----

----

|   |
|---|
|   |  |
| 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                                                       |   | 80-0789789 |
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification Number) |
|                                                           |   |   |
| 520 Madison Avenue, 40th Floor, New York, NY 10022             |   | (212) 813-4900 |
| (Address of principal executive office) (Zip Code)             |   | (Registrant’s telephone number, including area code) |

----

----

|                               |
|-------------------------------|
|                               |  |  |
| Title of Each Class           | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common stock, $0.01 par value | CGBD | The Nasdaq Global Select Market |

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

----

|               |
|---------------|
|               |  |  |
|          |   |   |
| Part I.  | Financial Information |   |
| Item 1.  | Financial Statements |   |
|          | Consolidated Statements of Assets and Liabilities as of March 31, 2020 (unaudited) and December 31, 2019 | 3 |
|          | Consolidated Statements of Operations for the three month periods ended March 31, 2020 and 2019 (unaudited) | 4 |
|          | Consolidated Statements of Changes in Net Assets for the three month periods ended March 31, 2020 and 2019 (unaudited) | 5 |
|          | Consolidated Statements of Cash Flows for the three month periods ended March 31, 2020 and 2019 (unaudited) | 6 |
|          | Consolidated Schedules of Investments as of March 31, 2020 (unaudited) and December 31, 2019 | 7 |
|          | Notes to Consolidated Financial Statements (unaudited) | 31 |
| Item 2.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 66 |
| Item 3.       | Quantitative and Qualitative Disclosures About Market Risk | 96 |
| Item 4.       | Controls and Procedures | 96 |
| Part II. | Other Information |   |
| Item 1.       | Legal Proceedings | 97 |
| Item 1A. | Risk Factors | 97 |
| Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds | 98 |
| Item 3.       | Defaults Upon Senior Securities | 99 |
| Item 4.       | Mine Safety Disclosures | 99 |
| Item 5.       | Other Information | 99 |
| Item 6.       | Exhibits | 99 |
|          | Signatures | 100 |

----

|                                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                              |  |  |  |  |  |  |  |
|                                                                                                                                                                         | March 31, 2020 |   | December 31, 2019 |
| ASSETS                                                                                                                                                                       | (unaudited) |   |   |
| Investments, at fair value                                                                                                                                                   |   |   |   |
| Investments—non-controlled/non-affiliated, at fair value (amortized cost of $2,007,160 and $1,960,755, respectively)                                                   | $ | 1,826,422 |  |   | $ | 1,897,057 |  |
| Investments—controlled/affiliated, at fair value (amortized cost of $240,167 and $240,696, respectively)                                                               | 197,855 |  |   | 226,907 |  |
| Total investments, at fair value (amortized cost of $2,247,327 and $2,201,451, respectively)                                                                                 | 2,024,277 |  |   | 2,123,964 |  |
| Cash and cash equivalents                                                                                                                                                    | 65,525 |  |   | 36,751 |  |
| Receivable for investment sold                                                                                                                                               | 15,655 |  |   | 6,162 |  |
| Deferred financing costs                                                                                                                                                     | 4,026 |  |   | 4,032 |  |
| Interest receivable from non-controlled/non-affiliated investments                                                                                                           | 10,406 |  |   | 9,462 |  |
| Interest and dividend receivable from controlled/affiliated investments                                                                                                      | 6,350 |  |   | 6,845 |  |
| Prepaid expenses and other assets                                                                                                                                            | 587 |  |   | 317 |  |
| Total assets                                                                                                                                                                 | $ | 2,126,826 |  |   | $ | 2,187,533 |  |
| LIABILITIES                                                                                                                                                                  |   |   |   |
| Secured borrowings (Note 6)                                                                                                                                                  | $ | 701,609 |  |   | $ | 616,543 |  |
| 2015-1 Notes payable, net of unamortized debt issuance costs of $2,849 and $2,911, respectively (Note 7)                                                                     | 446,351 |  |   | 446,289 |  |
| Senior Notes (Note 7)                                                                                                                                                        | 115,000 |  |   | 115,000 |  |
| Payable for investments purchased                                                                                                                                            | 24,345 |  |   | — |  |
| Interest and credit facility fees payable (Notes 6 and 7)                                                                                                                    | 6,100 |  |   | 6,764 |  |
| Dividend payable (Note 9)                                                                                                                                                    | 20,824 |  |   | 31,760 |  |
| Base management and incentive fees payable (Note 4)                                                                                                                          | 12,333 |  |   | 13,236 |  |
| Administrative service fees payable (Note 4)                                                                                                                                 | 98 |  |   | 77 |  |
| Other accrued expenses and liabilities                                                                                                                                       | 1,632 |  |   | 1,393 |  |
| Total liabilities                                                                                                                                                            | 1,328,292 |  |   | 1,231,062 |  |
| Commitments and contingencies (Notes 8 and 11)                                                                                                                               |   |   |   |
| EQUITY                                                                                                                                                                       |   |   |   |
| NET ASSETS                                                                                                                                                                   |   |   |   |
| Common stock, $0.01 par value; 200,000,000 shares authorized; 56,308,616 and 57,763,811 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively) | 563 |  |   | 578 |  |
| Paid-in capital in excess of par value                                                                                                                                       | 1,093,250 |  |   | 1,109,238 |  |
| Offering costs                                                                                                                                                               | (1,633 | ) |   | (1,633 | ) |
| Total distributable earnings (loss)                                                                                                                                          | (293,646 | ) |   | (151,712 | ) |
| Total net assets                                                                                                                                                             | $ | 798,534 |  |   | $ | 956,471 |  |
| NET ASSETS PER SHARE                                                                                                                                                         | $ | 14.18 |  |   | $ | 16.56 |  |

----

|                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                            |  |  |  |  |  |  |  |
|                                                                                                                                       | For the three month periods ended |
|                                                                                                                                       | March 31, 2020 |   | March 31, 2019 |
| Investment income:                                                                                                                         |   |   |   |
| From non-controlled/non-affiliated investments:                                                                                            |   |   |   |
| Interest income                                                                                                                            | $ | 41,465 |  |   | $ | 45,242 |  |
| Other income                                                                                                                               | 2,344 |  |   | 2,028 |  |
| Total investment income from non-controlled/non-affiliated investments                                                                     | 43,809 |  |   | 47,270 |  |
| From non-controlled/affiliated investments:                                                                                                |   |   |   |
| Interest income                                                                                                                            | — |  |   | 379 |  |
| Total investment income from non-controlled/affiliated investments                                                                         | — |  |   | 379 |  |
| From controlled/affiliated investments:                                                                                                    |   |   |   |
| Interest income                                                                                                                            | 3,236 |  |   | 3,538 |  |
| Dividend income                                                                                                                            | 3,500 |  |   | 4,000 |  |
| Total investment income from controlled/affiliated investments                                                                             | 6,736 |  |   | 7,538 |  |
| Total investment income                                                                                                                    | 50,545 |  |   | 55,187 |  |
| Expenses:                                                                                                                                  |   |   |   |
| Base management fees (Note 4)                                                                                                              | 7,386 |  |   | 7,685 |  |
| Incentive fees (Note 4)                                                                                                                    | 5,086 |  |   | 5,846 |  |
| Professional fees                                                                                                                          | 667 |  |   | 745 |  |
| Administrative service fees (Note 4)                                                                                                       | 106 |  |   | 216 |  |
| Interest expense (Notes 6 and 7)                                                                                                           | 12,179 |  |   | 11,991 |  |
| Credit facility fees (Note 6)                                                                                                              | 590 |  |   | 568 |  |
| Directors’ fees and expenses                                                                                                         | 96 |  |   | 93 |  |
| Other general and administrative                                                                                                           | 411 |  |   | 421 |  |
| Total expenses                                                                                                                             | 26,521 |  |   | 27,565 |  |
| Net investment income (loss) before taxes                                                                                                  | 24,024 |  |   | 27,622 |  |
| Excise tax expense                                                                                                                         | 52 |  |   | 60 |  |
| Net investment income (loss)                                                                                                               | 23,972 |  |   | 27,562 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation):                                                         |   |   |   |
| Net realized gain (loss) on investments:                                                                                                   |   |   |   |
| Non-controlled/non-affiliated investments                                                                                                  | (1,697 | ) |   | 899 |  |
| Controlled/affiliated investments                                                                                                          | — |  |   | — |  |
| Currency gains (losses) on non-investment assets and liabilities                                                                           | (150 | ) |   | — |  |
| Net change in unrealized appreciation (depreciation) on investments:                                                                       |   |   |   |
| Non-controlled/non-affiliated investments                                                                                                  | (117,042 | ) |   | 2,473 |  |
| Non-controlled/affiliated investments                                                                                                      | — |  |   | 2,296 |  |
| Controlled/affiliated investments                                                                                                          | (28,521 | ) |   | 496 |  |
| Net change in unrealized currency gains (losses) on non-investment assets and liabilities                                                  | 2,338 |  |   | — |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | (145,072 | ) |   | 6,164 |  |
| Net increase (decrease) in net assets  resulting from operations                                                                           | $ | (121,100 | ) |   | $ | 33,726 |  |
| Basic and diluted earnings per common share (Note 9)                                                                                       | $ | (2.12 | ) |   | $ | 0.55 |  |
| Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)                                                       | 57,112,193 |  |   | 61,772,774 |  |

----

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |
|                                                                                      | For the three month periods ended |
|                                                                                      | March 31, 2020 |   | March 31, 2019 |
| Net increase (decrease) in net assets  resulting from operations:                         |   |   |   |
| Net investment income (loss)                                                              | $ | 23,972 |  |   | $ | 27,562 |  |
| Net realized gain (loss)                                                                  | (1,847 | ) |   | 899 |  |
| Net change in unrealized appreciation (depreciation) on investments                       | (145,563 | ) |   | 5,265 |  |
| Net change in unrealized currency gains (losses) on non-investment assets and liabilities | 2,338 |  |   | — |  |
| Net increase (decrease) in net assets  resulting from operations                          | (121,100 | ) |   | 33,726 |  |
| Capital transactions:                                                                     |   |   |   |
| Repurchase of common stock                                                                | (16,003 | ) |   | (14,085 | ) |
| Dividends declared (Note 12)                                                              | (20,834 | ) |   | (22,672 | ) |
| Net increase (decrease) in net assets  resulting from capital share transactions          | (36,837 | ) |   | (36,757 | ) |
| Net increase (decrease) in net assets                                                     | (157,937 | ) |   | (3,031 | ) |
| Net Assets at beginning of period                                                         | 956,471 |  |   | 1,063,218 |  |
| Net Assets at end of period                                                               | $ | 798,534 |  |   | $ | 1,060,187 |  |

----

|                                                                                                                                                   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                   |  |  |  |  |  |  |  |
|                                                                                                                                              | For the three month periods ended |
|                                                                                                                                              | March 31, 2020 |   | March 31, 2019 |
| Cash flows from operating activities:                                                                                                             |   |   |   |
| Net increase (decrease) in net assets  resulting from operations                                                                                  | $ | (121,100 | ) |   | $ | 33,726 |  |
| Adjustments to reconcile net increase (decrease) in net assets  resulting from operations to net cash provided by (used in) operating activities: |   |   |   |
| Amortization of deferred financing costs                                                                                                          | 305 |  |   | 298 |  |
| Net accretion of discount on investments                                                                                                          | (2,586 | ) |   | (2,161 | ) |
| Paid-in-kind interest                                                                                                                             | (179 | ) |   | (1,052 | ) |
| Net realized (gain) loss on investments                                                                                                           | 1,697 |  |   | (899 | ) |
| Net realized currency (gain) loss on non-investment assets and liabilities                                                                        | 150 |  |   | — |  |
| Net change in unrealized (appreciation) depreciation on investments                                                                               | 145,563 |  |   | (5,265 | ) |
| Net change in unrealized currency (gains) losses on non-investment assets and liabilities                                                         | (2,338 | ) |   | — |  |
| Cost of investments purchased and change in payable for investments purchased                                                                     | (307,148 | ) |   | (247,039 | ) |
| Proceeds from sales and repayments of investments and change in receivable for investments sold                                                   | 277,451 |  |   | 79,554 |  |
| Changes in operating assets:                                                                                                                      |   |   |   |
| Interest receivable                                                                                                                               | (949 | ) |   | (1,361 | ) |
| Dividend receivable                                                                                                                               | 500 |  |   | (300 | ) |
| Prepaid expenses and other assets                                                                                                                 | (270 | ) |   | 121 |  |
| Changes in operating liabilities:                                                                                                                 |   |   |   |
| Due to Investment Adviser                                                                                                                         | — |  |   | (67 | ) |
| Interest and credit facility fees payable                                                                                                         | (664 | ) |   | 494 |  |
| Base management and incentive fees payable                                                                                                        | (903 | ) |   | (303 | ) |
| Administrative service fees payable                                                                                                               | 21 |  |   | 45 |  |
| Other accrued expenses and liabilities                                                                                                            | 239 |  |   | 698 |  |
| Net cash provided by (used in) operating activities                                                                                               | (10,211 | ) |   | (143,511 | ) |
| Cash flows from financing activities:                                                                                                             |   |   |   |
| Repurchase of common stock                                                                                                                        | (16,003 | ) |   | (14,085 | ) |
| Borrowings on SPV Credit Facility and Credit Facility                                                                                             | 226,500 |  |   | 253,950 |  |
| Repayments of SPV Credit Facility and Credit Facility                                                                                             | (139,443 | ) |   | (107,626 | ) |
| Debt issuance costs paid                                                                                                                          | (299 | ) |   | (355 | ) |
| Dividends paid in cash                                                                                                                            | (31,770 | ) |   | (35,488 | ) |
| Net cash provided by (used in) financing activities                                                                                               | 38,985 |  |   | 96,396 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                              | 28,774 |  |   | (47,115 | ) |
| Cash and cash equivalents, beginning of period                                                                                                    | 36,751 |  |   | 87,186 |  |
| Cash and cash equivalents, end of period                                                                                                          | $ | 65,525 |  |   | $ | 40,071 |  |
| Supplemental disclosures:                                                                                                                         |   |   |   |
| Interest paid during the period                                                                                                                   | $ | 12,647 |  |   | $ | 11,515 |  |
| Taxes, including excise tax, paid during the period                                                                                               | $ | 387 |  |   | $ | 225 |  |
| Dividends declared during the period                                                                                                              | $ | 20,834 |  |   | $ | 22,672 |  |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
|   |
|   | First Lien Debt (75.19% of fair value) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Airnov, Inc. (Clariant) |   | ^* |   | (2) (3) (12) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 6.37% |   | 12/20/2019 |   | 12/19/2025 |   | $ | 12,813 |  |   | $ | 12,610 |  |   | $ | 12,396 |  |   | 1.55 | % |
|   | Alpha Packaging Holdings, Inc. |   | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 6.00% |   | 7.13% |   | 6/26/2015 |   | 11/12/2021 |   | 2,829 |  |   | 2,828 |  |   | 2,770 |  |   | 0.35 |  |
|   | Alpine SG, LLC |   | ^* |   | (2) (3) |   | High Tech Industries |   | L + 5.75% |   | 7.20% |   | 2/2/2018 |   | 11/16/2022 |   | 15,301 |  |   | 15,196 |  |   | 14,996 |  |   | 1.88 |  |
|   | American Physician Partners, LLC |   | ^+* |   | (2) (3) (12) |   | Healthcare & Pharmaceuticals |   | L + 6.50% |   | 7.95% |   | 1/7/2019 |   | 12/21/2021 |   | 38,753 |  |   | 38,435 |  |   | 37,555 |  |   | 4.70 |  |
|   | AMS Group HoldCo, LLC |   | ^+* |   | (2) (3) (12) |   | Transportation: Cargo |   | L + 6.00% |   | 7.77% |   | 9/29/2017 |   | 9/29/2023 |   | 32,603 |  |   | 32,183 |  |   | 31,998 |  |   | 4.01 |  |
|   | Analogic Corporation |   | ^+* |   | (2) (3) (12) |   | Capital Equipment |   | L + 5.25% |   | 6.25% |   | 6/22/2018 |   | 6/22/2024 |   | 2,393 |  |   | 2,358 |  |   | 2,269 |  |   | 0.28 |  |
|   | Anchor Hocking, LLC |   | ^ |   | (2) (3) |   | Durable Consumer Goods |   | L + 8.75% |   | 10.51% |   | 1/25/2019 |   | 1/25/2024 |   | 10,418 |  |   | 10,143 |  |   | 9,872 |  |   | 1.24 |  |
|   | Apptio, Inc. |   | ^ |   | (2) (3) (12) |   | Software |   | L + 7.25% |   | 8.25% |   | 1/10/2019 |   | 1/10/2025 |   | 35,541 |  |   | 34,901 |  |   | 33,468 |  |   | 4.19 |  |
|   | Aurora Lux FinCo S.Á.R.L. (Accelya) (Luxembourg) |   | ^ |   | (2) (3) (7) |   | Software |   | L + 6.00% |   | 7.00% |   | 12/24/2019 |   | 12/24/2026 |   | 37,500 |  |   | 36,589 |  |   | 35,104 |  |   | 4.40 |  |
|   | Avenu Holdings, LLC |   | +* |   | (2) (3) |   | Sovereign & Public Finance |   | L + 5.25% |   | 6.70% |   | 9/28/2018 |   | 9/28/2024 |   | 38,567 |  |   | 38,060 |  |   | 35,293 |  |   | 4.42 |  |
|   | Barnes & Noble, Inc. |   | ^ |   | (2) (3) (11) |   | Retail |   | L + 5.50% |   | 9.18% |   | 8/7/2019 |   | 8/7/2024 |   | 17,414 |  |   | 17,025 |  |   | 15,634 |  |   | 1.96 |  |
|   | BMS Holdings III Corp. |   | ^* |   | (2) (3) (12) |   | Construction & Building |   | L + 5.25% |   | 6.70% |   | 9/30/2019 |   | 9/30/2026 |   | 11,608 |  |   | 11,256 |  |   | 10,919 |  |   | 1.37 |  |
|   | Brooks Equipment Company, LLC |   | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 6.60% |   | 6/26/2015 |   | 8/29/2020 |   | 2,406 |  |   | 2,403 |  |   | 2,383 |  |   | 0.30 |  |
|   | Captive Resources Midco, LLC |   | ^* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 7.00% |   | 6/30/2015 |   | 5/31/2025 |   | 32,368 |  |   | 32,046 |  |   | 30,733 |  |   | 3.85 |  |
|   | Central Security Group, Inc. |   | ^* |   | (2) (3) (8) |   | Consumer Services |   | L + 5.63% |   | 6.63% |   | 6/26/2015 |   | 10/6/2021 |   | 18,449 |  |   | 18,012 |  |   | 8,117 |  |   | 1.02 |  |
|   | Chartis Holding, LLC |   | ^* |   | (2) (3) (12) |   | Business Services |   | L + 5.25% |   | 6.63% |   | 5/1/2019 |   | 5/1/2025 |   | 18,287 |  |   | 17,916 |  |   | 17,541 |  |   | 2.20 |  |
|   | Chemical Computing Group ULC (Canada) |   | ^* |   | (2) (3) (7) (12) |   | Software |   | L + 5.00% |   | 6.00% |   | 8/30/2018 |   | 8/30/2023 |   | 14,637 |  |   | 14,537 |  |   | 14,157 |  |   | 1.77 |  |
|   | CircusTrix Holdings, LLC |   | ^+* |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 5.50%(100% PIK) |   | 6.50% |   | 2/2/2018 |   | 12/6/2021 |   | 9,397 |  |   | 9,346 |  |   | 7,800 |  |   | 0.98 |  |
|   | Cobblestone Intermediate Holdco LLC |   | ^ |   | (2) (3) (12) |   | Consumer Services |   | L + 5.00% |   | 6.77% |   | 1/29/2020 |   | 1/29/2026 |   | 463 |  |   | 455 |  |   | 452 |  |   | 0.06 |  |
|   | Comar Holding Company, LLC |   | ^+* |   | (2) (3) (12) |   | Containers, Packaging & Glass |   | L + 5.75% |   | 6.75% |   | 6/18/2018 |   | 6/18/2024 |   | 31,807 |  |   | 31,304 |  |   | 31,157 |  |   | 3.90 |  |
|   | Cority Software Inc. (Canada) |   | ^ |   | (2) (3) (7) (12) |   | Software |   | L + 5.75% |   | 7.64% |   | 7/2/2019 |   | 7/2/2026 |   | 31,970 |  |   | 31,325 |  |   | 31,271 |  |   | 3.92 |  |
|   | Derm Growth Partners III, LLC (Dermatology Associates) |   | ^ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 6.25% (100% PIK) |   | 7.70% |   | 5/31/2016 |   | 5/31/2022 |   | 56,310 |  |   | 56,055 |  |   | 31,266 |  |   | 3.92 |  |
|   | DermaRite Industries, LLC |   | ^* |   | (2) (3) (12) |   | Healthcare & Pharmaceuticals |   | L + 7.00% |   | 8.07% |   | 3/3/2017 |   | 3/3/2022 |   | 21,788 |  |   | 21,648 |  |   | 19,769 |  |   | 2.48 |  |
|   | Digicel Limited (Jamaica) |   | ^ |   | (7) |   | Telecommunications |   | 6.00% |   | 6.00% |   | 7/23/2019 |   | 4/15/2021 |   | 250 |  |   | 210 |  |   | 134 |  |   | 0.02 |  |
|   | Dimensional Dental Management, LLC |   | ^ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 10.00% |   | 2/12/2016 |   | 2/12/2021 |   | 1,272 |  |   | 1,247 |  |   | 1,272 |  |   | 0.16 |  |
|   | Dimensional Dental Management, LLC |   | ^ |   | (2) (3) (8) (11) |   | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 8.20% |   | 2/12/2016 |   | 7/22/2020 |   | 33,674 |  |   | 33,301 |  |   | — |  |   | — |  |
|   | Direct Travel, Inc. |   | ^+* |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 6.50% |   | 7.54% |   | 10/14/2016 |   | 12/1/2021 |   | 36,711 |  |   | 36,458 |  |   | 33,653 |  |   | 4.21 |  |

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|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
|   |
|   | DTI Holdco, Inc. |   | * |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 6.53% |   | 12/18/2018 |   | 9/30/2023 |   | $ | 1,969 |  |   | $ | 1,872 |  |   | $ | 1,383 |  |   | 0.17 | % |
|   | Emergency Communications Network, LLC |   | ^+* |   | (2) (3) |   | Telecommunications |   | L + 6.25% |   | 7.25% |   | 6/1/2017 |   | 6/1/2023 |   | 24,313 |  |   | 24,180 |  |   | 20,418 |  |   | 2.56 |  |
|   | Ensono, LP |   | * |   | (2) (3) |   | Telecommunications |   | L + 5.25% |   | 6.24% |   | 4/30/2018 |   | 6/27/2025 |   | 8,515 |  |   | 8,434 |  |   | 7,215 |  |   | 0.90 |  |
|   | Ethos Veterinary Health LLC |   | ^+ |   | (2) (3) (12) |   | Consumer Services |   | L + 4.75% |   | 5.74% |   | 5/17/2019 |   | 5/15/2026 |   | 10,850 |  |   | 10,730 |  |   | 10,298 |  |   | 1.29 |  |
|   | EvolveIP, LLC |   | ^+* |   | (2) (3) (12) |   | Telecommunications |   | L + 5.75% |   | 6.75% |   | 11/26/2019 |   | 6/7/2023 |   | 34,922 |  |   | 34,836 |  |   | 34,035 |  |   | 4.26 |  |
|   | Frontline Technologies Holdings, LLC |   | ^+* |   | (2) (3) |   | Software |   | L + 5.75% |   | 6.85% |   | 9/18/2017 |   | 9/18/2023 |   | 48,125 |  |   | 47,851 |  |   | 47,378 |  |   | 5.93 |  |
|   | FWR Holding Corporation |   | ^+* |   | (2) (3) (12) |   | Beverage, Food & Tobacco |   | L + 5.50% |   | 6.76% |   | 8/21/2017 |   | 8/21/2023 |   | 47,823 |  |   | 47,185 |  |   | 43,878 |  |   | 5.49 |  |
|   | Green Energy Partners/Stonewall, LLC |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 5.50% |   | 6.95% |   | 6/26/2015 |   | 11/10/2021 |   | 19,500 |  |   | 19,347 |  |   | 14,066 |  |   | 1.76 |  |
|   | Hydrofarm, LLC |   | ^ |   | (2) (3) |   | Wholesale |   | L + 8.50% |   | 9.50% |   | 5/15/2017 |   | 5/12/2022 |   | 19,446 |  |   | 19,164 |  |   | 11,749 |  |   | 1.47 |  |
|   | iCIMS, Inc. |   | ^ |   | (2) (3) (12) |   | Software |   | L + 6.50% |   | 7.50% |   | 9/12/2018 |   | 9/12/2024 |   | 23,930 |  |   | 23,525 |  |   | 22,762 |  |   | 2.85 |  |
|   | Individual FoodService Holdings, LLC |   | ^ |   | (2) (3) (12) |   | Wholesale |   | L + 5.75% |   | 6.75% |   | 2/21/2020 |   | 11/22/2025 |   | 3,847 |  |   | 3,748 |  |   | 3,682 |  |   | 0.46 |  |
|   | Innovative Business Services, LLC |   | ^* |   | (2) (3) |   | High Tech Industries |   | L + 5.50% |   | 7.25% |   | 4/5/2018 |   | 4/5/2023 |   | 18,334 |  |   | 17,989 |  |   | 17,791 |  |   | 2.23 |  |
|   | Integrity Marketing Acquisition, LLC |   | ^ |   | (2) (3) (12) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.75% |   | 7.26% |   | 1/15/2020 |   | 8/27/2025 |   | 710 |  |   | 635 |  |   | 428 |  |   | 0.05 |  |
|   | K2 Insurance Services, LLC |   | ^+* |   | (2) (3) (12) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.00% |   | 6.42% |   | 7/3/2019 |   | 7/1/2024 |   | 23,116 |  |   | 22,605 |  |   | 22,492 |  |   | 2.82 |  |
|   | Kaseya Inc. |   | ^ |   | (2) (3) (12) |   | High Tech Industries |   | L + 5.50%, 1.00% PIK |   | 7.95% |   | 5/3/2019 |   | 5/2/2025 |   | 21,561 |  |   | 21,139 |  |   | 20,261 |  |   | 2.54 |  |
|   | Legacy.com, Inc. |   | ^ |   | (2) (3) (11) |   | High Tech Industries |   | L + 6.00% |   | 11.43% |   | 3/20/2017 |   | 3/20/2023 |   | 17,066 |  |   | 16,834 |  |   | 15,357 |  |   | 1.92 |  |
|   | Lifelong Learner Holdings, LLC |   | ^* |   | (2) (3) (12) |   | Business Services |   | L + 5.75% |   | 6.76% |   | 10/18/2019 |   | 10/18/2026 |   | 24,943 |  |   | 24,409 |  |   | 23,073 |  |   | 2.89 |  |
|   | Liqui-Box Holdings, Inc. |   | ^ |   | (2) (3) (12) |   | Containers, Packaging & Glass |   | L + 4.50% |   | 5.69% |   | 6/3/2019 |   | 6/3/2024 |   | 2,279 |  |   | 2,254 |  |   | 2,147 |  |   | 0.27 |  |
|   | Mailgun Technologies, Inc. |   | ^ |   | (2) (3) (12) |   | High Tech Industries |   | L + 6.00% |   | 7.19% |   | 3/26/2019 |   | 3/26/2025 |   | 11,824 |  |   | 11,588 |  |   | 11,367 |  |   | 1.42 |  |
|   | National Carwash Solutions, Inc. |   | ^+ |   | (2) (3) (12) |   | Automotive |   | L + 6.00% |   | 7.54% |   | 8/7/2018 |   | 4/28/2023 |   | 9,792 |  |   | 9,642 |  |   | 9,523 |  |   | 1.19 |  |
|   | National Technical Systems, Inc. |   | ^+* |   | (2) (3) (12) |   | Aerospace & Defense |   | L + 6.25% |   | 7.78% |   | 6/26/2015 |   | 6/12/2021 |   | 30,359 |  |   | 30,237 |  |   | 29,927 |  |   | 3.75 |  |
|   | NES Global Talent Finance US, LLC (United Kingdom) |   | +* |   | (2) (3) (7) |   | Energy: Oil & Gas |   | L + 5.50% |   | 7.28% |   | 5/9/2018 |   | 5/11/2023 |   | 9,865 |  |   | 9,746 |  |   | 9,253 |  |   | 1.16 |  |
|   | Nexus Technologies, LLC |   | * |   | (2) (3) |   | High Tech Industries |   | L + 5.50%, 1.50% PIK |   | 8.45% |   | 12/11/2018 |   | 12/5/2023 |   | 6,188 |  |   | 6,139 |  |   | 5,053 |  |   | 0.63 |  |
|   | NMI AcquisitionCo, Inc. |   | ^+* |   | (2) (3) |   | High Tech Industries |   | L + 5.50% |   | 6.50% |   | 9/6/2017 |   | 9/6/2022 |   | 51,219 |  |   | 50,676 |  |   | 50,718 |  |   | 6.35 |  |
|   | Northland Telecommunications Corporation |   | ^* |   | (2) (3) (12) |   | Media: Broadcasting & Subscription |   | L + 5.75% |   | 6.96% |   | 10/1/2018 |   | 10/1/2025 |   | 47,262 |  |   | 46,601 |  |   | 45,510 |  |   | 5.70 |  |
|   | Paramit Corporation |   | +* |   | (2) (3) |   | Capital Equipment |   | L + 4.50% |   | 5.50% |   | 5/3/2019 |   | 5/3/2025 |   | 6,298 |  |   | 6,243 |  |   | 6,040 |  |   | 0.76 |  |
|   | PF Growth Partners, LLC |   | ^+* |   | (2) (3) (12) |   | Hotel, Gaming & Leisure |   | L + 5.00% |   | 6.00% |   | 7/1/2019 |   | 7/11/2025 |   | 7,349 |  |   | 7,238 |  |   | 6,865 |  |   | 0.86 |  |

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|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
|   |
|   | Plano Molding Company, LLC |   | ^ |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 7.50% |   | 8.50% |   | 5/1/2015 |   | 5/12/2021 |   | $ | 14,715 |  |   | $ | 14,626 |  |   | $ | 12,881 |  |   | 1.61 | % |
|   | PPC Flexible Packaging, LLC |   | ^+* |   | (2) (3) (12) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 6.25% |   | 11/23/2018 |   | 11/23/2024 |   | 15,025 |  |   | 14,878 |  |   | 14,640 |  |   | 1.83 |  |
|   | PPT Management Holdings, LLC |   | ^ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 1.00%, 5.75% PIK |   | 8.20% |   | 12/15/2016 |   | 12/16/2022 |   | 27,735 |  |   | 27,627 |  |   | 20,523 |  |   | 2.57 |  |
|   | PricewaterhouseCoopers Public Sector LLP |   | ^ |   | (2) (3) (12) |   | Aerospace & Defense |   | L + 3.25% |   | 4.70% |   | 5/1/2018 |   | 5/1/2023 |   | 2,000 |  |   | 1,903 |  |   | 1,734 |  |   | 0.22 |  |
|   | Product Quest Manufacturing, LLC |   | ^ |   | (2) (3) (8) |   | Containers, Packaging & Glass |   | L + 6.75% |   | 9.00% |   | 9/21/2017 |   | 3/31/2020 |   | 840 |  |   | 840 |  |   | 334 |  |   | 0.04 |  |
|   | Propel Insurance Agency, LLC |   | ^ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 5.70% |   | 6/1/2018 |   | 6/1/2024 |   | 2,357 |  |   | 2,342 |  |   | 2,298 |  |   | 0.29 |  |
|   | QW Holding Corporation (Quala) |   | ^+* |   | (2) (3) (12) |   | Environmental Industries |   | L + 6.25% |   | 7.70% |   | 8/31/2016 |   | 8/31/2022 |   | 43,467 |  |   | 42,969 |  |   | 42,423 |  |   | 5.31 |  |
|   | Redwood Services Group, LLC |   | ^* |   | (2) (3) |   | High Tech Industries |   | L + 6.00% |   | 7.00% |   | 11/13/2018 |   | 6/6/2023 |   | 8,406 |  |   | 8,347 |  |   | 8,217 |  |   | 1.03 |  |
|   | Riveron Acquisition Holdings, Inc. |   | ^+* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 7.45% |   | 5/22/2019 |   | 5/22/2025 |   | 19,918 |  |   | 19,571 |  |   | 19,379 |  |   | 2.43 |  |
|   | RSC Acquisition, Inc. |   | ^ |   | (2) (3) (12) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.50% |   | 7.26% |   | 11/1/2019 |   | 11/1/2026 |   | 12,729 |  |   | 12,369 |  |   | 11,707 |  |   | 1.47 |  |
|   | Sapphire Convention, Inc. (Smart City) |   | ^+* |   | (2) (3) (12) |   | Telecommunications |   | L + 5.25% |   | 6.92% |   | 11/20/2018 |   | 11/20/2025 |   | 30,769 |  |   | 30,224 |  |   | 29,612 |  |   | 3.71 |  |
|   | Smile Doctors, LLC |   | ^+* |   | (2) (3) (12) |   | Healthcare & Pharmaceuticals |   | L + 6.25% |   | 7.69% |   | 10/6/2017 |   | 10/6/2022 |   | 23,541 |  |   | 23,457 |  |   | 22,645 |  |   | 2.84 |  |
|   | Sovos Brands Intermediate, Inc. |   | +* |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 6.59% |   | 11/16/2018 |   | 11/20/2025 |   | 19,849 |  |   | 19,671 |  |   | 18,916 |  |   | 2.37 |  |
|   | SPay, Inc. |   | ^+* |   | (2) (3) (12) |   | Hotel, Gaming & Leisure |   | L + 5.75% |   | 6.84% |   | 6/15/2018 |   | 6/17/2024 |   | 20,512 |  |   | 20,194 |  |   | 15,558 |  |   | 1.95 |  |
|   | Superior Health Linens, LLC |   | ^+* |   | (2) (3) (12) |   | Business Services |   | L + 7.50% |   | 8.95% |   | 9/30/2016 |   | 9/30/2021 |   | 21,700 |  |   | 21,580 |  |   | 20,746 |  |   | 2.60 |  |
|   | Surgical Information Systems, LLC |   | ^+* |   | (2) (3) (11) |   | High Tech Industries |   | L + 4.50% |   | 7.21% |   | 4/24/2017 |   | 4/24/2023 |   | 26,168 |  |   | 26,018 |  |   | 25,417 |  |   | 3.18 |  |
|   | T2 Systems, Inc. |   | ^+* |   | (2) (3) (12) |   | Transportation: Consumer |   | L + 6.75% |   | 8.34% |   | 9/28/2016 |   | 9/28/2022 |   | 35,265 |  |   | 34,818 |  |   | 34,926 |  |   | 4.37 |  |
|   | Tank Holding Corp. |   | ^ |   | (2) (3) (12) |   | Capital Equipment |   | L + 4.00% |   | 5.45% |   | 3/26/2019 |   | 3/26/2024 |   | 45 |  |   | 45 |  |   | 43 |  |   | 0.01 |  |
|   | TCFI Aevex LLC |   | ^ |   | (2) (3) (12) |   | Aerospace & Defense |   | L + 6.00% |   | 7.00% |   | 3/18/2020 |   | 3/18/2026 |   | 8,325 |  |   | 8,126 |  |   | 8,125 |  |   | 1.02 |  |
|   | The Leaders Romans Bidco Limited (United Kingdom) Term Loan B |   | ^ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.75%, 3.50% PIK |   | 11.02% |   | 7/23/2019 |   | 6/30/2024 |   | £ | 20,074 |  |   | 24,420 |  |   | 23,465 |  |   | 2.94 |  |
|   | The Leaders Romans Bidco Limited (United Kingdom) Term Loan C |   | ^ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.75%, 3.50% PIK |   | 11.02% |   | 7/23/2019 |   | 6/30/2024 |   | £ | 3,922 |  |   | 4,809 |  |   | 4,617 |  |   | 0.58 |  |
|   | Trump Card, LLC |   | ^+* |   | (2) (3) |   | Transportation: Cargo |   | L + 5.50% |   | 6.92% |   | 6/26/2018 |   | 4/21/2022 |   | 8,287 |  |   | 8,254 |  |   | 8,064 |  |   | 1.01 |  |
|   | TSB Purchaser, Inc. (Teaching Strategies, LLC) |   | ^+* |   | (2) (3) (12) |   | Media: Advertising, Printing & Publishing |   | L + 6.00% |   | 7.45% |   | 5/14/2018 |   | 5/14/2024 |   | 28,224 |  |   | 27,685 |  |   | 27,465 |  |   | 3.44 |  |
|   | Turbo Buyer, Inc. (Portfolio Holdings, Inc.) |   | ^ |   | (2) (3) (12) |   | Automotive |   | L + 6.00% |   | 7.48% |   | 12/2/2019 |   | 12/2/2025 |   | 29,978 |  |   | 29,146 |  |   | 29,105 |  |   | 3.64 |  |
|   | Tweddle Group, Inc. |   | ^ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 5.50% |   | 9/17/2018 |   | 9/17/2023 |   | 1,825 |  |   | 1,804 |  |   | 1,730 |  |   | 0.22 |  |

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|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
|   |
|   | U.S. Acute Care Solutions, LLC |   | * |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 6.45% |   | 2/21/2019 |   | 5/15/2021 |   | $ | 4,258 |  |   | $ | 4,232 |  |   | $ | 3,755 |  |   | 0.47 | % |
|   | USLS Acquisition, Inc. |   | ^* |   | (2) (3) (12) |   | Business Services |   | L + 5.75% |   | 6.82% |   | 11/30/2018 |   | 11/30/2024 |   | 22,954 |  |   | 22,575 |  |   | 22,166 |  |   | 2.78 |  |
|   | Unifrutti Financing PLC (Cyprus) |   | ^ |   | (7) |   | Beverage, Food & Tobacco |   | 7.50%, 1.00% PIK |   | 8.50% |   | 9/15/2019 |   | 9/15/2026 |   | € | 4,553 |  |   | 4,778 |  |   | 4,571 |  |   | 0.57 |  |
|   | VRC Companies, LLC |   | ^+* |   | (2) (3) (12) |   | Business Services |   | L + 6.50% |   | 7.99% |   | 3/31/2017 |   | 3/31/2023 |   | 58,916 |  |   | 58,440 |  |   | 57,624 |  |   | 7.22 |  |
|   | Westfall Technik, Inc. |   | ^* |   | (2) (3) (12) |   | Chemicals, Plastics & Rubber |   | L + 5.75% |   | 7.20% |   | 9/13/2018 |   | 9/13/2024 |   | 28,341 |  |   | 27,824 |  |   | 25,520 |  |   | 3.20 |  |
|   | WP CPP Holdings, LLC (CPP) |   | ^ |   | (2) (3) |   | Aerospace & Defense |   | L + 3.75% |   | 5.53% |   | 7/18/2019 |   | 4/30/2025 |   | 14,952 |  |   | 14,826 |  |   | 11,214 |  |   | 1.40 |  |
|   | Zemax Software Holdings, LLC |   | ^* |   | (2) (3) (12) |   | Software |   | L + 5.75% |   | 7.20% |   | 6/25/2018 |   | 6/25/2024 |   | 10,762 |  |   | 10,636 |  |   | 10,492 |  |   | 1.31 |  |
|   | Zenith Merger Sub, Inc. |   | ^+* |   | (2) (3) (12) |   | Business Services |   | L + 5.25% |   | 6.70% |   | 12/13/2017 |   | 12/13/2023 |   | 18,076 |  |   | 17,879 |  |   | 17,484 |  |   | 2.19 |  |
|   | First Lien Debt Total |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,669,607 |  |   | $ | 1,522,044 |  |   | 190.60 | % |
|   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Second Lien Debt (13.59% of fair value) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Access CIG, LLC |   | * |   | (2) (3) |   | Business Services |   | L + 7.75% |   | 9.53% |   | 2/14/2018 |   | 2/27/2026 |   | $ | 2,700 |  |   | $ | 2,687 |  |   | $ | 2,196 |  |   | 0.28 | % |
|   | AI Convoy S.A.R.L (Cobham) (United Kingdom) |   | ^ |   | (2) (3) (7) |   | Aerospace & Defense |   | L + 8.25% |   | 10.09% |   | 1/17/2020 |   | 1/17/2028 |   | 30,327 |  |   | 29,659 |  |   | 27,470 |  |   | 3.44 |  |
|   | Aimbridge Acquisition Co., Inc. |   | ^* |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 7.50% |   | 9.08% |   | 2/1/2019 |   | 2/1/2027 |   | 9,241 |  |   | 9,092 |  |   | 7,907 |  |   | 0.99 |  |
|   | AQA Acquisition Holding, Inc. |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 8.00% |   | 9.91% |   | 10/1/2018 |   | 5/24/2024 |   | 40,000 |  |   | 39,685 |  |   | 37,440 |  |   | 4.69 |  |
|   | Brave Parent Holdings, Inc. |   | ^* |   | (2) (3) |   | Software |   | L + 7.50% |   | 9.28% |   | 10/3/2018 |   | 4/19/2026 |   | 19,062 |  |   | 18,672 |  |   | 17,323 |  |   | 2.17 |  |
|   | Drilling Info Holdings, Inc. |   | ^ |   | (2) (3) |   | Energy: Oil & Gas |   | L + 8.25% |   | 9.24% |   | 2/11/2020 |   | 7/30/2026 |   | 18,600 |  |   | 18,098 |  |   | 17,307 |  |   | 2.17 |  |
|   | Higginbotham Insurance Agency, Inc. |   | ^ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 7.50% |   | 8.50% |   | 12/3/2019 |   | 12/19/2025 |   | 2,500 |  |   | 2,476 |  |   | 2,344 |  |   | 0.29 |  |
|   | Jazz Acquisition, Inc. |   | ^ |   | (2) (3) |   | Aerospace & Defense |   | L + 8.00% |   | 8.99% |   | 6/13/2019 |   | 6/18/2027 |   | 23,450 |  |   | 23,124 |  |   | 18,760 |  |   | 2.35 |  |
|   | Le Tote, Inc. |   | ^ |   | (2) (3) |   | Retail |   | L + 6.75% |   | 8.33% |   | 11/8/2019 |   | 11/8/2024 |   | 7,143 |  |   | 6,977 |  |   | 6,456 |  |   | 0.81 |  |
|   | Outcomes Group Holdings, Inc. |   | ^* |   | (2) (3) |   | Business Services |   | L + 7.50% |   | 9.11% |   | 10/23/2018 |   | 10/26/2026 |   | 4,500 |  |   | 4,490 |  |   | 4,184 |  |   | 0.52 |  |
|   | Pharmalogic Holdings Corp. |   | ^ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 8.00% |   | 9.00% |   | 6/7/2018 |   | 12/11/2023 |   | 800 |  |   | 797 |  |   | 777 |  |   | 0.10 |  |
|   | Quartz Holding Company (QuickBase, Inc.) |   | ^ |   | (2) (3) |   | Software |   | L + 8.00% |   | 8.86% |   | 4/2/2019 |   | 4/2/2027 |   | 11,900 |  |   | 11,683 |  |   | 10,900 |  |   | 1.37 |  |
|   | Reladyne, Inc. |   | ^+* |   | (2) (3) |   | Wholesale |   | L + 9.50% |   | 10.95% |   | 4/19/2018 |   | 1/21/2023 |   | 12,242 |  |   | 12,092 |  |   | 11,643 |  |   | 1.46 |  |
|   | Stonegate Pub Company Limited (United Kingdom) |   | ^ |   | (2) (3) (7) |   | Beverage, Food & Tobacco |   | L + 8.50% |   | 9.23% |   | 3/12/2020 |   | 3/12/2028 |   | £ | 20,000 |  |   | 24,692 |  |   | 22,467 |  |   | 2.81 |  |
|   | Tank Holding Corp. |   | ^* |   | (2) (3) |   | Capital Equipment |   | L + 8.25% |   | 9.17% |   | 3/26/2019 |   | 3/26/2027 |   | 37,380 |  |   | 36,799 |  |   | 34,420 |  |   | 4.31 |  |
|   | Ultimate Baked Goods MIDCO, LLC (Rise Baking) |   | ^ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 8.00% |   | 9.00% |   | 8/9/2018 |   | 8/9/2026 |   | 8,333 |  |   | 8,191 |  |   | 7,913 |  |   | 0.99 |  |
|   | Watchfire Enterprises, Inc. |   | ^ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 8.00% |   | 9.06% |   | 10/2/2013 |   | 10/2/2021 |   | 7,000 |  |   | 6,970 |  |   | 6,929 |  |   | 0.87 |  |
|   | World 50, Inc. |   | ^ |   | (9) |   | Business Services |   | 11.50% |   | 11.50% |   | 1/10/2020 |   | 1/9/2027 |   | 10,000 |  |   | 9,807 |  |   | 9,335 |  |   | 1.17 |  |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
|   |
|   | WP CPP Holdings, LLC (CPP) |   | ^* |   | (2) (3) |   | Aerospace & Defense |   | L + 7.75% |   | 9.53% |   | 7/18/2019 |   | 4/30/2026 |   | $ | 39,500 |  |   | $ | 39,137 |  |   | $ | 25,940 |  |   | 3.25 | % |
|   | Zywave, Inc. |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 10.80% |   | 11/18/2016 |   | 11/17/2023 |   | 3,468 |  |   | 3,435 |  |   | 3,344 |  |   | 0.42 |  |
|   | Second Lien Debt Total |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 308,563 |  |   | $ | 275,055 |  |   | 34.44 | % |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    |   |   |   | Footnotes |   | Industry |   |   |   |   |   | Acquisition Date |   |   |   | Shares/ Units |   | Cost |   | FairValue (5) |   | % of Net Assets |
| Equity Investments (1.45% of fair value)               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ANLG Holdings, LLC                                     |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   |   |   |   |   | 6/22/2018 |   |   |   | 880 |   | $ | 880 |  |   | $ | 757 |  |   | 0.09 | % |
| Avenu Holdings, LLC                                    |   | ^ |   | (6) |   | Sovereign & Public Finance |   |   |   |   |   | 9/28/2018 |   |   |   | 172 |   | 172 |   | 74 |   | 0.01 |  |
| Chartis Holding, LLC                                   |   | ^ |   | (6) |   | Business Services |   |   |   |   |   | 5/1/2019 |   |   |   | 433 |   | 433 |   | 599 |   | 0.08 |  |
| CIP Revolution Holdings, LLC                           |   | ^ |   | (6) |   | Media: Advertising, Printing & Publishing |   |   |   |   |   | 8/19/2016 |   |   |   | 318 |   | 318 |   | 344 |   | 0.04 |  |
| Cority Software Inc. (Canada)                          |   | ^ |   | (6) |   | Software |   |   |   |   |   | 7/2/2019 |   |   |   | 250 |   | 250 |   | 306 |   | 0.04 |  |
| DecoPac, Inc.                                          |   | ^ |   | (6) |   | Non-durable Consumer Goods |   |   |   |   |   | 9/29/2017 |   |   |   | 1,500 |   | 1,500 |   | 2,800 |   | 0.35 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   |   |   |   |   | 5/31/2016 |   |   |   | 1,000 |   | 1,000 |   | 0 |   | — |  |
| GRO Sub Holdco, LLC (Grand Rapids)                     |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   |   |   |   |   | 3/29/2018 |   |   |   | 500 |   | 500 |   | 108 |   | 0.01 |  |
| K2 Insurance Services, LLC                             |   | ^ |   | (6) |   | Banking, Finance, Insurance & Real Estate |   |   |   |   |   | 7/3/2019 |   |   |   | 433 |   | 433 |   | 465 |   | 0.06 |  |
| Legacy.com, Inc.                                       |   | ^ |   | (6) |   | High Tech Industries |   |   |   |   |   | 3/20/2017 |   |   |   | 1,500 |   | 1,500 |   | 615 |   | 0.08 |  |
| Mailgun Technologies, Inc.                             |   | ^ |   | (6) |   | High Tech Industries |   |   |   |   |   | 3/26/2019 |   |   |   | 424 |   | 424 |   | 447 |   | 0.06 |  |
| North Haven Goldfinch Topco, LLC                       |   | ^ |   | (6) |   | Containers, Packaging & Glass |   |   |   |   |   | 6/18/2018 |   |   |   | 2,315 |   | 2,315 |   | 2,359 |   | 0.30 |  |
| Paramit Corporation                                    |   | ^ |   | (6) |   | Capital Equipment |   |   |   |   |   | 6/17/2019 |   |   |   | 150 |   | 500 |   | 202 |   | 0.03 |  |
| PPC Flexible Packaging, LLC                            |   | ^ |   | (6) |   | Containers, Packaging & Glass |   |   |   |   |   | 2/1/2019 |   |   |   | 965 |   | 965 |   | 1,112 |   | 0.14 |  |
| Rough Country, LLC                                     |   | ^ |   | (6) |   | Durable Consumer Goods |   |   |   |   |   | 5/25/2017 |   |   |   | 755 |  |   | 755 |  |   | 1,278 |  |   | 0.16 |  |
| SiteLock Group Holdings, LLC                           |   | ^ |   | (6) |   | High Tech Industries |   |   |   |   |   | 4/5/2018 |   |   |   | 446 |   | 446 |   | 506 |   | 0.06 |  |
| T2 Systems Parent Corporation                          |   | ^ |   | (6) |   | Transportation: Consumer |   |   |   |   |   | 9/28/2016 |   |   |   | 556 |   | 555 |   | 706 |   | 0.09 |  |
| Tailwind HMT Holdings Corp.                            |   | ^ |   | (6) |   | Energy: Oil & Gas |   |   |   |   |   | 11/17/2017 |   |   |   | 20 |   | 1,334 |   | 2,173 |   | 0.27 |  |
| Tank Holding Corp.                                     |   | ^ |   | (6) |   | Capital Equipment |   |   |   |   |   | 3/26/2019 |   |   |   | 850 |   | 850 |   | 944 |   | 0.12 |  |
| Titan DI Preferred Holdings, Inc. (Drilling Info)      |   | ^ |   | (6) |   | Energy: Oil & Gas |   |   |   |   |   | 2/11/2020 |   |   |   | 10,000 |   | 9,700 |   | 9,100 |   | 1.14 |  |
| Turbo Buyer, Inc. (Portfolio Holdings, Inc.)           |   | ^ |   | (6) |   | Automotive |   |   |   |   |   | 12/2/2019 |   |   |   | 1,925 |   | 1,925 |  |   | 1,925 |  |   | 0.24 |  |
| Tweddle Holdings, Inc.                                 |   | ^ |   | (6) |   | Media: Advertising, Printing & Publishing |   |   |   |   |   | 9/17/2018 |   |   |   | 17 |   | 0 |   | 0 |   | — |  |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)   |   |   |   | Footnotes |   | Industry |   |   |   |   |   | Acquisition Date |   |   |   | Shares/ Units |   | Cost |   | FairValue (5) |   | % of Net Assets |
| USLS Acquisition, Inc.                                |   | ^ |   | (6) |   | Business Services |   |   |   |   |   | 11/30/2018 |   |   |   | 641 |   | $ | 641 |  |   | $ | 588 |  |   | 0.07 | % |
| W50 Parent LLC                                        |   | ^ |   | (6) |   | Business Services |   |   |   |   |   | 1/10/2020 |   |   |   | 500 |   | 500 |  |   | 500 |  |   | 0.06 |  |
| Zenith American Holding, Inc.                         |   | ^ |   | (6) |   | Business Services |   |   |   |   |   | 12/13/2017 |   |   |   | 1,564 |   | 782 |   | 1,170 |   | 0.15 |  |
| Zillow Topco LP                                       |   | ^ |   | (6) |   | Software |   |   |   |   |   | 6/25/2018 |   |   |   | 313 |   | 312 |   | 245 |   | 0.03 |  |
| Equity Investments Total                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 28,990 |  |   | $ | 29,323 |  |   | 3.67 | % |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total investments—non-controlled/non-affiliated |   |   |   |   |   |   |   |   |   |   |   | $ | 2,007,160 |  |   | $ | 1,826,422 |  |   | 228.7 | % |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated         |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread(2) |   | InterestRate (2) |   | Acquisition Date |   | MaturityDate |   | Par/PrincipalAmount |   | AmortizedCost (6) |   | FairValue (5) |   | % of Net Assets |
| First Lien Debt (0.63% of fair value)           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SolAero Technologies Corp. (A1 Term Loan)       |   | ^ |   | (2) (3) (8) (10) |   | Telecommunications |   | L + 8.00% (100% PIK) |   | 9.45% |   | 4/12/2019 |   | 44,846 |  |   | $ | 3,166 |  |   | $ | 3,166 |  |   | $ | 834 |  |   | 0.10 | % |
| SolAero Technologies Corp. (A2 Term Loan)       |   | ^ |   | (2) (3) (8) (10) |   | Telecommunications |   | L + 8.00% (100% PIK) |   | 9.45% |   | 4/12/2019 |   | 44,846 |  |   | 8,707 |   | 8,707 |   | 2,293 |   | 0.29 |  |
| SolAero Technologies Corp. (Priority Term Loan) |   | ^ |   | (2) (3) (10) (12) |   | Telecommunications |   | L + 6.00% |   | 7.45% |   | 4/12/2019 |   | 44,846 |  |   | 9,594 |   | 9,478 |   | 9,594 |   | 1.20 |  |
| First Lien Debt Total                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 21,351 |  |   | $ | 12,721 |  |   | 1.59 | % |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated  |   |   |   | Footnotes |   | Industry |   |   |   |   |   | Acquisition Date |   |   |   | Shares/ Units |   | Cost |   | FairValue (5) |   | % of Net Assets |
| Equity Investments (0.00% of fair value) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SolAero Technologies Corp.               |   | ^ |   | (6) (10) |   | Telecommunications |   |   |   |   |   | 4/12/2019 |   |   |   | 3 |   | $ | 2,815 |  |   | $ | — |  |   | — | % |
| Equity Investments Total                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 2,815 |  |   | $ | — |  |   | — | % |

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                 |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value (7) |   | % of Net Assets |
| Investment Fund (9.15% of fair value)                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, Mezzanine Loan                               |   | ^ |   | (2) (7) (9) (10) |   | Investment Fund |   | L + 9.00% |   | 10.97% |   | 6/30/2016 |   | 3/22/2021 |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest |   | ^ |   | (7) (10) |   | Investment Fund |   | N/A |   |   |   | 2/29/2016 |   | 3/1/2021 |   | 216,001 |   | 216,001 |  |   | 185,134 |  |   | 23.18 |  |
| Investment Fund Total                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 216,001 |  |   | $ | 185,134 |  |   | 23.18 | % |
| Total investments—controlled/affiliated                           |   |   |   |   |   |   |   |   |   |   |   | $ | 240,167 |  |   | $ | 197,855 |  |   | 24.78 | % |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Investments                                                       |   |   |   |   |   |   |   |   |   |   |   | $ | 2,247,327 |  |   | $ | 2,024,277 |  |   | 253.50 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2020, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2020, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2020. As of March 31, 2020, the reference rates for our variable rate loans were the 30-day LIBOR at 0.99%, the 90-day LIBOR at 1.45% and the 180-day LIBOR at 1.18%. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |
|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment fund was determined using significant unobservable inputs. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of  March 31, 2020, the aggregate fair value of these securities is $29,323, or 1.45% of the Company’s net assets . |
|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |
|     |                                                           |
|-----|-----------------------------------------------------------|
| (8) | Loan was on non-accrual status as of March 31, 2020. |
|     |                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------|
| (9) | Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company. |

----

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details. Transactions related to investments in controlled affiliates for the three month period ended March 31, 2020, were as follows: |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                             | Fair Value as of December 31, 2019 |   | Additions/Purchases |   | Reductions/Sales/ Paydowns |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair Value as of March 31, 2020 |   | Dividend and Interest Income |
| Middle Market Credit Fund, LLC, Mezzanine Loan                                      | $ | 93,000 |  |   | $ | 63,500 |  |   | $ | (156,500 | ) |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 3,049 |  |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  | 111,596 |  |   | 92,500 |  |   | — |  |   | — |  |   | (18,962 | ) |   | 185,134 |  |   | 3,500 |  |
| Total investments—controlled/affiliated                                       | $ | 204,596 |  |   | $ | 156,000 |  |   | $ | (156,500 | ) |   | $ | — |  |   | $ | (18,962 | ) |   | $ | 185,134 |  |   | $ | 6,549 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated         | Fair Value as of December 31, 2019 |   | Additions/Purchases |   | Reductions/Sales/ Paydowns |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair Value as of March 31, 2020 |   | Dividend and Interest Income |
| SolAero Technologies Corp. (Priority Term Loan) | $ | 9,612 |  |   | $ | — |  |   | $ | (18 | ) |   | $ | — |  |   | $ | — |  |   | $ | 9,594 |  |   | $ | 202 |  |
| SolAero Technologies Corp. (A1 Term Loan)       | 3,166 |  |   | — |  |   | — |  |   | — |  |   | (2,332 | ) |   | 834 |  |   | — |  |
| SolAero Technologies Corp. (A2 Term Loan)       | 8,707 |  |   | — |  |   | — |  |   | — |  |   | (6,414 | ) |   | 2,293 |  |   | — |  |
| Solaero Technology Corp. (Equity)               | 826 |  |   | — |  |   | — |  |   | — |  |   | (826 | ) |   | — |  |   | — |  |
| Total investments—controlled/affiliated   | $ | 22,311 |  |   | $ | — |  |   | $ | (18 | ) |   | $ | — |  |   | $ | (9,572 | ) |   | $ | 12,721 |  |   | $ | 202 |  |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Barnes & Noble, Inc. (1.83%), Dimensional Dental Management, LLC (4.87%), Legacy.com Inc. (3.93%), and Surgical Information Systems, LLC (1.13%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |
|      |                                                                                                                                        |
|------|----------------------------------------------------------------------------------------------------------------------------------------|
| (12) | As of March 31, 2020, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated                                             | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments |   |   |   |   |
| Airnov, Inc.                                                                                | Revolver |   | 0.50% |   | $ | 1,250 |  |   | $ | (37 | ) |
| American Physician Partners, LLC                                                            | Revolver |   | 0.50 |   | 550 |  |   | (17 | ) |
| AMS Group HoldCo, LLC                                                                       | Revolver |   | 0.50 |   | 475 |  |   | (9 | ) |
| Analogic Corporation                                                                        | Revolver |   | 0.50 |   | 154 |  |   | (8 | ) |
| Apptio, Inc.                                                                                | Revolver |   | 0.50 |   | 2,367 |  |   | (129 | ) |
| BMS Holdings III Corp.                                                                      | Delayed Draw |   | 2.63 |   | 3,333 |  |   | (154 | ) |
| Chartis Holdings, LLC                                                                       | Delayed Draw |   | 0.50 |   | 6,402 |  |   | (193 | ) |
| Chemical Computing Group ULC (Canada)                                                       | Revolver |   | 0.50 |   | 903 |  |   | (28 | ) |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Cobblestone Intermediate Holdco LLC             | Delayed Draw |   | 1.00% |   | $ | 271 |  |   | $ | (4 | ) |
| Comar Holding Company, LLC                      | Revolver |   | 0.50 |   | 2,201 |  |   | (42 | ) |
| Cority Software Inc. (Canada)                   | Revolver |   | 0.50 |   | 3,000 |  |   | (60 | ) |
| DermaRite Industries, LLC                       | Revolver |   | 0.50 |   | 393 |  |   | (36 | ) |
| Ethos Veterinary Health LLC                     | Delayed Draw |   | 1.00 |   | 2,696 |  |   | (110 | ) |
| EvolveIP, LLC                                   | Delayed Draw |   | 1.00 |   | 3,922 |  |   | (93 | ) |
| EvolveIP, LLC                                   | Revolver |   | 0.50 |   | 2,353 |  |   | (56 | ) |
| FWR Holding Corporation                         | Revolver |   | 0.50 |   | 1,444 |  |   | (116 | ) |
| iCIMS, Inc.                                     | Revolver |   | 0.50 |   | 1,252 |  |   | (58 | ) |
| Individual FoodService Holdings, LLC            | Delayed Draw |   | 1.00 |   | 745 |  |   | (24 | ) |
| Individual FoodService Holdings, LLC            | Revolver |   | 0.50 |   | 400 |  |   | (13 | ) |
| Integrity Marketing Acquisition, LLC            | Delayed Draw |   | 1.00 |   | 4,289 |  |   | (242 | ) |
| K2 Insurance Services, LLC                      | Delayed Draw |   | 1.00 |   | 5,344 |  |   | (113 | ) |
| K2 Insurance Services, LLC                      | Revolver |   | 0.50 |   | 1,145 |  |   | (24 | ) |
| Kaseya Inc.                                     | Delayed Draw |   | 0.75 |   | 2,800 |  |   | (149 | ) |
| Kaseya Inc.                                     | Revolver |   | 0.50 |   | 15 |  |   | (1 | ) |
| Lifelong Learner Holdings, LLC                  | Delayed Draw |   | — |   | 2,878 |  |   | (191 | ) |
| Lifelong Learner Holdings, LLC                  | Revolver |   | 0.50 |   | 422 |  |   | (28 | ) |
| Liqui-Box Holdings, Inc.                        | Revolver |   | 0.50 |   | 351 |  |   | (18 | ) |
| Mailgun Technologies, Inc.                      | Revolver |   | 0.50 |   | 1,342 |  |   | (47 | ) |
| National Carwash Solutions, Inc.                | Delayed Draw |   | 1.00 |   | 1,111 |  |   | (28 | ) |
| National Carwash Solutions, Inc.                | Revolver |   | 0.50 |   | 5 |  |   | — |  |
| National Technical Systems, Inc.                | Revolver |   | 0.50 |   | 19 |  |   | — |  |
| Northland Telecommunications Corporation        | Revolver |   | 0.50 |   | 2,199 |  |   | (78 | ) |
| PF Growth Partners, LLC                         | Delayed Draw |   | 1.00 |   | 823 |  |   | (49 | ) |
| PPC Flexible Packaging, LLC                     | Revolver |   | 0.50 |   | 489 |  |   | (12 | ) |
| PricewaterhouseCoopers Public Sector LLP        | Revolver |   | 0.50 |   | 4,250 |  |   | (181 | ) |
| QW Holding Corporation (Quala)                  | Delayed Draw |   | 1.00 |   | 600 |  |   | (14 | ) |
| RSC Acquisition, Inc.                           | Delayed Draw |   | 1.00 |   | 6,593 |  |   | (338 | ) |
| RSC Acquisition, Inc.                           | Revolver |   | 0.50 |   | 608 |  |   | (31 | ) |
| Sapphire Convention, Inc. (Smart City)          | Revolver |   | 0.50 |   | 2,264 |  |   | (79 | ) |
| Smile Doctors, LLC                              | Delayed Draw |   | 1.00 |   | 813 |  |   | (30 | ) |
| Smile Doctors, LLC                              | Revolver |   | 0.50 |   | 1 |  |   | — |  |
| SolAero Technologies Corp. (Priority Term Loan) | Revolver |   | 0.50 |   | 1,526 |  |   | — |  |
| SPay, Inc.                                      | Revolver |   | 0.50 |   | 682 |  |   | (159 | ) |
| Superior Health Linens, LLC                     | Revolver |   | 0.50 |   | 693 |  |   | (30 | ) |
| T2 Systems, Inc.                                | Revolver |   | 0.50 |   | 2,346 |  |   | (21 | ) |
| Tank Holding Corp.                              | Revolver |   | 0.50 |   | 2 |  |   | — |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| TCFI Aevex LLC                                  | Delayed Draw |   | 1.00% |   | $ | 1,722 |  |   | $ | (34 | ) |
| TSB Purchaser, Inc. (Teaching Strategies, LLC)  | Revolver |   | 0.50 |   | 1,342 |  |   | (34 | ) |
| Turbo Buyer, Inc. (Portfolio Holdings, Inc.)    | Delayed Draw |   | 1.00 |   | 4,904 |  |   | (123 | ) |
| USLS Acquisition, Inc.                          | Revolver |   | 0.50 |   | 76 |  |   | (3 | ) |
| VRC Companies, LLC                              | Delayed Draw |   | 0.75 |   | 612 |  |   | (13 | ) |
| Westfall Technik, Inc.                          | Delayed Draw |   | 1.00 |   | 12,190 |  |   | (848 | ) |
| Zemax Software Holdings, LLC                    | Revolver |   | 0.50 |   | 642 |  |   | (15 | ) |
| Zenith American Holding, Inc.                   | Delayed Draw |   | 1.00 |   | 3,189 |  |   | (83 | ) |
| Zenith American Holding, Inc.                   | Revolver |   | 0.50 |   | 1,590 |  |   | (41 | ) |
| Total unfunded commitments                      |   |   |   |   | $ | 103,988 |  |   | $ | (4,244 | ) |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Type                                            |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt (excluding First Lien/Last Out) |   | $ | 1,597,780 |  |   | $ | 1,478,357 |  |   | 73.02 | % |
| First Lien/Last Out Unitranche                  |   | 93,178 |  |   | 56,408 |  |   | 2.79 |  |
| Second Lien Debt                                |   | 308,563 |  |   | 275,055 |  |   | 13.59 |  |
| Equity Investments                              |   | 31,805 |  |   | 29,323 |  |   | 1.45 |  |
| Investment Fund                                 |   | 216,001 |  |   | 185,134 |  |   | 9.15 |  |
| Total                                           |   | $ | 2,247,327 |  |   | $ | 2,024,277 |  |   | 100.00 | % |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |
| Rate Type     |   | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate |   | $ | 1,984,726 |  |   | $ | 1,795,780 |  |   | 99.22 | % |
| Fixed Rate    |   | 14,795 |  |   | 14,040 |  |   | 0.78 |  |
| Total         |   | $ | 1,999,521 |  |   | $ | 1,809,820 |  |   | 100.00 | % |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |
| Industry                                      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                       | $ | 147,012 |  |   | $ | 123,170 |  |   | 6.08 | % |
| Automotive                                    | 40,713 |  |   | 40,553 |  |   | 2.00 |  |
| Banking, Finance, Insurance & Real Estate | 121,706 |  |   | 117,928 |  |   | 5.83 |  |
| Beverage, Food & Tobacco                  | 104,517 |  |   | 97,745 |  |   | 4.83 |  |
| Business Services                             | 182,139 |  |   | 177,206 |  |   | 8.75 |  |
| Capital Equipment                             | 46,795 |  |   | 43,918 |  |   | 2.17 |  |
| Chemicals, Plastics & Rubber              | 27,824 |  |   | 25,520 |  |   | 1.26 |  |
| Construction & Building                   | 13,659 |  |   | 13,302 |  |   | 0.66 |  |
| Consumer Services                             | 29,197 |  |   | 18,867 |  |   | 0.93 |  |
| Containers, Packaging & Glass             | 67,994 |  |   | 66,915 |  |   | 3.31 |  |
| Durable Consumer Goods                        | 10,898 |  |   | 11,150 |  |   | 0.55 |  |
| Energy: Electricity                           | 19,347 |  |   | 14,066 |  |   | 0.69 |  |
| Energy: Oil & Gas                         | 38,878 |  |   | 37,833 |  |   | 1.87 |  |
| Environmental Industries                      | 42,969 |  |   | 42,423 |  |   | 2.10 |  |
| Healthcare & Pharmaceuticals              | 209,179 |  |   | 138,427 |  |   | 6.84 |  |
| High Tech Industries                          | 221,288 |  |   | 212,912 |  |   | 10.52 |  |
| Hotel, Gaming & Leisure                   | 96,954 |  |   | 84,664 |  |   | 4.18 |  |
| Investment Fund                               | 216,001 |  |   | 185,134 |  |   | 9.15 |  |
| Media: Advertising, Printing & Publishing | 36,777 |  |   | 36,468 |  |   | 1.80 |  |
| Media: Broadcasting & Subscription        | 46,601 |  |   | 45,510 |  |   | 2.25 |  |
| Non-durable Consumer Goods                    | 1,500 |  |   | 2,800 |  |   | 0.14 |  |
| Retail                                        | 24,002 |  |   | 22,090 |  |   | 1.09 |  |
| Software                                      | 230,281 |  |   | 223,406 |  |   | 11.03 |  |
| Sovereign & Public Finance                | 38,232 |  |   | 35,367 |  |   | 1.75 |  |
| Telecommunications                            | 122,050 |  |   | 104,135 |  |   | 5.14 |  |
| Transportation: Cargo                         | 40,437 |  |   | 40,062 |  |   | 1.98 |  |
| Transportation: Consumer                      | 35,373 |  |   | 35,632 |  |   | 1.76 |  |
| Wholesale                                     | 35,004 |  |   | 27,074 |  |   | 1.34 |  |
| Total                                         | $ | 2,247,327 |  |   | $ | 2,024,277 |  |   | 100.00 | % |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |
| Geography      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Canada         | $ | 46,112 |  |   | $ | 45,734 |  |   | 2.26 | % |
| Cyprus         | 4,778 |  |   | 4,571 |  |   | 0.23 |  |
| Jamaica        | 210 |  |   | 134 |  |   | 0.01 |  |
| Luxembourg     | 36,589 |  |   | 35,104 |  |   | 1.73 |  |
| United Kingdom | 93,326 |  |   | 87,272 |  |   | 4.31 |  |
| United States  | 2,066,312 |  |   | 1,851,462 |  |   | 91.46 |  |
| Total          | $ | 2,247,327 |  |   | $ | 2,024,277 |  |   | 100.00 | % |

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value(5) |   | % of Net Assets |
| First Lien Debt (77.29%)                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Aero Operating, LLC (Dejana Industries, Inc.)          |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 7.25% |   | 9.16% |   | 1/5/2018 |   | 12/29/2022 |   | $ | 3,517 |  |   | $ | 3,491 |  |   | $ | 3,449 |  |   | 0.36 | % |
| Airnov, Inc.                                           |   | ^ |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.16% |   | 12/20/2019 |   | 12/19/2025 |   | 12,813 |  |   | 12,602 |  |   | 12,601 |  |   | 1.32 |  |
| Alpha Packaging Holdings, Inc.                         |   | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 6.35% |   | 6/26/2015 |   | 5/12/2020 |   | 2,836 |  |   | 2,836 |  |   | 2,822 |  |   | 0.30 |  |
| Alpine SG, LLC                                         |   | ^* |   | (2) (3) |   | High Tech Industries |   | L + 6.50% |   | 8.43% |   | 2/2/2018 |   | 11/16/2022 |   | 15,301 |  |   | 15,187 |  |   | 15,244 |  |   | 1.59 |  |
| American Physician Partners, LLC                       |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.50% |   | 8.58% |   | 1/7/2019 |   | 12/21/2021 |   | 38,235 |  |   | 37,868 |  |   | 38,110 |  |   | 3.98 |  |
| AMS Group HoldCo, LLC                                  |   | ^+* |   | (2) (3) (13) |   | Transportation: Cargo |   | L + 6.00% |   | 8.07% |   | 9/29/2017 |   | 9/29/2023 |   | 30,808 |  |   | 30,361 |  |   | 30,457 |  |   | 3.18 |  |
| Analogic Corporation                                   |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 7.70% |   | 6/22/2018 |   | 6/22/2024 |   | 34,784 |  |   | 34,190 |  |   | 34,784 |  |   | 3.64 |  |
| Anchor Hocking, LLC                                    |   | ^ |   | (2) (3) |   | Durable Consumer Goods |   | L + 8.75% |   | 10.66% |   | 1/25/2019 |   | 1/25/2024 |   | 10,707 |  |   | 10,410 |  |   | 10,359 |  |   | 1.08 |  |
| Apptio, Inc.                                           |   | ^ |   | (2) (3) (13) |   | Software |   | L + 7.25% |   | 8.96% |   | 1/10/2019 |   | 1/10/2025 |   | 35,541 |  |   | 34,874 |  |   | 35,237 |  |   | 3.68 |  |
| Aurora Lux FinCo S.Á.R.L. (Luxembourg)            |   | ^ |   | (2) (3) (7) |   | Software |   | L + 6.00% |   | 7.93% |   | 12/24/2019 |   | 12/24/2026 |   | 37,500 |  |   | 36,563 |  |   | 36,563 |  |   | 3.82 |  |
| Avenu Holdings, LLC                                    |   | +* |   | (2) (3) |   | Sovereign & Public Finance |   | L + 5.25% |   | 7.35% |   | 9/28/2018 |   | 9/28/2024 |   | 38,665 |  |   | 38,125 |  |   | 37,227 |  |   | 3.89 |  |
| Barnes & Noble, Inc.                               |   | ^ |   | (2) (3) (11) |   | Retail |   | L + 5.50% |   | 9.07% |   | 8/7/2019 |   | 8/7/2024 |   | 17,637 |  |   | 17,225 |  |   | 17,196 |  |   | 1.80 |  |
| BMS Holdings III Corp.                                 |   | ^* |   | (2) (3) (13) |   | Construction & Building |   | L + 5.25% |   | 7.35% |   | 9/30/2019 |   | 9/30/2026 |   | 11,638 |  |   | 11,274 |  |   | 11,591 |  |   | 1.21 |  |
| Brooks Equipment Company, LLC                          |   | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 6.91% |   | 6/26/2015 |   | 8/29/2020 |   | 2,443 |  |   | 2,439 |  |   | 2,441 |  |   | 0.26 |  |
| Capstone Logistics Acquisition, Inc.                   |   | +* |   | (2) (3) |   | Transportation: Cargo |   | L + 4.50% |   | 6.20% |   | 6/26/2015 |   | 10/7/2021 |   | 3,976 |  |   | 3,962 |  |   | 3,894 |  |   | 0.41 |  |
| Captive Resources Midco, LLC                           |   | ^* |   | (2) (3) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 8.18% |   | 6/30/2015 |   | 5/31/2025 |   | 30,301 |  |   | 29,814 |  |   | 30,158 |  |   | 3.15 |  |
| Central Security Group, Inc.                           |   | +* |   | (2) (3) |   | Consumer Services |   | L + 5.63% |   | 7.33% |   | 6/26/2015 |   | 10/6/2021 |   | 22,634 |  |   | 22,531 |  |   | 19,466 |  |   | 2.04 |  |
| Chartis Holding, LLC                                   |   | ^ |   | (2) (3) (13) |   | Business Services |   | L + 5.25% |   | 7.28% |   | 5/1/2019 |   | 5/1/2025 |   | 15,926 |  |   | 15,538 |  |   | 15,723 |  |   | 1.64 |  |
| Chemical Computing Group ULC (Canada)                  |   | ^* |   | (2) (3) (7) (13) |   | Software |   | L + 5.25% |   | 6.95% |   | 8/30/2018 |   | 8/30/2023 |   | 14,674 |  |   | 14,567 |  |   | 14,539 |  |   | 1.52 |  |
| CircusTrix Holdings, LLC                               |   | ^+* |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 5.50% |   | 7.20% |   | 2/2/2018 |   | 12/6/2021 |   | 9,397 |  |   | 9,342 |  |   | 9,242 |  |   | 0.97 |  |
| Comar Holding Company, LLC                             |   | ^+* |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 6.96% |   | 6/18/2018 |   | 6/18/2024 |   | 27,783 |  |   | 27,254 |  |   | 27,101 |  |   | 2.83 |  |
| Cority Software Inc. (Canada)                          |   | ^ |   | (2) (3) (7) (13) |   | Software |   | L + 5.50% |   | 7.57% |   | 7/2/2019 |   | 7/2/2026 |   | 27,000 |  |   | 26,435 |  |   | 26,400 |  |   | 2.76 |  |
| Dent Wizard International Corporation                  |   | + |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 5.70% |   | 4/28/2015 |   | 4/7/2022 |   | 877 |  |   | 877 |  |   | 873 |  |   | 0.09 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) |   | ^ |   | (2) (3) (9) |   | Healthcare & Pharmaceuticals |   | L + 6.25% (100% PIK) |   | 8.16% |   | 5/31/2016 |   | 5/31/2022 |   | 56,310 |  |   | 56,026 |  |   | 39,716 |  |   | 4.15 |  |
| DermaRite Industries, LLC                              |   | ^* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 7.00% |   | 8.70% |   | 3/3/2017 |   | 3/3/2022 |   | 22,647 |  |   | 22,481 |  |   | 21,690 |  |   | 2.27 |  |
| Digicel Limited (Jamaica)                              |   | ^ |   | (7) |   | Telecommunications |   | 6.00% |   | 6.00% |   | 7/23/2019 |   | 4/15/2021 |   | 250 |  |   | 202 |  |   | 195 |  |   | 0.02 |  |
| Dimensional Dental Management, LLC                     |   | ^ |   | (2) (3) (11) (13) |   | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 10.00% |   | 2/12/2016 |   | 2/12/2021 |   | 1,224 |  |   | 1,199 |  |   | 1,224 |  |   | 0.13 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value(5) |   | % of Net Assets |
| Dimensional Dental Management, LLC                  |   | ^ |   | (2) (3) (9) (11) |   | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 8.66% |   | 2/12/2016 |   | 7/22/2020 |   | $ | 33,674 |  |   | $ | 33,301 |  |   | $ | — |  |   | — | % |
| Direct Travel, Inc.                                 |   | ^+* |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 6.50% |   | 8.41% |   | 10/14/2016 |   | 12/1/2021 |   | 36,805 |  |   | 36,515 |  |   | 36,757 |  |   | 3.84 |  |
| DTI Holdco, Inc.                                    |   | * |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 6.68% |   | 12/18/2018 |   | 9/30/2023 |   | 1,974 |  |   | 1,871 |  |   | 1,841 |  |   | 0.19 |  |
| Emergency Communications Network, LLC               |   | ^+* |   | (2) (3) |   | Telecommunications |   | L + 6.25% |   | 8.14% |   | 6/1/2017 |   | 6/1/2023 |   | 24,375 |  |   | 24,233 |  |   | 22,323 |  |   | 2.33 |  |
| Ensono, LP                                          |   | * |   | (2) (3) |   | Telecommunications |   | L + 5.25% |   | 6.95% |   | 4/30/2018 |   | 6/27/2025 |   | 8,537 |  |   | 8,452 |  |   | 8,537 |  |   | 0.89 |  |
| Ethos Veterinary Health LLC                         |   | ^+ |   | (2) (3) (13) |   | Consumer Services |   | L + 4.75% |   | 6.45% |   | 5/17/2019 |   | 5/15/2026 |   | 10,869 |  |   | 10,744 |  |   | 10,807 |  |   | 1.13 |  |
| EvolveIP, LLC                                       |   | ^+* |   | (2) (3) |   | Telecommunications |   | L + 5.75% |   | 7.45% |   | 11/26/2019 |   | 6/7/2023 |   | 34,420 |  |   | 33,923 |  |   | 34,420 |  |   | 3.60 |  |
| Frontline Technologies Holdings, LLC                |   | ^* |   | (2) (3) |   | Software |   | L + 5.75% |   | 7.85% |   | 9/18/2017 |   | 9/18/2023 |   | 48,242 |  |   | 47,949 |  |   | 48,705 |  |   | 5.09 |  |
| FWR Holding Corporation                             |   | ^+* |   | (2) (3) (13) |   | Beverage, Food & Tobacco |   | L + 5.50% |   | 7.29% |   | 8/21/2017 |   | 8/21/2023 |   | 48,630 |  |   | 47,950 |  |   | 48,393 |  |   | 5.06 |  |
| Green Energy Partners/Stonewall, LLC                |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 5.50% |   | 7.60% |   | 6/26/2015 |   | 11/10/2021 |   | 19,550 |  |   | 19,374 |  |   | 18,034 |  |   | 1.89 |  |
| GRO Sub Holdco, LLC (Grand Rapids)                  |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 8.10% |   | 2/28/2018 |   | 2/22/2023 |   | 6,465 |  |   | 6,380 |  |   | 6,085 |  |   | 0.64 |  |
| Hummel Station, LLC                                 |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 6.00% |   | 7.70% |   | 2/3/2016 |   | 10/27/2022 |   | 14,641 |  |   | 14,169 |  |   | 12,896 |  |   | 1.35 |  |
| Hydrofarm, LLC                                      |   | ^ |   | (2) (3) |   | Wholesale |   | L+10.00% (30% Cash / 70% PIK) |   | 11.91% |   | 5/15/2017 |   | 5/12/2022 |   | 21,556 |  |   | 21,254 |  |   | 13,647 |  |   | 1.43 |  |
| iCIMS, Inc.                                         |   | ^ |   | (2) (3) (13) |   | Software |   | L + 6.50% |   | 8.29% |   | 9/12/2018 |   | 9/12/2024 |   | 23,930 |  |   | 23,507 |  |   | 23,927 |  |   | 2.50 |  |
| Innovative Business Services, LLC                   |   | ^* |   | (2) (3) (13) |   | High Tech Industries |   | L + 5.50% |   | 7.53% |   | 4/5/2018 |   | 4/5/2023 |   | 16,143 |  |   | 15,782 |  |   | 15,880 |  |   | 1.66 |  |
| K2 Insurance Services, LLC                          |   | ^+* |   | (2) (3) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.00% |   | 7.19% |   | 7/3/2019 |   | 7/1/2024 |   | 22,027 |  |   | 21,487 |  |   | 22,062 |  |   | 2.31 |  |
| Kaseya Inc.                                         |   | ^ |   | (2) (3) (13) |   | High Tech Industries |   | L + 5.50%, 1.00% PIK |   | 8.41% |   | 5/3/2019 |   | 5/2/2025 |   | 19,545 |  |   | 19,145 |  |   | 19,590 |  |   | 2.05 |  |
| Legacy.com, Inc.                                    |   | ^ |   | (2) (3) (11) |   | High Tech Industries |   | L + 9.98% |   | 11.77% |   | 3/20/2017 |   | 3/20/2023 |   | 17,080 |  |   | 16,832 |  |   | 16,325 |  |   | 1.71 |  |
| Lifelong Learner Holdings, LLC                      |   | ^* |   | (2) (3) (13) |   | Business Services |   | L + 5.75% |   | 7.51% |   | 10/18/2019 |   | 10/18/2026 |   | 23,523 |  |   | 22,971 |  |   | 23,240 |  |   | 2.43 |  |
| Liqui-Box Holdings, Inc.                            |   | ^ |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 4.50% |   | 6.41% |   | 6/3/2019 |   | 6/3/2024 |   | — |  |   | (26 | ) |   | (37 | ) |   | — |  |
| Mailgun Technologies, Inc.                          |   | ^ |   | (2) (3) (13) |   | High Tech Industries |   | L + 5.00% |   | 7.10% |   | 3/26/2019 |   | 3/26/2025 |   | 11,853 |  |   | 11,607 |  |   | 11,655 |  |   | 1.22 |  |
| National Carwash Solutions, Inc.                    |   | ^+ |   | (2) (3) (13) |   | Automotive |   | L + 6.00% |   | 7.69% |   | 8/7/2018 |   | 4/28/2023 |   | 9,511 |  |   | 9,342 |  |   | 9,428 |  |   | 0.99 |  |
| National Technical Systems, Inc.                    |   | ^+* |   | (2) (3) (13) |   | Aerospace & Defense |   | L + 6.25% |   | 7.94% |   | 6/26/2015 |   | 6/12/2021 |   | 27,950 |  |   | 27,801 |  |   | 27,920 |  |   | 2.92 |  |
| NES Global Talent Finance US, LLC (United Kingdom)  |   | +* |   | (2) (3) (7) |   | Energy: Oil & Gas |   | L + 5.50% |   | 7.43% |   | 5/9/2018 |   | 5/11/2023 |   | 9,890 |  |   | 9,762 |  |   | 9,763 |  |   | 1.02 |  |
| Nexus Technologies, LLC                             |   | * |   | (2) (3) |   | High Tech Industries |   | L + 5.50%, 1.50% PIK |   | 8.91% |   | 12/11/2018 |   | 12/5/2023 |   | 6,172 |  |   | 6,119 |  |   | 5,621 |  |   | 0.59 |  |
| NMI AcquisitionCo, Inc.                             |   | ^+* |   | (2) (3) (13) |   | High Tech Industries |   | L + 5.75% |   | 7.45% |   | 9/6/2017 |   | 9/6/2022 |   | 50,067 |  |   | 49,471 |  |   | 49,888 |  |   | 5.22 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value(5) |   | % of Net Assets |
| Northland Telecommunications Corporation            |   | ^* |   | (2) (3) (13) |   | Media: Broadcast & Subscription |   | L + 5.75% |   | 7.46% |   | 10/1/2018 |   | 10/1/2025 |   | $ | 46,603 |  |   | $ | 45,916 |  |   | $ | 46,529 |  |   | 4.86 | % |
| Paramit Corporation                                 |   | +* |   | (2) (3) |   | Capital Equipment |   | L + 4.50% |   | 6.22% |   | 5/3/2019 |   | 5/3/2025 |   | 6,298 |  |   | 6,241 |  |   | 6,268 |  |   | 0.66 |  |
| PF Growth Partners, LLC                             |   | ^+* |   | (2) (3) (13) |   | Hotel, Gaming & Leisure |   | L + 5.00% |   | 6.70% |   | 7/1/2019 |   | 7/11/2025 |   | 7,161 |  |   | 7,045 |  |   | 7,135 |  |   | 0.75 |  |
| Plano Molding Company, LLC                          |   | ^ |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 7.50% |   | 9.20% |   | 5/1/2015 |   | 5/12/2021 |   | 14,752 |  |   | 14,645 |  |   | 14,085 |  |   | 1.47 |  |
| PPC Flexible Packaging, LLC                         |   | +* |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 5.50% |   | 7.19% |   | 11/23/2018 |   | 11/23/2024 |   | 13,591 |  |   | 13,404 |  |   | 13,464 |  |   | 1.41 |  |
| PPT Management Holdings, LLC                        |   | ^ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 6.00%, 0.75% PIK |   | 8.66% |   | 12/15/2016 |   | 12/16/2022 |   | 27,744 |  |   | 27,627 |  |   | 23,155 |  |   | 2.42 |  |
| Pretium Packaging, LLC                              |   | ^ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.00% |   | 6.91% |   | 8/15/2019 |   | 11/14/2023 |   | 7,700 |  |   | 7,631 |  |   | 7,700 |  |   | 0.81 |  |
| PricewaterhouseCoopers Public Sector LLP            |   | ^ |   | (2) (3) (13) |   | Aerospace & Defense |   | L + 3.25% |   | 5.16% |   | 5/1/2018 |   | 5/1/2023 |   | — |  |   | (105 | ) |   | (46 | ) |   | — |  |
| Product Quest Manufacturing, LLC                    |   | ^ |   | (2) (3) (9) |   | Containers, Packaging & Glass |   | L + 6.75% |   | 5.75% |   | 9/21/2017 |   | 3/31/2020 |   | 840 |  |   | 840 |  |   | 840 |  |   | 0.09 |  |
| Propel Insurance Agency, LLC                        |   | ^ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.35% |   | 6/1/2018 |   | 6/1/2024 |   | 2,363 |  |   | 2,347 |  |   | 2,353 |  |   | 0.25 |  |
| QW Holding Corporation (Quala)                      |   | ^+* |   | (2) (3) (13) |   | Environmental Industries |   | L + 5.75% |   | 7.73% |   | 8/31/2016 |   | 8/31/2022 |   | 43,358 |  |   | 42,802 |  |   | 43,106 |  |   | 4.51 |  |
| Redwood Services Group, LLC                         |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 6.00% |   | 7.91% |   | 11/13/2018 |   | 6/6/2023 |   | 8,427 |  |   | 8,363 |  |   | 8,342 |  |   | 0.87 |  |
| Riveron Acquisition Holdings, Inc.                  |   | ^+* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 7.91% |   | 5/22/2019 |   | 5/22/2025 |   | 19,968 |  |   | 19,605 |  |   | 19,587 |  |   | 2.05 |  |
| RSC Acquisition, Inc.                               |   | ^ |   | (2) (3) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.50% |   | 7.41% |   | 11/1/2019 |   | 11/1/2026 |   | 11,594 |  |   | 11,222 |  |   | 11,449 |  |   | 1.20 |  |
| Sapphire Convention, Inc. (Smart City)              |   | *+^ |   | (2) (3) (13) |   | Telecommunications |   | L + 5.25% |   | 7.27% |   | 11/20/2018 |   | 11/20/2025 |   | 28,577 |  |   | 28,009 |  |   | 28,329 |  |   | 2.96 |  |
| Smile Doctors, LLC                                  |   | ^*+ |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 8.07% |   | 10/6/2017 |   | 10/6/2022 |   | 22,227 |  |   | 22,136 |  |   | 21,996 |  |   | 2.30 |  |
| Sovos Brands Intermediate, Inc.                     |   | +* |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.20% |   | 11/16/2018 |   | 11/20/2025 |   | 19,899 |  |   | 19,714 |  |   | 19,750 |  |   | 2.06 |  |
| SPay, Inc.                                          |   | ^+* |   | (2) (3) (13) |   | Hotel, Gaming & Leisure |   | L + 5.75% |   | 7.46% |   | 6/15/2018 |   | 6/17/2024 |   | 20,512 |  |   | 20,179 |  |   | 18,694 |  |   | 1.95 |  |
| Superior Health Linens, LLC                         |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 7.50%, 0.50% PIK |   | 9.91% |   | 9/30/2016 |   | 9/30/2021 |   | 21,805 |  |   | 21,666 |  |   | 19,933 |  |   | 2.08 |  |
| Surgical Information Systems, LLC                   |   | ^+* |   | (2) (3) (11) |   | High Tech Industries |   | L + 4.50% |   | 7.47% |   | 4/24/2017 |   | 4/24/2023 |   | 26,168 |  |   | 26,007 |  |   | 25,715 |  |   | 2.69 |  |
| T2 Systems, Inc.                                    |   | ^+* |   | (2) (3) (13) |   | Transportation: Consumer |   | L + 6.75% |   | 8.85% |   | 9/28/2016 |   | 9/28/2022 |   | 35,648 |  |   | 35,159 |  |   | 35,648 |  |   | 3.73 |  |
| Tank Holding Corp.                                  |   | ^ |   | (2) (3) (13) |   | Capital Equipment |   | L + 4.00% |   | 5.76% |   | 3/26/2019 |   | 3/26/2024 |   | — |  |   | — |  |   | — |  |   | — |  |
| The Leaders Romans Bidco Limited (United Kingdom)   |   | ^ |   | (2) (3) (7) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.75%, 3.50% PIK |   | 11.01% |   | 7/23/2019 |   | 6/30/2024 |   | £ | 19,577 |  |   | 24,865 |  |   | 26,531 |  |   | 2.77 |  |
| Transform SR Holdings, LLC                          |   | ^ |   | (2) (3) |   | Retail |   | L + 7.25% |   | 9.18% |   | 2/11/2019 |   | 2/12/2024 |   | 19,050 |  |   | 18,887 |  |   | 18,860 |  |   | 1.97 |  |
| Trump Card, LLC                                     |   | ^+* |   | (2) (3) (13) |   | Transportation: Cargo |   | L + 5.50% |   | 7.63% |   | 6/26/2018 |   | 4/21/2022 |   | 7,918 |  |   | 7,881 |  |   | 7,869 |  |   | 0.82 |  |
| TSB Purchaser, Inc. (Teaching Strategies, LLC)      |   | ^+* |   | (2) (3) (13) |   | Media:  Advertising, Printing & Publishing |   | L + 6.00% |   | 8.10% |   | 5/14/2018 |   | 5/14/2024 |   | 28,294 |  |   | 27,726 |  |   | 28,105 |  |   | 2.94 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value(5) |   | % of Net Assets |
| Turbo Buyer, Inc.                                   |   | ^ |   | (2) (3) (13) |   | Automotive |   | L + 6.00% |   | 7.69% |   | 12/2/2019 |   | 12/2/2025 |   | $ | 27,897 |  |   | $ | 27,033 |  |   | $ | 27,439 |  |   | 2.87 | % |
| Tweddle Group, Inc.                                 |   | ^ |   | (2) (3) |   | Media:  Advertising, Printing & Publishing |   | L + 4.50% |   | 6.20% |   | 9/17/2018 |   | 9/17/2023 |   | 1,908 |  |   | 1,885 |  |   | 1,859 |  |   | 0.19 |  |
| U.S. Acute Care Solutions, LLC                      |   | +* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 6.91% |   | 2/21/2019 |   | 5/15/2021 |   | 4,265 |  |   | 4,230 |  |   | 4,053 |  |   | 0.42 |  |
| Unifrutti Financing PLC (Cyprus)                    |   | ^ |   | (2) (3) (7) |   | Beverage, Food & Tobacco |   | 7.50%, 1.00% PIK |   | 8.50% |   | 9/15/2019 |   | 9/15/2026 |   | € | 4,530 |  |   | 4,746 |  |   | 4,836 |  |   | 0.51 |  |
| USLS Acquisition, Inc.                              |   | ^* |   | (2) (3) (13) |   | Business Services |   | L + 5.75% |   | 7.85% |   | 11/30/2018 |   | 11/30/2024 |   | 22,139 |  |   | 21,741 |  |   | 21,674 |  |   | 2.27 |  |
| VRC Companies, LLC                                  |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 6.50% |   | 8.21% |   | 3/31/2017 |   | 3/31/2023 |   | 57,164 |  |   | 56,674 |  |   | 57,106 |  |   | 5.97 |  |
| Westfall Technik, Inc.                              |   | ^ |   | (2) (3) (13) |   | Chemicals, Plastics & Rubber |   | L + 5.75% |   | 7.66% |   | 9/13/2018 |   | 9/13/2024 |   | 27,973 |  |   | 27,432 |  |   | 26,962 |  |   | 2.82 |  |
| WP CPP Holdings, LLC (CPP)                          |   | ^ |   | (2) (3) |   | Aerospace & Defense |   | L + 3.75% |   | 5.66% |   | 7/18/2019 |   | 4/30/2025 |   | 20,000 |  |   | 19,817 |  |   | 19,826 |  |   | 2.07 |  |
| Zemax Software Holdings, LLC                        |   | ^* |   | (2) (3) (13) |   | Software |   | L + 5.75% |   | 7.85% |   | 6/25/2018 |   | 6/25/2024 |   | 10,146 |  |   | 10,013 |  |   | 10,087 |  |   | 1.05 |  |
| Zenith Merger Sub, Inc.                             |   | ^ |   | (2) (3) (13) |   | Business Services |   | L + 5.25% |   | 7.35% |   | 12/13/2017 |   | 12/13/2023 |   | 16,530 |  |   | 16,321 |  |   | 16,405 |  |   | 1.72 |  |
| First Lien Debt Total                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,725,479 |  |   | $ | 1,707,292 |  |   | $ | 1,641,653 |  |   | 171.66 | % |
| Second Lien Debt (11.04%)                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC                                     |   | * |   | (2) (3) |   | Business Services |   | L + 7.75% |   | 9.44% |   | 2/14/2018 |   | 2/27/2026 |   | $ | 2,700 |  |   | $ | 2,687 |  |   | $ | 2,681 |  |   | 0.28 | % |
| Aimbridge Acquisition Co., Inc.                     |   | ^* |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 7.50% |   | 9.19% |   | 2/1/2019 |   | 2/1/2027 |   | 9,241 |  |   | 9,089 |  |   | 9,160 |  |   | 0.96 |  |
| AQA Acquisition Holding, Inc.                       |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 8.00% |   | 10.09% |   | 10/1/2018 |   | 5/24/2024 |   | 40,000 |  |   | 39,670 |  |   | 39,740 |  |   | 4.15 |  |
| Brave Parent Holdings, Inc.                         |   | ^* |   | (2) (3) |   | Software |   | L + 7.50% |   | 9.43% |   | 10/3/2018 |   | 4/19/2026 |   | 19,062 |  |   | 18,660 |  |   | 18,261 |  |   | 1.91 |  |
| Higginbotham Insurance Agency, Inc.                 |   | ^ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 7.50% |   | 9.20% |   | 12/3/2019 |   | 12/19/2025 |   | 2,500 |  |   | 2,475 |  |   | 2,493 |  |   | 0.26 |  |
| Jazz Acquisition, Inc.                              |   | ^ |   | (2) (3) |   | Aerospace & Defense |   | L + 8.00% |   | 10.10% |   | 6/13/2019 |   | 6/18/2027 |   | 23,450 |  |   | 23,117 |  |   | 23,225 |  |   | 2.43 |  |
| Le Tote, Inc.                                       |   | ^ |   | (2) (3) |   | Retail |   | L + 6.75% |   | 8.66% |   | 11/8/2019 |   | 11/8/2024 |   | 7,143 |  |   | 6,969 |  |   | 6,964 |  |   | 0.73 |  |
| Outcomes Group Holdings, Inc.                       |   | ^* |   | (2) (3) |   | Business Services |   | L + 7.50% |   | 9.41% |   | 10/23/2018 |   | 10/26/2026 |   | 4,500 |  |   | 4,490 |  |   | 4,487 |  |   | 0.47 |  |
| Pathway Vet Alliance, LLC                           |   | ^ |   | (2) (3) (13) |   | Consumer Services |   | L + 8.50% |   | 10.22% |   | 11/14/2019 |   | 12/23/2025 |   | 8,050 |  |   | 7,814 |  |   | 8,074 |  |   | 0.84 |  |
| Pharmalogic Holdings Corp.                          |   | ^ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 8.00% |   | 9.70% |   | 6/7/2018 |   | 12/11/2023 |   | 800 |  |   | 797 |  |   | 796 |  |   | 0.08 |  |
| Quartz Holding Company (QuickBase, Inc.)            |   | ^ |   | (2) (3) |   | Software |   | L + 8.00% |   | 9.71% |   | 4/2/2019 |   | 4/2/2027 |   | 11,900 |  |   | 11,677 |  |   | 11,662 |  |   | 1.22 |  |
| Reladyne, Inc.                                      |   | ^+* |   | (2) (3) (13) |   | Wholesale |   | L + 9.50% |   | 11.60% |   | 4/19/2018 |   | 1/21/2023 |   | 12,242 |  |   | 12,080 |  |   | 12,234 |  |   | 1.28 |  |
| Tank Holding Corp.                                  |   | ^* |   | (2) (3) |   | Capital Equipment |   | L + 8.25% |   | 11.04% |   | 3/26/2019 |   | 3/26/2027 |   | 37,380 |  |   | 36,771 |  |   | 37,223 |  |   | 3.89 |  |
| Ultimate Baked Goods MIDCO, LLC (Rise Baking)       |   | ^ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 8.00% |   | 9.70% |   | 8/9/2018 |   | 8/9/2026 |   | 8,333 |  |   | 8,187 |  |   | 8,243 |  |   | 0.86 |  |
| Watchfire Enterprises, Inc.                         |   | ^ |   | (2) (3) |   | Media:  Advertising, Printing & Publishing |   | L + 8.00% |   | 9.95% |   | 10/2/2013 |   | 10/2/2021 |   | 7,000 |  |   | 6,966 |  |   | 6,998 |  |   | 0.73 |  |
| WP CPP Holdings, LLC (CPP)                          |   | ^* |   | (2) (3) |   | Aerospace & Defense |   | L + 7.75% |   | 9.68% |   | 7/18/2019 |   | 4/30/2026 |   | 39,500 |  |   | 39,125 |  |   | 38,833 |  |   | 4.06 |  |
| Zywave, Inc.                                        |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 10.94% |   | 11/18/2016 |   | 11/17/2023 |   | 3,468 |  |   | 3,432 |  |   | 3,458 |  |   | 0.36 |  |
| Second Lien Debt Total                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 237,269 |  |   | $ | 234,006 |  |   | $ | 234,532 |  |   | 24.51 | % |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Acquisition Date |   | Shares/ Units |   | Cost |   | Fair Value (5) |   | % of Net Assets |
| Equity Investments (0.98%)                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ANLG Holdings, LLC                                       |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | 6/22/2018 |   | 880 |  |   | $ | 880 |  |   | $ | 973 |  |   | 0.10 | % |
| Avenu Holdings, LLC                                      |   | ^ |   | (6) |   | Sovereign & Public Finance |   | 9/28/2018 |   | 172 |  |   | 172 |  |   | 154 |  |   | 0.02 |  |
| Chartis Holding, LLC                                     |   | ^ |   | (6) |   | Business Services |   | 5/1/2019 |   | 433 |  |   | 433 |  |   | 589 |  |   | 0.06 |  |
| CIP Revolution Holdings, LLC                             |   | ^ |   | (6) |   | Media:  Advertising, Printing & Publishing |   | 8/19/2016 |   | 318 |  |   | 318 |  |   | 444 |  |   | 0.05 |  |
| Cority Software Inc. (Canada)                            |   | ^ |   | (6) |   | Software |   | 7/2/2019 |   | 250 |  |   | 250 |  |   | 306 |  |   | 0.03 |  |
| DecoPac, Inc.                                            |   | ^ |   | (6) |   | Non-durable Consumer Goods |   | 9/29/2017 |   | 1,500 |  |   | 1,500 |  |   | 1,999 |  |   | 0.21 |  |
| Derm Growth Partners III, LLC (Dermatology Associates)   |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | 5/31/2016 |   | 1,000 |  |   | 1,000 |  |   | — |  |   | — |  |
| GRO Sub Holdco, LLC (Grand Rapids)                       |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | 3/29/2018 |   | 500 |  |   | 500 |  |   | 137 |  |   | 0.01 |  |
| K2 Insurance Services, LLC                               |   | ^ |   | (6) |   | Banking, Finance, Insurance & Real Estate |   | 7/3/2019 |   | 433 |  |   | 433 |  |   | 486 |  |   | 0.05 |  |
| Legacy.com, Inc.                                         |   | ^ |   | (6) |   | High Tech Industries |   | 3/20/2017 |   | 1,500 |  |   | 1,500 |  |   | 783 |  |   | 0.08 |  |
| Mailgun Technologies, Inc.                               |   | ^ |   | (6) |   | High Tech Industries |   | 3/26/2019 |   | 424 |  |   | 424 |  |   | 605 |  |   | 0.06 |  |
| North Haven Goldfinch Topco, LLC                         |   | ^ |   | (6) |   | Containers, Packaging & Glass |   | 6/18/2018 |   | 2,315 |  |   | 2,315 |  |   | 2,542 |  |   | 0.27 |  |
| Paramit Corporation                                      |   | ^ |   | (6) |   | Capital Equipment |   | 6/17/2019 |   | 150 |  |   | 500 |  |   | 501 |  |   | 0.05 |  |
| PPC Flexible Packaging, LLC                              |   | ^ |   | (6) |   | Containers, Packaging & Glass |   | 2/1/2019 |   | 965 |  |   | 965 |  |   | 1,174 |  |   | 0.12 |  |
| Rough Country, LLC                                       |   | ^ |   | (6) |   | Durable Consumer Goods |   | 5/25/2017 |   | 755 |  |   | 755 |  |   | 1,225 |  |   | 0.13 |  |
| SiteLock Group Holdings, LLC                             |   | ^ |   | (6) |   | High Tech Industries |   | 4/5/2018 |   | 446 |  |   | 446 |  |   | 587 |  |   | 0.06 |  |
| T2 Systems Parent Corporation                            |   | ^ |   | (6) |   | Transportation: Consumer |   | 9/28/2016 |   | 556 |  |   | 556 |  |   | 628 |  |   | 0.07 |  |
| Tailwind HMT Holdings Corp.                              |   | ^ |   | (6) |   | Energy: Oil & Gas |   | 11/17/2017 |   | 20 |  |   | 2,000 |  |   | 2,211 |  |   | 0.23 |  |
| Tank Holding Corp.                                       |   | ^ |   | (6) |   | Capital Equipment |   | 3/26/2019 |   | 850 |  |   | 850 |  |   | 1,035 |  |   | 0.11 |  |
| Turbo Buyer, Inc.                                        |   | ^ |   | (6) |   | Automotive |   | 12/2/2019 |   | 1,925 |  |   | 1,925 |  |   | 1,925 |  |   | 0.20 |  |
| Tweddle Holdings, Inc.                                   |   | ^* |   | (6) |   | Media:  Advertising, Printing & Publishing |   | 9/17/2018 |   | 17 |  |   | — |  |   | — |  |   | — |  |
| USLS Acquisition, Inc.                                   |   | ^ |   | (6) |   | Business Services |   | 11/30/2018 |   | 641 |  |   | 641 |  |   | 720 |  |   | 0.08 |  |
| Zenith American Holding, Inc.                            |   | ^ |   | (6) |   | Business Services |   | 12/13/2017 |   | 1,564 |  |   | 782 |  |   | 1,490 |  |   | 0.16 |  |
| Zillow Topco LP                                          |   | ^ |   | (6) |   | Software |   | 6/25/2018 |   | 313 |  |   | 312 |  |   | 358 |  |   | 0.04 |  |
| Equity Investments Total                                 |   |   |   |   |   |   |   |   |   |   |   | $ | 19,457 |  |   | $ | 20,872 |  |   | 2.19 | % |
| Total investments—non-controlled/non-affiliated    |   |   |   |   |   |   |   | $ | 1,960,755 |  |   | $ | 1,897,057 |  |   | 198.36 | % |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated         |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount ** |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
| First Lien Debt (1.01%)                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SolAero Technologies Corp. (A1 Term Loan)       |   | ^ |   | (2) (3) (9) (10) |   | Telecommunications |   | L + 8.00% (100% PIK) |   | 9.91% |   | 4/12/2019 |   | 10/12/2022 |   | $ | 3,166 |  |   | $ | 3,166 |  |   | $ | 3,166 |  |   | 0.33 | % |
| SolAero Technologies Corp. (A2 Term Loan)       |   | ^ |   | (2) (3) (9) (10) |   | Telecommunications |   | L + 8.00% (100% PIK) |   | 9.91% |   | 4/12/2019 |   | 10/12/2022 |   | 8,707 |  |   | 8,707 |  |   | 8,707 |  |   | 0.91 |  |
| SolAero Technologies Corp. (Priority Term Loan) |   | ^ |   | (2) (3) (10) (13) |   | Telecommunications |   | L + 6.00% |   | 7.91% |   | 4/12/2019 |   | 10/12/2022 |   | 9,612 |  |   | 9,507 |  |   | 9,612 |  |   | 1.00 |  |
| First Lien Debt Total                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 21,485 |  |   | $ | 21,380 |  |   | $ | 21,485 |  |   | 2.24 | % |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated |   |   |   | Footnotes |   | Industry |   | Acquisition Date |   | Shares/ Units |   | Cost |   | FairValue (5) |   | % of Net Assets |
| Equity Investments (—%)           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SolAero Technologies Corp.              |   | ^ |   | (6) (10) |   | Telecommunications |   | 4/12/2019 |   | 3 |  |   | $ | 2,815 |  |   | $ | 826 |  |   | 0.09 | % |
| Equity Investments Total                |   |   |   |   |   |   |   |   |   |   |   | $ | 2,815 |  |   | $ | 826 |  |   | 0.41 | % |

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—controlled/affiliated |   |   |   |   |   | Industry |   | Reference Rate & Spread(2) |   | Interest Rate(2) |   | Acquisition Date |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value(7) |   | % of Net Assets |
|   |
|   | Investment Fund (9.63%) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Middle Market Credit Fund, Mezzanine Loan |   | ^ |   | (2) (7) (8) (10) |   | Investment Fund |   | L + 9.00% |   | 10.97% |   | 6/30/2016 |   | 5/18/2021 |   | $ | 93,000 |  |   | $ | 93,000 |  |   | $ | 93,000 |  |   | 9.72 | % |
|   | Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest |   | ^ |   | (7) (10) |   | Investment Fund |   | N/A |   | 0.001% |   | 2/29/2016 |   | 3/1/2021 |   | 123,500 |  |   | 123,501 |  |   | 111,596 |  |   | 11.67 | % |
|   | Investment Fund Total |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 216,500 |  |   | $ | 216,501 |  |   | $ | 204,596 |  |   | 21.39 | % |
|   | Total investments—controlled/affiliated |   |   |   |   |   |   |   |   |   |   |   | $ | 237,988 |  |   | $ | 240,696 |  |   | $ | 226,907 |  |   | 24.04 | % |
|   | Total investments |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 2,201,002 |  |   | $ | 2,201,451 |  |   | $ | 2,123,964 |  |   | 222.4 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2019, the Company does not “control” any of these portfolio companies. |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2019. As of December 31, 2019, the reference rates for our variable rate loans were the 30-day LIBOR at 1.75%, the 90-day LIBOR at 1.91% and the 180-day LIBOR at 1.91%. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |
|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment fund was determined using significant unobservable inputs. |
|     |                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of  December 31, 2019, the aggregate fair value of these securities is $21,698, or 2.60% of the Company’s net assets . |
|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |
|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund. |
|     |                                                              |
|-----|--------------------------------------------------------------|
| (9) | Loan was on non-accrual status as of December 31, 2019. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2019, were as follows: |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                             | Fair Value as of December 31, 2018 |   | Additions/Purchases |   | Reductions/Sales/ Paydowns |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair Value as of December 31, 2019 |   | Dividend and Interest Income |
| Middle Market Credit Fund, LLC, Mezzanine Loan                                      | $ | 112,000 |  |   | $ | 126,200 |  |   | $ | (145,200 | ) |   | $ | — |  |   | $ | — |  |   | $ | 93,000 |  |   | $ | 12,181 |  |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  | 110,295 |  |   | 5,500 |  |   | — |  |   | — |  |   | (4,199 | ) |   | 111,596 |  |   | 15,750 |  |
| Total investments—controlled/affiliated                                       | $ | 222,295 |  |   | $ | 131,700 |  |   | $ | (145,200 | ) |   | $ | — |  |   | $ | (4,199 | ) |   | $ | 204,596 |  |   | $ | 27,931 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated         | Fair Value as of December 31, 2018 |   | Additions/Purchases |   | Reductions/Sales/ Paydowns |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair Value as of December 31, 2019 |   | Dividend and Interest Income |
| SolAero Technologies Corp.                      | $ | 17,968 |  |   | $ | — |  |   | $ | (18,319 | ) |   | $ | (9,091 | ) |   | $ | 9,442 |  |   | $ | — |  |   | $ | — |  |
| SolAero Technologies Corp. (Priority Term Loan) | — |  |   | 9,630 |  |   | — |  |   | — |  |   | — |  |   | 9,630 |  |   | 226 |  |
| SolAero Technologies Corp. (A1 Term Loan)       | — |  |   | 3,166 |  |   | — |  |   | — |  |   | — |  |   | 3,166 |  |   | — |  |
| SolAero Technologies Corp. (A2 Term Loan)       | — |  |   | 8,707 |  |   | — |  |   | — |  |   | — |  |   | 8,707 |  |   | — |  |
| Solaero Technology Corp. (Equity)               | — |  |   | 2,815 |  |   | — |  |   | — |  |   | (554 | ) |   | 2,261 |  |   | — |  |
| Total investments—controlled/affiliated   | $ | 17,968 |  |   | $ | 24,318 |  |   | $ | (18,319 | ) |   | $ | (9,091 | ) |   | $ | 8,888 |  |   | $ | 23,764 |  |   | $ | 226 |  |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Barnes & Noble, Inc. (1.83%), Dimensional Dental Management, LLC (4.87%), Legacy.com Inc. (3.73%) and Surgical Information Systems, LLC (1.13%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|      |                                                                                                                                                                                                                                                                                                                                                       |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to investments in non-controlled affiliates for the year ended December 31, 2019, were as follows: |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated       | Fair Value as of December 31, 2018 |   | Purchases/ Paid-in-kind interest |   | Sales/ Paydowns |   | Net Accretion of Discount |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair Value as of December 31, 2019 |   | Interest Income |
| TwentyEighty, Inc. - Revolver                     | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 1 |  |   | $ | — |  |   | $ | (1 | ) |   | $ | — |  |   | $ | — |  |
| TwentyEighty, Inc. - (Term A Loans)               | 316 |  |   | — |  |   | (415 | ) |   | 1 |  |   | 101 |  |   | (1 | ) |   | — |  |   | 19 |  |
| TwentyEighty, Inc. - (Term B Loans)               | 6,855 |  |   | 230 |  |   | (7,102 | ) |   | 76 |  |   | — |  |   | (59 | ) |   | — |  |   | 498 |  |
| TwentyEighty, Inc. - (Term C Loans)               | 6,981 |  |   | 489 |  |   | (7,397 | ) |   | 179 |  |   | — |  |   | (252 | ) |   | — |  |   | 692 |  |
| TwentyEighty Investors LLC (Equity)               | 4,391 |  |   | — |  |   | — |  |   | — |  |   | 7,990 |  |   | (4,391 | ) |   | — |  |   | — |  |
| Total investments—non-controlled/affiliated | $ | 18,543 |  |   | $ | 719 |  |   | $ | (14,914 | ) |   | $ | 257 |  |   | $ | 8,091 |  |   | $ | (4,704 | ) |   | $ | — |  |   | $ | 1,209 |  |

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | As of December 31, 2019, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated                                             | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments |   |   |   |   |
| Aero Operating, LLC (Dejana Industries, Inc.)                                               | Revolver |   | 1.00% |   | $ | 159 |  |   | $ | (3 | ) |
| Airnov, Inc.                                                                                | Revolver |   | 0.50 |   | 1,250 |  |   | (19 | ) |
| American Physician Partners, LLC                                                            | Revolver |   | 0.50 |   | 1,500 |  |   | (5 | ) |
| AMS Group HoldCo, LLC                                                                       | Revolver |   | 0.50 |   | 2,315 |  |   | (25 | ) |
| Analogic Corporation                                                                        | Revolver |   | 0.50 |   | 3,029 |  |   | — |  |
| Apptio, Inc.                                                                                | Revolver |   | 0.50 |   | 2,367 |  |   | (19 | ) |
| BMS Holdings III Corp.                                                                      | Delayed Draw |   | 1.00 |   | 3,333 |  |   | (10 | ) |
| Captive Resources Midco, LLC                                                                | Revolver |   | 0.50 |   | 2,143 |  |   | (9 | ) |
| Chartis Group, LLC                                                                          | Revolver |   | 0.50 |   | 2,401 |  |   | (20 | ) |
| Chartis Group, LLC                                                                          | Delayed Draw |   | 0.50 |   | 6,402 |  |   | (52 | ) |
| Chemical Computing Group ULC (Canada)                                                       | Revolver |   | 0.50 |   | 903 |  |   | (8 | ) |
| Comar Holding Company, LLC                                                                  | Delayed Draw |   | 1.00 |   | 5,136 |  |   | (103 | ) |
| Comar Holding Company, LLC                                                                  | Revolver |   | 0.50 |   | 1,168 |  |   | (23 | ) |
| Cority Software, Inc. (Canada)                                                              | Revolver |   | 0.50 |   | 3,000 |  |   | (60 | ) |
| DermaRite Industries, LLC                                                                   | Revolver |   | 0.50 |   | 807 |  |   | (33 | ) |
| Dimensional Dental Management, LLC                                                          | Revolver |   | 0.50 |   | 48 |  |   | — |  |
| Ethos Veterinary Health, LLC                                                                | Delayed Draw |   | 1.00 |   | 2,696 |  |   | (12 | ) |
| Evolve IP                                                                                   | Revolver |   | 0.50 |   | 2,941 |  |   | — |  |
| Evolve IP                                                                                   | Delayed Draw |   | 1.00 |   | 3,922 |  |   | — |  |
| FWR Holding Corporation                                                                     | Delayed Draw |   | 1.00 |   | 87 |  |   | — |  |
| FWR Holding Corporation                                                                     | Revolver |   | 0.50 |   | 667 |  |   | (3 | ) |
| GRO Sub Holdco, LLC (Grand Rapids)                                                          | Revolver |   | 0.50 |   | $ | 1,071 |  |   | $ | (54 | ) |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| iCIMS, Inc.                                       | Revolver |   | 0.50% |   | $ | 1,252 |  |   | — |  |
| Innovative Business Services, LLC                 | Revolver |   | 0.50 |   | 2,232 |  |   | (32 | ) |
| K2 Insurance Services, LLC                        | Revolver |   | 0.50 |   | 2,290 |  |   | 3 |  |
| K2 Insurance Services, LLC                        | Delayed Draw |   | 1.00 |   | 5,344 |  |   | 6 |  |
| Kaseya Inc.                                       | Revolver |   | 0.50 |   | 661 |  |   | 1 |  |
| Kaseya Inc.                                       | Delayed Draw |   | 0.50 |   | 1,918 |  |   | 4 |  |
| Lifelong Learner Holdings, LLC                    | Revolver |   | 0.50 |   | 1,901 |  |   | (19 | ) |
| Lifelong Learner Holdings, LLC                    | Delayed Draw |   | — |   | 2,878 |  |   | (29 | ) |
| Liqui-Box Holdings, Inc.                          | Revolver |   | 0.50 |   | 2,630 |  |   | (37 | ) |
| Mailgun Technologies, Inc.                        | Revolver |   | 0.50 |   | 1,342 |  |   | (20 | ) |
| National Car Wash Solutions, LP                   | Revolver |   | 0.50 |   | 310 |  |   | (2 | ) |
| National Car Wash Solutions, LP                   | Delayed Draw |   | 1.00 |   | 1,111 |  |   | (8 | ) |
| National Technical Systems, Inc.                  | Revolver |   | 0.50 |   | 2,500 |  |   | (2 | ) |
| NMI AcquisitionCo, Inc.                           | Revolver |   | 0.50 |   | 1,280 |  |   | (4 | ) |
| Northland Telecommunications Corporation          | Revolver |   | 0.50 |   | 2,960 |  |   | (4 | ) |
| Pathway Vet Alliance, LLC                         | Delayed Draw |   | 1.00 |   | 7,950 |  |   | 12 |  |
| PF Growth Partners, LLC                           | Delayed Draw |   | 1.00 |   | 1,028 |  |   | (3 | ) |
| PPC Flexible Packaging, LLC                       | Revolver |   | 0.50 |   | 1,957 |  |   | (16 | ) |
| PricewaterhouseCoopers Public Sector LLP          | Revolver |   | 0.50 |   | 6,250 |  |   | (46 | ) |
| QW Holding Corporation (Quala)                    | Delayed Draw |   | 1.00 |   | 809 |  |   | (5 | ) |
| RSC Acquisition, Inc.                             | Revolver |   | 0.50 |   | 608 |  |   | (4 | ) |
| RSC Acquisition, Inc.                             | Delayed Draw |   | 1.00 |   | 7,757 |  |   | (57 | ) |
| Sapphire Convention, Inc. (Smart City             | Revolver |   | 0.50 |   | 4,528 |  |   | (34 | ) |
| Smile Doctors, LLC                                | Revolver |   | 0.50 |   | 707 |  |   | (7 | ) |
| Smile Doctors, LLC                                | Delayed Draw |   | 1.00 |   | 1,477 |  |   | (14 | ) |
| SolAero Technologies Corp. (Priority Term Loan)   | Revolver |   | 1.00 |   | 542 |  |   | — |  |
| SPay, Inc.                                        | Revolver |   | 0.50 |   | 682 |  |   | (58 | ) |
| Superior Health Linens, LLC                       | Revolver |   | 0.50 |   | 693 |  |   | (58 | ) |
| T2 Systems, Inc.                                  | Revolver |   | 0.50 |   | 2,053 |  |   | — |  |
| Tank Holding Corp.                                | Revolver |   | 0.50 |   | 47 |  |   | — |  |
| TSB Purchaser, Inc. (Teaching Strategies, LLC)    | Revolver |   | 0.50 |   | 1,342 |  |   | (9 | ) |
| The Leaders Romans Bidco Limited (United Kingdom) | Delayed Draw |   | 1.69 |   | £ | 3,533 |  |   | (94 | ) |
| Trump Card, LLC                                   | Revolver |   | 0.50 |   | 369 |  |   | (2 | ) |
| Turbo Buyer, Inc.                                 | Revolver |   | 0.50 |   | 2,151 |  |   | (28 | ) |
| Turbo Buyer, Inc.                                 | Delayed Draw |   | 1.00 |   | 4,904 |  |   | (64 | ) |
| USLS Acquisition, Inc.                            | Revolver |   | 0.50 |   | 946 |  |   | (19 | ) |
| VRC Companies, LLC                                | Delayed Draw |   | 0.75 |   | 210 |  |   | — |  |
| VRC Companies, LLC                                | Revolver |   | 0.50 |   | 1,119 |  |   | (1 | ) |
| Westfall Technik, Inc.                            | Revolver |   | 0.50 |   | 431 |  |   | (11 | ) |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Westfall Technik, Inc.                          | Delayed Draw |   | 1.00% |   | $ | 12,190 |  |   | $ | (304 | ) |
| Zemax Software Holdings, LLC                    | Revolver |   | 0.50 |   | 1,284 |  |   | (7 | ) |
| Zenith American Holding, Inc.                   | Delayed Draw |   | 1.00 |   | 3,189 |  |   | (18 | ) |
| Zenith American Holding, Inc.                   | Revolver |   | 0.50 |   | 3,180 |  |   | (17 | ) |
| Total unfunded commitments                      |   |   |   |   | $ | 149,890 |  |   | $ | (1,465 | ) |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Type                                            |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt (excluding First Lien/Last Out) |   | $ | 1,649,721 |  |   | $ | 1,585,042 |  |   | 74.63 | % |
| First Lien/Last Out Unitranche                  |   | 78,951 |  |   | 78,096 |  |   | 3.68 |  |
| Second Lien Debt                                |   | 234,006 |  |   | 234,532 |  |   | 11.04 |  |
| Equity Investments                              |   | 22,272 |  |   | 21,698 |  |   | 1.02 |  |
| Investment Fund                                 |   | 216,501 |  |   | 204,596 |  |   | 9.63 |  |
| Total                                           |   | $ | 2,201,451 |  |   | $ | 2,123,964 |  |   | 100.00 | % |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |
| Rate Type     |   | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate |   | $ | 1,957,730 |  |   | $ | 1,892,639 |  |   | 99.73 | % |
| Fixed Rate    |   | 4,948 |  |   | 5,031 |  |   | 0.27 |  |
| Total         |   | $ | 1,962,678 |  |   | $ | 1,897,670 |  |   | 100.00 | % |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |
| Industry                                       | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                        | $ | 109,755 |  |   | $ | 109,758 |  |   | 5.17 | % |
| Automotive                                     | 39,177 |  |   | 39,665 |  |   | 1.87 |  |
| Banking, Finance, Insurance & Real Estate  | 112,248 |  |   | 115,119 |  |   | 5.42 |  |
| Beverage, Food & Tobacco                   | 80,597 |  |   | 81,222 |  |   | 3.82 |  |
| Business Services                              | 167,435 |  |   | 167,497 |  |   | 7.89 |  |
| Capital Equipment                              | 44,362 |  |   | 45,027 |  |   | 2.12 |  |
| Chemicals, Plastics & Rubber               | 27,432 |  |   | 26,962 |  |   | 1.27 |  |
| Construction & Building                    | 13,713 |  |   | 14,032 |  |   | 0.66 |  |
| Consumer Services                              | 41,089 |  |   | 38,347 |  |   | 1.81 |  |
| Containers, Packaging & Glass              | 67,821 |  |   | 68,207 |  |   | 3.21 |  |
| Durable Consumer Goods                         | 11,165 |  |   | 11,584 |  |   | 0.55 |  |
| Energy: Electricity                            | 33,543 |  |   | 30,930 |  |   | 1.46 |  |
| Energy: Oil & Gas                          | 11,762 |  |   | 11,974 |  |   | 0.56 |  |
| Environmental Industries                       | 42,802 |  |   | 43,106 |  |   | 2.03 |  |
| Healthcare & Pharmaceuticals               | 248,615 |  |   | 192,719 |  |   | 9.07 |  |
| High Tech Industries                           | 215,856 |  |   | 215,274 |  |   | 10.13 |  |
| Hotel, Gaming & Leisure                    | 96,815 |  |   | 95,073 |  |   | 4.48 |  |
| Investment Fund                                | 216,501 |  |   | 204,596 |  |   | 9.63 |  |
| Media: Broadcast & Subscription            | 45,916 |  |   | 46,529 |  |   | 2.19 |  |
| Media:  Advertising, Printing & Publishing | 36,895 |  |   | 37,406 |  |   | 1.76 |  |
| Non-durable Consumer Goods                     | 1,500 |  |   | 1,999 |  |   | 0.09 |  |
| Retail                                         | 43,081 |  |   | 43,020 |  |   | 2.03 |  |
| Software                                       | 224,807 |  |   | 226,045 |  |   | 10.63 |  |
| Sovereign & Public Finance                 | 38,297 |  |   | 37,381 |  |   | 1.76 |  |
| Telecommunications                             | 119,014 |  |   | 116,115 |  |   | 5.47 |  |
| Transportation: Cargo                          | 42,204 |  |   | 42,220 |  |   | 1.99 |  |
| Transportation: Consumer                       | 35,715 |  |   | 36,276 |  |   | 1.71 |  |
| Wholesale                                      | 33,334 |  |   | 25,881 |  |   | 1.22 |  |
| Total                                          | $ | 2,201,451 |  |   | $ | 2,123,964 |  |   | 100.00 | % |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |
| Geography      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Canada         | $ | 41,002 |  |   | $ | 40,939 |  |   | 1.93 | % |
| Cyprus         | 4,746 |  |   | 4,836 |  |   | 0.23 |  |
| Jamaica        | 202 |  |   | 195 |  |   | 0.01 |  |
| Luxembourg     | 36,563 |  |   | 36,563 |  |   | 1.72 |  |
| United Kingdom | 24,865 |  |   | 26,531 |  |   | 1.25 |  |
| United States  | 2,094,073 |  |   | 2,014,900 |  |   | 94.86 |  |
| Total          | $ | 2,201,451 |  |   | $ | 2,123,964 |  |   | 100.00 | % |

----

----

----

----

----

----

|         |                                                    |
|---------|----------------------------------------------------|
| • | the nature and realizable value of any collateral; |
|         |                                                               |
|---------|---------------------------------------------------------------|
| • | call features, put features and other relevant terms of debt; |
|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | the portfolio company’s leverage and ability to make payments; |
|         |                                                                |
|---------|----------------------------------------------------------------|
| • | the portfolio company’s public or private credit rating; |
|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | the portfolio company’s actual and expected earnings and discounted cash flow; |
|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | prevailing interest rates and spreads for similar securities and expected volatility in future interest rates; |
|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | the markets in which the portfolio company does business and recent economic and/or market events; and |
|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | comparisons to comparable transactions and publicly traded securities. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. Financial instruments in this category generally include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments in this category generally include investments in privately-held entities, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | March 31, 2020 |
|                                    | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                  |   |   |   |   |   |
| First Lien Debt                         | $ | — |  |   | $ | — |  |   | $ | 1,534,765 |  |   | $ | 1,534,765 |  |
| Second Lien Debt                        | — |  |   | — |  |   | 275,055 |  |   | 275,055 |  |
| Equity Investments                      | — |  |   | — |  |   | 29,323 |  |   | 29,323 |  |
| Investment Fund                         |   |   |   |   |   |   |   |
| Mezzanine Loan                          | — |  |   | — |  |   | — |  |   | — |  |
| Subordinated Loan and Member's Interest | — |  |   | — |  |   | 185,134 |  |   | 185,134 |  |
| Total                                   | $ | — |  |   | $ | — |  |   | $ | 2,024,277 |  |   | $ | 2,024,277 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | December 31, 2019 |
|                                    | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                  |   |   |   |   |   |
| First Lien Debt                         | $ | — |  |   | $ | — |  |   | $ | 1,663,138 |  |   | $ | 1,663,138 |  |
| Second Lien Debt                        | — |  |   | — |  |   | 234,532 |  |   | 234,532 |  |
| Equity Investments                      | — |  |   | — |  |   | 21,698 |  |   | 21,698 |  |
| Investment Fund                         |   |   |   |   |   |   |   |
| Mezzanine Loan                          | — |  |   | — |  |   | 93,000 |  |   | 93,000 |  |
| Subordinated Loan and Member's Interest | — |  |   | — |  |   | 111,596 |  |   | 111,596 |  |
| Total                                   | $ | — |  |   | $ | — |  |   | $ | 2,123,964 |  |   | $ | 2,123,964 |  |

----

|                                                                                                                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                           | Financial Assets |
|                                                                                                                                                                                                                                                           | For the three month period ended March 31, 2020 |
|                                                                                                                                                                                                                                                           | First Lien Debt |   | Second Lien Debt |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Investment Fund - Subordinated Loan and Member's Interest |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                   | $ | 1,663,138 |  |   | $ | 234,532 |  |   | $ | 21,698 |  |   | $ | 93,000 |  |   | $ | 111,596 |  |   | $ | 2,123,964 |  |
| Purchases                                                                                                                                                                                                                                                      | 76,323 |  |   | 89,409 |  |   | 10,200 |  |   | 63,500 |  |   | 92,500 |  |   | 331,932 |  |
| Sales                                                                                                                                                                                                                                                          | (44,060 | ) |   | — |  |   | — |  |   | (156,500 | ) |   | — |  |   | (200,560 | ) |
| Paydowns                                                                                                                                                                                                                                                       | (70,129 | ) |   | (15,232 | ) |   | (1,024 | ) |   | — |  |   | — |  |   | (86,385 | ) |
| Accretion of discount                                                                                                                                                                                                                                          | 2,206 |  |   | 380 |  |   | — |  |   | — |  |   | — |  |   | 2,586 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                    | (2,054 | ) |   | — |  |   | 357 |  |   | — |  |   | — |  |   | (1,697 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                           | (90,659 | ) |   | (34,034 | ) |   | (1,908 | ) |   | — |  |   | (18,962 | ) |   | (145,563 | ) |
| Balance, end of period                                                                                                                                                                                                                                         | $ | 1,534,765 |  |   | $ | 275,055 |  |   | $ | 29,323 |  |   | $ | — |  |   | $ | 185,134 |  |   | $ | 2,024,277 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (92,299 | ) |   | $ | (33,774 | ) |   | $ | (1,908 | ) |   | $ | — |  |   | $ | (18,962 | ) |   | $ | (146,943 | ) |

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

|                                                                                                                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                           | Financial Assets |
|                                                                                                                                                                                                                                                           | For the three month period ended March 31, 2019 |
|                                                                                                                                                                                                                                                           | First Lien Debt |   | Second Lien Debt |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Investment Fund - Subordinated Loan and Member's Interest |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                   | $ | 1,546,271 |  |   | $ | 178,958 |  |   | $ | 24,633 |  |   | $ | 112,000 |  |   | $ | 110,295 |  |   | $ | 1,972,157 |  |
| Purchases                                                                                                                                                                                                                                                      | 165,076 |  |   | 48,405 |  |   | 2,240 |  |   | 30,500 |  |   | — |  |   | 246,221 |  |
| Sales                                                                                                                                                                                                                                                          | (6,815 | ) |   | — |  |   | (1,738 | ) |   | — |  |   | — |  |   | (8,553 | ) |
| Paydowns                                                                                                                                                                                                                                                       | (44,241 | ) |   | — |  |   | — |  |   | (18,700 | ) |   | — |  |   | (62,941 | ) |
| Accretion of discount                                                                                                                                                                                                                                          | 2,092 |  |   | 69 |  |   | — |  |   | — |  |   | — |  |   | 2,161 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                    | (60 | ) |   | — |  |   | 959 |  |   | — |  |   | — |  |   | 899 |  |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                           | 978 |  |   | 1,419 |  |   | 2,372 |  |   | — |  |   | 496 |  |   | 5,265 |  |
| Balance, end of period                                                                                                                                                                                                                                         | $ | 1,663,301 |  |   | $ | 228,851 |  |   | $ | 28,466 |  |   | $ | 123,800 |  |   | $ | 110,791 |  |   | $ | 2,155,209 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | 1,242 |  |   | $ | 1,419 |  |   | $ | 2,648 |  |   | $ | — |  |   | $ | 496 |  |   | $ | 5,805 |  |

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

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   | Fair Value as of March 31, 2020 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   |   |
|                                   | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt         | $ | 1,384,548 |  |   | Discounted Cash Flow |   | Discount Rate |   | 6.24 | % |   | 25.03 | % |   | 9.77 | % |
|                                   | 115,824 |  |   | Consensus Pricing |   | Indicative Quotes |   | 44.00 |  |   | 100.00 |  |   | 86.37 |  |
|                                   | 34,393 |  |   | Income Approach |   | Discount Rate |   | 12.22 | % |   | 19.32 | % |   | 16.06 | % |
|                                   |   |   | Market Approach |   | Comparable Multiple |   | 7.89x |  |   | 8.55x |  |   | 8.49x |  |
| Total First Lien Debt                  | 1,534,765 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt        | 221,704 |  |   | Discounted Cash Flow |   | Discount Rate |   | 9.52 | % |   | 13.87 | % |   | 11.64 | % |
|                                   | 53,351 |  |   | Consensus Pricing |   | Indicative Quotes |   | 65.67 |  |   | 90.38 |  |   | 74.34 |  |
| Total Second Lien Debt                 | 275,055 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                  | 29,323 |  |   | Income Approach |   | Discount Rate |   | 7.93 | % |   | 16.28 | % |   | 9.71 | % |
|                                   |   |   | Market Approach |   | Comparable Multiple |   | 6.05x |  |   | 16.40x |  |   | 9.49x |  |
| Total Equity Investments               | 29,323 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Investment Fund         |   |   |   |   |   |   |   |   |   |   |   |
| Mezzanine Loan                         | — |  |   | Collateral Analysis |   | Recovery Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Subordinated Loan andMember's Interest | 185,134 |  |   | Discounted Cash Flow |   | Discount Rate |   | 11.00 | % |   | 11.00 | % |   | 11.00 | % |
|                                   |   |   | Discounted Cash Flow |   | Default Rate |   | 3.00 | % |   | 3.00 | % |   | 3.00 | % |
|                                   |   |   | Discounted Cash Flow |   | Recovery Rate |   | 65.00 | % |   | 65.00 | % |   | 65.00 | % |
| Total Investments in Investment Fund   | 185,134 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments         | $ | 2,024,277 |  |   |   |   |   |   |   |   |   |   |   |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Fair Value as of December 31, 2019 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   |   |
|                                    | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt          | $ | 1,332,584 |  |   | Discounted Cash Flow |   | Discount Rate |   | 3.64 | % |   | 24.45 | % |   | 8.13 | % |
|                                    | 318,681 |  |   | Consensus Pricing |   | Indicative Quotes |   | 77.94 |  |   | 100.00 |  |   | 96.96 |  |
|                                    | 11,873 |  |   | Income Approach |   | Discount Rate |   | 12.22 | % |   | 19.32 | % |   | 13.16 | % |
|                                    |   |   | Market Approach |   | Comparable Multiple |   | 7.89x |  |   | 8.38x |  |   | 8.49x |  |
| Total First Lien Debt                   | 1,663,138 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt         | 188,736 |  |   | Discounted Cash Flow |   | Discount Rate |   | 7.40 | % |   | 10.66 | % |   | 8.85 | % |
|                                    | 45,796 |  |   | Consensus Pricing |   | Indicative Quotes |   | 97.50 |  |   | 98.31 |  |   | 98.19 |  |
| Total Second Lien Debt                  | 234,532 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                   | 21,698 |  |   | Income Approach |   | Discount Rate |   | 7.76 | % |   | 15.31 | % |   | 8.84 | % |
|                                    |   |   | Market Approach |   | Comparable Multiple |   | 6.37x |  |   | 16.65x |  |   | 9.24x |  |
| Total Equity Investments                | 21,698 |  |   |   |   |   |   |   |   |   |   |   |
| Investment in Investment Fund           |   |   |   |   |   |   |   |   |   |   |   |
| Mezzanine Loan                          | 93,000 |  |   | Collateral Analysis |   | Recovery Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Subordinated Loan and Member's Interest | 111,596 |  |   | Discounted Cash Flow |   | Discount Rate |   | 10.00 | % |   | 10.00 | % |   | 10.00 | % |
|                                    |   |   | Discounted Cash Flow |   | Default Rate |   | 2.00 | % |   | 2.00 | % |   | 2.00 | % |
|                                    |   |   | Discounted Cash Flow |   | Recovery Rate |   | 75.00 | % |   | 75.00 | % |   | 75.00 | % |
| Total Investments in Investment Fund    | 204,596 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments          | $ | 2,123,964 |  |   |   |   |   |   |   |   |   |   |   |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                   | March 31, 2020 |   | December 31, 2019 |
|                   | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Secured borrowings     | $ | 701,609 |  |   | $ | 701,609 |  |   | $ | 616,543 |  |   | $ | 616,543 |  |
| Senior unsecured notes | $ | 115,000 |  |   | $ | 115,000 |  |   | $ | 115,000 |  |   | $ | 115,000 |  |
| Total                  | $ | 816,609 |  |   | $ | 816,609 |  |   | $ | 731,543 |  |   | $ | 731,543 |  |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | March 31, 2020 |   | December 31, 2019 |
|                             | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1-1-R Notes | $ | 234,800 |  |   | $ | 212,996 |  |   | $ | 234,800 |  |   | $ | 233,053 |  |
| Aaa/AAA Class A-1-2-R Notes | 50,000 |  |   | 45,773 |  |   | 50,000 |  |   | 49,908 |  |
| Aaa/AAA Class A-1-3-R Notes | 25,000 |  |   | 24,045 |  |   | 25,000 |  |   | 25,163 |  |
| AA Class A-2-R Notes        | 66,000 |  |   | 66,000 |  |   | 66,000 |  |   | 66,000 |  |
| A Class B Notes                  | 46,400 |  |   | 37,370 |  |   | 46,400 |  |   | 46,400 |  |
| BBB- Class C Notes               | 27,000 |  |   | 27,000 |  |   | 27,000 |  |   | 27,000 |  |
| Total                            | $ | 449,200 |  |   | $ | 413,184 |  |   | $ | 449,200 |  |   | $ | 447,524 |  |

----

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which its pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%; |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.82%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.82% in any calendar quarter; and |
|         |                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 17.5% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized) will be payable to the Investment Adviser. This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all pre-incentive fee net investment income thereafter is allocated to the Investment Adviser. |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
|                                                      | For the three month periods ended |
|                                                      | March 31, 2020 |   | March 31, 2019 |
| Base management fees                                      | $ | 7,386 |  |   | $ | 7,685 |  |
| Incentive fees on pre-incentive fee net investment income | 5,086 |  |   | 5,846 |  |
| Realized capital gains incentive fees                     | — |  |   | — |  |
| Accrued capital gains incentive fees                      | — |  |   | — |  |
| Total capital gains incentive fees                        | — |  |   | — |  |
| Total incentive fees                                      | 5,086 |  |   | 5,846 |  |
| Total base management fees and incentive fees             | $ | 12,472 |  |   | $ | 13,531 |  |

----

----

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |
|                                                                                     |   | As of |
|                                                                                     |   | March 31, 2020 |   | December 31, 2019 |
|                                                                                     |   | (unaudited) |   |   |
| Selected Consolidated Balance Sheet Information                                          |   |   |   |   |
| ASSETS                                                                                   |   |   |   |   |
| Investments, at fair value (amortized cost of $1,296,794 and $1,258,157, respectively)   |   | $ | 1,199,183 |  |   | $ | 1,246,839 |  |
| Cash and cash equivalents                                                                |   | 79,802 |  |   | 64,787 |  |
| Other assets                                                                             |   | 47,437 |  |   | 9,369 |  |
| Total assets                                                                             |   | $ | 1,326,422 |  |   | $ | 1,320,995 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                                    |   |   |   |   |
| Secured borrowings                                                                       |   | $ | 462,421 |  |   | $ | 441,077 |  |
| Notes payable, net of unamortized debt issuance costs of $3,320 and $3,441, respectively |   | 487,066 |  |   | 528,407 |  |
| Mezzanine loans (1)                                                                      |   | — |  |   | 93,000 |  |
| Other Short-Term Borrowings                                                              |   | 8,802 |  |   | — |  |
| Other liabilities                                                                        |   | 43,135 |  |   | 32,383 |  |
| Subordinated loans and members’ equity (1)                                         |   | 324,998 |  |   | 226,128 |  |
| Liabilities and members’ equity                                                    |   | $ | 1,326,422 |  |   | $ | 1,320,995 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | For the three month periods ended |
|                                                                |   | March 31, 2020 |   | March 31, 2019 |
|                                                                |   | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |   |
| Total investment income                                             |   | $ | 21,592 |  |   | $ | 22,606 |  |
| Expenses                                                            |   |   |   |   |
| Interest and credit facility expenses                               |   | 13,927 |  |   | 14,730 |  |
| Other expenses                                                      |   | 503 |  |   | 441 |  |
| Total expenses                                                      |   | 14,430 |  |   | 15,171 |  |
| Net investment income (loss)                                        |   | 7,162 |  |   | 7,435 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | (8,285 | ) |
| Net change in unrealized appreciation (depreciation) on investments |   | (86,293 | ) |   | 17,778 |  |
| Net increase (decrease) resulting from operations                   |   | $ | (79,131 | ) |   | $ | 16,928 |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | As of |
|                                                                        | March 31, 2020 |   | December 31, 2019 |
| Senior secured loans (1)                                                    | $ | 1,299,438 |  |   | $ | 1,260,582 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 6.01 | % |   | 6.51 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 6.48 | % |   | 6.55 | % |
| Number of portfolio companies in Credit Fund                                | 63 |  |   | 61 |  |
| Average amount per portfolio company (1)                                    | $ | 20,626 |  |   | $ | 20,665 |  |
| Number of loans on non-accrual status                                       | 1 |  |   | 1 |  |
| Fair value of loans on non-accrual status                                   | $ | 21,150 |  |   | $ | 21,150 |  |
| Percentage of portfolio at floating interest rates (3)(4)                   | 98.2 | % |   | 98.3 | % |
| Percentage of portfolio at fixed interest rates (4)                         | 1.8 | % |   | 1.7 | % |
| Fair value of loans with PIK provisions                                     | $ | 21,150 |  |   | $ | 21,150 |  |
| Percentage of portfolio with PIK provisions (4)                             | 1.8 | % |   | 1.7 | % |

|     |                          |
|-----|--------------------------|
| (1) | At par/principal amount. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2020 and December 31, 2019. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount ("OID") and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |
|     |                                                                               |
|-----|-------------------------------------------------------------------------------|
| (3) | Floating rate debt investments are generally subject to interest rate floors. |
|     |                                  |
|-----|----------------------------------|
| (4) | Percentages based on fair value. |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of March 31, 2020 |
| Investments (1)                                           |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |
| First Lien Debt (98.17% of fair value)                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                 | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 5.00% |   | 10/13/2025 |   | $ | 29,805 |  |   | $ | 29,690 |  |   | $ | 25,931 |  |
| Acrisure, LLC                                             | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.50% |   | 5.21% |   | 2/15/2027 |   | 25,828 |  |   | 25,796 |  |   | 22,486 |  |
| Advanced Instruments, LLC                                 | +*\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 6.26% |   | 10/31/2022 |   | 36,087 |  |   | 36,019 |  |   | 35,405 |  |
| Alku, LLC                                                 | +# |   | (2) (3) |   | Business Services |   | L + 5.50% |   | 7.31% |   | 7/29/2026 |   | 25,000 |  |   | 24,758 |  |   | 23,900 |  |
| Alpha Packaging Holdings, Inc.                            | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 6.00% |   | 7.13% |   | 11/12/2021 |   | 16,639 |  |   | 16,637 |  |   | 16,296 |  |
| AmeriLife Holdings LLC                                    | # |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 5.45% |   | 3/18/2027 |   | 8,864 |  |   | 8,839 |  |   | 8,286 |  |
| Analogic Corporation                                      | ^+ |   | (2) (3) (7) |   | Capital Equipment |   | L + 5.25% |   | 6.25% |   | 6/22/2024 |   | 19,169 |  |   | 19,144 |  |   | 18,143 |  |
| Anchor Packaging, Inc.                                    | ^+# |   | (2) (3) (7) |   | Containers, Packaging & Glass |   | L + 4.00% |   | 4.99% |   | 7/18/2026 |   | 20,410 |  |   | 20,315 |  |  | 19,056 |  |
| API Technologies Corp.                                    | +\ |   | (2) (3) |   | Aerospace & Defense |   | L + 4.25% |   | 5.24% |   | 5/9/2026 |   | 14,888 |  |   | 14,818 |  |   | 12,887 |  |
| Aptean, Inc.                                              | + \ |   | (2) (3) |   | Software |   | L + 4.25% |   | 5.24% |   | 4/23/2026 |   | 12,375 |  |   | 12,313 |  |   | 10,271 |  |
| AQA Acquisition Holding, Inc.                             | ^*\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.25% |   | 5.65% |   | 5/24/2023 |   | 21,323 |  |   | 21,299 |  |   | 20,741 |  |
| Astra Acquisition Corp.                                   | +# |   | (2) (3) |   | Software |   | L + 5.50% |   | 6.50% |   | 3/1/2027 |   | 29,000 |  |   | 28,567 |  |   | 26,822 |  |
| Avalign Technologies, Inc.                                | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 5.57% |   | 12/22/2025 |   | 14,704 |  |   | 14,578 |  |   | 13,893 |  |
| Big Ass Fans, LLC                                         | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 5.20% |   | 5/21/2024 |   | 13,873 |  |   | 13,809 |  |   | 13,515 |  |
| BK Medical Holding Company, Inc.                          | ^+ |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 6.25% |   | 6/22/2024 |   | 24,348 |  |   | 24,089 |  |   | 23,456 |  |
| Brooks Equipment Company, LLC                             | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 6.60% |   | 8/29/2020 |   | 5,066 |  |   | 5,064 |  |   | 5,019 |  |
| Clarity Telecom LLC.                                      | + |   | (2) (3) |   | Media: Broadcasting & Subscription |   | L + 4.25% |   | 5.24% |   | 8/30/2026 |   | 14,925 |  |   | 14,880 |  |   | 14,058 |  |
| Clearent Newco, LLC                                       | ^+\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 5.50% |   | 6.87% |   | 3/20/2025 |   | 29,675 |  |   | 29,386 |  |   | 27,402 |  |
| Datto, Inc.                                               | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.25% |   | 5.24% |   | 4/2/2026 |   | 12,406 |  |   | 12,345 |  |   | 11,720 |  |
| DecoPac, Inc.                                             | ^+ *\ |   | (2) (3) (7) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 5.27% |   | 9/29/2024 |   | 13,622 |  |   | 13,524 |  |   | 13,622 |  |
| DTI Holdco, Inc.                                          | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 6.53% |   | 9/30/2023 |   | 18,836 |  |   | 18,729 |  |   | 13,233 |  |
| Eliassen Group, LLC                                       | +\ |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 5.49% |   | 11/5/2024 |   | 7,571 |  |   | 7,540 |  |   | 7,376 |  |
| EvolveIP, LLC                                             | ^+ |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 6.75% |   | 6/7/2023 |   | 19,948 |  |   | 19,895 |  |   | 19,388 |  |
| Exactech, Inc.                                            | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 4.75% |   | 2/14/2025 |   | 21,694 |  |   | 21,563 |  |   | 17,084 |  |
| Excel Fitness Holdings, Inc.                              | +# |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 5.25% |   | 6.25% |   | 10/7/2025 |   | 24,938 |  |   | 24,705 |  |   | 22,539 |  |
| Golden West Packaging Group LLC                           | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.75% |   | 6.75% |   | 6/20/2023 |   | 29,252 |  |   | 29,103 |  |   | 28,333 |  |
| HMT Holding Inc.                                          | ^ +*\ |   | (2) (3) (7) |   | Energy: Oil & Gas |   | L + 5.00% |   | 6.02% |   | 11/17/2023 |   | 37,305 |  |   | 36,855 |  |   | 36,630 |  |
| Jensen Hughes, Inc.                                       | ^+*\ |   | (2) (3) (7) |   | Utilities: Electric |   | L + 4.50% |   | 5.57% |   | 3/22/2024 |   | 34,871 |  |   | 34,726 |  |   | 33,326 |  |
| KAMC Holdings, Inc.                                       | +# |   | (2) (3) |   | Energy: Electricity |   | L + 4.00% |   | 5.61% |   | 8/14/2026 |   | 13,930 |  |   | 13,866 |  |   | 13,083 |  |
| Lionbridge Technologies, Inc.                             | + |   | (2) (3) |   | Business Services |   | L + 6.25% |   | 7.32% |   | 12/29/2025 |   | 24,938 |  |   | 24,938 |  |   | 23,583 |  |
| MAG DS Corp.                                              | +\ |   | (2) (3) (7) |   | Aerospace & Defense |   | L + 4.75% |   | 6.20% |   | 6/6/2025 |   | 27,632 |  |   | 27,413 |  |   | 27,632 |  |
| Maravai Intermediate Holdings, LLC                        | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 5.75% |   | 8/2/2025 |   | 29,550 |  |   | 29,313 |  |   | 28,040 |  |
| Marco Technologies, LLC                                   | ^+\ |   | (2) (3) (7) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 5.78% |   | 10/30/2023 |   | 7,444 |  |   | 7,394 |  |   | 6,979 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of March 31, 2020 |
| Investments (1)                                           |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |
| Mold-Rite Plastics, LLC                                   | +\ |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.25% |   | 5.32% |   | 12/14/2021 |   | $ | 14,557 |  |   | $ | 14,524 |  |   | $ | 14,288 |  |
| MSHC, Inc.                                                | ^+*\ |   | (2) (3) (7) |   | Construction & Building |   | L + 4.25% |   | 5.25% |   | 12/31/2024 |   | 42,477 |  |   | 42,340 |  |   | 40,467 |  |
| Newport Group Holdings II, Inc.                           | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 5.20% |   | 9/13/2025 |   | 23,655 |  |   | 23,436 |  |   | 22,626 |  |
| Odyssey Logistics & Technology Corp.                  | +*\# |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 5.07% |   | 10/12/2024 |   | 39,013 |  |   | 38,866 |  |   | 27,309 |  |
| Output Services Group                                     | ^+\ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 6.11% |   | 3/27/2024 |   | 19,571 |  |   | 19,523 |  |   | 18,432 |  |
| PAI Holdco, Inc.                                          | +*\ |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 5.39% |   | 1/5/2025 |   | 19,486 |  |   | 19,415 |  |   | 18,956 |  |
| Park Place Technologies, Inc.                             | +\# |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 5.00% |   | 3/28/2025 |   | 22,502 |  |   | 22,429 |  |   | 21,827 |  |
| Pasternack Enterprises, Inc.                              | +\ |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 5.00% |   | 7/2/2025 |   | 22,697 |  |   | 22,684 |  |   | 21,955 |  |
| Pharmalogic Holdings Corp.                                | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 5.00% |   | 6/11/2023 |   | 11,292 |  |   | 11,269 |  |   | 11,091 |  |
| Premise Health Holding Corp.                              | ^+\# |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 3.50% |   | 4.95% |   | 7/10/2025 |   | 13,689 |  |   | 13,632 |  |   | 13,081 |  |
| Propel Insurance Agency, LLC                              | ^+\ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 5.70% |   | 6/1/2024 |   | 22,475 |  |   | 22,024 |  |   | 21,678 |  |
| Q Holding Company                                         | +*\# |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 6.45% |   | 12/31/2023 |   | 21,900 |  |   | 21,732 |  |   | 20,560 |  |
| QW Holding Corporation (Quala)                            | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 6.25% |   | 7.70% |   | 8/31/2022 |   | 16,305 |  |   | 16,144 |  |   | 15,895 |  |
| Radiology Partners, Inc.                                  | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 5.98% |   | 7/9/2025 |   | 27,686 |  |   | 27,566 |  |   | 22,149 |  |
| RevSpring Inc.                                            | *\# |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.00% |   | 5.45% |   | 10/11/2025 |   | 29,688 |  |   | 29,476 |  |   | 25,012 |  |
| Situs Group Holdings Corporation                          | ^+\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.75% |   | 5.81% |   | 6/28/2025 |   | 14,897 |  |   | 14,790 |  |   | 13,954 |  |
| Surgical Information Systems, LLC                         | +*\ |   | (2) (3) (6) |   | High Tech Industries |   | L + 4.75% |   | 7.21% |   | 4/24/2023 |   | 26,168 |  |   | 26,016 |  |   | 25,417 |  |
| Systems Maintenance Services Holding, Inc.                | ^* |   | (2) (3) (9) |   | High Tech Industries |   | L + 5.00% |   | 6.45% |   | 10/30/2023 |   | 23,735 |  |   | 23,647 |  |   | 16,837 |  |
| T2 Systems, Inc.                                          | ^+* |   | (2) (3) (7) |   | Transportation: Consumer |   | L + 6.75% |   | 8.34% |   | 9/28/2022 |   | 17,804 |  |   | 17,570 |  |   | 17,630 |  |
| The Original Cakerie, Ltd. (Canada)                       | ^+*\ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 6.62% |   | 7/20/2022 |   | 8,906 |  |   | 8,879 |  |   | 8,723 |  |
| The Original Cakerie, Ltd. (Canada)                       | ^+*\ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 5.95% |   | 7/20/2022 |   | 8,009 |  |   | 7,988 |  |   | 7,858 |  |
| Thoughtworks, Inc.                                        | *\# |   | (2) (3) |   | Business Services |   | L + 3.75% |   | 5.20% |   | 10/11/2024 |   | 11,794 |  |   | 11,769 |  |   | 10,202 |  |
| U.S. Acute Care Solutions, LLC                            | +*\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 6.45% |   | 5/15/2021 |   | 31,299 |  |   | 31,217 |  |   | 27,624 |  |
| U.S. TelePacific Holdings Corp.                           | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 6.07% |   | 5/2/2023 |   | 26,660 |  |   | 26,510 |  |   | 20,195 |  |
| Valet Waste  Holdings, Inc.                               | +\# |   | (2) (3) |   | Construction & Building |   | L + 3.75% |   | 4.74% |   | 9/28/2025 |   | 18,058 |  |   | 17,967 |  |   | 17,383 |  |
| VRC Companies, LLC                                        | ^+ |   | (2) (3) (7) |   | Business Services |   | L + 6.50% |   | 7.99% |   | 3/31/2023 |   | 5,548 |  |   | 5,321 |  |   | 5,295 |  |
| Welocalize, Inc.                                          | ^+ |   | (2) (3) (7) |   | Business Services |   | L + 4.50% |   | 5.50% |   | 12/2/2024 |   | 23,804 |  |   | 23,563 |  |   | 23,113 |  |
| WRE Holding Corp.                                         | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 5.00% |   | 6.45% |   | 1/3/2023 |   | 7,854 |  |   | 7,800 |  |   | 7,718 |  |
| Zywave, Inc.                                              | ^+*\ |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 6.72% |   | 11/17/2022 |   | 20,177 |  |   | 20,066 |  |   | 19,870 |  |
| First Lien Debt Total                                     |   |   |   |   |   |   |   |   |   |   |   | $ | 1,270,073 |  |   | $ | 1,177,280 |  |
| Second Lien Debt (1.82% of fair value)                    |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                          | ^* |   | (8) |   | Transportation: Cargo |   | 8.00% PIK |   | 8.00% |   | 2/1/2026 |   | $ | 21,150 |  |   | $ | 20,697 |  |   | $ | 21,150 |  |
| Zywave, Inc.                                              | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 10.8% |   | 11/17/2023 |   | 666 |  |   | 660 |  |   | 642 |  |
| Second Lien Debt Total                                    |   |   |   |   |   |   |   |   |   |   |   | $ | 21,357 |  |   | $ | 21,792 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments (1)                          |   |   | Footnotes |   | Industry |   | Type |   | Shares/Units |   | Cost |   | Fair Value (6) |
| Equity Investments (0.01% of fair value) |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                         | ^* |   |  |   | Transportation: Cargo |   | Common stock |   | 16,957 |  |   | $ | 5,364 |  |   | $ | 111 |  |
| Equity Investments Total                 |   |   |   |   |   |   |   |   |   | $ | 5,364 |  |   | $ | 111 |  |
| Total Investments                        |   |   |   |   |   |   |   |   |   |   | $ | 1,296,794 |  |   | $ | 1,199,183 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of March 31, 2020, the geographical composition of investments as a percentage of fair value was 1.40% in Canada and 98.60% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2020. As of March 31, 2020, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 0.99%, the 90-day LIBOR at 1.45% and the 180-day LIBOR at 1.18%. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |
|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |
|     |                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund Sub and the 2017-1 Issuer is entitled to receive additional interest as a result of an agreement among lenders as follows: Surgical Information Systems, LLC (1.13%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | As of March 31, 2020, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| AmeriLife Holdings LLC                                                             | Delayed Draw |   | 1.00% |   | $ | 1,136 |  |   | $ | (66 | ) |
| Analogic Corporation                                                               | Revolver |   | 0.50 |   | 1,806 |  |   | (88 | ) |
| Anchor Packaging, Inc.                                                             | Delayed Draw |   | 1.00 |   | 4,487 |  |   | (244 | ) |
| AQA Acquisition Holding, Inc.                                                      | Revolver |   | 0.50 |   | 42 |  |   | (1 | ) |
| BK Medical Holding Company, Inc.                                                   | Revolver |   | 0.50 |   | 2,609 |  |   | (86 | ) |
| Clearent Newco, LLC                                                                | Delayed Draw |   | 1.00 |   | 6,636 |  |   | (415 | ) |
| DecoPac, Inc.                                                                      | Revolver |   | 0.50 |   | 857 |  |   | — |  |
| EvolveIP, LLC                                                                      | Delayed Draw |   | 1.00 |   | 2,240 |  |   | (53 | ) |
| EvolveIP, LLC                                                                      | Revolver |   | 0.50 |   | 1,344 |  |   | (32 | ) |
| HMT Holding Inc.                                                                   | Revolver |   | 0.50 |   | 1,940 |  |   | (33 | ) |
| Jensen Hughes, Inc.                                                                | Revolver |   | 0.50 |   | 91 |  |   | (4 | ) |
| Jensen Hughes, Inc.                                                                | Delayed Draw |   | 1.00 |   | 2,365 |  |   | (98 | ) |
| MAG DS Corp.                                                                       | Revolver |   | 0.50 |   | 2,965 |  |   | — |  |
| Marco Technologies, LLC                                                            | Delayed Draw |   | 1.00 |   | 7,500 |  |   | (233 | ) |
| MSHC, Inc.                                                                         | Delayed Draw |   | 1.00 |   | 747 |  |   | (35 | ) |
| Premise Health Holding Corp.                                                       | Delayed Draw |   | 1.00 |   | 1,103 |  |   | (45 | ) |
| Propel Insurance Agency, LLC                                                       | Revolver |   | 0.50 |   | 2,381 |  |   | (59 | ) |
| Propel Insurance Agency, LLC                                                       | Delayed Draw |   | 0.50 |   | 7,143 |  |   | (178 | ) |
| QW Holding Corporation (Quala)                                                     | Revolver |   | 0.50 |   | 852 |  |   | (20 | ) |
| QW Holding Corporation (Quala)                                                     | Delayed Draw |   | 1.00 |   | 161 |  |   | (4 | ) |
| T2 Systems, Inc.                                                                   | Revolver |   | 0.50 |   | 1,564 |  |   | (14 | ) |
| VRC Companies, LLC                                                                 | Delayed Draw |   | 0.75 |   | 6,091 |  |   | (132 | ) |
| Welocalize, Inc.                                                                   | Revolver |   | 0.50 |   | 1,238 |  |   | (34 | ) |
| WRE Holding Corp.                                                                  | Delayed Draw |   | 1.00 |   | 1,981 |  |   | (27 | ) |
| Total unfunded commitments                                                         |   |   |   |   | $ | 59,279 |  |   | $ | (1,901 | ) |

|     |                                                           |
|-----|-----------------------------------------------------------|
| (8) | Loan was on non-accrual status as of March 31, 2020. |
|     |                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing ("ASC Topic 860"), and therefore, the asset remains in the Consolidated Schedule of Investments |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (98.11% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                    | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 5.75% |   | 10/13/2025 |   | $ | 17,865 |  |   | $ | 17,776 |  |   | $ | 17,763 |  |
| Acrisure, LLC                                                | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 5.85% |   | 11/22/2023 |   | 11,820 |  |   | 11,810 |  |   | 11,805 |  |
| Acrisure, LLC                                                | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.35% |   | 11/22/2023 |   | 20,674 |  |   | 20,639 |  |   | 20,674 |  |
| Advanced Instruments, LLC                                    | ^+*\ |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 6.99% |   | 10/31/2022 |   | 35,610 |  |   | 35,536 |  |   | 35,466 |  |
| Alku, LLC                                                    | +# |   | (2) (3) |   | Business Services |   | L + 5.50% |   | 7.44% |   | 7/29/2026 |   | 25,000 |  |   | 24,754 |  |   | 24,624 |  |
| Alpha Packaging Holdings, Inc.                               | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 6.35% |   | 5/12/2020 |   | 16,684 |  |   | 16,676 |  |   | 16,601 |  |
| AmeriLife Group, LLC                                         | ^# |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.20% |   | 6/5/2026 |   | 16,627 |  |   | 16,557 |  |   | 16,558 |  |
| Anchor Packaging, Inc.                                       | ^# |   | (2) (3) (7) |   | Containers, Packaging & Glass |   | L + 4.00% |   | 5.70% |   | 7/18/2026 |   | 20,462 |  |   | 20,363 |  |   | 20,457 |  |
| API Technologies Corp.                                       | +\ |   | (2) (3) |   | Aerospace & Defense |   | L + 4.25% |   | 5.95% |   | 5/9/2026 |   | 14,925 |  |   | 14,853 |  |   | 14,807 |  |
| Aptean, Inc.                                                 | +\ |   | (2) (3) |   | Software |   | L + 4.25% |   | 6.34% |   | 4/23/2026 |   | 12,406 |  |   | 12,344 |  |   | 12,385 |  |
| AQA Acquisition Holding, Inc.                                | ^*\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.25% |   | 6.16% |   | 5/24/2023 |   | 18,954 |  |   | 18,922 |  |   | 18,860 |  |
| Avalign Technologies, Inc.                                   | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 6.70% |   | 12/22/2025 |   | 14,741 |  |   | 14,610 |  |   | 14,626 |  |
| Big Ass Fans, LLC                                            | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 5.85% |   | 5/21/2024 |   | 13,909 |  |   | 13,841 |  |   | 13,903 |  |
| Borchers, Inc.                                               | +*\ |   | (2) (3) (7) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 6.60% |   | 11/1/2024 |   | 15,116 |  |   | 15,072 |  |   | 15,085 |  |
| Brooks Equipment Company, LLC                                | * |   |   |   | Construction & Building |   | L + 5.00% |   | 6.91% |   | 8/29/2020 |   | 5,144 |  |   | 5,141 |  |   | 5,141 |  |
| Clarity Telecom LLC.                                         | + |   | (2) (3) |   | Media: Broadcasting & Subscription |   | L + 4.50% |   | 6.20% |   | 8/30/2026 |   | 14,963 |  |   | 14,915 |  |   | 14,902 |  |
| Clearent Newco, LLC                                          | ^+\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 5.50% |   | 7.44% |   | 3/20/2025 |   | 29,738 |  |   | 29,436 |  |   | 29,134 |  |
| Datto, Inc.                                                  | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.25% |   | 5.95% |   | 4/2/2026 |   | 12,438 |  |   | 12,375 |  |   | 12,420 |  |
| DecoPac, Inc.                                                | +*\ |   | (2) (3) (7) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 6.01% |   | 9/29/2024 |   | 12,336 |  |   | 12,233 |  |   | 12,292 |  |
| Dent Wizard International Corporation                        | +\ |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 5.70% |   | 4/7/2020 |   | 36,880 |  |   | 36,843 |  |   | 36,717 |  |
| DTI Holdco, Inc.                                             | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 6.68% |   | 9/30/2023 |   | 18,885 |  |   | 18,771 |  |   | 17,611 |  |
| Eliassen Group, LLC                                          | +\ |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 6.20% |   | 11/5/2024 |   | 7,581 |  |   | 7,548 |  |   | 7,579 |  |
| EIP Merger Sub, LLC (Evolve IP)                              | ^+ |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 7.45% |   | 6/7/2023 |   | 19,661 |  |   | 19,605 |  |   | 19,661 |  |
| Exactech, Inc.                                               | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 5.45% |   | 2/14/2025 |   | 21,772 |  |   | 21,634 |  |   | 21,751 |  |
| Excel Fitness Holdings, Inc.                                 | +# |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 5.25% |   | 6.95% |   | 10/7/2025 |   | 25,000 |  |   | 24,758 |  |   | 24,875 |  |
| Golden West Packaging Group LLC                              | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.75% |   | 7.45% |   | 6/20/2023 |   | 29,464 |  |   | 29,303 |  |   | 29,072 |  |
| HMT Holding Inc.                                             | ^+*\ |   | (2) (3) (7) |   | Energy: Oil & Gas |   | L + 5.00% |   | 6.74% |   | 11/17/2023 |   | 33,157 |  |   | 32,678 |  |   | 32,972 |  |
| Jensen Hughes, Inc.                                          | ^+*\ |   | (2) (3) (7) |   | Utilities: Electric |   | L + 4.50% |   | 6.24% |   | 3/22/2024 |   | 33,909 |  |   | 33,757 |  |   | 33,550 |  |
| KAMC Holdings, Inc.                                          | +# |   | (2) (3) |   | Energy: Electricity |   | L + 4.00% |   | 5.91% |   | 8/14/2026 |   | 13,965 |  |   | 13,899 |  |   | 13,881 |  |
| MAG DS Corp.                                                 | ^+\ |   | (2) (3) (7) |   | Aerospace & Defense |   | L + 4.75% |   | 6.46% |   | 6/6/2025 |   | 28,471 |  |   | 28,242 |  |   | 28,286 |  |
| Maravai Intermediate Holdings, LLC                           | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.00% |   | 8/2/2025 |   | 29,625 |  |   | 29,378 |  |   | 29,400 |  |
| Marco Technologies, LLC                                      | ^+\ |   | (2) (3) (7) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.16% |   | 10/30/2023 |   | 7,463 |  |   | 7,410 |  |   | 7,463 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| Mold-Rite Plastics, LLC                                      | +\ |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.25% |   | 5.95% |   | 12/14/2021 |   | $ | 14,557 |  |   | $ | 14,519 |  |   | $ | 14,524 |  |
| MSHC, Inc.                                                   | ^+*\ |   | (2) (3) (7) |   | Construction & Building |   | L + 4.25% |   | 5.95% |   | 12/31/2024 |   | 38,251 |  |   | 38,138 |  |   | 38,166 |  |
| Newport Group Holdings II, Inc.                              | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 5.65% |   | 9/13/2025 |   | 23,715 |  |   | 23,487 |  |   | 23,663 |  |
| Odyssey Logistics & Technology Corp.                     | +*\# |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 5.70% |   | 10/12/2024 |   | 39,013 |  |   | 38,859 |  |   | 38,763 |  |
| Output Services Group                                        | ^+\ |   | (2) (3) (7) |   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 6.20% |   | 3/27/2024 |   | 19,621 |  |   | 19,570 |  |   | 19,469 |  |
| PAI Holdco, Inc.                                             | +*\ |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 6.35% |   | 1/5/2025 |   | 19,532 |  |   | 19,458 |  |   | 19,532 |  |
| Park Place Technologies, Inc.                                | +\# |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 5.70% |   | 3/28/2025 |   | 22,566 |  |   | 22,489 |  |   | 22,566 |  |
| Pasternack Enterprises, Inc.                                 | +\ |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 5.70% |   | 7/2/2025 |   | 22,755 |  |   | 22,742 |  |   | 22,653 |  |
| Pathway Vet Alliance LLC                                     | +\ |   | (2) (3) (7) |   | Consumer Services |   | L + 4.50% |   | 6.21% |   | 12/20/2024 |   | 19,085 |  |   | 18,708 |  |   | 19,217 |  |
| Pharmalogic Holdings Corp.                                   | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 5.70% |   | 6/11/2023 |   | 11,320 |  |   | 11,296 |  |   | 11,302 |  |
| Premise Health Holding Corp.                                 | ^+\# |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 3.50% |   | 5.60% |   | 7/10/2025 |   | 13,723 |  |   | 13,665 |  |   | 13,501 |  |
| Propel Insurance Agency, LLC                                 | ^+\ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.35% |   | 6/1/2024 |   | 22,532 |  |   | 22,056 |  |   | 22,395 |  |
| Q Holding Company                                            | +*\# |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 6.70% |   | 12/31/2023 |   | 21,955 |  |   | 21,777 |  |   | 21,922 |  |
| QW Holding Corporation (Quala)                               | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 5.75% |   | 7.73% |   | 8/31/2022 |   | 11,630 |  |   | 11,449 |  |   | 11,531 |  |
| Radiology Partners, Inc.                                     | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.75% |   | 6.66% |   | 7/9/2025 |   | 28,719 |  |   | 28,590 |  |   | 28,768 |  |
| RevSpring Inc.                                               | +*\# |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.00% |   | 5.95% |   | 10/11/2025 |   | 24,750 |  |   | 24,631 |  |   | 24,608 |  |
| Situs Group Holdings Corporation                             | ^+\ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.75% |   | 6.45% |   | 6/28/2025 |   | 13,715 |  |   | 13,621 |  |   | 13,697 |  |
| Systems Maintenance Services Holding, Inc.                   | +* |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 6.70% |   | 10/30/2023 |   | 23,765 |  |   | 23,672 |  |   | 18,180 |  |
| Surgical Information Systems, LLC                            | +*\ |   | (2) (3) (6) |   | High Tech Industries |   | L + 4.75% |   | 7.47% |   | 4/24/2023 |   | 26,168 |  |   | 26,005 |  |   | 25,715 |  |
| T2 Systems, Inc.                                             | ^+* |   | (2) (3) (7) |   | Transportation: Consumer |   | L + 6.75% |   | 8.85% |   | 9/28/2022 |   | 18,045 |  |   | 17,789 |  |   | 18,045 |  |
| The Original Cakerie, Ltd. (Canada)                          | +* |   | (2) (3) (7) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 6.84% |   | 7/20/2022 |   | 8,928 |  |   | 8,897 |  |   | 8,887 |  |
| The Original Cakerie, Ltd. (Canada)                          | ^* |   | (2) (3) (7) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 6.34% |   | 7/20/2022 |   | 6,826 |  |   | 6,801 |  |   | 6,790 |  |
| ThoughtWorks, Inc.                                           | +*\ |   | (2) (3) |   | Business Services |   | L + 4.00% |   | 5.70% |   | 10/11/2024 |   | 11,824 |  |   | 11,794 |  |   | 11,824 |  |
| U.S. Acute Care Solutions, LLC                               | +*\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 6.91% |   | 5/15/2021 |   | 31,431 |  |   | 31,331 |  |   | 29,869 |  |
| U.S. TelePacific Holdings Corp.                              | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 7.10% |   | 5/2/2023 |   | 26,660 |  |   | 26,499 |  |   | 25,430 |  |
| Valet Waste Holdings, Inc.                                   | +\ |   | (2) (3) |   | Construction & Building |   | L + 3.75% |   | 5.70% |   | 9/28/2025 |   | 11,850 |  |   | 11,825 |  |   | 11,688 |  |
| Welocalize, Inc.                                             | +^ |   | (2) (3) (7) |   | Business Services |   | L + 4.50% |   | 6.21% |   | 12/2/2024 |   | 23,038 |  |   | 22,788 |  |   | 22,787 |  |
| WIRB - Copernicus Group, Inc.                                | +*\ |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 5.95% |   | 8/15/2022 |   | 20,888 |  |   | 20,822 |  |   | 20,887 |  |
| WRE Holding Corp.                                            | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 5.00% |   | 6.91% |   | 1/3/2023 |   | 7,431 |  |   | 7,372 |  |   | 7,304 |  |
| Zywave, Inc.                                                 | +*\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 5.00% |   | 6.93% |   | 11/17/2022 |   | 19,228 |  |   | 19,107 |  |   | 19,211 |  |
| First Lien Debt Total                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,231,436 |  |   | $ | 1,223,215 |  |
| Second Lien Debt (1.75% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                             | ^* |   | (2) (3) (8) |   | Transportation: Cargo |   | 8.00% PIK |   | 8.00% |   | 2/1/2026 |   | $ | 21,150 |  |   | $ | 20,697 |  |   | $ | 21,150 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| Zywave, Inc.                                                 | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 10.94% |   | 11/17/2023 |   | $ | 666 |  |   | 660 |  |   | 664 |  |
| Second Lien Debt Total                                       |   |   |   |   |   |   |   |   |   |   |   | $ | 21,357 |  |   | $ | 21,814 |  |
| Equity Investments (0.15%of fair value)                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                             | ^ |   |  |   | Transportation: Cargo |   |  |   |  |   |  |   | $ | 16,957 |  |   | $ | 5,364 |  |   | $ | 1,810 |  |
| Equity Investments Total                                     |   |   |   |   |   |   |   |   |   |   |   | $ | 5,364 |  |   | $ | 1,810 |  |
| Total Investments                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,258,157 |  |   | $ | 1,246,839 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2019, the geographical composition of investments as a percentage of fair value was 1.26% in Canada and 98.74% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2019. As of December 31, 2019, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 1.75%, the 90-day LIBOR at 1.91% and the 180-day LIBOR at 1.91%. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |
|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these consolidated financial statements. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | As of December 31, 2019, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                        | Revolver |   | 0.50 | % |   | $ | 563 |  |   | $ | (2 | ) |
| AmeriLife Group, LLC                                                             | Delayed Draw |   | 1.00 |  |   | 298 |  |   | (1 | ) |
| Anchor Packaging, Inc.                                                           | Delayed Draw |   | 1.00 |  |   | 4,487 |  |   | (1 | ) |
| AQA Acquisition Holding, Inc.                                                    | Revolver |   | 0.50 |  |   | 2,459 |  |   | (11 | ) |
| Borchers, Inc.                                                                   | Revolver |   | 0.50 |  |   | 1,935 |  |   | (3 | ) |
| Clearent Newco, LLC                                                              | Delayed Draw |   | 1.00 |  |   | 6,636 |  |   | (110 | ) |
| DecoPac, Inc.                                                                    | Revolver |   | 0.50 |  |   | 2,143 |  |   | (7 | ) |
| EIP Merger Sub, LLC (Evolve IP)                                                  | Revolver |   | 0.50 |  |   | 1,680 |  |   | — |  |
| EIP Merger Sub, LLC (Evolve IP)                                                  | Delayed Draw |   | 1.00 |  |   | 2,240 |  |   | — |  |
| HMT Holding Inc.                                                                 | Revolver |   | 0.50 |  |   | 6,173 |  |   | (29 | ) |
| Jensen Hughes, Inc.                                                              | Revolver |   | 0.50 |  |   | 1,136 |  |   | (11 | ) |
| Jensen Hughes, Inc.                                                              | Delayed Draw |   | 1.00 |  |   | 2,365 |  |   | (23 | ) |
| MAG DS Corp.                                                                     | Revolver |   | 0.50 |  |   | 2,188 |  |   | (13 | ) |
| Marco Technologies, LLC                                                          | Delayed Draw |   | 1.00 |  |   | 7,500 |  |   | — |  |
| MSHC, Inc.                                                                       | Delayed Draw |   | 1.00 |  |   | 1,913 |  |   | (4 | ) |
| Output Services Group                                                            | Delayed Draw |   | 4.25 |  |   | 116 |  |   | (1 | ) |
| Pathway Vet Alliance LLC                                                         | Delayed Draw |   | 1.00 |  |   | 19,867 |  |   | 68 |  |
| Premise Health Holding Corp.                                                     | Delayed Draw |   | 1.00 |  |   | 1,103 |  |   | (17 | ) |
| Propel Insurance Agency, LLC                                                     | Revolver |   | 0.50 |  |   | 2,381 |  |   | (10 | ) |
| Propel Insurance Agency, LLC                                                     | Delayed Draw |   | 0.50 |  |   | 7,143 |  |   | (31 | ) |
| QW Holding Corporation (Quala)                                                   | Revolver |   | 0.50 |  |   | 5,498 |  |   | (31 | ) |
| QW Holding Corporation (Quala)                                                   | Delayed Draw |   | 1.00 |  |   | 217 |  |   | (1 | ) |
| Situs Group Holdings Corporation                                                 | Delayed Draw |   | 1.00 |  |   | 1,216 |  |   | (1 | ) |
| T2 Systems, Inc.                                                                 | Revolver |   | 0.50 |  |   | 1,369 |  |   | — |  |
| The Original Cakerie, Ltd. (Canada)                                              | Revolver |   | 0.50 |  |   | 1,199 |  |   | (5 | ) |
| Welocalize, Inc.                                                                 | Revolver |   | 0.50 |  |   | 2,057 |  |   | (21 | ) |
| WIRB - Copernicus Group, Inc.                                                    | Revolver |   | 0.50 |  |   | 1,000 |  |   | — |  |
| WIRB - Copernicus Group, Inc.                                                    | Delayed Draw |   | 1.00 |  |   | 2,592 |  |   | — |  |
| WRE Holding Corp.                                                                | Revolver |   | 0.50 |  |   | 441 |  |   | (6 | ) |
| WRE Holding Corp.                                                                | Delayed Draw |   | 1.00 |  |   | 1,981 |  |   | (25 | ) |
| Zywave, Inc.                                                                     | Revolver |   | 0.50 |  |   | 998 |  |   | (1 | ) |
| Total unfunded commitments                                                       |   |   |   |   | $ | 92,894 |  |   | $ | (297 | ) |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (8) | Loan was on non-accrual status as of December 31, 2019. |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Credit Fund Facility |   | Credit Fund Sub Facility |   | Credit Fund Warehouse Facility |   | Credit Fund Warehouse II Facility |
|                                     |   | 2020 |   | 2019 |   | 2020 |   | 2019 |   | 2020 |   | 2019 |   | 2020 |   | 2019 |
| Three Month Periods Ended March 31,      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding balance, beginning of period |   | $ | 93,000 |  |   | $ | 112,000 |  |   | $ | 343,506 |  |   | $ | 471,134 |  |   | N/A |   | $ | 101,044 |  |   | $ | 97,571 |  |   | N/A |
| Borrowings                               |   | 63,500 |  |   | 30,500 |  |   | 57,000 |  |   | 60,020 |  |   | N/A |   | 12,873 |  |   | 19,794 |  |   | N/A |
| Repayments                               |   | (156,500 | ) |   | (18,700 | ) |   | (33,500 | ) |   | (20,404 | ) |   | N/A |   | — |  |   | (21,950 | ) |   | N/A |
| Outstanding balance, end of period       |   | $ | — |  |   | $ | 123,800 |  |   | $ | 367,006 |  |   | $ | 510,750 |  |   | N/A |   | $ | 113,917 |  |   | $ | 95,415 |  |   | N/A |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | $231,700 of Aaa/AAA Class A-1 Notes, which bear interest at the three-month LIBOR plus 1.17%; |
|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | $48,300 of Aa2/AA Class A-2 Notes, which bear interest at the three-month LIBOR plus 1.50%; |
|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | $15,000 of A2/A Class B-1 Notes, which bear interest at the three-month LIBOR plus 2.25%; |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | $9,000 of A2/A Class B-2 Notes which bear interest at 4.30%; |
|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | $22,900 of Baa2/BBB Class C Notes which bear interest at the three-month LIBOR plus 3.20%; and |
|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | $25,100 of Ba2/BB Class D Notes which bear interest at the three-month LIBOR plus 6.38%. |

----

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | $233,000 of Aaa/AAA Class A-1 Notes, which bear interest at the three-month LIBOR plus 1.50%; |
|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | $48,000 of Aa2/AA Class A-2 Notes, which bear interest at the three-month LIBOR plus 2.40%; |
|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | $23,000 of A2/A Class B Notes, which bear interest at the three-month LIBOR plus 3.45%; |
|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | $27,000 of Baa2/BBB- Class C Notes which bear interest at the three-month LIBOR plus 4.55%; and |
|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | $21,000 of Ba2/BB- Class D Notes which bear interest at the three-month LIBOR plus 8.03%. |

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |
|                                       | For the three month periods ended |
|                                       | March 31, 2020 |   | March 31, 2019 |
| Outstanding Borrowing, beginning of period | $ | 616,543 |  |   | $ | 514,635 |  |
| Borrowings                                 | 226,500 |  |   | 253,950 |  |
| Repayments                                 | (139,443 | ) |   | (107,626 | ) |
| Foreign currency translation               | (1,991 | ) |   | — |  |
| Outstanding balance, end of period         | $ | 701,609 |  |   | $ | 660,959 |  |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | March 31, 2020 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 275,000 |  |   | $ | 201,026 |  |   | $ | 73,974 |  |   | $ | 4,497 |  |
| Credit Facility     | 688,000 |  |   | 500,583 |  |   | 187,417 |  |   | 122,832 |  |
| Total               | $ | 963,000 |  |   | $ | 701,609 |  |   | $ | 261,391 |  |   | $ | 127,329 |  |
|                |   |   |   |   |   |   |   |
|                | December 31, 2019 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 275,000 |  |   | $ | 232,469 |  |   | $ | 42,531 |  |   | $ | 4,225 |  |
| Credit Facility     | 688,000 |  |   | 384,074 |  |   | 303,926 |  |   | 264,198 |  |
| Total               | $ | 963,000 |  |   | $ | 616,543 |  |   | $ | 346,457 |  |   | $ | 268,423 |  |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (1) | The unused portion is the amount upon which commitment fees are based. |
|     |                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |
|                                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense                                | $ | 6,373 |  |   | $ | 6,653 |  |
| Facility unused commitment fee                  | 318 |  |   | 303 |  |
| Amortization of deferred financing costs        | 244 |  |   | 236 |  |
| Other fees                                      | 29 |  |   | 29 |  |
| Total interest expense and credit facility fees | $ | 6,964 |  |   | $ | 7,221 |  |
| Cash paid for interest expense                  | $ | 6,688 |  |   | $ | 6,449 |  |
|                                            |   |   |   |
| Average principal debt outstanding              | $ | 672,263 |  |   | $ | 568,519 |  |
| Weighted average interest rate                  | 3.75 | % |   | 4.68 | % |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |
|                                                           | As of |
|                                                           | March 31, 2020 |   | December 31, 2019 |
| Interest expense payable                                       | $ | 2,093 |  |   | $ | 2,201 |  |
| Unused commitment fees payable                                 | 295 |  |   | 187 |  |
| Other credit facility fees payable                             | 22 |  |   | 30 |  |
| Interest and credit facilities payable                         | $ | 2,410 |  |   | $ | 2,418 |  |
|                                                           |   |   |   |
| Weighted average interest rate (based on floating LIBOR rates) | 3.11 | % |   | 3.88 | % |

----

|         |                                            |
|---------|--------------------------------------------|
| • | $160,000 of Aaa/AAA Class A-1A Notes; |
|         |                                           |
|---------|-------------------------------------------|
| • | $40,000 of Aaa/AAA Class A-1B Notes; |
|         |                                               |
|---------|-----------------------------------------------|
| • | $27,000 of Aaa/AAA Class A-1C Notes; and |
|         |                                      |
|---------|--------------------------------------|
| • | $46,000 of Aa2 Class A-2 Notes. |

----

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |
|                                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense                                | $ | 4,393 |  |   | $ | 5,276 |  |
| Amortization of deferred financing costs        | 62 |  |   | 62 |  |
| Total interest expense and credit facility fees | $ | 4,455 |  |   | $ | 5,338 |  |
| Cash paid for interest expense                  | $ | 4,594 |  |   | $ | 5,066 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |
| Payment Due by Period |   | March 31, 2020 |   | December 31, 2019 |
| Less than 1 Year                     |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            |   | — |  |   | — |  |
| 3-5 Years                            |   | 816,609 |  |   | 731,543 |  |
| More than 5 Years                    |   | 449,200 |  |   | 449,200 |  |
| Total                                |   | $ | 1,265,809 |  |   | $ | 1,180,743 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Par Value as of |
|                                     | March 31, 2020 |   | December 31, 2019 |
| Unfunded delayed draw commitments        | $ | 65,237 |  |   | $ | 75,874 |  |
| Unfunded revolving term loan commitments | 38,751 |  |   | 74,016 |  |
| Total unfunded commitments               | $ | 103,988 |  |   | $ | 149,890 |  |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   |  Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) |   | Accumulated Net Unrealized Appreciation (Depreciation) |   | Total Net Assets |
|                                                 |   | Shares |   | Amount |   |
| Balance, beginning of period                         |   | 57,763,811 |  |   | $ | 578 |  |   | $ | 1,109,238 |  |   | $ | (1,633 | ) |   | $ | 10,368 |  |   | $ | (82,654 | ) |   | $ | (79,426 | ) |   | $ | 956,471 |  |
| Repurchase of common stock                           |   | (1,455,195 | ) |   | (15 | ) |   | (15,988 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (16,003 | ) |
| Net investment income (loss)                         |   | — |  |   | — |  |   | — |  |   | — |  |   | 23,972 |  |   | — |  |   | — |  |   | 23,972 |  |
| Net realized gain (loss)                             |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (1,847 | ) |   | — |  |   | (1,847 | ) |
| Net change in unrealized appreciation (depreciation) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (143,225 | ) |   | (143,225 | ) |
| Dividends declared                                   |   | — |  |   | — |  |   | — |  |   | — |  |   | (20,834 | ) |   | — |  |   | — |  |   | (20,834 | ) |
| Balance, end of period                               |   | 56,308,616 |  |   | $ | 563 |  |   | $ | 1,093,250 |  |   | $ | (1,633 | ) |   | $ | 13,506 |  |   | $ | (84,501 | ) |   | $ | (222,651 | ) |   | $ | 798,534 |  |

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

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   |  Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) |   | Accumulated Net Unrealized Appreciation (Depreciation) |   | Total Net Assets |
|                                                 |   | Shares |   | Amount |   |
| Balance, beginning of period                         |   | 62,230,251 |  |   | $ | 622 |  |   | $ | 1,174,334 |  |   | $ | (1,633 | ) |   | $ | 5,901 |  |   | $ | (44,572 | ) |   | $ | (71,434 | ) |   | $ | 1,063,218 |  |
| Repurchase of common stock                           |   | (958,182 | ) |   | (9 | ) |   | (14,076 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (14,085 | ) |
| Net investment income (loss)                         |   | — |  |   | — |  |   | — |  |   | — |  |   | 27,562 |  |   | — |  |   | — |  |   | 27,562 |  |
| Net realized gain (loss)                             |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 899 |  |   | — |  |   | 899 |  |
| Net change in unrealized appreciation (depreciation) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 5,265 |  |   | 5,265 |  |
| Dividends declared                                   |   | — |  |   | — |  |   | — |  |   | — |  |   | (22,672 | ) |   | — |  |   | — |  |   | (22,672 | ) |
| Balance, end of period                               |   | 61,272,069 |  |   | $ | 613 |  |   | $ | 1,160,258 |  |   | $ | (1,633 | ) |   | $ | 10,791 |  |   | $ | (43,673 | ) |   | $ | (66,169 | ) |   | $ | 1,060,187 |  |

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

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |
|                                                             |   | For the three month periods ended |
|                                                             |   | March 31, 2020 |   | March 31, 2019 |
| Net increase (decrease) in net assets  resulting from operations |   | $ | (121,100 | ) |   | $ | 33,726 |  |
| Weighted-average common shares outstanding                       |   | 57,112,193 |  |   | 61,772,774 |  |
| Basic and diluted earnings per common share                      |   | $ | (2.12 | ) |   | $ | 0.55 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |
| Date Declared     |   | Record Date |   | Payment Date |   | Per Share Amount |   |
| February 26, 2018 |   | March 29, 2018 |   | April 17, 2018 |   | $ | 0.37 |  |   |
| May 2, 2018       |   | June 29, 2018 |   | July 17, 2018 |   | $ | 0.37 |  |   |
| August 6, 2018    |   | September 28, 2018 |   | October 17, 2018 |   | $ | 0.37 |  |   |
| November 5, 2018  |   | December 28, 2018 |   | January 17, 2019 |   | $ | 0.37 |  |   |
| December 12, 2018 |   | December 28, 2018 |   | January 17, 2019 |   | $ | 0.20 |  | (1)  |
| February 22, 2019 |   | March 29, 2019 |   | April 17, 2019 |   | $ | 0.37 |  |   |
| May 6, 2019       |   | June 28, 2019 |   | July 17, 2019 |   | $ | 0.37 |  |   |
| June 17, 2019     |   | June 28, 2019 |   | July 17, 2019 |   | $ | 0.08 |  | (1)  |
| August 5, 2019    |   | September 30, 2019 |   | October 17, 2019 |   | $ | 0.37 |  |   |
| November 4, 2019  |   | December 31, 2019 |   | January 17, 2020 |   | $ | 0.37 |  |   |
| December 12, 2019 |   | December 31, 2019 |   | January 17, 2020 |   | $ | 0.18 |  | (1)  |
| February 24, 2020 |   | March 31, 2020 |   | April 17, 2020 |   | $ | 0.37 |  |   |

|           |                                |
|-----------|--------------------------------|
| (1)  | Represents a special dividend. |

----

|                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                            |  |  |  |  |  |  |  |
|                                                                                                                                       | For the three month periods ended |
|                                                                                                                                       | March 31, 2020 |   | March 31, 2019 |
| Per Share Data:                                                                                                                            |   |   |   |
| Net asset value per share, beginning of period                                                                                             | $ | 16.56 |  |   | $ | 17.09 |  |
| Net investment income (loss) (1)                                                                                                           | 0.42 |  |   | 0.45 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | (2.57 | ) |   | 0.09 |  |
| Net increase (decrease) in net assets resulting from operations                                                                            | (2.15 | ) |   | 0.54 |  |
| Dividends declared (2)                                                                                                                     | (0.37 | ) |   | (0.37 | ) |
| Accretion due to share repurchases                                                                                                         | 0.14 |  |   | 0.04 |  |
| Net asset value per share, end of period                                                                                                   | $ | 14.18 |  |   | $ | 17.30 |  |
| Market price per share, end of period                                                                                                      | $ | 5.22 |  |   | $ | 14.48 |  |
|                                                                                                                                       |   |   |   |
| Number of shares outstanding, end of period                                                                                                | 56,308,616 |  |   | 61,272,069 |  |
| Total return based on net asset value (3)                                                                                                  | (12.14 | )% |   | 3.39 | % |
| Total return based on market price (4)                                                                                                     | (58.22 | )% |   | 19.76 | % |
| Net assets, end of period                                                                                                                  | $ | 798,534 |  |   | $ | 1,060,187 |  |
| Ratio to average net assets (5):                                                                                                           |   |   |   |
| Expenses before incentive fees                                                                                                             | 2.38 |  % |   | 2.03 | % |
| Expenses after incentive fees                                                                                                              | 2.94 |  % |   | 2.58 | % |
| Net investment income (loss)                                                                                                               | 2.66 |  % |   | 2.58 | % |
| Interest expense and credit facility fees                                                                                                  | 1.41 |  % |   | 1.18 | % |
| Ratios/Supplemental Data:                                                                                                                  |   |   |   |
| Asset coverage, end of period                                                                                                              | 163.08 |  % |   | 195.50 | % |
| Portfolio turnover                                                                                                                         | 3.11 |  % |   | 3.45 | % |
| Weighted-average shares outstanding                                                                                                        | 57,112,193 |  |   | 61,772,774 |  |

|     |                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period. |
|     |                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Dividends declared per share was calculated as the sum of dividends declared during the period divided by the number of shares outstanding at each respective quarter-end date (refer to Note 9, Net Assets). |
|     |                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Total return based on net asset value (not annualized) is based on the change in net asset value per share during the period plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the period. |
|     |                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Total return based on market value (not annualized) is calculated as the change in market value per share during the period plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning market price for the period. |
|     |                                                                   |
|-----|-------------------------------------------------------------------|
| (5) | These ratios to average net assets  have not been annualized. |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |
|                  | For the three month periods ended |
|                  | March 31, 2020 |   | March 31, 2019 |
| Ordinary income       | $ | 20,834 |  |   | $ | 22,672 |  |
| Tax return of capital | $ | — |  |   | $ | — |  |

----

|         |                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our, or our portfolio companies’, future business, operations, operating results or prospects, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic; |
|         |                                                         |
|---------|---------------------------------------------------------|
| • | the return or impact of current and future investments; |
|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | the general economy and its impact on the industries in which we invest and the impact of the COVID-19 pandemic thereon; |
|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | the impact of any protracted decline in the liquidity of credit markets on our business and the impact of the COVID-19 pandemic thereon; |
|         |                                                               |
|---------|---------------------------------------------------------------|
| • | the impact of fluctuations in interest rates on our business; |
|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | our future operating results and the impact of the COVID-19 pandemic thereon; |
|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the impact of changes in laws, policies or regulations (including the interpretation thereof) affecting our operations or the operations of our portfolio companies; |
|         |                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the valuation of our investments in portfolio companies, particularly those having no liquid trading market, and the impact of the COVID-19 pandemic thereon; |
|         |                                           |
|---------|-------------------------------------------|
| • | our ability to recover unrealized losses; |
|         |                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | market conditions and our ability to access alternative debt markets and additional debt and equity capital, and the impact of the COVID-19 pandemic thereon; |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | our contractual arrangements and relationships with third parties; |
|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | uncertainty surrounding the financial stability of the United States, Europe and China; |
|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | the social, geopolitical, financial, trade and legal implications of Brexit; |
|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives and the impact of the COVID-19 pandemic thereon; |
|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | competition with other entities and our affiliates for investment opportunities; |
|         |                                                         |
|---------|---------------------------------------------------------|
| • | the speculative and illiquid nature of our investments; |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | the use of borrowed money to finance a portion of our investments; |
|         |                                          |
|---------|------------------------------------------|
| • | our expected financings and investments; |
|         |                                                         |
|---------|---------------------------------------------------------|
| • | the adequacy of our cash resources and working capital; |
|         |                                                            |
|---------|------------------------------------------------------------|
| • | the timing, form and amount of any dividend distributions; |
|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | the timing of cash flows, if any, from the operations of our portfolio companies and the impact of the COVID-19 pandemic thereon; |
|         |                                         |
|---------|-----------------------------------------|
| • | the ability to consummate acquisitions; |
|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; |
|         |                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars; |
|         |                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the ability of The Carlyle Group Employee Co., L.L.C. to attract and retain highly talented professionals that can provide services to our investment adviser and administrator; |
|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | our ability to maintain our status as a business development company; and |

----

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | our intent to satisfy the requirements of a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. |

----

|         |                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------|
| • | administration fees payable under our Administration Agreement and Sub-Administration Agreements, including related expenses; |
|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | the costs of any offerings of our common stock and other securities, if any; |
|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | calculating individual asset values and our net asset value (including the cost and expenses of any independent valuation firms); |
|         |                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | expenses, including travel expenses, incurred by our Investment Adviser, or members of our Investment Adviser team managing our investments, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, expenses of enforcing our rights; |
|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | certain costs and expenses relating to distributions paid on our shares; |
|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | debt service and other costs of borrowings or other financing arrangements; |
|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | the allocated costs incurred by our Investment Adviser in providing managerial assistance to those portfolio companies that request it; |
|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | amounts payable to third parties relating to, or associated with, making or holding investments; |
|         |                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments; |
|         |                                    |
|---------|------------------------------------|
| • | transfer agent and custodial fees; |

----

|         |                   |
|---------|-------------------|
| • | costs of hedging; |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | commissions and other compensation payable to brokers or dealers; |
|         |                                      |
|---------|--------------------------------------|
| • | federal and state registration fees; |
|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | any U.S. federal, state and local taxes, including any excise taxes; |
|         |                                         |
|---------|-----------------------------------------|
| • | independent director fees and expenses; |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing; |
|         |                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; |
|         |                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the costs of specialty and custom software for monitoring risk, compliance and overall portfolio, including any development costs incurred prior to the filing of our election to be regulated as a BDC; |
|         |                    |
|---------|--------------------|
| • | our fidelity bond; |
|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | directors and officers/errors and omissions liability insurance, and any other insurance premiums; |
|         |                           |
|---------|---------------------------|
| • | indemnification payments; |
|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | direct fees and expenses associated with independent audits, agency, consulting and legal costs; and |
|         |                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | all other expenses incurred by us or our Administrator in connection with administering our business, including our allocable share of certain officers and their staff compensation. |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |
|                                           | As of |
|                                           | March 31, 2020 |   | December 31, 2019 |
| Fair value of investments                      | $ | 2,024,277 |  |   | $ | 2,123,964 |  |
| Count of investments                           | 138 |  |   | 136 |  |
| Count of portfolio companies / investment fund | 110 |  |   | 112 |  |
| Count of industries                            | 28 |  |   | 28 |  |
| Count of sponsors                              | 63 |  |   | 63 |  |
| Percentage of total investment fair value:     |   |   |   |
| First lien debt                                | 73.0 | % |   | 74.6 | % |
| First lien/last out loans                      | 2.8 | % |   | 3.7 | % |
| Second lien debt                               | 13.6 | % |   | 11.0 | % |
| Total secured debt                             | 89.4 | % |   | 89.3 | % |
| Credit Fund                                    | 9.2 | % |   | 9.6 | % |
| Equity investments                             | 1.5 | % |   | 1.0 | % |
|                                           |   |   |   |
| Percentage of debt investment fair value:      |   |   |   |
| Floating rate (1)                              | 99.2 | % |   | 99.7 | % |
| Fixed interest rate                            | 0.8 | % |   | 0.3 | % |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
|                                                                 | For the three month periods ended |
|                                                                 | March 31, 2020 |   | March 31, 2019 |
| Investments:                                                         |   |   |   |
| Total investments, beginning of period                               | $ | 2,201,451 |  |   | $ | 2,043,591 |  |
| New investments purchased                                            | 331,932 |  |   | 246,221 |  |
| Net accretion of discount on investments                             | 2,586 |  |   | 2,161 |  |
| Net realized gain (loss) on investments                              | (1,697 | ) |   | 899 |  |
| Investments sold or repaid                                           | (286,945 | ) |   | (71,494 | ) |
| Total Investments, end of period                                     | $ | 2,247,327 |  |   | $ | 2,221,378 |  |
| Principal amount of investments funded:                              |   |   |   |
| First Lien Debt (excluding First Lien/Last Out)                      | $ | 75,510 |  |   | $ | 143,749 |  |
| First Lien/Last Out Unitranche                                       | — |  |   | 23,879 |  |
| Second Lien Debt                                                     | 86,109 |  |   | 49,344 |  |
| Equity Investments                                                   | 10,500 |  |   | 2,241 |  |
| Investment Fund                                                      | 156,000 |  |   | 30,500 |  |
| Total                                                                | $ | 328,119 |  |   | $ | 249,713 |  |
| Principal amount of investments sold or repaid:                      |   |   |   |
| First Lien Debt (excluding First Lien/Last Out)                      | $ | (97,185 | ) |   | $ | (25,902 | ) |
| First Lien/Last Out Unitranche                                       | (19,273 | ) |   | (25,264 | ) |
| Second Lien Debt                                                     | (15,232 | ) |   | — |  |
| Equity Investments                                                   | — |  |   | — |  |
| Investment Fund                                                      | (156,500 | ) |   | (18,700 | ) |
| Total                                                                | $ | (288,190 | ) |   | $ | (69,866 | ) |
| Number of new funded investments                                     | 10 |  |   | 12 |  |
| Average amount of new funded investments                             | $ | 10,277 |  |   | $ | 20,518 |  |
| Percentage of new funded debt investments at floating interest rates | 90 | % |   | 100 | % |
| Percentage of new funded debt investments at fixed interest rates    | 10 | % |   | — | % |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | March 31, 2020 |   | December 31, 2019 |
|                                            | AmortizedCost |   | Fair Value |   | AmortizedCost |   | Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | $ | 1,597,780 |  |   | $ | 1,478,357 |  |   | $ | 1,649,721 |  |   | $ | 1,585,042 |  |
| First Lien/Last Out Unitranche                  | 93,178 |  |   | 56,408 |  |   | 78,951 |  |   | 78,096 |  |
| Second Lien Debt                                | 308,563 |  |   | 275,055 |  |   | 234,006 |  |   | 234,532 |  |
| Equity Investments                              | 31,805 |  |   | 29,323 |  |   | 22,272 |  |   | 21,698 |  |
| Investment Fund                                 | 216,001 |  |   | 185,134 |  |   | 216,501 |  |   | 204,596 |  |
| Total                                           | $ | 2,247,327 |  |   | $ | 2,024,277 |  |   | $ | 2,201,451 |  |   | $ | 2,123,964 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                            | March 31, 2020 |   | December 31, 2019 |
|                                            | AmortizedCost |   | Fair Value |   | AmortizedCost |   | Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | 7.42 | % |   | 8.02 | % |   | 8.00 | % |   | 8.17 | % |
| First Lien/Last Out Unitranche                  | 6.06 | % |   | 10.02 | % |   | 6.63 | % |   | 9.53 | % |
| First Lien Debt Total                           | 7.35 | % |   | 8.10 | % |   | 7.91 | % |   | 8.23 | % |
| Second Lien Debt                                | 9.92 | % |   | 11.13 | % |   | 10.44 | % |   | 10.42 | % |
| First and Second Lien Debt Total                | 7.74 | % |   | 8.56 | % |   | 8.22 | % |   | 8.50 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2020 and December 31, 2019. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|            | March 31, 2020 |   | December 31, 2019 |
|            | Fair Value |   | Percentage |   | Fair Value |   | Percentage |
| Performing      | $ | 1,980,161 |  |   | 97.82 | % |   | $ | 2,071,535 |  |   | 97.53 | % |
| Non-accrual (1) | 44,116 |  |   | 2.18 |  |   | 52,429 |  |   | 2.47 |  |
| Total           | $ | 2,024,277 |  |   | 100.00 | % |   | $ | 2,123,964 |  |   | 100.00 | % |

|           |                                                                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | For information regarding our non-accrual policy, see Note 2 to the consolidated financial statements included in Part I, Item 1 of this Form 10-Q. |

----

|        |
|--------|
|        |  |  |
| Rating |    | Definition |
| 1      |    | Performing—Low Risk: Borrower is operating more than 10% ahead of the base case. |
|   |   |
| 2      |    | Performing—Stable Risk: Borrower is operating within 10% of the base case (above or below). This is the initial rating assigned to all new borrowers. |
|   |   |
| 3      |    | Performing—Management Notice: Borrower is operating more than 10% below the base case. A financial covenant default may have occurred, but there is a low risk of payment default. |
|   |   |
| 4      |    | Watch List: Borrower is operating more than 20% below the base case and there is a high risk of covenant default, or it may have already occurred. Payments are current although subject to greater uncertainty, and there is moderate to high risk of payment default. |
|   |   |
| 5      |    | Watch List—Possible Loss: Borrower is operating more than 30% below the base case. At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Payment default is very likely or may have occurred. Loss of principal is possible. |
|   |   |
| 6      |    | Watch List—Probable Loss: Borrower is operating more than 40% below the base case, and at the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Payment default is very likely or may have already occurred. Additionally, the prospects for improvement in the borrower’s situation are sufficiently negative that impairment of some or all principal is probable. |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | March 31, 2020 |   | December 31, 2019 |
|                         | Fair Value |   | % of Fair Value |   | Fair Value |   | % of Fair Value |
| (dollar amounts in millions) |   |   |   |   |   |   |   |
| Internal Risk Rating 1       | $ | 38.6 |  |   | 2.13 | % |   | $ | 39.2 |  |   | 2.06 | % |
| Internal Risk Rating 2       | 1,392.5 |  |   | 76.94 |  |   | 1,501.4 |  |   | 79.12 |  |
| Internal Risk Rating 3       | 205.8 |  |   | 11.37 |  |   | 132.9 |  |   | 7.00 |  |
| Internal Risk Rating 4       | 96.6 |  |   | 5.34 |  |   | 159.0 |  |   | 8.38 |  |
| Internal Risk Rating 5       | 32.6 |  |   | 1.80 |  |   | 65.2 |  |   | 3.44 |  |
| Internal Risk Rating 6       | 43.8 |  |   | 2.42 |  |   | — |  |   | — |  |
| Total                        | $ | 1,809.8 |  |   | 100.00 | % |   | $ | 1,897.7 |  |   | 100.00 | % |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | For the three month periods ended |
|                    | March 31, 2020 |   | March 31, 2019 |
| Investment income       |   |   |   |
| First Lien Debt         | $ | 35,650 |  |   | $ | 41,574 |  |
| Second Lien Debt        | 8,126 |  |   | 5,746 |  |
| Equity Investments      | 185 |  |   | 247 |  |
| Investment Fund         | 6,549 |  |   | 7,538 |  |
| Cash                    | 35 |  |   | 82 |  |
| Total investment income | $ | 50,545 |  |   | $ | 55,187 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |
|                                        | For the three month periods ended |
|                                        | March 31, 2020 |   | March 31, 2019 |
| Total investment income                     | $ | 50,545 |  |   | $ | 55,187 |  |
| Net expenses (including excise tax expense) | (26,573 | ) |   | (27,625 | ) |
| Net investment income (loss)                | $ | 23,972 |  |   | $ | 27,562 |  |

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |
|                               | For the three month periods ended |
|                               | March 31, 2020 |   | March 31, 2019 |
| Base management fees               | $ | 7,386 |  |   | $ | 7,685 |  |
| Incentive fees                     | 5,086 |  |   | 5,846 |  |
| Professional fees                  | 667 |  |   | 745 |  |
| Administrative service fees        | 106 |  |   | 216 |  |
| Interest expense                   | 12,179 |  |   | 11,991 |  |
| Credit facility fees               | 590 |  |   | 568 |  |
| Directors’ fees and expenses | 96 |  |   | 93 |  |
| Other general and administrative   | 411 |  |   | 421 |  |
| Excise tax expense                 | 52 |  |   | 60 |  |
| Net expenses                       | $ | 26,573 |  |   | $ | 27,625 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |
|                                            | March 31, 2020 |   | March 31, 2019 |
| Interest expense                                | $ | 12,179 |  |   | $ | 11,991 |  |
| Facility unused commitment fee                  | 318 |  |   | 303 |  |
| Amortization of deferred financing costs        | 243 |  |   | 236 |  |
| Other fees                                      | 29 |  |   | 29 |  |
| Total interest expense and credit facility fees | $ | 12,769 |  |   | $ | 12,559 |  |
| Cash paid for interest expense                  | $ | 12,647 |  |   | $ | 11,515 |  |
|                                            |   |   |   |
| Average principal debt outstanding              | $ | 1,236,463 |  |   | $ | 1,017,719 |  |
| Weighted average interest rate                  | 3.91 | % |   | 4.71 | % |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
|                                                      | For the three month periods ended |
|                                                      | March 31, 2020 |   | March 31, 2019 |
| Base management fees                                      | $ | 7,386 |  |   | $ | 7,685 |  |
| Incentive fees on pre-incentive fee net investment income | 5,086 |  |   | 5,846 |  |
| Realized capital gains incentive fees                     | — |  |   | — |  |
| Accrued capital gains incentive fees                      | — |  |   | — |  |
| Total capital gains incentive fees                        | — |  |   | — |  |
| Total incentive fees                                      | 5,086 |  |   | 5,846 |  |
| Total base management fees and incentive fees             | $ | 12,472 |  |   | $ | 13,531 |  |

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |
|                                                                                             | For the three month periods ended |
|                                                                                             | March 31, 2020 |   | March 31, 2019 |
| Net realized gain (loss) on investments                                                          | $ | (1,697 | ) |   | $ | 899 |  |
| Net change in unrealized appreciation (depreciation) on investments                              | (145,563 | ) |   | 5,265 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | $ | (147,260 | ) |   | $ | 6,164 |  |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | For the three month periods ended |
|               | March 31, 2020 |   | March 31, 2019 |
| Type               | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |   | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |
| First Lien Debt    | $ | (2,054 | ) |   | $ | (90,659 | ) |   | $ | (60 | ) |   | $ | 978 |  |
| Second Lien Debt   | — |  |   | (34,034 | ) |   | — |  |   | 1,419 |  |
| Equity Investments | 357 |  |   | (1,908 | ) |   | 959 |  |   | 2,372 |  |
| Investment Fund    | — |  |   | (18,962 | ) |   | — |  |   | 496 |  |
| Total              | $ | (1,697 | ) |   | $ | (145,563 | ) |   | $ | 899 |  |   | $ | 5,265 |  |

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |
|                                                                                     |   | March 31, 2020 |   | December 31, 2019 |
|                                                                                     |   | (unaudited) |   |   |
| Selected Consolidated Balance Sheet Information                                          |   |   |   |   |
| ASSETS                                                                                   |   |   |   |   |
| Investments, at fair value (amortized cost of $1,296,794 and $1,258,157, respectively)   |   | $ | 1,199,183 |  |   | $ | 1,246,839 |  |
| Cash and cash equivalents                                                                |   | 79,802 |  |   | 64,787 |  |
| Other assets                                                                             |   | 47,437 |  |   | 9,369 |  |
| Total assets                                                                             |   | $ | 1,326,422 |  |   | $ | 1,320,995 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                                    |   |   |   |   |
| Secured borrowings                                                                       |   | $ | 462,421 |  |   | $ | 441,077 |  |
| Notes payable, net of unamortized debt issuance costs of $3,320 and $3,441, respectively |   | 487,066 |  |   | 528,407 |  |
| Mezzanine loans (1)                                                                 |   | — |  |   | 93,000 |  |
| Other Short-Term Borrowings                                                              |   | 8,802 |  |   | — |  |
| Other liabilities                                                                        |   | 43,135 |  |   | 32,383 |  |
| Subordinated loans and members’ equity (1)                                    |   | 324,998 |  |   | 226,128 |  |
| Liabilities and members’ equity                                                    |   | $ | 1,326,422 |  |   | $ | 1,320,995 |  |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | For the three month periods ended |
|                                                                |   | March 31, 2020 |   | March 31, 2019 |
|                                                                |   | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |   |
| Total investment income                                             |   | $ | 21,592 |  |   | $ | 22,606 |  |
| Expenses                                                            |   |   |   |   |
| Interest and credit facility expenses                               |   | 13,927 |  |   | 14,730 |  |
| Other expenses                                                      |   | 503 |  |   | 441 |  |
| Total expenses                                                      |   | 14,430 |  |   | 15,171 |  |
| Net investment income (loss)                                        |   | 7,162 |  |   | 7,435 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | (8,285 | ) |
| Net change in unrealized appreciation (depreciation) on investments |   | (86,293 | ) |   | 17,778 |  |
| Net increase (decrease) resulting from operations                   |   | $ | (79,131 | ) |   | $ | 16,928 |  |

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | As of |
|                                                                        | March 31, 2020 |   | December 31, 2019 |
| Senior secured loans (1)                                                    | $ | 1,299,438 |  |   | $ | 1,260,582 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 6.01 | % |   | 6.51 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 6.48 | % |   | 6.55 | % |
| Number of portfolio companies in Credit Fund                                | 63 |  |   | 61 |  |
| Average amount per portfolio company (1)                                    | $ | 20,626 |  |   | $ | 20,665 |  |
| Number of loans on non-accrual status                                       | 1 |  |   | 1 |  |
| Fair value of loans on non-accrual status                                   | $ | 21,150 |  |   | $ | 21,150 |  |
| Percentage of portfolio at floating interest rates (3)(4)                   | 98.2 | % |   | 98.3 | % |
| Percentage of portfolio at fixed interest rates (4)                         | 1.8 | % |   | 1.7 | % |
| Fair value of loans with PIK provisions                                     | $ | 21,150 |  |   | $ | 21,150 |  |
| Percentage of portfolio with PIK provisions (4)                             | 1.8 | % |   | 1.7 | % |

|     |                          |
|-----|--------------------------|
| (1) | At par/principal amount. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2020 and December 31, 2019. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |
|     |                                                                               |
|-----|-------------------------------------------------------------------------------|
| (3) | Floating rate debt investments are primarily subject to interest rate floors. |
|     |                                  |
|-----|----------------------------------|
| (4) | Percentages based on fair value. |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of March 31, 2020 |
| Investments (1)                                           |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (98.17% of fair value)                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                 | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 5.00% |   | 10/13/2025 |   | $ | 29,805 |  |   | $ | 29,690 |  |   | $ | 25,931 |  |
| Acrisure, LLC                                             | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.50% |   | 5.21% |   | 2/15/2027 |   | 25,828 |  |   | 25,796 |  |   | 22,486 |  |
| Advanced Instruments, LLC                                 | +*\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 6.26% |   | 10/31/2022 |   | 36,087 |  |   | 36,019 |  |   | 35,405 |  |
| Alku, LLC                                                 | +# |   | (2) (3) |   | Business Services |   | L + 5.50% |   | 7.31% |   | 7/29/2026 |   | 25,000 |  |   | 24,758 |  |   | 23,900 |  |
| Alpha Packaging Holdings, Inc.                            | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 6.00% |   | 7.13% |   | 11/12/2021 |   | 16,639 |  |   | 16,637 |  |   | 16,296 |  |
| AmeriLife Holdings LLC                                    | # |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 5.45% |   | 3/18/2027 |   | 8,864 |  |   | 8,839 |  |   | 8,286 |  |
| Analogic Corporation                                      | ^+ |   | (2) (3) (7) |   | Capital Equipment |   | L + 5.25% |   | 6.25% |   | 6/22/2024 |   | 19,169 |  |   | 19,144 |  |   | 18,143 |  |
| Anchor Packaging, Inc.                                    |   |   | (2) (3) (7) |   | Containers, Packaging & Glass |   | L + 4.00% |   | 4.99% |   | 7/18/2026 |   | 20,410 |  |   | 20,315 |  |  | 19,056 |  |
| API Technologies Corp.                                    | +\ |   | (2) (3) |   | Aerospace & Defense |   | L + 4.25% |   | 5.24% |   | 5/9/2026 |   | 14,888 |  |   | 14,818 |  |   | 12,887 |  |
| Aptean, Inc.                                              | + \ |   | (2) (3) |   | Software |   | L + 4.25% |   | 5.24% |   | 4/23/2026 |   | 12,375 |  |   | 12,313 |  |   | 10,271 |  |
| AQA Acquisition Holding, Inc.                             | ^*\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.25% |   | 5.65% |   | 5/24/2023 |   | 21,323 |  |   | 21,299 |  |   | 20,741 |  |
| Astra Acquisition Corp.                                   | +# |   | (2) (3) |   | Software |   | L + 5.50% |   | 6.50% |   | 3/1/2027 |   | 29,000 |  |   | 28,567 |  |   | 26,822 |  |
| Avalign Technologies, Inc.                                | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 5.57% |   | 12/22/2025 |   | 14,704 |  |   | 14,578 |  |   | 13,893 |  |
| Big Ass Fans, LLC                                         | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 5.20% |   | 5/21/2024 |   | 13,873 |  |   | 13,809 |  |   | 13,515 |  |
| BK Medical Holding Company, Inc.                          | ^+ |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 6.25% |   | 6/22/2024 |   | 24,348 |  |   | 24,089 |  |   | 23,456 |  |
| Brooks Equipment Company, LLC                             | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 6.60% |   | 8/29/2020 |   | 5,066 |  |   | 5,064 |  |   | 5,019 |  |
| Clarity Telecom LLC.                                      | + |   | (2) (3) |   | Media: Broadcasting & Subscription |   | L + 4.25% |   | 5.24% |   | 8/30/2026 |   | 14,925 |  |   | 14,880 |  |   | 14,058 |  |
| Clearent Newco, LLC                                       | ^+\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 5.50% |   | 6.87% |   | 3/20/2025 |   | 29,675 |  |   | 29,386 |  |   | 27,402 |  |
| Datto, Inc.                                               | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.25% |   | 5.24% |   | 4/2/2026 |   | 12,406 |  |   | 12,345 |  |   | 11,720 |  |
| DecoPac, Inc.                                             | ^+ *\ |   | (2) (3) (7) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 5.27% |   | 9/29/2024 |   | 13,622 |  |   | 13,524 |  |   | 13,622 |  |
| DTI Holdco, Inc.                                          | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 6.53% |   | 9/30/2023 |   | 18,836 |  |   | 18,729 |  |   | 13,233 |  |
| Eliassen Group, LLC                                       | +\ |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 5.49% |   | 11/5/2024 |   | 7,571 |  |   | 7,540 |  |   | 7,376 |  |
| EvolveIP, LLC                                             | ^+ |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 6.75% |   | 6/7/2023 |   | 19,948 |  |   | 19,895 |  |   | 19,388 |  |
| Exactech, Inc.                                            | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 4.75% |   | 2/14/2025 |   | 21,694 |  |   | 21,563 |  |   | 17,084 |  |
| Excel Fitness Holdings, Inc.                              | +# |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 5.25% |   | 6.25% |   | 10/7/2025 |   | 24,938 |  |   | 24,705 |  |   | 22,539 |  |
| Golden West Packaging Group LLC                           | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.75% |   | 6.75% |   | 6/20/2023 |   | 29,252 |  |   | 29,103 |  |   | 28,333 |  |
| HMT Holding Inc.                                          | ^ +*\ |   | (2) (3) (7) |   | Energy: Oil & Gas |   | L + 5.00% |   | 6.02% |   | 11/17/2023 |   | 37,305 |  |   | 36,855 |  |   | 36,630 |  |
| Jensen Hughes, Inc.                                       | ^+*\ |   | (2) (3) (7) |   | Utilities: Electric |   | L + 4.50% |   | 5.57% |   | 3/22/2024 |   | 34,871 |  |   | 34,726 |  |   | 33,326 |  |
| KAMC Holdings, Inc.                                       | +# |   | (2) (3) |   | Energy: Electricity |   | L + 4.00% |   | 5.61% |   | 8/14/2026 |   | 13,930 |  |   | 13,866 |  |   | 13,083 |  |
| Lionbridge Technologies, Inc.                             |   |   | (2) (3) |   | Business Services |   | L + 6.25% |   | 7.32% |   | 12/29/2025 |   | 24,938 |  |   | 24,938 |  |   | 23,583 |  |
| MAG DS Corp.                                              | +\ |   | (2) (3) (7) |   | Aerospace & Defense |   | L + 4.75% |   | 6.20% |   | 6/6/2025 |   | 27,632 |  |   | 27,413 |  |   | 27,632 |  |
| Maravai Intermediate Holdings, LLC                        | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 5.75% |   | 8/2/2025 |   | 29,550 |  |   | 29,313 |  |   | 28,040 |  |
| Marco Technologies, LLC                                   | ^+\ |   | (2) (3) (7) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 5.78% |   | 10/30/2023 |   | 7,444 |  |   | 7,394 |  |   | 6,979 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of March 31, 2020 |
| Investments (1)                                           |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| Mold-Rite Plastics, LLC                                   | +\ |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.25% |   | 5.32% |   | 12/14/2021 |   | $ | 14,557 |  |   | $ | 14,524 |  |   | $ | 14,288 |  |
| MSHC, Inc.                                                | ^+*\ |   | (2) (3) (7) |   | Construction & Building |   | L + 4.25% |   | 5.25% |   | 12/31/2024 |   | 42,477 |  |   | 42,340 |  |   | 40,467 |  |
| Newport Group Holdings II, Inc.                           | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 5.20% |   | 9/13/2025 |   | 23,655 |  |   | 23,436 |  |   | 22,626 |  |
| Odyssey Logistics & Technology Corp.                  | +*\# |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 5.07% |   | 10/12/2024 |   | 39,013 |  |   | 38,866 |  |   | 27,309 |  |
| Output Services Group                                     | ^+\ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 6.11% |   | 3/27/2024 |   | 19,571 |  |   | 19,523 |  |   | 18,432 |  |
| PAI Holdco, Inc.                                          | +*\ |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 5.39% |   | 1/5/2025 |   | 19,486 |  |   | 19,415 |  |   | 18,956 |  |
| Park Place Technologies, Inc.                             | +\# |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 5.00% |   | 3/28/2025 |   | 22,502 |  |   | 22,429 |  |   | 21,827 |  |
| Pasternack Enterprises, Inc.                              | +\ |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 5.00% |   | 7/2/2025 |   | 22,697 |  |   | 22,684 |  |   | 21,955 |  |
| Pharmalogic Holdings Corp.                                | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 5.00% |   | 6/11/2023 |   | 11,292 |  |   | 11,269 |  |   | 11,091 |  |
| Premise Health Holding Corp.                              | ^+\# |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 3.50% |   | 4.95% |   | 7/10/2025 |   | 13,689 |  |   | 13,632 |  |   | 13,081 |  |
| Propel Insurance Agency, LLC                              | ^+\ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 5.70% |   | 6/1/2024 |   | 22,475 |  |   | 22,024 |  |   | 21,678 |  |
| Q Holding Company                                         | +*\# |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 6.45% |   | 12/31/2023 |   | 21,900 |  |   | 21,732 |  |   | 20,560 |  |
| QW Holding Corporation (Quala)                            | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 6.25% |   | 7.70% |   | 8/31/2022 |   | 16,305 |  |   | 16,144 |  |   | 15,895 |  |
| Radiology Partners, Inc.                                  | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 5.98% |   | 7/9/2025 |   | 27,686 |  |   | 27,566 |  |   | 22,149 |  |
| RevSpring Inc.                                            | *\# |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.00% |   | 5.45% |   | 10/11/2025 |   | 29,688 |  |   | 29,476 |  |   | 25,012 |  |
| Situs Group Holdings Corporation                          | ^+\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.75% |   | 5.81% |   | 6/28/2025 |   | 14,897 |  |   | 14,790 |  |   | 13,954 |  |
| Surgical Information Systems, LLC                         | +*\ |   | (2) (3) (6) |   | High Tech Industries |   | L + 4.75% |   | 7.21% |   | 4/24/2023 |   | 26,168 |  |   | 26,016 |  |   | 25,417 |  |
| Systems Maintenance Services Holding, Inc.                | ^* |   | (2) (3) (9) |   | High Tech Industries |   | L + 5.00% |   | 6.45% |   | 10/30/2023 |   | 23,735 |  |   | 23,647 |  |   | 16,837 |  |
| T2 Systems, Inc.                                          | ^+* |   | (2) (3) (7) |   | Transportation: Consumer |   | L + 6.75% |   | 8.34% |   | 9/28/2022 |   | 17,804 |  |   | 17,570 |  |   | 17,630 |  |
| The Original Cakerie, Ltd. (Canada)                       | ^+*\ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 6.62% |   | 7/20/2022 |   | 8,906 |  |   | 8,879 |  |   | 8,723 |  |
| The Original Cakerie, Ltd. (Canada)                       | ^+*\ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 5.95% |   | 7/20/2022 |   | 8,009 |  |   | 7,988 |  |   | 7,858 |  |
| Thoughtworks, Inc.                                        | *\# |   | (2) (3) |   | Business Services |   | L + 3.75% |   | 5.20% |   | 10/11/2024 |   | 11,794 |  |   | 11,769 |  |   | 10,202 |  |
| U.S. Acute Care Solutions, LLC                            | +*\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 6.45% |   | 5/15/2021 |   | 31,299 |  |   | 31,217 |  |   | 27,624 |  |
| U.S. TelePacific Holdings Corp.                           | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 6.07% |   | 5/2/2023 |   | 26,660 |  |   | 26,510 |  |   | 20,195 |  |
| Valet Waste  Holdings, Inc.                               | +\# |   | (2) (3) |   | Construction & Building |   | L + 3.75% |   | 4.74% |   | 9/28/2025 |   | 18,058 |  |   | 17,967 |  |   | 17,383 |  |
| VRC Companies, LLC                                        | ^+ |   | (2) (3) (7) |   | Business Services |   | L + 6.50% |   | 7.99% |   | 3/31/2023 |   | 5,548 |  |   | 5,321 |  |   | 5,295 |  |
| Welocalize, Inc.                                          | ^+ |   | (2) (3) (7) |   | Business Services |   | L + 4.50% |   | 5.50% |   | 12/2/2024 |   | 23,804 |  |   | 23,563 |  |   | 23,113 |  |
| WRE Holding Corp.                                         | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 5.00% |   | 6.45% |   | 1/3/2023 |   | 7,854 |  |   | 7,800 |  |   | 7,718 |  |
| Zywave, Inc.                                              | ^+*\ |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 6.72% |   | 11/17/2022 |   | 20,177 |  |   | 20,066 |  |   | 19,870 |  |
| First Lien Debt Total                                     |   |   |   |   |   |   |   |   |   |   |   | $ | 1,270,073 |  |   | $ | 1,177,280 |  |
| Second Lien Debt (1.82% of fair value)                    |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                          | ^* |   | (8) |   | Transportation: Cargo |   | 8.00% PIK |   | 8.00% |   | 2/1/2026 |   | $ | 21,150 |  |   | $ | 20,697 |  |   | $ | 21,150 |  |
| Zywave, Inc.                                              | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 10.8% |   | 11/17/2023 |   | 666 |  |   | 660 |  |   | 642 |  |
| Second Lien Debt Total                                    |   |   |   |   |   |   |   |   |   |   |   | $ | 21,364 |  |   | $ | 21,764 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments (1)                          |   |   | Footnotes |   | Industry |   | Type |   | Shares/Units |   | Cost |   | Fair Value (6) |
| Equity Investments (0.01% of fair value) |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                         | ^* |   |   |   | Transportation: Cargo |   | Common stock |   | 16,957 |  |   | $ | 5,364 |  |   | $ | 111 |  |
| Equity Investments Total                 |   |   |   |   |   |   |   |   |   | $ | 5,364 |  |   | $ | 111 |  |
| Total Investments                        |   |   |   |   |   |   |   |   |   |   | $ | 1,296,794 |  |   | $ | 1,199,183 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of March 31, 2020, the geographical composition of investments as a percentage of fair value was 1.40% in Canada and 98.60% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2020. As of March 31, 2020, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 0.99%, the 90-day LIBOR at 1.45% and the 180-day LIBOR at 1.18%. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |
|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements to the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund Sub and the 2017-1 Issuer is entitled to receive additional interest as a result of an agreement among lenders as follows: Surgical Information Systems, LLC (1.13%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |
|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | As of March 31, 2020, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt – unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| AmeriLife Holdings LLC                                                             | Delayed Draw |   | 1.00% |   | $ | 1,136 |  |   | $ | (66 | ) |
| Analogic Corporation                                                               | Revolver |   | 0.50 |   | 1,806 |  |   | (88 | ) |
| Anchor Packaging, Inc.                                                             | Delayed Draw |   | 1.00 |   | 4,487 |  |   | (244 | ) |
| AQA Acquisition Holding, Inc.                                                      | Revolver |   | 0.50 |   | 42 |  |   | (1 | ) |
| BK Medical Holding Company, Inc.                                                   | Revolver |   | 0.50 |   | 2,609 |  |   | (86 | ) |
| Clearent Newco, LLC                                                                | Delayed Draw |   | 1.00 |   | 6,636 |  |   | (415 | ) |
| DecoPac, Inc.                                                                      | Revolver |   | 0.50 |   | 857 |  |   | — |  |
| EvolveIP, LLC                                                                      | Delayed Draw |   | 1.00 |   | 2,240 |  |   | (53 | ) |
| EvolveIP, LLC                                                                      | Revolver |   | 0.50 |   | 1,344 |  |   | (32 | ) |
| HMT Holding Inc.                                                                   | Revolver |   | 0.50 |   | 1,940 |  |   | (33 | ) |
| Jensen Hughes, Inc.                                                                | Revolver |   | 0.50 |   | 91 |  |   | (4 | ) |
| Jensen Hughes, Inc.                                                                | Delayed Draw |   | 1.00 |   | 2,365 |  |   | (98 | ) |
| MAG DS Corp.                                                                       | Revolver |   | 0.50 |   | 2,965 |  |   | — |  |
| Marco Technologies, LLC                                                            | Delayed Draw |   | 1.00 |   | 7,500 |  |   | (233 | ) |
| MSHC, Inc.                                                                         | Delayed Draw |   | 1.00 |   | 747 |  |   | (35 | ) |
| Premise Health Holding Corp.                                                       | Delayed Draw |   | 1.00 |   | 1,103 |  |   | (45 | ) |
| Propel Insurance Agency, LLC                                                       | Revolver |   | 0.50 |   | 2,381 |  |   | (59 | ) |
| Propel Insurance Agency, LLC                                                       | Delayed Draw |   | 0.50 |   | 7,143 |  |   | (178 | ) |
| QW Holding Corporation (Quala)                                                     | Revolver |   | 0.50 |   | 852 |  |   | (20 | ) |
| QW Holding Corporation (Quala)                                                     | Delayed Draw |   | 1.00 |   | 161 |  |   | (4 | ) |
| T2 Systems, Inc.                                                                   | Revolver |   | 0.50 |   | 1,564 |  |   | (14 | ) |
| VRC Companies, LLC                                                                 | Delayed Draw |   | 0.75 |   | 6,091 |  |   | (132 | ) |
| Welocalize, Inc.                                                                   | Revolver |   | 0.50 |   | 1,238 |  |   | (34 | ) |
| WRE Holding Corp.                                                                  | Delayed Draw |   | 1.00 |   | 1,981 |  |   | (27 | ) |
| Total unfunded commitments                                                         |   |   |   |   | $ | 59,279 |  |   | $ | (1,901 | ) |

|     |                                                           |
|-----|-----------------------------------------------------------|
| (8) | Loan was on non-accrual status as of March 31, 2020. |
|     |                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 - Transfers and Servicing ("ASC Topic 860"), and therefore, the asset remains in the Consolidated Schedule of Investments. |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (98.11% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                    | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 5.75% |   | 10/13/2025 |   | $ | 17,865 |  |   | $ | 17,776 |  |   | $ | 17,763 |  |
| Acrisure, LLC                                                | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 5.85% |   | 11/22/2023 |   | 11,820 |  |   | 11,810 |  |   | 11,805 |  |
| Acrisure, LLC                                                | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.35% |   | 11/22/2023 |   | 20,674 |  |   | 20,639 |  |   | 20,674 |  |
| Advanced Instruments, LLC                                    | ^+*\ |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 6.99% |   | 10/31/2022 |   | 35,610 |  |   | 35,536 |  |   | 35,466 |  |
| Alku, LLC                                                    | +# |   | (2) (3) |   | Business Services |   | L + 5.50% |   | 7.44% |   | 7/29/2026 |   | 25,000 |  |   | 24,754 |  |   | 24,624 |  |
| Alpha Packaging Holdings, Inc.                               | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 6.35% |   | 5/12/2020 |   | 16,684 |  |   | 16,676 |  |   | 16,601 |  |
| AmeriLife Group, LLC                                         | ^# |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.20% |   | 6/5/2026 |   | 16,627 |  |   | 16,557 |  |   | 16,558 |  |
| Anchor Packaging, Inc.                                       | ^# |   | (2) (3) (7) |   | Containers, Packaging & Glass |   | L + 4.00% |   | 5.70% |   | 7/18/2026 |   | 20,462 |  |   | 20,363 |  |   | 20,457 |  |
| API Technologies Corp.                                       | +\ |   | (2) (3) |   | Aerospace & Defense |   | L + 4.25% |   | 5.95% |   | 5/9/2026 |   | 14,925 |  |   | 14,853 |  |   | 14,807 |  |
| Aptean, Inc.                                                 | +\ |   | (2) (3) |   | Software |   | L + 4.25% |   | 6.34% |   | 4/23/2026 |   | 12,406 |  |   | 12,344 |  |   | 12,385 |  |
| AQA Acquisition Holding, Inc.                                | ^*\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.25% |   | 6.16% |   | 5/24/2023 |   | 18,954 |  |   | 18,922 |  |   | 18,860 |  |
| Avalign Technologies, Inc.                                   | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 6.70% |   | 12/22/2025 |   | 14,741 |  |   | 14,610 |  |   | 14,626 |  |
| Big Ass Fans, LLC                                            | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 5.85% |   | 5/21/2024 |   | 13,909 |  |   | 13,841 |  |   | 13,903 |  |
| Borchers, Inc.                                               | +*\ |   | (2) (3) (7) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 6.60% |   | 11/1/2024 |   | 15,116 |  |   | 15,072 |  |   | 15,085 |  |
| Brooks Equipment Company, LLC                                | * |   |   |   | Construction & Building |   | L + 5.00% |   | 6.91% |   | 8/29/2020 |   | 5,144 |  |   | 5,141 |  |   | 5,141 |  |
| Clarity Telecom LLC.                                         | + |   | (2) (3) |   | Media: Broadcasting & Subscription |   | L + 4.50% |   | 6.20% |   | 8/30/2026 |   | 14,963 |  |   | 14,915 |  |   | 14,902 |  |
| Clearent Newco, LLC                                          | ^+\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 5.50% |   | 7.44% |   | 3/20/2025 |   | 29,738 |  |   | 29,436 |  |   | 29,134 |  |
| Datto, Inc.                                                  | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.25% |   | 5.95% |   | 4/2/2026 |   | 12,438 |  |   | 12,375 |  |   | 12,420 |  |
| DecoPac, Inc.                                                | +*\ |   | (2) (3) (7) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 6.01% |   | 9/29/2024 |   | 12,336 |  |   | 12,233 |  |   | 12,292 |  |
| Dent Wizard International Corporation                        | +\ |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 5.70% |   | 4/7/2020 |   | 36,880 |  |   | 36,843 |  |   | 36,717 |  |
| DTI Holdco, Inc.                                             | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 6.68% |   | 9/30/2023 |   | 18,885 |  |   | 18,771 |  |   | 17,611 |  |
| Eliassen Group, LLC                                          | +\ |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 6.20% |   | 11/5/2024 |   | 7,581 |  |   | 7,548 |  |   | 7,579 |  |
| EIP Merger Sub, LLC (Evolve IP)                              | ^+ |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 7.45% |   | 6/7/2023 |   | 19,661 |  |   | 19,605 |  |   | 19,661 |  |
| Exactech, Inc.                                               | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 5.45% |   | 2/14/2025 |   | 21,772 |  |   | 21,634 |  |   | 21,751 |  |
| Excel Fitness Holdings, Inc.                                 | +# |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 5.25% |   | 6.95% |   | 10/7/2025 |   | 25,000 |  |   | 24,758 |  |   | 24,875 |  |
| Golden West Packaging Group LLC                              | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.75% |   | 7.45% |   | 6/20/2023 |   | 29,464 |  |   | 29,303 |  |   | 29,072 |  |
| HMT Holding Inc.                                             | ^+*\ |   | (2) (3) (7) |   | Energy: Oil & Gas |   | L + 5.00% |   | 6.74% |   | 11/17/2023 |   | 33,157 |  |   | 32,678 |  |   | 32,972 |  |
| Jensen Hughes, Inc.                                          | ^+*\ |   | (2) (3) (7) |   | Utilities: Electric |   | L + 4.50% |   | 6.24% |   | 3/22/2024 |   | 33,909 |  |   | 33,757 |  |   | 33,550 |  |
| KAMC Holdings, Inc.                                          | +# |   | (2) (3) |   | Energy: Electricity |   | L + 4.00% |   | 5.91% |   | 8/14/2026 |   | 13,965 |  |   | 13,899 |  |   | 13,881 |  |
| MAG DS Corp.                                                 | ^+\ |   | (2) (3) (7) |   | Aerospace & Defense |   | L + 4.75% |   | 6.46% |   | 6/6/2025 |   | 28,471 |  |   | 28,242 |  |   | 28,286 |  |
| Maravai Intermediate Holdings, LLC                           | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.00% |   | 8/2/2025 |   | 29,625 |  |   | 29,378 |  |   | 29,400 |  |
| Marco Technologies, LLC                                      | ^+\ |   | (2) (3) (7) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.16% |   | 10/30/2023 |   | 7,463 |  |   | 7,410 |  |   | 7,463 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| Mold-Rite Plastics, LLC                                      | +\ |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.25% |   | 5.95% |   | 12/14/2021 |   | $ | 14,557 |  |   | $ | 14,519 |  |   | $ | 14,524 |  |
| MSHC, Inc.                                                   | ^+*\ |   | (2) (3) (7) |   | Construction & Building |   | L + 4.25% |   | 5.95% |   | 12/31/2024 |   | 38,251 |  |   | 38,138 |  |   | 38,166 |  |
| Newport Group Holdings II, Inc.                              | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 5.65% |   | 9/13/2025 |   | 23,715 |  |   | 23,487 |  |   | 23,663 |  |
| Odyssey Logistics & Technology Corp.                     | +*\# |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 5.70% |   | 10/12/2024 |   | 39,013 |  |   | 38,859 |  |   | 38,763 |  |
| Output Services Group                                        | ^+\ |   | (2) (3) (7) |   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 6.20% |   | 3/27/2024 |   | 19,621 |  |   | 19,570 |  |   | 19,469 |  |
| PAI Holdco, Inc.                                             | +*\ |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 6.35% |   | 1/5/2025 |   | 19,532 |  |   | 19,458 |  |   | 19,532 |  |
| Park Place Technologies, Inc.                                | +\# |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 5.70% |   | 3/28/2025 |   | 22,566 |  |   | 22,489 |  |   | 22,566 |  |
| Pasternack Enterprises, Inc.                                 | +\ |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 5.70% |   | 7/2/2025 |   | 22,755 |  |   | 22,742 |  |   | 22,653 |  |
| Pathway Vet Alliance LLC                                     | +\ |   | (2) (3) (7) |   | Consumer Services |   | L + 4.50% |   | 6.21% |   | 12/20/2024 |   | 19,085 |  |   | 18,708 |  |   | 19,217 |  |
| Pharmalogic Holdings Corp.                                   | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 5.70% |   | 6/11/2023 |   | 11,320 |  |   | 11,296 |  |   | 11,302 |  |
| Premise Health Holding Corp.                                 | ^+\# |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 3.50% |   | 5.60% |   | 7/10/2025 |   | 13,723 |  |   | 13,665 |  |   | 13,501 |  |
| Propel Insurance Agency, LLC                                 | ^+\ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.35% |   | 6/1/2024 |   | 22,532 |  |   | 22,056 |  |   | 22,395 |  |
| Q Holding Company                                            | +*\# |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 6.70% |   | 12/31/2023 |   | 21,955 |  |   | 21,777 |  |   | 21,922 |  |
| QW Holding Corporation (Quala)                               | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 5.75% |   | 7.73% |   | 8/31/2022 |   | 11,630 |  |   | 11,449 |  |   | 11,531 |  |
| Radiology Partners, Inc.                                     | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.75% |   | 6.66% |   | 7/9/2025 |   | 28,719 |  |   | 28,590 |  |   | 28,768 |  |
| RevSpring Inc.                                               | +*\# |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.00% |   | 5.95% |   | 10/11/2025 |   | 24,750 |  |   | 24,631 |  |   | 24,608 |  |
| Situs Group Holdings Corporation                             | ^+\ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.75% |   | 6.45% |   | 6/28/2025 |   | 13,715 |  |   | 13,621 |  |   | 13,697 |  |
| Systems Maintenance Services Holding, Inc.                   | +* |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 6.70% |   | 10/30/2023 |   | 23,765 |  |   | 23,672 |  |   | 18,180 |  |
| Surgical Information Systems, LLC                            | +*\ |   | (2) (3) (6) |   | High Tech Industries |   | L + 4.75% |   | 7.47% |   | 4/24/2023 |   | 26,168 |  |   | 26,005 |  |   | 25,715 |  |
| T2 Systems, Inc.                                             | ^+* |   | (2) (3) (7) |   | Transportation: Consumer |   | L + 6.75% |   | 8.85% |   | 9/28/2022 |   | 18,045 |  |   | 17,789 |  |   | 18,045 |  |
| The Original Cakerie, Ltd. (Canada)                          | +* |   | (2) (3) (7) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 6.84% |   | 7/20/2022 |   | 8,928 |  |   | 8,897 |  |   | 8,887 |  |
| The Original Cakerie, Ltd. (Canada)                          | ^* |   | (2) (3) (7) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 6.34% |   | 7/20/2022 |   | 6,826 |  |   | 6,801 |  |   | 6,790 |  |
| ThoughtWorks, Inc.                                           | +*\ |   | (2) (3) |   | Business Services |   | L + 4.00% |   | 5.70% |   | 10/11/2024 |   | 11,824 |  |   | 11,794 |  |   | 11,824 |  |
| U.S. Acute Care Solutions, LLC                               | +*\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 6.91% |   | 5/15/2021 |   | 31,431 |  |   | 31,331 |  |   | 29,869 |  |
| U.S. TelePacific Holdings Corp.                              | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 7.10% |   | 5/2/2023 |   | 26,660 |  |   | 26,499 |  |   | 25,430 |  |
| Valet Waste Holdings, Inc.                                   | +\ |   | (2) (3) |   | Construction & Building |   | L + 3.75% |   | 5.70% |   | 9/28/2025 |   | 11,850 |  |   | 11,825 |  |   | 11,688 |  |
| Welocalize, Inc.                                             | +^ |   | (2) (3) (7) |   | Business Services |   | L + 4.50% |   | 6.21% |   | 12/2/2024 |   | 23,038 |  |   | 22,788 |  |   | 22,787 |  |
| WIRB - Copernicus Group, Inc.                                | +*\ |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 5.95% |   | 8/15/2022 |   | 20,888 |  |   | 20,822 |  |   | 20,887 |  |
| WRE Holding Corp.                                            | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 5.00% |   | 6.91% |   | 1/3/2023 |   | 7,431 |  |   | 7,372 |  |   | 7,304 |  |
| Zywave, Inc.                                                 | +*\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 5.00% |   | 6.93% |   | 11/17/2022 |   | 19,228 |  |   | 19,107 |  |   | 19,211 |  |
| First Lien Debt Total                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,231,436 |  |   | $ | 1,223,215 |  |
| Second Lien Debt (1.75% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| DBI Holding, LLC                                             | ^* |   | (2) (3) (8) |   | Transportation: Cargo |   | 8.00% PIK |   | 8.00% |   | 2/1/2026 |   | $ | 21,150 |  |   | $ | 20,697 |  |   | $ | 21,150 |  |
| Zywave, Inc.                                                 | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 10.94% |   | 11/17/2023 |   | 666 |  |   | 660 |  |   | 664 |  |
| Second Lien Debt Total                                       |   |   |   |   |   |   |   |   |   |   |   | $ | 21,357 |  |   | $ | 21,814 |  |
| Equity Investments (0.15% of fair value)                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                             | ^ |   |   |   | Transportation: Cargo |   |   |   |   |   |   |   | $ | 16,957 |  |   | $ | 5,364 |  |   | $ | 1,810 |  |
| Equity Investments Total                                     |   |   |   |   |   |   |   |   |   |   |   | $ | 5,364 |  |   | $ | 1,810 |  |
| Total Investments                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,258,157 |  |   | $ | 1,246,839 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2019, the geographical composition of investments as a percentage of fair value was 1.26% in Canada and 98.74% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2019. As of December 31, 2019, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 1.75%, the 90-day LIBOR at 1.91% and the 180-day LIBOR at 1.91%. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |
|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |
|     |                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | As of December 31, 2019, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                        | Revolver |   | 0.50 | % |   | $ | 563 |  |   | $ | (2 | ) |
| AmeriLife Group, LLC                                                             | Delayed Draw |   | 0.01 |  |   | 298 |  |   | (1 | ) |
| Anchor Packaging, Inc.                                                           | Delayed Draw |   | 0.01 |  |   | 4,487 |  |   | (1 | ) |
| AQA Acquisition Holding, Inc.                                                    | Revolver |   | 0.01 |  |   | 2,459 |  |   | (11 | ) |
| Borchers, Inc.                                                                   | Revolver |   | 0.01 |  |   | 1,935 |  |   | (3 | ) |
| Clearent Newco, LLC                                                              | Delayed Draw |   | 0.01 |  |   | 6,636 |  |   | (110 | ) |
| DecoPac, Inc.                                                                    | Revolver |   | 0.01 |  |   | 2,143 |  |   | (7 | ) |
| EIP Merger Sub, LLC (Evolve IP)                                                  | Revolver |   | 0.01 |  |   | 1,680 |  |   | — |  |
| EIP Merger Sub, LLC (Evolve IP)                                                  | Delayed Draw |   | 0.01 |  |   | 2,240 |  |   | — |  |
| HMT Holding Inc.                                                                 | Revolver |   | 0.01 |  |   | 6,173 |  |   | (29 | ) |
| Jensen Hughes, Inc.                                                              | Revolver |   | 0.01 |  |   | 1,136 |  |   | (11 | ) |
| Jensen Hughes, Inc.                                                              | Delayed Draw |   | 0.01 |  |   | 2,365 |  |   | (23 | ) |
| MAG DS Corp.                                                                     | Revolver |   | 0.01 |  |   | 2,188 |  |   | (13 | ) |
| Marco Technologies, LLC                                                          | Delayed Draw |   | 0.01 |  |   | 7,500 |  |   | — |  |
| MSHC, Inc.                                                                       | Delayed Draw |   | 0.01 |  |   | 1,913 |  |   | (4 | ) |
| Output Services Group                                                            | Delayed Draw |   | 0.04 |  |   | 116 |  |   | (1 | ) |
| Pathway Vet Alliance LLC                                                         | Delayed Draw |   | 0.01 |  |   | 19,867 |  |   | 68 |  |
| Premise Health Holding Corp.                                                     | Delayed Draw |   | 0.01 |  |   | 1,103 |  |   | (17 | ) |
| Propel Insurance Agency, LLC                                                     | Revolver |   | 0.01 |  |   | 2,381 |  |   | (10 | ) |
| Propel Insurance Agency, LLC                                                     | Delayed Draw |   | 0.01 |  |   | 7,143 |  |   | (31 | ) |
| QW Holding Corporation (Quala)                                                   | Revolver |   | 0.01 |  |   | 5,498 |  |   | (31 | ) |
| QW Holding Corporation (Quala)                                                   | Delayed Draw |   | 0.01 |  |   | 217 |  |   | (1 | ) |
| Situs Group Holdings Corporation                                                 | Delayed Draw |   | 0.01 |  |   | 1,216 |  |   | (1 | ) |
| T2 Systems, Inc.                                                                 | Revolver |   | 0.01 |  |   | 1,369 |  |   | — |  |
| The Original Cakerie, Ltd. (Canada)                                              | Revolver |   | 0.01 |  |   | 1,199 |  |   | (5 | ) |
| Welocalize, Inc.                                                                 | Revolver |   | 0.01 |  |   | 2,057 |  |   | (21 | ) |
| WIRB - Copernicus Group, Inc.                                                    | Revolver |   | 0.01 |  |   | 1,000 |  |   | — |  |
| WIRB - Copernicus Group, Inc.                                                    | Delayed Draw |   | 0.01 |  |   | 2,592 |  |   | — |  |
| WRE Holding Corp.                                                                | Revolver |   | 0.01 |  |   | 441 |  |   | (6 | ) |
| WRE Holding Corp.                                                                | Delayed Draw |   | 0.01 |  |   | 1,981 |  |   | (25 | ) |
| Zywave, Inc.                                                                     | Revolver |   | 0.01 |  |   | 998 |  |   | (1 | ) |
| Total unfunded commitments                                                       |   |   |   |   | $ | 92,894 |  |   | $ | (297 | ) |

|     |                                                               |
|-----|---------------------------------------------------------------|
| (8) | Loan was  on non-accrual status as of December 31, 2019. |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Credit Fund Facility |   | Credit Fund Sub Facility |   | Credit Fund Warehouse Facility |   | Credit Fund Warehouse II Facility |
|                                     |   | 2020 |   | 2019 |   | 2020 |   | 2019 |   | 2020 |   | 2019 |   | 2020 |   | 2019 |
| Three Month Periods Ended March 31,      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding balance, beginning of period |   | $ | 93,000 |  |   | $ | 112,000 |  |   | $ | 343,506 |  |   | $ | 471,134 |  |   | N/A |   | $ | 101,044 |  |   | $ | 97,571 |  |   | N/A |
| Borrowings                               |   | 63,500 |  |   | 30,500 |  |   | 57,000 |  |   | 60,020 |  |   | N/A |   | 12,873 |  |   | 19,794 |  |   | N/A |
| Repayments                               |   | (156,500 | ) |   | (18,700 | ) |   | (33,500 | ) |   | (20,404 | ) |   | N/A |   | — |  |   | (21,950 | ) |   | N/A |
| Outstanding balance, end of period       |   | $ | — |  |   | $ | 123,800 |  |   | $ | 367,006 |  |   | $ | 510,750 |  |   | N/A |   | $ | 113,917 |  |   | $ | 95,415 |  |   | N/A |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | $231,700 of Aaa/AAA Class A-1 Notes, which bear interest at the three-month LIBOR plus 1.17%; |
|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | $48,300 of Aa2/AA Class A-2 Notes, which bear interest at the three-month LIBOR plus 1.50%; |
|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | $15,000 of A2/A Class B-1 Notes, which bear interest at the three-month LIBOR plus 2.25%; |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | $9,000 of A2/A Class B-2 Notes which bear interest at 4.30%; |
|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | $22,900 of Baa2/BBB Class C Notes which bear interest at the three-month LIBOR plus 3.20%; and |
|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | $25,100 of Ba2/BB Class D Notes which bear interest at the three-month LIBOR plus 6.38%. |

----

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | $233,000 of Aaa/AAA Class A-1 Notes, which bear interest at the three-month LIBOR plus 1.50%; |
|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | $48,000 of Aa2/AA Class A-2 Notes, which bear interest at the three-month LIBOR plus 2.40%; |
|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | $23,000 of A2/A Class B Notes, which bear interest at the three-month LIBOR plus 3.45%; |
|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | $27,000 of Baa2/BBB- Class C Notes which bear interest at the three-month LIBOR plus 4.55%; and |
|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | $21,000 of Ba2/BB- Class D Notes which bear interest at the three-month LIBOR plus 8.03%. |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | March 31, 2020 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 275,000 |  |   | $ | 201,026 |  |   | $ | 73,974 |  |   | $ | 4,497 |  |
| Credit Facility     | 688,000 |  |   | 500,583 |  |   | 187,417 |  |   | 122,832 |  |
| Total               | $ | 963,000 |  |   | $ | 701,609 |  |   | $ | 261,391 |  |   | $ | 127,329 |  |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | December 31, 2019 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 275,000 |  |   | $ | 232,469 |  |   | $ | 42,531 |  |   | $ | 4,225 |  |
| Credit Facility     | 688,000 |  |   | 384,074 |  |   | 303,926 |  |   | 264,198 |  |
| Total               | $ | 963,000 |  |   | $ | 616,543 |  |   | $ | 346,457 |  |   | $ | 268,423 |  |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (1) | The unused portion is the amount upon which commitment fees are based. |
|     |                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | March 31, 2020 |   | December 31, 2019 |
|                             | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1-1-R Notes | $ | 234,800 |  |   | $ | 212,996 |  |   | $ | 234,800 |  |   | $ | 233,053 |  |
| Aaa/AAA Class A-1-2-R Notes | 50,000 |  |   | 45,773 |  |   | 50,000 |  |   | 49,908 |  |
| Aaa/AAA Class A-1-3-R Notes | 25,000 |  |   | 24,045 |  |   | 25,000 |  |   | 25,163 |  |
| AA Class A-2-R Notes        | 66,000 |  |   | 66,000 |  |   | 66,000 |  |   | 66,000 |  |
| A Class B Notes                  | 46,400 |  |   | 37,370 |  |   | 46,400 |  |   | 46,400 |  |
| BBB- Class C Notes               | 27,000 |  |   | 27,000 |  |   | 27,000 |  |   | 27,000 |  |
| Total                            | $ | 449,200 |  |   | $ | 413,184 |  |   | $ | 449,200 |  |   | $ | 447,524 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |
|                                    | For the three month periods ended |
|                                    | March 31, 2020 |   | March 31, 2019 |
| Shares outstanding, beginning of period | 57,763,811 |  |   | 62,230,251 |  |
| Repurchase of common stock (1)          | (1,455,195 | ) |   | (958,182 | ) |
| Shares outstanding, end of period       | 56,308,616 |  |   | 61,272,069 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |
|                                 |   | As of |
| Payment Due by Period |   | March 31, 2020 |   | December 31, 2019 |
| Less than 1 Year                     |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            |   | — |  |   | — |  |
| 3-5 Years (1)                        |   | 816,609 |  |   | 731,543 |  |
| More than 5 Years (2)           |   | 449,200 |  |   | 449,200 |  |
| Total                                |   | $ | 1,265,809 |  |   | $ | 1,180,743 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Principal Amount as of |
|                                     | March 31, 2020 |   | December 31, 2019 |
| Unfunded delayed draw commitments        | $ | 65,237 |  |   | $ | 75,874 |  |
| Unfunded revolving term loan commitments | 38,751 |  |   | 74,016 |  |
| Total unfunded commitments               | $ | 103,988 |  |   | $ | 149,890 |  |

----

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |
| Date Declared     |   | Record Date |   | Payment Date |   | Per Share Amount |   |
| 2018                   |   |   |   |   |   |   |   |
| February 26, 2018 |   | March 29, 2018 |   | April 17, 2018 |   | $ | 0.37 |  |   |
| May 2, 2018       |   | June 29, 2018 |   | July 17, 2018 |   | 0.37 |  |   |
| August 6, 2018    |   | September 28, 2018 |   | October 17, 2018 |   | 0.37 |  |   |
| November 5, 2018  |   | December 28, 2018 |   | January 17, 2019 |   | 0.37 |  |   |
| December 12, 2018 |   | December 28, 2018 |   | January 17, 2019 |   | 0.20 |  | (1)  |
| Total                  |   |   |   |   |   | $ | 1.68 |  |   |
| 2019                   |   |   |   |   |   |   |   |
| February 22, 2019 |   | March 29, 2019 |   | April 17, 2019 |   | $ | 0.37 |  |   |
| May 6, 2019       |   | June 28, 2019 |   | July 17, 2019 |   | 0.37 |  |   |
| June 17, 2019     |   | June 28, 2019 |   | July 17, 2019 |   | 0.08 |  | (1)  |
| August 5, 2019    |   | September 30, 2019 |   | October 17, 2019 |   | 0.37 |  |   |
| November 4, 2019  |   | December 31, 2019 |   | January 17, 2020 |   | 0.37 |  |   |
| December 12, 2019 |   | December 31, 2019 |   | January 17, 2020 |   | 0.18 |  | (1)  |
| Total                  |   |   |   |   |   | $ | 1.74 |  |   |
| 2020                   |   |   |   |   |   |   |   |
| February 24, 2020 |   | March 31, 2020 |   | April 17, 2020 |   | $ | 0.37 |  |   |

|     |                                |
|-----|--------------------------------|
| (1) | Represents a special dividend. |

----

|         |                                                    |
|---------|----------------------------------------------------|
| • | the nature and realizable value of any collateral; |
|         |                                                               |
|---------|---------------------------------------------------------------|
| • | call features, put features and other relevant terms of debt; |
|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | the portfolio company’s leverage and ability to make payments; |
|         |                                                                |
|---------|----------------------------------------------------------------|
| • | the portfolio company’s public or private credit rating; |
|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | the portfolio company’s actual and expected earnings and discounted cash flow; |

----

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | prevailing interest rates and spreads for similar securities and expected volatility in future interest rates; |
|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | the markets in which the portfolio company does business and recent economic and/or market events; and |
|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | comparisons to comparable transactions and publicly traded securities. |

----

----

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | March 31, 2020 |   | December 31, 2019 |
| Basis Point Change    | Interest Income |   | Interest Expense |   | Net Investment Income |   | Interest Income |   | Interest Expense |   | Net Investment Income |
| Up 300 basis points   | $ | 57,263 |  |   | $ | (33,774 | ) |   | $ | 23,489 |  |   | $ | 57,441 |  |   | $ | (31,167 | ) |   | $ | 26,274 |  |
| Up 200 basis points   | $ | 38,175 |  |   | $ | (22,516 | ) |   | $ | 15,659 |  |   | $ | 38,294 |  |   | $ | (20,778 | ) |   | $ | 17,516 |  |
| Up 100 basis points   | $ | 19,088 |  |   | $ | (11,258 | ) |   | $ | 7,830 |  |   | $ | 19,147 |  |   | $ | (10,389 | ) |   | $ | 8,758 |  |
| Down 100 basis points | $ | (7,697 | ) |   | $ | 11,258 |  |   | $ | 3,561 |  |   | $ | (16,433 | ) |   | $ | 10,389 |  |   | $ | (6,044 | ) |
| Down 200 basis points | $ | (7,926 | ) |   | $ | 14,817 |  |   | $ | 6,891 |  |   | $ | (18,678 | ) |   | $ | 20,225 |  |   | $ | 1,547 |  |
| Down 300 basis points | $ | (7,926 | ) |   | $ | 14,817 |  |   | $ | 6,891 |  |   | $ | (19,053 | ) |   | $ | 20,823 |  |   | $ | 1,770 |  |

----

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                                     |   | Total Number of Shares Purchased(1) |   | Average Price Paid Per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2) |   | Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
| January 1, 2020 through January 31, 2020   |   | 582,188 |  |   | $ | 13.74 |  |   | 582,188 |  |   | $ | 22,406 |  |
| February 1, 2020 through February 29, 2020 |   | 40,861 |  |   | 12.24 |  |   | 40,861 |  |   | 21,906 |  |
| March 1, 2020 through March 31, 2020       |   | 832,146 |  |   | 9.02 |  |   | 832,146 |  |   | 14,403 |  |
| Total                                      |   | 1,455,195 |  |   |   |   | 1,455,195 |  |   |   |

|     |                      |
|-----|----------------------|
| (1) | On trade date basis. |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Shares purchased by the Company pursuant to the Company Stock Repurchase Program, which was entered into on November 5, 2018. Pursuant to the program, the Company is authorized to repurchase up to $100 million in the aggregate of its outstanding common stock in the open market and/or through privately negotiated transactions at prices not to exceed the Company’s net asset value per share as reported in its most recent financial statements, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, stock price, available cash, applicable legal and regulatory requirements and other factors, and may include purchases pursuant to Rule 10b5-1 of the Exchange Act. The Program was expected to be in effect until the earlier of November 5, 2019 and the date the approved dollar amount has been used to repurchase shares. On November 4, 2019, the Company's Board of Directors approved the continuation of the Company Stock Repurchase Program until November 5, 2020, or until the date the approved dollar amount has been used to repurchase shares. The program does not require the Company to repurchase any specific number of shares and there can be no assurance as to the amount of shares repurchased under the Program. This Program, which is temporarily suspended, may be resumed, extended, modified or discontinued by the Company at any time, subject to applicable law. |

|        |
|--------|
|        |  |  |
|   |   |   |
| 3.1    |   | Articles Supplementary of TCG BDC, Inc.* |
|   |   |   |
| 4.1    |   | Registration Rights Agreement, dated as of May 5, 2020, by and between TCG BDC, Inc. and Carlyle Investment Management L.L.C.* |
|   |   |   |
| 31.1   |    | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.* |
|   |   |   |
| 31.2   |    | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* |
|   |   |   |
| 32.1   |    | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
|   |   |   |
| 32.2   |    | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |

----

|                         |
|-------------------------|
|                         |  |  |  |
|                    | TCG BDC, INC. |
|                    |   |   |
| Dated: May 5, 2020 | By |    | /s/ Thomas M. Hennigan |
|                    |   |    | Thomas M. HenniganChief Financial Officer(principal financial officer) |