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

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

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

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

|                                                                                                                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                 |  |  |  |  |
| Large accelerated filer                                                                                                                                                                                                                               | o |    | Accelerated filer | o |
| Non-accelerated filer (Do not check if a smaller reporting company)                                                                                                                                                                                             | x |   | Smaller reporting company | o |
| Emerging growth company                                                                                                                                                                                                                                         | x |   |   |   |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    x |

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

----

Table of Contents

|                                                                                                                             |
|-----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |  |
| Part I. Financial Information                                                                                               |   |
| Item 1. Financial Statements                                                                                                | F-1 |
| Consolidated Statements of Assets and Liabilities as of March 31, 2017 (unaudited) and December 31, 2016                    | F-1 |
| Consolidated Statements of Operations for the three months ended March 31, 2017 (unaudited) and 2016 (unaudited)            | F-2 |
| Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2017 (unaudited) and 2016 (unaudited) | F-3 |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2017 (unaudited) and 2016 (unaudited)            | F-4 |
| Consolidated Schedule of Investments as of March 31, 2017 (unaudited)                                                       | F-5 |
| Consolidated Schedule of Investments as of December 31, 2016                                                                | F-13 |
| Notes to Consolidated Financial Statements (unaudited)                                                                      | F-21 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                         | 1 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                          | 17 |
| Item 4. Controls and Procedures                                                                                             | 19 |
| Part II. Other Information                                                                                                  |   |
| Item 1. Legal Proceedings                                                                                                   | 19 |
| Item 1A. Risk Factors                                                                                                       | 19 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                         | 19 |
| Item 3. Defaults Upon Senior Securities                                                                                     | 19 |
| Item 4. Mine Safety Disclosures                                                                                             | 20 |
| Item 5. Other Information                                                                                                   | 20 |
| Item 6. Exhibits                                                                                                            | 20 |
| SIGNATURES                                                                                                                  | 21 |

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Table of Contents

|                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                               |  |  |  |  |  |  |  |  |
|                                                                                                                                                          |   | As of |
|                                                                                                                                                          |   | March 31, 2017 |   | December 31, 2016 |
| ASSETS                                                                                                                                                        |   | (unaudited) |   |   |
| Investments at fair value                                                                                                                                     |   |   |   |   |
| Non-controlled/non-affiliated investments (amortized cost of $938,890,614 and $921,626,572, respectively)                                                     |   | $ | 909,381,097 |  |   | $ | 885,400,856 |  |
| Controlled/affiliated investments (amortized cost of $130,897,334 and $104,855,866, respectively)                                                             |   | 122,668,859 |  |   | 97,743,466 |  |
| Total investments at fair value                                                                                                                               |   | 1,032,049,956 |  |   | 983,144,322 |  |
| Cash and cash equivalents                                                                                                                                     |   | 52,449,388 |  |   | 99,400,794 |  |
| Cash collateral on total return swap (Note 5)                                                                                                                 |   | 88,800,000 |  |   | 79,620,942 |  |
| Interest receivable from non-controlled/non-affiliated investments                                                                                            |   | 8,350,433 |  |   | 10,251,559 |  |
| Due from affiliate (Note 7)                                                                                                                                   |   | 6,642,273 |  |   | 7,892,273 |  |
| Receivable due on total return swap (Note 5)                                                                                                                  |   | 1,167,521 |  |   | 1,289,163 |  |
| Interest receivable from controlled/affiliated investments                                                                                                    |   | 495,360 |  |   | 1,028,321 |  |
| Receivable for Company shares sold                                                                                                                            |   | 426,000 |  |   | 533,123 |  |
| Unsettled trades receivable                                                                                                                                   |   | 9,695,905 |  |   | 368,819 |  |
| Prepaid expenses and other assets                                                                                                                             |   | 192,916 |  |   | 201,932 |  |
| Total assets                                                                                                                                                  |   | $ | 1,200,269,752 |  |   | $ | 1,183,731,248 |  |
|                                                                                                                                                          |   |   |   |   |
| LIABILITIES                                                                                                                                                   |   |   |   |   |
| Revolving credit facilities payable (net of deferred financing costs of $4,012,063 and $4,340,533, respectively) (Note 6)                                     |   | $ | 395,987,937 |  |   | $ | 385,659,467 |  |
| Unrealized depreciation on total return swap (Note 5)                                                                                                         |   | 13,751,686 |  |   | 13,647,330 |  |
| Base Management fee payable (Note 7)                                                                                                                          |   | 5,208,569 |  |   | 5,138,107 |  |
| Accounts payable and accrued expenses                                                                                                                         |   | 1,427,606 |  |   | 1,839,497 |  |
| Incentive fees payable (Note 7)                                                                                                                               |   | 548,805 |  |   | 1,405,419 |  |
| Interest payable                                                                                                                                              |   | 826,172 |  |   | 1,230,530 |  |
| Administrator fees payable                                                                                                                                    |   | 793,529 |  |   | 850,678 |  |
| Unsettled trades payable                                                                                                                                      |   | 1,840,000 |  |   | 466,727 |  |
| Deferred tax liability                                                                                                                                        |   | 542,194 |  |   | 244,622 |  |
| Due to affiliate (Note 7)                                                                                                                                     |   | — |  |   | 135,784 |  |
| Total liabilities                                                                                                                                             |   | $ | 420,926,498 |  |   | $ | 410,618,161 |  |
|                                                                                                                                                          |   |   |   |   |
| Commitments (Note 11)                                                                                                                                         |   |   |   |   |
|                                                                                                                                                          |   |   |   |   |
| NET ASSETS                                                                                                                                                    |   |   |   |   |
| Common shares, par value $0.001 per share, 250,000,000 common shares authorized, 96,265,797 and 94,666,418 common shares issued and outstanding, respectively |   | $ | 96,266 |  |   | $ | 94,666 |  |
| Capital in excess of par value                                                                                                                                |   | 843,764,988 |  |   | 830,738,206 |  |
| Accumulated distribution in excess of net realized gain/(loss) from investments and total return swap                                                         |   | (30,808,034 | ) |   | (20,333,057 | ) |
| Accumulated undistributed net investment income                                                                                                               |   | 18,235,306 |  |   | 19,756,740 |  |
| Net unrealized depreciation on investments and total return swap, net of provision for taxes of $297,572 and $54,205, respectively                            |   | (51,945,272 | ) |   | (57,143,468 | ) |
| Total net assets                                                                                                                                              |   | 779,343,254 |  |   | 773,113,087 |  |
| Total liabilities and net assets                                                                                                                              |   | $ | 1,200,269,752 |  |   | $ | 1,183,731,248 |  |
|                                                                                                                                                          |   |   |   |   |
| NET ASSET VALUE PER COMMON SHARE                                                                                                                              |   | $ | 8.10 |  |   | $ | 8.17 |  |

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Table of Contents

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |
|                                                                                              |   | Three Months EndedMarch 31, |
|                                                                                              |   | 2017 |   | 2016 |
| INVESTMENT INCOME                                                                                 |   | (unaudited) |   | (unaudited) |
| Interest from investments                                                                         |   |   |   |   |
| Non-controlled/non-affiliated investments:                                                        |   |   |   |   |
| Cash                                                                                              |   | $ | 19,715,289 |  |   | $ | 19,320,321 |  |
| Payment-in-kind                                                                                   |   | 1,815,049 |  |   | 1,572,630 |  |
| Controlled/affiliated investments:                                                                |   |   |   |   |
| Cash                                                                                              |   | 2,432,801 |  |   | 931,000 |  |
| Payment-in-kind                                                                                   |   | 64,598 |  |   | — |  |
| Total interest income                                                                             |   | 24,027,737 |  |   | 21,823,951 |  |
| Fee income (Note 12)                                                                              |   | 2,190,200 |  |   | 1,395,212 |  |
| Interest from cash and cash equivalents                                                           |   | 12,654 |  |   | 7,342 |  |
| Total investment income                                                                           |   | 26,230,591 |  |   | 23,226,505 |  |
| EXPENSES                                                                                          |   |   |   |   |
| Base management fee                                                                               |   | 5,208,569 |  |   | 4,797,629 |  |
| Interest and financing expenses                                                                   |   | 3,596,864 |  |   | 3,440,717 |  |
| Incentive fee                                                                                     |   | 548,806 |  |   | 2,271,763 |  |
| General and administrative expenses                                                               |   | 1,229,349 |  |   | 1,489,963 |  |
| Administrator expenses                                                                            |   | 793,529 |  |   | 583,206 |  |
| Offering costs                                                                                    |   | 521,684 |  |   | 763,199 |  |
| Professional fees                                                                                 |   | 586,043 |  |   | 563,220 |  |
| Organizational and offering costs reimbursed to Affiliate (Note 7)                                |   | — |  |   | — |  |
| Total expenses                                                                                    |   | 12,484,844 |  |   | 13,909,697 |  |
| Net expense support reimbursement (Note 7)                                                        |   | — |  |   | (5,204,896 | ) |
| Net expenses                                                                                      |   | 12,484,844 |  |   | 8,704,801 |  |
| NET INVESTMENT INCOME                                                                             |   | 13,745,747 |  |   | 14,521,704 |  |
| REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS                                                |   |   |   |   |
| Net realized gain/(loss) from non-controlled/non-affiliated investments                           |   | (13,194,328 | ) |   | 69,938 |  |
| Net realized gain on total return swap (Note 5)                                                   |   | 2,719,351 |  |   | 2,429,912 |  |
| Net change in unrealized appreciation/(depreciation) on non-controlled/non-affiliated investments |   | 6,716,199 |  |   | (7,971,840 | ) |
| Net change in unrealized appreciation/(depreciation) on controlled/affiliated investments         |   | (1,116,075 | ) |   | (27,098 | ) |
| Net change in unrealized appreciation/(depreciation) on total return swap (Note 5)                |   | (104,356 | ) |   | (2,675,311 | ) |
| Change in provision for deferred taxes on unrealized gain/(loss) on investments                   |   | (297,572 | ) |   | (72,585 | ) |
| Net gain/(loss) on investments                                                                    |   | (5,276,781 | ) |   | (8,246,984 | ) |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS                                   |   | $ | 8,468,966 |  |   | $ | 6,274,720 |  |
| WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE                                    |   | $ | 0.09 |  |   | $ | 0.07 |  |
| WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME PER COMMON SHARE                       |   | $ | 0.14 |  |   | $ | 0.17 |  |
| WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED (Note 10)                           |   | 95,382,267 |  |   | 84,845,431 |  |
| DISTRIBUTIONS DECLARED PER COMMON SHARE                                                           |   | $ | 0.16 |  |   | $ | 0.20 |  |

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Table of Contents

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |
|                                                                               | Three Months EndedMarch 31, |
|                                                                               | 2017 |   | 2016 |
| INCREASE/(DECREASE) FROM OPERATIONS                                                | (unaudited) |   | (unaudited) |
| Net investment income                                                              | $ | 13,745,747 |  |   | $ | 14,521,704 |  |
| Net realized gain/(loss) on investments                                            | (13,194,328 | ) |   | 69,938 |  |
| Net realized gain on total return swap (Note 5)                                    | 2,719,351 |  |   | 2,429,912 |  |
| Net change in unrealized appreciation/(depreciation) on investments                | 5,600,124 |  |   | (7,998,938 | ) |
| Net change in unrealized appreciation/(depreciation) on total return swap (Note 5) | (104,356 | ) |   | (2,675,311 | ) |
| Change in provision for deferred taxes on unrealized gain on investments           | (297,572 | ) |   | (72,585 | ) |
| Net increase/(decrease) in net assets resulting from operations                    | 8,468,966 |  |   | 6,274,720 |  |
| SHAREHOLDER DISTRIBUTIONS                                                          |   |   |   |
| Distributions from net investment income (Note 2)                                  | (15,267,181 | ) |   | (17,021,554 | ) |
| Distributions from return of capital (Note 2)                                      | — |  |   | — |  |
| Distributions from net realized gains                                              | — |  |   | — |  |
| Net decrease in net assets from shareholder distributions                          | (15,267,181 | ) |   | (17,021,554 | ) |
| COMMON SHARE TRANSACTIONS                                                          |   |   |   |
| Issuance of common shares, net of underwriting costs                               | 6,071,081 |  |   | 31,597,060 |  |
| Issuance of common shares pursuant to distribution reinvestment plan               | 7,085,971 |  |   | 8,083,797 |  |
| Repurchase of common shares                                                        | (128,670 | ) |   | — |  |
| Net increase in net assets resulting from common share transactions                | 13,028,382 |  |   | 39,680,857 |  |
| Total increase in net assets                                                       | 6,230,167 |  |   | 28,934,023 |  |
| Net assets at beginning of period                                                  | 773,113,087 |  |   | 674,124,099 |  |
| Net assets at end of period(1)                                                     | $ | 779,343,254 |  |   | $ | 703,058,122 |  |
|                                                                               |   |   |   |
| Net asset value per common share                                                   | $ | 8.10 |  |   | $ | 8.04 |  |
| Common shares outstanding, beginning of period                                     | 94,666,418 |  |   | 82,623,649 |  |
| Issuance of common shares                                                          | 743,698 |  |   | 3,867,185 |  |
| Issuance of common shares pursuant to distribution reinvestment plan               | 871,436 |  |   | 990,727 |  |
| Repurchase of common shares                                                        | (15,755 | ) |   | — |  |
| Common shares outstanding, end of period                                           | 96,265,797 |  |   | 87,481,561 |  |

|     |
|-----|
|     |  |
| (1) | Net assets at end of period include accumulated undistributed net investment income of $18,235,306 and $18,678,496 for three months ended March 31, 2017 and 2016, respectively. |

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Table of Contents

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |  |  |  |  |  |  |  |
|                                                                                                                    |   | Three Months Ended March 31, |
|                                                                                                                    |   | 2017 |   | 2016 |
|                                                                                                                    |   | (unaudited) |   | (unaudited) |
| Cash flows from operating activities                                                                                    |   |   |   |   |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:                                                        |   | $ | 8,468,966 |  |   | $ | 6,274,720 |  |
| ADJUSTMENT TO RECONCILE NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES: |   |   |   |   |
| Payment-in-kind interest income                                                                                         |   | (1,879,647 | ) |   | (1,572,630 | ) |
| Net amortization of premium on investments                                                                              |   | (305,936 | ) |   | (169,352 | ) |
| Amortization of deferred financing costs                                                                                |   | 347,220 |  |   | 313,470 |  |
| Net realized (gain)/loss on investments                                                                                 |   | 13,194,328 |  |   | (69,938 | ) |
| Net change in unrealized (appreciation)/depreciation on investments                                                     |   | (5,600,124 | ) |   | 7,998,938 |  |
| Net change in unrealized (appreciation)/depreciation on total return swap (Note 5)                                      |   | 104,356 |  |   | 2,675,311 |  |
| Purchases and originations                                                                                              |   | (100,087,565 | ) |   | (79,189,827 | ) |
| Proceeds from sale of investments and principal repayments                                                              |   | 45,773,310 |  |   | 48,385,707 |  |
| (Increase)/decrease in operating assets:                                                                                |   |   |   |   |
| Cash collateral on total return swap (Note 5)                                                                           |   | (9,179,058 | ) |   | (5,900,000 | ) |
| Unsettled trades receivable                                                                                             |   | (9,327,086 | ) |   | (59,007 | ) |
| Due from affiliate (Note 7)                                                                                             |   | 1,250,000 |  |   | (2,104,897 | ) |
| Interest receivable from non-controlled/non-affiliated investments                                                      |   | 1,901,126 |  |   | 786,114 |  |
| Interest receivable from controlled/affiliated investments                                                              |   | 532,961 |  |   | — |  |
| Receivable for Company shares sold                                                                                      |   | 107,123 |  |   | — |  |
| Receivable due on total return swap (Note 5)                                                                            |   | 121,642 |  |   | (393,945 | ) |
| Prepaid expenses and other assets                                                                                       |   | 9,016 |  |   | 66,949 |  |
| Increase/(decrease) in operating liabilities:                                                                           |   |   |   |   |
| Unsettled trades payable                                                                                                |   | 1,373,273 |  |   | 22,587,078 |  |
| Management fee payable                                                                                                  |   | 70,462 |  |   | 111,533 |  |
| Accounts payable and accrued expenses                                                                                   |   | (411,891 | ) |   | (578,266 | ) |
| Incentive fees payable                                                                                                  |   | (856,614 | ) |   | 476,495 |  |
| Administrator fees payable                                                                                              |   | (57,149 | ) |   | 65,276 |  |
| Interest payable                                                                                                        |   | (404,358 | ) |   | 254,292 |  |
| Deferred tax liability                                                                                                  |   | 297,572 |  |   | 72,585 |  |
| Due to affiliate (Note 7)                                                                                               |   | (135,784 | ) |   | (695,533 | ) |
| NET CASH USED IN OPERATING ACTIVITIES                                                                                   |   | (54,693,857 | ) |   | (664,927 | ) |
| Cash flows from financing activities:                                                                                   |   |   |   |   |
| Borrowings under revolving credit facility                                                                              |   | 60,000,000 |  |   | — |  |
| Repayments of revolving credit facility                                                                                 |   | (50,000,000 | ) |   | (25,000,000 | ) |
| Proceeds from issuance of common stock, net of underwriting costs                                                       |   | 6,071,081 |  |   | 31,597,060 |  |
| Payment of cash distributions                                                                                           |   | (8,181,210 | ) |   | (8,937,757 | ) |
| Financing costs paid                                                                                                    |   | (18,750 | ) |   | (18,750 | ) |
| Repurchase of common shares                                                                                             |   | (128,670 | ) |   | — |  |
| NET CASH PROVIDED BY FINANCING ACTIVITIES                                                                               |   | 7,742,451 |  |   | (2,359,447 | ) |
| TOTAL INCREASE IN CASH                                                                                                  |   | (46,951,406 | ) |   | (3,024,374 | ) |
| CASH AT BEGINNING OF PERIOD                                                                                             |   | 99,400,794 |  |   | 93,658,142 |  |
| CASH AT END OF PERIOD                                                                                                   |   | $ | 52,449,388 |  |   | $ | 90,633,768 |  |
| Supplemental Information:                                                                                               |   |   |   |   |
| Cash paid during the year for interest                                                                                  |   | $ | 4,001,222 |  |   | $ | 3,186,425 |  |
| Supplemental non-cash information:                                                                                      |   |   |   |   |
| Non-cash purchase of investments                                                                                        |   | $ | 13,231,240 |  |   | $ | — |  |
| Non-cash sale of investments                                                                                            |   | 13,231,240 |  |   | — |  |
| Payment-in-kind interest income                                                                                         |   | 1,879,647 |  |   | 1,572,630 |  |
| Amortization of deferred financing costs                                                                                |   | 347,220 |  |   | 313,470 |  |
| Net amortization of premium on investments                                                                              |   | 305,939 |  |   | 169,352 |  |
| Issuance of common shares in connection with distribution reinvestment plan                                             |   | 7,085,971 |  |   | 8,083,797 |  |

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Table of Contents

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                    |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| Non-controlled/non-affiliated investments – 116.7% |   |   |   |   |   |   |   |   |   |   |
| AAAHI Acquisition Corporation                                 |   | Transportation:  Consumer |   | Senior Secured First Lien Term Loan  LIBOR + 7.000%, 1.000% Floor(3) (4) |   | 12/15/2021 |   | $ | 7,234,872 |  |   | $ | 7,234,872 |  |   | $ | 7,234,872 |  |   | 0.9% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor(3) (4) (5) |   | 12/14/2018 |   | 97,663 |  |   | 97,663 |  |   | 97,663 |  |   | 0.0% |
|                                                          |   |   |   |   |   |   |   | 7,332,535 |  |   | 7,332,535 |  |   | 7,332,535 |  |   |   |
| AAR Intermediate Holdings, LLC                                |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan  LIBOR + 5.000%, 1.000% Floor(3) (4) (5) |   | 9/30/2021 |   | 251,558 |  |   | 251,558 |  |   | 251,558 |  |   | 0.0% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor(3) (4) |   | 9/30/2021 |   | 3,144,481 |  |   | 3,144,481 |  |   | 3,144,481 |  |   | 0.4% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor, PIK(3) (4) |   | 9/30/2021 |   | 6,755,019 |  |   | 5,597,023 |  |   | 6,315,943 |  |   | 0.8% |
|                                                          |   |   |   | Membership Units (4) (6) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                          |   |   |   |   |   |   |   | 10,151,058 |  |   | 8,993,062 |  |   | 9,711,982 |  |   |   |
| Advanced Diagnostic Holdings, LLC                             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 8.750%, 0.875% Floor(3) (4) |   | 12/11/2020 |   | 14,970,966 |  |   | 14,970,966 |  |   | 15,270,384 |  |   | 2.0% |
|                                                          |   |   |   |   |   |   |   | 14,970,966 |  |   | 14,970,966 |  |   | 15,270,384 |  |   |   |
| Alpha Media LLC                                               |   | Media:  Broadcasting & Subscription |   | Senior Secured First Lien Term Loan  LIBOR + 6.000%, 1.000% Floor(8) |   | 2/25/2022 |   | 6,825,765 |  |   | 6,559,392 |  |   | 6,673,619 |  |   | 0.9% |
|                                                          |   |   |   |   |   |   |   | 6,825,765 |  |   | 6,559,392 |  |   | 6,673,619 |  |   |   |
| American Dental Partners, Inc.                                |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor(3) (4) |   | 9/25/2023 |   | 7,250,000 |  |   | 7,250,000 |  |   | 7,250,000 |  |   | 0.9% |
|                                                          |   |   |   |   |   |   |   | 7,250,000 |  |   | 7,250,000 |  |   | 7,250,000 |  |   |   |
| Amerijet Holdings, Inc.                                       |   | Transportation:  Cargo |   | Senior Secured First Lien Term Loan  LIBOR + 8.000%, 1.000% Floor(3) (4) |   | 7/15/2021 |   | 15,881,250 |  |   | 15,881,250 |  |   | 16,066,425 |  |   | 2.1% |
|                                                          |   |   |   |   |   |   |   | 15,881,250 |  |   | 15,881,250 |  |   | 16,066,425 |  |   |   |
| AMMC CLO 17, Limited Series 2015-17A                          |   | Multi-Sector Holdings |   | Subordinated Note 18.501% effective yield(1) (6) (9) (10) |   | 11/15/2027 |   | 5,000,000 |  |   | 3,519,589 |  |   | 3,895,250 |  |   | 0.5% |
|                                                          |   |   |   |   |   |   |   | 5,000,000 |  |   | 3,519,589 |  |   | 3,895,250 |  |   |   |
| Anaren, Inc.                                                  |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor(3) |   | 8/18/2021 |   | 10,000,000 |  |   | 9,932,639 |  |   | 10,000,000 |  |   | 1.3% |
|                                                          |   |   |   |   |   |   |   | 10,000,000 |  |   | 9,932,639 |  |   | 10,000,000 |  |   |   |
| Answers Corporation                                           |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 7.000%, 1.000% Floor(5) (8) (11) |   | 9/8/2017 |   | 548,014 |  |   | 548,014 |  |   | 548,014 |  |   | 0.1% |
|                                                          |   |   |   |   |   |   |   | 548,014 |  |   | 548,014 |  |   | 548,014 |  |   |   |
| APCO Holdings, Inc.                                           |   | Automotive |   | Senior Secured First Lien Term Loan  LIBOR + 6.000%, 1.000% Floor(4) (8) |   | 1/31/2022 |   | 4,266,182 |  |   | 4,157,983 |  |   | 4,266,182 |  |   | 0.5% |
|                                                          |   |   |   |   |   |   |   | 4,266,182 |  |   | 4,157,983 |  |   | 4,266,182 |  |   |   |
| Apidos CLO XXIV, Series 2016-24A                              |   | Multi-Sector Holdings |   | Subordinated Note 13.809% effective yield(1) (4) (6) (9) (10) |   | 7/20/2027 |   | 21,763,518 |  |   | 17,559,895 |  |   | 16,723,087 |  |   | 2.1% |
|                                                          |   |   |   |   |   |   |   | 21,763,518 |  |   | 17,559,895 |  |   | 16,723,087 |  |   |   |
| Asurion, LLC                                                  |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 7.500%, 1.000% Floor(3) (11) |   | 3/3/2021 |   | 7,000,000 |  |   | 6,953,611 |  |   | 7,000,000 |  |   | 0.9% |
|                                                          |   |   |   |   |   |   |   | 7,000,000 |  |   | 6,953,611 |  |   | 7,000,000 |  |   |   |
| Aviation Technical Services, Inc.                             |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor(3) (4) (12) |   | 3/31/2022 |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,250,000 |  |   | 3.2% |
|                                                          |   |   |   |   |   |   |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,250,000 |  |   |   |

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Table of Contents

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|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                   |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| Backcountry.com, LLC                         |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 7.250%, 1.000% Floor(3) (4) (12) |   | 6/30/2020 |   | 29,739,618 |  |   | 29,739,618 |  |   | 30,037,014 |  |   | 3.9% |
|                                         |   |   |   |   |   |   |   | 29,739,618 |  |   | 29,739,618 |  |   | 30,037,014 |  |   |   |
| Birch Communications, Inc.                   |   | Telecommunications |   | Senior Secured First Lien Term Loan  LIBOR + 7.250%, 1.000% Floor(4) (8) |   | 7/17/2020 |   | 13,628,612 |  |   | 13,458,082 |  |   | 13,536,482 |  |   | 1.7% |
|                                         |   |   |   |   |   |   |   | 13,628,612 |  |   | 13,458,082 |  |   | 13,536,482 |  |   |   |
| Black Angus Steakhouses LLC                  |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan  LIBOR + 9.000%, 1.000% Floor(4) (5) (8) (12) |   | 4/24/2020 |   | 669,643 |  |   | 669,643 |  |   | 496,964 |  |   | 0.1% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor(4) (8) (12) |   | 4/24/2020 |   | 19,508,929 |  |   | 19,508,929 |  |   | 18,765,638 |  |   | 2.4% |
|                                         |   |   |   |   |   |   |   | 20,178,572 |  |   | 20,178,572 |  |   | 19,262,602 |  |   |   |
| Brundage-Bone Concrete Pumping, Inc.         |   | Construction & Building |   | Senior Secured First Lien Note      10.375%(9) |   | 9/1/2021 |   | 7,500,000 |  |   | 7,603,205 |  |   | 8,061,600 |  |   | 1.0% |
|                                         |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,603,205 |  |   | 8,061,600 |  |   |   |
| Charming Charlie LLC                         |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 8.000%, 1.000% Floor(3) |   | 12/24/2019 |   | 7,908,765 |  |   | 7,919,956 |  |   | 6,448,886 |  |   | 0.8% |
|                                         |   |   |   |   |   |   |   | 7,908,765 |  |   | 7,919,956 |  |   | 6,448,886 |  |   |   |
| ConvergeOne Holdings Corp.                   |   | Telecommunications |   | Senior Secured Second Lien Term Loan LIBOR + 9.000%, 1.000% Floor(3) (4) (11) |   | 6/17/2021 |   | 12,500,000 |  |   | 12,414,828 |  |   | 12,500,000 |  |   | 1.6% |
|                                         |   |   |   |   |   |   |   | 12,500,000 |  |   | 12,414,828 |  |   | 12,500,000 |  |   |   |
| Cornerstone Chemical Company                 |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Note       9.375%(9) (13) |   | 3/15/2018 |   | 4,970,000 |  |   | 4,893,285 |  |   | 4,970,000 |  |   | 0.6% |
|                                         |   |   |   |   |   |   |   | 4,970,000 |  |   | 4,893,285 |  |   | 4,970,000 |  |   |   |
| CP Opco, LLC                                 |   | Services:  Consumer |   | Revolver                             LIBOR + 4.500%, 1.000% Floor(3) (4) (5) |   | 3/31/2019 |   | 338,974 |  |   | 338,974 |  |   | 338,974 |  |   | 0.0% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor, PIK(3) (4) |   | 4/28/2017 |   | 20,486 |  |   | 20,486 |  |   | 20,486 |  |   | 0.0% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor, PIK(3) (4) |   | 3/31/2019 |   | 728,334 |  |   | 728,334 |  |   | 728,334 |  |   | 0.1% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 9.500%, 1.000% Floor, PIK(3) (4) (14) |   | 3/31/2019 |   | 1,526,410 |  |   | 717,016 |  |   | 763,205 |  |   | 0.1% |
|                                         |   |   |   | Preferred Units LIBOR + 9.500%, 1.000% Floor, PIK(4)(14) |   | 3/31/2019 |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                         |   |   |   | Common Units (4) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                         |   |   |   |   |   |   |   | 2,614,204 |  |   | 1,804,810 |  |   | 1,850,999 |  |   |   |
| DHISCO Electronic Distribution, Inc.         |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.500% Floor(4) (8) |   | 11/10/2019 |   | 2,380,952 |  |   | 2,380,952 |  |   | 2,380,952 |  |   | 0.3% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.500% Floor, PIK(4) (8) |   | 11/10/2019 |   | 8,669,099 |  |   | 8,669,099 |  |   | 8,669,099 |  |   | 1.1% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 10.250%, 1.500% Floor, PIK(4) (8) (14) |   | 11/10/2019 |   | 7,465,518 |  |   | 7,257,481 |  |   | 3,732,759 |  |   | 0.5% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 11.250%, 1.500% Floor, PIK(4) (8) (14) |   | 11/10/2019 |   | 6,971,237 |  |   | 2,940,892 |  |   | — |  |   | 0.0% |
|                                         |   |   |   | Common Units, Class A (4) (7) |   |   |   | — |  |   | 769,231 |  |   | — |  |   | 0.0% |
|                                         |   |   |   |   |   |   |   | 25,486,806 |  |   | 22,017,655 |  |   | 14,782,810 |  |   |   |
| Drew Marine Partners, LP                     |   | Transportation:  Cargo |   | Senior Secured Second Lien Term Loan LIBOR + 7.000%, 1.000% Floor(3) |   | 5/19/2021 |   | 10,000,000 |  |   | 10,051,480 |  |   | 9,872,800 |  |   | 1.3% |
|                                         |   |   |   |   |   |   |   | 10,000,000 |  |   | 10,051,480 |  |   | 9,872,800 |  |   |   |
| Dryden 38 Senior Loan Fund - Series 2015-38A |   | Multi-Sector Holdings |   | Subordinated Note 16.680% effective yield (1) (6) (9) (10) |   | 7/15/2027 |   | 7,000,000 |  |   | 4,979,061 |  |   | 4,989,600 |  |   | 0.6% |
|                                         |   |   |   |   |   |   |   | 7,000,000 |  |   | 4,979,061 |  |   | 4,989,600 |  |   |   |
| Dryden 43 Senior Loan Fund - Series 2016-43A |   | Multi-Sector Holdings |   | Subordinated Note 14.828% effective yield (1) (4) (6) (9) (10) |   | 7/20/2029 |   | 3,620,000 |  |   | 2,932,200 |  |   | 2,946,499 |  |   | 0.4% |

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Table of Contents

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|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
|                                      |   |   |   |   |   |   |   | 3,620,000 |  |   | 2,932,200 |  |   | 2,946,499 |  |   |   |
| Dryden 49 Senior Loan Fund                |   | Multi-Sector Holdings |   | Preferred Shares (1) (4) (6) |   |   |   | — |  |   | 14,500,000 |  |   | 14,700,825 |  |   | 1.9% |
|                                      |   |   |   |   |   |   |   | — |  |   | 14,500,000 |  |   | 14,700,825 |  |   |   |
| Dynamic Energy Services International LLC |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan  13.500% PIK + LIBOR(4)(8)  |   | 3/6/2018 |   | 8,961,005 |  |   | 8,961,005 |  |   | 7,627,697 |  |   | 1.0% |
|                                      |   |   |   |   |   |   |   | 8,961,005 |  |   | 8,961,005 |  |   | 7,627,697 |  |   |   |
| Elite Comfort Solutions LLC               |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(3) (5) |   | 1/15/2021 |   | 8,802,721 |  |   | 8,802,721 |  |   | 8,802,721 |  |   | 1.1% |
|                                      |   |   |   |   |   |   |   | 8,802,721 |  |   | 8,802,721 |  |   | 8,802,721 |  |   |   |
| First Boston Construction Holdings, LLC   |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Note       12.000%(4) (5) |   | 12/31/2020 |   | 6,105,000 |  |   | 6,105,000 |  |   | 6,105,000 |  |   | 0.8% |
|                                      |   |   |   | Preferred Equity (4) (7) |   |   |   | — |  |   | 1,526,250 |  |   | 1,526,250 |  |   | 0.2% |
|                                      |   |   |   |   |   |   |   | 6,105,000 |  |   | 7,631,250 |  |   | 7,631,250 |  |   |   |
| FKI Security Group, LLC                   |   | Capital Equipment |   | Senior Secured First Lien Term Loan  LIBOR + 8.500%, 1.000% Floor(3) (4) |   | 3/30/2020 |   | 11,843,750 |  |   | 11,843,750 |  |   | 11,843,750 |  |   | 1.5% |
|                                      |   |   |   |   |   |   |   | 11,843,750 |  |   | 11,843,750 |  |   | 11,843,750 |  |   |   |
| Friedrich Holdings, Inc.                  |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 7.000%, 1.000% Floor(4) (8) |   | 2/7/2023 |   | 13,806,751 |  |   | 13,806,751 |  |   | 13,806,751 |  |   | 1.8% |
|                                      |   |   |   |   |   |   |   | 13,806,751 |  |   | 13,806,751 |  |   | 13,806,751 |  |   |   |
| Frontier Communications Corp.             |   | Telecommunications |   | Senior Secured First Lien Note       10.500%(6) (9) |   | 9/15/2022 |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,022,500 |  |   | 0.3% |
|                                      |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,022,500 |  |   |   |
| Genex Holdings, Inc.                      |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor (3) (11) |   | 5/30/2022 |   | 9,500,000 |  |   | 9,524,184 |  |   | 9,500,000 |  |   | 1.2% |
|                                      |   |   |   |   |   |   |   | 9,500,000 |  |   | 9,524,184 |  |   | 9,500,000 |  |   |   |
| GK Holdings, Inc.                         |   | Services:  Business |   | Senior Secured Second Lien Term Loan LIBOR + 10.250%, 1.000% Floor(3) |   | 1/20/2022 |   | 10,000,000 |  |   | 10,000,000 |  |   | 10,100,000 |  |   | 1.3% |
|                                      |   |   |   |   |   |   |   | 10,000,000 |  |   | 10,000,000 |  |   | 10,100,000 |  |   |   |
| Green Field Energy Services, Inc.         |   | Energy:  Oil & Gas |   | Senior Secured First Lien Note       13.000%(4) (9) (14) |   | 11/15/2016 |   | 766,616 |  |   | 754,615 |  |   | 122,658 |  |   | 0.0% |
|                                      |   |   |   | Warrants (4) (7) |   |   |   | — |  |   | 29,000 |  |   | — |  |   | 0.0% |
|                                      |   |   |   |   |   |   |   | 766,616 |  |   | 783,615 |  |   | 122,658 |  |   |   |
| HBC Holdings LLC                          |   | Wholesale |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(3) (4) |   | 3/30/2020 |   | 12,937,500 |  |   | 12,937,500 |  |   | 12,329,826 |  |   | 1.6% |
|                                      |   |   |   |   |   |   |   | 12,937,500 |  |   | 12,937,500 |  |   | 12,329,826 |  |   |   |
| Heligear Acquisition Co.                  |   | Aerospace & Defense |   | Senior Secured First Lien Note       10.250%(4) (9) |   | 10/15/2019 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,826,500 |  |   | 2.0% |
|                                      |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,826,500 |  |   |   |
| High Ridge Brands Co.                     |   | Consumer Goods:  Non-Durable |   | Senior Secured First Lien Note       8.875%(9) |   | 3/15/2025 |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,000,000 |  |   | 0.3% |
|                                      |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,000,000 |  |   |   |
| Hill International, Inc.                  |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 6.750%, 1.000% Floor(4) (8) (12) |   | 9/28/2020 |   | 16,575,000 |  |   | 16,575,000 |  |   | 16,575,000 |  |   | 2.1% |
|                                      |   |   |   |   |   |   |   | 16,575,000 |  |   | 16,575,000 |  |   | 16,575,000 |  |   |   |
| Holland Acquisition Corp.                 |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan  LIBOR + 9.000%, 1.000% Floor(3) |   | 5/29/2018 |   | 4,515,605 |  |   | 4,487,372 |  |   | 3,216,510 |  |   | 0.4% |
|                                      |   |   |   |   |   |   |   | 4,515,605 |  |   | 4,487,372 |  |   | 3,216,510 |  |   |   |
| Hylan Datacom & Electrical LLC        |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 7.500%, 1.000% Floor(3) (4) |   | 7/25/2021 |   | 15,699,793 |  |   | 15,699,793 |  |   | 15,877,672 |  |   | 2.0% |
|                                      |   |   |   |   |   |   |   | 15,699,793 |  |   | 15,699,793 |  |   | 15,877,672 |  |   |   |
| Ignite Restaurant Group, Inc.             |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan  LIBOR + 7.000%, 1.000% Floor(3) |   | 2/13/2019 |   | 8,364,050 |  |   | 8,302,358 |  |   | 7,583,266 |  |   | 1.0% |
|                                      |   |   |   |   |   |   |   | 8,364,050 |  |   | 8,302,358 |  |   | 7,583,266 |  |   |   |

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Table of Contents

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| IHS Intermediate, Inc.                    |   | Services:  Business |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor(3) |   | 7/20/2022 |   | 25,000,000 |  |   | 25,000,000 |  |   | 24,973,000 |  |   | 3.2% |
|                                      |   |   |   |   |   |   |   | 25,000,000 |  |   | 25,000,000 |  |   | 24,973,000 |  |   |   |
| Impact Sales, LLC                         |   | Services:  Business |   | Senior Secured First Lien Term Loan  LIBOR + 7.000%, 1.000% Floor(3) (4) (5) |   | 12/30/2021 |   | 4,890,625 |  |   | 4,890,625 |  |   | 4,890,625 |  |   | 0.6% |
|                                      |   |   |   |   |   |   |   | 4,890,625 |  |   | 4,890,625 |  |   | 4,890,625 |  |   |   |
| Interface Security Systems Holdings, Inc. |   | Services:  Consumer |   | Senior Secured First Lien Note       9.250%(9) |   | 1/15/2018 |   | 3,417,000 |  |   | 3,430,300 |  |   | 3,395,644 |  |   | 0.4% |
|                                      |   |   |   |   |   |   |   | 3,417,000 |  |   | 3,430,300 |  |   | 3,395,644 |  |   |   |
| Invision Diversified, LLC                 |   | Services:  Business |   | Senior Secured First Lien Term Loan  LIBOR + 8.500%, 1.000% Floor(3) (4) (12) |   | 6/30/2020 |   | 24,178,935 |  |   | 24,178,935 |  |   | 24,662,514 |  |   | 3.2% |
|                                      |   |   |   |   |   |   |   | 24,178,935 |  |   | 24,178,935 |  |   | 24,662,514 |  |   |   |
| Isola USA Corp.                           |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 8.250%, 1.000% Floor (3) (11) |   | 11/29/2018 |   | 5,418,190 |  |   | 5,467,852 |  |   | 5,049,699 |  |   | 0.6% |
|                                      |   |   |   |   |   |   |   | 5,418,190 |  |   | 5,467,852 |  |   | 5,049,699 |  |   |   |
| Jordan Reses Supply Company, LLC          |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 11.000%, 1.000% Floor(3) (4) |   | 4/24/2020 |   | 5,000,000 |  |   | 5,000,000 |  |   | 5,050,000 |  |   | 0.6% |
|                                      |   |   |   |   |   |   |   | 5,000,000 |  |   | 5,000,000 |  |   | 5,050,000 |  |   |   |
| L&S Plumbing Partnership, Ltd.        |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 8.500%, 1.000% Floor(3) (4) |   | 2/15/2022 |   | 12,265,625 |  |   | 12,265,625 |  |   | 12,265,625 |  |   | 1.6% |
|                                      |   |   |   |   |   |   |   | 12,265,625 |  |   | 12,265,625 |  |   | 12,265,625 |  |   |   |
| Liquidnet Holdings, Inc.                  |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan  LIBOR + 6.750%, 1.000% Floor(3) |   | 5/22/2019 |   | 6,037,500 |  |   | 5,992,958 |  |   | 6,072,578 |  |   | 0.8% |
|                                      |   |   |   |   |   |   |   | 6,037,500 |  |   | 5,992,958 |  |   | 6,072,578 |  |   |   |
| Livingston International Inc.             |   | Transportation:  Cargo |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.250% Floor(3) (6) (11) |   | 4/17/2020 |   | 2,658,504 |  |   | 2,655,705 |  |   | 2,562,772 |  |   | 0.3% |
|                                      |   |   |   |   |   |   |   | 2,658,504 |  |   | 2,655,705 |  |   | 2,562,772 |  |   |   |
| Loar Group Inc.                           |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 9.250%, 1.000% Floor(8) |   | 7/12/2022 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,300,000 |  |   | 2.0% |
|                                      |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,300,000 |  |   |   |
| LSF9 Atlantis Holdings, LLC               |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor(3) (4) |   | 1/15/2021 |   | 9,500,000 |  |   | 9,423,406 |  |   | 9,629,675 |  |   | 1.2% |
|                                      |   |   |   |   |   |   |   | 9,500,000 |  |   | 9,423,406 |  |   | 9,629,675 |  |   |   |
| LTCG Holdings Corp.                       |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan  LIBOR + 5.000%, 1.000% Floor(3) |   | 6/6/2020 |   | 2,838,571 |  |   | 2,830,334 |  |   | 2,698,005 |  |   | 0.3% |
|                                      |   |   |   |   |   |   |   | 2,838,571 |  |   | 2,830,334 |  |   | 2,698,005 |  |   |   |
| Magnetite XIX, Limited                    |   | Multi-Sector Holdings |   | Equity/Warrant (1) (4) (6) |   |   |   | — |  |   | 8,166,667 |  |   | 8,166,667 |  |   | 1.0% |
|                                      |   |   |   |   |   |   |   | — |  |   | 8,166,667 |  |   | 8,166,667 |  |   |   |
| Nathan's Famous, Inc.                     |   | Beverage & Food |   | Senior Secured First Lien Note       10.000%(13) |   | 3/15/2020 |   | 7,000,000 |  |   | 7,000,000 |  |   | 7,507,500 |  |   | 1.0% |
|                                      |   |   |   |   |   |   |   | 7,000,000 |  |   | 7,000,000 |  |   | 7,507,500 |  |   |   |
| Nation Safe Drivers Holdings, Inc.        |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 8.000%, 2.000% Floor(3) (4) |   | 9/29/2020 |   | 20,676,479 |  |   | 20,676,479 |  |   | 20,883,243 |  |   | 2.7% |
|                                      |   |   |   |   |   |   |   | 20,676,479 |  |   | 20,676,479 |  |   | 20,883,243 |  |   |   |
| New Media Holdings II, LLC                |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan  LIBOR + 6.250%, 1.000% Floor(3) |   | 6/4/2020 |   | 17,997,890 |  |   | 17,984,559 |  |   | 17,997,890 |  |   | 2.3% |
|                                      |   |   |   |   |   |   |   | 17,997,890 |  |   | 17,984,559 |  |   | 17,997,890 |  |   |   |
| Novetta Solutions, LLC                    |   | High Tech Industries |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor(3) |   | 10/16/2023 |   | 11,000,000 |  |   | 10,907,995 |  |   | 10,689,140 |  |   | 1.4% |
|                                      |   |   |   |   |   |   |   | 11,000,000 |  |   | 10,907,995 |  |   | 10,689,140 |  |   |   |
| Nuspire, LLC                              |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(3) (4) (5) |   | 11/8/2022 |   | 6,310,000 |  |   | 6,310,000 |  |   | 6,310,000 |  |   | 0.8% |

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|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                         |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
|                               |   |   |   |   |   |   |   | 6,310,000 |  |   | 6,310,000 |  |   | 6,310,000 |  |   |   |
| Omnitracs, Inc.                    |   | Telecommunications |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor(3) |   | 5/25/2021 |   | 7,000,000 |  |   | 7,010,661 |  |   | 7,000,000 |  |   | 0.9% |
|                               |   |   |   |   |   |   |   | 7,000,000 |  |   | 7,010,661 |  |   | 7,000,000 |  |   |   |
| Oxford Mining Company, LLC         |   | Metals & Mining |   | Senior Secured First Lien Term Loan  LIBOR + 8.500%, 0.750% Floor, 3.000% PIK(3) (4) |   | 12/31/2018 |   | 20,889,280 |  |   | 20,889,280 |  |   | 20,837,058 |  |   | 2.7% |
|                               |   |   |   |   |   |   |   | 20,889,280 |  |   | 20,889,280 |  |   | 20,837,058 |  |   |   |
| Path Medical, LLC                  |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 9.500%, 1.000% Floor(4) (8) |   | 10/11/2021 |   | 15,990,000 |  |   | 15,389,424 |  |   | 15,345,923 |  |   | 2.0% |
|                               |   |   |   | Warrants (4) (7) |   |   |   | — |  |   | 669,709 |  |   | 669,709 |  |   | 0.1% |
|                               |   |   |   |   |   |   |   | 15,990,000 |  |   | 16,059,133 |  |   | 16,015,632 |  |   |   |
| Payless Inc.                       |   | Retail |   | Senior Secured Second Lien Term Loan LIBOR + 7.500%, 1.000% Floor(3) (14) |   | 3/11/2022 |   | 6,000,000 |  |   | 6,014,018 |  |   | 712,500 |  |   | 0.1% |
|                               |   |   |   |   |   |   |   | 6,000,000 |  |   | 6,014,018 |  |   | 712,500 |  |   |   |
| Peabody Energy Corporation         |   | Metals & Mining |   | Senior Secured First Lien Note       6.000%(9) (13) |   | 3/31/2022 |   | 1,000,000 |  |   | 1,000,000 |  |   | 1,000,000 |  |   | 0.1% |
|                               |   |   |   |   |   |   |   | 1,000,000 |  |   | 1,000,000 |  |   | 1,000,000 |  |   |   |
| Petco Animal Supplies, Inc.        |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 3.250%, 1.000% Floor(3) (4) (11) |   | 1/26/2023 |   | 2,000,000 |  |   | 1,840,000 |  |   | 1,840,000 |  |   | 0.2% |
|                               |   |   |   |   |   |   |   | 2,000,000 |  |   | 1,840,000 |  |   | 1,840,000 |  |   |   |
| PetroChoice Holdings, Inc.         |   | Chemicals, Plastics & Rubber |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor (3) (11) |   | 9/3/2023 |   | 9,000,000 |  |   | 9,000,000 |  |   | 9,000,000 |  |   | 1.2% |
|                               |   |   |   |   |   |   |   | 9,000,000 |  |   | 9,000,000 |  |   | 9,000,000 |  |   |   |
| Preferred Proppants, LLC           |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 5.750%, 1.000% Floor (3) (11) |   | 7/27/2020 |   | 3,969,466 |  |   | 2,790,756 |  |   | 3,349,237 |  |   | 0.4% |
|                               |   |   |   |   |   |   |   | 3,969,466 |  |   | 2,790,756 |  |   | 3,349,237 |  |   |   |
| Press Ganey Holdings, Inc          |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor (8) (11) |   | 10/21/2024 |   | 6,500,000 |  |   | 6,473,806 |  |   | 6,472,505 |  |   | 0.8% |
|                               |   |   |   |   |   |   |   | 6,500,000 |  |   | 6,473,806 |  |   | 6,472,505 |  |   |   |
| PT Network, LLC                    |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(3) (4) (5) |   | 11/30/2021 |   | 5,805,834 |  |   | 5,805,834 |  |   | 5,805,834 |  |   | 0.7% |
|                               |   |   |   |   |   |   |   | 5,805,834 |  |   | 5,805,834 |  |   | 5,805,834 |  |   |   |
| Reddy Ice Corporation              |   | Beverage & Food |   | Senior Secured Second Lien Term Loan LIBOR + 9.500%, 1.250% Floor(3) (4) |   | 10/1/2019 |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,780,000 |  |   | 0.2% |
|                               |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,780,000 |  |   |   |
| Research Now Group, Inc.           |   | Services:  Business |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor(3) |   | 3/18/2022 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,000,000 |  |   | 1.9% |
|                               |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,000,000 |  |   |   |
| Resolute Investment Managers, Inc. |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor(3) |   | 4/30/2023 |   | 6,000,000 |  |   | 5,901,022 |  |   | 6,000,000 |  |   | 0.8% |
|                               |   |   |   |   |   |   |   | 6,000,000 |  |   | 5,901,022 |  |   | 6,000,000 |  |   |   |
| Response Team Holdings, LLC        |   | Construction & Building |   | Preferred Equity 12% PIK(4) (6) (14)  |   |   |   | — |  |   | 3,384,734 |  |   | 996,255 |  |   | 0.1% |
|                               |   |   |   | Warrants (4) (6) (7) |   |   |   | — |  |   | 257,407 |  |   | — |  |   | 0.0% |
|                               |   |   |   |   |   |   |   | — |  |   | 3,642,141 |  |   | 996,255 |  |   |   |
| Rhombus Cinema Holdings, LP        |   | Media:  Diversified & Production |   | Preferred Equity 10.000% PIK(4) (6)  |   |   |   | — |  |   | 4,584,207 |  |   | 5,253,658 |  |   | 0.7% |
|                               |   |   |   | Equity (4) (6) (7) |   |   |   | — |  |   | 3,162,793 |  |   | 3,835,540 |  |   | 0.5% |
|                               |   |   |   |   |   |   |   | — |  |   | 7,747,000 |  |   | 9,089,198 |  |   |   |
| School Specialty, Inc.             |   | Wholesale |   | Senior Secured First Lien Term Loan  LIBOR + 8.500%, 1.000% Floor(3) |   | 6/11/2019 |   | 8,785,060 |  |   | 8,762,577 |  |   | 8,785,060 |  |   | 1.1% |
|                               |   |   |   |   |   |   |   | 8,785,060 |  |   | 8,762,577 |  |   | 8,785,060 |  |   |   |

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Table of Contents

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|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                            |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| Ship Supply Acquisition Corporation   |   | Services:  Business |   | Senior Secured First Lien Term Loan  LIBOR + 8.000%, 1.000% Floor(4) (8) |   | 7/31/2020 |   | 23,125,000 |  |   | 23,125,000 |  |   | 22,155,600 |  |   | 2.8% |
|                                  |   |   |   |   |   |   |   | 23,125,000 |  |   | 23,125,000 |  |   | 22,155,600 |  |   |   |
| Simplified Logistics, LLC             |   | Services:  Business |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(3) (4) |   | 2/28/2022 |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,500,000 |  |   | 1.0% |
|                                  |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,500,000 |  |   |   |
| Sizzling Platter, LLC                 |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan  LIBOR + 7.500%, 1.000% Floor(3) |   | 4/28/2020 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,150,000 |  |   | 1.9% |
|                                  |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,150,000 |  |   |   |
| SMART Financial Operations, LLC       |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 10.000%, 1.000% Floor(3) (4) (5) |   | 11/22/2021 |   | 3,700,000 |  |   | 3,700,000 |  |   | 3,700,000 |  |   | 0.5% |
|                                  |   |   |   | Equity (4) (6) (7) |   |   |   | — |  |   | 1,000,000 |  |   | 1,000,000 |  |   | 0.1% |
|                                  |   |   |   |   |   |   |   | 3,700,000 |  |   | 4,700,000 |  |   | 4,700,000 |  |   |   |
| Southwest Dealer Services, Inc.       |   | Automotive |   | Senior Secured First Lien Term Loan  LIBOR + 6.000%, 1.000% Floor(3) (4) |   | 3/16/2020 |   | 2,504,094 |  |   | 2,504,094 |  |   | 2,504,094 |  |   | 0.3% |
|                                  |   |   |   |   |   |   |   | 2,504,094 |  |   | 2,504,094 |  |   | 2,504,094 |  |   |   |
| SRS Software, LLC                     |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 7.000%, 1.000% Floor(3) (4) (5) |   | 2/17/2022 |   | 19,500,000 |  |   | 19,500,000 |  |   | 19,500,000 |  |   | 2.5% |
|                                  |   |   |   |   |   |   |   | 19,500,000 |  |   | 19,500,000 |  |   | 19,500,000 |  |   |   |
| Survey Sampling International, LLC    |   | Services:  Business |   | Senior Secured Second Lien Term Loan LIBOR + 9.000%, 1.000% Floor(3) |   | 12/16/2021 |   | 24,000,000 |  |   | 24,000,000 |  |   | 24,000,000 |  |   | 3.1% |
|                                  |   |   |   |   |   |   |   | 24,000,000 |  |   | 24,000,000 |  |   | 24,000,000 |  |   |   |
| TCH-2 Holdings, LLC                   |   | Hotel, Gaming & Leisure |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor(8) (11) |   | 11/6/2021 |   | 6,000,000 |  |   | 5,936,892 |  |   | 5,974,680 |  |   | 0.8% |
|                                  |   |   |   |   |   |   |   | 6,000,000 |  |   | 5,936,892 |  |   | 5,974,680 |  |   |   |
| Techniplas, LLC                       |   | Automotive |   | Senior Secured First Lien Note       10.000%(9) (13) |   | 5/1/2020 |   | 6,000,000 |  |   | 6,000,000 |  |   | 5,767,500 |  |   | 0.7% |
|                                  |   |   |   |   |   |   |   | 6,000,000 |  |   | 6,000,000 |  |   | 5,767,500 |  |   |   |
| The Garretson Resolution Group, Inc.  |   | Services:  Business |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(3) |   | 5/22/2021 |   | 9,562,500 |  |   | 9,527,069 |  |   | 9,623,126 |  |   | 1.2% |
|                                  |   |   |   |   |   |   |   | 9,562,500 |  |   | 9,527,069 |  |   | 9,623,126 |  |   |   |
| Touchtunes Interactive Networks, Inc. |   | Media:  Diversified & Production |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor(3) |   | 5/27/2022 |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,575,000 |  |   | 1.0% |
|                                  |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,575,000 |  |   |   |
| Transocean Phoenix 2 Ltd.             |   | Energy:  Oil & Gas |   | Senior Secured First Lien Note       7.750%(4) (9) (13) |   | 10/15/2024 |   | 7,500,000 |  |   | 7,387,506 |  |   | 8,074,950 |  |   | 1.0% |
|                                  |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,387,506 |  |   | 8,074,950 |  |   |   |
| Truco Enterprises, LP                 |   | Beverage & Food |   | Senior Secured First Lien Term Loan LIBOR + 7.220%, 1.000% Floor(4) (8) |   | 4/26/2021 |   | 9,924,370 |  |   | 9,924,370 |  |   | 9,924,370 |  |   | 1.3% |
|                                  |   |   |   |   |   |   |   | 9,924,370 |  |   | 9,924,370 |  |   | 9,924,370 |  |   |   |
| True Religion Apparel, Inc.           |   | Retail |   | Senior Secured Second Lien Term Loan LIBOR + 10.000%, 1.000% Floor(3) |   | 1/30/2020 |   | 4,000,000 |  |   | 3,905,514 |  |   | — |  |   | 0.0% |
|                                  |   |   |   |   |   |   |   | 4,000,000 |  |   | 3,905,514 |  |   | — |  |   |   |
| U.S. Auto Sales, Inc.                 |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 11.750%, 1.000% Floor(4) (8) (12) |   | 6/5/2020 |   | 5,500,000 |  |   | 5,500,000 |  |   | 5,497,140 |  |   | 0.7% |
|                                  |   |   |   |   |   |   |   | 5,500,000 |  |   | 5,500,000 |  |   | 5,497,140 |  |   |   |
| U.S. Well Services, LLC               |   | Energy:  Oil & Gas |   | Warrants (7) |   | 2/21/2019 |   | — |  |   | 173 |  |   | — |  |   | 0.0% |
|                                  |   |   |   |   |   |   |   | — |  |   | 173 |  |   | — |  |   |   |
| Valence Surface Technologies, Inc.    |   | Aerospace & Defense |   | Senior Secured First Lien Term Loan  LIBOR + 5.500%, 1.000% Floor(4) (8) |   | 6/13/2019 |   | 4,250,144 |  |   | 4,238,581 |  |   | 4,144,740 |  |   | 0.5% |
|                                  |   |   |   |   |   |   |   | 4,250,144 |  |   | 4,238,581 |  |   | 4,144,740 |  |   |   |

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|                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                   |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| Velocity Pooling Vehicle, LLC                                                                                |   | Automotive |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor(3) (4) |   | 5/13/2022 |   | 20,625,000 |  |   | 18,680,534 |  |   | 10,996,425 |  |   | 1.4% |
|                                                                                                         |   |   |   |   |   |   |   | 20,625,000 |  |   | 18,680,534 |  |   | 10,996,425 |  |   |   |
| Verso Corporation                                                                                            |   | Media: Advertising, Printing & Publishing |   | Common Stock (7) (15) |   |   |   | — |  |   | 2,238,108 |  |   | 1,119,054 |  |   | 0.1% |
|                                                                                                         |   |   |   |   |   |   |   | — |  |   | 2,238,108 |  |   | 1,119,054 |  |   |   |
| VOYA CLO 2016-2, LTD.                                                                                        |   | Multi-Sector Holdings |   | Subordinated Note 13.455% effective yield (1) (6) (9) (10) |   | 7/19/2028 |   | 22,842,661 |  |   | 19,612,580 |  |   | 18,799,510 |  |   | 2.4% |
|                                                                                                         |   |   |   |   |   |   |   | 22,842,661 |  |   | 19,612,580 |  |   | 18,799,510 |  |   |   |
| Watermill-QMC Holdings, Corp.                                                                                |   | Automotive |   | Partnership Interest (4) (6) (7) |   |   |   | — |  |   | 850,136 |  |   | 1,102,626 |  |   | 0.1% |
|                                                                                                         |   |   |   |   |   |   |   | — |  |   | 850,136 |  |   | 1,102,626 |  |   |   |
| Z Gallerie, LLC                                                                                              |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(4) (8) |   | 10/8/2020 |   | 4,670,731 |  |   | 4,635,402 |  |   | 4,670,730 |  |   | 0.6% |
|                                                                                                         |   |   |   |   |   |   |   | 4,670,731 |  |   | 4,635,402 |  |   | 4,670,730 |  |   |   |
|                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total non-controlled/non-affiliated investments                                                              |   |   |   |   |   | $ | 938,890,614 |  |   | $ | 909,381,097 |  |   | 116.7% |
|                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Controlled/affiliated investments – 15.7%(16)                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Access Media Holdings, LLC                                                                                   |   | Media:  Broadcasting & Subscription |   | Senior Secured First Lien Term Loan  5.000%, 5.000% PIK(4) |   | 7/22/2020 |   | 7,114,205 |  |   | 7,114,205 |  |   | 7,114,205 |  |   | 0.9% |
|                                                                                                         |   |   |   | Common Stock (4) (6) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                                                                         |   |   |   | Preferred Equity Series A (4) (6) (7) |   |   |   | — |  |   | 1,400,000 |  |   | — |  |   | 0.0% |
|                                                                                                         |   |   |   | Preferred Equity Series AA (4) (6) (7)  |   |   |   | — |  |   | 700,000 |  |   | — |  |   | 0.0% |
|                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                         |   |   |   |   |   |   |   | 7,114,205 |  |   | 9,214,205 |  |   | 7,114,205 |  |   |   |
| Capstone Nutrition, Inc.                                                                                     |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 12.500%, 1.000% Floor, PIK(4) (8) (14) |   | 4/28/2019 |   | 26,192,319 |  |   | 22,489,086 |  |   | 16,801,325 |  |   | 2.2% |
|                                                                                                         |   |   |   | Common Stock (4) (7) |   |   |   | — |  |   | 9 |  |   | — |  |   | 0.0% |
|                                                                                                         |   |   |   | Common Stock, Class B (4) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                                                                         |   |   |   | Common Stock, Class C (4) (7) |   |   |   | — |  |   | 300,002 |  |   | — |  |   | 0.0% |
|                                                                                                         |   |   |   |   |   |   |   | 26,192,319 |  |   | 22,789,097 |  |   | 16,801,325 |  |   |   |
| MCM Capital Office Park Holdings LLC                                                                         |   | Banking, Finance, Insurance & Real Estate |   | Equity (6) (7) |   |   |   | — |  |   | 7,344,156 |  |   | 7,344,156 |  |   | 0.9% |
|                                                                                                         |   |   |   |   |   |   |   | — |  |   | 7,344,156 |  |   | 7,344,156 |  |   |   |
| Nomida, LLC                                                                                                  |   | Construction & Building |   | Senior Secured First Lien Term Loan  10.000%(6) |   | 12/1/2020 |   | 8,100,000 |  |   | 8,100,000 |  |   | 8,100,000 |  |   | 1.0% |
|                                                                                                         |   |   |   | Equity (6) (7) |   |   |   | — |  |   | 5,400,000 |  |   | 5,400,000 |  |   | 0.7% |
|                                                                                                         |   |   |   |   |   |   |   | 8,100,000 |  |   | 13,500,000 |  |   | 13,500,000 |  |   |   |
| Sierra Senior Loan Strategy JV I LLC                                                                         |   | Multi-Sector Holdings |   | Equity |   |   |   | 63,628,750 |  |   | 63,628,750 |  |   | 63,513,166 |  |   | 8.1% |
|                                                                                                         |   |   |   |   |   |   |   | 63,628,750 |  |   | 63,628,750 |  |   | 63,513,166 |  |   |   |
| TwentyEighty, Inc.                                                                                           |   | Services:  Business |   | Senior Secured First Lien Term Loan  0.250%, 8.750% PIK(3) |   | 3/31/2020 |   | 5,733,754 |  |   | 5,083,054 |  |   | 5,039,855 |  |   | 0.6% |
|                                                                                                         |   |   |   | Senior Secured First Lien Term Loan 1.000%, 7.000% PIK(3) |   | 3/31/2020 |   | 6,352,824 |  |   | 6,352,824 |  |   | 6,352,824 |  |   | 0.8% |
|                                                                                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 3.500%, 1.000% Floor, 4.500% PIK(3) |   | 3/31/2020 |   | 3,003,327 |  |   | 2,985,248 |  |   | 3,003,328 |  |   | 0.4% |
|                                                                                                         |   |   |   | Equity/Warrants (6) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                                                                         |   |   |   |   |   |   |   | 15,089,905 |  |   | 14,421,126 |  |   | 14,396,007 |  |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total controlled/affiliated investments                                                                      |   |   |   |   |   | $ | 130,897,334 |  |   | $ | 122,668,859 |  |   | 15.7% |
|                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Money market fund – 1.3%                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

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|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                               |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| Federated Institutional Prime Obligations Fund                           |   |   |   | Money Market 0.88% (15) |   |   |   | 10,514,676 |  |   | $ | 10,514,676 |  |   | $ | 10,514,676 |  |   | 1.3% |
| Total money market fund                                                  |   |   |   |   |   |   |   |   |   | $ | 10,514,676 |  |   | $ | 10,514,676 |  |   | 1.3% |
|                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivative Instrument - Long Exposure                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total return swap with Citibank, N.A. (Note 5)                           |   |   |   | Total Return Swap |   |   |   |   |   | $ | 264,539,720 |  |   | $ | (13,751,686 | ) |   |   |
|                                                                     |   |   |   |   |   |   |   |   |   | $ | 264,539,720 |  |   | $ | (13,751,686 | ) |   |   |

|      |
|------|
|      |  |
| (1)  | All of the Company's investments are domiciled in the United States except for Livingston International Inc., which is domiciled in Canada and AMMC CLO 17, Limited Series 2015-17A, Apidos CLO XXIV, Series 2016-24A, Dryden 38 Senior Loan Fund, Series 2015-38A, Dryden 43 Senior Loan Fund, Series 2016-43A, Dryden 49 Senior Loan Fund, Magnetite XIX, Limited and VOYA CLO 2016-2, LTD. which are all domiciled in the Cayman Islands. All foreign investments were denominated in US Dollars. |
| (2)  | Percentage is based on net assets of $779,343,254 as of March 31, 2017. |
| (3)  | The interest rate on these loans is subject to a base rate plus 3 Month “3M” LIBOR, which at March 31, 2017 was 1.15%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 3M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR floor. |
| (4)  | An affiliated fund that is managed by an affiliate of SIC Advisors LLC also holds an investment in this security. |
| (5)  | The investment has an unfunded commitment as of March 31, 2017. For further details see Note 11. Fair value includes an analysis of the unfunded commitment. |
| (6)  | The investment is not a qualifying asset under Section 55 of the Investment Company Act of 1940, as amended, (the "1940 Act"). Non-qualifying assets represent 16.6% of the Company's portfolio at fair value. |
| (7)  | Security is non-income producing. |
| (8)  | The interest rate on these loans is subject to a base rate plus 1 Month "1M" LIBOR, which at March 31, 2017 was 0.98%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR floor. |
| (9)  | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $98,595,298 or 12.7% of net assets as of March 31, 2017 and are considered restricted. |
| (10) | This investment is in the equity class of a collateralized loan obligation ("CLO"). The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield is based on the current projections of this excess cash flow taking into account assumptions that have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions. |
| (11) | Security is also held in the underlying portfolio of the total return swap with Citibank, N.A. (see Note 5). The Company's total exposure to Answers Corporation, Asurion LLC., ConvergeOne Holdings Corp., Genex Holdings, Inc., Isola USA Corp., Livingston International, Inc., Petco Animal Supplies, Inc., PetroChoice Holdings, LLC, Preferred Proppants, LLC, Press Ganey Holdings, Inc., and TCH-2 Holdings, LLC is $14,805,889 or 1.9%, $9,992,513 or 1.3%, $14,956,202 or 1.9%, $13,663,924 or 1.8%,  $8,595,699 or 1.1%, $4,532,215 or 0.6%, $10,624,067 or 1.4%, $14,000,000 or 1.8%, $6,183,464 or 0.8%, $12,945,005 or 1.7%, and $10,648,484 or 1.4%, respectively, of Net Assets as of March 31, 2017. |
| (12) | A portion of this investment was sold via a participation agreement. |
| (13) | Represents securities in Level 2 in the ASC 820 table (see Note 4). |
| (14) | The investment was on non-accrual status as of March 31, 2017. |
| (15) | Represents securities in Level 1 in the ASC 820 table (see Note 4). |
| (16) | Control Investments are defined by the 1940 Act as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation. |

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Table of Contents

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|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                    |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| Non-controlled/non-affiliated investments – 114.5% |   |   |   |   |   |   |   |   |   |   |
| AAAHI Acquisition Corporation                                 |   | Transportation:  Consumer |   | Senior Secured First Lien Term Loan  LIBOR + 7.000%, 1.000% Floor(3)(4)(5)  |   | 12/15/2021 |   | $ | 7,280,374 |  |   | $ | 7,280,374 |  |   | $ | 7,280,374 |  |   | 0.9% |
|                                                          |   |   |   |   |   |   |   | 7,280,374 |  |   | 7,280,374 |  |   | 7,280,374 |  |   |   |
| AAR Intermediate Holdings, LLC                                |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan  LIBOR + 5.000%, 1.000% Floor(3) (4) (5)   |   | 9/30/2021 |   | 150,935 |  |   | 150,935 |  |   | 150,935 |  |   | 0.0% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 5.000%, 1.000% Floor(3) (4) |   | 9/30/2021 |   | 3,144,481 |  |   | 3,144,481 |  |   | 3,144,481 |  |   | 0.4% |
|                                                          |   |   |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor, PIK(3) (4)   |   | 9/30/2021 |   | 6,457,851 |  |   | 5,254,799 |  |   | 5,211,292 |  |   | 0.7% |
|                                                          |   |   |   | Membership Units (4) (6) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                          |   |   |   |   |   |   |   | 9,753,267 |  |   | 8,550,215 |  |   | 8,506,708 |  |   |   |
| Access Media Holdings, LLC                                    |   | Media:  Broadcasting & Subscription |   | Senior Secured First Lien Term Loan  5.000%, 5.000% PIK(4) |   | 7/22/2020 |   | 7,026,014 |  |   | 7,026,014 |  |   | 6,868,420 |  |   | 0.9% |
|                                                          |   |   |   | Common Stock (4) (6) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                          |   |   |   | Preferred Equity Series A (4) (6) (7)   |   |   |   | — |  |   | 1,400,000 |  |   | — |  |   | 0.0% |
|                                                          |   |   |   | Preferred Equity Series AA (4) (6) (7)   |   |   |   | — |  |   | 647,500 |  |   | — |  |   | 0.0% |
|                                                          |   |   |   |   |   |   |   | 7,026,014 |  |   | 9,073,514 |  |   | 6,868,420 |  |   |   |
| Advanced Diagnostic Holdings, LLC                             |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 8.750%, 0.875% Floor(3) (4) |   | 12/11/2020 |   | 15,262,608 |  |   | 15,262,608 |  |   | 15,567,860 |  |   | 2.0% |
|                                                          |   |   |   |   |   |   |   | 15,262,608 |  |   | 15,262,608 |  |   | 15,567,860 |  |   |   |
| Alpha Media LLC                                               |   | Media:  Broadcasting & Subscription |   | Senior Secured First Lien Term Loan  LIBOR 5 6.000%, 1.000% Floor(8)(5) |   | 2/25/2022 |   | 9,384,375 |  |   | 9,012,061 |  |   | 8,962,078 |  |   | 1.2% |
|                                                          |   |   |   |   |   |   |   | 9,384,375 |  |   | 9,012,061 |  |   | 8,962,078 |  |   |   |
| Amerijet Holdings Inc.                                        |   | Transportation:  Cargo |   | Senior Secured First Lien Term Loan  LIBOR + 8.000%, 1.000% Floor(3) (4) |   | 7/15/2021 |   | 16,087,500 |  |   | 16,087,500 |  |   | 16,087,500 |  |   | 2.1% |
|                                                          |   |   |   |   |   |   |   | 16,087,500 |  |   | 16,087,500 |  |   | 16,087,500 |  |   |   |
| AMMC CLO 17, Limited Series 2015-17A                          |   | Multi-Sector Holdings |   | Subordinated Note                    21.670% effective yield(6) (9) (10)   |   | 11/15/2027 |   | 5,000,000 |  |   | 3,553,568 |  |   | 4,181,250 |  |   | 0.5% |
|                                                          |   |   |   |   |   |   |   | 5,000,000 |  |   | 3,553,568 |  |   | 4,181,250 |  |   |   |
| Anaren, Inc.                                                  |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor(3) |   | 8/18/2021 |   | 10,000,000 |  |   | 9,929,667 |  |   | 10,002,500 |  |   | 1.3% |
|                                                          |   |   |   |   |   |   |   | 10,000,000 |  |   | 9,929,667 |  |   | 10,002,500 |  |   |   |
| APCO Holdings, Inc.                                           |   | Automotive |   | Senior Secured First Lien Term Loan  LIBOR + 6.000%, 1.000% Floor(4) (8) |   | 1/31/2022 |   | 4,351,318 |  |   | 4,236,463 |  |   | 4,369,201 |  |   | 0.6% |
|                                                          |   |   |   |   |   |   |   | 4,351,318 |  |   | 4,236,463 |  |   | 4,369,201 |  |   |   |
| Apidos CLO XXIV, Series 2016-24A                              |   | Multi-Sector Holdings |   | Subordinated Note                    16.535% effective yield(4) (6) (9) (10)   |   | 1/20/2023 |   | 25,471,800 |  |   | 21,625,558 |  |   | 21,977,069 |  |   | 2.8% |
|                                                          |   |   |   |   |   |   |   | 25,471,800 |  |   | 21,625,558 |  |   | 21,977,069 |  |   |   |
| Associated Asphalt Partners, LLC                              |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Note 8.500%(9) |   | 2/15/2018 |   | 1,778,000 |  |   | 1,782,303 |  |   | 1,795,780 |  |   | 0.2% |
|                                                          |   |   |   |   |   |   |   | 1,778,000 |  |   | 1,782,303 |  |   | 1,795,780 |  |   |   |
| Astro AB Borrower, Inc.                                       |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor(3)(11) |   | 4/30/2023 |   | 6,000,000 |  |   | 5,898,052 |  |   | 6,060,000 |  |   | 0.8% |
|                                                          |   |   |   |   |   |   |   | 6,000,000 |  |   | 5,898,052 |  |   | 6,060,000 |  |   |   |

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Table of Contents

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|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                           |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| Asurion, LLC                         |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 7.500%, 1.000% Floor(3)(11) |   | 3/3/2021 |   | 7,000,000 |  |   | 6,952,364 |  |   | 7,087,500 |  |   | 0.9% |
|                                 |   |   |   |   |   |   |   | 7,000,000 |  |   | 6,952,364 |  |   | 7,087,500 |  |   |   |
| Atrium Innovations, Inc.             |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 6.750%, 1.000% Floor(3) (6) |   | 8/13/2021 |   | 5,000,000 |  |   | 4,982,828 |  |   | 5,000,000 |  |   | 0.6% |
|                                 |   |   |   |   |   |   |   | 5,000,000 |  |   | 4,982,828 |  |   | 5,000,000 |  |   |   |
| Aviation Technical Services, Inc.    |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor(3)(4)(17)   |   | 3/31/2022 |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,500,000 |  |   | 3.3% |
|                                 |   |   |   |   |   |   |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,500,000 |  |   |   |
| Backcountry.com, LLC                 |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 7.250%, 1.000% Floor(3) (4) (17)   |   | 6/30/2020 |   | 34,589,843 |  |   | 34,589,843 |  |   | 34,935,742 |  |   | 4.5% |
|                                 |   |   |   |   |   |   |   | 34,589,843 |  |   | 34,589,843 |  |   | 34,935,742 |  |   |   |
| Birch Communications, Inc.           |   | Telecommunications |   | Senior Secured First Lien Term Loan  LIBOR + 7.250%, 1.000% Floor(4) (8) |   | 7/17/2020 |   | 13,816,112 |  |   | 13,647,092 |  |   | 13,633,601 |  |   | 1.8% |
|                                 |   |   |   |   |   |   |   | 13,816,112 |  |   | 13,647,092 |  |   | 13,633,601 |  |   |   |
| Black Angus Steakhouses LLC          |   | Hotel, Gaming & Leisure |   | Revolving Credit Facility LIBOR + 9.000%, 1.000% Floor(3) (4) (5) (17) |   | 4/24/2020 |   | 669,643 |  |   | 669,643 |  |   | 613,326 |  |   | 0.1% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor(3) (4) (17)   |   | 4/24/2020 |   | 19,637,277 |  |   | 19,637,277 |  |   | 19,141,828 |  |   | 2.5% |
|                                 |   |   |   |   |   |   |   | 20,306,920 |  |   | 20,306,920 |  |   | 19,755,154 |  |   |   |
| Brundage-Bone Concrete Pumping, Inc. |   | Construction & Building |   | Senior Secured First Lien Note 10.375%(9) |   | 9/1/2021 |   | 7,500,000 |  |   | 7,607,418 |  |   | 8,025,000 |  |   | 1.0% |
|                                 |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,607,418 |  |   | 8,025,000 |  |   |   |
| Charming Charlie LLC                 |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 8.000%, 1.000% Floor(3) |   | 12/24/2019 |   | 7,908,765 |  |   | 7,920,847 |  |   | 6,334,209 |  |   | 0.8% |
|                                 |   |   |   |   |   |   |   | 7,908,765 |  |   | 7,920,847 |  |   | 6,334,209 |  |   |   |
| ConvergeOne Holdings Corp.(11)       |   | Telecommunications |   | Senior Secured Second Lien Term Loan LIBOR + 9.000%, 1.000% Floor(3) (4) |   | 6/17/2021 |   | 12,500,000 |  |   | 12,410,777 |  |   | 12,500,000 |  |   | 1.6% |
|                                 |   |   |   |   |   |   |   | 12,500,000 |  |   | 12,410,777 |  |   | 12,500,000 |  |   |   |
| Cornerstone Chemical Company         |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Note 9.375%(9) |   | 3/15/2018 |   | 4,970,000 |  |   | 4,874,178 |  |   | 4,963,788 |  |   | 0.6% |
|                                 |   |   |   |   |   |   |   | 4,970,000 |  |   | 4,874,178 |  |   | 4,963,788 |  |   |   |
| CP Opco, LLC                         |   | Services:  Consumer |   | Revolver LIBOR + 4.500%, 1.000% Floor(3) (4) (5) |   | 3/31/2019 |   | 128,039 |  |   | 128,039 |  |   | 128,039 |  |   | 0.0% |
|                                 |   |   |   | Revolver ABR + 3.500%, 3.750% Floor(3) (4) (5) |   | 3/31/2019 |   | 210,935 |  |   | 210,935 |  |   | 210,935 |  |   | 0.0% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor, PIK(3) (4) |   | 3/31/2019 |   | 504,597 |  |   | 504,597 |  |   | 504,597 |  |   | 0.1% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor, PIK(3) (4) |   | 3/31/2019 |   | 210,249 |  |   | 210,249 |  |   | 210,249 |  |   | 0.0% |
|                                 |   |   |   | Senior Secured First Lien Term Loan LIBOR + 9.500%, 1.000% Floor, PIK(3) (4) (12) |   | 3/31/2019 |   | 1,487,033 |  |   | 717,016 |  |   | 743,516 |  |   | 0.1% |
|                                 |   |   |   | Preferred Units LIBOR + 9.500%, 1.000% Floor, PIK(4) (12) |   | 3/31/2019 |   | 205 |  |   | — |  |   | — |  |   | 0.0% |
|                                 |   |   |   | Common Units (4) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                 |   |   |   |   |   |   |   | 2,541,058 |  |   | 1,770,836 |  |   | 1,797,336 |  |   |   |
| CRGT Inc.                            |   | High Tech Industries |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(4) (8) |   | 12/19/2020 |   | 3,966,456 |  |   | 3,966,456 |  |   | 3,966,456 |  |   | 0.5% |
|                                 |   |   |   |   |   |   |   | 3,966,456 |  |   | 3,966,456 |  |   | 3,966,456 |  |   |   |

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Table of Contents

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|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                   |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| DHISCO Electronic Distribution, Inc.         |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.500% Floor(3) (4) |   | 11/10/2019 |   | 2,380,952 |  |   | 2,380,952 |  |   | 2,380,952 |  |   | 0.3% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 11.250% PIK, 1.500% Floor(3) (4) (12) |   | 11/10/2019 |   | 6,680,333 |  |   | 2,940,892 |  |   | 2,956,515 |  |   | 0.4% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 9.000% PIK, 1.500% Floor(3) (4) |   | 11/10/2019 |   | 8,369,792 |  |   | 8,369,792 |  |   | 8,369,792 |  |   | 1.1% |
|                                         |   |   |   | Senior Secured First Lien Term Loan LIBOR + 10.250%, PIK 1.500% Floor(3) (4) |   | 11/10/2019 |   | 7,177,827 |  |   | 7,177,827 |  |   | 7,177,827 |  |   | 0.9% |
|                                         |   |   |   | Common Units, Class A (4) (7) |   |   |   | — |  |   | 769,231 |  |   | — |  |   | 0.0% |
|                                         |   |   |   |   |   |   |   | 24,608,904 |  |   | 21,638,694 |  |   | 20,885,086 |  |   |   |
| Drew Marine Partners, LP                     |   | Transportation:  Cargo |   | Senior Secured Second Lien Term Loan LIBOR + 7.000%, 1.000% Floor(3) |   | 5/19/2021 |   | 10,000,000 |  |   | 10,054,556 |  |   | 9,872,800 |  |   | 1.3% |
|                                         |   |   |   |   |   |   |   | 10,000,000 |  |   | 10,054,556 |  |   | 9,872,800 |  |   |   |
| Dryden 38 Senior Loan Fund - Series 2015-38A |   | Multi-Sector Holdings |   | Subordinated Note                    17.689% effective yield(6) (9) (10) |   | 7/15/2027 |   | 7,000,000 |  |   | 5,011,083 |  |   | 5,225,150 |  |   | 0.7% |
|                                         |   |   |   |   |   |   |   | 7,000,000 |  |   | 5,011,083 |  |   | 5,225,150 |  |   |   |
| Dryden 43 Senior Loan Fund - Series 2016-43A |   | Multi-Sector Holdings |   | Subordinated Note                   18.086% effective yield(4) (6) (9) (10) |   | 7/20/2029 |   | 3,620,000 |  |   | 2,932,200 |  |   | 3,250,579 |  |   | 0.4% |
|                                         |   |   |   |   |   |   |   | 3,620,000 |  |   | 2,932,200 |  |   | 3,250,579 |  |   |   |
| Dryden 49 Senior Loan Fund                   |   | Multi-Sector Holdings |   | Preferred Shares(4) (6) |   |   |   | — |  |   | 14,500,000 |  |   | 14,500,000 |  |   | 1.9% |
|                                         |   |   |   |   |   |   |   | — |  |   | 14,500,000 |  |   | 14,500,000 |  |   |   |
| Dynamic Energy Services International LLC    |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan 13.500% PIK + LIBOR(4) (8) |   | 3/6/2018 |   | 8,662,161 |  |   | 8,662,161 |  |   | 7,373,318 |  |   | 1.0% |
|                                         |   |   |   |   |   |   |   | 8,662,161 |  |   | 8,662,161 |  |   | 7,373,318 |  |   |   |
| EarthLink, Inc.                              |   | Telecommunications |   | Senior Secured First Lien Note      7.375%(6) (9) (13) |   | 6/1/2020 |   | 2,450,000 |  |   | 2,442,601 |  |   | 2,575,563 |  |   | 0.3% |
|                                         |   |   |   |   |   |   |   | 2,450,000 |  |   | 2,442,601 |  |   | 2,575,563 |  |   |   |
| Elite Comfort Solutions LLC                  |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(3) (5) |   | 1/15/2021 |   | 8,858,643 |  |   | 8,858,643 |  |   | 8,966,622 |  |   | 1.2% |
|                                         |   |   |   |   |   |   |   | 8,858,643 |  |   | 8,858,643 |  |   | 8,966,622 |  |   |   |
| First Boston Construction Holdings, LLC      |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Note 12.000%(4) (5) |   | 12/31/2020 |   | 6,105,000 |  |   | 6,105,000 |  |   | 6,105,000 |  |   | 0.8% |
|                                         |   |   |   | Preferred Equity (4) (7) |   |   |   | — |  |   | 1,526,250 |  |   | 1,526,250 |  |   | 0.2% |
|                                         |   |   |   |   |   |   |   | 6,105,000 |  |   | 7,631,250 |  |   | 7,631,250 |  |   |   |
| FKI Security Group, LLC                      |   | Capital Equipment |   | Senior Secured First Lien Term Loan  LIBOR + 8.500%, 1.000% Floor(3) (4) |   | 3/30/2020 |   | 11,937,500 |  |   | 11,937,500 |  |   | 12,088,629 |  |   | 1.6% |
|                                         |   |   |   |   |   |   |   | 11,937,500 |  |   | 11,937,500 |  |   | 12,088,629 |  |   |   |
| Frontier Communications Corp.                |   | Telecommunications |   | Senior Secured First Lien Note 10.500%(6) (9) (13) |   | 9/15/2022 |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,107,500 |  |   | 0.3% |
|                                         |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,107,500 |  |   |   |
| Gastar Exploration Inc.                      |   | Energy:  Oil & Gas |   | Senior Secured First Lien Note 8.625%(9) (13) |   | 5/15/2018 |   | 5,400,000 |  |   | 5,405,735 |  |   | 5,325,750 |  |   | 0.7% |
|                                         |   |   |   |   |   |   |   | 5,400,000 |  |   | 5,405,735 |  |   | 5,325,750 |  |   |   |
| Genex Holdings, Inc.                         |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor(3)(11) |   | 5/30/2022 |   | 9,500,000 |  |   | 9,525,097 |  |   | 9,500,000 |  |   | 1.2% |
|                                         |   |   |   |   |   |   |   | 9,500,000 |  |   | 9,525,097 |  |   | 9,500,000 |  |   |   |
| GK Holdings, Inc.                            |   | Services:  Business |   | Senior Secured Second Lien Term Loan LIBOR + 9.500%, 1.000% Floor(3) |   | 1/30/2022 |   | 10,000,000 |  |   | 10,000,000 |  |   | 10,200,000 |  |   | 1.3% |
|                                         |   |   |   |   |   |   |   | 10,000,000 |  |   | 10,000,000 |  |   | 10,200,000 |  |   |   |
| Green Field Energy Services, Inc.            |   | Energy:  Oil & Gas |   | Senior Secured First Lien Note 13.000%(4) (9) (12) |   | 11/15/2016 |   | 766,615 |  |   | 754,615 |  |   | 157,156 |  |   | 0.0% |

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Table of Contents

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|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
|                                      |   |   |   | Warrants (4) (7) |   |   |   | — |  |   | 29,000 |  |   | — |  |   | 0.0% |
|                                      |   |   |   |   |   |   |   | 766,615 |  |   | 783,615 |  |   | 157,156 |  |   |   |
| HBC Holdings LLC                          |   | Wholesale |   | Senior Secured First Lien Term Loan LIBOR + 5.750%, 1.000% Floor(3) (4) |   | 3/30/2020 |   | 13,162,500 |  |   | 13,162,500 |  |   | 12,461,860 |  |   | 1.6% |
|                                      |   |   |   |   |   |   |   | 13,162,500 |  |   | 13,162,500 |  |   | 12,461,860 |  |   |   |
| Heligear Acquisition Co.                  |   | Aerospace & Defense |   | Senior Secured First Lien Note 10.250%(4) (9) |   | 10/15/2019 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,785,550 |  |   | 2.0% |
|                                      |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,785,550 |  |   |   |
| Hill International, Inc.                  |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 6.750%, 1.000% Floor(3) (4) (17) |   | 9/28/2020 |   | 16,617,500 |  |   | 16,617,500 |  |   | 16,617,500 |  |   | 2.2% |
|                                      |   |   |   |   |   |   |   | 16,617,500 |  |   | 16,617,500 |  |   | 16,617,500 |  |   |   |
| Holland Acquisition Corp.                 |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loan  LIBOR + 9.000%, 1.000% Floor(3) |   | 5/29/2018 |   | 4,515,605 |  |   | 4,482,170 |  |   | 2,791,682 |  |   | 0.4% |
|                                      |   |   |   |   |   |   |   | 4,515,605 |  |   | 4,482,170 |  |   | 2,791,682 |  |   |   |
| Hylan Datacom & Electrical LLC        |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 7.500%, 1.000% Floor(3) (4) |   | 7/25/2021 |   | 15,799,862 |  |   | 15,799,862 |  |   | 15,799,862 |  |   | 2.0% |
|                                      |   |   |   |   |   |   |   | 15,799,862 |  |   | 15,799,862 |  |   | 15,799,862 |  |   |   |
| Ignite Restaurant Group, Inc.             |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan  LIBOR + 7.000%, 1.000% Floor(3) |   | 2/13/2019 |   | 8,385,496 |  |   | 8,316,629 |  |   | 8,009,658 |  |   | 1.0% |
|                                      |   |   |   |   |   |   |   | 8,385,496 |  |   | 8,316,629 |  |   | 8,009,658 |  |   |   |
| IHS Intermediate, Inc.                    |   | Services:  Business |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor(3) |   | 7/20/2022 |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,163,250 |  |   | 3.3% |
|                                      |   |   |   |   |   |   |   | 25,000,000 |  |   | 25,000,000 |  |   | 25,163,250 |  |   |   |
| Impact Sales, LLC                         |   | Services:  Business |   | Senior Secured First Lien Term Loan LIBOR + 7.000%, 1.000% Floor(3) (4) (5) |   | 12/30/2021 |   | 4,687,500 |  |   | 4,687,500 |  |   | 4,687,500 |  |   | 0.6% |
|                                      |   |   |   |   |   |   |   | 4,687,500 |  |   | 4,687,500 |  |   | 4,687,500 |  |   |   |
| Interface Security Systems Holdings, Inc. |   | Services:  Consumer |   | Senior Secured First Lien Note 9.250%(9) |   | 1/15/2018 |   | 3,417,000 |  |   | 3,434,380 |  |   | 3,404,186 |  |   | 0.4% |
|                                      |   |   |   |   |   |   |   | 3,417,000 |  |   | 3,434,380 |  |   | 3,404,186 |  |   |   |
| Invision Diversified, LLC                 |   | Services:  Business |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor(3) (4) (17) |   | 6/30/2020 |   | 24,491,435 |  |   | 24,491,435 |  |   | 24,807,130 |  |   | 3.2% |
|                                      |   |   |   |   |   |   |   | 24,491,435 |  |   | 24,491,435 |  |   | 24,807,130 |  |   |   |
| IronGate Energy Services, LLC             |   | Energy:  Oil & Gas |   | Senior Secured First Lien Note 11.000%(9) (12) |   | 7/1/2018 |   | 3,000,000 |  |   | 2,973,811 |  |   | 975,000 |  |   | 0.1% |
|                                      |   |   |   |   |   |   |   | 3,000,000 |  |   | 2,973,811 |  |   | 975,000 |  |   |   |
| Isola USA Corp.                           |   | High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 8.250%, 1.000% Floor(3)(11) |   | 11/29/2018 |   | 5,493,504 |  |   | 5,551,082 |  |   | 5,113,299 |  |   | 0.7% |
|                                      |   |   |   |   |   |   |   | 5,493,504 |  |   | 5,551,082 |  |   | 5,113,299 |  |   |   |
| Jordan Reses Supply Company, LLC          |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 11.000%, 1.000% Floor(3) (4) |   | 4/24/2020 |   | 5,000,000 |  |   | 5,000,000 |  |   | 5,050,000 |  |   | 0.7% |
|                                      |   |   |   |   |   |   |   | 5,000,000 |  |   | 5,000,000 |  |   | 5,050,000 |  |   |   |
| Liquidnet Holdings, Inc.                  |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan LIBOR + 6.750%, 1.000% Floor(3) |   | 5/22/2019 |   | 6,125,000 |  |   | 6,075,286 |  |   | 6,160,586 |  |   | 0.8% |
|                                      |   |   |   |   |   |   |   | 6,125,000 |  |   | 6,075,286 |  |   | 6,160,586 |  |   |   |
| Livingston International Inc.             |   | Transportation:  Cargo |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.250% Floor(3) (6) (11)  |   | 4/17/2020 |   | 2,658,504 |  |   | 2,655,528 |  |   | 2,532,757 |  |   | 0.3% |
|                                      |   |   |   |   |   |   |   | 2,658,504 |  |   | 2,655,528 |  |   | 2,532,757 |  |   |   |
| Loar Group Inc.                           |   | Aerospace & Defense |   | Senior Secured Second Lien Term Loan LIBOR + 9.250%, 1.000% Floor(8) |   | 7/12/2022 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,450,000 |  |   | 2.0% |
|                                      |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,450,000 |  |   |   |

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Table of Contents

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|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                         |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| LSF9 Atlantis Holdings, LLC        |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 9.000%, 1.000% Floor(3) (4) |   | 1/15/2021 |   | 9,625,000 |  |   | 9,546,319 |  |   | 9,739,634 |  |   | 1.3% |
|                               |   |   |   |   |   |   |   | 9,625,000 |  |   | 9,546,319 |  |   | 9,739,634 |  |   |   |
| LTCG Holdings Corp.                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loan  LIBOR + 5.000%, 1.000% Floor(3) |   | 6/6/2020 |   | 2,838,571 |  |   | 2,829,766 |  |   | 2,664,170 |  |   | 0.3% |
|                               |   |   |   |   |   |   |   | 2,838,571 |  |   | 2,829,766 |  |   | 2,664,170 |  |   |   |
| Miller Heiman, Inc.                |   | Services:  Business |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor(3) (12) |   | 9/30/2019 |   | 23,593,750 |  |   | 23,593,750 |  |   | 12,976,563 |  |   | 1.7% |
|                               |   |   |   |   |   |   |   | 23,593,750 |  |   | 23,593,750 |  |   | 12,976,563 |  |   |   |
| Nathan's Famous, Inc.              |   | Beverage & Food |   | Senior Secured First Lien Note 10.000%(13) |   | 3/15/2020 |   | 7,000,000 |  |   | 7,000,000 |  |   | 7,612,500 |  |   | 1.0% |
|                               |   |   |   |   |   |   |   | 7,000,000 |  |   | 7,000,000 |  |   | 7,612,500 |  |   |   |
| Nation Safe Drivers Holdings, Inc. |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 8.000%, 2.000% Floor(3) (4) |   | 9/29/2020 |   | 20,676,479 |  |   | 20,676,479 |  |   | 20,883,243 |  |   | 2.7% |
|                               |   |   |   |   |   |   |   | 20,676,479 |  |   | 20,676,479 |  |   | 20,883,243 |  |   |   |
| New Media Holdings II LLC          |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loan  LIBOR + 6.250%, 1.000% Floor(3) |   | 6/4/2020 |   | 18,043,921 |  |   | 18,029,645 |  |   | 18,043,921 |  |   | 2.3% |
|                               |   |   |   |   |   |   |   | 18,043,921 |  |   | 18,029,645 |  |   | 18,043,921 |  |   |   |
| Novetta Solutions, LLC             |   | High Tech Industries |   | Senior Secured Second Lien Term Loan LIBOR + 8.500%, 1.000% Floor(3) |   | 10/16/2023 |   | 11,000,000 |  |   | 10,905,938 |  |   | 10,499,170 |  |   | 1.4% |
|                               |   |   |   |   |   |   |   | 11,000,000 |  |   | 10,905,938 |  |   | 10,499,170 |  |   |   |
| Nuspire, LLC                       |   | High Tech Industries |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor(3) (4) (5) |   | 11/8/2021 |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                               |   |   |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor(3) (4) |   | 11/8/2022 |   | 6,310,000 |  |   | 6,310,000 |  |   | 6,310,000 |  |   | 0.8% |
|                               |   |   |   |   |   |   |   | 6,310,000 |  |   | 6,310,000 |  |   | 6,310,000 |  |   |   |
| Omnitracs, Inc.                    |   | Telecommunications |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor(3) |   | 5/25/2021 |   | 7,000,000 |  |   | 7,010,819 |  |   | 6,763,750 |  |   | 0.9% |
|                               |   |   |   |   |   |   |   | 7,000,000 |  |   | 7,010,819 |  |   | 6,763,750 |  |   |   |
| Oxford Mining Company, LLC         |   | Metals & Mining |   | Senior Secured First Lien Term Loan  LIBOR + 8.500%, 0.750% Floor, 3.000% PIK(3) (4) |   | 12/31/2018 |   | 20,756,843 |  |   | 20,756,842 |  |   | 20,518,139 |  |   | 2.7% |
|                               |   |   |   |   |   |   |   | 20,756,843 |  |   | 20,756,842 |  |   | 20,518,139 |  |   |   |
| Path Medical, LLC                  |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 9.500%, 1.000% Floor(4) (8) |   | 10/11/2021 |   | 16,195,000 |  |   | 15,560,824 |  |   | 15,542,666 |  |   | 2.0% |
|                               |   |   |   | Warrants (4) (7) |   |   |   | — |  |   | 669,709 |  |   | 669,709 |  |   | 0.1% |
|                               |   |   |   |   |   |   |   | 16,195,000 |  |   | 16,230,533 |  |   | 16,212,375 |  |   |   |
| Payless Inc.                       |   | Retail |   | Senior Secured Second Lien Term Loan LIBOR + 7.500%, 1.000% Floor(3) |   | 3/11/2022 |   | 6,000,000 |  |   | 6,014,579 |  |   | 900,000 |  |   | 0.1% |
|                               |   |   |   |   |   |   |   | 6,000,000 |  |   | 6,014,579 |  |   | 900,000 |  |   |   |
| Preferred Proppants, LLC           |   | Construction & Building |   | Senior Secured First Lien Term Loan  LIBOR + 5.750%, 1.000% Floor(3)(11) |   | 7/27/2020 |   | 3,979,645 |  |   | 2,738,781 |  |   | 3,357,825 |  |   | 0.4% |
|                               |   |   |   |   |   |   |   | 3,979,645 |  |   | 2,738,781 |  |   | 3,357,825 |  |   |   |
| Press Ganey Holding, Inc.          |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor(3)(11) |   | 10/21/2024 |   | 6,500,000 |  |   | 6,473,059 |  |   | 6,472,505 |  |   | 0.8% |
|                               |   |   |   |   |   |   |   | 6,500,000 |  |   | 6,473,059 |  |   | 6,472,505 |  |   |   |
| PT Network, LLC                    |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan LIBOR + 6.500%, 1.000% Floor(3) (4) (5) |   | 11/30/2021 |   | 4,833,334 |  |   | 4,833,334 |  |   | 4,833,334 |  |   | 0.6% |
|                               |   |   |   |   |   |   |   | 4,833,334 |  |   | 4,833,334 |  |   | 4,833,334 |  |   |   |
| Reddy Ice Corporation              |   | Beverage & Food |   | Senior Secured Second Lien Term Loan LIBOR + 9.500%, 1.250% Floor(4) (8) |   | 11/1/2019 |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,720,000 |  |   | 0.2% |

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Table of Contents

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|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                            |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
|                                  |   |   |   |   |   |   |   | 2,000,000 |  |   | 2,000,000 |  |   | 1,720,000 |  |   |   |
| Research Now Group, Inc.              |   | Services:  Business |   | Senior Secured Second Lien Term Loan LIBOR + 8.750%, 1.000% Floor(3) |   | 3/18/2022 |   | 15,000,000 |  |   | 15,000,000 |  |   | 14,983,200 |  |   | 1.9% |
|                                  |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 14,983,200 |  |   |   |
| Response Team Holdings, LLC           |   | Construction & Building |   | Preferred Equity 12% PIK(4) (6) (12) |   |   |   | — |  |   | 3,384,734 |  |   | 967,238 |  |   | 0.1% |
|                                  |   |   |   | Warrants (4) (6) (7) |   |   |   | — |  |   | 257,407 |  |   | — |  |   | 0.0% |
|                                  |   |   |   |   |   |   |   | — |  |   | 3,642,141 |  |   | 967,238 |  |   |   |
| Rhombus Cinema Holdings, LP           |   | Media:  Diversified & Production |   | Preferred Equity 10.000% PIK(4) (6) |   |   |   | — |  |   | 4,584,207 |  |   | 5,051,193 |  |   | 0.7% |
|                                  |   |   |   | Equity (4) (6) (7) |   |   |   | — |  |   | 3,162,793 |  |   | 3,162,793 |  |   | 0.4% |
|                                  |   |   |   |   |   |   |   | — |  |   | 7,747,000 |  |   | 8,213,986 |  |   |   |
| School Specialty, Inc.                |   | Wholesale |   | Senior Secured First Lien Term Loan LIBOR + 8.500%, 1.000% Floor(3) |   | 6/11/2019 |   | 9,198,434 |  |   | 9,169,670 |  |   | 9,198,434 |  |   | 1.2% |
|                                  |   |   |   |   |   |   |   | 9,198,434 |  |   | 9,169,670 |  |   | 9,198,434 |  |   |   |
| Ship Supply Acquisition Corporation   |   | Services:  Business |   | Senior Secured First Lien Term Loan  LIBOR + 8.000%, 1.000% Floor(3) (4) |   | 7/31/2020 |   | 23,437,500 |  |   | 23,437,500 |  |   | 22,970,391 |  |   | 3.0% |
|                                  |   |   |   |   |   |   |   | 23,437,500 |  |   | 23,437,500 |  |   | 22,970,391 |  |   |   |
| Sizzling Platter, LLC                 |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loan LIBOR + 7.500%, 1.000% Floor(3) |   | 4/28/2020 |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,091,200 |  |   | 2.0% |
|                                  |   |   |   |   |   |   |   | 15,000,000 |  |   | 15,000,000 |  |   | 15,091,200 |  |   |   |
| SMART Financial Operations, LLC       |   | Retail |   | Senior Secured First Lien Term Loan LIBOR + 10.000%, 1.000% Floor(3) (4) (5) |   | 11/22/2021 |   | 3,700,000 |  |   | 3,700,000 |  |   | 3,700,000 |  |   | 0.5% |
|                                  |   |   |   | Equity (4) (7) |   |   |   | — |  |   | 1,000,000 |  |   | 1,000,000 |  |   | 0.1% |
|                                  |   |   |   |   |   |   |   | 3,700,000 |  |   | 4,700,000 |  |   | 4,700,000 |  |   |   |
| Southwest Dealer Services, Inc.       |   | Automotive |   | Senior Secured First Lien Term Loan LIBOR + 6.000%, 1.000% Floor(3) (4) (17) |   | 3/16/2020 |   | 2,538,823 |  |   | 2,538,823 |  |   | 2,535,878 |  |   | 0.3% |
|                                  |   |   |   |   |   |   |   | 2,538,823 |  |   | 2,538,823 |  |   | 2,535,878 |  |   |   |
| Survey Sampling International, LLC    |   | Services:  Business |   | Senior Secured Second Lien Term Loan LIBOR + 9.000%, 1.000% Floor(3) |   | 12/16/2021 |   | 24,000,000 |  |   | 24,000,000 |  |   | 24,000,000 |  |   | 3.1% |
|                                  |   |   |   |   |   |   |   | 24,000,000 |  |   | 24,000,000 |  |   | 24,000,000 |  |   |   |
| Techniplas, LLC                       |   | Automotive |   | Senior Secured First Lien Note 10.000%(9) |   | 5/1/2020 |   | 6,000,000 |  |   | 6,000,000 |  |   | 5,218,500 |  |   | 0.7% |
|                                  |   |   |   |   |   |   |   | 6,000,000 |  |   | 6,000,000 |  |   | 5,218,500 |  |   |   |
| The Garretson Resolution Group, Inc.  |   | Services:  Business |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(3) |   | 5/22/2021 |   | 9,625,000 |  |   | 9,587,577 |  |   | 9,663,115 |  |   | 1.2% |
|                                  |   |   |   |   |   |   |   | 9,625,000 |  |   | 9,587,577 |  |   | 9,663,115 |  |   |   |
| Touchtunes Interactive Networks, Inc. |   | Media:  Diversified & Production |   | Senior Secured Second Lien Term Loan LIBOR + 8.250%, 1.000% Floor(3) |   | 5/27/2022 |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,519,800 |  |   | 1.0% |
|                                  |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,500,000 |  |   | 7,519,800 |  |   |   |
| Transocean Phoenix 2 Ltd.             |   | Energy:  Oil & Gas |   | Senior Secured First Lien Note 7.750%(4) (9) (13) |   | 10/15/2024 |   | 7,500,000 |  |   | 7,387,506 |  |   | 7,919,325 |  |   | 1.0% |
|                                  |   |   |   |   |   |   |   | 7,500,000 |  |   | 7,387,506 |  |   | 7,919,325 |  |   |   |
| TravelCLICK, Inc.                     |   | Hotel, Gaming & Leisure |   | Senior Secured Second Lien Term Loan LIBOR + 7.750%, 1.000% Floor(3)(11) |   | 11/6/2021 |   | 6,000,000 |  |   | 5,935,400 |  |   | 5,899,740 |  |   | 0.8% |
|                                  |   |   |   |   |   |   |   | 6,000,000 |  |   | 5,935,400 |  |   | 5,899,740 |  |   |   |
| Truco Enterprises, LP                 |   | Beverage & Food |   | Senior Secured First Lien Term Loan  8.240% Fixed(4) (8) |   | 4/26/2021 |   | 9,949,580 |  |   | 9,949,580 |  |   | 9,949,580 |  |   | 1.3% |
|                                  |   |   |   |   |   |   |   | 9,949,580 |  |   | 9,949,580 |  |   | 9,949,580 |  |   |   |
| True Religion Apparel, Inc.           |   | Retail |   | Senior Secured Second Lien Term Loan LIBOR + 10.000%, 1.000% Floor(3) |   | 1/30/2020 |   | 4,000,000 |  |   | 3,899,083 |  |   | — |  |   | 0.0% |
|                                  |   |   |   |   |   |   |   | 4,000,000 |  |   | 3,899,083 |  |   | — |  |   |   |

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|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                               |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Cost |   | Fair Value |   | % of Net Assets(2) |
| U.S. Auto Sales, Inc.                                                    |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loan LIBOR + 11.750%, 1.000% Floor(4) (8) (17) |   | 6/5/2020 |   | 5,500,000 |  |   | 5,500,000 |  |   | 5,452,095 |  |   | 0.7% |
|                                                                     |   |   |   |   |   |   |   | 5,500,000 |  |   | 5,500,000 |  |   | 5,452,095 |  |   |   |
| U.S. Well Services, LLC                                                  |   | Energy:  Oil & Gas |   | Warrants (7) |   |   |   | — |  |   | 173 |  |   | — |  |   | 0.0% |
|                                                                     |   |   |   |   |   |   |   | — |  |   | 173 |  |   | — |  |   |   |
| Valence Surface Technologies, Inc.                                       |   | Aerospace & Defense |   | Senior Secured First Lien Term Loan LIBOR + 5.500%, 1.000% Floor(4) (8) |   | 6/13/2019 |   | 3,499,128 |  |   | 3,486,054 |  |   | 3,388,590 |  |   | 0.4% |
|                                                                     |   |   |   |   |   |   |   | 3,499,128 |  |   | 3,486,054 |  |   | 3,388,590 |  |   |   |
| Velocity Pooling Vehicle, LLC                                            |   | Automotive |   | Senior Secured Second Lien Term Loan LIBOR + 7.250%, 1.000% Floor(3) (4) |   | 5/13/2022 |   | 20,625,000 |  |   | 18,591,706 |  |   | 10,996,425 |  |   | 1.4% |
|                                                                     |   |   |   |   |   |   |   | 20,625,000 |  |   | 18,591,706 |  |   | 10,996,425 |  |   |   |
| Verso Corporation                                                        |   | Media: Advertising, Printing & Publishing |   | Common Stock (7) (15) |   |   |   | — |  |   | 2,238,108 |  |   | 1,262,666 |  |   | 0.2% |
|                                                                     |   |   |   |   |   |   |   | — |  |   | 2,238,108 |  |   | 1,262,666 |  |   |   |
| VOYA CLO 2016-2, LTD.                                                    |   | Multi-Sector Holdings |   | Subordinated Note 16.185% effective yield(6) (9) (10) |   | 7/19/2028 |   | 22,842,661 |  |   | 19,918,800 |  |   | 20,551,542 |  |   | 2.7% |
|                                                                     |   |   |   |   |   |   |   | 22,842,661 |  |   | 19,918,800 |  |   | 20,551,542 |  |   |   |
| Watermill-QMC Midco, Inc.                                                |   | Automotive |   | Partnership Interest (4) (6) (7) |   |   |   | — |  |   | 850,136 |  |   | 1,102,626 |  |   | 0.1% |
|                                                                     |   |   |   |   |   |   |   | — |  |   | 850,136 |  |   | 1,102,626 |  |   |   |
| Z Gallerie, LLC                                                          |   | Retail |   | Senior Secured First Lien Term Loan  LIBOR + 6.500%, 1.000% Floor(4) (8) |   | 10/8/2020 |   | 4,682,646 |  |   | 4,645,211 |  |   | 4,682,647 |  |   | 0.6% |
|                                                                     |   |   |   |   |   |   |   | 4,682,646 |  |   | 4,645,211 |  |   | 4,682,647 |  |   |   |
|              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total non-controlled/non-affiliated investments                          |   |   |   |   |   | $ | 921,626,572 |  |   | $ | 885,400,856 |  |   | 114.5% |
| Controlled/affiliated investments – 9.5%(16)                  |   |   |   |   |   |   |   |   |   |   |
| Capstone Nutrition                                                       |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan  LIBOR + 12.500%, 1.000% Floor, PIK(4) (8) (12) |   | 4/28/2019 |   | 25,327,876 |  |   | 22,770,855 |  |   | 16,246,819 |  |   | 2.1% |
|                                                                     |   |   |   | Common Stock (4) (7) |   |   |   | — |  |   | 300,002 |  |   | — |  |   | 0.0% |
|                                                                     |   |   |   | Common Stock, Class B (4) (7) |   |   |   | — |  |   | 9 |  |   | — |  |   | 0.0% |
|                                                                     |   |   |   | Common Stock, Class C (4) (7) |   |   |   | — |  |   | — |  |   | — |  |   | 0.0% |
|                                                                     |   |   |   |   |   |   |   | 25,327,876 |  |   | 23,070,866 |  |   | 16,246,819 |  |   |   |
| MCM Capital Office Park Holdings LLC                                     |   | Banking, Finance, Insurance & Real Estate |   | Equity (6) (7) |   |   |   | — |  |   | 7,500,000 |  |   | 7,500,000 |  |   | 1.0% |
|                                                                     |   |   |   |   |   |   |   | — |  |   | 7,500,000 |  |   | 7,500,000 |  |   |   |
| Nomida LLC                                                               |   | Construction & Building |   | Equity (6) (7) |   |   |   | — |  |   | 5,400,000 |  |   | 5,400,000 |  |   | 0.7% |
|                                                                     |   |   |   | Senior Secured First Lien Term Loan 10.000%(6) |   | 12/1/2020 |   | 8,100,000 |  |   | 8,100,000 |  |   | 8,100,000 |  |   | 1.0% |
|                                                                     |   |   |   |   |   |   |   | 8,100,000 |  |   | 13,500,000 |  |   | 13,500,000 |  |   |   |
| Sierra Senior Loan Strategy JV I LLC                                     |   | Multi-Sector Holdings |   | Equity(5)(6) |   |   |   | 60,785,000 |  |   | 60,785,000 |  |   | 60,496,647 |  |   | 7.8% |
|                                                                     |   |   |   |   |   |   |   | 60,785,000 |  |   | 60,785,000 |  |   | 60,496,647 |  |   |   |
| Total controlled/affiliated investments                                  |   |   |   |   |   | $ | 104,855,866 |  |   | $ | 97,743,466 |  |   | 12.6% |
| Money market fund – 3.0%                                      |   |   |   |   |   |   |   |   |   |   |
| Federated Institutional Prime Obligations Fund                           |   |   |   | Money Market 0.49%(15) |   |   |   | 22,966,981 |  |   | 22,966,981 |  |   | 22,966,981 |  |   | 3.0% |
| Total money market fund                                                  |   |   |   |   |   | $ | 22,966,981 |  |   | $ | 22,966,981 |  |   | 3.0% |
| Derivative Instrument - Long Exposure                                    |   |   |   |   |   | Notional Amount |   | Unrealized Appreciation (Depreciation) |   |   |
| Total return swap with Citibank, N.A. (Note 5)                           |   |   |   | Total Return Swap |   |   |   |   |   | 227,513,679 |  |   | (13,647,330) |  |   |   |
|                                                                     |   |   |   |   |   |   |   |   |   | $ | 227,513,679 |  |   | $ | (13,647,330 | ) |   |   |

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|------|
|      |  |
| (1)  | All of the Company's investments are domiciled in the United States except for Livingston International Inc., which is domiciled in Canada and AMMC CLO 17, Limited Series 2015-17A, Apidos CLO XXIV, Series 2016-24A, Dryden 38 Senior Loan Fund, Series 2015-38A, Dryden 43 Senior Loan Fund, Series 2016-43A, Dryden 49 Senior Loan Fund and VOYA CLO 2016-2, LTD. which are all domiciled in the Cayman Islands. All foreign investments were denominated in US Dollars. |
| (2)  | Percentage is based on net assets of $773,113,087 as of December 31, 2016. |
| (3)  | The interest rate on these loans is subject to a base rate plus 3 Month “3M” LIBOR, which at December 31, 2016 was 1.00%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 3M LIBOR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 was the base rate plus the LIBOR floor. |
| (4)  | An affiliated Company that is managed by an affiliate of SIC Advisors LLC also holds an investment in this security. |
| (5)  | The investment has an unfunded commitment as of December 31, 2016. For further details (see Note 11). Fair value includes an analysis of the unfunded commitment. |
| (6)  | The investment is not a qualifying asset under Section 55 of the Investment Company Act of 1940, as amended, (the "1940 Act"). Non-qualifying assets represent 22.4% of the Company's portfolio at fair value. |
| (7)  | Security is non-income producing. |
| (8)  | The interest rate on these loans is subject to a base rate plus 1 Month "1M" LIBOR, which at December 31, 2016 was 0.77%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1M LIBOR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 was the base rate plus the LIBOR floor. |
| (9)  | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $113,438,688 or 14.7% of net assets as of December 31, 2016 and are considered restricted. |
| (10) | This investment is in the equity class of a collateralized loan obligation ("CLO") security. The CLO equity investments are entitled to recurring distributions, which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield is based on the current projections of this excess cash flow taking into account assumptions that have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions. |
| (11) | Security is also held in the underlying portfolio of the total return swap with Citibank, N.A. (see Note 5) or the Sierra Senior Loan Strategy JV I LLC portfolio (see Note 3). The Company's total exposure to Astro AB Borrower, APCO Holdings, Inc., Inc., Asurion LLC, ConvergeOne Holdings Corp., Genex Holdings, Inc., Isola USA Corp., Livingston International, Inc., Preferred Sands Holding Company, LLC, Press Ganey Holdings, and TravelCLICK, Inc. is $7,020,932 or 0.9%, 9,123,869 or 1.2%, $8,082,500 or 1.0%, $14,962,500 or 1.9%, $12,427,662 or 1.6%,  $8,708,549 or 1.1%, $4,502,200 or 0.6%, $6,199,301 or 0.8%, $15,930,005 or 2.1%, and $10,585,217 or 1.4%, respectively, of Net Assets as of December 31, 2016. |
| (12) | The investment was on non-accrual status as of December 31, 2016. |
| (13) | Represents securities in Level 2 in the ASC 820 table (see Note 4). |
| (14) | The interest rate on these loans is subject to a base rate plus 6 month "6M" LIBOR, which at December 31, 2016 was 1.32%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 6M LIBOR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 was the base rate plus the LIBOR floor. |
| (15) | Represents securities in Level 1 in the ASC 820 table (see Note 4). |
| (16) | Control Investments are defined by the 1940 Act as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation. |
| (17) | A portion of this investment was sold via a participation agreement |

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

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

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

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

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | recent acquisition prices of the company, debt securities or equity securities (“Acquisition Price Approach”); |

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

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

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

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

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

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

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

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

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

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

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

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          |   | 2017 |   | 2016 |
| Source of Distribution        |   | DistributionAmount |   | Percentage |   | DistributionAmount |   | Percentage |
| Ordinary income               |   | $ | 15,267,181 |  |   | 100.0 | % |   | $ | 17,021,554 |  |   | 100.0 | % |
| Net realized gain             |   | — |  |   | — |  |   | — |  |   | — |  |
| Return of capital (other)     |   | — |  |   | — |  |   | — |  |   | — |  |
| Distributions on a tax basis: |   | $ | 15,267,181 |  |   | 100.0 | % |   | $ | 17,021,554 |  |   | 100.0 | % |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Senior secured first lien term loans  | $ | 550,810,012 |  |   | 51.5 | % |   | $ | 534,275,047 |  |   | 51.8 | % |
| Senior secured second lien term loans | 287,289,368 |  |   | 26.9 |  |   | 270,939,205 |  |   | 26.3 |  |
| Senior secured first lien notes       | 63,173,911 |  |   | 5.9 |  |   | 64,853,852 |  |   | 6.3 |  |
| Subordinated notes                    | 48,603,325 |  |   | 4.5 |  |   | 47,353,946 |  |   | 4.6 |  |
| Sierra Senior Loan Strategy JV I LLC  | 63,628,750 |  |   | 5.9 |  |   | 63,513,166 |  |   | 6.2 |  |
| Warrants/Equity                       | 56,282,582 |  |   | 5.3 |  |   | 51,114,740 |  |   | 5.0 |  |
| Total                                 | $ | 1,069,787,948 |  |   | 100.0 | % |   | $ | 1,032,049,956 |  |   | 100.0 | % |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Senior secured first lien term loans  | $ | 515,753,491 |  |   | 50.2 | % |   | $ | 493,340,277 |  |   | 50.2 | % |
| Senior secured second lien term loans | 275,915,932 |  |   | 26.9 |  |   | 260,008,735 |  |   | 26.4 |  |
| Senior secured first lien notes       | 72,767,547 |  |   | 7.1 |  |   | 71,970,598 |  |   | 7.3 |  |
| Sierra Senior Loan Strategy JV I LLC  | 60,785,000 |  |   | 5.9 |  |   | 60,496,647 |  |   | 6.2 |  |
| Subordinated Debt                     | 53,041,209 |  |   | 5.2 |  |   | 55,185,590 |  |   | 5.6 |  |
| Warrants/Equity                       | 48,219,259 |  |   | 4.7 |  |   | 42,142,475 |  |   | 4.3 |  |
| Total                                 | $ | 1,026,482,438 |  |   | 100.0 | % |   | $ | 983,144,322 |  |   | 100.0 | % |

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|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Services:  Business                           | $ | 157,642,755 |  |   | 14.7 | % |   | $ | 157,300,872 |  |   | 15.2 | % |
| Multi-Sector Holdings                         | 134,898,742 |  |   | 12.6 |  |   | 133,734,604 |  |   | 13.0 |  |
| Construction & Building                   | 85,883,271 |  |   | 8.0 |  |   | 84,432,140 |  |   | 8.2 |  |
| Healthcare & Pharmaceuticals              | 78,348,836 |  |   | 7.3 |  |   | 72,665,680 |  |   | 7.0 |  |
| Banking, Finance, Insurance & Real Estate | 72,353,994 |  |   | 6.8 |  |   | 72,626,372 |  |   | 7.0 |  |
| Aerospace & Defense                       | 69,171,220 |  |   | 6.5 |  |   | 70,521,240 |  |   | 6.8 |  |
| Hotel, Gaming & Leisure                   | 71,435,477 |  |   | 6.7 |  |   | 62,753,358 |  |   | 6.1 |  |
| Retail                                        | 68,177,914 |  |   | 6.4 |  |   | 58,038,805 |  |   | 5.6 |  |
| High Tech Industries                          | 42,733,861 |  |   | 4.0 |  |   | 42,096,853 |  |   | 4.1 |  |
| Telecommunications                            | 34,883,571 |  |   | 3.3 |  |   | 35,058,982 |  |   | 3.4 |  |
| Energy:  Oil & Gas                        | 30,612,733 |  |   | 2.9 |  |   | 28,753,797 |  |   | 2.8 |  |
| Transportation: Cargo                         | 28,588,435 |  |   | 2.7 |  |   | 28,501,997 |  |   | 2.8 |  |
| Automotive                                    | 32,192,747 |  |   | 3.0 |  |   | 24,636,827 |  |   | 2.4 |  |
| Chemicals, Plastics & Rubber              | 22,696,006 |  |   | 2.1 |  |   | 22,772,721 |  |   | 2.2 |  |
| Metals & Mining                           | 21,889,280 |  |   | 2.0 |  |   | 21,837,058 |  |   | 2.1 |  |
| Wholesale                                     | 21,700,077 |  |   | 2.0 |  |   | 21,114,886 |  |   | 2.0 |  |
| Beverage & Food                           | 18,924,370 |  |   | 1.8 |  |   | 19,211,870 |  |   | 1.9 |  |
| Media: Advertising, Printing & Publishing | 20,222,667 |  |   | 1.9 |  |   | 19,116,944 |  |   | 1.9 |  |
| Media:  Diversified & Production          | 15,247,000 |  |   | 1.4 |  |   | 16,664,198 |  |   | 1.6 |  |
| Media: Broadcasting & Subscription        | 15,773,597 |  |   | 1.5 |  |   | 13,787,824 |  |   | 1.3 |  |
| Capital Equipment                             | 11,843,750 |  |   | 1.1 |  |   | 11,843,750 |  |   | 1.1 |  |
| Transportation:  Consumer                     | 7,332,535 |  |   | 0.7 |  |   | 7,332,535 |  |   | 0.7 |  |
| Services:  Consumer                           | 5,235,110 |  |   | 0.5 |  |   | 5,246,643 |  |   | 0.5 |  |
| Consumer Goods:  Non-Durable                  | 2,000,000 |  |   | 0.2 |  |   | 2,000,000 |  |   | 0.2 |  |
| Total                                         | $ | 1,069,787,948 |  |   | 100.0 | % |   | $ | 1,032,049,956 |  |   | 100.0 | % |

----

Table of Contents

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Services: Business                            | $ | 159,797,762 |  |   | 15.6 | % |   | $ | 149,451,149 |  |   | 15.2 | % |
| Multi-Sector Holdings                         | 128,326,209 |  |   | 12.5 |  |   | 130,182,237 |  |   | 13.3 |  |
| Banking, Finance, Insurance & Real Estate | 72,588,294 |  |   | 7.1 |  |   | 72,938,844 |  |   | 7.4 |  |
| Aerospace & Defense                       | 68,415,721 |  |   | 6.7 |  |   | 70,126,640 |  |   | 7.1 |  |
| Hotel, Gaming & Leisure                   | 71,197,643 |  |   | 6.9 |  |   | 69,640,838 |  |   | 7.1 |  |
| Healthcare & Pharmaceuticals              | 75,853,228 |  |   | 7.4 |  |   | 69,382,894 |  |   | 7.1 |  |
| Retail                                        | 71,315,882 |  |   | 6.9 |  |   | 61,292,231 |  |   | 6.2 |  |
| Construction & Building                   | 59,905,702 |  |   | 5.8 |  |   | 58,267,425 |  |   | 5.9 |  |
| Telecommunications                            | 37,511,289 |  |   | 3.7 |  |   | 37,580,414 |  |   | 3.8 |  |
| Energy: Oil & Gas                         | 38,245,386 |  |   | 3.7 |  |   | 33,048,939 |  |   | 3.4 |  |
| Transportation: Cargo                         | 28,797,584 |  |   | 2.8 |  |   | 28,493,057 |  |   | 2.9 |  |
| High Tech Industries                          | 26,733,476 |  |   | 2.6 |  |   | 25,888,925 |  |   | 2.6 |  |
| Automotive                                    | 32,217,128 |  |   | 3.1 |  |   | 24,222,630 |  |   | 2.5 |  |
| Wholesale                                     | 22,332,170 |  |   | 2.2 |  |   | 21,660,294 |  |   | 2.2 |  |
| Metals & Mining                           | 20,756,842 |  |   | 2.0 |  |   | 20,518,139 |  |   | 2.1 |  |
| Media: Advertising, Printing & Publishing | 20,267,753 |  |   | 2.0 |  |   | 19,306,587 |  |   | 2.0 |  |
| Beverage & Food                           | 18,949,580 |  |   | 1.8 |  |   | 19,282,080 |  |   | 2.0 |  |
| Media: Broadcasting & Subscription        | 18,085,575 |  |   | 1.8 |  |   | 15,830,498 |  |   | 1.6 |  |
| Media: Diversified & Production           | 15,247,000 |  |   | 1.5 |  |   | 15,733,786 |  |   | 1.6 |  |
| Chemicals, Plastics & Rubber              | 15,515,124 |  |   | 1.5 |  |   | 15,726,190 |  |   | 1.6 |  |
| Capital Equipment                             | 11,937,500 |  |   | 1.2 |  |   | 12,088,629 |  |   | 1.2 |  |
| Transportation: Consumer                      | 7,280,374 |  |   | 0.7 |  |   | 7,280,374 |  |   | 0.7 |  |
| Services: Consumer                            | 5,205,216 |  |   | 0.5 |  |   | 5,201,522 |  |   | 0.5 |  |
| Total                                         | $ | 1,026,482,438 |  |   | 100.0 | % |   | $ | 983,144,322 |  |   | 100.0 | % |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |  |
|           | March 31, 2017 |   | December 31, 2016 |
| Geography      | Fair Value |   | Percentage |   | Fair Value |   | Percentage |
| United States  | $ | 959,265,746 |  |   | 93.0 | % |   | $ | 905,925,975 |  |   | 92.1 | % |
| Canada         | 2,562,772 |  |   | 0.2 |  |   | 7,532,757 |  |   | 0.8 |  |
| Cayman Islands | 70,221,438 |  |   | 6.8 |  |   | 69,685,590 |  |   | 7.1 |  |
| Total          | $ | 1,032,049,956 |  |   | 100.0 | % |   | $ | 983,144,322 |  |   | 100.0 | % |

----

Table of Contents

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Name of Investment                      |   | Fair Value at December 31, 2016 |   | Purchases/(Sales)of Investments |   | TransfersIn/(Out)of Investments |   | Net change inunrealizedappreciation/(depreciation) |   | Realized Gain/(Loss) |   | Fair Value at March 31, 2017 |   | IncomeEarned |
| Access Media Holdings, LLC              |   | $ | — |  |   | $ | 140,691 |  |   | $ | 6,868,420 |  |   | $ | 105,094 |  |   | $ | — |  |   | $ | 7,114,205 |  |   | $ | 264,393 |  |
| Capstone Nutrition                      |   | 16,246,819 |  |   | (281,769 | ) |   | — |  |   | 836,275 |  |   | — |  |   | 16,801,325 |  |   | — |  |
| MCM Capital Office Park Holdings LLC    |   | 7,500,000 |  |   | (155,844 | ) |   | — |  |   | — |  |   | — |  |   | 7,344,156 |  |   | — |  |
| Nomida LLC(1)                           |   | 13,500,000 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 13,500,000 |  |   | 202,500 |  |
| Sierra Senior Loan Strategy JV I LLC(2) |   | 60,496,647 |  |   | 2,843,750 |  |   | — |  |   | 172,769 |  |   | — |  |   | 63,513,166 |  |   | 1,837,500 |  |
| TwentyEighty, Inc.                      |   | — |  |   | 14,421,126 |  |   | — |  |   | (25,119 | ) |   | — |  |   | 14,396,007 |  |   | 193,006 |  |
| Total                                   |   | $ | 97,743,466 |  |   | $ | 16,967,954 |  |   | $ | 6,868,420 |  |   | $ | 1,089,019 |  |   | $ | — |  |   | $ | 122,668,859 |  |   | $ | 2,497,399 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Name of Investment                      |   | Fair Value at December 31, 2015 |   | Purchases/(Sales)of Investments |   | TransfersIn/(Out)of Investments |   | Net change inunrealizedappreciation/(depreciation) |   | Realized Gain/(Loss) |   | Fair Value at March 31, 2016 |   | IncomeEarned |
| Nomida LLC(1)                           |   | $ | 13,500,042 |  |   | $ | — |  |   | $ | — |  |   | $ | 39 |  |   | $ | — |  |   | $ | 13,500,081 |  |   | $ | 204,750 |  |
| Sierra Senior Loan Strategy JV I LLC(2) |   | 34,362,191 |  |   | 262,500 |  |   | — |  |   | (27,137 | ) |   | — |  |   | 34,597,554 |  |   | 726,250 |  |
| Total                                   |   | $ | 47,862,233 |  |   | $ | 262,500 |  |   | $ | — |  |   | $ | (27,098 | ) |   | $ | — |  |   | $ | 48,097,635 |  |   | $ | 931,000 |  |

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

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

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Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |
|                                                              | March 31, 2017 |   | December 31, 2016 |
| Senior secured loans(1)                                           | $ | 208,041,257 |  |   | $ | 187,314,127 |  |
| Weighted average current interest rate on senior secured loans(2) | 6.80 | % |   | 6.73 | % |
| Number of borrowers in the Sierra JV                              | 44 |  |   | 40 |  |
| Investments at fair value                                         | $ | 204,428,398 |  |   | $ | 183,657,487 |  |
| Largest loan to a single borrower(1)                              | $ | 11,462,500 |  |   | $ | 10,000,000 |  |
| Total of five largest loans to borrowers(1)                       | $ | 42,663,118 |  |   | $ | 39,387,481 |  |

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

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

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                                     | Industry |   | Type of Investment |   | Coupon Rate |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| 4 Over International, LLC                   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 6/7/2022 |  |   | $ | 11,462,500 |  |   | $ | 11,462,500 |  |   | $ | 11,462,500 |  |
| AccentCare, Inc.                            | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(5) |   | LIBOR + 5.750%, 1.000% Floor |   | 9/3/2021 |  |   | 4,618,029 |  |   | 4,584,215 |  |   | 4,606,484 |  |
| Amplify Snack Brands, Inc.                  | Beverage & Food |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 9/2/2023 |  |   | 5,970,000 |  |   | 5,915,141 |  |   | 5,815,855 |  |
| APCO Holdings, Inc.                         | Automotive |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 1/31/2022 |  |   | 4,740,202 |  |   | 4,625,360 |  |   | 4,740,203 |  |
| API Technologies Corp.                      | Aerospace & Defense |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 4/22/2022 |  |   | 5,955,000 |  |   | 5,853,946 |  |   | 5,976,676 |  |
| Avantor Performance Materials Holdings, LLC | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loans(2) |   | LIBOR + 4.000%, 1.000% Floor |   | 3/17/2024 |  |   | 2,878,788 |  |   | 2,871,332 |  |   | 2,903,977 |  |
| Blount International, Inc.                  | Capital Equipment |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.250%, 1.000% Floor |   | 4/12/2023 |  |   | 1,990,000 |  |   | 1,955,918 |  |   | 2,005,621 |  |

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Table of Contents

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                                                 | Industry |   | Type of Investment |   | Coupon Rate |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| Cardenas Markets LLC                                    | Retail |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.750%, 1.000% Floor |   | 4/12/2023 |  |   | 6,483,750 |  |   | 6,422,008 |  |   | 6,418,912 |  |
| CD&R TZ Purchaser, Inc.                             | Services: Consumer |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 7/21/2023 |  |   | 6,467,500 |  |   | 6,379,505 |  |   | 6,376,890 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 4.500%, 1.000% Floor |   | 3/31/2019 |  |   | 856,863 |  |   | 856,863 |  |   | 856,863 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4)(6) |   | LIBOR + 4.500%, 1.000% Floor |   | 3/31/2019 |  |   | 357,026 |  |   | 357,026 |  |   | 357,026 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4)(6) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/31/2019 |  |   | 2,544,016 |  |   | 1,195,026 |  |   | 1,272,008 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4)(6) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/31/2019 |  |   | 1,558,081 |  |   | — |  |   | — |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Common Stock |   | — |   | — |  |   | — |  |   | — |  |   | — |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 4.500%, 1.000% Floor |   | 10/31/2021 |  |   | 564,956 |  |   | 564,956 |  |   | 564,956 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 9.500%, 1.000% Floor, PIK |   | 10/31/2021 |  |   | 34,144 |  |   | 34,144 |  |   | 34,144 |  |
| CRGT                                                    | High Tech Industries |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 2/28/2022 |  |   | 5,000,000 |  |   | 4,900,883 |  |   | 4,925,000 |  |
| CSP Technologies North America, LLC                     | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loans(7) |   | LIBOR + 6.000%, 1.000% Floor |   | 1/0/1900 |  |   | 4,755,882 |  |   | 4,755,882 |  |   | 4,755,882 |  |
| Elite Comfort Solutions LLC                             | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 1/15/2021 |  |   | 9,936,872 |  |   | 9,936,872 |  |   | 9,936,872 |  |
| EVO Payments International, LLC                         | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(4) |   | LIBOR + 5.000%, 1.000% Floor |   | 12/22/2023 |  |   | 3,500,000 |  |   | 3,466,117 |  |   | 3,526,250 |  |
| Explorer Holdings, Inc.                                 | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 5/2/2023 |  |   | 1,240,625 |  |   | 1,229,811 |  |   | 1,253,031 |  |
| GK Holdings, Inc.                                       | Services: Business |   | Senior Secured First Lien Term Loan(1) |   | LIBOR + 5.500%, 1.000% Floor |   | 1/20/2021 |  |   | 4,019,019 |  |   | 4,000,641 |  |   | 3,998,924 |  |
| Global Eagle Entertainment Inc.                         | Telecommunications |   | Senior Secured First Lien Term Loans(5) |   | LIBOR + 6.000%, 1.000% Floor |   | 1/6/2023 |  |   | 4,200,000 |  |   | 4,124,802 |  |   | 4,122,006 |  |
| GTCR Valor Companies, Inc.                              | Media:  Diversified & Production |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.250%, 1.000% Floor |   | 6/16/2023 |  |   | 7,436,271 |  |   | 7,169,728 |  |   | 7,436,271 |  |
| Harbortouch Payments, LLC                               | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 5/31/2022 |  |   | 2,992,500 |  |   | 2,964,954 |  |   | 2,962,575 |  |
| High Ridge Brands Co.                                   | Consumer Goods: Non-Durable |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.250%, 1.000% Floor |   | 6/30/2022 |  |   | 3,101,562 |  |   | 3,059,233 |  |   | 3,101,563 |  |
| Highline Aftermarket                                    | Automotive |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 4.250%, 1.000% Floor |   | 3/17/2024 |  |   | 3,250,000 |  |   | 3,233,769 |  |   | 3,241,875 |  |
| Imagine! Print Solutions, LLC                           | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/30/2022 |  |   | 5,946,824 |  |   | 5,900,446 |  |   | 5,946,823 |  |
| Keystone Peer Review Organization Holdings, Inc.   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loan(4) |   | ABR + 4.00%, 3.75% ABR Floor |   | 12/28/2022 |  |   | 5,985,000 |  |   | 5,985,000 |  |   | 5,925,150 |  |
| Kraton Polymers LLC                                     | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 1/6/2022 |  |   | 2,166,471 |  |   | 2,095,720 |  |   | 2,166,471 |  |
| MB Aerospace ACP Holdings II Corp.                      | Aerospace and Defense |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 4.750%, 1.000% Floor |   | 12/15/2022 |  |   | 6,914,975 |  |   | 6,857,810 |  |   | 6,914,975 |  |
| MWI Holdings, Inc.                                      | Capital Equipment |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 6/29/2020 |  |   | 3,970,000 |  |   | 3,937,438 |  |   | 3,966,745 |  |
| New Media Holdings II LLC                               | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.250%, 1.000% Floor |   | 6/4/2020 |  |   | 5,894,475 |  |   | 5,875,013 |  |   | 5,894,476 |  |
| O2 Partners, LLC                                        | Consumer Goods: Non-Durable |   | Senior Secured First Lien Term Loans(4) |   | LIBOR + 5.000%, 1.000% Floor |   | 10/7/2022 |  |   | 6,467,500 |  |   | 6,407,745 |  |   | 6,402,825 |  |
| PetroChoice Holdings, Inc.                              | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loans(3) |   | LIBOR + 5.000%, 1.000% Floor |   | 9/3/2022 |  |   | 4,987,342 |  |   | 4,987,342 |  |   | 4,987,342 |  |
| Pomeroy Group LLC                                       | Services: Business |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 11/30/2021 |  |   | 5,157,554 |  |   | 5,022,144 |  |   | 5,072,661 |  |
| PT Network, LLC                                         | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans(4) |   | LIBOR + 7.500%, 1.000% Floor |   | 11/30/2021 |  |   | 2,992,500 |  |   | 2,992,500 |  |   | 2,992,500 |  |

----

Table of Contents

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                              | Industry |   | Type of Investment |   | Coupon Rate |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| Quorum Health Corporation            | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.250%, 1.000% Floor |   | 4/29/2022 |  |   | 2,493,184 |  |   | 2,450,755 |  |   | 2,427,838 |  |
| SCS Holdings I Inc.                  | Wholesale |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.000%, 1.000% Floor |   | 10/30/2022 |  |   | 3,923,877 |  |   | 3,860,879 |  |   | 3,958,211 |  |
| Southwest Dealer Services, Inc.      | Automotive |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/16/2020 |  |   | 4,557,468 |  |   | 4,557,467 |  |   | 4,557,468 |  |
| Sundial Group Holdings LLC           | Consumer Goods:  Non-Durable |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 10/19/2021 |  |   | 5,700,000 |  |   | 5,613,288 |  |   | 5,700,000 |  |
| Survey Sampling International, LLC   | Services: Business |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 12/16/2020 |  |   | 2,969,687 |  |   | 2,946,138 |  |   | 2,969,686 |  |
| TaxAct, Inc.                         | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 1/3/2023 |  |   | 718,287 |  |   | 709,317 |  |   | 718,286 |  |
| The Garretson Resolution Group, Inc. | Services: Business |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 5/22/2021 |  |   | 4,781,250 |  |   | 4,781,250 |  |   | 4,811,372 |  |
| TrialCard Incorporated               | Services: Consumer |   | Senior Secured First Lien Term Loan(4) |   | LIBOR + 5.250%, 1.000% Floor |   | 10/26/2021 |  |   | 6,912,500 |  |   | 6,849,315 |  |   | 6,912,500 |  |
| Valence Surface Technologies, Inc.   | Aerospace and Defense |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 6/13/2019 |  |   | 4,480,061 |  |   | 4,458,983 |  |   | 4,368,956 |  |
| VIP Cinema                           | Consumer Goods:  Durable |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/1/2023 |  |   | 1,000,000 |  |   | 995,041 |  |   | 995,000 |  |
| VCVH Holding Corp.                   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.000%, 1.000% Floor |   | 6/1/2023 |  |   | 5,955,000 |  |   | 5,901,611 |  |   | 5,904,740 |  |
| Victory Capital Operating, LLC       | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 7.500%, 1.000% Floor |   | 10/29/2021 |  |   | 3,241,367 |  |   | 3,220,246 |  |   | 3,269,728 |  |
| Z Gallerie, LLC                      | Retail |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 10/8/2020 |  |   | 4,912,281 |  |   | 4,912,282 |  |   | 4,912,281 |  |
| Total                                |   |   |   |   |   |   |   |   | $ | 208,041,189 |  |   | $ | 203,238,362 |  |   | $ | 204,428,398 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The interest rate on these loans is subject to a base rate plus 1 Month (“1M”) LIBOR, which at March 31, 2017 was 0.98%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The interest rate on these loans is subject to a base rate plus 2 Month (“2M”) LIBOR, which at March 31, 2017 was 1.03%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 2M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The interest rate on these loans is subject to a base rate plus 3 Month (“3M”) LIBOR, which at March 31, 2017 was 1.15%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 3M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The interest rate on these loans is subject to a base rate plus 6 Month (“6M”) LIBOR, which at March 31, 2017 was 1.42%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 6M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 the base rate plus the LIBOR floor. |

|     |                                                                     |
|-----|---------------------------------------------------------------------|
| (6) | The investment was on non-accrual status as of March 31, 2017. |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                     | Industry |   | Type of Investment |   | Coupon Rate |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| 4 Over International, LLC   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 6/7/2022 |  |   | $ | 2,475,000 |  |   | $ | 2,475,000 |  |   | $ | 2,475,000 |  |
| AccentCare, Inc.            | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.750%, 1.000% Floor |   | 9/3/2021 |  |   | 4,582,500 |  |   | 4,546,589 |  |   | 4,582,500 |  |
| Amplify Snack Brands, Inc.  | Beverage & Food |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 9/2/2023 |  |   | 5,985,000 |  |   | 5,927,893 |  |   | 5,810,418 |  |
| APCO Holdings, Inc.         | Automotive |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 1/31/2022 |  |   | 4,834,797 |  |   | 4,711,696 |  |   | 4,854,668 |  |
| API Technologies Corp.      | Aerospace & Defense |   | Senior Secured First Lien Term loans(2)(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 4/22/2022 |  |   | 5,970,000 |  |   | 5,863,757 |  |   | 5,915,434 |  |
| Blount International, Inc.  | Capital Equipment |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.250%, 1.000% Floor |   | 4/12/2023 |  |   | 1,995,000 |  |   | 1,959,438 |  |   | 1,981,634 |  |
| Cardenas Markets LLC        | Retail |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.750%, 1.000% Floor |   | 11/29/2023 |  |   | 6,500,000 |  |   | 6,435,814 |  |   | 6,435,000 |  |
| CD&R TZ Purchaser, Inc. | Services: Consumer |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 7/21/2023 |  |   | 6,483,750 |  |   | 6,392,086 |  |   | 6,289,238 |  |

----

Table of Contents

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                                                 | Industry |   | Type of Investment |   | Coupon Rate |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(3)(4) |   | LIBOR + 4.500%, 1.000% Floor |   | 3/31/2019 |  |   | 564,956 |  |   | 564,956 |  |   | 564,956 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 4.500%, 1.000% Floor |   | 3/31/2019 |  |   | 840,996 |  |   | 840,996 |  |   | 840,996 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4)(5) |   | LIBOR + 4.500%, 1.000% Floor |   | 3/31/2019 |  |   | 350,415 |  |   | 350,415 |  |   | 350,415 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4)(5) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/31/2019 |  |   | 2,478,388 |  |   | 1,195,026 |  |   | 1,239,194 |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Senior Secured First Lien Term loans(4)(5) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/31/2019 |  |   | 1,558,081 |  |   | — |  |   | — |  |
| CP OpCo, LLC                                            | Services: Consumer |   | Common Units |   | — |   | — |  |   | — |  |   | — |  |   | — |  |
| CRGT Inc.                                               | High Tech Industries |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 12/19/2020 |  |   | 4,068,160 |  |   | 4,060,486 |  |   | 4,068,160 |  |
| Elite Comfort Solutions LLC                             | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 1/15/2021 |  |   | 10,000,000 |  |   | 10,000,000 |  |   | 10,100,000 |  |
| Explorer Holdings, Inc.                                 | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.000%, 1.000% Floor |   | 5/2/2023 |  |   | 1,243,750 |  |   | 1,232,468 |  |   | 1,252,208 |  |
| GK Holdings, Inc.                                       | Services: Business |   | Senior Secured First Lien Term loan(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 1/20/2021 |  |   | 4,029,298 |  |   | 4,009,681 |  |   | 4,109,884 |  |
| GTCR Valor Companies, Inc.                              | Media:  Diversified & Production |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 6/16/2023 |  |   | 8,955,000 |  |   | 8,621,284 |  |   | 8,843,063 |  |
| Harbortouch Payments, LLC                               | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 4.750%, 1.000% Floor |   | 10/31/2023 |  |   | 3,000,000 |  |   | 2,971,068 |  |   | 2,970,000 |  |
| High Ridge Brands Co.                                   | Consumer Goods: Non-Durable |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.250%, 1.000% Floor |   | 6/30/2022 |  |   | 3,109,375 |  |   | 3,064,948 |  |   | 3,062,734 |  |
| HNC Holdings, Inc.                                      | Construction & Building |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 4.500%, 1.000% Floor |   | 10/5/2023 |  |   | 165,000 |  |   | 164,199 |  |   | 166,650 |  |
| Imagine! Print Solutions, LLC                           | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/30/2022 |  |   | 5,961,841 |  |   | 5,913,053 |  |   | 6,021,459 |  |
| Keurig Green Mountain, Inc.                             | Beverage & Food |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 3/3/2023 |  |   | 3,100,783 |  |   | 3,063,634 |  |   | 3,100,783 |  |
| Keystone Peer Review Organization Holdings, Inc.   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | ABR + 4.00%, 3.75% ABR Floor |   | 12/28/2022 |  |   | 6,000,000 |  |   | 6,000,000 |  |   | 5,940,000 |  |
| Kraton Polymers LLC                                     | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.000%, 1.000% Floor |   | 1/6/2022 |  |   | 5,000,000 |  |   | 4,828,278 |  |   | 5,050,000 |  |
| MB Aerospace ACP Holdings II Corp.                      | Aerospace and Defense |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 12/15/2022 |  |   | 6,932,481 |  |   | 6,872,697 |  |   | 6,932,481 |  |
| MWI Holdings, Inc.                                      | Capital Equipment |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 6/29/2020 |  |   | 3,980,000 |  |   | 3,944,879 |  |   | 3,970,050 |  |
| New Media Holdings II LLC                               | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.250%, 1.000% Floor |   | 6/4/2020 |  |   | 5,909,552 |  |   | 5,888,526 |  |   | 5,909,552 |  |
| O2 Partners, LLC                                        | Consumer Goods: Non-Durable |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.000%, 1.000% Floor |   | 10/7/2022 |  |   | 6,483,750 |  |   | 6,421,171 |  |   | 6,418,913 |  |
| Pomeroy Group LLC                                       | Services: Business |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 11/30/2021 |  |   | 5,170,611 |  |   | 5,027,692 |  |   | 5,015,493 |  |
| PT Network, LLC                                         | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 11/30/2021 |  |   | 3,000,000 |  |   | 3,000,000 |  |   | 3,000,000 |  |
| Quorum Health Corporation                               | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.750%, 1.000% Floor |   | 4/29/2022 |  |   | 4,440,779 |  |   | 4,361,538 |  |   | 4,340,862 |  |
| SCS Holdings I Inc.                                     | Wholesale |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 4.250%, 1.000% Floor |   | 10/30/2022 |  |   | 3,933,849 |  |   | 3,867,902 |  |   | 3,924,014 |  |
| Southwest Dealer Services, Inc.                         | Automotive |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 3/16/2020 |  |   | 4,620,675 |  |   | 4,620,675 |  |   | 4,615,315 |  |
| Sundial Group Holdings LLC                              | Consumer Goods:  Non-Durable |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.250%, 1.000% Floor |   | 10/19/2021 |  |   | 5,775,000 |  |   | 5,682,389 |  |   | 5,775,000 |  |
| Survey Sampling International, LLC                      | Services: Business |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 12/16/2020 |  |   | 2,977,265 |  |   | 2,952,089 |  |   | 2,996,349 |  |
| TaxAct, Inc.                                            | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.000%, 1.000% Floor |   | 1/3/2023 |  |   | 3,009,259 |  |   | 2,938,091 |  |   | 3,009,259 |  |

----

Table of Contents

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                              | Industry |   | Type of Investment |   | Coupon Rate |   | Maturity |   | Par Amount |   | Cost |   | Fair Value(1) |
| The Garretson Resolution Group, Inc. | Services: Business |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 5/22/2021 |  |   | 4,843,750 |  |   | 4,843,750 |  |   | 4,862,931 |  |
| TrialCard Incorporated               | Services: Consumer |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.250%, 1.000% Floor |   | 10/26/2021 |  |   | 7,000,000 |  |   | 6,932,567 |  |   | 7,000,000 |  |
| Valence Surface Technologies, Inc.   | Aerospace and Defense |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.500%, 1.000% Floor |   | 6/13/2019 |  |   | 3,688,249 |  |   | 3,664,493 |  |   | 3,571,737 |  |
| VCVH Holding Corp.                   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 5.000%, 1.000% Floor |   | 6/1/2023 |  |   | 5,970,000 |  |   | 5,914,339 |  |   | 5,910,300 |  |
| Victory Capital Operating, LLC       | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 7.500%, 1.000% Floor |   | 10/29/2021 |  |   | 1,621,005 |  |   | 1,598,430 |  |   | 1,637,215 |  |
| Western Digital Corporation          | High Tech Industries |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 3.750%, 0.750% Floor |   | 4/29/2023 |  |   | 3,781,000 |  |   | 3,707,843 |  |   | 3,818,810 |  |
| Z Gallerie, LLC                      | Retail |   | Senior Secured First Lien Term loans(4) |   | LIBOR + 6.500%, 1.000% Floor |   | 10/8/2020 |  |   | 4,924,812 |  |   | 4,924,812 |  |   | 4,924,812 |  |
| Total                                |   |   |   |   |   |   |   |   | $ | 187,314,127 |  |   | $ | 182,356,648 |  |   | $ | 183,657,487 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The interest rate on these loans is subject to a base rate plus 1 Month (“1M”) LIBOR, which at December 31, 2016 was 0.77%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1M LIBOR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The interest rate on a portion of these loans is subject to a base rate plus Alternate Base Rate ("ABR"). As the interest rate is subject to a minimum ABR Floor which was greater than the ABR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 was the base rate plus the ABR Floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The interest rate on these loans is subject to a base rate plus 3 Month (“3M”) LIBOR, which at December 31, 2016 was 1.00%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 3M LIBOR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 the base rate plus the LIBOR floor. |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (5) | The investment was on non-accrual status as of December 31, 2016. |

|                                                                                                             |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |
|                                                                                                        | March 31, 2017 |   | December 31, 2016 |
| Selected Consolidated Statement of Assets and Liabilities Information:                                      |   |   |   |
| Investments in loans at fair value (cost: $203,238,362 and 182,356,648, respectively)                       | $ | 204,428,398 |  |   | $ | 183,657,487 |  |
| Cash and cash equivalents                                                                                   | 11,371,006 |  |   | 8,222,344 |  |
| Other Assets                                                                                                | 3,357,386 |  |   | 700,901 |  |
| Total Assets                                                                                                | $ | 219,156,790 |  |   | $ | 192,580,732 |  |
| Senior credit facility payable (net of deferred financing costs of $2,405,661 and $1,286,453, respectively) | 141,094,339 |  |   | 122,624,547 |  |
| Other liabilities                                                                                           | 5,067,809 |  |   | 442,541 |  |
| Interest payable                                                                                            | 408,172 |  |   | 369,942 |  |
| Total liabilities                                                                                           | $ | 146,570,320 |  |   | $ | 123,437,030 |  |
| Members’ capital                                                                                      | 72,586,470 |  |   | 69,143,702 |  |
| Total liabilities and members' capital                                                                      | $ | 219,156,790 |  |   | $ | 192,580,732 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
|                                                       | Three months ended March 31, 2017 |   | Three months ended March 31, 2016 |
| Selected Consolidated Statement of Operations Information: |   |   |   |
| Total investment income                                    | $ | 3,386,077 |  |   | $ | 1,876,987 |  |
| Total expenses                                             | (1,494,332 | ) |   | (941,768 | ) |
| Net unrealized appreciation/(depreciation) of investments  | 79,886 |  |   | (237,638 | ) |
| Net realized gain/(loss) of investments                    | 421,869 |  |   | 19,394 |  |
| Net income/(loss)                                          | $ | 2,393,500 |  |   | $ | 716,975 |  |

----

Table of Contents

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

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2 — Valuations based on inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets including actionable bids from third parties for privately held assets or liabilities, and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivatives or other assets or liabilities. |

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

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment (1)                |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Asset                                 |   |   |   |   |   |   |   |   |
| Senior secured first lien term loans  |   | $ | — |  |   | $ | — |  |   | $ | 534,275,047 |  |   | $ | 534,275,047 |  |
| Senior secured first lien notes       |   | — |  |   | 27,319,950 |  |   | 37,533,902 |  |   | 64,853,852 |  |
| Senior secured second lien term loans |   | — |  |   | — |  |   | 270,939,205 |  |   | 270,939,205 |  |
| Subordinated notes                    |   | — |  |   | — |  |   | 47,353,946 |  |   | 47,353,946 |  |
| Warrants/Equity                       |   | 1,119,054 |  |   | — |  |   | 49,995,686 |  |   | 51,114,740 |  |
| Money market fund                     |   | 10,514,676 |  |   | — |  |   | — |  |   | 10,514,676 |  |
| Total                                 |   | $ | 11,633,730 |  |   | $ | 27,319,950 |  |   | $ | 940,097,786 |  |   | $ | 979,051,466 |  |
| Sierra Senior Loan Strategy JV I LLC  |   |   |   |   |   |   |   | $ | 63,513,166 |  |
| Total Investments, at fair value      |   |   |   |   |   |   |   | $ | 1,042,564,632 |  |

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

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Derivative Instrument-Long Exposure   |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Liability                             |   |   |   |   |   |   |   |   |
| Total return swap with Citibank, N.A. |   | $ | — |  |   | $ | — |  |   | $ | 13,751,686 |  |   | $ | 13,751,686 |  |

----

Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment(1)                 |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Asset                                 |   |   |   |   |   |   |   |   |
| Senior secured first lien term loans  |   | $ | — |  |   | $ | — |  |   | $ | 493,340,277 |  |   | $ | 493,340,277 |  |
| Senior secured first lien notes       |   | — |  |   | 25,540,638 |  |   | 46,429,960 |  |   | 71,970,598 |  |
| Senior secured second lien term loans |   | — |  |   | — |  |   | 260,008,735 |  |   | 260,008,735 |  |
| Subordinated Notes                    |   | — |  |   | — |  |   | 55,185,590 |  |   |   |
| Warrants/equity                       |   | 1,262,666 |  |   | — |  |   | 40,879,809 |  |   | 55,185,590 |  |
| Money market fund                     |   | 22,966,981 |  |   | — |  |   | — |  |   | 42,142,475 |  |
| Total                                 |   | $ | 24,229,647 |  |   | $ | 25,540,638 |  |   | $ | 895,844,371 |  |   | $ | 945,614,656 |  |
| Sierra Senior Loan Strategy JV I LLC  |   |   |   |   |   |   |   | $ | 60,496,647 |  |
| Total Investments, at fair value      |   |   |   |   |   |   |   | $ | 1,006,111,303 |  |

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

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Derivative Instrument-Long Exposure   |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Liability                             |   |   |   |   |   |   |   |   |
| Total return swap with Citibank, N.A. |   | $ | — |  |   | $ | — |  |   | $ | 13,647,330 |  |   | $ | 13,647,330 |  |

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             | SeniorSecuredFirst LienNotes |   | SeniorSecuredFirst LienTerm Loans |   | SeniorSecuredSecond LienTerm Loans |   | Subordinated Notes |   | Warrants/Equity |   | TotalReturnSwap |   | Total |
| Balance, December 31, 2016                                                                  | $ | 46,429,960 |  |   | $ | 493,340,277 |  |   | $ | 260,008,735 |  |   | $ | 55,185,590 |  |   | $ | 40,879,809 |  |   | $ | (13,647,330 | ) |   | $ | 882,197,041 |  |
| Purchases                                                                                        | 2,000,000 |  |   | 58,986,201 |  |   | 16,250,000 |  |   | — |  |   | 8,219,168 |  |   | — |  |   | 85,455,369 |  |
| Sales                                                                                            | (2,890,699 | ) |   | (14,554,582 | ) |   | (5,000,000 | ) |   | (4,437,884 | ) |   | (498,723 | ) |   | — |  |   | (27,381,888 | ) |
| Transfers in                                                                                     | 2,107,500 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 2,107,500 |  |
| Transfers out                                                                                    | (10,182,288 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (10,182,288 | ) |
| Amortization of discount/(premium)                                                               | 4,850 |  |   | 182,844 |  |   | 106,663 |  |   | (6,812 | ) |   | — |  |   | — |  |   | 287,545 |  |
| Paid-in-kind interest income                                                                     | — |  |   | 1,879,647 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 1,879,647 |  |
| Net realized gains (losses)                                                                      | (1,878,557 | ) |   | (11,094,711 | ) |   | 16,773 |  |   | 6,812 |  |   | — |  |   | — |  |   | (12,949,683 | ) |
| Net change in unrealized appreciation/ (depreciation)                                            | 1,943,136 |  |   | 5,878,249 |  |   | (442,966 | ) |   | (3,393,760 | ) |   | 1,052,554 |  |   | (104,356 | ) |   | 4,932,857 |  |
| Balance, March 31, 2017                                                                     | $ | 37,533,902 |  |   | $ | 534,617,925 |  |   | $ | 270,939,205 |  |   | $ | 47,353,946 |  |   | $ | 49,652,808 |  |   | $ | (13,751,686 | ) |   | $ | 926,346,100 |  |
| Change in net unrealized appreciation (depreciation) in investments held as of March 31, 2017(1) | $ | 493,907 |  |   | $ | (1,879,240 | ) |   | $ | (225,795 | ) |   | $ | (3,342,586 | ) |   | $ | 1,279,364 |  |   | $ | (104,356 | ) |   | $ | (3,778,706 | ) |

----

Table of Contents

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             | SeniorSecuredFirst LienNotes(1) |   | SeniorSecuredSecondLienNotes |   | SeniorSecuredFirst LienTerm Loans |   | Warrants/Equity |   | TotalReturnSwap |   | Total |
| Balance, December 31, 2015                                                                  | $ | 47,477,500 |  |   | $ | 514,638,093 |  |   | $ | 278,645,462 |  |   | $ | 13,243,836 |  |   | $ | (27,365,819 | ) |   | $ | 826,639,072 |  |
| Purchases                                                                                        | 450,000 |  |   | 40,823,374 |  |   | 21,288,751 |  |   | 15,047,498 |  |   | — |  |   | 77,609,623 |  |
| Sales                                                                                            | — |  |   | (41,770,750 | ) |   | (7,000,000 | ) |   | — |  |   | — |  |   | (48,770,750 | ) |
| Transfers in                                                                                     | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Transfers out                                                                                    | (9,068,366 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (9,068,366 | ) |
| Amortization of discount/(premium)                                                               | (220 | ) |   | 67,870 |  |   | 106,267 |  |   | — |  |   | — |  |   | 173,917 |  |
| Paid-in-kind interest income                                                                     | — |  |   | 1,468,561 |  |   | — |  |   | 104,069 |  |   | — |  |   | 1,572,630 |  |
| Net realized gains (losses)                                                                      | — |  |   | 44,543 |  |   | — |  |   | — |  |   | — |  |   | 44,543 |  |
| Net change in unrealized appreciation/ (depreciation)                                            | 42,557 |  |   | (5,917,958 | ) |   | (667,970 | ) |   | (1,290,637 | ) |   | (2,675,311 | ) |   | (10,509,319 | ) |
| Balance, March 31, 2016                                                                     | $ | 38,901,471 |  |   | $ | 509,353,733 |  |   | $ | 292,372,510 |  |   | $ | 27,104,766 |  |   | $ | (30,041,130 | ) |   | $ | 837,691,350 |  |
| Change in net unrealized appreciation (depreciation) in investments held as of March 31, 2016(1) | $ | (788,661 | ) |   | $ | (5,217,447 | ) |   | $ | (667,970 | ) |   | $ | (1,290,637 | ) |   | $ | (2,675,311 | ) |   | $ | (10,640,026 | ) |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |
| Type of Investment                |   | Fair Value |   | Valuation techniques |   | Unobservable input(1) |   | Range (weighted average) |
| Sr. Secured First Lien Term Loan  |   | $ | 364,640,570 |  |   | Income Approach (DCF) |   | Market yield |   | 7.22% - 18.50% (9.66%) |
| Sr. Secured First Lien Term Loan  |   | 10,976,934 |  |   | Market Approach (Guideline Comparable) |   | LTM and NTM Revenue Multiple |   | 0.63x - 1.25x (0.82x) / 0.63x - 1.25x (0.82x) |
| Sr. Secured First Lien Term Loan  |   | 7,114,205 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | LTM Revenue, 2017 Revenue, Discount Rate |   | 1.20x - 1.40x (1.30x) / 1.20x - 1.40x (1.30x) /15.50% - 17.50% (16.50%) |
| Sr. Secured First Lien Term Loan  |   | 1,850,998 |  |   | Enterprise Value Analysis |   | Expected Proceeds |   | $1.0M - $2.0M ($1.9M) |
| Sr. Secured First Lien Term Loan  |   | 38,890,798 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | 2017 Revenue Multiple, 2017 EBITDA Multiple, Discount Rate |   | 1.13x - 3.00x (1.89x) / 6.50x - 9.25x (7.19x) /15.50% - 21.50% (18.22%) |
| Sr. Secured First Lien Term Loan  |   | 16,801,325 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | Run-Rate Revenue Multiple, 2017 Revenue Multiple, 2017 EBITDA Multiple, Discount Rate |   | 0.50x - 1.00x (0.75x)/0.50x - 1.00x(0.75x)/5.50x - 6.50x (6.00x)/16.50% -20.50% (18.50%) |
| Sr. Secured First Lien Term Loan  |   | 3,216,510 |  |   | Market Approach (Guideline Company) |   | LTM Revenue Multiple, 2017 Revenue Multiple, LTM EBITDA Multiple, 2017 EBITDA Multiple |   | 0.5x - 1.00x (0.75x) / 0.5x - 1.00x (0.75x)/4.00x-5.00x (4.50x) /4.00x-5.00x (4.50x) |
| Sr. Secured First Lien Term Loan  |   | 100,845,307 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Sr. Secured First Lien Notes      |   | 27,349,644 |  |   | Income Approach (DCF) |   | Market Yield |   | 7.82% - 12.00% (9.20%) |
| Sr. Secured First Lien Notes      |   | 122,658 |  |   | Enterprise Valuation Analysis |   | Expected Proceeds |   | $0.1M - $0.2M ($0.1M) |
| Sr. Secured Second Lien Term Loan |   | 237,220,275 |  |   | Income Approach (DCF) |   | Market yield |   | 8.67% - 89.12% (9.82%) |
| Sr. Secured Second Lien Term Loan |   | 22,722,505 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Sr. Secured Second Lien Term Loan |   | — |  |   | Market Approach (Guideline Comparable) |   | LTM Revenue Multiple, LTM EBITDA Multiple |   | 0.50x - 1.00x (0.75x) / 6.00x - 7.00x (6.50x) |

----

Table of Contents

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |
| Sr. Secured Second Lien Term Loan |   | 10,996,425 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | LTM Revenue Multiple, 2017 Revenue Multiple, LTM EBITDA Multiple, 2017 EBITDA Multiple, Discount Rate |   | 0.40x-0.60x (0.50x)/0.40x-0.60x (0.50x)/8.75x-9.75x (9.25x) / 8.25x-9.25x (8.75x) /17.50% - 21.50% (19.50%) |
| Equity/Warrants                   |   | — |  |   | Enterprise Valuation Analysis |   | Expected Proceeds |   | $0.0M - $0.0M ($0.0M) |
| Equity/Warrants                   |   | 996,255 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | LTM EBITDA, Run-Rate Multiple, Discount rate |   | 7.00x - 8.00x (7.50x)/7.00x - 8.00x (7.50x) /16.00%-18.00% (17.00%) |
| Preferred Equity                  |   | 5,253,658 |  |   | Income Approach (DCF) |   | Market Yield |   | 17.01%-17.01% (17.01%) |
| Equity/Warrants                   |   | — |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | 2017 Revenue Multiple, 2017 EBITDA Multiple, Discount Rate |   | 1.13x - 3.00x (1.89x) / 6.50x - 9.25x (7.19x) /15.50% - 21.50% (18.22%) |
| Equity/Warrants                   |   | — |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | Run-Rate Revenue Multiple, 2017 Revenue Multiple, 2017 EBITDA Multiple, Discount Rate |   | 0.50x - 1.00x (0.75x)/0.50x - 1.00x(0.75x)/5.50x - 6.50x (6.00x)/16.50% -20.50% (18.50%) |
| Equity/Warrants                   |   | — |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | LTM Revenue, 2017 Revenue, Discount Rate |   | 1.20x - 1.40x (1.30x) / 1.20x - 1.40x (1.30x) /15.50% - 17.50% (16.50%) |
| Equity/Warrants                   |   | — |  |   | Market Approach (Guideline Comparable) |   | LTM EBITDA Multiple |   | 12.50x - 13.50x (12.50x) |
| Equity/Warrants                   |   | 3,835,540 |  |   | Market Approach (Guideline Comparable) |   | LTM and NTM EBITDA Multiple |   | 8.00x-9.00x (8.50x) /7.50x-8.50x (8.00x) |
| Equity/Warrants                   |   | 1,102,626 |  |   | Market Approach (Guideline Comparable) / Income Approach (DCF) |   | LTM and 2017 EBITDA Multiple, Discount Rate |   | 4.50x-5.50x (5.00x) /4.50x-5.50x (5.00x) /14.00% - 16.00% (15.00%) |
| Equity/Warrants                   |   | 9,013,865 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Preferred Equity                  |   | 1,526,250 |  |   | Market Approach (Guideline Comparable) |   | Book Value Multiple |   | 1.00x-1.50x (1.25x) |
| Preferred Equity                  |   | 5,400,000 |  |   | Income Approach (DCF) |   | Discount Rate |   | 20.00% - 28.00% (24.00%) |
| Subordinated Notes                |   | 47,353,946 |  |   | Income Approach (DCF) |   | Discount Rate |   | 10.50% - 14.50% (12.11%) |
| Subordinated Notes                |   | 22,867,492 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Total                             |   | $ | 940,097,786 |  |   |   |   |   |   |   |
| Total Return Swap                 |   | (13,751,686 | ) |   | Income Approach (DCF) |   | Market yield |   | 4.74% - 28.23% (8.63%) |
| Total                             |   | $ | 926,346,100 |  |   |   |   |   |   |   |

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

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |
| Type of Investment                  |   | Fair Value |   | Valuation techniques |   | Unobservable input(1) |   | Range (weighted average) |
| Senior Secured First Lien Term Loan |   | $ | 339,728,530 |  |   | Income Approach (DCF) |   | Market yield |   | 7.44% - 18.50% (9.65%) |
| Senior Secured First Lien Term Loan |   | 7,373,318 |  |   | Market Approach (Guideline Comparable) |   | 2016 and NTM Revenue Multiple |   | 0.50x - 0.75x (0.63x)/0.50x - 0.75x (0.63x) |
| Senior Secured First Lien Term Loan |   | 6,868,420 |  |   | Market Approach (Guideline Comparable) |   | Revenue Generating Units |   |  $393.75 - $525.00 ($459.38) |
| Senior Secured First Lien Term Loan |   | 23,280,607 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | NTM Revenue Multiple, NTM EBITDA Multiple Discount Rate |   | 0.40x - 1.25x (1.09x) / 5.00x - 7.00x (6.57x) / 17.50% - 20.00% (18.93%) |
| Senior Secured First Lien Term Loan |   | 20,885,087 |  |   | Market Approach (Guideline Comparable) |   | NTM Revenue Multiple, Discount Rate |   | 2.75x-3.25x (3.00x) /14.00%-16.00% (15.00%) |
| Senior Secured First Lien Term Loan |   | 16,246,819 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | Run-Rate Revenue Multiple, Run-Rate EBITDA Multiple, Discount Rate |   | 0.50x - 1.00x (0.75x)/5.50x - 6.50x (6.00x)/18.50% - 21.50% (20.00%) |
| Senior Secured First Lien Term Loan |   | 2,791,682 |  |   | Market Approach (Guideline Comparable) |   | NTM Revenue Multiple, NTM EBITDA Multiple |   | 0.5x - 1.00x (0.75x) /4.00x-5.00x (4.50x) |
| Senior Secured First Lien Term Loan |   | 84,190,814 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Senior Secured First Lien Notes     |   | 32,142,804 |  |   | Income Approach (DCF) |   | Market yield |   | 7.57% - 115.94% (12.85%) |
| Senior Secured First Lien Notes     |   | 6,105,000 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |

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Table of Contents

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |
| Type of Investment                   |   | Fair Value |   | Valuation techniques |   | Unobservable input(1) |   | Range (weighted average) |
| Senior Secured First Lien Notes      |   | 157,156 |  |   |  Enterprise Valuation Analysis |   | Estimated Liquidation Proceeds |   | $45.9M - $73.2M ($59.7M) |
| Senior Secured Second Lien Term Loan |   | 242,539,805 |  |   | Income Approach (DCF) |   | Market yield |   | 8.29% - 10.05% (73.13%) |
| Senior Secured Second Lien Term Loan |   | 6,472,505 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Senior Secured Second Lien Term Loan |   | — |  |   | Market Approach (Guideline Comparable) |   | LTM Revenue Multiple, LTM EBITDA Multiple |   | 0.5 - 1.0x (0.75x) /  6.0x - 7.0x (6.5x) |
| Senior Secured Second Lien Term Loan |   | 10,996,425 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | LTM Revenue Multiple, NTM Revenue Multiple, LTM EBITDA Multiple, NTM EBITDA Multiple, Discount Rate |   | 0.40x-0.60x(0.50x)  /0.40x-0.60x(0.50x) / 8.25x-9.25x (8.75x)/ 7.50x-8.50x (8.00x)/17.50%-21.50% (19.50%) |
| Equity/Warrants                      |   | — |  |   | Enterprise Valuation Analysis |   | Estimated Liquidation Proceeds |   | $45.9M - $73.2M ($59.7M) |
| Equity/Warrants                      |   | 967,238 |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | LTM EBITDA, Run-Rate Multiple, Discount rate |   | 7.00x - 8.00x (7.50x)/7.00x - 8.00x (7.50x) / 16.00%-18.00% (17.00%) |
| Equity/Warrants                      |   | 5,051,193 |  |   | Income Approach (DCF) |   | Market Yield |   | 17.45%-17.45% (17.45%) |
| Equity/Warrants                      |   | — |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | NTM Revenue Multiple, NTM EBITDA Multiple, Discount Rate |   | 0.40x - 1.00x (0.90x)/5.00x - 7.00x (6.65x)/17.50% - 18.00% (17.59%) |
| Equity/Warrants                      |   | — |  |   | Market Approach (Guideline Comparable)/Income Approach (DCF) |   | Run-Rate Revenue Multiple, Run-Rate EBITDA Multiple, Discount Rate |   | 0.50x - 1.00x (0.75x)/5.50x - 6.50x (6.00x)/18.50% - 21.50% (20.00%) |
| Equity/Warrants                      |   | — |  |   | Market Approach (Guideline Comparable) |   | Revenue Generating Units |   | $393.75 - $525.00 ($459.38) |
| Equity/Warrants                      |   | — |  |   | Market Approach (Guideline Comparable) |   | NTM Revenue Multiple, Discount Rate |   | 2.75x-3.25x (3.00x) /14.00%-16.00% (15.00%) |
| Equity/Warrants                      |   | — |  |   | Market Approach (Guideline Comparable) |   | LTM EBITDA Multiple |   | 12.5x - 13.5x (0.0x) |
| Equity/Warrants                      |   | 4,265,419 |  |   | Market Approach (Guideline Comparable) / Precedent Transaction |   | LTM and NTM EBITDA Multiple |   | 4.50x-8.00x (7.10x) /4.50x-7.50x (6.72x) |
| Equity/Warrants                      |   | 16,095,959 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Subordinated Notes                   |   | 55,185,590 |  |   | Income Approach (DCF) |   | Discount Rate |   | 11.50% - 15.00% (13.21%) |
| Subordinated Notes                   |   | 14,500,000 |  |   | Recent Arms-length transaction |   | Recent Arms-length transaction |   | N/A |
| Total                                |   | $ | 895,844,371 |  |   |   |   |   |   |   |
| Total Return Swap                    |   | (13,647,330 | ) |   | Income Approach (DCF) |   | Market yield |   | 4.43% - 73.13% (9.56%) |
| Total                                |   | $ | 882,197,041 |  |   |   |   |   |   |   |

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

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Table of Contents

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Table of Contents

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |
|                                              |   | 2017 |   | 2016 |
| Interest income and settlement from TRS portfolio |   | $ | 2,175,003 |  |   | $ | 2,428,294 |  |
| Traded gains on TRS loan sales                    |   | 544,348 |  |   | 1,618 |  |
| Total realized gains                              |   | $ | 2,719,351 |  |   | $ | 2,429,912 |  |
|                                              |   |   |   |   |
| Total change in unrealized gain/(loss)            |   | $ | (104,356 | ) |   | $ | (2,675,311 | ) |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                       | GrossDerivative  Assets/(Liabilities)Subject to MA |   | Derivative AmountAvailable forOffset |   | Net Amount Presentedin the ConsolidatedStatements of Assetsand Liabilities |   | Cash Collateral (received)/pledged (1) |   | Net Amount ofDerivativeAssets/(Liabilities) |
| March 31, 2017             |   |   |   |   |   |   |   |   |   |
| Total Return Swap(1)  | $ | (13,751,686 | ) |   | $ | — |  |   | $ | (13,751,686 | ) |   | $ | 13,751,686 |  |   | $ | — |  |
| December 31, 2016          |   |   |   |   |   |   |   |   |   |
| Total Return Swap(1)  | $ | (13,647,330 | ) |   | $ | — |  |   | $ | (13,647,330 | ) |   | $ | 13,647,330 |  |   | $ | — |  |

|     |                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of March 31, 2017 and December 31, 2016, $88,800,000 and $79,620,942, respectively, of cash was posted for intial margin requirements for the total return swap as reported on the consolidated statements of assets and liabilities as cash collateral on total return swap. |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | 2017 |   | 2016 |
| Average notional par amount of contracts | $ | 247,066,820 |  |   | $ | 209,255,183 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                       |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Initial Notional Cost(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| Acrisure, LLC                    |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.750%, 1.000% Floor |   | 11/22/2023 |   | 2,500,000 |  |   | $ | 2,475,000 |  |   | $ | 2,537,500 |  |   | $ | 62,500 |  |
| AMC Entertainment Holdings, Inc. |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(4) LIBOR + 2.750%, 0.750% Floor |   | 12/15/2023 |   | 1,000,000 |  |   | 997,500 |  |   | 1,008,130 |  |   | 10,630 |  |
| AMF Bowling Centers, Inc         |   | Services:  Consumer |   | Senior Secured First Lien Term Loans(6) LIBOR + 5.000%, 1.000% Floor |   | 9/19/2023 |   | 6,825,394 |  |   | 6,723,013 |  |   | 6,859,521 |  |   | 136,508 |  |
| Amplify Snack Brands, Inc.       |   | Beverage & Food |   | Senior Secured First Lien Term Loans(6) LIBOR + 5.500%, 1.000% Floor |   | 9/2/2023 |   | 2,992,500 |  |   | 2,962,575 |  |   | 2,915,234 |  |   | (47,341 | ) |
| AmWINS Group, Inc.               |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured Second Lien Term Loans LIBOR + 6.750%, 1.000% Floor |   | 1/25/2025 |   | 4,000,000 |  |   | 3,970,000 |  |   | 4,073,320 |  |   | 103,320 |  |
| Answers Corporation              |   | High Tech Industries |   | Senior Secured First Lien Term Loans(4) LIBOR + 5.250%, 1.000% Floor |   | 10/1/2021 |   | 14,775,000 |  |   | 14,257,875 |  |   | 6,611,813 |  |   | (7,646,062 | ) |
| ANVC Merger Corp.                |   | Aerospace & Defense |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.500%, 1.000% Floor |   | 2/18/2021 |   | 4,679,780 |  |   | 4,632,982 |  |   | 4,650,531 |  |   | 17,549 |  |
| AP Gaming I, LLC                 |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(6) LIBOR + 8.250%, 1.000% Floor |   | 12/21/2020 |   | 9,253,789 |  |   | 9,126,866 |  |   | 9,300,058 |  |   | 173,192 |  |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                  |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Initial Notional Cost(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| Asurion, LLC                                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans LIBOR + 3.250%, 1.000% Floor |   | 8/4/2022 |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,008,500 |  |   | 8,500 |  |
| Asurion, LLC                                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(4) LIBOR + 3.750%, 1.000% Floor |   | 11/3/2023 |   | 997,500 |  |   | 992,512 |  |   | 1,004,981 |  |   | 12,469 |  |
| Atrium Innovations, Inc.                    |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans LIBOR + 3.500%, 1.000% Floor |   | 2/15/2021 |   | 5,000,000 |  |   | 4,993,750 |  |   | 5,037,500 |  |   | 43,750 |  |
| Avantor Performance Materials Holdings, LLC |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loans LIBOR + 4.000%, 1.000% Floor |   | 3/10/2024 |   | 161,616 |  |   | 161,212 |  |   | 163,030 |  |   | 1,818 |  |
| Avantor Performance Materials Holdings, LLC |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loans LIBOR + 4.000%, 1.000% Floor |   | 3/10/2024 |   | 3,838,384 |  |   | 3,828,788 |  |   | 3,871,970 |  |   | 43,182 |  |
| Avantor Performance Materials Holdings, LLC |   | Chemicals, Plastics & Rubber |   | Senior Secured Second Lien Term Loans LIBOR + 8.250%, 1.000% Floor |   | 3/10/2025 |   | 42,105 |  |   | 41,684 |  |   | 42,158 |  |   | 474 |  |
| Avantor Performance Materials Holdings, LLC |   | Chemicals, Plastics & Rubber |   | Senior Secured Second Lien Term Loans LIBOR + 8.250%, 1.000% Floor |   | 3/10/2025 |   | 957,895 |  |   | 948,316 |  |   | 959,092 |  |   | 10,776 |  |
| BCPE Eagle Buyer LLC                        |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans LIBOR + 4.250%, 1.000% Floor |   | 3/16/2024 |   | 7,000,000 |  |   | 6,930,000 |  |   | 6,991,250 |  |   | 61,250 |  |
| Comfort Holding, LLC                        |   | Consumer Goods:  Durable |   | Senior Secured First Lien Term Loans LIBOR + 4.750%, 1.000% Floor |   | 2/5/2024 |   |  7,000,000 |  |   | 6,930,000 |  |   | 7,030,660 |  |   | 100,660 |  |
| Comfort Holding, LLC                        |   | Consumer Goods:  Durable |   | Senior Secured Second Lien Term Loans LIBOR + 10.000%, 1.000% Floor |   | 2/3/2025 |   |  1,500,000 |  |   | 1,440,000 |  |   | 1,440,000 |  |   | — |  |
| ConvergeOne Holdings Corp.                  |   | Telecommunications |   | Senior Secured First Lien Term Loans(6) LIBOR + 5.375%, 1.000% Floor |   | 6/17/2020 |   |  2,493,606 |  |   | 2,456,202 |  |   | 2,484,255 |  |   | 28,053 |  |
| CPI Holdco, LLC                             |   | Capital Equipment |   | Senior Secured First Lien Term Loans LIBOR + 4.000%, 1.000% Floor |   | 3/21/2024 |   |  10,000,000 |  |   | 9,950,000 |  |   | 10,050,000 |  |   | 100,000 |  |
| CSP Technologies North America, LLC         |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loans(6) LIBOR + 6.000%, 1.000% Floor |   | 1/29/2022 |   |  5,000,000 |  |   | 4,900,000 |  |   | 5,000,000 |  |   | 100,000 |  |
| Encompass Digital Media, Inc                |   | Media:  Broadcasting & Subscription |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.500%, 1.000% Floor |   | 6/6/2021 |   |  4,875,000 |  |   | 4,850,625 |  |   | 4,612,969 |  |   | (237,656 | ) |
| EVO Payments International, LLC             |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans LIBOR + 5.000%, 1.000% Floor |   | 12/22/2023 |   |  3,000,000 |  |   | 2,970,000 |  |   | 3,022,500 |  |   | 52,500 |  |
| Fieldwood Energy LLC                        |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loans(6) LIBOR + 7.000%, 1.000% Floor |   | 8/31/2020 |   |  1,222,222 |  |   | 1,100,000 |  |   | 1,151,187 |  |   | 51,187 |  |
| Fieldwood Energy LLC                        |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loans(6) LIBOR + 7.125%, 1.250% Floor |   | 9/30/2020 |   |  1,650,000 |  |   | 1,641,125 |  |   | 1,419,000 |  |   | (222,125 | ) |
| Fieldwood Energy LLC                        |   | Energy:  Oil & Gas |   | Senior Secured Second Lien Term Loans(6) LIBOR + 7.125%, 1.250% Floor |   | 9/30/2020 |   |  2,596,305 |  |   | 2,676,375 |  |   | 1,849,868 |  |   | (826,507 | ) |
| First Data Corporation                      |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(4) LIBOR + 3.000%, 0.000% Floor |   | 7/8/2022 |   |  1,000,000 |  |   | 1,000,000 |  |   | 1,007,290 |  |   | 7,290 |  |
| Genex Services, Inc.                        |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(4) LIBOR + 4.250%, 1.000% Floor |   | 5/28/2021 |   |  4,184,849 |  |   | 4,163,924 |  |   | 4,205,772 |  |   | 41,848 |  |
| Global Eagle Entertainment Inc.             |   | Telecommunications |   | Senior Secured First Lien Term Loans LIBOR + 6.000%, 1.000% Floor |   | 1/6/2023 |   |  4,200,000 |  |   | 4,122,000 |  |   | 4,122,006 |  |   | 6 |  |
| GTCR Valor Companies, Inc.                  |   | Media:  Diversified & Production |   | Senior Secured First Lien Term Loans(6) LIBOR + 6.000%, 1.000% Floor |   | 6/16/2023 |   |  4,141,667 |  |   | 3,976,000 |  |   | 4,141,667 |  |   | 165,667 |  |

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Table of Contents

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                     |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Initial Notional Cost(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| Harbortouch Payments, LLC      |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.750%, 1.000% Floor |   | 10/13/2023 |   |  5,000,000 |  |   | 4,950,000 |  |   | 4,950,000 |  |   | — |  |
| Hudson Products Holdings Inc   |   | Capital Equipment |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.000%, 1.000% Floor |   | 3/15/2019 |   |  1,710,904 |  |   | 1,702,350 |  |   | 1,591,141 |  |   | (111,209 | ) |
| Imagine! Print Solutions, LLC  |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loans(6) LIBOR + 6.000%, 1.000% Floor |   | 3/30/2022 |   |  4,964,677 |  |   | 4,903,914 |  |   | 4,964,677 |  |   | 60,763 |  |
| Iqor US Inc.                   |   | Services:  Business |   | Senior Secured First Lien Term Loans(6) LIBOR + 5.000%, 1.000% Floor |   | 4/1/2021 |   |  7,571,746 |  |   | 7,420,311 |  |   | 7,354,058 |  |   | (66,253 | ) |
| Isola USA Corp.                |   | High Tech Industries |   | Senior Secured First Lien Term Loans(6) LIBOR + 8.250%, 1.000% Floor |   | 11/29/2018 |   |  3,647,045 |  |   | 3,546,000 |  |   | 3,398,973 |  |   | (147,027 | ) |
| Kraton Polymers LLC            |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loans LIBOR + 4.000%, 1.000% Floor |   | 1/6/2022 |   |  693,271 |  |   | 693,271 |  |   | 693,271 |  |   | — |  |
| Kronos Incorporated            |   | Services:  Business |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.000%, 1.000% Floor |   | 11/1/2023 |   |  3,000,000 |  |   | 2,985,000 |  |   | 3,015,330 |  |   | 30,330 |  |
| Kronos Incorporated            |   | Services:  Business |   | Senior Secured Second Lien Term Loans(6) LIBOR + 8.250%, 1.000% Floor |   | 11/1/2024 |   |  2,000,000 |  |   | 1,980,000 |  |   | 2,061,260 |  |   | 81,260 |  |
| Leslie’s Poolmart, Inc.  |   | Retail |   | Senior Secured First Lien Term Loans LIBOR + 3.750%, 1.000% Floor |   | 8/16/2023 |   |  2,000,000 |  |   | 1,995,000 |  |   | 2,006,000 |  |   | 11,000 |  |
| Lightstone HoldCo LLC          |   | Utilities:  Electric |   | Senior Secured First Lien Term Loans LIBOR + 5.500%, 1.000% Floor |   | 1/30/2024 |   |  2,826,087 |  |   | 2,769,565 |  |   | 2,840,924 |  |   | 71,359 |  |
| Lightstone HoldCo LLC          |   | Utilities:  Electric |   | Senior Secured First Lien Term Loans LIBOR + 5.500%, 1.000% Floor |   | 1/30/2024 |   |  173,913 |  |   | 170,435 |  |   | 174,826 |  |   | 4,391 |  |
| Livingston International, Inc. |   | Transportation:  Cargo |   | Senior Secured Second Lien Term Loans(3)(6) LIBOR + 8.250%, 1.250% Floor |   | 4/17/2020 |   |  1,954,783 |  |   | 1,969,443 |  |   | 1,884,391 |  |   | (85,052 | ) |
| MPH Acquisition Holdings LLC   |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.000%, 1.000% Floor |   | 6/7/2023 |   |  2,762,248 |  |   | 2,748,437 |  |   | 2,795,782 |  |   | 47,345 |  |
| MWI Holdings, Inc.             |   | Capital Equipment |   | Senior Secured First Lien Term Loans(6) LIBOR + 5.500%, 1.000% Floor |   | 6/29/2020 |   |  3,980,000 |  |   | 3,940,200 |  |   | 3,976,736 |  |   | 36,536 |  |
| Neustar, Inc.                  |   | High Tech Industries |   | Senior Secured First Lien Term Loans LIBOR + 3.750%, 1.000% Floor |   | 3/1/2024 |   |  2,000,000 |  |   | 1,990,000 |  |   | 2,022,500 |  |   | 32,500 |  |
| Neustar, Inc.                  |   | High Tech Industries |   | Senior Secured Second Lien Term Loans LIBOR + 8.000%, 1.000% Floor |   | 3/1/2025 |   |  1,000,000 |  |   | 985,000 |  |   | 1,008,750 |  |   | 23,750 |  |
| Nine West Holdings, Inc.       |   | Consumer goods:  Non-durable |   | Senior Secured First Lien Term Loans(6) LIBOR + 3.750%, 1.000% Floor |   | 10/8/2019 |   |  5,850,000 |  |   | 5,835,375 |  |   | 4,109,625 |  |   | (1,725,750 | ) |
| O2 Partners, LLC               |   | Consumer goods:  Non-durable |   | Senior Secured First Lien Term Loans(5) LIBOR + 5.000%, 1.000% Floor |   | 10/7/2022 |   |  1,496,250 |  |   | 1,481,288 |  |   | 1,481,288 |  |   | — |  |
| Payless Inc.                   |   | Retail |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.000%, 1.000% Floor |   | 3/11/2021 |   |  5,835,000 |  |   | 5,813,119 |  |   | 2,822,681 |  |   | (2,990,438 | ) |
| Petco Animal Supplies, Inc.    |   | Retail |   | Senior Secured First Lien Term Loans(6) LIBOR + 3.250%, 1.000% Floor |   | 1/26/2023 |   |  8,922,569 |  |   | 8,784,067 |  |   | 8,208,763 |  |   | (575,304 | ) |
| PetroChoice Holdings, Inc.     |   | Chemicals, Plastics & Rubber |   | Senior Secured First Lien Term Loans LIBOR + 5.000%, 1.000% Floor |   | 8/19/2022 |   |  5,000,000 |  |   | 5,000,000 |  |   | 5,000,000 |  |   | — |  |
| Preferred Proppants, LLC       |   | Construction & Building |   | Senior Secured First Lien Term Loans(6) LIBOR + 5.750%, 1.000% Floor |   | 7/27/2020 |   |  2,862,856 |  |   | 2,834,228 |  |   | 2,415,535 |  |   | (418,693 | ) |

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Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                         |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Initial Notional Cost(2) |   | Fair Value |   | Unrealized Appreciation/ (Depreciation) |
| Press Ganey Holdings, Inc.                         |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loans(4) LIBOR + 7.250%, 1.000% Floor |   | 10/21/2024 |   |  6,500,000 |  |   | 6,472,500 |  |   | 6,472,505 |  |   | 5 |  |
| Prime Security Services Borrower, LLC              |   | Services:  Consumer |   | Senior Secured First Lien Term Loans LIBOR + 3.250%, 1.000% Floor |   | 5/2/2022 |   |  3,000,000 |  |   | 3,000,000 |  |   | 3,028,740 |  |   | 28,740 |  |
| Rackspace Hosting, Inc.                            |   | Services:  Business |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.000%, 1.000% Floor |   | 11/3/2023 |   |  3,500,000 |  |   | 3,487,500 |  |   | 3,521,385 |  |   | 33,885 |  |
| Resolute Investment Managers, Inc.                 |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.500%, 1.000% Floor |   | 4/30/2022 |   |  963,261 |  |   | 958,444 |  |   | 965,264 |  |   | 6,820 |  |
| SCS Holdings I Inc.                                |   | High Tech Industries |   | Senior Secured First Lien Term Loans(4) LIBOR + 4.250%, 1.000% Floor |   | 10/30/2022 |   |  1,496,207 |  |   | 1,492,467 |  |   | 1,509,299 |  |   | 16,832 |  |
| SESAC Holdco II LLC                                |   | Media:  Broadcasting & Subscription |   | Senior Secured Second Lien Term Loans LIBOR + 7.250%, 1.000% Floor |   | 2/24/2025 |   |  2,000,000 |  |   | 1,980,000 |  |   | 2,000,000 |  |   | 20,000 |  |
| Silversea Cruise Finance                           |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Notes 0.0725 |   | 2/1/2025 |   |  1,000,000 |  |   | 1,000,000 |  |   | 1,045,000 |  |   | 45,000 |  |
| Sungard Availability Services Capital Inc.         |   | Services:  Business |   | Senior Secured First Lien Term Loans(4) LIBOR + 5.000%, 1.000% Floor |   | 4/1/2019 |   |  7,989,438 |  |   | 7,956,046 |  |   | 7,719,794 |  |   | (236,252 | ) |
| TaxACT Inc.                                        |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(4) LIBOR + 6.000%, 1.000% Floor |   | 1/3/2023 |   |  672,328 |  |   | 661,047 |  |   | 672,328 |  |   | 11,281 |  |
| Tensar Corporation                                 |   | Capital Equipment |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.750%, 1.000% Floor |   | 7/9/2021 |   |  11,574,536 |  |   | 11,458,790 |  |   | 10,600,307 |  |   | (858,483 | ) |
| Travelclick, Inc                                   |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(4) LIBOR + 4.500%, 1.250% Floor |   | 5/6/2021 |   |  4,721,014 |  |   | 4,673,804 |  |   | 4,768,224 |  |   | 94,420 |  |
| tronc, Inc.                                        |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loans(3)(4) LIBOR + 4.750%, 1.000% Floor |   | 8/4/2021 |   |  6,902,778 |  |   | 6,833,750 |  |   | 6,902,778 |  |   | 69,028 |  |
| UFC Holdings, LLC                                  |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(6) LIBOR + 4.000%, 1.000% Floor |   | 8/18/2023 |   |  997,500 |  |   | 992,513 |  |   | 1,001,949 |  |   | 9,436 |  |
| UFC Holdings, LLC                                  |   | Hotel, Gaming & Leisure |   | Senior Secured Second Lien Term Loans(6) LIBOR + 7.500%, 1.000% Floor |   | 8/18/2024 |   |  500,000 |  |   | 495,000 |  |   | 508,750 |  |   | 13,750 |  |
| US Shipping Partners LP                            |   | Transportation:  Cargo |   | Senior Secured First Lien Term Loans(4) LIBOR + 4.250%, 1.000% Floor |   | 6/26/2021 |   |  1,688,831 |  |   | 1,676,165 |  |   | 1,587,501 |  |   | (88,664 | ) |
| VCVH Holding Corp.                                 |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans(6) LIBOR + 5.000%, 1.000% Floor |   | 6/1/2023 |   |  995,000 |  |   | 985,050 |  |   | 986,602 |  |   | 1,552 |  |
| Veresen Midstream Limited Partnership              |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loans(6) LIBOR + 3.250%, 1.000% Floor |   | 3/31/2022 |   |  2,984,810 |  |   | 2,948,694 |  |   | 3,010,927 |  |   | 62,233 |  |
| Victory Capital Operating, LLC                     |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(6) LIBOR + 7.500%, 1.000% Floor |   | 10/29/2021 |   |  3,287,671 |  |   | 3,263,355 |  |   | 3,316,438 |  |   | 53,083 |  |
| Western Digital Corporation                        |   | High Tech Industries |   | Senior Secured First Lien Term Loans(4) LIBOR + 2.750%, 0.750% Floor |   | 4/29/2023 |   |  3,184,000 |  |   | 3,140,220 |  |   | 3,199,474 |  |   | 59,254 |  |
| YRC Worldwide Inc.                                 |   | Transportation:  Cargo |   | Senior Secured First Lien Term Loans(3)(6) LIBOR + 7.000%, 1.000% Floor |   | 2/13/2019 |   | 9,360,646 |   | $9,349,049 |   | $9,215,182 |   | $(133,866) |
| Total                                              |   |   |   | 267,456,979 |  |   | $ | 264,359,721 |  |   | $ | 250,380,720 |  |   | $ | (14,159,001 | ) |
| Total accrued interest income, net of expenses     |   |   |   |   |   |   |   |   |   | 407,315 |
| Total unrealized depreciation on total return swap |   |   |   |   |   |   |   |   |   | $ | (13,751,686 | ) |

|     |                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------|
| (1) | All investments are domiciled in the United States except for Livingston International, Inc., which is domiciled in Canada. |

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

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

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Table of Contents

|     |                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The interest rate on these loans is subject to a base rate plus 1 Month (“1M”) LIBOR, which at March 31, 2017 was 0.98%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The interest rate on these loans is subject to a base rate plus 2 Month (“2M”) LIBOR, which at March 31, 2017 was 1.03%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 2M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The interest rate on these loans is subject to a base rate plus 3 Month (“3M”) LIBOR, which at March 31, 2017 was 1.15%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 3M LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR floor. |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                          |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Initial Notional Cost(2) |   | Fair Value |   | Unrealized Appreciation/(Depreciation) |
| Acrisure, LLC                       |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.750%, 1.000% Floor |   | 11/22/2023 |   | 2,500,000 |  |   | $ | 2,475,000 |  |   | $ | 2,527,350 |  |   | $ | 52,350 |  |
| Albertson's LLC                     |   | Retail |   | Senior Secured First Lien Term Loans(3)(5) LIBOR + 3.000%, 0.750% Floor |   | 8/25/2021 |   | 2,000,000 |  |   | 2,000,000 |  |   | 2,022,080 |  |   | 22,080 |  |
| AMC Entertainment Holdings, Inc.    |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(5) LIBOR + 2.750%, 0.750% Floor |   | 12/15/2023 |   | 2,000,000 |  |   | 1,995,000 |  |   | 2,018,500 |  |   | 23,500 |  |
| AMF Bowling Centers, Inc            |   | Services:  Consumer |   | Senior Secured First Lien Term Loans(7) LIBOR + 5.000%, 1.000% Floor |   | 9/19/2023 |   | 6,842,500 |  |   | 6,739,863 |  |   | 6,821,151 |  |   | 81,288 |  |
| Amplify Snack Brands, Inc.          |   | Beverage & Food |   | Senior Secured First Lien Term Loans(7) LIBOR + 5.500%, 1.000% Floor |   | 9/2/2023 |   | 3,000,000 |  |   | 2,970,000 |  |   | 2,912,490 |  |   | (57,510 | ) |
| Answsers Corporation                |   | High Tech Industries |   | Senior Secured First Lien Term Loans(5) LIBOR + 5.250%, 1.000% Floor |   | 10/1/2021 |   | 14,775,000 |  |   | 14,257,875 |  |   | 7,313,625 |  |   | (6,944,250 | ) |
| ANVC Merger Corp.                   |   | Aerospace & Defense |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.500%, 1.000% Floor |   | 2/18/2021 |   | 4,691,841 |  |   | 4,644,923 |  |   | 4,656,653 |  |   | 11,730 |  |
| AP Gaming I, LLC                    |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(7) LIBOR + 8.250%, 1.000% Floor |   | 12/21/2020 |   | 10,645,102 |  |   | 10,476,828 |  |   | 10,574,099 |  |   | 97,271 |  |
| Astro AB Borrower, Inc.             |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.500%, 1.000% Floor |   | 4/30/2022 |   | 965,761 |  |   | 960,932 |  |   | 974,211 |  |   | 13,279 |  |
| Asurion, LLC                        |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(5) LIBOR + 3.750%, 1.000% Floor |   | 11/3/2023 |   | 1,000,000 |  |   | 995,000 |  |   | 1,013,750 |  |   | 18,750 |  |
| Atkore International, Inc           |   | Wholesale |   | Senior Secured First Lien Term Loans(3)(7) LIBOR + 3.000%, 1.000% Floor |   | 12/22/2023 |   | 3,000,000 |  |   | 2,992,500 |  |   | 3,022,500 |  |   | 30,000 |  |
| ConvergeOne Holdings Corp.          |   | Telecommunications |   | Senior Secured First Lien Term Loans(7) LIBOR + 5.375%, 1.000% Floor |   | 6/17/2020 |   | 2,500,000 |  |   | 2,462,500 |  |   | 2,487,500 |  |   | 25,000 |  |
| CSP Technologies North America, LLC |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loans(7) LIBOR + 6.000%, 1.000% Floor |   | 1/29/2022 |   | 9,780,882 |  |   | 9,585,265 |  |   | 9,634,169 |  |   | 48,904 |  |
| Encompass Digital Media, Inc        |   | Media:  Broadcasting & Subscription |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.500%, 1.000% Floor |   | 6/6/2021 |   | 4,887,500 |  |   | 4,863,063 |  |   | 4,618,688 |  |   | (244,375 | ) |
| EVO Payments International, LLC     |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(3) LIBOR + 5.000%, 1.000% Floor |   | 12/22/2023 |   | 3,000,000 |  |   | 2,970,000 |  |   | 2,970,000 |  |   | — |  |
| Fieldwood Energy LLC                |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loans(7) LIBOR + 7.000%, 1.000% Floor |   | 8/31/2020 |   | 1,222,222 |  |   | 1,100,000 |  |   | 1,155,000 |  |   | 55,000 |  |
| Fieldwood Energy LLC                |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loans(7) LIBOR + 7.125%, 1.250% Floor |   | 9/30/2020 |   | 1,650,000 |  |   | 1,641,125 |  |   | 1,431,375 |  |   | (209,750 | ) |
| Fieldwood Energy LLC                |   | Energy:  Oil & Gas |   | Senior Secured Second Lien Term Loans(7) LIBOR + 7.125%, 1.250% Floor |   | 9/30/2020 |   | 2,596,305 |  |   | 2,676,375 |  |   | 1,817,414 |  |   | (858,961 | ) |
| First Data Corporation              |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(5) LIBOR + 3.000%, 0.000% Floor |   | 7/8/2022 |   | 1,000,000 |  |   | 1,000,000 |  |   | 1,010,210 |  |   | 10,210 |  |

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                     |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Initial Notional Cost(2) |   | Fair Value |   | Unrealized Appreciation/(Depreciation) |
| Flex Acquisition Company, Inc. |   | Containers, Packaging & Glass |   | Senior Secured First Lien Term Loans(3)(7) LIBOR + 3.250%, 1.000% Floor |   | 12/29/2023 |   | 1,000,000 |  |   | 995,000 |  |   | 1,008,330 |  |   | 13,330 |  |
| Four Seasons Holdings Inc.     |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(7) LIBOR + 3.000%, 0.750% Floor |   | 11/30/2023 |   | 1,000,000 |  |   | 995,000 |  |   | 1,011,250 |  |   | 16,250 |  |
| Genex Services, Inc.           |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(5) LIBOR + 4.250%, 1.000% Floor |   | 5/28/2021 |   | 2,942,374 |  |   | 2,927,662 |  |   | 2,920,306 |  |   | (7,356 | ) |
| GTCR Valor Companies, Inc.     |   | Media:  Diversified & Production |   | Senior Secured First Lien Term Loans(7) LIBOR + 6.000%, 1.000% Floor |   | 6/16/2023 |   | 4,987,500 |  |   | 4,788,000 |  |   | 4,925,156 |  |   | 137,156 |  |
| Harbortouch Payments, LLC      |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.750%, 1.000% Floor |   | 10/13/2023 |   | 5,000,000 |  |   | 4,950,000 |  |   | 4,950,000 |  |   | — |  |
| HNC Holdings, Inc.             |   | Construction & Building |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.500%, 1.000% Floor |   | 10/5/2023 |   | 572,000 |  |   | 569,140 |  |   | 577,720 |  |   | 8,580 |  |
| Hudson Products Holdings Inc   |   | Capital Equipment |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 3/15/2019 |   | 1,862,892 |  |   | 1,853,578 |  |   | 1,632,360 |  |   | (221,218 | ) |
| Imagine! Print Solutions, LLC  |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loans(7) LIBOR + 6.000%, 1.000% Floor |   | 3/30/2022 |   | 4,977,182 |  |   | 4,916,266 |  |   | 5,026,954 |  |   | 110,688 |  |
| Iqor US Inc.                   |   | Services:  Business |   | Senior Secured First Lien Term Loans(7) LIBOR + 5.000%, 1.000% Floor |   | 4/1/2021 |   | 7,591,111 |  |   | 7,439,289 |  |   | 7,230,533 |  |   | (208,756 | ) |
| Isola USA Corp.                |   | High Tech Industries |   | Senior Secured First Lien Term Loans(7) LIBOR + 8.250%, 1.000% Floor |   | 11/29/2018 |   | 3,697,045 |  |   | 3,595,250 |  |   | 3,441,172 |  |   | (154,078 | ) |
| J.D. Power and Associates      |   | Services:  Consumer |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.250%, 1.000% Floor |   | 9/7/2023 |   | 2,000,000 |  |   | 1,990,000 |  |   | 2,017,500 |  |   | 27,500 |  |
| Kronos Incorporated            |   | Services:  Business |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 11/1/2023 |   | 3,000,000 |  |   | 2,985,000 |  |   | 3,035,160 |  |   | 50,160 |  |
| Kronos Incorporated            |   | Services:  Business |   | Senior Secured Second Lien Term Loans(7) LIBOR + 8.250%, 1.000% Floor |   | 11/1/2024 |   | 2,000,000 |  |   | 1,980,000 |  |   | 2,058,760 |  |   | 78,760 |  |
| Lightstone HoldCo LLC          |   | Utilities:  Electric |   | Senior Secured First Lien Term Loans(3) LIBOR + 5.500%, 1.000% Floor |   | 1/30/2024 |   | 2,739,130 |  |   | 2,684,348 |  |   | 2,769,946 |  |   | 85,598 |  |
| Lightstone HoldCo LLC          |   | Utilities:  Electric |   | Senior Secured First Lien Term Loans(3) LIBOR + 5.500%, 1.000% Floor |   | 1/30/2024 |   | 260,870 |  |   | 255,652 |  |   | 263,804 |  |   | 8,152 |  |
| Livingston International, Inc. |   | Transportation:  Cargo |   | Senior Secured Second Lien Term Loans(4)(7) LIBOR + 8.250%, 1.250% Floor |   | 4/17/2020 |   | 1,954,783 |  |   | 1,969,443 |  |   | 1,862,321 |  |   | (107,122 | ) |
| MPH Acquisition Holdings LLC   |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 6/7/2023 |   | 2,870,317 |  |   | 2,855,965 |  |   | 2,917,993 |  |   | 62,028 |  |
| MWI Holdings, Inc.             |   | Capital Equipment |   | Senior Secured First Lien Term Loans(7) LIBOR + 5.500%, 1.000% Floor |   | 6/29/2020 |   | 3,990,000 |  |   | 3,950,100 |  |   | 3,980,025 |  |   | 29,925 |  |
| Nine West Holdings, Inc.       |   | Consumer goods:  Non-durable |   | Senior Secured First Lien Term Loans(7) LIBOR + 3.750%, 1.000% Floor |   | 10/8/2019 |   | 5,865,000 |  |   | 5,850,338 |  |   | 3,606,975 |  |   | (2,243,363 | ) |
| O2 Partners, LLC               |   | Consumer goods:  Non-durable |   | Senior Secured First Lien Term Loans(6) LIBOR + 5.000%, 1.000% Floor |   | 10/7/2022 |   | 1,500,000 |  |   | 1,485,000 |  |   | 1,485,000 |  |   | — |  |
| Payless Inc.                   |   | Retail |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 3/11/2021 |   | 5,850,000 |  |   | 5,828,063 |  |   | 3,017,606 |  |   | (2,810,457 | ) |
| Petco Animal Supplies, Inc.    |   | Retail |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 1/26/2023 |   | 5,940,050 |  |   | 5,821,249 |  |   | 5,965,533 |  |   | 144,284 |  |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                 |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Initial Notional Cost(2) |   | Fair Value |   | Unrealized Appreciation/(Depreciation) |
| Polycom, Inc.                              |   | Wholesale |   | Senior Secured First Lien Term Loans(7) LIBOR + 6.500%, 1.000% Floor |   | 9/27/2023 |   | 1,946,667 |  |   | 1,868,800 |  |   | 1,953,967 |  |   | 85,167 |  |
| Preferred Proppants, LLC                   |   | Construction & Building |   | Senior Secured First Lien Term Loans(7) LIBOR + 5.750%, 1.000% Floor |   | 7/27/2020 |   | 2,870,178 |  |   | 2,841,476 |  |   | 2,421,713 |  |   | (419,763 | ) |
| Press Ganey Holdings, Inc.                 |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans(5) LIBOR + 3.250%, 1.000% Floor |   | 10/23/2023 |   | 3,000,000 |  |   | 2,985,000 |  |   | 3,015,000 |  |   | 30,000 |  |
| Press Ganey Holdings, Inc.                 |   | Healthcare & Pharmaceuticals |   | Senior Secured Second Lien Term Loans(5) LIBOR + 7.250%, 1.000% Floor |   | 10/21/2024 |   | 6,500,000 |  |   | 6,472,500 |  |   | 6,472,505 |  |   | 5 |  |
| Rackspace Hosting, Inc.                    |   | Services:  Business |   | Senior Secured First Lien Term Loans(3) LIBOR + 3.500%, 1.000% Floor |   | 11/3/2023 |   | 1,000,000 |  |   | 1,000,000 |  |   | 1,000,000 |  |   | — |  |
| Rackspace Hosting, Inc.                    |   | Services:  Business |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 11/3/2023 |   | 2,500,000 |  |   | 2,487,500 |  |   | 2,530,200 |  |   | 42,700 |  |
| SCS Holdings I Inc.                        |   | High Tech Industries |   | Senior Secured First Lien Term Loans(5) LIBOR + 4.250%, 1.000% Floor |   | 10/30/2022 |   | 1,500,000 |  |   | 1,496,250 |  |   | 1,496,250 |  |   | — |  |
| Sungard Availability Services Capital Inc. |   | Services:  Business |   | Senior Secured First Lien Term Loans(5) LIBOR + 5.000%, 1.000% Floor |   | 4/1/2019 |   | 7,989,438 |  |   | 7,956,046 |  |   | 7,716,439 |  |   | (239,607 | ) |
| TaxACT Inc.                                |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(5) LIBOR + 6.000%, 1.000% Floor |   | 1/3/2023 |   | 2,705,882 |  |   | 2,634,706 |  |   | 2,705,882 |  |   | 71,176 |  |
| Tensar Corporation                         |   | Capital Equipment |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.750%, 1.000% Floor |   | 7/9/2021 |   | 11,574,536 |  |   | 11,458,791 |  |   | 10,417,083 |  |   | (1,041,708 | ) |
| TravelCLICK, Inc                           |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(5) LIBOR + 4.500%, 1.250% Floor |   | 5/6/2021 |   | 4,732,805 |  |   | 4,685,477 |  |   | 4,738,721 |  |   | 53,244 |  |
| tronc, Inc.                                |   | Media: Advertising, Printing & Publishing |   | Senior Secured First Lien Term Loans(4)(5) LIBOR + 4.750%, 1.000% Floor |   | 8/4/2021 |   | 7,000,000 |  |   | 6,930,000 |  |   | 6,973,750 |  |   | 43,750 |  |
| UFC Holdings, LLC                          |   | Hotel, Gaming & Leisure |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 8/18/2023 |   | 1,000,000 |  |   | 995,000 |  |   | 1,012,000 |  |   | 17,000 |  |
| UFC Holdings, LLC                          |   | Hotel, Gaming & Leisure |   | Senior Secured Second Lien Term Loans(7) LIBOR + 7.500%, 1.000% Floor |   | 8/18/2024 |   | 500,000 |  |   | 495,000 |  |   | 513,125 |  |   | 18,125 |  |
| US Shipping Partners LP                    |   | Transportation:  Cargo |   | Senior Secured First Lien Term Loans(5) LIBOR + 4.250%, 1.000% Floor |   | 6/26/2021 |   | 1,856,284 |  |   | 1,842,362 |  |   | 1,786,673 |  |   | (55,689 | ) |
| VCVH Holding Corp.                         |   | Healthcare & Pharmaceuticals |   | Senior Secured First Lien Term Loans(7) LIBOR + 5.000%, 1.000% Floor |   | 6/1/2023 |   | 997,500 |  |   | 987,525 |  |   | 987,525 |  |   | — |  |
| Veresen Midstream Limited Partnership      |   | Energy:  Oil & Gas |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.250%, 1.000% Floor |   | 3/31/2022 |   | 2,992,405 |  |   | 2,956,197 |  |   | 3,009,851 |  |   | 53,654 |  |
| Victory Capital Operating, LLC             |   | Banking, Finance, Insurance & Real Estate |   | Senior Secured First Lien Term Loans(7) LIBOR + 7.500%, 1.000% Floor |   | 10/29/2021 |   | 1,625,357 |  |   | 1,600,977 |  |   | 1,641,611 |  |   | 40,634 |  |
| Vistra Operations Company LLC              |   | Energy:  Electricity |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 8/4/2023 |   | 3,257,143 |  |   | 3,224,571 |  |   | 3,294,307 |  |   | 69,736 |  |
| Vistra Operations Company LLC              |   | Energy:  Electricity |   | Senior Secured First Lien Term Loans(7) LIBOR + 4.000%, 1.000% Floor |   | 8/4/2023 |   | 742,857 |  |   | 735,429 |  |   | 751,334 |  |   | 15,905 |  |
| Vistra Operations Company LLC              |   | Energy:  Electricity |   | Senior Secured First Lien Term Loans(3)(5) LIBOR + 3.250%, 0.750% Floor |   | 12/14/2023 |   | 1,500,000 |  |   | 1,496,250 |  |   | 1,518,750 |  |   | 22,500 |  |
| Western Digital Corporation                |   | High Tech Industries |   | Senior Secured First Lien Term Loans(5) LIBOR + 3.750%, 0.750% Floor |   | 4/29/2023 |   | 3,192,000 |  |   | 3,148,110 |  |   | 3,223,920 |  |   | 75,810 |  |

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|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                         |   | Industry |   | Type of Investment |   | Maturity |   | Par Amount |   | Initial Notional Cost(2) |   | Fair Value |   | Unrealized Appreciation/(Depreciation) |
| YRC Worldwide Inc.                                 |   | Transportation:  Cargo |   | Senior Secured First Lien Term loans(4)(7) LIBOR + 7.000%, 1.000% Floor |   | 2/13/2019 |   | 9,737,187 |  |   | 9,725,122 |  |   | 9,627,643 |  |   | (97,479 | ) |
| Total                                              |   |   |   | 230,377,606 |  |   | $ | 227,513,681 |  |   | $ | 213,493,418 |  |   | $ | (14,020,263 | ) |
| Total accrued interest income, net of expenses     |   |   |   |   |   |   |   |   |   | 372,934 |
| Total unrealized depreciation on total return swap |   |   |   |   |   |   |   |   |   | $ | (13,647,330 | ) |

|     |                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------|
| (1) | All investments are domiciled in the United States except for Livingston International, Inc., which is domiciled in Canada. |

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

|     |                                                                                    |
|-----|------------------------------------------------------------------------------------|
| (3) | The referenced asset or portion thereof is unsettled as of December 31, 2016. |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (4) | The investment is not a qualifying asset under the 1940 Act. |

|     |                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The interest rate on these loans is subject to a base rate plus 1 Month (“1M”) LIBOR, which at December 31, 2016 was 0.77%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1M LIBOR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The interest rate on these loans is subject to a base rate plus 2 Month (“2M”) LIBOR, which at December 31, 2016 was 0.82%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 2M LIBOR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 was the base rate plus the LIBOR floor. |

|     |                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | The interest rate on these loans is subject to a base rate plus 3 Month (“3M”) LIBOR, which at December 31, 2016 was 1.00%. As the interest rate is subject to a minimum LIBOR floor which was greater than the 3M LIBOR rate at December 31, 2016, the prevailing rate in effect at December 31, 2016 was the base rate plus the LIBOR floor. |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | March 31, 2017 |   | December 31, 2016 |
|                                  | TotalCommitment |   | BalanceOutstanding  |   | UnusedCommitment  |   | TotalCommitment |   | BalanceOutstanding |   | UnusedCommitment |
| ING Credit Facility                   | $ | 175,000,000 |  |   | $ | 145,000,000 |  |   | $ | 30,000,000 |  |   | $ | 175,000,000 |  |   | $ | 150,000,000 |  |   | $ | 25,000,000 |  |
| Alpine Credit Facility                | 300,000,000 |  |   | 255,000,000 |  |   | 45,000,000 |  |   | 300,000,000 |  |   | 240,000,000 |  |   | 60,000,000 |  |
| Total before deferred financing costs | 475,000,000 |  |   | 400,000,000 |  |   | 75,000,000 |  |   | 475,000,000 |  |   | 390,000,000 |  |   | 85,000,000 |  |
| Unamortized deferred financing costs  | — |  |   | (4,012,063 | ) |   | — |  |   | — |  |   | (4,340,533 | ) |   | — |  |
| Total borrowings outstanding, net     | $ | 475,000,000 |  |   | $ | 395,987,937 |  |   | $ | 75,000,000 |  |   | $ | 475,000,000 |  |   | $ | 385,659,467 |  |   | $ | 85,000,000 |  |

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|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |
|                                                                     | 2017 |   | 2016 |
| Interest expense related to the ING Credit Facility                      | $ | 1,045,123 |  |   | $ | 1,142,397 |  |
| Financing expenses related to the ING Credit Facility                    | 203,603 |  |   | 168,257 |  |
| Total Interest and financing expenses related to the ING Credit Facility | $ | 1,248,726 |  |   | $ | 1,310,654 |  |
|                                                                     |   |   |   |
| Weighted average outstanding debt balance of the ING Credit Facility     | $ | 113,388,889 |  |   | $ | 127,417,582 |  |
| Weighted average interest rate of the ING Credit Facility                | 3.7 | % |   | 3.6 | % |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | 2017 |   | 2016 |
| Interest expense related to the Alpine Credit Facility                      | $ | 2,551,741 |  |   | $ | 2,298,320 |  |
| Financing expenses related to the Alpine Credit Facility                    | 143,617 |  |   | 145,213 |  |
| Total Interest and financing expenses related to the Alpine Credit Facility | $ | 2,695,358 |  |   | $ | 2,443,533 |  |
|                                                                        |   |   |   |
| Weighted average outstanding debt balance of the Alpine Credit Facility     | $ | 247,500,000 |  |   | $ | 240,000,000 |  |
| Weighted average interest rate of the Alpine Credit Facility                | 4.1 | % |   | 3.7 | % |

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Table of Contents

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Quarter Ended              |   | Amount of Expense Payment Obligation |   | Amount Repaid to SIC Advisors |   | Operating Expense Ratio(1) |   | Annualized Distribution Rate(2) |   | Eligible to be Repaid Through |
| June 30, 2012         |   | $ | 454,874 |  |   | $ | 454,874 |  |   | 6.13 | % |   | 8.00 | % |   | June 30, 2015 |
| September 30, 2012    |   | 437,303 |  |   | 437,303 |  |   | 4.05 | % |   | 8.00 | % |   | September 30, 2015 |
| December 31, 2012          |   | 573,733 |  |   | 573,733 |  |   | 3.91 | % |   | 8.00 | % |   | December 31, 2015 |
| March 31, 2013        |   | 685,404 |  |   | 685,404 |  |   | 1.71 | % |   | 8.00 | % |   | March 31, 2016 |
| June 30, 2013         |   | 732,425 |  |   | 732,425 |  |   | 1.00 | % |   | 7.84 | % |   | June 30, 2016 |
| September 30, 2013(3) |   | 1,262,848 |  |   | 1,078,500 |  |   | 0.83 | % |   | 7.84 | % |   | September 30, 2016 |
| December 31, 2013(3)       |   | 1,258,575 |  |   | — |  |   | 0.45 | % |   | 7.84 | % |   | December 31, 2016 |
| March 31, 2014(3)     |   | 1,177,686 |  |   | 135,784 |  |   | 0.45 | % |   | 7.80 | % |   | March 31, 2017 |
| June 30, 2014         |   | 2,143,066 |  |   | — |  |   | 0.38 | % |   | 7.80 | % |   | June 30, 2017 |
| September 30, 2014    |   | 1,717,593 |  |   | 123,025 |  |   | 0.38 | % |   | 7.77 | % |   | September 30, 2017 |
| December 31, 2014          |   | 1,585,471 |  |   | — |  |   | 0.47 | % |   | 8.00 | % |   | December 31, 2017 |

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|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| March 31, 2015     |   | 1,993,518 |  |   | — |  |   | 0.43 | % |   | 8.00 | % |   | March 31, 2018 |
| June 30, 2015      |   | 2,148,462 |  |   | — |  |   | 0.31 | % |   | 8.00 | % |   | June 30, 2018 |
| September 30, 2015 |   | 627,752 |  |   | — |  |   | 0.32 | % |   | 8.25 | % |   | September 30, 2018 |
| December 31, 2015       |   | 3,974,895 |  |   | — |  |   | 0.40 | % |   | 8.65 | % |   | December 31, 2018 |
| March 31, 2016          |   | 5,204,896 |  |   | — |  |   | 0.37 | % |   | 8.89 | % |   | March 31, 2019 |
| June 30, 2016           |   | 5,634,390 |  |   | — |  |   | 0.29 | % |   | 8.89 | % |   | June 30, 2019 |
| September 30, 2016      |   | 5,389,627 |  |   | — |  |   | 0.45 | % |   | 8.84 | % |   | September 30, 2019 |
| December 31, 2016       |   | — |  |   | — |  |   | 0.32 | % |   | 7.07 | % |   | — |
| March 31, 2017     |   | — |  |   | — |  |   | 0.33 | % |   | 7.07 | % |   | — |

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

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

|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| (3) | The unreimbursed part of the expense payment obligation has expired as of March 31, 2017. |

----

Table of Contents

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |
|                                                                                    | 2017 |   | 2016 |
| Net increase in net assets from operations                                              | $ | 8,468,966 |  |   | $ | 6,274,720 |  |
| Weighted average common stock outstanding                                               | 95,382,267 |  |   | 84,845,431 |  |
| Weighted average basic and diluted net increase in net assets per share from operations | $ | 0.09 |  |   | $ | 0.07 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | As of |
|                                    | March 31, 2017 |   | December 31, 2016 |
| AAAHI Acquisition Corporation           | $ | 2,121,963 |  |   | $ | 2,219,626 |  |
| AAR Intermediate Holdings, LLC          | 377,338 |  |   | 477,961 |  |
| Answers Corporation                     | 822,022 |  |   | — |  |
| Black Angus Steakhouses LLC             | 3,794,643 |  |   | 3,794,643 |  |
| CP Opco, LLC                            | 9,291 |  |   | 9,291 |  |
| Elite Comfort Solutions LLC             | 4,438,616 |  |   | 4,438,616 |  |
| First Boston Construction Holdings, LLC | 600,000 |  |   | 600,000 |  |
| Impact Sales, LLC                       | 1,347,656 |  |   | 1,562,500 |  |
| Magnetite XIX, Limited                  | 4,083,333 |  |   | — |  |
| Nuspire, LLC                            | 2,500,000 |  |   | 2,500,000 |  |
| PT Network, LLC                         | 3,182,083 |  |   | 4,166,667 |  |
| Sierra Senior Loan Strategy JV I LLC    | 656,250 |  |   | 875,000 |  |
| SMART Financial Operations, LLC         | 6,300,000 |  |   | 6,300,000 |  |
| SRS Software, LLC                       | 5,000,000 |  |   | — |  |
| TwentyEighty, Inc.                      | 471,058 |  |   | — |  |
| Total Commitments                       | $ | 35,704,253 |  |   | $ | 26,944,304 |  |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |
|                     | 2017 |   | 2016 |
| Origination fee          | $ | 1,683,791 |  |   | $ | 802,222 |  |
| Prepayment fee           | 251,934 |  |   | 572,043 |  |
| Amendment fee            | 218,999 |  |   | — |  |
| Administrative agent fee | 35,476 |  |   | — |  |
| Other fees               | — |  |   | 20,947 |  |
| Fee income               | $ | 2,190,200 |  |   | $ | 1,395,212 |  |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |
| Record Date               |   | Payment Date |   | Amount per share |
| January 15 and 29, 2016   |   | January 29, 2016 |   | $ | 0.03333 |  |
| February 12 and 29, 2016  |   | February 29, 2016 |   | 0.03333 |  |
| March 15 and 31, 2016     |   | March 31, 2016 |   | 0.03333 |  |
| April 15 and 29, 2016     |   | April 29, 2016 |   | 0.03333 |  |
| May 13 and 31, 2016       |   | May 31, 2016 |   | 0.03333 |  |
| June 15 and 30, 2016      |   | June 30, 2016 |   | 0.03333 |  |
| July 15 and 29, 2016      |   | July 29, 2016 |   | 0.03333 |  |
| August 15 and 31, 2016    |   | August 31, 2016 |   | 0.03333 |  |
| September 15 and 30, 2016 |   | September 30, 2016 |   | 0.03333 |  |
| October 14 and 31, 2016   |   | October 31, 2016 |   | 0.02667 |  |
| November 15 and 30, 2016  |   | November 30, 2016 |   | 0.02667 |  |
| December 15 and 30, 2016  |   | December 31, 2016 |   | 0.02667 |  |
| January 13 and 31, 2017   |   | January 31, 2017 |   | 0.02667 |  |
| February 15 and 28, 2017  |   | February 28, 2017 |   | 0.02667 |  |
| March 15 and 31, 2017     |   | March 31, 2017 |   | 0.02667 |  |

----

Table of Contents

|            |
|------------|
|            |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Offer Date |   | Quantity Offered |   | Price per Share |   | Repurchase Date |   | Repurchase Quantity |
| 6/4/2013   |   | 16,652 |  |   | $ | 9.18 |  |   | — |  |   | — |  |
| 8/8/2013   |   | 32,627 |  |   | 9.13 |  |   | 9/27/2013 |  |   | 3,642 |  |
| 11/7/2013  |   | 60,966 |  |   | 9.14 |  |   | 12/19/2013 |  |   | 5,826 |  |
| 3/12/2014  |   | 120,816 |  |   | 9.18 |  |   | 4/25/2014 |  |   | 9,835 |  |
| 5/6/2014   |   | 199,476 |  |   | 9.20 |  |   | 6/13/2014 |  |   | 17,777 |  |
| 8/5/2014   |   | 294,068 |  |   | 9.25 |  |   | 9/12/2014 |  |   | 35,887 |  |
| 11/5/2014  |   | 411,894 |  |   | 9.22 |  |   | 12/24/2014 |  |   | 411,894 |  |
| 3/4/2015   |   | 535,571 |  |   | 8.97 |  |   | 4/24/2015 |  |   | 68,472 |  |
| 5/6/2015   |   | 620,420 |  |   | 8.98 |  |   | 6/24/2015 |  |   | 90,916 |  |
| 8/5/2015   |   | 727,654 |  |   | 8.96 |  |   | 9/29/2015 |  |   | 328,353 |  |
| 11/3/2015  |   | 853,688 |  |   | 8.56 |  |   | 12/23/2015 |  |   | 285,559 |  |
| 3/2/2016   |   | 959,436 |  |   | 8.16 |  |   | 4/29/2016 |  |   | 959,436 |  |
| 5/5/2016   |   | 1,005,447 |  |   | 8.04 |  |   | 6/30/2016 |  |   | 855,215 |  |
| 8/4/2016   |   | 1,048,412 |  |   | 8.11 |  |   | 9/28/2016 |  |   | 1,048,407 |  |
| 11/25/2016 |   | 1,077,370 |  |   | 8.14 |  |   | 12/27/2016 |  |   | 1,077,352 |  |

----

Table of Contents

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
|                                                                            | 2017 |   | 2016 |
| Per Share Data:(1)                                                              |
| Net asset value at beginning of period                                          | $ | 8.17 |  |   | $ | 8.16 |  |
| Net investment income                                                           | 0.14 |  |   | 0.17 |  |
| Net realized gains/(losses) on investments and total return swap                | (0.11 | ) |   | 0.03 |  |
| Net unrealized appreciation/(depreciation) on investments and total return swap | 0.06 |  |   | (0.13 | ) |
| Net increase in net assets                                                      | $ | 0.09 |  |   | $ | 0.07 |  |
| Distributions from return of capital                                            | — |  |   | — |  |
| Distributions declared from net investment income(2)                            | (0.16 | ) |   | (0.20 | ) |
| Distributions from net realized capital gains                                   | — |  |   | — |  |
| Total distributions to shareholders                                             | $ | (0.16 | ) |   | $ | (0.20 | ) |
| Issuance of common shares above net asset value(3)                              | — |  |   | 0.01 |  |
| Net asset value at end of period                                                | $ | 8.10 |  |   | $ | 8.04 |  |
| Total return based on net asset value(4)(5)                                     | 1.09 | % |   | 0.71 | % |
| Portfolio turnover rate                                                         | 5.01 | % |   | 5.26 | % |
| Shares outstanding at end of period                                             | 96,265,797 |  |   | 87,481,561 |  |
| Net assets at end of period                                                     | $ | 779,343,254 |  |   | $ | 703,058,122 |  |
| Ratio/Supplemental Data (annualized):                                           |   |   |   |
| Ratio of net investment income to average net assets(5)                         | 7.40 | % |   | 9.48 | % |
| Ratio of net expenses (including incentive fees) to average net assets(5)       | 6.31 | % |   | 4.09 | % |
| Ratio of incentive fees to average net assets (non-annualized)                  | 0.07 | % |   | 0.33 | % |
| Supplemental Data (annualized):                                                 |   |   |   |
| Asset coverage ratio per unit(7)                                                | $ | 2,388 |  |   | $ | 2,542 |  |
| Percentage of non-recurring fee income(8)                                       | 8.21 | % |   | 5.96 | % |
| Ratio of net expenses (excluding incentive fees) to average net assets          | 6.24 | % |   | 3.76 | % |
| Ratio of interest and financing related expenses to average net assets          | 1.88 | % |   | 2.01 | % |

|     |                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The per share data was derived by using the weighted average shares outstanding during the three months ended March 31, 2017 and 2016, which were 95,382,267 and 84,845,431, respectively. |

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

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

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

|     |                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Total returns, ratios of net investment income, and ratios of gross expenses to average net assets for the three months ended March 31, 2016 prior to the effect of the Expense Support and Reimbursement Agreement were as follows: total return (0.04)%, ratio of net investment income: 6.49% and ratio of gross expenses to average net assets: 7.19% |

|     |                 |
|-----|-----------------|
| (6) | Not annualized. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Asset coverage per unit is the ratio of the carrying value of the Company's total consolidated assets for regulatory purposes, which includes the underlying fair value of net TRS, less all liabilities and indebtedness not represented by senior securities to the aggregate amount of Senior Securities representing indebtedness and the implied leverage on the TRS. Asset coverage per unit is expressed in terms of dollars per $1,000 of indebtedness. For the three months ended March 31, 2017 and 2016 the Company's Asset Coverage Per Unit including unfunded commitments was $2,245 and $2,422, respectively. |

|     |                                                                           |
|-----|---------------------------------------------------------------------------|
| (8) | Represents the impact of non-recurring fees over total investment income. |

----

Table of Contents

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |
| Record Date                |   | Payment Date |   | Amount per share |
| April 14 and 28, 2017 |   | April 28, 2017 |   | $ | 0.02667 |  |
| May 15 and 31, 2017   |   | May 31, 2017 |   | 0.02667 |  |
| June 15 and 30, 2017       |   | June 30, 2017 |   | 0.02667 |  |

----

Table of Contents

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

Table of Contents

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

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

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

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

----

Table of Contents

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

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

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

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

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

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

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

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

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

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

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

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

|         |                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the reimbursement of the compensation of our chief financial officer and chief compliance officer, whose compensation is paid by Medley, to the extent that each such reimbursement amount is annually approved by our independent director committee and subject to the limitations included in our Administration Agreement. |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Senior secured first lien term loans  | $ | 550,810,012 |  |   | 51.5 | % |   | $ | 534,275,048 |  |   | 51.8 | % |
| Senior secured first lien notes       | 63,173,911 |  |   | 5.9 |  |   | 64,853,852 |  |   | 6.3 |  |
| Senior secured second lien term loans | 287,289,367 |  |   | 26.9 |  |   | 270,939,205 |  |   | 26.3 |  |
| Subordinated notes                    | 63,628,750 |  |   | 5.9 |  |   | 63,513,166 |  |   | 6.2 |  |
| Sierra Senior Loan Strategy JV I LLC  | 48,603,326 |  |   | 4.5 |  |   | 47,353,946 |  |   | 4.6 |  |
| Warrants/equity                       | 56,282,582 |  |   | 5.3 |  |   | 51,114,739 |  |   | 5.0 |  |
| Total investments                     | $ | 1,069,787,948 |  |   | 100.0 | % |   | $ | 1,032,049,956 |  |   | 100.0 | % |

----

Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Percentage |   | Fair Value |   | Percentage |
| Senior secured first lien term loans  | $ | 515,753,491 |  |   | 50.2 | % |   | $ | 493,340,277 |  |   | 50.2 | % |
| Senior secured first lien notes       | 72,767,547 |  |   | 7.1 |  |   | 71,970,598 |  |   | 7.3 |  |
| Senior secured second lien term loans | 275,915,932 |  |   | 26.9 |  |   | 260,008,735 |  |   | 26.4 |  |
| Subordinated notes                    | 53,041,209 |  |   | 5.2 |  |   | 55,185,590 |  |   | 5.6 |  |
| Sierra Senior Loan Strategy JV I LLC  | 60,785,000 |  |   | 5.9 |  |   | 60,496,647 |  |   | 6.2 |  |
| Warrants/equity                       | 48,219,259 |  |   | 4.7 |  |   | 42,142,475 |  |   | 4.3 |  |
| Total                                 | $ | 1,026,482,438 |  |   | 100.0 | % |   | $ | 983,144,322 |  |   | 100.0 | % |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                  | March 31, 2017 |   | December 31, 2016 |
|                                  | Percentageof TotalInvestments |   | WeightedAverageCurrentYield forTotalInvestments |   | Percentageof TotalInvestments |   | WeightedAverageCurrentYield forTotalInvestments |
| Senior secured first lien term loans  | 48.7 | % |   | 9.7 | % |   | 48.1 | % |   | 9.5 | % |
| Senior secured first lien notes       | 5.9 |  |   | 8.5 |  |   | 7.0 |  |   | 8.8 |  |
| Senior secured second lien term loans | 24.7 |  |   | 10.2 |  |   | 25.3 |  |   | 10.7 |  |
| Subordinated notes                    | 4.3 |  |   | 14.4 |  |   | 5.4 |  |   | 17.0 |  |
| Sierra Senior Loan Strategy JV I LLC  | 5.8 |  |   | 11.2 |  |   | 5.9 |  |   | 10.3 |  |
| Warrants/Equity                       | 10.6 |  |   | 11.3 |  |   | 8.3 |  |   | 12.5 |  |
| Total                                 | 100.0 | % |   | 10.2 | % |   | 100.0 | % |   | 10.4 | % |

----

Table of Contents

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          | Investmentsat FairValue(1) |   | Percentageof TotalPortfolio(1) |   | Value ofTRSUnderlyingLoans |   | Percentageof TRSUnderlyingLoans |   | TotalInvestmentsat Fair Valueincluding thevalue of TRSUnderlyingLoans |   | Percentageof TotalPortfolioIncludingthe valueof TRSUnderlyingLoans |
| Services:  Business                      | $ | 157,300,871 |  |   | 15.2 | % |   | $ | 23,671,827 |  |   | 9.5 | % |   | $ | 180,972,698 |  |   | 14.1 | % |
| Multi-Sector Holdings                         | 133,734,603 |  |   | 13.0 |  |   | — |  |   | — |  |   | 133,734,603 |  |   | 10.4 |  |
| Banking, Finance, Insurance & Real Estate | 72,626,372 |  |   | 7.0 |  |   | 27,763,894 |  |   | 11.1 |  |   | 100,390,266 |  |   | 7.8 |  |
| Healthcare & Pharmaceuticals              | 72,665,681 |  |   | 7.0 |  |   | 22,283,639 |  |   | 8.9 |  |   | 94,949,320 |  |   | 7.4 |  |
| Construction & Building                   | 84,432,139 |  |   | 8.2 |  |   | 2,415,535 |  |   | 1.0 |  |   | 86,847,674 |  |   | 6.8 |  |
| Hotel, Gaming & Leisure                   | 62,753,359 |  |   | 6.1 |  |   | 17,632,111 |  |   | 7.0 |  |   | 80,385,470 |  |   | 6.3 |  |
| Aerospace & Defense                       | 70,521,240 |  |   | 6.8 |  |   | 4,650,531 |  |   | 1.9 |  |   | 75,171,771 |  |   | 5.9 |  |
| Retail                                        | 58,038,806 |  |   | 5.6 |  |   | 13,037,445 |  |   | 5.2 |  |   | 71,076,251 |  |   | 5.5 |  |
| High Tech Industries                          | 42,096,853 |  |   | 4.1 |  |   | 17,750,809 |  |   | 7.1 |  |   | 59,847,662 |  |   | 4.7 |  |
| Telecommunications                            | 35,058,982 |  |   | 3.4 |  |   | 6,606,261 |  |   | 2.6 |  |   | 41,665,243 |  |   | 3.2 |  |
| Transportation:  Cargo                   | 28,501,997 |  |   | 2.8 |  |   | 12,687,074 |  |   | 5.1 |  |   | 41,189,071 |  |   | 3.2 |  |
| Capital Equipment                             | 11,843,750 |  |   | 1.1 |  |   | 26,218,185 |  |   | 10.5 |  |   | 38,061,935 |  |   | 3.0 |  |
| Energy:  Oil & Gas                   | 28,753,798 |  |   | 2.8 |  |   | 7,430,981 |  |   | 3.0 |  |   | 36,184,779 |  |   | 2.8 |  |
| Chemicals, Plastics & Rubber              | 22,772,721 |  |   | 2.2 |  |   | 10,729,521 |  |   | 4.3 |  |   | 33,502,242 |  |   | 2.6 |  |
| Media: Advertising, Printing & Publishing | 19,116,945 |  |   | 1.9 |  |   | 11,867,454 |  |   | 4.7 |  |   | 30,984,399 |  |   | 2.4 |  |
| Automotive                                    | 24,636,827 |  |   | 2.4 |  |   | — |  |   | — |  |   | 24,636,827 |  |   | 1.9 |  |
| Beverage & Food                           | 19,211,870 |  |   | 1.9 |  |   | 2,915,234 |  |   | 1.2 |  |   | 22,127,104 |  |   | 1.7 |  |
| Metals & Mining                           | 21,837,057 |  |   | 2.1 |  |   | — |  |   | — |  |   | 21,837,057 |  |   | 1.7 |  |
| Wholesale                                     | 21,114,886 |  |   | 2.0 |  |   | — |  |   | — |  |   | 21,114,886 |  |   | 1.6 |  |
| Media:  Diversified & Production     | 16,664,197 |  |   | 1.6 |  |   | 4,141,667 |  |   | 1.7 |  |   | 20,805,864 |  |   | 1.6 |  |
| Media:  Broadcasting & Subscription  | 13,787,824 |  |   | 1.3 |  |   | 6,612,969 |  |   | 2.6 |  |   | 20,400,793 |  |   | 1.6 |  |
| Services:  Consumer                      | 5,246,642 |  |   | 0.5 |  |   | 9,888,261 |  |   | 3.9 |  |   | 15,134,903 |  |   | 1.2 |  |
| Consumer Goods:  Durable                 | — |  |   | — |  |   | 8,470,660 |  |   | 3.4 |  |   | 8,470,660 |  |   | 0.7 |  |
| Consumer Goods:  Non-Durable             | 2,000,000 |  |   | 0.2 |  |   | 5,590,913 |  |   | 2.2 |  |   | 7,590,913 |  |   | 0.6 |  |
| Transportation:  Consumer                | 7,332,535 |  |   | 0.7 |  |   | — |  |   | — |  |   | 7,332,535 |  |   | 0.6 |  |
| Containers, Packaging & Glass             | — |  |   | — |  |   | 5,000,000 |  |   | 2.0 |  |   | 5,000,000 |  |   | 0.4 |  |
| Utilities:  Electric                     | — |  |   | — |  |   | 3,015,750 |  |   | 1.2 |  |   | 3,015,750 |  |   | 0.2 |  |
| Total                                         | $ | 1,032,049,955 |  |   | 100.0 | % |   | $ | 250,380,721 |  |   | 100.0 | % |   | $ | 1,282,430,676 |  |   | 100.0 | % |

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

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|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          | Investmentsat FairValue(1) |   | Percentageof TotalPortfolio(1) |   | Value ofTRSUnderlyingLoans |   | Percentageof TRSUnderlyingLoans |   | TotalInvestmentsat Fair Valueincluding thevalue of TRSUnderlyingLoans |   | Percentageof TotalPortfolioIncludingthe valueof TRSUnderlyingLoans |
| Services:  Business                      | $ | 149,451,149 |  |   | 15.2 | % |   | $ | 23,571,092 |  |   | 11.0 | % |   | $ | 173,022,241 |  |   | 14.5 | % |
| Multi-Sector Holdings                         | 130,182,237 |  |   | 13.3 |  |   | — |  |   | — |  |   | 130,182,237 |  |   | 10.9 |  |
| Banking, Finance, Insurance & Real Estate | 72,938,844 |  |   | 7.4 |  |   | 20,713,321.0 |  |   | 9.7 |  |   | 93,652,165 |  |   | 7.8 |  |
| Hotel, Gaming & Leisure                   | 69,640,838 |  |   | 7.1 |  |   | 19,867,696 |  |   | 9.3 |  |   | 89,508,534 |  |   | 7.5 |  |
| Healthcare & Pharmaceuticals              | 69,382,893 |  |   | 7.1 |  |   | 13,393,023 |  |   | 6.3 |  |   | 82,775,916 |  |   | 6.9 |  |
| Aerospace & Defense                       | 70,126,640 |  |   | 7.1 |  |   | 4,656,652 |  |   | 2.2 |  |   | 74,783,292 |  |   | 6.2 |  |
| Retail                                        | 61,292,231 |  |   | 6.2 |  |   | 11,005,219 |  |   | 5.2 |  |   | 72,297,450 |  |   | 6.0 |  |
| Construction & Building                   | 58,267,425 |  |   | 5.9 |  |   | 2,999,433 |  |   | 1.4 |  |   | 61,266,858 |  |   | 5.1 |  |
| Transportation:  Cargo                   | 28,493,057 |  |   | 2.9 |  |   | 13,276,638.0 |  |   | 6.2 |  |   | 41,769,695 |  |   | 3.5 |  |
| High Tech Industries                          | 25,888,925 |  |   | 2.6 |  |   | 15,474,967 |  |   | 7.2 |  |   | 41,363,892 |  |   | 3.5 |  |
| Energy:  Oil & Gas                   | 33,048,939 |  |   | 3.4 |  |   | 7,413,640 |  |   | 3.5 |  |   | 40,462,579 |  |   | 3.4 |  |
| Telecommunications                            | 37,580,414 |  |   | 3.8 |  |   | 2,487,500.0 |  |   | 1.2 |  |   | 40,067,914 |  |   | 3.3 |  |
| Media: Advertising, Printing & Publishing | 19,306,587 |  |   | 2.0 |  |   | 12,000,704.0 |  |   | 5.6 |  |   | 31,307,291 |  |   | 2.6 |  |
| Capital Equipment                             | 12,088,629 |  |   | 1.2 |  |   | 16,029,467 |  |   | 7.5 |  |   | 28,118,096 |  |   | 2.4 |  |
| Wholesale                                     | 21,660,294 |  |   | 2.2 |  |   | 4,976,467 |  |   | 2.3 |  |   | 26,636,761 |  |   | 2.2 |  |
| Automotive                                    | 24,222,630 |  |   | 2.5 |  |   | — |  |   | — |  |   | 24,222,630 |  |   | 2.0 |  |
| Beverage & Food                           | 19,282,080 |  |   | 2.0 |  |   | 2,912,490 |  |   | 1.4 |  |   | 22,194,570 |  |   | 1.9 |  |
| Media:  Diversified & Production     | 15,733,786 |  |   | 1.6 |  |   | 4,925,156.0 |  |   | 2.3 |  |   | 20,658,942 |  |   | 1.7 |  |
| Metals & Mining                           | 20,518,139 |  |   | 2.1 |  |   | — |  |   | — |  |   | 20,518,139 |  |   | 1.7 |  |
| Media:  Broadcasting & Subscription  | 15,830,499 |  |   | 1.6 |  |   | 4,618,688 |  |   | 2.2 |  |   | 20,449,187 |  |   | 1.7 |  |
| Chemicals, Plastics & Rubber              | 15,726,190 |  |   | 1.6 |  |   | — |  |   | — |  |   | 15,726,190 |  |   | 1.3 |  |
| Services:  Consumer                      | 5,201,522 |  |   | 0.5 |  |   | 8,838,651.0 |  |   | 4.1 |  |   | 14,040,173 |  |   | 1.2 |  |
| Containers, Packaging & Glass             | — |  |   | — |  |   | 10,642,499.0 |  |   | 5.0 |  |   | 10,642,499 |  |   | 0.9 |  |
| Transportation:  Consumer                | 7,280,374 |  |   | 0.7 |  |   | — |  |   | — |  |   | 7,280,374 |  |   | 0.6 |  |
| Energy:  Electricity                     | — |  |   | — |  |   | 5,564,390.0 |  |   | 2.6 |  |   | 5,564,390 |  |   | 0.5 |  |
| Consumer goods:  Non-Durable             | — |  |   | — |  |   | 5,091,975.0 |  |   | 2.4 |  |   | 5,091,975 |  |   | 0.4 |  |
| Utilities:  Electric                     | — |  |   | — |  |   | 3,033,750.0 |  |   | 1.4 |  |   | 3,033,750 |  |   | 0.3 |  |
| Total                                         | $ | 983,144,322 |  |   | 100.0 | % |   | $ | 213,493,418 |  |   | 100.0 | % |   | $ | 1,196,637,740 |  |   | 100.0 | % |

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

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

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|   |
|---|
|   |  |
| 5 | Investments that are performing substantially below expectations and whose risks have increased substantially since origination or purchase. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Some loss of principal is expected. |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     |   |   |   | March 31, 2017 |   |   |   |   |   | December 31, 2016 |   |   |
| Investment Credit Rating |   | Number of Investments |   | Investments atFair Value |   | Percentage |   | Number of Investments |   | Investments atFair Value |   | Percentage |
| 1                        |   | 5 |  |   | $ | 57,328,843 |  |   | 5.6 | % |   | 5 |  |   | $ | 57,356,293 |  |   | 5.8 | % |
| 2                        |   | 79 |  |   | 839,785,902 |  |   | 81.4 |  |   | 74 |  |   | 798,629,992 |  |   | 81.3 |  |
| 3                        |   | 11 |  |   | 92,006,445 |  |   | 8.9 |  |   | 10 |  |   | 77,762,796 |  |   | 7.9 |  |
| 4                        |   | 2 |  |   | 23,915,530 |  |   | 2.3 |  |   | 6 |  |   | 35,294,284 |  |   | 3.6 |  |
| 5                        |   | 7 |  |   | 19,013,236 |  |   | 1.8 |  |   | 4 |  |   | 14,100,957 |  |   | 1.4 |  |
| Total                    |   | 104 |  |   | $ | 1,032,049,956 |  |   | 100.0 | % |   | 99 |  |   | $ | 983,144,322 |  |   | 100.0 | % |

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |
|                                                                                      | 2017 |   | 2016 |
| Total investment income                                                                   | $ | 26,230,591 |  |   | $ | 23,226,505 |  |
| Total expenses, net                                                                       | 12,484,844 |  |   | 8,704,801 |  |
| Net investment income                                                                     | 13,745,747 |  |   | 14,521,704 |  |
| Net realized gain/(loss) from investments and total return swap                           | (10,474,977 | ) |   | 2,499,850 |  |
| Net change in unrealized appreciation/(depreciation) on investments and total return swap | 5,495,768 |  |   | (10,674,249 | ) |
| Change in provision for deferred taxes on unrealized gain on investments                  | (297,572 | ) |   | (72,585 | ) |
| Net increase in net assets resulting from operations                                      | $ | 8,468,966 |  |   | $ | 6,274,720 |  |

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|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | 2017 |   | 2016 |
| Base management fees                | $ | 5,208,569 |  |   | $ | 4,797,629 |  |
| Interest and financing expenses     | 3,596,864 |  |   | 3,440,717 |  |
| Incentive fees                      | 548,806 |  |   | 2,271,763 |  |
| General and administrative expenses | 1,229,349 |  |   | 1,489,963 |  |
| Administrator expenses              | 793,529 |  |   | 583,206 |  |
| Offering costs                      | 521,684 |  |   | 763,199 |  |
| Professional fees                   | 586,043 |  |   | 563,220 |  |
| Total expenses                      | 12,484,844 |  |   | 13,909,697 |  |
| Net expense support reimbursement   | — |  |   | (5,204,896 | ) |
| Net expenses                        | $ | 12,484,844 |  |   | $ | 8,704,801 |  |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | March 31, 2017 |   | December 31, 2016 |
|                                  | TotalCommitment |   | BalanceOutstanding |   | UnusedCommitment |   | TotalCommitment |   | BalanceOutstanding |   | UnusedCommitment |
| ING Credit Facility                   | $ | 175,000,000 |  |   | $ | 145,000,000 |  |   | $ | 30,000,000 |  |   | $ | 175,000,000 |  |   | $ | 150,000,000 |  |   | $ | 25,000,000 |  |
| Alpine Credit Facility                | 300,000,000 |  |   | 255,000,000 |  |   | 45,000,000 |  |   | 300,000,000 |  |   | 240,000,000 |  |   | 60,000,000 |  |
| Total before deferred financing costs | 475,000,000 |  |   | 400,000,000 |  |   | 75,000,000 |  |   | 475,000,000 |  |   | 390,000,000 |  |   | 85,000,000 |  |
| Unamortized deferred financing costs  | — |  |   | (4,012,063 | ) |   | — |  |   | — |  |   | (4,340,533 | ) |   | — |  |
| Total borrowings outstanding, net     | $ | 475,000,000 |  |   | $ | 395,987,937 |  |   | $ | 75,000,000 |  |   | $ | 475,000,000 |  |   | $ | 385,659,467 |  |   | $ | 85,000,000 |  |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | Payment Due By Period  |
|                          | Total  |   | Less than1 Year  |   | 1 - 3 Years |   | 3 - 5 Years  |   | More than5 Years |
| ING Credit Facility           | $ | 145,000,000 |  |   | $ | — |  |   | $ | — |  |   | $ | 145,000,000 |  |   | $ | — |  |
| Alpine Credit Facility        | 255,000,000 |  |   | — |  |   | 255,000,000 |  |   | — |  |   | — |  |
| Total Contractual Obligations | $ | 400,000,000 |  |   | $ | — |  |   | $ | 255,000,000 |  |   | $ | 145,000,000 |  |   | $ | — |  |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |
| Record Date                   |   | Payment Date |   | Amount per share |
| January 15 and 29, 2016  |   | January 29, 2016 |   | $ | 0.03333 |  |
| February 12 and 29, 2016 |   | February 29, 2016 |   | 0.03333 |  |
| March 15 and 31, 2016    |   | March 31, 2016 |   | 0.03333 |  |
| April 15 and 29, 2016    |   | April 29, 2016 |   | 0.03333 |  |
| May 13 and 31, 2016      |   | May 31, 2016 |   | 0.03333 |  |
| June 15 and 30, 2016     |   | June 30, 2016 |   | 0.03333 |  |

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |
| July 15 and 29, 2016      |   | July 29, 2016 |   | 0.03333 |  |
| August 15 and 31, 2016    |   | August 31, 2016 |   | 0.03333 |  |
| September 15 and 30, 2016 |   | September 30, 2016 |   | 0.03333 |  |
| October 14 and 31, 2016   |   | October 31, 2016 |   | 0.02667 |  |
| November 15 and 30, 2016  |   | November 30, 2016 |   | 0.02667 |  |
| December 15 and 31, 2016  |   | December 31, 2016 |   | 0.02667 |  |
| January 13 and 31, 2017   |   | January 31, 2017 |   | 0.02667 |  |
| February 15 and 28, 2017  |   | February 28, 2017 |   | 0.02667 |  |
| March 15 and 31, 2017     |   | March 31, 2017 |   | 0.02667 |  |

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

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

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

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

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

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

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

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

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

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

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

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |
| Record Date                |   | Payment Date |   | Amount per share |
| April 14 and 28, 2017 |   | April 28, 2017 |   | $ | 0.02667 |  |
| May 15 and 31, 2017   |   | May 31, 2017 |   | 0.02667 |  |
| June 15 and 30, 2017       |   | June 30, 2017 |   | 0.02667 |  |

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|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                 |   | Change in |
| Basis point increase |   | Interest Income (1) |   | Interest Expense |   | Net Interest Income |
| 100                  |   | $ | 9,939,821 |  |   | $ | 4,000,000 |  |   | $ | 5,939,821 |  |
| 200                  |   | 18,882,104 |  |   | 8,000,000 |  |   | 10,882,104 |  |
| 300                  |   | 27,860,534 |  |   | 12,000,000 |  |   | 15,860,534 |  |
| 400                  |   | 36,838,964 |  |   | 16,000,000 |  |   | 20,838,964 |  |
| 500                  |   | 45,817,395 |  |   | 20,000,000 |  |   | 25,817,395 |  |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |
| Period                                 |   | Total Number of Shares Purchased |   | Average Price per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
| January 1, 2017 through March 31, 2017 |   | 15,755 |   | $8.17 |   | — |   | — (1) |

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|        |
|--------|
|        |  |  |
| Number |   | Description |
| 3.1    |    | Articles of Incorporation of the Registrant(1) |
|   |   |
| 3.2    |    | Articles of Amendment of the Registrant(1) |
|   |   |
| 3.3    |    | Articles of Amendment and Restatement of the Registrant(2) |
|   |   |
| 3.4    |    | Second Articles of Amendment and Restatement of the Registrant(3) |
|   |   |
| 3.5    |    | Form of Articles Supplementary Electing to be Subject to Subtitle 8 of the Maryland General Corporation Law(4) |
|   |   |
| 3.6    |    | Form of Bylaws of the Registrant(1) |
|   |   |
| 11.1   |    | Computation of Per Share Earnings (included in the notes to the financial statements contained in this report)* |
|   |   |   |
| 31.1   |    | Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
|   |   |
| 31.2   |    | Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
|   |   |
| 32.1   |    | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |

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

|   |                 |
|---|-----------------|
| * | Filed herewith. |

|     |                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Previously filed in connection with Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-175624), filed on November 3, 2011, and incorporated by reference herein. |

|     |                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Previously filed in connection with Pre-Effective Amendment No. 4 to the Registrant’s Registration Statement on Form N-2 (File No. 333-175624), filed on March 12, 2012, and incorporated by reference herein. |

|     |                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Previously filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on June 14, 2012, and incorporated by reference herein. |

|     |                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Previously filed in connection with Registrant’s Pre-Effective Amendment No. 4 to its Registration Statement on Form N-2 (File No. 333-200595), filed on October 6, 2015, and incorporated by reference herein. |

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|                         |
|-------------------------|
|                         |  |  |  |
| Dated: May 8, 2017 | Sierra Income Corporation |
|                    |   |   |
|                    | By |   | /s/ Seth Taube |
|                    |   |   | Seth TaubeChief Executive Officer(Principal Executive Officer) |
|                    |   |   |
|                    | By |   | /s/ Christopher M. Mathieu |
|                    |   |   | Christopher M. MathieuChief Financial Officer(Principal Accounting and Financial Officer) |