.3 |  |
| Utilities:  Electric                      |   | — |  |   | — |  |   | 2,899,264 |  |   | 1.7 |  |   | 2,899,264 |  |   | 0.2 |  |
| Total                                          |   | $ | 991,410,029 |  |   | 100.0 | % |   | $ | 169,277,187 |  |   | 100.0 | % |   | $ | 1,160,687,216 |  |   | 100.0 | % |

|     |                                       |
|-----|---------------------------------------|
| (1) | Does not include TRS underlying loans |

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|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Industry Classification                        | Investmentsat FairValue(1) |   | Percentageof TotalPortfolio(1) |   | Value ofTRSUnderlyingLoans |   | Percentageof TRSUnderlyingLoans |   | TotalInvestmentsat Fair Valueincluding thevalue of TRSUnderlyingLoans |   | Percentageof TotalPortfolioIncluding the value of TRSUnderlyingLoans |
| Services:  Business                       | $ | 146,953,643 |  |   | 13.8 | % |   | $ | 13,887,959 |  |   | 8.2 | % |   | $ | 160,841,602 |  |   | 13.0 | % |
| Multi-Sector Holdings                          | 153,856,797 |  |   | 14.4 |  |   | — |  |   | — |  |   | 153,856,797 |  |   | 12.5 |  |
| Healthcare & Pharmaceuticals               | 91,755,106 |  |   | 8.6 |  |   | 22,303,100 |  |   | 13.1 |  |   | 114,058,206 |  |   | 9.2 |  |
| High Tech Industries                           | 72,406,421 |  |   | 6.8 |  |   | 12,085,880 |  |   | 7.1 |  |   | 84,492,301 |  |   | 6.8 |  |
| Banking, Finance, Insurance & Real Estate  | 63,954,055 |  |   | 6.0 |  |   | 14,389,666 |  |   | 8.5 |  |   | 78,343,721 |  |   | 6.3 |  |
| Aerospace & Defense                        | 66,643,836 |  |   | 6.3 |  |   | 4,610,439 |  |   | 2.7 |  |   | 71,254,275 |  |   | 5.8 |  |
| Construction & Building                    | 53,936,884 |  |   | 5.1 |  |   | 6,004,451 |  |   | 3.5 |  |   | 59,941,335 |  |   | 4.9 |  |
| Hotel, Gaming & Leisure                    | 44,379,508 |  |   | 4.2 |  |   | 12,901,314 |  |   | 7.6 |  |   | 57,280,822 |  |   | 4.6 |  |
| Wholesale                                      | 47,202,110 |  |   | 4.4 |  |   | — |  |   | — |  |   | 47,202,110 |  |   | 3.8 |  |
| Energy:  Oil & Gas                    | 34,983,825 |  |   | 3.3 |  |   | 6,047,997 |  |   | 3.6 |  |   | 41,031,822 |  |   | 3.3 |  |
| Transportation:  Cargo                    | 36,660,325 |  |   | 3.4 |  |   | 3,426,421 |  |   | 2.0 |  |   | 40,086,746 |  |   | 3.2 |  |
| Media:  Advertising, Printing & Publishing | 24,692,940 |  |   | 2.3 |  |   | 13,516,196 |  |   | 8.0 |  |   | 38,209,136 |  |   | 3.1 |  |
| Beverage & Food                            | 31,625,675 |  |   | 3.0 |  |   | 1,351,347 |  |   | 0.8 |  |   | 32,977,022 |  |   | 2.7 |  |
| Capital Equipment                              | 14,726,702 |  |   | 1.4 |  |   | 14,771,244 |  |   | 8.7 |  |   | 29,497,946 |  |   | 2.4 |  |
| Retail                                         | 19,931,113 |  |   | 1.9 |  |   | 6,663,368 |  |   | 3.9 |  |   | 26,594,481 |  |   | 2.2 |  |
| Chemicals, Plastics & Rubber               | 21,154,595 |  |   | 2.0 |  |   | 4,962,025 |  |   | 2.9 |  |   | 26,116,620 |  |   | 2.1 |  |
| Telecommunications                             | 25,579,647 |  |   | 2.4 |  |   | — |  |   | — |  |   | 25,579,647 |  |   | 2.1 |  |
| Containers, Packaging & Glass              | 22,128,034 |  |   | 2.1 |  |   | — |  |   | — |  |   | 22,128,034 |  |   | 1.8 |  |
| Metals & Mining                            | 21,202,310 |  |   | 2.0 |  |   | — |  |   | — |  |   | 21,202,310 |  |   | 1.7 |  |
| Automotive                                     | 16,154,337 |  |   | 1.5 |  |   | 2,786,968 |  |   | 1.6 |  |   | 18,941,305 |  |   | 1.5 |  |
| Services:  Consumer                       | 8,631,158 |  |   | 0.8 |  |   | 8,422,315 |  |   | 5.0 |  |   | 17,053,473 |  |   | 1.4 |  |
| Media:  Diversified & Production           | 14,471,721 |  |   | 1.4 |  |   | 945,165 |  |   | 0.6 |  |   | 15,416,886 |  |   | 1.2 |  |
| Media:  Broadcasting & Subscription   | 13,438,549 |  |   | 1.3 |  |   | 1,965,000 |  |   | 1.2 |  |   | 15,403,549 |  |   | 1.2 |  |
| Consumer Goods:  Non-durable              | 5,942,867 |  |   | 0.5 |  |   | 5,151,172 |  |   | 3.0 |  |   | 11,094,039 |  |   | 0.9 |  |
| Consumer Goods:  Durable                  | — |  |   | — |  |   | 10,505,869 |  |   | 6.2 |  |   | 10,505,869 |  |   | 0.9 |  |
| Transportation:  Consumer                 | 7,614,095 |  |   | 0.7 |  |   | — |  |   | — |  |   | 7,614,095 |  |   | 0.6 |  |
| Environmental Industries                       | 4,082,837 |  |   | 0.4 |  |   | — |  |   | — |  |   | 4,082,837 |  |   | 0.3 |  |
| Utilities:  Electric                      | — |  |   | — |  |   | 2,975,822 |  |   | 1.8 |  |   | 2,975,822 |  |   | 0.2 |  |
| Total                                          | $ | 1,064,109,090 |  |   | 100.0 | % |   | $ | 169,673,718 |  |   | 100.0 | % |   | $ | 1,233,782,808 |  |   | 100.0 | % |

|     |                                       |
|-----|---------------------------------------|
| (1) | Does not include TRS underlying loans |

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|                          |
|--------------------------|
|                          |  |
| 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. |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     |   | June 30, 2018 |   | December 31, 2017 |
| Investment Credit Rating |   | Investments atFair Value |   | Percentage |   | Investments atFair Value |   | Percentage |
| 1                        |   | $ | 33,989,468 |  |   | 3.4 | % |   | $ | 23,078,445 |  |   | 2.2 | % |
| 2                        |   | 750,610,233 |  |   | 75.7 |  |   | 856,094,329 |  |   | 80.5 |  |
| 3                        |   | 161,078,438 |  |   | 16.2 |  |   | 147,000,458 |  |   | 13.8 |  |
| 4                        |   | 10,404,439 |  |   | 1.0 |  |   | 15,505,144 |  |   | 1.5 |  |
| 5                        |   | 35,327,451 |  |   | 3.6 |  |   | 22,430,714 |  |   | 2.1 |  |
| Total                    |   | $ | 991,410,029 |  |   | 100.0 | % |   | $ | 1,064,109,090 |  |   | 100.0 | % |

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                      |   | For the Three Months Ended June 30, |   | For the Six Months EndedJune 30, |
|                                                                                      |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Total investment income                                                                   |   | $ | 24,890,883 |  |   | $ | 24,704,225 |  |   | $ | 49,250,923 |  |   | $ | 50,934,816 |  |
| Total expenses                                                                            |   | 12,630,171 |  |   | 12,595,040 |  |   | 25,575,866 |  |   | 25,079,884 |  |
| Net investment income                                                                     |   | 12,260,712 |  |   | 12,109,185 |  |   | 23,675,057 |  |   | 25,854,932 |  |
| Net realized gain/(loss) from investments and total return swap                           |   | (133,829 | ) |   | (10,335,366 | ) |   | (30,836,305 | ) |   | (20,810,343 | ) |
| Net change in unrealized appreciation/(depreciation) on investments and total return swap |   | (17,396,983 | ) |   | 6,389,722 |  |   | 742,620 |  |   | 11,885,490 |  |
| Change in provision for deferred taxes on unrealized gain on investments                  |   | (57,177 | ) |   | (36,746 | ) |   | 78,278 |  |   | (334,318 | ) |
| Net increase/(decrease) in net assets resulting from operations                           |   | $ | (5,327,277 | ) |   | $ | 8,126,795 |  |   | $ | (6,340,350 | ) |   | $ | 16,595,761 |  |

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|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   | For the Three Months Ended June 30, |   | For the Six Months EndedJune 30, |
|                                |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Base management fees                |   | $ | 4,834,495 |  |   | $ | 5,449,266 |  |   | $ | 9,838,311 |  |   | $ | 10,657,835 |  |
| Interest and financing expenses     |   | 5,219,779 |  |   | 4,517,158 |  |   | 10,392,209 |  |   | 8,461,242 |  |
| Incentive fees                      |   | — |  |   | — |  |   | — |  |   | 548,806 |  |
| General and administrative expenses |   | 1,216,840 |  |   | 887,678 |  |   | 2,641,958 |  |   | 1,769,807 |  |
| Administrator expenses              |   | 758,178 |  |   | 794,622 |  |   | 1,481,713 |  |   | 1,588,151 |  |
| Offering costs                      |   | 187,736 |  |   | 299,700 |  |   | 470,986 |  |   | 821,384 |  |
| Professional fees                   |   | 413,143 |  |   | 646,616 |  |   | 750,689 |  |   | 1,232,659 |  |
| Total expenses                      |   | $ | 12,630,171 |  |   | $ | 12,595,040 |  |   | $ | 25,575,866 |  |   | $ | 25,079,884 |  |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | June 30, 2018 |   | December 31, 2017 |
|                                  | TotalCommitment |   | BalanceOutstanding |   | UnusedCommitment |   | TotalCommitment |   | BalanceOutstanding |   | UnusedCommitment |
| ING Credit Facility                   | $ | 220,000,000 |  |   | $ | 145,000,000 |  |   | $ | 75,000,000 |  |   | $ | 175,000,000 |  |   | $ | 195,000,000 |  |   | $ | (20,000,000 | ) |
| Alpine Credit Facility                | 300,000,000 |  |   | 240,000,000 |  |   | 60,000,000 |  |   | 300,000,000 |  |   | 240,000,000 |  |   | 60,000,000 |  |
| Total before deferred financing costs | 520,000,000 |  |   | 385,000,000 |  |   | 135,000,000 |  |   | 475,000,000 |  |   | 435,000,000 |  |   | 40,000,000 |  |
| Unamortized deferred financing costs  | — |  |   | (4,381,791 | ) |   | — |  |   | — |  |   | (5,286,927 | ) |   | — |  |
| Total borrowings outstanding, net     | $ | 520,000,000 |  |   | $ | 380,618,209 |  |   | $ | 135,000,000 |  |   | $ | 475,000,000 |  |   | $ | 429,713,073 |  |   | $ | 40,000,000 |  |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | Payment Due By Period  |
|                          | Total  |   | Less than1 Year  |   | 1 - 3 Years |   | 3 - 5 Years  |   | More than5 Years |
| ING Credit Facility           | $ | 145,000,000 |  |   | $ | — |  |   | $ | 145,000,000 |  |   | $ | — |  |   | $ | — |  |
| Alpine Credit Facility        | 240,000,000 |  |   | — |  |   |   |   | 240,000,000 |  |   | — |  |
| Total Contractual Obligations | $ | 385,000,000 |  |   | $ | — |  |   | $ | 145,000,000 |  |   | $ | 240,000,000 |  |   | $ | — |  |

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  |   | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                                                  |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Interest income and settlement from TRS portfolio                     |   | $ | 1,222,320 |  |   | $ | 2,222,742 |  |   | 2,659,675 |  |   | $ | 4,397,745 |  |
| Traded gains/(loss) on TRS loan sales                                 |   | (2,265,995 | ) |   | (9,812,704 | ) |   | (2,224,728 | ) |   | (9,268,356 | ) |
| Net realized gains/(loss) on TRS portfolio                            |   | $ | (1,043,675 | ) |   | $ | (7,589,962 | ) |   | $ | 434,947 |  |   | $ | (4,870,611 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| Net change in unrealized appreciation/(depreciation) on TRS portfolio |   | $ | (306,714 | ) |   | $ | 10,300,626 |  |   | $ | 2,634,655 |  |   | $ | 10,196,270 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | Three Months EndedJune 30, |   | Six Months EndedJune 30, |
|                                 |   | 2018 |   | 2017 |   | 2018 |   | 2017 |
| Average notional amount of contracts |   | $ | 168,753,875 |  |   | $ | 254,095,027 |  |   | $ | 170,174,081 |  |   | $ | 248,586,810 |  |

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|                           |
|---------------------------|
|                           |  |  |  |  |
| Record Date               |   | Payment Date |   | Amount per share |
| January 13 and 31, 2017   |   | January 31, 2017 |   | $0.02667 |
| February 15 and 28, 2017  |   | February 28, 2017 |   | 0.02667 |
| March 15 and 31, 2017     |   | March 31, 2017 |   | 0.02667 |
| April 14 and 28, 2017     |   | April 28, 2017 |   | 0.02667 |
| May 15 and 31, 2017       |   | May 31, 2017 |   | 0.02667 |
| June 15 and 30, 2017      |   | June 30, 2017 |   | 0.02667 |
| July 14 and 31, 2017      |   | July 31, 2017 |   | 0.02667 |
| August 15 and 31, 2017    |   | August 31, 2017 |   | 0.02667 |
| September 15 and 29, 2017 |   | September 29, 2017 |   | 0.02667 |
| October 13 and 31, 2017   |   | October 31, 2017 |   | 0.02667 |
| November 15 and 30, 2017  |   | November 30, 2017 |   | 0.02667 |
| December 15 and 29, 2017  |   | December 29, 2017 |   | 0.02667 |
| January 15 and 31, 2018   |   | January 31, 2018 |   | 0.02667 |
| February 15 and 28, 2018  |   | February 28, 2018 |   | 0.02667 |
| March 15 and 30, 2018     |   | March 30, 2018 |   | 0.02667 |
| April 13 and 30, 2018     |   | April 30, 2018 |   | 0.02667 |
| May 15 and 31, 2018       |   | May 31, 2018 |   | 0.02667 |
| June 15 and 29, 2018      |   | June 29, 2018 |   | 0.02667 |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | An incentive fee on net investment income (“subordinated incentive fee on income”) is calculated and payable quarterly in arrears and is based upon pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee on income is payable in any calendar quarter in which pre-incentive fee net investment income does not exceed a quarterly return to stockholders of 1.75% per quarter on our net assets at the end of the immediately preceding fiscal quarter, or the preferred quarterly return. All pre-incentive fee net investment income, if any, that exceeds the preferred quarterly return, but is less than or equal to 2.1875% of net assets at the end of the immediately preceding fiscal quarter in any quarter, will be payable to SIC Advisors. We refer to this portion of our subordinated incentive fee on income as the catch up. It is intended to provide an incentive fee of 20% on pre-incentive fee net investment income when pre-incentive fee net investment income exceeds 2.1875% of net assets at the end of the immediately preceding quarter in any quarter. For any quarter in which our pre-incentive fee net investment income exceeds 2.1875% of net assets at the end of the immediately preceding quarter, the subordinated incentive fee on income shall equal 20% of the amount of pre-incentive fee net investment income, because the preferred return and catch up will have been achieved. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A capital gains incentive fee will be earned on realized investments and shall be payable in arrears as of the end of each calendar year during which the Investment Advisory Agreement is in effect. If the Investment Advisory Agreement is terminated, the fee will become payable as of the effective date of such termination. The capital gains incentive fee is based on our realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, which we refer to as “net realized capital gains.” The capital gains incentive fee equals 20% of net realized capital gains, less the aggregate amount of any previously paid capital gains incentive fee. |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1 — Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and publicly listed derivatives will be included in Level 1. In addition, securities sold, but not yet purchased and call options will be included in Level 1. We will not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably affect the quoted price. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2 — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, and various relationships between investments. Investments which are generally expected to be included in this category include corporate bonds and loans, convertible debt indexed to publicly listed securities, and certain over-the-counter derivatives. |

|         |                                                                                                                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3 — Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments that are expected to be included in this category are our private portfolio companies. |

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|         |                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------|
| • | our quarterly valuation process begins with each portfolio investment being initially valued by the valuation professionals; |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | conclusions are then documented and discussed with senior management; and |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | an independent valuation firm engaged by our board of directors prepares an independent valuation report for approximately one third of the portfolio investments each quarter on a rotating quarterly basis on non fiscal year-end quarters, such that each of these investments will be valued by an independent valuation firm at least twice per annum when combined with the fiscal year-end review of all the investments by independent valuation firms, exclusive of the TRS underlying portfolio. |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | management reviews preliminary valuations and their own independent assessment; |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | the audit committee of our board of directors reviews the preliminary valuations of senior management and independent valuation firms; and |

|         |                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our board of directors discusses valuations and determines the fair value of each investment in our portfolio in good faith based on the input of SIC Advisors, the respective independent valuation firms and the audit committee. |

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|                           |
|---------------------------|
|                           |  |  |  |  |  |  |
| Record Date               |   | Payment Date |   | Amount per share |
| July 13 and 31, 2018      |   | July 31, 2018 |   | $ | 0.02667 |  |
| August 15 and 31, 2018    |   | August 31, 2018 |   | 0.02667 |  |
| September 14 and 28, 2018 |   | September 28, 2018 |   | 0.02667 |  |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   | Change in |
| Basis point increase/(decrease) |   | Interest Income (1) |   | Interest Expense |   | Net Interest Income |
| 300                             |   | $ | 22,102,947 |  |   | $ | 11,550,000 |  |   | $ | 10,552,947 |  |
| 200                             |   | 14,735,298 |  |   | 7,700,000 |  |   | 7,035,298 |  |
| 100                             |   | 7,367,649 |  |   | 3,850,000 |  |   | 3,517,649 |  |
| (100)                           |   | (7,316,704 | ) |   | (3,850,000 | ) |   | (3,466,704 | ) |
| (200)                           |   | (9,091,558 | ) |   | (7,700,000 | ) |   | (1,391,558 | ) |
| (300)                           |   | (9,091,558 | ) |   | (8,047,463 | ) |   | (1,044,095 | ) |

|     |                                                                                        |
|-----|----------------------------------------------------------------------------------------|
| (1) | Assumes no defaults or prepayments by portfolio companies over the next twelve months. |

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Table of Contents

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| Period                              |   | Total Number of Shares Purchased |   | Average Price per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
| April 1, 2018 through June 30, 2018 |   | 1,785,703 |   | $7.49 |   | 1,785,703 |   | — (1) |

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| (1) | A description of the maximum number of shares that may be purchased under our share repurchase program is included in the narrative preceding this table. |

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| 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  |   | Form of Second Amended and Restated Dealer Manager Agreement |
| 10.5  |   | First Amendment to Second Amended and Restated Dealer Manager Agreement |
| 10.6  |   | Form of Participating Broker-Dealer Agreement (Included as Exhibit A to the Form of Amended and Restated Dealer Manager Agreement) |
| 10.7  |   | Custody Agreement |
| 10.8  |   | Form of Administration Agreement |
| 10.9  |   | Form of License Agreement |
| 10.10 |   | Form of Escrow Agreement |
| 10.11 |   | 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. |

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| 10.12 |   | 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 |
| 10.13 |   | Fifth Amended and Restated Confirmation Letter Agreement, dated as of September 29, 2017, by and between Arbor Funding LLC and Citibank, N.A. |
| 10.14 |   | 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 |
| 10.15 |   | 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 |
| 10.16 |   | 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 |
| 10.17 |   | 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 |
| 10.18 |   | Sale and Contribution Agreement, dated as of July 23, 2014, by and between Sierra Income Corporation, as seller, and Alpine Funding LLC, as purchaser |
| 10.19 |   | Portfolio Management Agreement, dated as of July 23, 2014, by and between Alpine Funding LLC, as borrower and SIC Advisors LLC, as portfolio manager |
| 10.20 |   | 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 |
| 10.21 |   | Limited Liability Company Operating Agreement of Sierra Senior Loan Strategy JV I LLC, dated March 27, 2015 |
| 11.1  |   | Computation of Per Share Earnings (included in the notes to the financial statements contained in this report) * |
| 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* |

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| Dated: August 9, 2018 | 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) |