|            |
|------------|
|            |  |
| (Mark One) |   |
| þ     | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the quarterly period ended March 31, 2019 |
| OR         |
|  ̈     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the transition period from               to |

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

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

----

|                                         |
|-----------------------------------------|
|                                         |  |  |
| Item 1.                                 | Condensed Consolidated Financial Statements: |   |
|                                    | Condensed Consolidated Balance Sheets | 1 |
|                                    | Condensed Consolidated Statements of Operations | 2 |
|                                    | Condensed Consolidated Statements of Changes in Net Assets | 3 |
|                                    | Condensed Consolidated Statements of Cash Flows | 4 |
|                                    | Condensed Consolidated Schedules of Investments | 5 |
|                                    | Notes to the Condensed Consolidated Financial Statements | 7 |
| Item 2.                                 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 39 |
| Item 3.                                 | Quantitative and Qualitative Disclosures About Market Risk | 64 |
| Item 4.                                 | Controls and Procedures | 65 |
|                                    |   |   |
| PART II — OTHER INFORMATION  |
|                                    |   |   |
| Item 1.                                 | Legal Proceedings | 66 |
| Item 1A.                                | Risk Factors | 66 |
| Item 2.                                 | Unregistered Sales of Equity Securities and Use of Proceeds | 66 |
| Item 3.                                 | Defaults Upon Senior Securities | 66 |
| Item 4.                                 | Mine Safety Disclosures | 66 |
| Item 5.                                 | Other Information | 66 |
| Item 6.                                 | Exhibits | 67 |
|                                    |   |   |
| Signatures                              |   | 68 |

----

|                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                         |  |  |  |  |  |  |  |
|                                                                                                                                                                    | March 31, 2019 |   | December 31, 2018 |
|                                                                                                                                                                    | (Unaudited) |   |   |
| ASSETS                                                                                                                                                                  |   |   |   |
| Portfolio investments at fair value:                                                                                                                                    |   |   |   |
| Non-Control/Non-Affiliate investments (amortized cost: $929,741 and $932,495 as of March 31, 2019 and December 31, 2018, respectively)                                  | $ | 902,841 |  |   | $ | 901,518 |  |
| Affiliate investments (amortized cost: $140,763 and $143,372 as of March 31, 2019 and December 31, 2018, respectively)                                                  | 151,053 |  |   | 149,323 |  |
| Control investments (amortized cost: $42,946 and $45,821 as of March 31, 2019 and December 31, 2018, respectively)                                                      | 56,234 |  |   | 55,727 |  |
| Total portfolio investments (amortized cost: $1,113,450 and $1,121,688 as of March 31, 2019 and December 31, 2018, respectively)                                        | 1,110,128 |  |   | 1,106,568 |  |
|                                                                                                                                                                    |   |   |   |
| Cash and cash equivalents                                                                                                                                               | 18,313 |  |   | 21,757 |  |
| Interest receivable                                                                                                                                                     | 8,256 |  |   | 9,292 |  |
| Receivable for securities sold                                                                                                                                          | 809 |  |   | 918 |  |
| Prepaid and other assets                                                                                                                                                | 4,318 |  |   | 4,038 |  |
| Deferred financing costs (net of accumulated amortization of $1,979 and $1,642 as of March 31, 2019 and December 31, 2018, respectively)                                | 4,527 |  |   | 4,857 |  |
| Total assets                                                                                                                                                            | $ | 1,146,351 |  |   | $ | 1,147,430 |  |
|                                                                                                                                                                    |   |   |   |
| LIABILITIES                                                                                                                                                             |   |  |   |   |  |
| Accounts payable and other liabilities                                                                                                                                  | $ | 2,192 |  |   | $ | 2,456 |  |
| Stockholder distributions payable                                                                                                                                       | 4,673 |  |   | 4,676 |  |
| Base management and incentive fees payable                                                                                                                              | 7,125 |  |   | 5,854 |  |
| Due to affiliates                                                                                                                                                       | 105 |  |   | 57 |  |
| Directors’ fees payable                                                                                                                                           | 26 |  |   | 21 |  |
| Payable for securities purchased                                                                                                                                        | 1,837 |  |   | — |  |
| Credit facilities payable                                                                                                                                               | 500,000 |  |   | 509,000 |  |
| Total liabilities                                                                                                                                                       | 515,958 |  |   | 522,064 |  |
|                                                                                                                                                                    |   |   |   |
| Commitments and Contingencies (Note 12)                                                                                                                                 |   |   |   |
|                                                                                                                                                                    |   |   |   |
| NET ASSETS                                                                                                                                                              |   |  |   |   |  |
| Common stock, $.001 par value; 150,000,000 shares authorized, 78,547,196 and 78,584,824 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively | 79 |  |   | 79 |  |
| Additional paid-in capital                                                                                                                                              | 678,219 |  |   | 678,627 |  |
| Total accumulated earnings (loss)                                                                                                                                       | (47,905 | ) |   | (53,340 | ) |
| Total net assets                                                                                                                                                        | 630,393 |  |   | 625,366 |  |
|                                                                                                                                                                    |   |   |   |
| Total liabilities and net assets                                                                                                                                        | $ | 1,146,351 |  |   | $ | 1,147,430 |  |
|                                                                                                                                                                    |   |   |   |
| Net asset value per share                                                                                                                                               | $ | 8.03 |  |   | $ | 7.96 |  |

----

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |
|                                                                                |   | Three Months Ended |
|                                                                                |   | March 31, 2019 |   | March 31, 2018 |
| INVESTMENT INCOME:                                                                  |   |   |  |   |   |  |
| From non-control/non-affiliate investments:                                         |   |   |   |   |
| Interest income                                                                     |   | $ | 23,499 |  |   | $ | 20,257 |  |
| Fee income                                                                          |   | 307 |  |   | 268 |  |
| Dividend income                                                                     |   | 327 |  |   | 303 |  |
| From affiliate investments:                                                         |   |   |   |   |
| Interest income                                                                     |   | 2,602 |  |   | 1,764 |  |
| Fee income                                                                          |   | 37 |  |   | 49 |  |
| Dividend income                                                                     |   | 396 |  |   | 475 |  |
| From control investments:                                                           |   |   |   |   |
| Interest income                                                                     |   | 123 |  |   | 156 |  |
| Fee income                                                                          |   | 17 |  |   | 17 |  |
| Dividend income                                                                     |   | 1,853 |  |   | 695 |  |
| Total investment income                                                             |   | 29,161 |  |   | 23,984 |  |
| EXPENSES:                                                                           |   |   |  |   |   |  |
| Interest expense                                                                    |   | 7,107 |  |   | 5,128 |  |
| Base management and incentive fees                                                  |   | 7,125 |  |   | 5,694 |  |
| Internal administrative services expenses                                           |   | 758 |  |   | 804 |  |
| Offering costs                                                                      |   | 95 |  |   | 103 |  |
| Professional fees                                                                   |   | 316 |  |   | 268 |  |
| Insurance                                                                           |   | 48 |  |   | 48 |  |
| Other general and administrative                                                    |   | 516 |  |   | 443 |  |
| Expenses before fee and expense waivers                                             |   | 15,965 |  |   | 12,488 |  |
| Waiver of incentive fees                                                            |   | — |  |   | — |  |
| Waiver of internal administrative services expenses                                 |   | (758 | ) |   | (804 | ) |
| Total expenses, net of fee and expense waivers                                      |   | 15,207 |  |   | 11,684 |  |
| Net investment income before taxes                                                  |   | 13,954 |  |   | 12,300 |  |
| Income tax expense, including excise tax                                            |   | 58 |  |   | 102 |  |
| NET INVESTMENT INCOME                                                               |   | 13,896 |  |   | 12,198 |  |
| NET REALIZED GAIN (LOSS) ON INVESTMENTS                                             |   |   |  |   |   |  |
| Non-Control/Non-Affiliate investments                                               |   | (1,631 | ) |   | (8,157 | ) |
| Affiliate investments                                                               |   | (5,508 | ) |   | 912 |  |
| Control investments                                                                 |   | — |  |   | — |  |
| Total net realized loss on investments                                              |   | (7,139 | ) |   | (7,245 | ) |
| NET REALIZED INCOME                                                                 |   | 6,757 |  |   | 4,953 |  |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS                 |   |   |  |   |   |  |
| Non-Control/Non-Affiliate investments                                               |   | 4,331 |  |   | 9,463 |  |
| Affiliate investments                                                               |   | 3,626 |  |   | 492 |  |
| Control investments                                                                 |   | 4,106 |  |   | 649 |  |
| Total net change in unrealized appreciation on investments                          |   | 12,063 |  |   | 10,604 |  |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                |   | $ | 18,820 |  |   | $ | 15,557 |  |
| PER SHARE INFORMATION - BASIC AND DILUTED                                           |   |   |   |   |
| NET INVESTMENT INCOME PER SHARE                                                     |   | $ | 0.18 |  |   | $ | 0.15 |  |
| NET REALIZED INCOME PER SHARE                                                       |   | $ | 0.09 |  |   | $ | 0.06 |  |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE (EARNINGS PER SHARE) |   | $ | 0.24 |  |   | $ | 0.19 |  |
| WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED                       |   | 78,819,746 |  |   | 79,846,665 |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |
|                                                                        |   | Three Months Ended March 31, 2019 |   | Three Months Ended March 31, 2018 |
| Change in Net Assets from Operations:                                       |   |   |   |   |
| Net investment income                                                       |   | $ | 13,896 |  |   | $ | 12,198 |  |
| Net realized loss on investments                                            |   | (7,139 | ) |   | (7,245 | ) |
| Net change in unrealized appreciation on investments                        |   | 12,063 |  |   | 10,604 |  |
| Net increase in net assets resulting from operations                        |   | 18,820 |  |   | 15,557 |  |
|                                                                        |   |   |   |   |
| Change in Net Assets from Stockholders’ Distributions:                |   |   |   |   |
| Net decrease in net assets resulting from stockholders’ distributions |   | (13,606 | ) |   | (13,803 | ) |
|                                                                        |   |   |   |   |
| Change in Net Assets from Capital Share Transactions:                       |   |   |   |   |
| Reinvestment of stockholder distributions                                   |   | 6,366 |  |   | 6,929 |  |
| Repurchase of common stock                                                  |   | (6,553 | ) |   | (9,406 | ) |
| Net decrease in net assets resulting from capital share transactions        |   | (187 | ) |   | (2,477 | ) |
|                                                                        |   |   |   |   |
| Total Increase (Decrease) in Net Assets                                     |   | 5,027 |  |   | (723 | ) |
| Net Assets at beginning of the period                                       |   | 625,366 |  |   | 647,789 |  |
| Net Assets at end of the period                                             |   | $ | 630,393 |  |   | $ | 647,066 |  |
|                                                                        |   |   |   |   |
| NAV per share at end of the period                                          |   | $ | 8.03 |  |   | $ | 8.17 |  |
| Distributions declared per share                                            |   | $ | 0.17 |  |   | $ | 0.17 |  |
|                                                                        |   |   |   |   |
| Common shares outstanding, beginning of the period                          |   | 78,584,824 |  |   | 79,511,731 |  |
| Issuance of common shares pursuant to distribution reinvestment plan        |   | 782,543 |  |   | 836,401 |  |
| Repurchase of common shares                                                 |   | (820,171 | ) |   | (1,147,067 | ) |
| Common shares outstanding, end of the period                                |   | 78,547,196 |  |   | 79,201,065 |  |

----

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                                     | Three Months Ended  March 31, 2019 |   | Three Months Ended  March 31, 2018 |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                     |   |  |   |   |  |
| Net increase in net assets resulting from operations                                                                                     | $ | 18,820 |  |   | $ | 15,557 |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash generated from (used in) operating activities: |   |   |   |
| Principal repayments received and proceeds from sales of investments in portfolio companies                                              | 39,036 |  |   | 133,039 |  |
| Investments in portfolio companies                                                                                                       | (34,152 | ) |   | (181,813 | ) |
| Net change in unrealized (appreciation) on portfolio investments                                                                         | (12,063 | ) |   | (10,604 | ) |
| Net realized loss on sale of portfolio investments                                                                                       | 7,139 |  |   | 7,245 |  |
| Amortization of deferred financing costs                                                                                                 | 337 |  |   | 334 |  |
| Amortization of deferred offering costs                                                                                                  | 95 |  |   | 103 |  |
| Accretion of unearned income                                                                                                             | (1,562 | ) |   | (2,167 | ) |
| Net payment-in-kind interest accrual                                                                                                     | (1,169 | ) |   | (212 | ) |
| Changes in other assets and liabilities:                                                                                                 |   |   |   |  |
| Interest receivable                                                                                                                      | 1,036 |  |   | 916 |  |
| Prepaid and other assets                                                                                                                 | 518 |  |   | 4,647 |  |
| Base management and incentive fees payable                                                                                               | 1,271 |  |   | 12 |  |
| Due to affiliates                                                                                                                        | 48 |  |   | (8 | ) |
| Directors’ fees payable                                                                                                            | 5 |  |   | (2 | ) |
| Accounts payable and other liabilities                                                                                                   | 88 |  |   | 29 |  |
| Net cash generated from (used in) operating activities                                                                                   | 19,447 |  |   | (32,924 | ) |
|                                                                                                                                     |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                     |   |  |   |   |  |
| Redemption of common stock                                                                                                               | (6,553 | ) |   | (9,406 | ) |
| Payment of offering costs                                                                                                                | (95 | ) |   | (103 | ) |
| Payment of stockholder distributions                                                                                                     | (7,243 | ) |   | (6,889 | ) |
| Repayments on credit facilities payable                                                                                                  | (31,000 | ) |   | (100,000 | ) |
| Proceeds from credit facilities payable                                                                                                  | 22,000 |  |   | 128,000 |  |
| Net cash generated from (used in) financing activities                                                                                   | (22,891 | ) |   | 11,602 |  |
|                                                                                                                                     |   |   |   |
| Net decrease in cash and cash equivalents                                                                                                | (3,444 | ) |   | (21,322 | ) |
|                                                                                                                                     |   |   |   |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD                                                                                 | 21,757 |  |   | 45,791 |  |
|                                                                                                                                     |   |   |   |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                                                                                       | $ | 18,313 |  |   | $ | 24,469 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS Income Fund, Inc.Consolidated Schedule of Investments                                             |
| As of March 31, 2019                                                                                  |
| (dollars in thousands)                                                                                |
| Portfolio Company (1) (3)                                                                             | Business Description | Type of Investment (2) (3) | Index Rate (22) | Principal (7) | Cost (7) | Fair Value (26) |
|                                                                                                  |   |   |   |   |   |   |
| Control Investments (6)                                                                               |
| CTMH, LP (9) (15)                                                                                     | Investment Partnership | LP Interests (CTMH, LP) (Fully diluted 38.8%) | — | $ | — |  | $ | 872 |  | $ | 872 |  |
| GRT Rubber Technologies, LLC (10) (13)                                                                | Manufacturer of Engineered Rubber Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.49%, Secured Debt (Maturity - December 31, 2023) (8) | 1 month LIBOR | 5,663 |  | 5,639 |  | 5,663 |  |
|                                                                                                  |   | Member Units (2,896 units) (16) | — | — |  | 6,435 |  | 20,337 |  |
|                                                                                                  |   |   |   |   | 12,074 |  | 26,000 |  |
| HMS-ORIX SLF LLC  (9) (15)                                                                            | Investment Partnership | Membership Interests (Fully diluted 60.00%) (16) | — | — |  | 30,000 |  | 29,362 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Control Investments (6) (5% of total investments at fair value)                              |   |   | $ | 42,946 |  | $ | 56,234 |  |
| Affiliate Investments (4)                                                                             |
| AFG Capital Group, LLC (10) (13)                                                                      | Provider of Rent-to-Own Financing Solutions and Services | Member Units (46 units) (16) | — | $ | — |  | $ | 300 |  | $ | 1,092 |  |
|                                                                                                  |   | Warrants (10 equivalent units, Expiration - November 7, 2024) | — | — |  | 65 |  | 260 |  |
|                                                                                                  |   |   |   |   | 365 |  | 1,352 |  |
| Brewer Crane Holdings, LLC (10) (13)                                                                  | Provider of Crane Rental and Operating Services | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.10%, Secured Debt (Maturity - January 9, 2023) (8) | 1 month LIBOR | 2,356 |  | 2,319 |  | 2,319 |  |
|                                                                                                  |   | Preferred Member Units (737 units) (16) | — | — |  | 1,070 |  | 1,070 |  |
|                                                                                                  |   |   |   |   | 3,389 |  | 3,389 |  |
| Centre Technologies Holdings, LLC (10) (13)                                                           | Provider of IT Hardware Services and Software Solutions | LIBOR Plus 9.00% (Floor 2.00%), Current Coupon 11.50%, Secured Debt (Maturity - January 4, 2024) (8) | 1 month LIBOR | 3,060 |  | 2,995 |  | 3,001 |  |
|                                                                                                  |   | Preferred Member Units (3,174 units) | — | — |  | 1,460 |  | 1,460 |  |
|                                                                                                  |   |   |   |   | 4,455 |  | 4,461 |  |
| Chamberlin HoldCo, LLC (10) (13)                                                                      | Roofing and waterproofing specialty subcontractor | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.75%, Secured Debt (Maturity - February 23, 2023) (8) | 1 month LIBOR | 5,051 |  | 4,938 |  | 4,938 |  |
|                                                                                                  |   | Member Units (1,087 units) (16) | — | — |  | 2,860 |  | 5,280 |  |
|                                                                                                  |   | Member Units (Chamberlin Langfield Real Estate, LLC) (1 unit) | — | — |  | 183 |  | 183 |  |
|                                                                                                  |   |   |   |   | 7,981 |  | 10,401 |  |
| Charlotte Russe, Inc.                                                                                 | Fast-Fashion Retailer to Young Women | Common Stock (14,973 shares) | — | — |  | 2,470 |  | — |  |
| Charps, LLC (10) (13)                                                                                 | Pipeline Maintenance and Construction | 11.50% Secured Debt (Maturity - February 3, 2022) | None | 2,808 |  | 2,763 |  | 2,808 |  |
|                                                                                                  |   | Preferred Member Units (400 units) (16) | — | — |  | 100 |  | 938 |  |
|                                                                                                  |   |   |   |   | 2,863 |  | 3,746 |  |
| Clad-Rex Steel, LLC (10) (13)                                                                         | Specialty Manufacturer of Vinyl-Clad Metal | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.49%, Secured Debt (Maturity - December 20, 2021) (8) | 1 month LIBOR | 3,020 |  | 2,982 |  | 3,020 |  |
|                                                                                                  |   | Member Units (179 units) (16) | — | — |  | 1,820 |  | 2,653 |  |
|                                                                                                  |   | 10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 19, 2036) | None | 289 |  | 286 |  | 286 |  |
|                                                                                                  |   | Member Units (Clad-Rex Steel RE Investor, LLC) (200 units) | — | — |  | 53 |  | 88 |  |
|                                                                                                  |   |   |   |   | 5,141 |  | 6,047 |  |
| Copper Trail Energy Fund I, LP (9) (15)                                                               | Investment Partnership | LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 12.4%) | — | — |  | 3,306 |  | 3,930 |  |
| Digital Products Holdings LLC (10) (13)                                                               | Designer and Distributor of Consumer Electronics | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.50%, Secured Debt (Maturity - March 31, 2023) (8) | 1 month LIBOR | 6,352 |  | 6,243 |  | 6,243 |  |
|                                                                                                  |   | Preferred Member Units (863 units) (16) | — | — |  | 2,116 |  | 1,991 |  |
|                                                                                                  |   |   |   |   | 8,359 |  | 8,234 |  |
|                                                                                                  |   |   |   |   |   |   |
| Direct Marketing Solutions, Inc. (10) (13)                                                            | Provider of Omni-Channel Direct Marketing Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.50%, Secured Debt (Maturity - February 13, 2023) (8) | 1 month LIBOR | $ | 4,445 |  | $ | 4,342 |  | $ | 4,350 |  |
|                                                                                                  |   | Preferred Stock (2,100 shares) | — | — |  | 2,100 |  | 4,038 |  |
|                                                                                                  |   |   |   |   | 6,442 |  | 8,388 |  |
| Freeport Financial Funds (9) (15)                                                                     | Investment Partnership | LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 6.0%) (16) | — | — |  | 9,756 |  | 9,581 |  |
| Gamber-Johnson Holdings, LLC (10) (13)                                                                | Manufacturer of Ruggedized Computer Mounting Systems | LIBOR Plus 7.50% (Floor 2.00%), Current Coupon 9.99%, Secured Debt (Maturity - June 24, 2021) (8) | 1 month LIBOR | 5,155 |  | 5,089 |  | 5,155 |  |
|                                                                                                  |   | Member Units (2,155 units) (16) | — | — |  | 3,711 |  | 11,365 |  |
|                                                                                                  |   |   |   |   | 8,800 |  | 16,520 |  |
| Guerdon Modular Holdings, Inc. (10) (13)                                                              | Multi-Family and Commercial Modular Construction Company | 13.00% Secured Debt (Maturity - March 31, 2019) | None | 3,147 |  | 3,129 |  | 3,005 |  |
|                                                                                                  |   | Common Stock (53,008 shares) | — | — |  | 746 |  | — |  |
|                                                                                                  |   | Class B Preferred Stock (101,250 shares) | — | — |  | 285 |  | — |  |
|                                                                                                  |   |   |   |   | 4,160 |  | 3,005 |  |
| Gulf Publishing Holdings, LLC (10) (13)                                                               | Energy Industry Focused Media and Publishing | 12.50% Secured Debt (Maturity - April 29, 2021) | None | 3,134 |  | 3,102 |  | 3,102 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.99%, Secured Debt (Maturity - September 30, 2020) (8) | 1 month LIBOR | 20 |  | 20 |  | 20 |  |
|                                                                                                  |   | Member Units (920 units) | — | — |  | 920 |  | 1,082 |  |
|                                                                                                  |   |   |   |   | 4,042 |  | 4,204 |  |
| Harris Preston Fund Investments (9) (15) (16)                                                         | Investment Partnership | LP Interests (HPEP 3, LP) (Fully diluted 8.2%) | — | — |  | 1,971 |  | 1,971 |  |
|                                                                                                  |   | LP Interests (2717 MH, LP) (Fully diluted 49.3%) | — | — |  | 2,235 |  | 2,328 |  |
|                                                                                                  |   |   |   |   | 4,206 |  | 4,299 |  |
| Hawk Ridge Systems, LLC (9) (10) (13)                                                                 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | 10.00% Secured Debt (Maturity - December 2, 2021) | None | 3,350 |  | 3,309 |  | 3,350 |  |
|                                                                                                  |   | Preferred Member Units (56 units) (16) | — | — |  | 713 |  | 1,815 |  |
|                                                                                                  |   | Preferred Member Units (HRS Services, ULC) (56 units) (16) | — | — |  | 38 |  | 95 |  |
|                                                                                                  |   |   |   |   | 4,060 |  | 5,260 |  |
| KMC Investor, LLC (10) (13)                                                                           | Precision Metal Parts Manufacturing | 11.50% Secured Debt (Maturity - October 31, 2023) (8) | None | 7,000 |  | 6,796 |  | 6,803 |  |
|                                                                                                  |   | 9.00% Secured Debt (Maturity October 31, 2048) | None | 1,000 |  | 990 |  | 990 |  |
|                                                                                                  |   | Member Units (145 units) | — | — |  | 248 |  | 248 |  |
|                                                                                                  |   | Member Units (KMC RE Investor, LLC) (200 units) (16) | — | — |  | 3,060 |  | 3,060 |  |
|                                                                                                  |   |   |   |   | 11,094 |  | 11,101 |  |
| Market Force Information, Inc. (10) (13)                                                              | Provider of Customer Experience Management Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.63%, Secured Debt (Maturity - July 28, 2022) (8) | 3 month LIBOR | 5,700 |  | 5,622 |  | 5,622 |  |
|                                                                                                  |   | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.63%, Secured Debt (Maturity - July 28, 2022) (8) | 3 month LIBOR | 140 |  | 140 |  | 140 |  |
|                                                                                                  |   | Member Units (170,000 units) | — | — |  | 3,675 |  | 2,797 |  |
|                                                                                                  |   |   |   |   | 9,437 |  | 8,559 |  |
| M.H. Corbin Holding LLC (10) (13)                                                                     | Manufacturer and Distributor of Traffic Safety Products | 5.00% Current / 5.00% PIK Secured Debt (Maturity - March 15, 2022) | None | 2,135 |  | 2,107 |  | 2,135 |  |
|                                                                                                  |   | Preferred Member Units (16,500 units) | — | — |  | 1,100 |  | 1,192 |  |
|                                                                                                  |   | Common Units (1,000 units) | — | — |  | 1,500 |  | 5 |  |
|                                                                                                  |   |   |   |   | 4,707 |  | 3,332 |  |
|                                                                                                  |   |   |   |   |   |   |
| Mystic Logistics Holdings, LLC (10) (13)                                                              | Logistics and Distribution Services Provider for Large Volume Mailers | 12.00% Secured Debt (Maturity - August 15, 2019) | None | $ | 1,877 |  | $ | 1,868 |  | $ | 1,872 |  |
|                                                                                                  |   | Common Stock (1,468 shares) | — | — |  | 680 |  | 178 |  |
|                                                                                                  |   |   |   |   | 2,548 |  | 2,050 |  |
| NexRev, LLC (10) (13)                                                                                 | Provider of Energy Efficiency Products & Services | 11.00% Secured Debt (Maturity - February 28, 2023) | None | 4,359 |  | 4,280 |  | 4,288 |  |
|                                                                                                  |   | Preferred Member Units (21,600,000 units) | — | — |  | 1,720 |  | 1,720 |  |
|                                                                                                  |   |   |   |   | 6,000 |  | 6,008 |  |
| NuStep, LLC (10) (13)                                                                                 | Designer, Manufacturer and Distributor of Fitness Equipment | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 5,150 |  | 5,078 |  | 5,079 |  |
|                                                                                                  |   | Preferred Member Units (102 units) | — | — |  | 2,550 |  | 2,550 |  |
|                                                                                                  |   |   |   |   | 7,628 |  | 7,629 |  |
| SI East, LLC (10) (13)                                                                                | Rigid Industrial Packaging Manufacturing | 10.25% Secured Debt (Maturity - August 31, 2023) | None | 11,750 |  | 11,579 |  | 11,582 |  |
|                                                                                                  |   | Preferred Member Units (52 units) | — | — |  | 2,000 |  | 2,000 |  |
|                                                                                                  |   |   |   |   | 13,579 |  | 13,582 |  |
| Tedder Acquisition, LLC (10) (13)                                                                     | Manufacturer of Firearm Holsters and Accessories | 12.00% Secured Debt (Maturity - August 31, 2023) | None | 4,100 |  | 3,988 |  | 3,988 |  |
|                                                                                                  |   | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 120 |  | 118 |  | 118 |  |
|                                                                                                  |   | Preferred Member Units (110 units) | — | — |  | 1,869 |  | 1,869 |  |
|                                                                                                  |   |   |   |   | 5,975 |  | 5,975 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Affiliate Investments (4) (13% of total investments at fair value)                           |   |   | $ | 140,763 |  | $ | 151,053 |  |
|                                                                                                  |   |   |   |   |   |   |
| Non-Control/Non-Affiliate Investments (5)                                                             |
| AAC Holdings Inc. (8)                                                                                 | Substance Abuse Treatment Service Provider | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 11.49%, Secured Debt (Maturity - June 30, 2023) | 3 month LIBOR | $ | 14,405 |  | $ | 14,017 |  | $ | 13,325 |  |
|                                                                                                  |   | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.49%, Secured Debt (Maturity - March 31, 2020) (12) | 3 month LIBOR | 1,855 |  | 1,683 |  | 1,837 |  |
|                                                                                                  |   |   |   |   | 15,700 |  | 15,162 |  |
| Adams Publishing Group, LLC (8) (11)                                                                  | Local Newspaper Operator | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 10.30%, Secured Debt (Maturity - July 3, 2023) | 3 month LIBOR | 7,718 |  | 7,567 |  | 7,577 |  |
|                                                                                                  |   | PRIME Plus 4.00% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - July 3, 2023) | PRIME | 5,000 |  | 4,915 |  | 4,915 |  |
|                                                                                                  |   |   |   |   | 12,482 |  | 12,492 |  |
| ADS Tactical, Inc. (8) (11)                                                                           | Value-Added Logistics and Supply Chain Solutions Provider to the Defense Industry | LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 8.75%, Secured Debt (Maturity - July 26, 2023) | 1 month LIBOR | 16,374 |  | 16,296 |  | 16,374 |  |
| Aethon United BR, LP (8) (11)                                                                         | Oil & Gas Exploration & Production | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.24%, Secured Debt (Maturity - September 8, 2023) (14) | 1 month LIBOR | 4,063 |  | 4,013 |  | 4,063 |  |
| Allen Media, LLC (8)                                                                                  | Operator of Cable Television Networks | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.14%, Secured Debt (Maturity - August 30, 2023) | 3 month LIBOR | 16,928 |  | 16,480 |  | 16,442 |  |
| Allflex Holdings III Inc. (8)                                                                         | Manufacturer of Livestock Identification Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.49%, Secured Debt (Maturity - July 19, 2021) (14) | 1 month LIBOR | 13,232 |  | 13,321 |  | 13,232 |  |
| American Nuts, LLC (8) (11)                                                                           | Roaster, Mixer and Packager of Bulk Nuts and Seeds | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 12.30%, Secured Debt (Maturity - April 10, 2023) | 3 month LIBOR | 12,291 |  | 12,056 |  | 11,931 |  |
| American Scaffold Holdings, Inc. (8) (11)                                                             | Marine Scaffolding Service Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.10%, Secured Debt (Maturity - March 31, 2022) | 3 month LIBOR | 6,563 |  | 6,504 |  | 6,530 |  |
| American Teleconferencing Services, Ltd. (8)                                                          | Provider of Audio Conferencing and Video Collaboration Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.24%, Secured Debt (Maturity - December 8, 2021) | 2 month LIBOR | 14,374 |  | 13,778 |  | 9,433 |  |
|                                                                                                  |   |   |   |   |   |   |
| Apex Linen Service, Inc. (10) (13)                                                                    | Industrial Launderers | 16.00% Secured Debt (Maturity - October 30, 2022) | None | $ | 3,604 |  | $ | 3,562 |  | $ | 3,562 |  |
|                                                                                                  |   | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.49%, Secured Debt (Maturity - October 30, 2022) (8) | 1 month LIBOR | 600 |  | 600 |  | 600 |  |
|                                                                                                  |   |   |   |   | 4,162 |  | 4,162 |  |
| APTIM Corp                                                                                            | Engineering, Construction and Procurement | 7.75% Secured Debt (Maturity - June 15, 2025) | None | 6,952 |  | 6,185 |  | 5,370 |  |
| Arcus Hunting, LLC (8) (11)                                                                           | Manufacturer of Bowhunting and Archery Products and Accessories | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.80%, Secured Debt (Maturity - November 13, 2019) | 1 month LIBOR | 6,764 |  | 6,741 |  | 6,764 |  |
| Arise Holdings, Inc. (11)                                                                             | Tech-enabled business process outsourcing | Preferred Stock (1,000,000 shares) | — | — |  | 1,000 |  | 1,704 |  |
| ASC Ortho Management Company, LLC (11)                                                                | Provider of Orthopedic Services | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.30%, Secured Debt (Maturity - August 31, 2023) (8) | 3 month LIBOR | 4,631 |  | 4,537 |  | 4,485 |  |
|                                                                                                  |   | 13.25% PIK Secured Debt (Maturity - December 1, 2023) (14) | None | 1,625 |  | 1,586 |  | 1,589 |  |
|                                                                                                  |   |   |   |   | 6,123 |  | 6,074 |  |
| ATI Investment Sub, Inc. (8)                                                                          | Manufacturer of Solar Tracking Systems | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity - June 22, 2021) | 1 month LIBOR | 3,634 |  | 3,572 |  | 3,383 |  |
| ATX Networks Corp. (8) (9)                                                                            | Provider of Radio Frequency Management Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.60%, Secured Debt (Maturity - June 11, 2021) | 3 month LIBOR | 13,945 |  | 13,804 |  | 13,248 |  |
| BarFly Ventures, LLC (11)                                                                             | Casual Restaurant Group | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 3,395 |  | 3,365 |  | 3,342 |  |
|                                                                                                  |   | Warrants (.410 equivalent units, Expiration - August 31, 2025) | — | — |  | 158 |  | 137 |  |
|                                                                                                  |   | Options (.99 equivalent units) | — | — |  | 202 |  | 313 |  |
|                                                                                                  |   |   |   |   | 3,725 |  | 3,792 |  |
| BBB Tank Services, LLC (10) (13)                                                                      | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.49%, Secured Debt (Maturity - April 8, 2021) | None | 1,100 |  | 1,094 |  | 1,066 |  |
|                                                                                                  |   | Preferred Stock (28,280 units) | — | — |  | 28 |  | 29 |  |
|                                                                                                  |   | Member Units (200,000 units) | — | — |  | 200 |  | 58 |  |
|                                                                                                  |   |   |   |   | 1,322 |  | 1,153 |  |
| Berry Aviation, Inc. (11)                                                                             | Airline Charter Service Operator | 10.50% Current / 1.50% PIK, Secured Debt (Maturity - January 6, 2024) (14) | None | 4,496 |  | 4,435 |  | 4,496 |  |
|                                                                                                  |   | Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units, 8.00% cumulative) (16) | — | — | 1,548 |  | 1,640 |  |
|                                                                                                  |   |   |   |   | 5,983 |  | 6,136 |  |
| BigName Commerce, LLC (8) (11)                                                                        | Provider of Envelopes and Complimentary Stationery Products | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.84%, Secured Debt (Maturity - May 11, 2022) | 1 month LIBOR | 2,443 |  | 2,423 |  | 2,408 |  |
| Binswanger Enterprises, LLC (8) (11)                                                                  | Glass Repair and Installation Service Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.62%, Secured Debt (Maturity - March 9, 2022) | 3 month LIBOR | 14,175 |  | 13,991 |  | 14,175 |  |
|                                                                                                  |   | Member Units (1,050,000 units) | — | — |  | 1,050 |  | 1,230 |  |
|                                                                                                  |   |   |   |   | 15,041 |  | 15,405 |  |
| Bluestem Brands, Inc. (8)                                                                             | Multi-Channel Retailer of General Merchandise | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.24%, Secured Debt (Maturity - November 6, 2020) | 3 month LIBOR | 11,995 |  | 11,901 |  | 8,862 |  |
| Boccella Precast Products, LLC (10) (13)                                                              | Manufacturer of Precast Hollow Core Concrete | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.80%, Secured Debt (Maturity - June 30, 2022) (8) | 3 month LIBOR | 3,931 |  | 3,861 |  | 3,931 |  |
|                                                                                                  |   | Member Units (540,000 units) (16) | — | — |  | 540 |  | 1,228 |  |
|                                                                                                  |   |   |   |   | 4,401 |  | 5,159 |  |
|                                                                                                  |   |   |   |   |   |   |
| Brightwood Capital Fund Investments (9) (15)                                                          | Investment Partnership | LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.60%) (16) | — | $ | — |  | $ | 4,075 |  | $ | 3,488 |  |
|                                                                                                  |   | LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.80%) (16) | — | — |  | 5,037 |  | 5,126 |  |
|                                                                                                  |   |   |   |   | 9,112 |  | 8,614 |  |
| Buca C, LLC (10) (13)                                                                                 | Casual Restaurant Group | LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 11.73%, Secured Debt (Maturity - June 30, 2020) (8) | 1 month LIBOR | 12,670 |  | 12,595 |  | 12,595 |  |
|                                                                                                  |   | Preferred Member Units (4 units, 6.00% cumulative) (16) | — | — |  | 2,866 |  | 2,997 |  |
|                                                                                                  |   |   |   |   | 15,461 |  | 15,592 |  |
| Cadence Aerospace, LLC (8) (11)                                                                       | Aerospace Manufacturing | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.10%, Secured Debt (Maturity - November 14, 2023) | 3 month LIBOR | 19,420 |  | 19,259 |  | 19,420 |  |
| CAI Software, LLC (10) (13)                                                                           | Provider of Specialized Enterprise Resource Planning Software | 12.00% Secured Debt (Maturity - December 7, 2023) | None | 2,720 |  | 2,719 |  | 2,720 |  |
|                                                                                                  |   | Member Units (16,742 units) (16) | — | — |  | 188 |  | 679 |  |
|                                                                                                  |   |   |   |   | 2,907 |  | 3,399 |  |
| Cenveo Corporation                                                                                    | Provider of Commercial Printing, Envelopes, Labels, Printed Office Products | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.49%, Secured Debt (Maturity - June 7, 2023) (8) | 1 month LIBOR | 4,995 |  | 4,636 |  | 4,645 |  |
|                                                                                                  |   | Common Stock (138,889 shares) | — | — | 4,163 |  | 1,979 |  |
|                                                                                                  |   |   |   |   | 8,799 |  | 6,624 |  |
| Clarius BIGS, LLC (11) (18)                                                                           | Prints & Advertising Film Financing | 15.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 2,128 |  | 1,870 |  | 32 |  |
|                                                                                                  |   | 20.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 770 |  | 677 |  | 12 |  |
|                                                                                                  |   |   |   |   | 2,547 |  | 44 |  |
| Clickbooth.com, LLC (8) (11)                                                                          | Provider of Digital Advertising Performance Marketing Solutions | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.31%, Secured Debt (Maturity - December 5, 2022) | 3 month LIBOR | 2,908 |  | 2,860 |  | 2,906 |  |
| Construction Supply Investments, LLC (11)                                                             | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - June 30, 2023) (8) | 1 month LIBOR | 14,968 |  | 14,902 |  | 14,932 |  |
|                                                                                                  |   | Member units (42,207 units) | — | — |  | 4,221 |  | 5,050 |  |
|                                                                                                  |   |   |   |   | 19,123 |  | 19,982 |  |
| CTVSH, PLLC (8) (11) (13)                                                                             | Emergency Care and Specialty Service Animal Hospital | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.63%, Secured Debt (Maturity - August 3, 2022) | 1 month LIBOR | 2,675 |  | 2,635 |  | 2,675 |  |
| Datacom, LLC (10) (13) (18)                                                                           | Technology and Telecommunications Provider | 10.50% PIK Secured Debt (Maturity - May 30, 2019) (18) | None | 1,384 |  | 1,377 |  | 1,082 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - May 30, 2018) (18) | None | 200 |  | 200 |  | 188 |  |
|                                                                                                  |   | Class A Preferred Member Units (1,530 units) | — | — |  | 144 |  | — |  |
|                                                                                                  |   | Class B Preferred Member Units (717 units) | — | — |  | 670 |  | — |  |
|                                                                                                  |   |   |   |   | 2,391 |  | 1,270 |  |
| Digital River, Inc. (8)                                                                               | Provider of Outsourced e-Commerce Solutions and Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.60%, Secured Debt (Maturity - February 12, 2021) | 3 month LIBOR | 9,779 |  | 9,718 |  | 9,534 |  |
| DTE Enterprises, LLC (11)                                                                             | Industrial Powertrain Repair and Services | LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 10.00%, Secured Debt (Maturity - April 13, 2023) (8) | 1 month LIBOR | 11,992 |  | 11,783 |  | 11,992 |  |
|                                                                                                  |   | Class AA Preferred Member Units (non-voting) (16) | — | — |  | 778 |  | 797 |  |
|                                                                                                  |   | Class A Preferred Member Units (776,316 units) (16) | — | — |  | 776 |  | 1,440 |  |
|                                                                                                  |   |   |   |   | 13,337 |  | 14,229 |  |
| Dynamic Communities, LLC  (8) (11)                                                                    | Developer of Business Events and Online Community Groups | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity - July 17, 2023) | 3 month LIBOR | 5,530 |  | 5,430 |  | 5,383 |  |
| Elite SEM, Inc. (8) (11)                                                                              | Provider of Digital Marketing Agency Services | LIBOR Plus 8.44% (Floor 1.00%), Current Coupon 11.01%, Secured Debt (Maturity - February 1, 2022) | 3 month LIBOR | 6,875 |  | 6,757 |  | 6,857 |  |
| Epic Y-Grade Services, LP (8)                                                                         | NGL Transportation & Storage | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - June 13, 2024) | 1 month LIBOR | $ | 17,500 |  | $ | 17,186 |  | $ | 17,106 |  |
| Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)                                          | Technology-Based Performance Support Solutions | LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 10.75%, Secured Debt (Maturity - April 28, 2022) (14) | 1 month LIBOR | 10,900 |  | 10,605 |  | 4,524 |  |
| Felix Investments Holdings II, LLC (8) (11)                                                           | Oil and Gas Exploration and Production | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.20%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | 5,000 |  | 4,931 |  | 4,971 |  |
| Flavors Holdings, Inc. (8)                                                                            | Global Provider of Flavoring and Sweetening Products and Solutions | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.35%, Secured Debt (Maturity - April 3, 2020) | 3 month LIBOR | 11,481 |  | 11,241 |  | 10,735 |  |
| GoWireless Holdings, Inc. (8)                                                                         | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - December 22, 2024) | 3 month LIBOR | 15,533 |  | 15,408 |  | 15,241 |  |
| Good Source Solutions, Inc. (8) (11)                                                                  | Specialized Food Distributor | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.60%, Secured Debt (Maturity - June 29, 2023) | 3 month LIBOR | 5,000 |  | 4,954 |  | 4,952 |  |
| HDC/HW Intermediate Holdings, LLC (8) (11)                                                            | Managed Services and Hosting Provider | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.11%, Secured Debt (Maturity - December 21, 2023) | 3 month LIBOR | 1,794 |  | 1,757 |  | 1,758 |  |
| Hoover Group, Inc. (8) (9) (11)                                                                       | Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.90%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | 14,659 |  | 14,117 |  | 14,219 |  |
|                                                                                                  |   | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.66%, Secured Debt (Maturity - January 28, 2020) | 3 month LIBOR | 6,050 |  | 5,695 |  | 5,679 |  |
|                                                                                                  |   |   |   |   | 19,812 |  | 19,898 |  |
| Hunter Defense Technologies, Inc. (8) (11)                                                            | Provider of Military and Commercial Shelters and Systems | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.60%, Secured Debt (Maturity - March 29, 2023) | 3 month LIBOR | 8,696 |  | 8,561 |  | 8,696 |  |
| HW Temps LLC (10) (13)                                                                                | Temporary Staffing Solutions | 8.00% Secured Debt (Maturity - March 29, 2023) | None | 2,740 |  | 2,673 |  | 2,408 |  |
| Hydrofarm Holdings, LLC (8) (11)                                                                      | Wholesaler of Horticultural Products | LIBOR Plus 10.00%, Current Coupon 3.75% / 8.74% PIK, Current Coupon Plus PIK 12.49%, Secured Debt (Maturity - May 12, 2022) | 1 month LIBOR | 7,145 |  | 7,028 |  | 5,666 |  |
| iEnergizer Limited (8) (9)                                                                            | Provider of Business Outsourcing Solutions | LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 8.50%, Secured Debt (Maturity - May 1, 2019) | 1 month LIBOR | 11,244 |  | 11,252 |  | 11,258 |  |
| Implus Footcare, LLC (8) (11)                                                                         | Provider of Footwear and Related Accessories | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.35%, Secured Debt (Maturity - April 30, 2021) | 3 month LIBOR | 17,106 |  | 16,969 |  | 17,106 |  |
| Independent Pet Partners Intermediate Holdings, LLC (8) (11)                                          | Omnichannel Retailer of Specialty Pet Products | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.80%, Secured Debt (Maturity - November 19, 2023) (14) | 6 month LIBOR | 10,946 |  | 10,732 |  | 10,727 |  |
|                                                                                                  |   | Member Units (1,191,667 units) | — | — |  | 1,192 |  | 1,192 |  |
|                                                                                                  |   |   |   |   | 11,924 |  | 11,919 |  |
| Industrial Services Acquisitions, LLC (11)                                                            | Industrial Cleaning Services | 6.00% Current / 7.00% PIK, Current Coupon 13.00%, Unsecured Debt (Maturity - December 17, 2022) (17) | None | 11,398 |  | 11,203 |  | 11,398 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (336 units; 10.00% cumulative) | — | — |  | 202 |  | 202 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (2,100,000 units) | — | — |  | 2,100 |  | 887 |  |
|                                                                                                  |   |   |   |   | 13,505 |  | 12,487 |  |
| Inn of the Mountain Gods Resort and Casino                                                            | Hotel & Casino Owner & Operator | 9.25% Secured Debt (Maturity - November 30, 2020) (14) | None | 8,179 |  | 8,179 |  | 8,098 |  |
| Intermedia Holdings, Inc. (8)                                                                         | Unified Communications as a Service | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - July 19, 2025) | 1 month LIBOR | 11,543 |  | 11,435 |  | 11,571 |  |
| Isagenix International, LLC (8)                                                                       | Direct Marketer of Health and Wellness Products | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.35%, Secured Debt (Maturity - June 14, 2025) | 3 month LIBOR | 6,187 |  | 6,130 |  | 5,553 |  |
| Jacent Strategic Merchandising, LLC (8) (11)                                                          | General Merchandise Distribution | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.98%, Secured Debt (Maturity -September 16, 2020) | 1 month LIBOR | $ | 10,161 |  | $ | 10,074 |  | $ | 10,109 |  |
| Jackmont Hospitality, Inc. (8) (11)                                                                   | Franchisee of Casual Dining Restaurants | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity  - May 26, 2021) | 1 month LIBOR | 8,276 |  | 8,263 |  | 8,276 |  |
| Joerns Healthcare, LLC (8)                                                                            | Manufacturer and Distributor of Health Care Equipment & Supplies | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.63%, Secured Debt (Maturity - May 9, 2020) | 3 month LIBOR | 11,119 |  | 11,034 |  | 9,340 |  |
| Kellermeyer Bergensons Services, LLC (8)                                                              | Outsourced Janitorial Services to Retail/Grocery Customers | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.25%, Secured Debt (Maturity - April 29, 2022) (14) | 3 month LIBOR | 14,700 |  | 14,638 |  | 14,829 |  |
| Knight Energy Services LLC (11)                                                                       | Oil and Gas Equipment and Services | 8.50% Secured Debt (Maturity - February 9, 2024) | None | 776 |  | 776 |  | 776 |  |
|                                                                                                  |   | Class A-2 Shares (25,692 units) | — | — |  | 1,843 |  | 1,843 |  |
|                                                                                                  |   |   |   |   | 2,619 |  | 2,619 |  |
| Larchmont Resources, LLC                                                                              | Oil & Gas Exploration & Production | LIBOR Plus 9.00% (Floor 1.00%) PIK, 11.61% PIK Secured Debt (Maturity - August 7, 2020) (8) | 3 month LIBOR | 3,898 |  | 3,898 |  | 3,800 |  |
|                                                                                                  |   | Member units (Larchmont Intermediate Holdco, LLC) (4,806 units) | — | — |  | 601 |  | 1,201 |  |
|                                                                                                  |   |   |   |   | 4,499 |  | 5,001 |  |
| Laredo Energy VI, LP (8) (11)                                                                         | Oil and Gas Exploration and Production | LIBOR Plus 10.50% (Floor 2.00%), Current Coupon 13.36%, Secured Debt (Maturity - November 19, 2021) | 3 month LIBOR | 8,532 |  | 8,289 |  | 8,289 |  |
| Logix Acquisition Company, LLC (8) (11)                                                               | Competitive Local Exchange Carrier | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - December 22, 2024) (23) | 1 month LIBOR | 9,603 |  | 9,520 |  | 9,675 |  |
| LSF9 Atlantis Holdings, LLC (8)                                                                       | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.48%, Secured Debt (Maturity - May 1, 2023) | 1 month LIBOR | 13,388 |  | 13,306 |  | 12,492 |  |
| Lulu’s Fashion Lounge, LLC (8)(11)                                                              | Fast Fashion E-Commerce Retailer | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - August 28, 2022) | 1 month LIBOR | 6,051 |  | 5,911 |  | 5,870 |  |
| Meisler Operating, LLC (10) (13)                                                                      | Provider of Short Term Trailer and Container Rental | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 10.04%, Secured Debt (Maturity - June 7, 2022) (8) | 3 month LIBOR | 6,060 |  | 5,939 |  | 5,945 |  |
|                                                                                                  |   | Member Units (Milton Meisler Holdings, LLC) (12,139 units) | — | — |  | 1,214 |  | 1,680 |  |
|                                                                                                  |   |   |   |   | 7,153 |  | 7,625 |  |
| MHVC Acquisition Corp. (8)                                                                            | Provider of Differentiated Information Solutions, Systems Engineering and Analytics | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - April 29, 2024) | 1 month LIBOR | 7,840 |  | 7,798 |  | 7,566 |  |
| Mills Fleet Farm Group, LLC (8) (11)                                                                  | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity - October 24, 2024) | 1 month LIBOR | 14,963 |  | 14,679 |  | 14,963 |  |
| Mobileum, Inc. (8) (11)                                                                               | Provider of Big Data Analytics to Telecom Service Providers | LIBOR Plus 10.25% (Floor 0.75%), Current Coupon 12.86%, Secured Debt (Maturity - May 1, 2022) (14) | 3 month LIBOR | 7,500 |  | 7,434 |  | 7,434 |  |
| New Era Technology, Inc. (8) (11)                                                                     | Managed Services and Hosting Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.13%, Secured Debt (Maturity - June 22, 2023) | 3 month LIBOR | 8,678 |  | 8,537 |  | 8,556 |  |
| New Media Holdings II LLC (8) (9)                                                                     | Local Newspaper Operator | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity - July 14, 2022) | 1 month LIBOR | 9,694 |  | 9,606 |  | 9,657 |  |
| NNE Partners, LLC (8) (11)                                                                            | Oil & Gas Exploration & Production | LIBOR Plus 8.00%, (Floor 0.00%) Current Coupon 10.62%, Secured Debt (Maturity - March 2, 2022) | 3 month LIBOR | 20,417 |  | 20,283 |  | 20,417 |  |
| North American Lifting Holdings, Inc. (8)                                                             | Crane Service Provider | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 7.10%, Secured Debt (Maturity - November 27, 2020) | 3 month LIBOR | 6,228 |  | 5,840 |  | 5,854 |  |
| Novetta Solutions, LLC (8)                                                                            | Provider of Advanced Analytics Solutions for Defense Agencies | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - October 17, 2022) | 1 month LIBOR | 14,939 |  | 14,629 |  | 14,668 |  |
| NTM Acquisition Corp. (8)                                                                             | Provider of B2B Travel Information Content | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.75%, Secured Debt (Maturity - June 7, 2022) | 1 month LIBOR | 4,035 |  | 4,007 |  | 3,975 |  |
| Pasha Group (8)                                                                                       | Diversified Logistics and Transportation Provided | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.07%, Secured Debt (Maturity - January 26, 2023) | 2 month LIBOR | $ | 10,449 |  | $ | 10,177 |  | $ | 10,534 |  |
| Permian Holdco 2, Inc.                                                                                | Storage Tank Manufacturer | 14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (17) | None | 1,025 |  | 1,025 |  | 738 |  |
|                                                                                                  |   | 18.00% PIK Unsecured Debt (Maturity - June 30, 2022) (17) | None | 683 |  | 683 |  | 683 |  |
|                                                                                                  |   | Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 shares) (16) | — | — |  | 1,997 |  | 825 |  |
|                                                                                                  |   | Common Shares (Permian Holdco 1, Inc.) (386,255 shares) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 3,705 |  | 2,246 |  |
| Pier 1 Imports, Inc. (8)                                                                              | Decorative Home Furnishings Retailer | LIBOR Plus 3.50% (Floor 1.00%), Current Coupon 6.38%, Secured Debt (Maturity - April 30, 2021) | 3 month LIBOR | 7,435 |  | 7,173 |  | 4,015 |  |
| PricewaterhouseCoopers Public Sector LLP (8) (14)                                                     | Provider of Consulting Services to Governments | LIBOR Plus 7.50%, Current Coupon 10.00%, Secured Debt (Maturity - May 1, 2026) | 1 month LIBOR | 13,100 |  | 13,055 |  | 12,936 |  |
| Prowler Acquisition Corporation (8)                                                                   | Specialty Distributor to the Energy Sector | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - January 28, 2020) | 1 month LIBOR | 12,248 |  | 11,739 |  | 12,309 |  |
| Rise Broadband (8) (11)                                                                               | Fixed Wireless Broadband Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.49%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | 14,850 |  | 14,722 |  | 14,850 |  |
| RM Bidder, LLC (11)                                                                                   | Scripted and Unscripted TV and Digital Programming Provider | Common Stock (1,854 shares) | — | — |  | 31 |  | 7 |  |
|                                                                                                  |   | Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025) | — | — |  | 284 |  | — |  |
|                                                                                                  |   | Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 315 |  | 7 |  |
| Salient Partners, LP (8) (11)                                                                         | Provider of Asset Management Services | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - June 9, 2021) | 1 month LIBOR | 7,125 |  | 7,132 |  | 7,096 |  |
| Slick Software Holdings LLC (10) (13)                                                                 | Text Messaging Marketing Platform | 14.00% Secured Debt (Maturity - September 13, 2023) | — | 1,720 |  | 1,625 |  | 1,627 |  |
|                                                                                                  |   | Member units (17,500 units) | — | — |  | 175 |  | 175 |  |
|                                                                                                  |   | Warrants (4,521 equivalent units, Expiration - September 13, 2028) | — | — |  | 45 |  | 45 |  |
|                                                                                                  |   |   |   |   | 1,845 |  | 1,847 |  |
| Smart Modular Technologies, Inc. (8) (9) (11)                                                         | Provider of Specialty Memory Solutions | LIBOR Plus 6.25%, (Floor 1.00%), Current Coupon 8.95%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | 19,000 |  | 18,807 |  | 19,095 |  |
| Sorenson Communications, Inc. (8)                                                                     | Manufacturer of Communication Products for Hearing Impaired | LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.25%, Secured Debt (Maturity - April 30, 2020) | 1 month LIBOR | 2,908 |  | 2,901 |  | 2,879 |  |
| STL Parent Corp (8)                                                                                   | Manufacturer and Servicer of Tank and Hopper Railcars | LIBOR Plus 7.00% (Floor 0.00%), Current Coupon 9.50%, Secured Debt (Maturity - December 5, 2022) | 1 month LIBOR | 11,925 |  | 11,532 |  | 11,567 |  |
| Strike, LLC (8)                                                                                       | Pipeline Construction and Maintenance Services | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.65%, Secured Debt (Maturity - November 30, 2022) | 6 month LIBOR | 8,875 |  | 8,691 |  | 8,842 |  |
| TE Holdings, LLC                                                                                      | Oil & Gas Exploration & Production | Common Units (72,785 units) | — | — |  | 728 |  | 36 |  |
| Teleguam Holdings, LLC (8)                                                                            | Cable and Telecom Services Provider | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - April 12, 2024) (14) | 1 month LIBOR | 7,750 |  | 7,624 |  | 7,798 |  |
| TGP Holdings III LLC (8)                                                                              | Outdoor Cooking & Accessories | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.10%, Secured Debt (Maturity - September 25, 2025) (14) | 3 month LIBOR | 5,000 |  | 5,000 |  | 4,800 |  |
| TMC Merger Sub Corp (8)                                                                               | Refractory & Maintenance Services Provider | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - October 31, 2022) (25) | 1 month LIBOR | 18,413 |  | 18,218 |  | 18,321 |  |
| TOMS Shoes, LLC (8)                                                                                   | Global Designer, Distributor, and Retailer of Casual Footwear | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - October 30, 2020) | 1 month LIBOR | 4,800 |  | 4,651 |  | 3,804 |  |
| Turning Point Brands, Inc. (8) (9) (11)                                                               | Marketer/Distributor of Tobacco Products | LIBOR Plus 7.00% (Floor 0.00%), Current Coupon 9.48%, Secured Debt (Maturity - March 7, 2024) (14) | 1 month LIBOR | $ | 8,500 |  | $ | 8,427 |  | $ | 8,585 |  |
| TVG-I-E CMN Acquisition, LLC (8) (11)                                                                 | Organic Lead Generation for Online Postsecondary Schools | LIBOR Plus 6.00%, (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - November 3, 2021) | 1 month LIBOR | 19,377 |  | 19,096 |  | 19,377 |  |
| U.S. Telepacific Corp. (8)                                                                            | Provider of Communications and Managed Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.60%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | 16,453 |  | 16,127 |  | 16,011 |  |
| VIP Cinema Holdings, Inc. (8)                                                                         | Supplier of Luxury Seating to the Cinema Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - March 1, 2023) | 1 month LIBOR | 9,000 |  | 8,967 |  | 8,415 |  |
| Vistar Media, Inc. (11)                                                                               | Operator of Digital Out-of-Home Advertising Platform | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.62%, Secured Debt (Maturity - February 16, 2022) (8) | 3 month LIBOR | 3,263 |  | 3,060 |  | 3,263 |  |
|                                                                                                  |   | Warrants (70,207 equivalent units, Expiration - February 17, 2027) | — | — |  | 331 |  | 640 |  |
|                                                                                                  |   |   |   |   | 3,391 |  | 3,903 |  |
| Volusion, LLC (10) (13)                                                                               | Provider of Online Software-as-a-Service eCommerce Solutions | 11.50% Secured Debt (Maturity - January 24, 2020) | None | 8,672 |  | 8,336 |  | 8,336 |  |
|                                                                                                  |   | 8.00% Unsecured Convertible Debt (Maturity - November 16, 2023) | None | 175 |  | 175 |  | 175 |  |
|                                                                                                  |   | Preferred Member Units (2,090,001 units) | — | — |  | 6,000 |  | 6,000 |  |
|                                                                                                  |   | Warrants (784,866.80 equivalent units, Expiration - January 26, 2025) | — | — |  | 1,104 |  | 810 |  |
|                                                                                                  |   |   |   |   | 15,615 |  | 15,321 |  |
| Wireless Vision Holdings, LLC (8) (11)                                                                | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 9.91% (Floor 1.00%), Current Coupon 11.41% / 1.00% PIK, Current Coupon Plus PIK 12.41%, Secured Debt (Maturity - September 29, 2022) (23) | 1 month LIBOR | 14,130 |  | 13,747 |  | 13,973 |  |
| YS Garments (8)                                                                                       | Designer and Provider of Branded Activewear | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.41%, Secured Debt (Maturity - August 9, 2024) | 1 month LIBOR | 7,406 |  | 7,338 |  | 7,304 |  |
| Subtotal Non-Control/Non-Affiliate Investments (5) (81% of total portfolio investments at fair value) |   |   | $ | 929,741 |  | $ | 902,841 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Portfolio Investments                                                                           |   |   |   |   | $ | 1,113,450 |  | $ | 1,110,128 |  |
|                                                                                                  |   |   |   |   |   |   |
| Short Term Investments (20)                                                                           |   |   |   |   |   |   |
| Fidelity Institutional Money Market Funds (21)                                                        | — | Prime Money Market Portfolio, Class III Shares | — | — |  | $ | 5,606 |  | $ | 5,606 |  |
| US Bank Money Market Account (21)                                                                     | — | — | — | — |  | 7,040 |  | 7,040 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Short Term Investments                                                                          |   |   |   |   | $ | 12,646 |  | $ | 12,646 |  |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   |   | Three Months Ended March 31, 2019 |   |   |   | Three Months Ended March 31, 2019 |
| Portfolio Company                              | Fair Value at December 31, 2018 |   | Gross Additions (Cost)* |   | Gross Reductions (Cost)** |   | Net Unrealized Gain (Loss) *** |   | Fair Value at March 31, 2019 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Affiliate Investments                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AFG Capital Group, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Member units                                   | $ | 995 |  |   | $ | — |  |   | $ | — |  |   | $ | 97 |  |   | $ | 1,092 |  |   | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
| Warrants                                       | 237 |  |   | — |  |   | — |  |   | 23 |  |   | 260 |  |   | — |  | — |  | — |  | — |  |
| Brewer Crane Holdings, LLC                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 2,347 |  |   | 3 |  |   | (31 | ) |   | — |  |   | 2,319 |  |   | — |  | 76 |  | — |  | — |  |
| Preferred member units                         | 1,070 |  |   | — |  |   | — |  |   | — |  |   | 1,070 |  |   | — |  | — |  | — |  | 8 |  |
| Centre Technologies Holdings, LLC              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | $ | — |  |   | $ | 3,062 |  |   | $ | (67 | ) |   | $ | 6 |  |   | $ | 3,001 |  |   | $ | — |  | $ | 89 |  | $ | 7 |  | $ | — |  |
| Preferred member units                         | — |  |   | 1,460 |  |   | — |  |   | — |  |   | 1,460 |  |   | — |  | — |  | — |  | — |  |
| Chamberlin HoldCo, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 4,933 |  |   | 5 |  |   | — |  |   | — |  |   | 4,938 |  |   | — |  | 167 |  | 15 |  | — |  |
| Member units                                   | 4,735 |  |   | — |  |   | — |  |   | 545 |  |   | 5,280 |  |   | — |  | — |  | — |  | 36 |  |
| Member units                                   | 183 |  |   | — |  |   | — |  |   | — |  |   | 183 |  |   | — |  | — |  | — |  | — |  |
| Charlotte Russe, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,090 |  |   | — |  |   | (6,236 | ) |   | 3,146 |  |   | — |  |   | (5,430 | ) | (84 | ) | — |  | — |  |
| Common stock                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Charps, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 2,975 |  |   | 6 |  |   | (167 | ) |   | (6 | ) |   | 2,808 |  |   | — |  | 89 |  | — |  | — |  |
| Preferred member units                         | 568 |  |   | — |  |   | — |  |   | 370 |  |   | 938 |  |   | — |  | — |  | — |  | 30 |  |
| Clad-Rex Steel, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,020 |  |   | 3 |  |   | — |  |   | (3 | ) |   | 3,020 |  |   | — |  | 90 |  | — |  | — |  |
| Member units                                   | 2,653 |  |   | — |  |   | — |  |   | — |  |   | 2,653 |  |   | — |  | — |  | — |  | 13 |  |
| Term loan (Clad-Rex Steel RE Investor, LLC)    | 288 |  |   | — |  |   | (2 | ) |   | — |  |   | 286 |  |   | — |  | 7 |  | — |  | — |  |
| Member units (Clad-Rex Steel RE Investor, LLC) | 88 |  |   | — |  |   | — |  |   | — |  |   | 88 |  |   | — |  | — |  | — |  | — |  |
| Copper Trail Energy Fund I, LP                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   | — |  |   | 4,029 |  |   | — |  |   | (99 | ) |   | 3,930 |  |  | — |  | — |  | 6 |  | (250 | ) |
| Digital Products Holdings LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 6,320 |  |   | 6 |  |   | (83 | ) |   | — |  |   | 6,243 |  |   | — |  | 206 |  | — |  | — |  |
| Preferred member units                         | 2,116 |  |   | — |  |   | — |  |   | (125 | ) |   | 1,991 |  |   | — |  | — |  | — |  | 25 |  |
| Direct Marketing Solutions, Inc.               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 4,404 |  |   | 5 |  |   | (59 | ) |   | — |  |   | 4,350 |  |   | — |  | 154 |  | — |  | — |  |
| Preferred stock                                | 3,725 |  |   | — |  |   | — |  |   | 313 |  |   | 4,038 |  |   | — |  | — |  | — |  | — |  |
| Freeport Financial Funds                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   | 10,980 |  |   | — |  |   | (1,399 | ) |   | — |  |   | 9,581 |  |   | — |  | — |  | — |  | 255 |  |
| Gamber-Johnson Holdings, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 5,371 |  |   | 7 |  |   | (216 | ) |   | (7 | ) |   | 5,155 |  |   | — |  | 139 |  | — |  | — |  |
| Common stock                                   | 11,365 |  |   | — |  |   | — |  |   | — |  |   | 11,365 |  |   | — |  | — |  | — |  | 214 |  |
| Guerdon Modular Holdings, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,001 |  |   | 5 |  |   | — |  |   | (1 | ) |   | 3,005 |  |   | — |  | 108 |  | — |  | — |  |
| Common stock                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Class B preferred units                        | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Gulf Publishing Holdings, LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,131 |  |   | 4 |  |   | (33 | ) |   | — |  |   | 3,102 |  |   | — |  | 102 |  | — |  | — |  |
| Term loan                                      | — |  |   | 20 |  |   | — |  |   | — |  |   | 20 |  |   | — |  | — |  | — |  | — |  |
| Member units                                   | 1,030 |  |   | — |  |   | — |  |   | 52 |  |   | 1,082 |  |   | — |  | — |  | — |  | — |  |
| Harris Preston Fund Investments                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests (HPEP 3, LP)                      | 1,733 |  |   | 238 |  |   | — |  |   | — |  |   | 1,971 |  |   | — |  | — |  | — |  | — |  |
| LP interests (2717 HM, LP)                     | 1,133 |  |   | 1,195 |  |   | — |  |   | — |  |   | 2,328 |  |   | — |  | — |  | — |  | — |  |
| Hawk Ridge Systems, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,575 |  |   | 6 |  |   | (225 | ) |   | (6 | ) |   | 3,350 |  |   | — |  | 99 |  | — |  | — |  |
| Preferred member units                         | 1,815 |  |   | — |  |   | — |  |   | — |  |   | 1,815 |  |   | — |  | — |  | — |  | 56 |  |
| Preferred member units (HRS Services, ULC)     | 95 |  |   | — |  |   | — |  |   | — |  |   | 95 |  |   | — |  | — |  | — |  | — |  |
| HWT, LLC                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term Loan                                      | 2,484 |  |   | 391 |  |   | (2,875 | ) |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Member units                                   | 986 |  |   | — |  |   | (986 | ) |   | — |  |   | — |  |   | (47 | ) | — |  | 9 |  | (8 | ) |
| KMC Investor, LLC                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 6,795 |  |   | 8 |  |   | — |  |   | — |  |   | 6,803 |  |   | — |  | 209 |  | — |  | — |  |
| Term loan                                      | 259 |  |   | 1 |  |   | (266 | ) |   | 6 |  |   | — |  |   | — |  | 2 |  | — |  | — |  |
| Term loan                                      | 991 |  |   | — |  |   | (1 | ) |   | — |  |   | 990 |  |   | — |  | 23 |  | — |  | — |  |
| Member units                                   | 248 |  |   | — |  |   | — |  |   | — |  |   | 248 |  |   | — |  | — |  | — |  | — |  |
| Member units (KMC RE Investor, LLC)            | 3,060 |  |   | — |  |   | — |  |   | — |  |   | 3,060 |  |   | — |  | — |  | — |  | 12 |  |
| Market Force Information, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 5,617 |  |   | 5 |  |   | — |  |   | — |  |   | 5,622 |  |   | — |  | 201 |  | — |  | — |  |
| Term loan                                      | 50 |  |   | 140 |  |   | (50 | ) |   | — |  |   | 140 |  |   | — |  | — |  | — |  | — |  |
| Member units                                   | 3,275 |  |   | — |  |   | — |  |   | (478 | ) |   | 2,797 |  |   | — |  | — |  | — |  | — |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| M.H. Corbin Holding, LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | $ | 2,934 |  |   | $ | 188 |  |   | $ | (1,114 | ) |   | $ | 127 |  |   | $ | 2,135 |  |   | $ | 10 |  | $ | 129 |  | $ | — |  | $ | — |  |
| Member units                                   | — |  |   | 1,100 |  |   | — |  |   | 92 |  |   | 1,192 |  |   | — |  | — |  | — |  | — |  |
| Member units                                   | 250 |  |   | — |  |   | — |  |   | (245 | ) |   | 5 |  |   | — |  | — |  | — |  | — |  |
| Mystic Logistics Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 1,877 |  |   | 4 |  |   | (7 | ) |   | (2 | ) |   | 1,872 |  |   | — |  | 61 |  | — |  | — |  |
| Common stock                                   | 52 |  |   | 1 |  |   | — |  |   | 125 |  |   | 178 |  |   | — |  | — |  | — |  | — |  |
| NexRev, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 4,322 |  |   | 4 |  |   | — |  |   | (38 | ) |   | 4,288 |  |   | — |  | 131 |  | — |  | — |  |
| Preferred member units                         | 1,972 |  |   | — |  |   | — |  |   | (252 | ) |   | 1,720 |  |   | — |  | — |  | — |  | 5 |  |
| NuStep, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 5,073 |  |   | 6 |  |   | — |  |   | — |  |   | 5,079 |  |   | — |  | 161 |  | — |  | — |  |
| Preferred member units                         | 2,550 |  |   | — |  |   | — |  |   | — |  |   | 2,550 |  |   | — |  | — |  | — |  | — |  |
| SI East, LLC                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 11,582 |  |   | 8 |  |   | — |  |   | (8 | ) |   | 11,582 |  |   | — |  | 311 |  | — |  | — |  |
| Preferred member units                         | 2,000 |  |   | — |  |   | — |  |   | — |  |   | 2,000 |  |   | — |  | — |  | — |  | — |  |
| Soft Touch Medical Holdings, LLC               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Member units                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (41 | ) | — |  | — |  | — |  |
| Tedder Acquisition, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,983 |  |   | 5 |  |   | — |  |   | — |  |   | 3,988 |  |   | — |  | 128 |  | — |  | — |  |
| Term loan                                      | 118 |  |   | — |  |   | — |  |   | — |  |   | 118 |  |   | — |  | 4 |  | — |  | — |  |
| Preferred member units                         | 1,869 |  |   | — |  |   | — |  |   | — |  |   | 1,869 |  |   | — |  | — |  | — |  | — |  |
|                                           | $ | 149,323 |  |   | $ | 11,915 |  |   | $ | (13,817 | ) |   | $ | 3,632 |  |   | $ | 151,053 |  |   | $ | (5,508 | ) | $ | 2,602 |  | $ | 37 |  | $ | 396 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   |   |   | Three Months Ended March 31, 2019 |   |   |   | Three Months Ended March 31, 2019 |
| Portfolio Company              |   | Fair Value at December 31, 2018 |   | Gross Additions (Cost)** |   | Gross Reductions (Cost)*** |   | Net Unrealized Gain (Loss) |   | Fair Value at March 31, 2019 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Control Investments            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Copper Trail Energy Fund I, LP |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                   |   | $ | 4,468 |  |   | $ | 23 |  |   | $ | (4,491 | ) |   | $ | — |  |  | $ | — |  |   | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
| CTMH, LP                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                   |   | 872 |  |   | — |  |   | — |  |   | — |  |   | 872 |  |   | — |  | — |  | — |  | — |  |
| GRT Rubber Technologies, LLC   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                      |   | 4,797 |  |   | 868 |  |   | — |  |   | (2 | ) |   | 5,663 |  |   | — |  | 123 |  | — |  | — |  |
| Member units                   |   | 19,239 |  |   | — |  |   | — |  |   | 1,098 |  |   | 20,337 |  |   | — |  | — |  | 17 |  | 1,307 |  |
| HMS-ORIX SLF LLC*              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Membership interests           |   | 26,351 |  |   | 1 |  |   | — |  |   | 3,010 |  |   | 29,362 |  |   | — |  | — |  | — |  | 546 |  |
|                           |   | $ | 55,727 |  |   | $ | 892 |  |   | $ | (4,491 | ) |   | $ | 4,106 |  |   | $ | 56,234 |  |   | $ | — |  | $ | 123 |  | $ | 17 |  | $ | 1,853 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS Income Fund, Inc.Consolidated Schedule of Investments                                             |
| 12/31/2018                                                                                            |
| (dollars in thousands)                                                                                |
| Portfolio Company (1) (3)                                                                             | Business Description | Type of Investment (2) (3) | Index Rate (22) | Principal (7) | Cost (7) | Fair Value (26) |
|                                                                                                  |   |   |   |   |   |   |
| Control Investments (6)                                                                               |
| Copper Trail Energy Fund I, LP (9) (15)                                                               | Investment Partnership | LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 30.10%) (16) | — | $ | — |  | $ | 3,745 |  | $ | 4,468 |  |
| CTMH, LP (9) (15)                                                                                     | Investment Partnership | LP Interests (CTMH, LP) (Fully diluted 38.80%) | — | — |  | 872 |  | 872 |  |
| GRT Rubber Technologies, LLC (10) (13)                                                                | Manufacturer of Engineered Rubber Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.35%, Secured Debt (Maturity - December 31, 2023) (8) | 1 month LIBOR | 4,797 |  | 4,770 |  | 4,797 |  |
|                                                                                                  |   | Member Units (2,896 units) (16) | — | — |  | 6,434 |  | 19,239 |  |
|                                                                                                  |   |   |   |   | 11,204 |  | 24,036 |  |
| HMS-ORIX SLF LLC  (9) (15)                                                                            | Investment Partnership | Membership Interests (Fully diluted 60.00%) (16) | — | — |  | 30,000 |  | 26,351 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Control Investments (6) (5% of total investments at fair value)                              |   |   | $ | 45,821 |  | $ | 55,727 |  |
| Affiliate Investments (4)                                                                             |
| AFG Capital Group, LLC (10) (13)                                                                      | Provider of Rent-to-Own Financing Solutions and Services | Member Units (46 units) (16) | — | $ | — |  | $ | 300 |  | $ | 995 |  |
|                                                                                                  |   | Warrants (10 equivalent units, Expiration - November 7, 2024) | — | — |  | 65 |  | 237 |  |
|                                                                                                  |   |   |   |   | 365 |  | 1,232 |  |
| Brewer Crane Holdings, LLC (10) (13)                                                                  | Provider of Crane Rental and Operating Services | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.35%, Secured Debt (Maturity - January 9, 2023) (8) | 1 month LIBOR | 2,387 |  | 2,347 |  | 2,347 |  |
|                                                                                                  |   | Preferred Member Units (737 units) (16) | — | — |  | 1,070 |  | 1,070 |  |
|                                                                                                  |   |   |   |   | 3,417 |  | 3,417 |  |
| Chamberlin Holding, LLC (10) (13)                                                                     | Roofing and Waterproofing Specialty Subcontractor | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.75%, Secured Debt (Maturity - February 23, 2023) (8) | 1 month LIBOR | 5,051 |  | 4,933 |  | 4,933 |  |
|                                                                                                  |   | Member Units (1,087 units) (16) | — | — |  | 2,860 |  | 4,735 |  |
|                                                                                                  |   | Member Units (Langfield RE, LLC) (1 unit) (16) | — | — |  | 183 |  | 183 |  |
|                                                                                                  |   |   |   |   | 7,976 |  | 9,851 |  |
| Charlotte Russe, Inc.                                                                                 | Fast-Fashion Retailer to Young Women | 8.50% Secured Debt (Maturity - February 2, 2023) | None | 6,237 |  | 6,237 |  | 3,090 |  |
|                                                                                                  |   | Common Stock (14,973 shares) | — | — |  | 2,470 |  | — |  |
|                                                                                                  |   |   |   |   | 8,707 |  | 3,090 |  |
| Charps, LLC (10) (13)                                                                                 | Pipeline Maintenance and Construction | 12.00% Secured Debt (Maturity - February 3, 2022) | None | 2,975 |  | 2,922 |  | 2,975 |  |
|                                                                                                  |   | Preferred Member Units (400 units) (16) | — | — |  | 100 |  | 568 |  |
|                                                                                                  |   |   |   |   | 3,022 |  | 3,543 |  |
| Clad-Rex Steel, LLC (10) (13)                                                                         | Specialty Manufacturer of Vinyl-Clad Metal | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.35%, Secured Debt (Maturity - December 20, 2021) (8) | 1 month LIBOR | 3,020 |  | 2,979 |  | 3,020 |  |
|                                                                                                  |   | Member Units (179 units) (16) | — | — |  | 1,820 |  | 2,653 |  |
|                                                                                                  |   | 10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 19, 2036) | None | 291 |  | 288 |  | 288 |  |
|                                                                                                  |   | Member Units (Clad-Rex Steel RE Investor, LLC) (200 units) | — | — |  | 53 |  | 88 |  |
|                                                                                                  |   |   |   |   | 5,140 |  | 6,049 |  |
| Digital Products Holdings LLC (10) (13)                                                               | Designer and Distributor of Consumer Electronics | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.38%, Secured Debt (Maturity - March 31, 2023) (8) | 1 month LIBOR | 6,435 |  | 6,320 |  | 6,320 |  |
|                                                                                                  |   | Preferred Member Units (863 units) (16) | — | — |  | 2,116 |  | 2,116 |  |
|                                                                                                  |   |   |   |   | 8,436 |  | 8,436 |  |
| Direct Marketing Solutions, Inc. (10) (13)                                                            | Provider of Omni-Channel Direct Marketing Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.38%, Secured Debt (Maturity - February 13, 2023) (8) | 1 month LIBOR | 4,503 |  | 4,396 |  | 4,404 |  |
|                                                                                                  |   | Preferred Stock (2,100 shares) | — | — |  | 2,100 |  | 3,725 |  |
|                                                                                                  |   |   |   |   | 6,496 |  | 8,129 |  |
| Freeport Financial Funds (9) (15)                                                                     | Investment Partnership | LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 6.00%) (16) | — | $ | — |  | $ | 11,155 |  | $ | 10,980 |  |
| Gamber-Johnson Holdings, LLC (10) (13)                                                                | Manufacturer of Ruggedized Computer Mounting Systems | LIBOR Plus 7.50% (Floor 2.00%), Current Coupon 9.85%, Secured Debt (Maturity - June 24, 2021) (8) | 1 month LIBOR | 5,371 |  | 5,299 |  | 5,371 |  |
|                                                                                                  |   | Member Units (2,155 units) (16) | — | — |  | 3,711 |  | 11,365 |  |
|                                                                                                  |   |   |   |   | 9,010 |  | 16,736 |  |
| Guerdon Modular Holdings, Inc. (10) (13)                                                              | Multi-Family and Commercial Modular Construction Company | 13.00% Secured Debt (Maturity - March 1, 2019) | None | 3,147 |  | 3,124 |  | 3,001 |  |
|                                                                                                  |   | Common Stock (53,008 shares) | — | — |  | 746 |  | — |  |
|                                                                                                  |   | Class B Preferred Stock (101,250 shares) | — | — |  | 285 |  | — |  |
|                                                                                                  |   |   |   |   | 4,155 |  | 3,001 |  |
| Gulf Publishing Holdings, LLC (10) (13)                                                               | Energy Industry Focused Media and Publishing | 12.50% Secured Debt (Maturity - April 29, 2021) | None | 3,166 |  | 3,131 |  | 3,131 |  |
|                                                                                                  |   | Member Units (920 units) | — | — |  | 920 |  | 1,030 |  |
|                                                                                                  |   |   |   |   | 4,051 |  | 4,161 |  |
| Harris Preston Fund Investments (9) (15)                                                              | Investment Partnership | LP Interests (HPEP 3, LP) (Fully diluted 8.20%) (16) | — | — |  | 1,733 |  | 1,733 |  |
|                                                                                                  |   | LP Interests (2717 MH, LP) (Fully diluted 49.30%) (16) | — | — |  | 1,040 |  | 1,133 |  |
|                                                                                                  |   |   |   |   | 2,773 |  | 2,866 |  |
| Hawk Ridge Systems, LLC (9) (10) (13)                                                                 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | 10.50% Secured Debt (Maturity - December 2, 2021) | None | 3,575 |  | 3,526 |  | 3,575 |  |
|                                                                                                  |   | Preferred Member Units (56 units) (16) | — | — |  | 713 |  | 1,815 |  |
|                                                                                                  |   | Preferred Member Units (HRS Services, ULC) (56 units) (16) | — | — |  | 38 |  | 95 |  |
|                                                                                                  |   |   |   |   | 4,277 |  | 5,485 |  |
| HW Temps LLC (10) (13)                                                                                | Temporary Staffing Solutions | LIBOR Plus 13.00% (Floor 1.00%), Current Coupon 15.35%, Secured Debt (Maturity - July 2, 2020) (8) | 1 month LIBOR | 2,494 |  | 2,469 |  | 2,484 |  |
|                                                                                                  |   | Preferred Member Units (800 units) (16) | — | — |  | 986 |  | 986 |  |
|                                                                                                  |   |   |   |   | 3,455 |  | 3,470 |  |
| KMC Investor, LLC (10) (13)                                                                           | Precision Metal Parts Manufacturing | 11.50% Secured Debt (Maturity - October 31, 2023) | None | 7,000 |  | 6,795 |  | 6,795 |  |
|                                                                                                  |   | 11.50% Secured Debt (Maturity - October 31, 2020) | None | 266 |  | 259 |  | 259 |  |
|                                                                                                  |   | 9.00% Secured Debt (Maturity - October 31, 2048) | None | 1,001 |  | 991 |  | 991 |  |
|                                                                                                  |   | Member Units (145 units) | — | — |  | 248 |  | 248 |  |
|                                                                                                  |   | Member Units (KMC RE Investor, LLC) (200 units) | — | — |  | 3,060 |  | 3,060 |  |
|                                                                                                  |   |   |   |   | 11,353 |  | 11,353 |  |
| Market Force Information, Inc. (10) (13)                                                              | Provider of Customer Experience Management Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.74%, Secured Debt (Maturity - July 28, 2022) (8) | 1 month LIBOR | 5,700 |  | 5,617 |  | 5,617 |  |
|                                                                                                  |   | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.74%, Secured Debt (Maturity - July 28, 2022) (8) | 1 month LIBOR | 50 |  | 50 |  | 50 |  |
|                                                                                                  |   | Member Units (170,000 units) | — | — |  | 3,675 |  | 3,275 |  |
|                                                                                                  |   |   |   |   | 9,342 |  | 8,942 |  |
| M.H. Corbin Holding LLC (10) (13)                                                                     | Manufacturer and Distributor of Traffic Safety Products | 10.00% Current / 3.00% PIK Secured Debt (Maturity - August 31, 2020) (18) | None | 3,066 |  | 3,032 |  | 2,934 |  |
|                                                                                                  |   | Preferred Member Units (1,000 units) | — | — |  | 1,500 |  | 250 |  |
|                                                                                                  |   |   |   |   | 4,532 |  | 3,184 |  |
| Mystic Logistics Holdings, LLC (10) (13)                                                              | Logistics and Distribution Services Provider for Large Volume Mailers | 12.00% Secured Debt (Maturity - August 15, 2019) | None | 1,884 |  | 1,871 |  | 1,877 |  |
|                                                                                                  |   | Common Stock (1,468 shares) (16) | — | — |  | 680 |  | 52 |  |
|                                                                                                  |   |   |   |   | 2,551 |  | 1,929 |  |
| NexRev, LLC (10) (13)                                                                                 | Provider of Energy Efficiency Products & Services | 11.00% Secured Debt (Maturity - February 28, 2023) | None | $ | 4,360 |  | $ | 4,276 |  | $ | 4,322 |  |
|                                                                                                  |   | Preferred Member Units (21,600,000 units) (16) | — | — |  | 1,720 |  | 1,972 |  |
|                                                                                                  |   |   |   |   | 5,996 |  | 6,294 |  |
| NuStep, LLC (10) (13)                                                                                 | Designer, Manufacturer and Distributor of Fitness Equipment | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 5,150 |  | 5,072 |  | 5,073 |  |
|                                                                                                  |   | Preferred Member Units (102 units) | — | — |  | 2,550 |  | 2,550 |  |
|                                                                                                  |   |   |   |   | 7,622 |  | 7,623 |  |
| SI East, LLC (10) (13)                                                                                | Rigid Industrial Packaging Manufacturing | 10.25% Secured Debt (Maturity - August 31, 2023) | None | 11,750 |  | 11,571 |  | 11,582 |  |
|                                                                                                  |   | Preferred Member Units (52 units) | — | — |  | 2,000 |  | 2,000 |  |
|                                                                                                  |   |   |   |   | 13,571 |  | 13,582 |  |
| Tedder Acquisition, LLC (10) (13)                                                                     | Manufacturer of Firearm Holsters and Accessories | 12.00% Secured Debt (Maturity - August 31, 2023) | None | 4,100 |  | 3,983 |  | 3,983 |  |
|                                                                                                  |   | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 120 |  | 118 |  | 118 |  |
|                                                                                                  |   | Preferred Member Units (110 units) | — | — |  | 1,869 |  | 1,869 |  |
|                                                                                                  |   |   |   |   | 5,970 |  | 5,970 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Affiliate Investments (4) (13% of total investments at fair value)                           |   |   | $ | 143,372 |  | $ | 149,323 |  |
|                                                                                                  |   |   |   |   |   |   |
| Non-Control/Non-Affiliate Investments (5)                                                             |
| AAC Holdings Inc. (8)                                                                                 | Substance Abuse Treatment Service Provider | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.28%, Secured Debt (Maturity - June 30, 2023) | 3 month LIBOR | $ | 14,500 |  | $ | 14,245 |  | $ | 14,463 |  |
| Adams Publishing Group, LLC (8) (11)                                                                  | Local Newspaper Operator | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.93%, Secured Debt (Maturity - July 3, 2023) | 3 month LIBOR | 8,108 |  | 7,942 |  | 7,942 |  |
|                                                                                                  |   | PRIME Plus 4.00% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - July 3, 2023) | PRIME | 4,250 |  | 4,160 |  | 4,160 |  |
|                                                                                                  |   |   |   |   | 12,102 |  | 12,102 |  |
| ADS Tactical, Inc. (8) (11)                                                                           | Value-Added Logistics and Supply Chain Solutions Provider to the Defense Industry | LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 8.77%, Secured Debt (Maturity - July 26, 2023) | 1 month LIBOR | 16,416 |  | 16,319 |  | 15,306 |  |
| Aethon United BR, LP (8) (11)                                                                         | Oil & Gas Exploration & Production | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.14%, Secured Debt (Maturity - September 8, 2023) (14) | 1 month LIBOR | 4,063 |  | 4,011 |  | 3,817 |  |
| Allen Media, LLC (8)                                                                                  | Operator of Cable Television Networks | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.21%, Secured Debt (Maturity - August 30, 2023) | 3 month LIBOR | 17,142 |  | 16,671 |  | 16,650 |  |
| Allflex Holdings III Inc. (8)                                                                         | Manufacturer of Livestock Identification Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.48%, Secured Debt (Maturity - July 19, 2021) (14) | 3 month LIBOR | 13,232 |  | 13,321 |  | 13,125 |  |
| American Nuts, LLC (8) (11)                                                                           | Roaster, Mixer and Packager of Bulk Nuts and Seeds | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.90%, Secured Debt (Maturity - April 10, 2023) | 3 month LIBOR | 11,194 |  | 10,965 |  | 10,475 |  |
|                                                                                                  |   | LIBOR Plus 8.50% (Floor 1.00%), PIK 9.50%, Secured Debt (Maturity - April 10, 2023) | 1 month LIBOR | 1,125 |  | 1,107 |  | 1,107 |  |
|                                                                                                  |   |   |   |   | 12,072 |  | 11,582 |  |
| American Scaffold Holdings, Inc. (8) (11)                                                             | Marine Scaffolding Service Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.30%, Secured Debt (Maturity - March 31, 2022) | 3 month LIBOR | 6,656 |  | 6,593 |  | 6,623 |  |
| American Teleconferencing Services, Ltd. (8)                                                          | Provider of Audio Conferencing and Video Collaboration Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.09%, Secured Debt (Maturity - December 8, 2021) | 3 month LIBOR | 14,586 |  | 13,938 |  | 12,180 |  |
| Apex Linen Service, Inc. (10) (13)                                                                    | Industrial Launderers | 16.00% Secured Debt (Maturity - October 30, 2022) | None | 3,604 |  | 3,560 |  | 3,560 |  |
|                                                                                                  |   | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.35%, Secured Debt (Maturity - October 30, 2022) (8) | 1 month LIBOR | 600 |  | 600 |  | 600 |  |
|                                                                                                  |   |   |   |   | 4,160 |  | 4,160 |  |
| APTIM Corp                                                                                            | Engineering, Construction and Procurement | 7.75% Secured Debt (Maturity - June 15, 2025) | None | $ | 6,952 |  | $ | 6,163 |  | $ | 5,284 |  |
| Arcus Hunting, LLC (8) (11)                                                                           | Manufacturer of Bowhunting and Archery Products and Accessories | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.40%, Secured Debt (Maturity - November 13, 2019) | 1 month LIBOR | 7,493 |  | 7,459 |  | 7,492 |  |
| Arise Holdings, Inc. (11)                                                                             | Tech-Enabled Business Process Outsourcing | Preferred Stock (1,000,000 shares) | — | — |  | 1,000 |  | 1,704 |  |
| ASC Ortho Management Company, LLC (11)                                                                | Provider of Orthopedic Services | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.90%, Secured Debt (Maturity - August 31, 2023) (8) | 3 month LIBOR | 4,660 |  | 4,560 |  | 4,574 |  |
|                                                                                                  |   | 13.25% PIK Secured Debt (Maturity - December 1, 2023) (14) | None | 1,571 |  | 1,532 |  | 1,532 |  |
|                                                                                                  |   |   |   |   | 6,092 |  | 6,106 |  |
| ATI Investment Sub, Inc. (8)                                                                          | Manufacturer of Solar Tracking Systems | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.76%, Secured Debt (Maturity - June 22, 2021) | 1 month LIBOR | 4,135 |  | 4,062 |  | 3,718 |  |
| ATX Networks Corp. (8) (9)                                                                            | Provider of Radio Frequency Management Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.39%, Current Coupon plus PIK 9.39%, Secured Debt (Maturity - June 11, 2021) | 3 month LIBOR | 13,982 |  | 13,827 |  | 13,284 |  |
| BarFly Ventures, LLC (11)                                                                             | Casual Restaurant Group | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 3,395 |  | 3,362 |  | 3,339 |  |
|                                                                                                  |   | Warrants (.410 equivalent units, Expiration - August 31, 2025) | — | — |  | 158 |  | 137 |  |
|                                                                                                  |   | Options (.99 equivalent units) | — | — |  | 202 |  | 313 |  |
|                                                                                                  |   |   |   |   | 3,722 |  | 3,789 |  |
| BBB Tank Services, LLC (10) (13)                                                                      | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.35%, Secured Debt (Maturity - April 8, 2021) (8) | 1 month LIBOR | 1,000 |  | 992 |  | 962 |  |
|                                                                                                  |   | Preferred Stock (non-voting) | — | — |  | 28 |  | 28 |  |
|                                                                                                  |   | Member Units (200,000 units) | — | — |  | 200 |  | 58 |  |
|                                                                                                  |   |   |   |   | 1,220 |  | 1,048 |  |
| Berry Aviation, Inc. (11)                                                                             | Charter Airline Services | 10.50% Current / 1.50% PIK, Secured Debt (Maturity - January 6, 2024) (14) | None | 4,480 |  | 4,417 |  | 4,438 |  |
|                                                                                                  |   | Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units, 8.00% cumulative) (16) | — | — | 1,548 |  | 1,609 |  |
|                                                                                                  |   |   |   |   | 5,965 |  | 6,047 |  |
| BigName Commerce, LLC (8) (11)                                                                        | Provider of Envelopes and Complimentary Stationery Products | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.65%, Secured Debt (Maturity - May 11, 2022) | 1 month LIBOR | 2,462 |  | 2,441 |  | 2,370 |  |
| Binswanger Enterprises, LLC (11)                                                                      | Glass Repair and Installation Service Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.74%, Secured Debt (Maturity - March 9, 2022) (8) | 3 month LIBOR | 14,270 |  | 14,073 |  | 13,651 |  |
|                                                                                                  |   | Member Units (1,050,000 units) | — | — |  | 1,050 |  | 1,330 |  |
|                                                                                                  |   |   |   |   | 15,123 |  | 14,981 |  |
| Bluestem Brands, Inc. (8)                                                                             | Multi-Channel Retailer of General Merchandise | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.02%, Secured Debt (Maturity - November 6, 2020) | 3 month LIBOR | 12,198 |  | 12,087 |  | 7,888 |  |
| Boccella Precast Products, LLC (10) (13)                                                              | Manufacturer of Precast Hollow Core Concrete | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.40%, Secured Debt (Maturity - June 30, 2022) (8) | 1 month LIBOR | 3,931 |  | 3,856 |  | 3,931 |  |
|                                                                                                  |   | Member Units (540,000 units) (16) | — | — |  | 540 |  | 1,270 |  |
|                                                                                                  |   |   |   |   | 4,396 |  | 5,201 |  |
| Brightwood Capital Fund Investments (9) (15)                                                          | Investment Partnership | LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.60%) (16) | — | — |  | 4,075 |  | 3,421 |  |
|                                                                                                  |   | LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.80%) (16) | — | — |  | 4,037 |  | 4,126 |  |
|                                                                                                  |   |   |   |   | 8,112 |  | 7,547 |  |
|                                                                                                  |   |   |   |   |   |   |
| Buca C, LLC (10) (13)                                                                                 | Casual Restaurant Group | LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 11.63%, Secured Debt (Maturity - June 30, 2020) (8) | 1 month LIBOR | $ | 12,735 |  | $ | 12,648 |  | $ | 12,648 |  |
|                                                                                                  |   | Preferred Member Units (4 units, 6.00% cumulative) (16) | — | — |  | 2,866 |  | 2,955 |  |
|                                                                                                  |   |   |   |   | 15,514 |  | 15,603 |  |
| Cadence Aerospace, LLC (8) (11)                                                                       | Aerospace Manufacturing | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.06%, Secured Debt (Maturity - November 14, 2023) | 3 month LIBOR | 19,469 |  | 19,301 |  | 18,244 |  |
| CAI Software, LLC (10) (13)                                                                           | Provider of Specialized Enterprise Resource Planning Software | 12.00% Secured Debt (Maturity - December 7, 2023) | None | 2,720 |  | 2,715 |  | 2,720 |  |
|                                                                                                  |   | Member Units (16,742 units) (16) | — | — |  | 188 |  | 679 |  |
|                                                                                                  |   |   |   |   | 2,903 |  | 3,399 |  |
| Cenveo Corporation                                                                                    | Provider of Digital Marketing Agency Services | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.54%, Secured Debt (Maturity - June 7, 2023) (8) | 2 month LIBOR | 4,995 |  | 4,618 |  | 4,742 |  |
|                                                                                                  |   | Common Stock (138,889 shares) | — | — | 4,163 |  | 2,153 |  |
|                                                                                                  |   |   |   |   | 8,781 |  | 6,895 |  |
| Clarius BIGS, LLC (11) (18)                                                                           | Prints & Advertising Film Financing | 15.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 2,128 |  | 1,870 |  | 32 |  |
|                                                                                                  |   | 20.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 770 |  | 677 |  | 12 |  |
|                                                                                                  |   |   |   |   | 2,547 |  | 44 |  |
| Clickbooth.com, LLC (8) (11)                                                                          | Provider of Digital Advertising Performance Marketing Solutions | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.90%, Secured Debt (Maturity - December 5, 2022) | 3 month LIBOR | 2,925 |  | 2,876 |  | 2,750 |  |
| Construction Supply Investments, LLC (11)                                                             | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.62%, Secured Debt (Maturity - June 30, 2023) (8) | 2 month LIBOR | 15,422 |  | 15,351 |  | 15,384 |  |
|                                                                                                  |   | Member units (42,207 units) | — | — |  | 4,221 |  | 4,290 |  |
|                                                                                                  |   |   |   |   | 19,572 |  | 19,674 |  |
| CTVSH, PLLC (8) (11) (13)                                                                             | Emergency Care and Specialty Service Animal Hospital | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.74%, Secured Debt (Maturity - August 3, 2022) | 1 month LIBOR | 2,813 |  | 2,768 |  | 2,735 |  |
| Datacom, LLC (10) (13) (18)                                                                           | Technology and Telecommunications Provider | 5.25% Current / 5.25% PIK, Current Coupon 10.50% Secured Debt (Maturity - May 30, 2019) (18) | None | 1,384 |  | 1,377 |  | 1,082 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - May 30, 2018) (18) | None | 200 |  | 200 |  | 188 |  |
|                                                                                                  |   | Class A Preferred Member Units (1,530 units) | — | — |  | 144 |  | — |  |
|                                                                                                  |   | Class B Preferred Member Units (717 units) | — | — |  | 670 |  | — |  |
|                                                                                                  |   |   |   |   | 2,391 |  | 1,270 |  |
| Digital River, Inc. (8)                                                                               | Provider of Outsourced e-Commerce Solutions and Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.78%, Secured Debt (Maturity - February 12, 2021) | 3 month LIBOR | 9,779 |  | 9,710 |  | 9,681 |  |
| DTE Enterprises, LLC (11)                                                                             | Industrial Powertrain Repair and Services | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.12%, Secured Debt (Maturity - April 13, 2023) (8) | 3 month LIBOR | 12,491 |  | 12,263 |  | 11,593 |  |
|                                                                                                  |   | Class AA Preferred Member Units (non-voting) (16) | — | — |  | 758 |  | 778 |  |
|                                                                                                  |   | Class A Preferred Member Units (776,316 units) (16) | — | — |  | 776 |  | 1,300 |  |
|                                                                                                  |   |   |   |   | 13,797 |  | 13,671 |  |
| Dynamic Communities, LLC  (8) (11)                                                                    | Developer of Business Events and Online Community Groups | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.80%, Secured Debt (Maturity - July 17, 2023) | 3 month LIBOR | 5,565 |  | 5,460 |  | 5,462 |  |
| Elite SEM, Inc. (8) (11)                                                                              | Provider of Digital Marketing Agency Services | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.27%, Secured Debt (Maturity - February 1, 2022) | 3 month LIBOR | 6,875 |  | 6,749 |  | 6,749 |  |
| Epic Y-Grade Services, LP (8)                                                                         | NGL Transportation & Storage | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 8.02%, Secured Debt (Maturity - June 13, 2024) | 1 month LIBOR | 17,500 |  | 17,174 |  | 16,625 |  |
| Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)                                          | Technology-Based Performance Support Solutions | LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 10.77%, Secured Debt (Maturity - April 28, 2022) (14) | 1 month LIBOR | $ | 10,900 |  | $ | 10,585 |  | $ | 6,123 |  |
| Extreme Reach, Inc. (8)                                                                               | Integrated TV and Video Advertising Platform | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.78%, Secured Debt (Maturity - February 7, 2020) | 1 month LIBOR | 16,152 |  | 16,145 |  | 16,065 |  |
| Felix Investments Holdings II, LLC (8) (11)                                                           | Oil and Gas Exploration and Production | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.10%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | 3,333 |  | 3,279 |  | 3,141 |  |
| Flavors Holdings, Inc. (8)                                                                            | Global Provider of Flavoring and Sweetening Products and Solutions | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.55%, Secured Debt (Maturity - April 3, 2020) | 3 month LIBOR | 11,666 |  | 11,367 |  | 10,849 |  |
| GI KBS Merger Sub LLC (8)                                                                             | Outsourced Janitorial Service Provider | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.02%, Secured Debt (Maturity - April 29, 2022) (14) | 3 month LIBOR | 14,700 |  | 14,634 |  | 14,828 |  |
| Good Source Solutions, Inc. (8) (11)                                                                  | Specialized Food Distributor | LIBOR Plus 8.34% (Floor 1.00%), Current Coupon 11.14%, Secured Debt (Maturity - June 29, 2023) | 3 month LIBOR | 5,000 |  | 4,952 |  | 4,952 |  |
| GoWireless Holdings, Inc. (8)                                                                         | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 9.02%, Secured Debt (Maturity - December 22, 2024) | 3 month LIBOR | 15,740 |  | 15,609 |  | 15,313 |  |
| HDC/HW Intermediate Holdings, LLC (8) (11)                                                            | Managed Services and Hosting Provider | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.29%, Secured Debt (Maturity - December 21, 2023) | 3 month LIBOR | 1,799 |  | 1,759 |  | 1,763 |  |
| Hoover Group, Inc. (8) (9) (11)                                                                       | Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.90%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | 14,697 |  | 14,089 |  | 13,815 |  |
|                                                                                                  |   | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.71%, Secured Debt (Maturity - January 28, 2020) | 3 month LIBOR | 5,125 |  | 4,664 |  | 4,657 |  |
|                                                                                                  |   |   |   |   | 18,753 |  | 18,472 |  |
| Hunter Defense Technologies, Inc. (8) (11)                                                            | Provider of Military and Commercial Shelters and Systems | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.80%, Secured Debt (Maturity - March 29, 2023) | 3 month LIBOR | 8,811 |  | 8,531 |  | 8,262 |  |
| Hydrofarm Holdings, LLC (8) (11)                                                                      | Wholesaler of Horticultural Products | LIBOR Plus 10.00%, Current Coupon 3.62% / 8.61% PIK, Current Coupon Plus PIK 12.30%, Secured Debt (Maturity - May 12, 2022) | 1 month LIBOR | 7,214 |  | 7,084 |  | 5,643 |  |
| iEnergizer Limited (8) (9)                                                                            | Provider of Business Outsourcing Solutions | LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 8.53%, Secured Debt (Maturity - May 1, 2019) | 1 month LIBOR | 12,086 |  | 12,050 |  | 12,101 |  |
| Implus Footcare, LLC (8) (11)                                                                         | Provider of Footwear and Related Accessories | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.55%, Secured Debt (Maturity - April 30, 2021) | 3 month LIBOR | 17,153 |  | 17,000 |  | 16,762 |  |
| Independent Pet Partners Intermediate Holdings, LLC (11)                                              | Omnichannel Retailer of Specialty Pet Products | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.90%, Secured Debt (Maturity - November 19, 2023) (8) | 6 month LIBOR | 1,589 |  | 1,557 |  | 1,557 |  |
|                                                                                                  |   | Member Units (1,191,667 units) | — | — |  | 1,192 |  | 1,192 |  |
|                                                                                                  |   |   |   |   | 2,749 |  | 2,749 |  |
| Industrial Services Acquisitions, LLC (11)                                                            | Industrial Cleaning Services | 6.00% Current / 7.00% PIK, Current Coupon 13.00%, Unsecured Debt (Maturity - December 17, 2022) (17) | None | 11,198 |  | 11,048 |  | 10,246 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (336 units; 10.00% cumulative) | — | — |  | 202 |  | 202 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (2,100,000 units) | — | — |  | 2,100 |  | 490 |  |
|                                                                                                  |   |   |   |   | 13,350 |  | 10,938 |  |
| Inn of the Mountain Gods Resort and Casino                                                            | Hotel & Casino Owner & Operator | 9.25% Secured Debt (Maturity - November 30, 2020) (14) | None | 8,254 |  | 8,254 |  | 7,882 |  |
| Intermedia Holdings, Inc. (8)                                                                         | Unified Communications as a Service | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.52%, Secured Debt (Maturity - July 19, 2025) | 1 month LIBOR | 11,571 |  | 11,461 |  | 11,557 |  |
| Isagenix International, LLC (8)                                                                       | Direct Marketer of Health and Wellness Products | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.55%, Secured Debt (Maturity - June 14, 2025) | 3 month LIBOR | 6,268 |  | 6,208 |  | 6,095 |  |
| JAB Wireless, Inc. (8) (11)                                                                           | Fixed Wireless Broadband Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.39%, Secured Debt (Maturity - May 2, 2023) | 1 month LIBOR | 14,888 |  | 14,753 |  | 13,987 |  |
| Jacent Strategic Merchandising, LLC (8) (11)                                                          | General Merchandise Distribution | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.27%, Secured Debt (Maturity -September 16, 2020) | 3 month LIBOR | $ | 10,740 |  | $ | 10,641 |  | $ | 10,688 |  |
| Jackmont Hospitality, Inc. (8) (11)                                                                   | Franchisee of Casual Dining Restaurants | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.26%, Secured Debt (Maturity  - May 26, 2021) | 1 month LIBOR | 8,329 |  | 8,314 |  | 8,329 |  |
| Jacuzzi Brands LLC (8)                                                                                | Manufacturer of Bath and Spa Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.52%, Secured Debt (Maturity - June 28, 2023) | 1 month LIBOR | 5,775 |  | 5,681 |  | 5,746 |  |
| Joerns Healthcare, LLC (8)                                                                            | Manufacturer and Distributor of Health Care Equipment & Supplies | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.71%, Secured Debt (Maturity - May 9, 2020) | 3 month LIBOR | 11,119 |  | 11,016 |  | 9,965 |  |
| Knight Energy Services LLC (11)                                                                       | Oil and Gas Equipment & Services | 8.50% Secured Debt (Maturity - February 9, 2024) | None | 760 |  | 760 |  | 760 |  |
|                                                                                                  |   | Class A-2 Shares (25,692 units) | — | — |  | 1,843 |  | 1,843 |  |
|                                                                                                  |   |   |   |   | 2,603 |  | 2,603 |  |
| Larchmont Resources, LLC (9)                                                                          | Oil & Gas Exploration & Production | LIBOR Plus 9.00% (Floor 1.00%) PIK, 11.77% PIK, Secured Debt (Maturity - August 7, 2020) (8) | 3 month LIBOR | 3,898 |  | 3,898 |  | 3,820 |  |
|                                                                                                  |   | Member units (Larchmont Intermediate Holdco, LLC) (4,806 units) | — | — |  | 601 |  | 1,201 |  |
|                                                                                                  |   |   |   |   | 4,499 |  | 5,021 |  |
| Logix Acquisition Company, LLC (8) (11)                                                               | Competitive Local Exchange Carrier | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.27%, Secured Debt (Maturity - December 22, 2024) (23) | 1 month LIBOR | 9,628 |  | 9,542 |  | 9,532 |  |
| LSF9 Atlantis Holdings, LLC (8)                                                                       | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.38%, Secured Debt (Maturity - May 1, 2023) | 1 month LIBOR | 13,475 |  | 13,390 |  | 12,863 |  |
| Lulu’s Fashion Lounge, LLC (8) (11)                                                             | Fast Fashion E-Commerce Retailer | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.52%, Secured Debt (Maturity - August 28, 2022) | 1 month LIBOR | 6,179 |  | 6,028 |  | 5,994 |  |
| Meisler Operating, LLC (10) (13)                                                                      | Provider of Short Term Trailer and Container Rental | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.90%, Secured Debt (Maturity - June 7, 2022) (8) | 1 month LIBOR | 5,120 |  | 5,015 |  | 5,022 |  |
|                                                                                                  |   | Member Units (Milton Meisler Holdings, LLC) (12,139 units) | — | — |  | 1,214 |  | 1,445 |  |
|                                                                                                  |   |   |   |   | 6,229 |  | 6,467 |  |
| MHVC Acquisition Corp. (8)                                                                            | Provider of Differentiated Information Solutions, Systems Engineering and Analytics | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 8.06%, Secured Debt (Maturity - April 29, 2024) | 3 month LIBOR | 7,860 |  | 7,817 |  | 7,664 |  |
| Mills Fleet Farm Group LLC (8) (11)                                                                   | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.77%, Secured Debt (Maturity - October 24, 2024) | 1 month LIBOR | 15,000 |  | 14,707 |  | 15,000 |  |
| Mobileum, Inc. (8) (11)                                                                               | Provider of Big Data Analytics to Telecom Service Providers | LIBOR Plus 10.25% (Floor 0.75%), Current Coupon 13.06%, Secured Debt (Maturity - May 1, 2022) (14) | 2 month LIBOR | 7,500 |  | 7,429 |  | 7,429 |  |
| New Era Technology, Inc. (8) (11)                                                                     | Managed Services and Hosting Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.99%, Secured Debt (Maturity - June 22, 2023) | 1 month LIBOR | 7,654 |  | 7,518 |  | 7,616 |  |
| New Media Holdings II LLC (8) (9)                                                                     | Local Newspaper Operator | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.77%, Secured Debt (Maturity - July 14, 2022) | 1 month LIBOR | 9,718 |  | 9,622 |  | 9,645 |  |
| NNE Partners, LLC (8) (11)                                                                            | Oil & Gas Exploration & Production | LIBOR Plus 8.00%, Current Coupon 10.74%, Secured Debt (Maturity - March 2, 2022) | 3 month LIBOR | 20,417 |  | 20,271 |  | 19,572 |  |
| North American Lifting Holdings, Inc. (8)                                                             | Crane Service Provider | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity - November 27, 2020) | 3 month LIBOR | 6,244 |  | 5,803 |  | 5,701 |  |
| Novetta Solutions, LLC (8)                                                                            | Provider of Advanced Analytics Solutions for Defense Agencies | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.53%, Secured Debt (Maturity - October 17, 2022) | 1 month LIBOR | 14,977 |  | 14,648 |  | 14,602 |  |
| NTM Acquisition Corp. (8)                                                                             | Provider of B2B Travel Information Content | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.96%, Secured Debt (Maturity - June 7, 2022) | 3 month LIBOR | 4,092 |  | 4,060 |  | 4,051 |  |
| Pasha Group (8)                                                                                       | Diversified Logistics and Transportation Provided | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 10.06%, Secured Debt (Maturity - January 26, 2023) | 2 month LIBOR | 10,938 |  | 10,642 |  | 11,006 |  |
|                                                                                                  |   |   |   |   |   |   |
| Permian Holdco 2, Inc.                                                                                | Storage Tank Manufacturer | 14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (17) | None | $ | 990 |  | $ | 990 |  | $ | 990 |  |
|                                                                                                  |   | Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 shares) | — | — |  | 1,997 |  | 2,299 |  |
|                                                                                                  |   | Common Shares (Permian Holdco 1, Inc.) (386,255 shares) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 2,987 |  | 3,289 |  |
| Pernix Therapeutics Holdings, Inc. (11)                                                               | Pharmaceutical Royalty | 12.00% Secured Debt (Maturity - August 1, 2020) | None | 2,652 |  | 2,639 |  | 1,782 |  |
| Pier 1 Imports, Inc. (8)                                                                              | Decorative Home Furnishings Retailer | LIBOR Plus 3.50% (Floor 1.00%), Current Coupon 6.38%, Secured Debt (Maturity - April 30, 2021) | 3 month LIBOR | 7,455 |  | 7,164 |  | 5,358 |  |
| PricewaterhouseCoopers Public Sector LLP (8)                                                          | Provider of Consulting Services to Governments | LIBOR Plus 7.50%, Current Coupon 9.74%, Secured Debt (Maturity - May 1, 2026) (14) | 1 month LIBOR | 13,100 |  | 13,054 |  | 13,166 |  |
| Prowler Acquisition Corporation (8)                                                                   | Specialty Distributor to the Energy Sector | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity - January 28, 2020) | 3 month LIBOR | 12,280 |  | 11,624 |  | 12,096 |  |
| Resolute Industrial, LLC (11)                                                                         | HVAC Equipment Rental and Remanufacturing | Class A units (601 units) | — | — |  | 750 |  | 920 |  |
| RM Bidder, LLC (11)                                                                                   | Scripted and Unscripted TV and Digital Programming Provider | Common Stock (1,854 shares) | — | — |  | 31 |  | 7 |  |
|                                                                                                  |   | Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025) | — | — |  | 284 |  | — |  |
|                                                                                                  |   | Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 315 |  | 7 |  |
| Salient Partners, LP (8) (11)                                                                         | Provider of Asset Management Services | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 8.27%, Secured Debt (Maturity - June 9, 2021) | 1 month LIBOR | 7,313 |  | 7,300 |  | 7,300 |  |
| Slick Software Holdings LLC (10) (13)                                                                 | Text Messaging Marketing Platform | 14.00% Secured Debt (Maturity - September 13, 2023) | None | 1,800 |  | 1,703 |  | 1,703 |  |
|                                                                                                  |   | Member units (17,500 units) | — | — |  | 175 |  | 175 |  |
|                                                                                                  |   | Warrants (4,521 equivalent units, Expiration - September 13, 2028) | — | — |  | 45 |  | 45 |  |
|                                                                                                  |   |   |   |   | 1,923 |  | 1,923 |  |
| Smart Modular Technologies, Inc. (8) (9) (11)                                                         | Provider of Specialty Memory Solutions | LIBOR Plus 6.25%, (Floor 1.00%), Current Coupon 8.86%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | 19,000 |  | 18,793 |  | 19,095 |  |
| Sorenson Communications, Inc. (8)                                                                     | Manufacturer of Communication Products for Hearing Impaired | LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.56%, Secured Debt (Maturity - April 30, 2020) | 3 month LIBOR | 2,916 |  | 2,908 |  | 2,905 |  |
| STL Parent Corp. (8)                                                                                  | Manufacturer and Servicer of Tank and Hopper Railcars | LIBOR Plus 7.00%, Current Coupon 9.52%, Secured Debt (Maturity - December 5, 2022) | 1 month LIBOR | 12,000 |  | 11,585 |  | 11,639 |  |
| Strike, LLC (8)                                                                                       | Pipeline Construction and Maintenance Services | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity - November 30, 2022) | 3 month LIBOR | 9,000 |  | 8,803 |  | 9,011 |  |
| TE Holdings, LLC                                                                                      | Oil & Gas Exploration & Production | Common Units (72,785 units) | — | — |  | 728 |  | 49 |  |
| Teleguam Holdings, LLC (8)                                                                            | Cable and Telecom Services Provider | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.02%, Secured Debt (Maturity - April 12, 2024) (14) | 1 month LIBOR | 7,750 |  | 7,620 |  | 7,798 |  |
| TGP Holdings III LLC (8)                                                                              | Outdoor Cooking & Accessories | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 11.30%, Secured Debt (Maturity - September 25, 2025) (14) | 3 month LIBOR | 5,000 |  | 5,000 |  | 4,850 |  |
| TMC Merger Sub Corp (8)                                                                               | Refractory & Maintenance Services Provider | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 9.31%, Secured Debt (Maturity - October 31, 2022) (25) | 1 month LIBOR | 18,657 |  | 18,448 |  | 18,564 |  |
| TOMS Shoes, LLC (8)                                                                                   | Global Designer, Distributor, and Retailer of Casual Footwear | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 8.30%, Secured Debt (Maturity - October 30, 2020) | 3 month LIBOR | 4,813 |  | 4,641 |  | 3,798 |  |
| Turning Point Brands, Inc. (8) (9) (11)                                                               | Marketer/Distributor of Tobacco Products | LIBOR Plus 7.00%, Current Coupon 9.46%, Secured Debt (Maturity - March 7, 2024) (14) | 1 month LIBOR | 8,500 |  | 8,424 |  | 8,585 |  |
| TVG-I-E CMN Acquisition, LLC (8) (11)                                                                 | Organic Lead Generation for Online Postsecondary Schools | LIBOR Plus 6.00%, (Floor 1.00%), Current Coupon 8.52%, Secured Debt (Maturity - November 3, 2021) | 1 month LIBOR | 19,504 |  | 19,197 |  | 19,455 |  |
| U.S. Telepacific Corp. (8)                                                                            | Provider of Communications and Managed Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 7.80%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | $ | 16,453 |  | $ | 16,110 |  | $ | 15,449 |  |
| VIP Cinema Holdings, Inc. (8)                                                                         | Supplier of Luxury Seating to the Cinema Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.53%, Secured Debt (Maturity - March 1, 2023) | 1 month LIBOR | 9,125 |  | 9,090 |  | 8,960 |  |
| Vistar Media, Inc. (11)                                                                               | Operator of Digital Out-of-Home Advertising Platform | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.74%, Secured Debt (Maturity - February 16, 2022) (8) | 3 month LIBOR | 3,263 |  | 3,046 |  | 2,987 |  |
|                                                                                                  |   | Warrants (70,207 equivalent units, Expiration - February 17, 2027) | — | — |  | 331 |  | 790 |  |
|                                                                                                  |   |   |   |   | 3,377 |  | 3,777 |  |
| Volusion, LLC (10) (13)                                                                               | Provider of Online Software-as-a-Service eCommerce Solutions | 11.50% Secured Debt (Maturity - January 24, 2020) | None | 8,260 |  | 7,843 |  | 7,843 |  |
|                                                                                                  |   | 8.00% Unsecured Convertible Debt (Maturity - November 16, 2023) | None | 127 |  | 127 |  | 127 |  |
|                                                                                                  |   | Preferred Member Units (2,090,001 units) | — | — |  | 6,000 |  | 6,000 |  |
|                                                                                                  |   | Warrants (784,866.80 equivalent units, Expiration - January 26, 2025) | — | — |  | 1,104 |  | 810 |  |
|                                                                                                  |   |   |   |   | 15,074 |  | 14,780 |  |
| Wireless Vision Holdings, LLC (8) (11)                                                                | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 11.43%, Secured Debt (Maturity - September 29, 2022) (23) | 1 month LIBOR | 14,198 |  | 13,932 |  | 13,338 |  |
| YS Garments, LLC (8)                                                                                  | Designer and Provider of Branded Activewear | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 8.42%, Secured Debt (Maturity - August 9, 2024) | 1 month LIBOR | 7,453 |  | 7,382 |  | 7,379 |  |
| Subtotal Non-Control/Non-Affiliate Investments (5) (81% of total portfolio investments at fair value) |   |   | $ | 932,495 |  | $ | 901,518 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Portfolio Investments                                                                           |   |   |   |   | $ | 1,121,688 |  | $ | 1,106,568 |  |
|                                                                                                  |   |   |   |   |   |   |
| Short Term Investments (20)                                                                           |   |   |   |   |   |   |
| Fidelity Institutional Money Market Funds (21)                                                        | — | Prime Money Market Portfolio, Class III Shares | — | — |  | $ | 4,450 |  | $ | 4,450 |  |
| US Bank Money Market Account (21)                                                                     | — | — | — | — |  | 15,574 |  | 15,574 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Short Term Investments                                                                          |   |   |   |   | $ | 20,024 |  | $ | 20,024 |  |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   |   |   | Twelve Months Ended December 31, 2018 |   |   |   | Twelve Months Ended December 31, 2018 |
| Affiliate Investments                          |   | Fair Value at December 31, 2017 |   | Gross Additions (Cost)* |   | Gross Reductions (Cost)** |   | Net Unrealized Gain (Loss)*** |   | Fair Value at December 31, 2018 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AFG Capital Group, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Member units                                   |   | $ | 897 |  |   | $ | 1 |  |   | $ | — |  |   | $ | 97 |  |   | $ | 995 |  |   | $ | — |  | $ | — |  | $ | — |  | $ | 10 |  |
| Warrants                                       |   | 215 |  |   | — |  |   | — |  |   | 22 |  |   | 237 |  |   | — |  | — |  | — |  | — |  |
| Brewer Crane Holdings, LLC                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 2,489 |  |   | (142 | ) |   | — |  |   | 2,347 |  |   | — |  | 298 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 1,070 |  |   | — |  |   | — |  |   | 1,070 |  |   | — |  | — |  | — |  | 29 |  |
| Chamberlin Holding, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 5,417 |  |   | (484 | ) |   | — |  |   | 4,933 |  |   | — |  | 587 |  | 2 |  | — |  |
| Member units                                   |   | — |  |   | 2,861 |  |   | — |  |   | 1,874 |  |   | 4,735 |  |   | — |  | — |  | 35 |  | 354 |  |
| Member units (Langfield RE, LLC)               |   | — |  |   | 183 |  |   | — |  |   | — |  |   | 183 |  |   | — |  | — |  | — |  | 183 |  |
| Charlotte Russe, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 6,285 |  |   | (49 | ) |   | (3,146 | ) |   | 3,090 |  |   | — |  | 492 |  | — |  | — |  |
| Common stock                                   |   | — |  |   | 2,470 |  |   | — |  |   | (2,470 | ) |   | — |  |   | — |  | — |  | — |  | — |  |
| Charps, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | $ | 4,500 |  |   | $ | 50 |  |   | $ | (1,627 | ) |   | $ | 52 |  |   | $ | 2,975 |  |   | $ | — |  | $ | 537 |  | $ | — |  | $ | — |  |
| Term loan                                      |   | — |  |   | 402 |  |   | (402 | ) |   | — |  |   | — |  |   | — |  | 11 |  | 2 |  | — |  |
| Preferred member units                         |   | 163 |  |   | 1 |  |   | — |  |   | 404 |  |   | 568 |  |   | — |  | — |  | — |  | 62 |  |
| Clad-Rex Steel, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,320 |  |   | 16 |  |   | (298 | ) |   | (18 | ) |   | 3,020 |  |   | — |  | 387 |  | — |  | — |  |
| Member units                                   |   | 2,375 |  |   | 1 |  |   | (1 | ) |   | 278 |  |   | 2,653 |  |   | — |  | — |  | — |  | — |  |
| Term loan (Clad-Rex Steel RE Investor, LLC)    |   | 293 |  |   | — |  |   | (5 | ) |   | — |  |   | 288 |  |   | — |  | 29 |  | — |  | — |  |
| Member units (Clad-Rex Steel RE Investor, LLC) |   | 70 |  |   | — |  |   | — |  |   | 18 |  |   | 88 |  |   | — |  | — |  | — |  | 152 |  |
| Digital Products Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 6,617 |  |   | (297 | ) |   | — |  |   | 6,320 |  |   | — |  | 620 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 2,200 |  |   | (84 | ) |   | — |  |   | 2,116 |  |   | — |  | — |  | — |  | 38 |  |
| Direct Marketing Solutions, Inc.               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 4,727 |  |   | (322 | ) |   | (1 | ) |   | 4,404 |  |   | — |  | 572 |  | 3 |  | — |  |
| Preferred stock                                |   | — |  |   | 2,100 |  |   | — |  |   | 1,625 |  |   | 3,725 |  |   | — |  | — |  | — |  | — |  |
| Freeport Financial Funds                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   |   | 8,506 |  |   | 2,597 |  |   | — |  |   | (123 | ) |   | 10,980 |  |   | — |  | — |  | — |  | 1,038 |  |
| Gamber-Johnson Holdings, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,850 |  |   | 26 |  |   | (479 | ) |   | (26 | ) |   | 5,371 |  |   | — |  | 656 |  | — |  | 104 |  |
| Member units                                   |   | 5,843 |  |   | — |  |   | — |  |   | 5,522 |  |   | 11,365 |  |   | — |  | — |  | 12 |  | 322 |  |
| Guerdon Modular Holdings, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,660 |  |   | 516 |  |   | (37 | ) |   | (138 | ) |   | 3,001 |  |   | — |  | 412 |  | — |  | — |  |
| Term loan                                      |   | — |  |   | 70 |  |   | (70 | ) |   | — |  |   | — |  |   |   | 2 |  |   |   |
| Common stock                                   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Class B preferred stock                        |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Gulf Publishing Holdings, LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,151 |  |   | 13 |  |   | (33 | ) |   | — |  |   | 3,131 |  |   | — |  | 415 |  | — |  | — |  |
| Term loan                                      |   | 20 |  |   | 40 |  |   | (60 | ) |   | — |  |   | — |  |   | — |  | 3 |  | — |  | — |  |
| Member units                                   |   | 1,210 |  |   | — |  |   | (1 | ) |   | (179 | ) |   | 1,030 |  |   | — |  | — |  | — |  | — |  |
| Harris Preston Fund Investments                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests (HPEP 3, LP)                      |   | 943 |  |   | 790 |  |   | — |  |   | — |  |   | 1,733 |  |   | — |  | — |  | — |  | — |  |
| LP interests (2717 HM, LP)                     |   | 536 |  |   | 504 |  |   | — |  |   | 93 |  |   | 1,133 |  |   | — |  | — |  | — |  | — |  |
| Hawk Ridge Systems, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,574 |  |   | 14 |  |   | — |  |   | (13 | ) |   | 3,575 |  |   | — |  | 396 |  | — |  | — |  |
| Preferred member units                         |   | 950 |  |   | — |  |   | — |  |   | 865 |  |   | 1,815 |  |   | — |  | — |  | — |  | 102 |  |
| Preferred member units (HRS Services, ULC)     |   | 50 |  |   | 1 |  |   | — |  |   | 44 |  |   | 95 |  |   | — |  | — |  | — |  | — |  |
| HW Temps, LLC                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,454 |  |   | 14 |  |   | — |  |   | 16 |  |   | 2,484 |  |   | — |  | 366 |  | — |  | — |  |
| Preferred member units                         |   | 985 |  |   | 1 |  |   | — |  |   | — |  |   | 986 |  |   | — |  | — |  | 35 |  | 8 |  |
| KMC Investor, LLC                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 7,005 |  |   | (210 | ) |   | — |  |   | 6,795 |  |   | — |  | 144 |  | — |  | — |  |
| Term loan                                      |   | — |  |   | 266 |  |   | (7 | ) |   | — |  |   | 259 |  |   | — |  | 6 |  | — |  | — |  |
| Term loan                                      |   | — |  |   | 1,002 |  |   | (11 | ) |   | — |  |   | 991 |  |   | — |  | 16 |  | — |  | — |  |
| Member units                                   |   | — |  |   | 248 |  |   | — |  |   | — |  |   | 248 |  |   | — |  | — |  | — |  | — |  |
| Member units (KMC RE Investor, LLC)            |   | — |  |   | 3,460 |  |   | (400 | ) |   | — |  |   | 3,060 |  |   | — |  | — |  | — |  | — |  |
| Market Force Information, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,732 |  |   | 25 |  |   | (140 | ) |   | — |  |   | 5,617 |  |   | — |  | 795 |  | — |  | — |  |
| Term loan                                      |   | — |  |   | 170 |  |   | (120 | ) |   | — |  |   | 50 |  |   | — |  | 6 |  | — |  | — |  |
| Member units                                   |   | 3,675 |  |   | — |  |   | — |  |   | (400 | ) |   | 3,275 |  |   | — |  | — |  | — |  | — |  |
| M.H. Corbin Holding, LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,130 |  |   | 64 |  |   | (162 | ) |   | (98 | ) |   | 2,934 |  |   | — |  | 461 |  | — |  | — |  |
| Preferred member units                         |   | 1,500 |  |   | — |  |   | — |  |   | (1,250 | ) |   | 250 |  |   | — |  | — |  | 35 |  | — |  |
| Mystic Logistics Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 1,916 |  |   | 14 |  |   | (58 | ) |   | 5 |  |   | 1,877 |  |   | — |  | 247 |  | — |  | — |  |
| Common stock                                   |   | 1,705 |  |   | 1 |  |   | — |  |   | (1,654 | ) |   | 52 |  |   | — |  | — |  | — |  | — |  |
| NexRev, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 4,381 |  |   | (98 | ) |   | 39 |  |   | 4,322 |  |   | — |  | 404 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 1,720 |  |   | — |  |   | 252 |  |   | 1,972 |  |   | — |  | — |  | 3 |  | 15 |  |
| NuStep, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,048 |  |   | 25 |  |   | — |  |   | — |  |   | 5,073 |  |   | — |  | 653 |  | — |  | — |  |
| Preferred member units                         |   | 2,550 |  |   | 1 |  |   | (1 | ) |   | — |  |   | 2,550 |  |   | — |  | — |  | — |  | — |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SI East, LLC                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | $ | — |  |   | $ | 12,311 |  |   | $ | (727 | ) |   | $ | (2 | ) |   | $ | 11,582 |  |   | $ | — |  | $ | 431 |  | $ | — |  | $ | — |  |
| Preferred member units                         |   | — |  |   | 2,000 |  |   | — |  |   | — |  |   | 2,000 |  |   | — |  | — |  | 3 |  | — |  |
| SoftTouch Medical Holdings, LLC                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 1,260 |  |   | 10 |  |   | (1,260 | ) |   | (10 | ) |   | — |  |   | — |  | 26 |  | — |  | — |  |
| Member units                                   |   | 1,781 |  |   | — |  |   | (870 | ) |   | (911 | ) |   | — |  |   | 903 |  | — |  | 11 |  | 134 |  |
| Tedder Acquisition, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 4,106 |  |   | (123 | ) |   | — |  |   | 3,983 |  |   | — |  | 174 |  | — |  | — |  |
| Term loan                                      |   | — |  |   | 120 |  |   | (2 | ) |   | — |  |   | 118 |  |   | — |  | 3 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 1,869 |  |   | — |  |   | — |  |   | 1,869 |  |   | — |  | — |  | — |  | — |  |
|                                           |   | $ | 76,862 |  |   | $ | 80,274 |  |   | $ | (8,580 | ) |   | $ | 767 |  |   | $ | 149,323 |  |   | $ | 903 |  | $ | 9,149 |  | $ | 141 |  | $ | 2,551 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   |   |   | Twelve Months Ended December 31, 2018 |   |   |   | Twelve Months Ended December 31, 2018 |
| Control Investments            |   | Fair Value at December 31, 2017 |   | Gross Additions (Cost)** |   | Gross Reductions (Cost)*** |   | Net Unrealized Gain (Loss) |   | Fair Value at December 31, 2018 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Copper Trail Energy Fund I, LP |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                   |   | $ | 2,500 |  |   | $ | 1,245 |  |   | $ | — |  |   | $ | 723 |  |   | $ | 4,468 |  |   | $ | — |  | $ | — |  | $ | 13 |  | $ | 307 |  |
| CTMH, LP                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                   |   | — |  |   | 872 |  |   | — |  |   | — |  |   | 872 |  |   | — |  | — |  | — |  | — |  |
| GRT Rubber Technologies, LLC   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                      |   | 5,715 |  |   | 30 |  |   | (917 | ) |   | (31 | ) |   | 4,797 |  |   | — |  | 609 |  | — |  | — |  |
| Member units                   |   | 10,821 |  |   | — |  |   | — |  |   | 8,418 |  |   | 19,239 |  |   | — |  | — |  | 69 |  | 1,347 |  |
| HMS-ORIX SLF LLC*              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Membership interests           |   | 30,643 |  |   | — |  |   | — |  |   | (4,292 | ) |   | 26,351 |  |   | — |  | — |  | — |  | 2,132 |  |
|                           |   | $ | 49,679 |  |   | $ | 2,147 |  |   | $ | (917 | ) |   | $ | 4,818 |  |   | $ | 55,727 |  |   | $ | — |  | $ | 609 |  | $ | 82 |  | $ | 3,786 |  |

----

----

----

----

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Fair Value Measurements |
|                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| First lien secured debt investments  | $ | — |  |   | $ | — |  |   | $ | 844,077 |  |   | $ | 844,077 |  |
| Second lien secured debt investments | — |  |   | — |  |   | 92,384 |  |   | 92,384 |  |
| Unsecured debt investments           | — |  |   | — |  |   | 12,819 |  |   | 12,819 |  |
| Equity investments (1)               | — |  |   | — |  |   | 160,848 |  |   | 160,848 |  |
| Total                                | $ | — |  |   | $ | — |  |   | $ | 1,110,128 |  |   | $ | 1,110,128 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Fair Value Measurements |
|                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| First lien secured debt investments  | $ | — |  |   | $ | — |  |   | $ | 846,427 |  |   | $ | 846,427 |  |
| Second lien secured debt investments | — |  |   | — |  |   | 93,573 |  |   | 93,573 |  |
| Unsecured debt investments           | — |  |   | — |  |   | 11,236 |  |   | 11,236 |  |
| Equity investments (1)               | — |  |   | — |  |   | 155,332 |  |   | 155,332 |  |
| Total                                | $ | — |  |   | $ | — |  |   | $ | 1,106,568 |  |   | $ | 1,106,568 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Fair Value Measurements |
|                            | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| LMM portfolio investments       | $ | — |  |   | $ | — |  |   | $ | 217,179 |  |   | $ | 217,179 |  |
| Private Loan investments        | — |  |   | — |  |   | 435,716 |  |   | 435,716 |  |
| Middle Market investments       | — |  |   | — |  |   | 400,575 |  |   | 400,575 |  |
| Other Portfolio investments (1) | — |  |   | — |  |   | 56,658 |  |   | 56,658 |  |
| Total                           | $ | — |  |   | $ | — |  |   | $ | 1,110,128 |  |   | $ | 1,110,128 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Fair Value Measurements |
|                            | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| LMM portfolio investments       | $ | — |  |   | $ | — |  |   | $ | 210,274 |  |   | $ | 210,274 |  |
| Private Loan investments        | — |  |   | — |  |   | 408,939 |  |   | 408,939 |  |
| Middle Market investments       | — |  |   | — |  |   | 434,271 |  |   | 434,271 |  |
| Other Portfolio investments (1) | — |  |   | — |  |   | 53,084 |  |   | 53,084 |  |
| Total                           | $ | — |  |   | $ | — |  |   | $ | 1,106,568 |  |   | $ | 1,106,568 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |
|                             | Fair Value | ValuationTechnique | Significant Unobservable Inputs | Range |   | WeightedAverage (2) |
| LMM equity investments           | $ | 83,067 |  | Discounted Cash Flows | WACC | 11.8% - 17.5% |   | 13.8% |
|                             |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.5x - 8.5x |   | 6.7x |
| LMM debt investments             | 134,112 |  | Discounted Cash Flows | Expected Principal Recovery | 97.0% - 100.0% |   | 99.9% |
|                             |   |   | Risk Adjusted Discount Factor | 8.3% - 20.5% |   | 11.7% |
| Private Loan debt investments    | 310,932 |  | Discounted Cash Flows | Expected Principal Recovery | 1.5% - 100.0% |   | 100.0% |
|                             |   |   | Risk Adjusted Discount Factor | 4.3% - 20.2% |   | 8.1% |
|                             | 107,702 |  | Market Approach | Third Party Quotes | 93.9% - 101.0% |   | 99.2% |
| Private Loan equity investments  | 17,082 |  | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.9x - 9.5x |   | 7.0x |
|                             |   | Discounted Cash Flows | WACC | 11.6% - 14.3% |   | 12.7% |
| Middle Market debt investments   | 6,641 |  | Discounted Cash Flows | Expected Principal Recovery | 100.0% - 100.0% |   | 100.0% |
|                             |   |   | Risk Adjusted Discount Factor | 11.9% - 30.8% |   | 32.2% |
|                             | 389,893 |  | Market Approach | Third Party Quotes | 41.5% - 100.9% |   | 94.4% |
| Middle Market equity investments | 4,041 |  | Market Approach | Third Party Quotes | $0.5 - $250.0 |   | $102.7 |
|                             |   | Discounted Cash Flows | WACC | 17.3% - 18.0% |   | 17.3% |
|                             |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 3.9x - 5.5x |   | 5.5x |
| Other Portfolio investments(3)   | 56,658 |  | Market Approach | NAV (1) | 87.2% - 118.9% |   | 99.5% |
|                             | $ | 1,110,128 |  |   |   |   |   |   |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |
|                                 | Fair Value | ValuationTechnique | Significant Unobservable Inputs | Range |   | WeightedAverage (2) |
| LMM equity investments               | $ | 79,641 |  | Discounted Cash Flows | WACC | 11.8% - 17.5% |   | 13.7% |
|                                 |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.3x - 8.5x |   | 6.6x |
| LMM debt investments                 | 130,633 |  | Discounted Cash Flows | Expected Principal Recovery | 97.0% - 100.0% |   | 99.9% |
|                                 |   |  |   | Risk Adjusted Discount Factor | 9.6% - 20.0% |   | 12.5% |
| Private Loan debt investments        | 285,733 |  | Discounted Cash Flows | Expected Principal Recovery | 1.5% - 100.0% |   | 99.8% |
|                                 |   |   | Risk Adjusted Discount Factor | 5.8% - 30.3% |   | 10.2% |
|                                 | 106,301 |  | Market Approach | Third Party Quotes | 90.9% - 101.0% |   | 98.6% |
| Private Loan equity investments      | 16,905 |  | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.9x - 9.5x |   | 6.9x |
|                                 |   | Discounted Cash Flows | WACC | 11.4% - 14.2% |   | 12.7% |
| Middle Market debt investments       | 428,569 |  | Market Approach | Third Party Quotes | 56.2% - 100.9% |   | 95.3% |
| Middle Market equity investments     | 5,702 |  | Market Approach | Third Party Quotes | $0.68 - $250.0 |   | $98.1 |
|                                 |   | Discounted Cash Flows | WACC | 16.1% - 18.0% |   | 16.1% |
|                                 |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 3.9x - 5.5x |   | 5.5x |
| Other Portfolio investments (3) | 53,084 |  | Market Approach | NAV (1) | 85.5% - 119.3% |   | 95.3% |
|                                 | $ | 1,106,568 |  |   |   |   |   |   |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment   | January 1, 2019 Fair Value |   | PIK Interest Accrual |   | New Investments(1) |   | Sales/ Repayments |   | Net Change in UnrealizedAppreciation(Depreciation) (2) |   | Net Realized Gain (Loss) |   | March 31, 2019 Fair Value |
| LMM Equity           | $ | 79,641 |  |   | $ | — |  |   | $ | 2,560 |  |   | $ | (938 | ) |   | $ | 1,851 |  |   | $ | (47 | ) |   | $ | 83,067 |  |
| LMM Debt             | 130,633 |  |   | 169 |  |   | 6,158 |  |   | (2,637 | ) |   | (221 | ) |   | 10 |  |   | 134,112 |  |
| Private Loan Equity  | 16,905 |  |   | — |  |   | 19 |  |   | (1,340 | ) |   | 907 |  |   | 591 |  |   | 17,082 |  |
| Private Loan Debt    | 392,034 |  |   | 928 |  |   | 23,299 |  |   | (6,080 | ) |   | 10,716 |  |   | (2,263 | ) |   | 418,634 |  |
| Middle Market Debt   | 428,569 |  |   | 72 |  |   | 3,059 |  |   | (26,870 | ) |   | (2,866 | ) |   | (5,430 | ) |   | 396,534 |  |
| Middle Market Equity | 5,702 |  |   | — |  |   | — |  |   | — |  |   | (1,661 | ) |   | — |  |   | 4,041 |  |
| Other Portfolio(3)   | 53,084 |  |   | — |  |   | 2,456 |  |   | (1,860 | ) |   | 2,978 |  |   | — |  |   | 56,658 |  |
| Total                | $ | 1,106,568 |  |   | $ | 1,169 |  |   | $ | 37,551 |  |   | $ | (39,725 | ) |   | $ | 11,704 |  |   | $ | (7,139 | ) |   | $ | 1,110,128 |  |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment       | January 1, 2018 Fair Value |   | PIK InterestAccrual |   | New Investments(1) |   | Sales/ Repayments |   | Net Change in UnrealizedAppreciation(Depreciation) (2) |   | Net Realized Gain (Loss) |   | March 31, 2018 Fair Value |
| LMM Equity               | $ | 47,876 |  |   | $ | — |  |   | $ | 8,161 |  |   | $ | (1,782 | ) |   | $ | 1,554 |  |   | $ | 912 |  |   | $ | 56,721 |  |
| LMM Debt                 | 87,781 |  |   | 18 |  |   | 17,809 |  |   | (2,885 | ) |   | (90 | ) |   | — |  |   | 102,633 |  |
| Private Loan Equity      | 8,612 |  |   | — |  |   | 1,202 |  |   | — |  |   | (981 | ) |   | — |  |   | 8,833 |  |
| Private Loan Debt        | 306,770 |  |   | 21 |  |   | 61,925 |  |   | (23,191 | ) |   | (164 | ) |   | 69 |  |   | 345,430 |  |
| Middle Market Debt       | 545,217 |  |   | 173 |  |   | 82,437 |  |   | (131,623 | ) |   | 10,600 |  |   | (8,226 | ) |   | 498,578 |  |
| Middle Market Equity     | 4,575 |  |   | — |  |   | 2,470 |  |   | — |  |   | (373 | ) |   | — |  |   | 6,672 |  |
| Other Portfolio (3) | 48,608 |  |   | — |  |   | 90 |  |   | — |  |   | 76 |  |   | — |  |   | 48,774 |  |
| Total                    | $ | 1,049,439 |  |   | $ | 212 |  |   | $ | 174,094 |  |   | $ | (159,481 | ) |   | $ | 10,622 |  |   | $ | (7,245 | ) |   | $ | 1,067,641 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| First lien secured debt investments  | $ | 862,744 |  |   | 77.5 | % |   | $ | 844,077 |  |   | 76.0 | % |
| Second lien secured debt investments | 98,317 |  |   | 8.8 |  |   | 92,384 |  |   | 8.3 |  |
| Unsecured debt investments           | 12,911 |  |   | 1.2 |  |   | 12,819 |  |   | 1.2 |  |
| Equity investments(1)                | 137,491 |  |   | 12.3 |  |   | 158,956 |  |   | 14.3 |  |
| Equity warrants                      | 1,987 |  |   | 0.2 |  |   | 1,892 |  |   | 0.2 |  |
| Total                                | $ | 1,113,450 |  |   | 100.0 | % |   | $ | 1,110,128 |  |   | 100.0 | % |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| First lien secured debt investments  | $ | 873,331 |  |   | 77.8 | % |   | $ | 846,427 |  |   | 76.5 | % |
| Second lien secured debt investments | 98,281 |  |   | 8.8 |  |   | 93,573 |  |   | 8.4 |  |
| Unsecured debt investments           | 12,038 |  |   | 1.1 |  |   | 11,236 |  |   | 1.0 |  |
| Equity investments (1)               | 136,051 |  |   | 12.1 |  |   | 153,313 |  |   | 13.9 |  |
| Equity warrants                      | 1,987 |  |   | 0.2 |  |   | 2,019 |  |   | 0.2 |  |
| Total                                | $ | 1,121,688 |  |   | 100.0 | % |   | $ | 1,106,568 |  |   | 100.0 | % |

----

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| Northeast         | $ | 143,343 |  |   | 13.6 | % |   | $ | 135,374 |  |   | 12.9 | % |
| Southeast         | 181,414 |  |   | 17.2 |  |   | 191,491 |  |   | 18.2 |  |
| West              | 223,024 |  |   | 21.1 |  |   | 217,203 |  |   | 20.6 |  |
| Southwest         | 238,095 |  |   | 22.5 |  |   | 235,385 |  |   | 22.3 |  |
| Midwest           | 237,642 |  |   | 22.5 |  |   | 241,713 |  |   | 22.9 |  |
| Non-United States | 32,680 |  |   | 3.1 |  |   | 32,304 |  |   | 3.1 |  |
| Total             | $ | 1,056,198 |  |   | 100.0 | % |   | $ | 1,053,470 |  |   | 100.0 | % |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| Northeast         | $ | 153,513 |  |  | 14.4 | % |  | $ | 146,819 |  |  | 13.9 | % |
| Southeast         | 171,384 |  |  | 16.1 |  |  | 181,182 |  |  | 17.2 |  |
| West              | 230,843 |  |  | 21.7 |  |  | 221,012 |  |  | 21.0 |  |
| Southwest         | 242,402 |  |  | 22.8 |  |  | 238,221 |  |  | 22.6 |  |
| Midwest           | 233,392 |  |  | 21.9 |  |  | 233,067 |  |  | 22.1 |  |
| Non-United States | 33,497 |  |  | 3.1 |  |  | 33,183 |  |  | 3.2 |  |
| Total             | $ | 1,065,031 |  |  | 100.0 | % |  | $ | 1,053,484 |  |  | 100.0 | % |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   | Cost |   | Fair Value |
|                                   | March 31, 2019 |   | December 31, 2018 |   | March 31, 2019 |   | December 31, 2018 |
| Commercial Services and Supplies       | 6.8 | % |   | 6.7 | % |   | 6.4 | % |   | 6.3 | % |
| Media                                  | 6.2 |  |   | 5.5 |  |   | 6.2 |  |   | 5.5 |  |
| Oil, Gas, and Consumable Fuels         | 5.7 |  |   | 4.7 |  |   | 5.8 |  |   | 4.7 |  |
| Internet Software and Services         | 5.0 |  |   | 4.9 |  |   | 5.0 |  |   | 5.0 |  |
| Construction and Engineering           | 4.9 |  |   | 4.9 |  |   | 5.1 |  |   | 5.1 |  |
| IT Services                            | 4.8 |  |   | 5.8 |  |   | 4.8 |  |   | 5.9 |  |
| Aerospace and Defense                  | 4.8 |  |   | 4.7 |  |   | 4.8 |  |   | 4.6 |  |
| Diversified Telecommunication Services | 4.6 |  |   | 4.6 |  |   | 4.4 |  |   | 4.4 |  |
| Communications Equipment               | 4.2 |  |   | 4.1 |  |   | 3.7 |  |   | 3.8 |  |
| Machinery                              | 4.0 |  |   | 4.0 |  |   | 5.4 |  |   | 5.3 |  |
| Energy Equipment and Services          | 3.6 |  |   | 3.4 |  |   | 3.5 |  |   | 3.5 |  |
| Hotels, Restaurants, and Leisure       | 3.4 |  |   | 3.4 |  |   | 3.4 |  |   | 3.4 |  |
| Specialty Retail                       | 3.4 |  |   | 3.1 |  |   | 2.9 |  |   | 2.5 |  |
| Distributors                           | 3.2 |  |   | 3.2 |  |   | 3.1 |  |   | 3.1 |  |
| Food Products                          | 2.9 |  |   | 2.9 |  |   | 2.8 |  |   | 2.9 |  |
| Leisure Equipment and Products         | 2.8 |  |   | 3.4 |  |   | 2.7 |  |   | 3.4 |  |
| Computers and Peripherals              | 2.6 |  |   | 2.6 |  |   | 3.4 |  |   | 3.4 |  |
| Diversified Consumer Services          | 2.3 |  |   | 2.3 |  |   | 1.6 |  |   | 1.8 |  |
| Health Care Providers and Services     | 2.2 |  |   | 2.8 |  |   | 2.1 |  |   | 2.8 |  |
| Construction Materials                 | 2.2 |  |   | 2.3 |  |   | 2.4 |  |   | 2.4 |  |
| Road & Rail                        | 1.8 |  |   | 1.7 |  |   | 1.8 |  |   | 1.7 |  |
| Internet and Catalog Retail            | 1.7 |  |   | 1.7 |  |   | 1.4 |  |   | 1.3 |  |
| Software                               | 1.6 |  |   | 1.7 |  |   | 1.9 |  |   | 1.9 |  |
| Food & Staples Retailing           | 1.6 |  |   | 1.6 |  |   | 1.6 |  |   | 1.6 |  |
| Professional Services                  | 1.5 |  |   | 1.6 |  |   | 1.4 |  |   | 1.6 |  |
| Trading Companies and Distributors     | 1.5 |  |   | 1.5 |  |   | 1.6 |  |   | 1.4 |  |
| Wireless Telecommunication Services    | 1.4 |  |   | 1.4 |  |   | 1.4 |  |   | 1.3 |  |
| Containers and Packaging               | 1.3 |  |   | 1.3 |  |   | 1.3 |  |   | 1.3 |  |
| Household Durables                     | 1.2 |  |   | 1.3 |  |   | 1.2 |  |   | 1.3 |  |
| Textiles, Apparel & Luxury Goods   | 1.1 |  |   | 1.1 |  |   | 1.1 |  |   | 1.0 |  |
| Transportation Infrastructure          | 1.0 |  |   | 1.0 |  |   | 1.0 |  |   | 1.0 |  |
| Other (1)                              | 4.7 |  |   | 4.8 |  |   | 4.8 |  |   | 4.8 |  |
| Total                                  | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |
|                                         | As of March 31, 2019 | As of December 31, 2018 |
|                                         |   |   |
| Total debt investments (1)                   | $ | 170,325 |  | $ | 165,025 |  |
| Weighted average effective yield on loans(2) | 5.91 | % | 5.82 | % |
| Largest loan to a single borrower(1)         | $ | 3,452 |  | $ | 3,461 |  |
| Total of 10 largest loans to borrowers(1)    | $ | 30,228 |  | $ | 30,430 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of March 31, 2019                 |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acrisure, LLC                        | Insurance | LIBOR (2 months) + 4.25%, Current Coupon 6.88%, Secured Debt (Maturity - November 22, 2023) | $ | 2,486 |  | $ | 2,482 |  | $ | 2,478 |  |
| Advantage Sales & Marketing Inc. | Commercial Services and Supplies | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - July 23, 2021) | 1,965 |  | 1,914 |  | 1,701 |  |
| Air Medical Group Holdings, Inc.     | Healthcare Providers and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - April 28, 2022) | 1,965 |  | 1,956 |  | 1,875 |  |
| AlixPartners, LLP                    | Professional Services | LIBOR (3 months) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - April 4, 2024) | 990 |  | 990 |  | 988 |  |
| American Seafoods Group LLC          | Food Products | Prime + 1.75%, Current Coupon 7.25%, Secured Debt (Maturity - August 21, 2023) | 1,435 |  | 1,428 |  | 1,422 |  |
| Ancestry.com Operations Inc.         | Internet Software and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - October 19, 2023) | 1,293 |  | 1,306 |  | 1,291 |  |
| Arch Coal, Inc.                      | Metals and Mining | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - March 7, 2024) | 1,960 |  | 1,967 |  | 1,962 |  |
|                                 |   |   |   |   |   |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of March 31, 2019                 |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Asurion, LLC                         | Insurance | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - November 3, 2023) | $ | 1,258 |  | $ | 1,258 |  | $ | 1,256 |  |
|                                 |   | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - November 4, 2024) | 323 |  | 321 |  | 322 |  |
|                                 |   |   | 1,581 |  | 1,579 |  | 1,578 |  |
| Atkore International, Inc.           | Electric Equipment, Instruments and Components | LIBOR (3 months) + 2.75%, Current Coupon 5.36%, Secured Debt (Maturity - December 22, 2023) | 2,887 |  | 2,905 |  | 2,866 |  |
| Barracuda Networks                   | Internet Software and Services | LIBOR (3 months) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - February 12, 2025) | 997 |  | 972 |  | 992 |  |
| Bass Pro Group, LLC                  | Specialty Retail | LIBOR (3 months) + 5.00%, Current Coupon 7.50%, Secured Debt (Maturity - September 25, 2024) | 1,970 |  | 1,926 |  | 1,945 |  |
| Bausch Health Companies Inc.         | Healthcare Providers and Services | LIBOR (1 month) + 3.00%, Current Coupon 5.48%, Secured Debt (Maturity - June 2, 2025) | 1,347 |  | 1,353 |  | 1,344 |  |
| BCP Renaissance Parent L.L.C.        | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 3.50%, Current Coupon 6.24%, Secured Debt (Maturity - October 31, 2024) | 596 |  | 597 |  | 595 |  |
| Boxer Parent Company, Inc.           | Software | LIBOR (3 months) + 4.25%, Current Coupon 6.85%, Secured Debt (Maturity - October 2, 2025) | 2,793 |  | 2,767 |  | 2,751 |  |
| Boyd Gaming Corporation              | Hotel, Restaurant and Leisure | LIBOR (1 week) + 2.25%, Current Coupon 4.66%, Secured Debt (Maturity - September 15, 2023) | 1,247 |  | 1,206 |  | 1,239 |  |
| Builders FirstSource, Inc.           | Building Products | LIBOR (1 month) + 3.00%, Current Coupon 5.60%, Secured Debt (Maturity - February 29, 2024) | 2,940 |  | 2,936 |  | 2,867 |  |
| Caesars Resort Collection, LLC       | Hotel, Restaurant and Leisure | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - December 23, 2024) | 1,244 |  | 1,208 |  | 1,234 |  |
| Calpine Corporation                  | Independent Power and Renewable Electricity Provider | LIBOR (3 months) + 2.50%, Current Coupon 5.11%, Secured Debt (Maturity - January 15, 2023) | 1,964 |  | 1,971 |  | 1,963 |  |
| CareerBuilder                        | Internet Software and Services | LIBOR (3 months) + 6.75%, Current Coupon 9.35%, Secured Debt (Maturity - July 31, 2023) | 1,449 |  | 1,449 |  | 1,451 |  |
| CDS U.S. Intermediate Holdings, Inc. | Hotel, Restaurant and Leisure | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - July 8, 2022) | 970 |  | 972 |  | 904 |  |
| CenturyLink Inc.                     | Diversified Telecommunication Services | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - January 31, 2025) | 995 |  | 942 |  | 979 |  |
| Citgo Petroleum Corporation          | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 3.50%, Current Coupon 6.30%, Secured Debt (Maturity - July 29, 2021) | 695 |  | 690 |  | 694 |  |
| ClubCorp Holdings, Inc.              | Real Estate Management and Development | LIBOR (3 months) + 2.75%, Current Coupon 5.35%, Secured Debt (Maturity - September 18, 2024) | 1,959 |  | 1,949 |  | 1,867 |  |
| Compass Power Generation, L.L.C.     | Independent Power and Renewable Electricity Provider | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - December 20, 2024) | 1,262 |  | 1,262 |  | 1,263 |  |
| Creative Artists Agency, LLC         | Entertainment | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - July 26, 2024) | 1,970 |  | 1,970 |  | 1,945 |  |
|                                 |   | LIBOR (1 month) + 3.00%, Current Coupon 5.49%, Secured Debt (Maturity - February 15, 2024) | 995 |  | 981 |  | 993 |  |
|                                 |   |   | 2,965 |  | 2,951 |  | 2,938 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of March 31, 2019                       |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Cyxtera DC Holdings, Inc.                  | Technology Hardware, Storage and Peripherals | LIBOR (3 months) + 3.00%, Current Coupon 5.60%, Secured Debt (Maturity - May 1, 2024) | $ | 2,948 |  | $ | 2,958 |  | $ | 2,900 |  |
| Deerfield Holdings Corporation             | Diversified Financial Services | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - February 13, 2025) | 2,970 |  | 2,966 |  | 2,919 |  |
| Diamond Resorts International, Inc.        | Hotel, Restaurant and Leisure | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - September 1, 2023) | 2,125 |  | 2,152 |  | 2,053 |  |
| EFS Cogen Holdings I LLC                   | Electric Utilities | LIBOR (3 months) + 3.25%, Current Coupon 5.86%, Secured Debt (Maturity - June 28, 2023) | 1,816 |  | 1,829 |  | 1,808 |  |
| Eldorado Resorts, Inc.                     | Hotel, Restaurant and Leisure | LIBOR (1 month) + 2.25%, Current Coupon 4.88%, Secured Debt (Maturity - April 17, 2024) | 1,000 |  | 969 |  | 993 |  |
| Encapsys LLC                               | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - November 7, 2024) | 990 |  | 991 |  | 978 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 6.75%, Secured Debt (Maturity - April 29, 2024) | 1,965 |  | 1,983 |  | 1,940 |  |
| Everi Payments Inc.                        | Leisure Products | LIBOR (3 months) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - May 9, 2024) | 1,965 |  | 1,958 |  | 1,963 |  |
| Exgen Renewables IV, LLC                   | Independent Power and Renewable Electricity Provider | LIBOR (3 months) + 3.00%, Current Coupon 5.63%, Secured Debt (Maturity - November 29, 2024) | 294 |  | 294 |  | 276 |  |
| Financial & Risk US Holdings, Inc.     | Software | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - October 1, 2025) | 1,421 |  | 1,420 |  | 1,384 |  |
| First American Payment Systems, L.P.       | Diversified Financial Services | LIBOR (1 month) + 4.75%, Current Coupon 7.39%, Secured Debt (Maturity - January 5, 2024) | 883 |  | 893 |  | 883 |  |
| Fitness International, LLC                 | Hotel, Restaurant and Leisure | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - April 18, 2025) | 2,034 |  | 2,045 |  | 2,021 |  |
| Flex Acquisition Company Inc               | Containers and Packaging | LIBOR (1 month) + 3.00%, Current Coupon 5.49%, Secured Debt (Maturity - December 29, 2023) | 1,970 |  | 1,979 |  | 1,931 |  |
| Flexera Software LLC                       | Software | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - February 26, 2025) | 1,514 |  | 1,511 |  | 1,510 |  |
| Gardner Denver, Inc.                       | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - July 30, 2024) | 2,255 |  | 2,249 |  | 2,256 |  |
| Golden Nugget, Inc.                        | Hotel, Restaurant and Leisure | LIBOR (1 month) + 2.75%, Current Coupon 5.23%, Secured Debt (Maturity - October 4, 2023) | 1,870 |  | 1,870 |  | 1,856 |  |
| Gray Television, Inc.                      | Broadcast Radio and Television | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - February 12, 2025) | 1,839 |  | 1,822 |  | 1,835 |  |
|                                       |   | LIBOR (1 month) + 2.50%, Current Coupon 4.98%, Secured Debt (Maturity - January 2, 2026) | 285 |  | 280 |  | 284 |  |
|                                       |   |   | 2,124 |  | 2,102 |  | 2,119 |  |
| Greatbatch Ltd.                            | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 5.49%, Secured Debt (Maturity - October 27, 2022) | 1,934 |  | 1,945 |  | 1,933 |  |
| GYP Holdings III Corp.                     | Trading Companies and Distributors | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - June 2, 2025) | 3,439 |  | 3,464 |  | 3,355 |  |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                            |
| Loan Portfolio                      |
| As of March 31, 2019                |
| (dollars in thousands)              |
| Portfolio Company                   | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                |   |   |   |   |   |
| Harbor Freight Tools USA, Inc.      | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - August 18, 2023) | $ | 1,944 |  | $ | 1,950 |  | $ | 1,910 |  |
| Horizon Pharma, Inc.                | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - March 29, 2024) | 1,219 |  | 1,230 |  | 1,221 |  |
| Hornblower Sub, LLC                 | Hotel, Restaurant and Leisure | LIBOR (3 months) + 4.50%, Current Coupon 7.10%, Secured Debt (Maturity - April 28, 2025) | 1,995 |  | 1,989 |  | 1,999 |  |
| Hyland Software, Inc.               | Software | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - July 1, 2024) | 498 |  | 485 |  | 498 |  |
| Infiltrator Water Technologies, LLC | Specialty Retail | LIBOR (3 months) + 3.50%, Current Coupon 6.10%, Secured Debt (Maturity - May 23, 2025) | 1,970 |  | 1,982 |  | 1,967 |  |
| Invenergy Thermal Operating I LLC   | Renewable Energy Provider | LIBOR (1 month) + 3.00%, Current Coupon 5.60%, Secured Debt (Maturity - May 27, 2022) | 1,392 |  | 1,371 |  | 1,382 |  |
|                                |   | LIBOR (3 months) + 3.50%, Current Coupon 6.10%, Secured Debt (Maturity - August 28, 2025) | 1,920 |  | 1,916 |  | 1,932 |  |
|                                |   |   | 3,312 |  | 3,287 |  | 3,314 |  |
| IRB Holding Corp.                   | Food Products | LIBOR (1 month) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - February 5, 2025) | 396 |  | 396 |  | 389 |  |
| Ivanti Software, Inc.               | Software | LIBOR (1 month) + 4.25%, Current Coupon 6.75%, Secured Debt (Maturity - January 22, 2024) | 981 |  | 987 |  | 975 |  |
| KBR, Inc.                           | Aerospace and Defense | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - April 25, 2025) | 1,987 |  | 1,979 |  | 1,993 |  |
| Kingpin Intermediate Holdings LLC   | Diversified Consumer Services | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - July 3, 2024) | 995 |  | 986 |  | 991 |  |
| KUEHG Corp.                         | Diversified Consumer Services | LIBOR (1 month) + 3.75%, Current Coupon 6.35%, Secured Debt (Maturity - February 21, 2025) | 2,451 |  | 2,458 |  | 2,434 |  |
| Learfield Communications LLC        | Media | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - December 1, 2023) | 1,965 |  | 1,983 |  | 1,962 |  |
| MA FinanceCo., LLC                  | Software | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - June 21, 2024) | 383 |  | 384 |  | 377 |  |
| Match Group, Inc.                   | Media | LIBOR (6 months) + 3.00%, Current Coupon 5.69%, Secured Debt (Maturity - February 24, 2025) | 676 |  | 674 |  | 647 |  |
|                                |   | LIBOR (3 months) + 2.50%, Current Coupon 5.08%, Secured Debt (Maturity - November 16, 2022) | 2,000 |  | 1,998 |  | 1,998 |  |
|                                |   |   | 2,676 |  | 2,672 |  | 2,645 |  |
| McAfee, LLC                         | Software | LIBOR (3 months) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - September 30, 2024) | 945 |  | 932 |  | 945 |  |
| McDermott International, Inc.       | Construction and Engineering | LIBOR (1 month) + 5.00%, Current Coupon 7.50%, Secured Debt (Maturity - May 12, 2025) | 990 |  | 971 |  | 954 |  |
| Metro-Goldwyn-Mayer Inc.            | Media | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - July 3, 2025) | 995 |  | 969 |  | 990 |  |
|                                |   |   |   |   |   |

----

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                              |
| Loan Portfolio                        |
| As of March 31, 2019                  |
| (dollars in thousands)                |
| Portfolio Company                     | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                  |   |   |   |   |   |
| Micro Holding Corp.                   | Media | LIBOR (1 month) + 2.50%, Current Coupon 4.99%, Secured Debt (Maturity - January 30, 2023) | $ | 997 |  | $ | 971 |  | $ | 982 |  |
|                                  |   | LIBOR (3 months) + 3.75%, Current Coupon 6.24%, Secured Debt (Maturity - September 13, 2024) | 1,244 |  | 1,215 |  | 1,232 |  |
|                                  |   |   | 2,241 |  | 2,186 |  | 2,214 |  |
| Mohegan Tribal Gaming Authority       | Hotel, Restaurant and Leisure | LIBOR (1 month) + 4.00%, Current Coupon 6.50%, Secured Debt (Maturity - October 13, 2023) | 1,909 |  | 1,927 |  | 1,818 |  |
| MPH Acquisition Holdings LLC          | Health Care Technology | LIBOR (3 months) + 2.75%, Current Coupon 5.35%, Secured Debt (Maturity - June 7, 2023) | 2,569 |  | 2,604 |  | 2,499 |  |
| NAB Holdings, LLC                     | IT Services | LIBOR (3 months) + 3.00%, Current Coupon 5.60%, Secured Debt (Maturity - July 1, 2024) | 1,970 |  | 1,961 |  | 1,920 |  |
| National Mentor Holdings, Inc.        | Healthcare Facilities and Services | LIBOR (1 month) + 4.25%, Current Coupon 6.75%, Secured Debt (Maturity - March 9, 2026) | 1,883 |  | 1,870 |  | 1,891 |  |
|                                  |   | LIBOR (1 month) + 4.25%, Current Coupon 6.75%, Secured Debt (Maturity - March 9, 2026) | 117 |  | 116 |  | 117 |  |
|                                  |   |   | 2,000 |  | 1,986 |  | 2,008 |  |
| Ortho-Clinical Diagnostics, Inc       | Life Sciences Tools and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - June 30, 2025) | 1,935 |  | 1,931 |  | 1,868 |  |
| Packaging Coordinators Midco Inc      | Healthcare Facilities and Services | LIBOR (3 months) + 4.00%, Current Coupon 6.61%, Secured Debt (Maturity - June 30, 2023) | 995 |  | 990 |  | 994 |  |
| Party City Holdings Inc.              | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - August 19, 2022) | 1,240 |  | 1,220 |  | 1,237 |  |
| Phoenix Guarantor Inc.                | Healthcare Facilities and Services | LIBOR (1 month) + 4.50%, Current Coupon 6.98%, Secured Debt (Maturity - March 5, 2026) | 917 |  | 903 |  | 905 |  |
| PI UK Holdco II Limited               | Diversified Financial Services | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - January 3, 2025) | 2,970 |  | 2,949 |  | 2,932 |  |
| Prime Security Services Borrower, LLC | Commercial Services and Supplies | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - May 2, 2022) | 653 |  | 637 |  | 649 |  |
| Rackspace Hosting, Inc.               | Electric Equipment, Instruments and Components | LIBOR (3 months) + 3.00%, Current Coupon 5.74%, Secured Debt (Maturity - November 3, 2023) | 3,242 |  | 3,266 |  | 3,061 |  |
| Radiate Holdco, LLC                   | Diversified Telecommunication Services | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - February 1, 2024) | 2,538 |  | 2,514 |  | 2,509 |  |
| Radiology Partners, Inc.              | Healthcare Facilities and Services | LIBOR (3 months) + 4.75%, Current Coupon 7.55%, Secured Debt (Maturity - July 9, 2025) | 1,496 |  | 1,489 |  | 1,502 |  |
| Red Ventures, LLC                     | Professional Services | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - November 8, 2024) | 1,627 |  | 1,616 |  | 1,625 |  |
| Savage Enterprises, LLC               | Road and Rail | LIBOR (1 month) + 4.50%, Current Coupon 6.99%, Secured Debt (Maturity - August 1, 2025) | 1,024 |  | 1,004 |  | 1,027 |  |
| Scientific Games International, Inc.  | Leisure Products | LIBOR (2 months) + 2.75%, Current Coupon 5.33%, Secured Debt (Maturity - August 14, 2024) | 890 |  | 891 |  | 869 |  |
| Seattle SpinCo, Inc.                  | Software | LIBOR (3 months) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - June 21, 2024) | 2,587 |  | 2,590 |  | 2,548 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                 |
| Loan Portfolio                           |
| As of March 31, 2019                     |
| (dollars in thousands)                   |
| Portfolio Company                        | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                     |   |   |   |   |   |
| SeaWorld Parks & Entertainment, Inc. | Hotel, Restaurant and Leisure | LIBOR (3 months) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - April 1, 2024) | $ | 1,960 |  | $ | 1,962 |  | $ | 1,947 |  |
| ServiceMaster Company, LLC               | Home and Office Products | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - November 8, 2023) | 651 |  | 648 |  | 650 |  |
| Sprint Communications, Inc.              | Diversified Telecommunication Services | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - February 2, 2024) | 499 |  | 492 |  | 491 |  |
| SRS Distribution Inc.                    | Trading Companies and Distributors | LIBOR (3 months) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - May 23, 2025) | 1,194 |  | 1,191 |  | 1,147 |  |
| SS&C Technologies, Inc.              | Software | LIBOR (1 month) + 2.25%, Current Coupon 4.75%, Secured Debt (Maturity - April 16, 2025) | 200 |  | 199 |  | 198 |  |
|                                     |   | LIBOR (1 month) + 2.25%, Current Coupon 4.75%, Secured Debt (Maturity - April 16, 2025) | 278 |  | 277 |  | 276 |  |
|                                     |   |   | 478 |  | 476 |  | 474 |  |
| Staples, Inc.                            | Distributors | LIBOR (3 months) + 4.00%, Current Coupon 6.49%, Secured Debt (Maturity - September 12, 2024) | 1,975 |  | 1,970 |  | 1,961 |  |
| Starfruit US Holdco LLC                  | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - October 1, 2025) | 1,250 |  | 1,247 |  | 1,240 |  |
| Telenet Financing USD LLC                | Diversified Telecommunication Services | LIBOR (1 month) + 2.25%, Current Coupon 4.73%, Secured Debt (Maturity - August 17, 2026) | 1,655 |  | 1,653 |  | 1,635 |  |
| Transdigm, Inc.                          | Aerospace and Defense | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - June 9, 2023) | 1,960 |  | 1,967 |  | 1,925 |  |
|                                     |   | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - August 22, 2024) | 988 |  | 985 |  | 968 |  |
|                                     |   |   | 2,948 |  | 2,952 |  | 2,893 |  |
| Travelport Finance (Luxembourg) S.A.R.L. | Internet Software and Services | LIBOR (3 months) + 2.50%, Current Coupon 5.18%, Secured Debt (Maturity - March 17, 2025) | 1,232 |  | 1,226 |  | 1,232 |  |
| UFC Holdings, LLC                        | Media | LIBOR (3 months) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - August 18, 2023) | 1,960 |  | 1,971 |  | 1,960 |  |
| USS Ultimate Holdings Inc                | Consumer Services | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - August 26, 2024) | 597 |  | 588 |  | 596 |  |
| Utz Quality Foods, LLC                   | Food Products | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - November 21, 2024) | 1,580 |  | 1,579 |  | 1,580 |  |
| VeriFone Systems, Inc.                   | Hardware | LIBOR (1 month) + 4.00%, Current Coupon 6.68%, Secured Debt (Maturity - August 20, 2025) | 499 |  | 489 |  | 493 |  |
| Vertafore, Inc.                          | Software | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - July 2, 2025) | 2,494 |  | 2,482 |  | 2,463 |  |
| Vertiv Group Corporation                 | Electrical Equipment | LIBOR (3 months) + 4.00%, Current Coupon 6.63%, Secured Debt (Maturity - November 30, 2023) | 1,555 |  | 1,569 |  | 1,467 |  |
| VFH Parent LLC                           | Diversified Financial Services | LIBOR (3 months) + 3.50%, Current Coupon 6.13%, Secured Debt (Maturity - March 2, 2026) | 1,000 |  | 995 |  | 1,004 |  |
| Vistra Operations Company LLC            | Electric Utilities | LIBOR (1 month) + 2.25%, Current Coupon 4.75%, Secured Debt (Maturity - December 14, 2023) | 1,960 |  | 1,971 |  | 1,955 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of March 31, 2019                       |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Wand NewCo 3, Inc.                         | Automobiles | LIBOR (1 month) + 3.50%, Current Coupon 5.98%, Secured Debt (Maturity - February 5, 2026) | $ | 1,200 |  | $ | 1,189 |  | $ | 1,203 |  |
| Web.Com Group, Inc.                        | Internet Software and Services | LIBOR (3 months) + 3.75%, Current Coupon 6.24%, Secured Debt (Maturity - October 10, 2025) | 909 |  | 908 |  | 900 |  |
| West Corporation                           | Diversified Telecommunication Services | LIBOR (3 months) + 3.50%, Current Coupon 6.13%, Secured Debt (Maturity - October 10, 2024) | 645 |  | 644 |  | 602 |  |
|                                       |   | LIBOR (3 months) + 4.00%, Current Coupon 6.63%, Secured Debt (Maturity - October 10, 2024) | 1,019 |  | 1,009 |  | 963 |  |
|                                       |   |   | 1,664 |  | 1,653 |  | 1,565 |  |
| WideOpenWest Finance, LLC                  | Media | LIBOR (1 month) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - August 18, 2023) | 3,452 |  | 3,462 |  | 3,355 |  |
| William Morris Endeavor Entertainment, LLC | Recreation Facilities and Services | LIBOR (1 month) + 2.75%, Current Coupon 5.36%, Secured Debt (Maturity - May 16, 2025) | 636 |  | 607 |  | 601 |  |
| Zekelman Industries, Inc                   | Manufacturing | LIBOR (1 month) + 2.25%, Current Coupon 4.74%, Secured Debt (Maturity - June 14, 2021) | 1,000 |  | 987 |  | 993 |  |
| Total Loan Portfolio                       |   |   | $ | 170,325 |  | $ | 169,827 |  | $ | 167,819 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of December 31, 2018              |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acrisure, LLC                        | Insurance | LIBOR (2 months) + 4.25%, Current Coupon 6.77%, Secured Debt (Maturity - November 22, 2023) | $ | 2,492 |  | $ | 2,487 |  | $ | 2,422 |  |
| Advantage Sales & Marketing Inc. | Commercial Services and Supplies | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - July 23, 2021) | 1,970 |  | 1,913 |  | 1,752 |  |
| Air Medical Group Holdings, Inc.     | Health Care Providers and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.68%, Secured Debt (Maturity - April 28, 2022) | 1,970 |  | 1,960 |  | 1,847 |  |
| AlixPartners, LLP                    | Professional Services | LIBOR (3 months) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - April 4, 2024) | 992 |  | 992 |  | 956 |  |
| American Seafoods Group LLC          | Food Products | LIBOR (1 month) + 2.75%, Current Coupon 5.28%, Secured Debt (Maturity - August 21, 2023) | 1,435 |  | 1,428 |  | 1,382 |  |
| Ancestry.com Operations Inc.         | Internet Software and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.78%, Secured Debt (Maturity - October 19, 2023) | 1,293 |  | 1,306 |  | 1,240 |  |
| Arch Coal, Inc.                      | Metals and Mining | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - March 7, 2024) | 1,965 |  | 1,972 |  | 1,916 |  |
|                                 |   |   |   |   |   |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of December 31, 2018              |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Asurion, LLC                         | Insurance | LIBOR (1 month) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - November 3, 2023) | $ | 1,261 |  | $ | 1,261 |  | $ | 1,212 |  |
|                                 |   | LIBOR (1 month) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - November 4, 2024) | 323 |  | 322 |  | 310 |  |
|                                 |   |   | 1,584 |  | 1,583 |  | 1,522 |  |
| Atkore International, Inc.           | Electric Equipment, Instruments and Components | LIBOR (1 month) + 3.00%, Current Coupon 4.97%, Secured Debt (Maturity - December 22, 2023) | 2,948 |  | 2,967 |  | 2,864 |  |
| Barracuda Networks                   | Internet Software and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.72%, Secured Debt (Maturity - February 12, 2025) | 1,000 |  | 974 |  | 956 |  |
| Bass Pro Group, LLC                  | Specialty Retail | LIBOR (3 months) + 4.25%, Current Coupon 6.55%, Secured Debt (Maturity - September 25, 2024) | 1,975 |  | 1,929 |  | 1,898 |  |
| Bausch Health Companies Inc.         | Health Care Equipment and Supplies | LIBOR (1 month) + 3.00%, Current Coupon 5.38%, Secured Debt (Maturity - June 2, 2025) | 1,402 |  | 1,408 |  | 1,342 |  |
| BCP Renaissance Parent L.L.C.        | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 3.50%, Current Coupon 6.03%, Secured Debt (Maturity - October 31, 2024) | 597 |  | 599 |  | 583 |  |
| Boxer Parent Company, Inc.           | Software | LIBOR (3 months) + 4.25%, Current Coupon 7.05%, Secured Debt (Maturity - October 2, 2025) | 2,800 |  | 2,772 |  | 2,708 |  |
| Boyd Gaming Corporation              | Hotels, Restaurants and Leisure | LIBOR (1 week) + 2.25%, Current Coupon 4.66%, Secured Debt (Maturity - September 15, 2023) | 1,250 |  | 1,208 |  | 1,208 |  |
| Builders FirstSource, Inc.           | Building Products | LIBOR (1 month) + 3.00%, Current Coupon 5.80%, Secured Debt (Maturity - February 29, 2024) | 2,947 |  | 2,943 |  | 2,774 |  |
| Caesars Resort Collection, LLC       | Hotels, Restaurants and Leisure | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - December 23, 2024) | 1,247 |  | 1,210 |  | 1,201 |  |
| Calpine Corporation                  | Independent Power and Renewable Electricity Provider | LIBOR (3 months) + 2.50%, Current Coupon 5.31%, Secured Debt (Maturity - January 15, 2023) | 1,970 |  | 1,977 |  | 1,881 |  |
| CareerBuilder                        | Internet Software and Services | LIBOR (3 months) + 6.75%, Current Coupon 9.14%, Secured Debt (Maturity - July 31, 2023) | 1,500 |  | 1,500 |  | 1,493 |  |
| CDS U.S. Intermediate Holdings, Inc. | Hotels, Restaurants and Leisure | LIBOR (1 month) + 3.75%, Current Coupon 6.27%, Secured Debt (Maturity - July 8, 2022) | 973 |  | 974 |  | 914 |  |
| CenturyLink, Inc.                    | Diversified Telecommunication Services | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - January 31, 2025) | 997 |  | 943 |  | 934 |  |
| Citgo Petroleum Corporation          | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 3.50%, Current Coupon 5.90%, Secured Debt (Maturity - July 29, 2021) | 695 |  | 689 |  | 682 |  |
| ClubCorp Holdings, Inc.              | Real Estate Management and Development | LIBOR (3 months) + 2.75%, Current Coupon 5.55%, Secured Debt (Maturity - September 18, 2024) | 1,959 |  | 1,949 |  | 1,852 |  |
| CPI International, Inc.              | Aerospace and Defense | LIBOR (1 month) + 3.50%, Current Coupon 6.01%, Secured Debt (Maturity - July 26, 2024) | 1,975 |  | 1,975 |  | 1,919 |  |
| Creative Artists Agency LLC          | Entertainment | LIBOR (1 month) + 3.00%, Current Coupon 5.47%, Secured Debt (Maturity - February 15, 2024) | 997 |  | 983 |  | 966 |  |
| Cyxtera DC Holdings, Inc.            | Technology Hardware, Storage and Peripherals | LIBOR (3 months) + 3.00%, Current Coupon 5.38%, Secured Debt (Maturity - May 1, 2024) | 2,955 |  | 2,966 |  | 2,840 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of December 31, 2018                    |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Deerfield Holdings Corporation             | Diversified Financial Services | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - February 13, 2025) | $ | 2,978 |  | $ | 2,974 |  | $ | 2,827 |  |
| Diamond Resorts International, Inc.        | Hotels, Restaurants and Leisure | LIBOR (1 month) + 3.75%, Current Coupon 6.07%, Secured Debt (Maturity - September 1, 2023) | 2,130 |  | 2,159 |  | 1,992 |  |
| EFS Cogen Holdings I LLC                   | Electric Utilities | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - June 28, 2023) | 1,816 |  | 1,830 |  | 1,781 |  |
| Eldorado Resorts, Inc.                     | Hotels, Restaurants and Leisure | LIBOR (1 month) + 2.25%, Current Coupon 4.75%, Secured Debt (Maturity - April 17, 2024) | 1,000 |  | 968 |  | 960 |  |
| Encapsys LLC                               | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - November 7, 2024) | 993 |  | 994 |  | 970 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 6.81%, Secured Debt (Maturity - April 29, 2024) | 1,970 |  | 1,989 |  | 1,862 |  |
| Everi Payments Inc.                        | Leisure Products | LIBOR (3 months) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - May 9, 2024) | 1,970 |  | 1,963 |  | 1,917 |  |
| Exgen Renewables IV, LLC                   | Independent Power and Renewable Electricity Provider | LIBOR (3 months) + 3.00%, Current Coupon 5.71%, Secured Debt (Maturity - November 29, 2024) | 294 |  | 293 |  | 281 |  |
| Financial & Risk US Holdings, Inc.     | Software | LIBOR (1 month) + 3.75%, Current Coupon 6.27%, Secured Debt (Maturity - October 1, 2025) | 1,425 |  | 1,424 |  | 1,363 |  |
| First American Payment Systems, L.P.       | Diversified Financial Services | LIBOR (1 month) + 4.75%, Current Coupon 7.29%, Secured Debt (Maturity - January 5, 2024) | 889 |  | 900 |  | 885 |  |
| Fitness International, LLC                 | Hotels, Restaurants and Leisure | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - April 18, 2025) | 2,039 |  | 2,050 |  | 1,963 |  |
| Flex Acquisition Company Inc               | Containers and Packaging | LIBOR (3 months) + 3.00%, Current Coupon 5.35%, Secured Debt (Maturity - December 29, 2023) | 1,975 |  | 1,985 |  | 1,869 |  |
| Flexera Software LLC                       | Software | LIBOR (1 month) + 3.25%, Current Coupon 5.78%, Secured Debt (Maturity - February 26, 2025) | 1,518 |  | 1,514 |  | 1,468 |  |
| Gardner Denver, Inc.                       | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - July 30, 2024) | 2,316 |  | 2,309 |  | 2,242 |  |
| Golden Nugget, Inc.                        | Hotels, Restaurants and Leisure | LIBOR (1 month) + 2.75%, Current Coupon 5.19%, Secured Debt (Maturity - October 4, 2023) | 1,875 |  | 1,875 |  | 1,811 |  |
| GrafTech Finance Inc.                      | Metals and Mining | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - February 12, 2025) | 1,950 |  | 1,931 |  | 1,850 |  |
| Gray Television, Inc.                      | Broadcast Radio and Television | LIBOR (3 months) + 2.50%, Current Coupon 4.90%, Secured Debt (Maturity - January 2, 2026) | 286 |  | 281 |  | 277 |  |
| Greatbatch Ltd.                            | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 5.39%, Secured Debt (Maturity - October 27, 2022) | 2,000 |  | 2,012 |  | 1,956 |  |
| GYP Holdings III Corp.                     | Trading Companies and Distributors | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - June 2, 2025) | 3,448 |  | 3,473 |  | 3,261 |  |
| Harbor Freight Tools USA, Inc.             | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - August 18, 2023) | 1,944 |  | 1,951 |  | 1,841 |  |
| HD Supply Waterworks, Ltd.                 | Trading Companies and Distributors | LIBOR (6 months) + 3.00%, Current Coupon 5.71%, Secured Debt (Maturity - August 1, 2024) | 139 |  | 138 |  | 134 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                         |
| Loan Portfolio                                   |
| As of December 31, 2018                          |
| (dollars in thousands)                           |
| Portfolio Company                                | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                             |   |   |   |   |   |
| Horizon Pharma, Inc.                             | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 5.56%, Secured Debt (Maturity - March 29, 2024) | $ | 1,925 |  | $ | 1,944 |  | $ | 1,841 |  |
| Hyland Software, Inc.                            | Software | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - July 1, 2024) | 499 |  | 485 |  | 486 |  |
| IG Investments Holdings, LLC                     | Professional Services | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - May 23, 2025) | 1,975 |  | 1,987 |  | 1,929 |  |
| Infiltrator Water Technologies, LLC              | Specialty Retail | LIBOR (3 months) + 3.00%, Current Coupon 5.39%, Secured Debt (Maturity - May 27, 2022) | 1,394 |  | 1,372 |  | 1,354 |  |
| Invenergy, LLC                                   | Renewable Energy Provider | LIBOR (1 month) + 3.50%, Current Coupon 5.84%, Secured Debt (Maturity - August 28, 2025) | 1,946 |  | 1,941 |  | 1,932 |  |
| IRB Holding Corp.                                | Food Products | LIBOR (1 month) + 3.25%, Current Coupon 5.68%, Secured Debt (Maturity - February 5, 2025) | 397 |  | 397 |  | 380 |  |
| Ivanti Software, Inc.                            | Software | LIBOR (1 month) + 4.25%, Current Coupon 6.60%, Secured Debt (Maturity - January 22, 2024) | 983 |  | 989 |  | 959 |  |
| KBR, Inc.                                        | Aerospace and Defense | LIBOR (1 month) + 3.75%, Current Coupon 6.27%, Secured Debt (Maturity - April 25, 2025) | 1,992 |  | 1,984 |  | 1,962 |  |
| Kingpin Intermediate Holdings LLC                | Diversified Consumer Services | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - July 3, 2024) | 998 |  | 988 |  | 971 |  |
| KUEHG Corp.                                      | Diversified Consumer Services | LIBOR (1 month) + 3.75%, Current Coupon 6.55%, Secured Debt (Maturity - February 21, 2025) | 2,457 |  | 2,465 |  | 2,368 |  |
| Learfield Communications LLC                     | Media | LIBOR (1 month) + 3.25%, Current Coupon 5.78%, Secured Debt (Maturity - December 1, 2023) | 1,970 |  | 1,989 |  | 1,923 |  |
| MA FinanceCo., LLC                               | Software | LIBOR (1 month) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - June 21, 2024) | 384 |  | 385 |  | 358 |  |
| Mallinckrodt International Finance S.A.          | Pharmaceuticals | LIBOR (6 months) + 3.00%, Current Coupon 5.62%, Secured Debt (Maturity - February 24, 2025) | 993 |  | 991 |  | 921 |  |
| Match Group, Inc.                                | Media | LIBOR (2 months) + 2.50%, Current Coupon 5.09%, Secured Debt (Maturity - November 16, 2022) | 2,000 |  | 1,998 |  | 1,990 |  |
| McAfee, LLC                                      | Software | LIBOR (3 months) + 3.75%, Current Coupon 6.10%, Secured Debt (Maturity - September 30, 2024) | 948 |  | 933 |  | 925 |  |
| McDermott International, Inc.                    | Construction and Engineering | LIBOR (1 month) + 5.00%, Current Coupon 7.52%, Secured Debt (Maturity - May 12, 2025) | 993 |  | 973 |  | 929 |  |
| Metro-Goldwyn-Mayer Inc.                         | Media | LIBOR (1 month) + 2.50%, Current Coupon 5.03%, Secured Debt (Maturity - July 3, 2025) | 998 |  | 970 |  | 964 |  |
| Michaels Stores, Inc.                            | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 4.97%, Secured Debt (Maturity - January 30, 2023) | 1,000 |  | 973 |  | 960 |  |
| Micro Holding Corp. (MH Sub and Internet Brands) | Media | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - September 13, 2024) | 1,247 |  | 1,217 |  | 1,186 |  |
| Mohegan Tribal Gaming Authority                  | Hotels, Restaurants and Leisure | LIBOR (1 month) + 4.00%, Current Coupon 6.52%, Secured Debt (Maturity - October 13, 2023) | 1,914 |  | 1,933 |  | 1,719 |  |
| MPH Acquisition Holdings LLC                     | Health Care Technology | LIBOR (1 month) + 3.25%, Current Coupon 5.57%, Secured Debt (Maturity - June 7, 2023) | 2,664 |  | 2,702 |  | 2,532 |  |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                      |
| Loan Portfolio                                |
| As of December 31, 2018                       |
| (dollars in thousands)                        |
| Portfolio Company                             | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                          |   |   |   |   |   |
| NAB Holdings, LLC                             | IT Services | LIBOR (3 months) + 3.00%, Current Coupon 5.80%, Secured Debt (Maturity - July 1, 2024) | $ | 1,975 |  | $ | 1,965 |  | $ | 1,885 |  |
| Ortho-Clinical Diagnostics, Inc               | Life Sciences Tools and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.76%, Secured Debt (Maturity - June 30, 2025) | 1,945 |  | 1,940 |  | 1,809 |  |
| Packaging Coordinators Midco Inc              | Health Care Facilities and Services | LIBOR (3 months) + 4.00%, Current Coupon 6.81%, Secured Debt (Maturity - June 30, 2023) | 997 |  | 992 |  | 985 |  |
| Party City Holdings Inc.                      | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 5.03%, Secured Debt (Maturity - August 19, 2022) | 1,245 |  | 1,224 |  | 1,205 |  |
| PI UK Holdco II Limited                       | Diversified Financial Services | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - January 3, 2025) | 2,978 |  | 2,956 |  | 2,893 |  |
| Prime Security Services, LLC (Protection One) | Commercial Services and Supplies | LIBOR (1 month) + 2.75%, Current Coupon 5.09%, Secured Debt (Maturity - May 2, 2022) | 654 |  | 638 |  | 628 |  |
| Rackspace Hosting, Inc.                       | Electric Equipment, Instruments and Components | LIBOR (3 months) + 3.00%, Current Coupon 5.58%, Secured Debt (Maturity - November 3, 2023) | 3,251 |  | 3,276 |  | 2,884 |  |
| Radiate Holdco, LLC                           | Diversified Telecommunication Services | LIBOR (1 month) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - February 1, 2024) | 2,544 |  | 2,519 |  | 2,408 |  |
| Red Ventures, LLC                             | Professional Services | LIBOR (1 month) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - November 8, 2024) | 1,631 |  | 1,619 |  | 1,590 |  |
| Savage Enterprises, LLC                       | Road and Rail | LIBOR (1 month) + 4.50%, Current Coupon 6.88%, Secured Debt (Maturity - August 1, 2025) | 1,097 |  | 1,076 |  | 1,085 |  |
| Scientific Games International, Inc.          | Leisure Products | LIBOR (2 months) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - August 14, 2024) | 892 |  | 893 |  | 840 |  |
| Seattle SpinCo, Inc.                          | Software | LIBOR (3 months) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - June 21, 2024) | 2,593 |  | 2,597 |  | 2,422 |  |
| SeaWorld Parks & Entertainment, Inc.      | Hotels, Restaurants and Leisure | LIBOR (3 months) + 3.75%, Current Coupon 6.07%, Secured Debt (Maturity - April 1, 2024) | 1,965 |  | 1,967 |  | 1,881 |  |
| ServiceMaster Global Holdings, Inc.           | Home and Office Products | LIBOR (1 month) + 2.50%, Current Coupon 4.84%, Secured Debt (Maturity - November 8, 2023) | 2,000 |  | 1,993 |  | 1,964 |  |
| Sprint Corporation                            | Diversified Telecommunication Services | LIBOR (1 month) + 3.00%, Current Coupon 5.38%, Secured Debt (Maturity - February 2, 2024) | 500 |  | 493 |  | 485 |  |
| SRS Distribution Inc.                         | Trading Companies and Distributors | LIBOR (3 months) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - May 23, 2025) | 1,197 |  | 1,194 |  | 1,120 |  |
| SS&C European Holdings S.a.r.l.           | Software | LIBOR (1 month) + 2.25%, Current Coupon 4.77%, Secured Debt (Maturity - April 16, 2025) | 206 |  | 205 |  | 195 |  |
| SS&C Technologies, Inc.                   | Software | LIBOR (1 month) + 2.25%, Current Coupon 4.77%, Secured Debt (Maturity - April 16, 2025) | 543 |  | 541 |  | 514 |  |
| Staples, Inc.                                 | Distributors | LIBOR (3 months) + 4.00%, Current Coupon 6.54%, Secured Debt (Maturity - September 12, 2024) | 1,980 |  | 1,975 |  | 1,903 |  |
| Starfruit US Holdco LLC                       | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.60%, Secured Debt (Maturity - October 1, 2025) | 1,250 |  | 1,247 |  | 1,204 |  |
| Telenet Financing USD LLC                     | Diversified Telecommunication Services | LIBOR (1 month) + 2.25%, Current Coupon 4.71%, Secured Debt (Maturity - August 17, 2026) | 1,655 |  | 1,653 |  | 1,580 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of December 31, 2018                    |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Transdigm, Inc.                            | Aerospace and Defense | LIBOR (1 month) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - June 9, 2023) | $ | 1,965 |  | $ | 1,972 |  | $ | 1,859 |  |
|                                       |   | LIBOR (1 month) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - August 22, 2024) | 990 |  | 988 |  | 937 |  |
|                                       |   |   | 2,955 |  | 2,960 |  | 2,796 |  |
| Travelport Finance (Luxembourg) S.A.R.L.   | Internet Software and Services | LIBOR (3 months) + 2.50%, Current Coupon 5.12%, Secured Debt (Maturity - March 17, 2025) | 1,237 |  | 1,231 |  | 1,219 |  |
| Traverse Midstream Partners LLC            | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 6.60%, Secured Debt (Maturity - September 27, 2024) | 781 |  | 784 |  | 752 |  |
| UFC Holdings, LLC                          | Media | LIBOR (3 months) + 3.25%, Current Coupon 5.78%, Secured Debt (Maturity - August 18, 2023) | 1,965 |  | 1,977 |  | 1,920 |  |
| USS Ultimate Holdings, Inc. (United Site)  | Consumer Services | LIBOR (1 month) + 3.75%, Current Coupon 6.09%, Secured Debt (Maturity - August 26, 2024) | 598 |  | 590 |  | 590 |  |
| Utz Quality Foods, LLC                     | Food Products | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - November 21, 2024) | 1,584 |  | 1,583 |  | 1,539 |  |
| VeriFone Systems, Inc.                     | Hardware | LIBOR (1 month) + 4.00%, Current Coupon 6.64%, Secured Debt (Maturity - August 20, 2025) | 500 |  | 490 |  | 485 |  |
| Vertafore, Inc.                            | Software | LIBOR (1 month) + 3.25%, Current Coupon 6.05%, Secured Debt (Maturity - July 2, 2025) | 2,500 |  | 2,488 |  | 2,384 |  |
| Vertiv Group Corporation                   | Electrical Equipment | LIBOR (3 months) + 4.00%, Current Coupon 6.71%, Secured Debt (Maturity - November 30, 2023) | 1,555 |  | 1,570 |  | 1,420 |  |
| Vistra Operations Company LLC              | Electric Utilities | LIBOR (1 month) + 2.25%, Current Coupon 4.77%, Secured Debt (Maturity - December 14, 2023) | 1,965 |  | 1,977 |  | 1,895 |  |
| Web.Com Group, Inc.                        | Internet Software and Services | LIBOR (3 months) + 3.75%, Current Coupon 6.17%, Secured Debt (Maturity - October 10, 2025) | 1,000 |  | 1,000 |  | 965 |  |
| West Corporation                           | Diversified Telecommunication Services | LIBOR (3 months) + 3.50%, Current Coupon 6.03%, Secured Debt (Maturity - October 10, 2024) | 647 |  | 646 |  | 593 |  |
|                                       |   | LIBOR (3 months) + 4.00%, Current Coupon 6.53%, Secured Debt (Maturity - October 10, 2024) | 1,021 |  | 1,011 |  | 941 |  |
|                                       |   |   | 1,668 |  | 1,657 |  | 1,534 |  |
| WideOpenWest Finance, LLC                  | Diversified Telecommunication Services | LIBOR (1 month) + 3.25%, Current Coupon 5.72%, Secured Debt (Maturity - August 18, 2023) | 3,461 |  | 3,471 |  | 3,215 |  |
| William Morris Endeavor Entertainment, LLC | Recreation Facilities and Services | LIBOR (3 months) + 2.75%, Current Coupon 5.28%, Secured Debt (Maturity - May 16, 2025) | 638 |  | 608 |  | 608 |  |
| Zekelman Industries, Inc                   | Manufactured Goods | LIBOR (1 month) + 2.25%, Current Coupon 4.86%, Secured Debt (Maturity - June 14, 2021) | 1,000 |  | 985 |  | 970 |  |
| Total Loan Portfolio                       |   |   | $ | 165,025 |  | $ | 164,570 |  | $ | 157,923 |  |

----

|                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                                                                                                      |
| Balance Sheet                                                                                                                         |
| (dollars in thousands)                                                                                                                |
|                                                                                                                                  |   |   |   |
|                                                                                                                                  | As of March 31, 2019 |   | As of December 31, 2018 |
| Assets                                                                                                                                |   |   |   |
| Portfolio investments at fair value (amortized cost:  $169,827 and $164,570 as of March 31, 2019 and December 31, 2018, respectively) | $ | 167,819 |  |   | $ | 157,923 |  |
| Cash and cash equivalents                                                                                                             | 7,440 |  |   | 3,873 |  |
| Receivable for securities sold                                                                                                        | — |  |   | — |  |
| Interest receivable                                                                                                                   | 297 |  |   | 197 |  |
| Deferred financing costs, net                                                                                                         | 400 |  |   | 497 |  |
| Other assets                                                                                                                          | 4 |  |   | 30 |  |
| Total assets                                                                                                                          | $ | 175,960 |  |   | $ | 162,520 |  |
| Liabilities                                                                                                                           |   |   |   |
| Credit facilities payable                                                                                                             | $ | 123,130 |  |   | $ | 98,818 |  |
| Payable for securities purchased                                                                                                      | 1,987 |  |   | 18,442 |  |
| Distributions payable                                                                                                                 | 911 |  |   | 902 |  |
| Accounts payable and accrued expenses                                                                                                 | 996 |  |   | 439 |  |
| Total liabilities                                                                                                                     | 127,024 |  |   | 118,601 |  |
| Net assets                                                                                                                            |   |   |   |
| Members’ equity                                                                                                                 | 48,936 |  |   | 43,919 |  |
| Total net assets                                                                                                                      | 48,936 |  |   | 43,919 |  |
| Total liabilities and net assets                                                                                                      | $ | 175,960 |  |   | $ | 162,520 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                                    |
| Statement of Operations                                             |
| (dollars in thousands)                                              |
|                                                                | Three Months Ended |
|                                                                | March 31, 2019 |   | March 31, 2018 |
| Investment income                                                   |   |   |   |
| Interest income                                                     | $ | 2,548 |  |   | $ | 1,734 |  |
| Dividend income                                                     | — |  |   | — |  |
| Fee income                                                          | — |  |   | — |  |
| Other income                                                        | — |  |   | — |  |
| Total investment income                                             | 2,548 |  |   | 1,734 |  |
| Expenses                                                            |   |   |   |
| Interest expense                                                    | 1,247 |  |   | 850 |  |
| Other expenses                                                      | — |  |   | — |  |
| General and administrative expenses                                 | 11 |  |   | 21 |  |
| Total expenses                                                      | 1,258 |  |   | 871 |  |
| Net investment income                                               | 1,290 |  |   | 863 |  |
| Net realized loss from investments                                  | (1 | ) |   | (26 | ) |
| Net realized income                                                 | 1,289 |  |   | 837 |  |
| Net change in unrealized appreciation (depreciation) on investments | 4,639 |  |   | (59 | ) |
| Net increase in net assets resulting from operations                | $ | 5,928 |  |   | $ | 778 |  |

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | Payments Due By Period (dollars in thousands) |
|                              | Total |   | Less than 1 year |   | 1-3 years |   | 3-5 years |   | After 5 years |
| TIAA Credit Facility (1)          | $ | 120,000 |  |   | $ | 120,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Deutsche Bank Credit Facility (2) | 380,000 |  |   | — |  |   | — |  |   | 380,000 |  |   | — |  |
| Total Credit Facilities           | $ | 500,000 |  |   | $ | 120,000 |  |   | $ | — |  |   | $ | 380,000 |  |   | $ | — |  |

|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (1) | At March 31, 2019, the Company had no availability under the TIAA Credit Facility. |

|     |                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | At March 31, 2019, $70.0 million remained available under the Deutsche Bank Credit Facility; however, the Company’s borrowing ability is limited to the asset coverage restrictions imposed by the 1940 Act, as discussed above. |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
| Per Share Data:                                            | Three Months Ended  March 31, 2019 |   | Three Months Ended  March 31, 2018 |
| NAV at beginning of period                                           | $ | 7.96 |  |   | $ | 8.15 |  |
| Results from Operations                                              |   |   |   |
| Net investment income (1) (2)                                        | 0.18 |  |   | 0.15 |  |
| Net realized loss on investments (1) (2)                             | (0.09 | ) |   | (0.09 | ) |
| Net change in unrealized appreciation on investments (1) (2)    | 0.15 |  |   | 0.13 |  |
| Net increase in net assets resulting from operations                 | 0.24 |  |   | 0.19 |  |
| Stockholder distributions (1) (3)                               |   |   |   |
| Distributions from net investment income (1) (2)                     | (0.17 | ) |   | (0.17 | ) |
| Distributions from realized appreciation (1) (2)                     | — |  |   | — |  |
| Net decrease in net assets resulting from stockholder distributions  | (0.17 | ) |   | (0.17 | ) |
| Capital share transactions                                           |   |   |   |
| Issuance of common stock above NAV, net of offering costs (1)        | — |  |   | — |  |
| Net increase in net assets resulting from capital share transactions | — |  |   | — |  |
| NAV at end of the period                                             | $ | 8.03 |  |   | $ | 8.17 |  |
| Shares of common stock outstanding at end of period                  | 78,547,196 |  |   | 79,201,065 |  |
| Weighted average shares of common stock outstanding                  | 78,819,746 |  |   | 79,846,665 |  |

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

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

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

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
|                                                     | Three Months Ended  March 31, 2019 |   | Three Months Ended  March 31, 2018 |
|                                                     | (dollars in thousands) |
| Net assets at end of period                              | $ | 630,393 |  |   | $ | 647,066 |  |
| Average net assets                                       | $ | 627,880 |  |   | $ | 647,428 |  |
| Average Credit Facilities borrowings                     | $ | 504,500 |  |   | $ | 444,000 |  |
|                                                     |   |   |   |
| Ratios to average net assets:                            |   |   |   |
| Ratio of total expenses to average net assets (1)   | 2.43 | % |   | 1.82 | % |
| Ratio of net investment income to average net assets (1) | 2.21 | % |   | 1.88 | % |
| Portfolio turnover ratio                                 | 3.58 | % |   | 15.07 | % |
| Total return (2)                                    | 3.02 | % |   | 2.33 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the three months ended March 31, 2019 and 2018, the Advisers did not waive base management fees or subordinated incentive fees but waived reimbursement of internal administrative services expenses of approximately $758,000 and $804,000, respectively. The ratio is calculated by reducing the expenses to reflect the waiver of reimbursement of internal administrative services expenses in both periods presented.  Excluding interest expense, the ratio of total expenses to average net assets for the three months ended March 31, 2019 and 2018 was 1.30% and 1.03%, respectively.  See Note 10 — Related Party Transactions and Arrangements for further discussion of fee waivers provided by the Advisers. |

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

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Distributions |
|                              | Per Share |   | Amount |
| 2019                              |   |   |   |
| Three months ended March 31, 2019 | $ | 0.17 |  |   | $ | 13,606 |  |
| 2018                              |   |   |   |
| Three months ended March 31, 2018 | $ | 0.17 |  |   | $ | 13,803 |  |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended  March 31, 2019 |   | Three Months Ended  March 31, 2018 |
|                                                                  | (dollars in thousands) |
| Source of Distribution                                      | DistributionAmount |   | Percentage |   | DistributionAmount |   | Percentage |
| Net realized income from operations (before waiver of incentive fees) | $ | 6,757 |  |   | 49.7 | % |   | $ | 4,953 |  |   | 35.9 | % |
| Distributions in excess of net realized income from operations (1)    | 6,849 |  |   | 50.3 |  |   | 8,850 |  |   | 64.1 |  |
| Total                                                                 | $ | 13,606 |  |   | 100.0 | % |   | $ | 13,803 |  |   | 100.0 | % |

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

----

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                                     | Three Months Ended March 31, 2019 |   | Three Months Ended March 31, 2018 |
|                                                                                                                                     |   |   |   |
| Net increase in net assets resulting from operations                                                                                     | $ | 18,820 |  |   | $ | 15,557 |  |
| Net change in unrealized (appreciation) depreciation                                                                                     | (12,063 | ) |   | (10,604 | ) |
| Income tax provision                                                                                                                     | 58 |  |   | 102 |  |
| Pre-tax book loss not consolidated for tax purposes                                                                                      | 5,255 |  |   | 8,236 |  |
| Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates | 224 |  |   | 39 |  |
| Estimated taxable income (1)                                                                                                        | 12,294 |  |   | 13,330 |  |
|                                                                                                                                     |   |   |   |
| Taxable income earned in prior year and carried forward for distribution in current year                                                 | 20,574 |  |   | 15,005 |  |
|                                                                                                                                     |   |   |   |
| Taxable income earned prior to period end and carried forward for distribution next period                                               | (23,935 | ) |   | (19,289 | ) |
| Dividend accrued as of period end and paid-in the following period                                                                       | 4,673 |  |   | 4,757 |  |
| Taxable income earned to be carried forward                                                                                              | $ | (19,262 | ) |   | $ | (14,532 | ) |
|                                                                                                                                     |   |   |   |
| Total distributions accrued or paid to common stockholders                                                                               | $ | 13,606 |  |   | $ | 13,803 |  |

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

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | March 31, 2019 |   | December 31, 2018 |
| Deferred tax assets:                                                |   |   |   |   |
| Net operating loss carryforwards                                    |   | $ | 1,632 |  |   | $ | 1,861 |  |
| Foreign tax credit carryforwards                                    |   | 10 |  |   | 10 |  |
| Capital loss carryforwards                                          |   | 12,502 |  |   | 10,696 |  |
| Net basis differences in portfolio investments                      |   | — |  |   | — |  |
| Net unrealized depreciation of portfolio investments                |   | — |  |   | — |  |
|     Total deferred tax assets                   |   | 14,144 |  |   | 12,567 |  |
| Deferred tax liabilities:                                           |   |   |   |   |
| Net basis differences in portfolio investments                      |   | (1,813 | ) |   | (1,540 | ) |
| Net unrealized appreciation of portfolio investments                |   | (3,936 | ) |   | (3,693 | ) |
| Other                                                               |   | — |  |   | — |  |
|     Total deferred tax liabilities              |   | (5,749 | ) |   | (5,233 | ) |
| Valuation allowance                                                 |   | (8,395 | ) |   | (7,334 | ) |
|     Total net deferred tax assets (liabilities) |   | $ | — |  |   | $ | — |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Year Ended December 31, |
| Tax Characteristics of Distributions | 2018 |   | 2017 |   | 2016 |
|                                 |   |   |   |   |   |   |   |   |
| Ordinary income                      | $ | 50,274 |  | 90.56 | % |   | $ | 52,473 |  | 96.43 | % |   | $ | 44,848 |  | 93.90 | % |
| Capital gain distributions           | 5,238 |  | 9.44 |  |   | 1,941 |  | 3.57 |  |   | 2,913 |  | 6.10 |  |
| Total distributions                  | $ | 55,512 |  | 100.00 | % |   | $ | 54,414 |  | 100.00 | % |   | $ | 47,761 |  | 100.00 | % |

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |
| Supplemental Disclosure of Cash Flow Information |   | Three Months Ended March 31, 2019 |   | Three Months Ended March 31, 2018 |
| Cash paid for interest                                                    |   | $ | 6,675 |  |   | $ | 4,779 |  |
| Cash paid for income taxes                                                |   | 924 |  |   | 463 |  |
|                                                                      |   |   |   |   |
| Supplemental Disclosure of Non-Cash Flow Information                      |   |   |  |   |   |  |
| Stockholder distributions declared and unpaid                             |   | 4,673 |  |   | 4,757 |  |
| Stockholder distributions reinvested                                      |   | 6,366 |  |   | 6,929 |  |
| Unpaid deferred financing costs                                           |   | 7 |  |   | — |  |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | Management Fee (1) |   | Subordinated Incentive Fee (1) |   |   |   |   |
| Quarter Ended | Waivers | Repaid to Adviser (2) |   | Waivers | Repaid to Adviser (2) |   | OperatingExpense Ratio (3) | Annualized Distribution Rate (4) | Eligible to be Repaid Through (5) |
| 6/30/2016     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.76% | $0.70 | 6/30/2019 |
| 9/30/2016     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.73% | $0.70 | 9/30/2019 |
| 12/31/2016    | $ | — |  | $ | — |  |   | $ | 26 |  | $ | — |  |   | 1.68% | $0.70 | 12/31/2019 |
| 3/31/2017     | $ | — |  | $ | — |  |   | $ | 1,396 |  | $ | — |  |   | 1.68% | $0.70 | 3/31/2020 |
| 6/30/2017     | $ | — |  | $ | — |  |   | $ | 246 |  | $ | — |  |   | 1.67% | $0.70 | 6/30/2020 |
| 9/30/2017     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.91% | $0.70 | 9/30/2020 |
| 12/31/2017    | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.82% | $0.70 | 12/31/2020 |
| 3/31/2018     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.80% | $0.70 | 3/31/2021 |
| 6/30/2018     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.96% | $0.70 | 6/30/2021 |
| 9/30/2018     | $ | — |  | $ | — |  |   | $ | 2,535 |  | $ | — |  |   | 2.01% | $0.70 | 9/30/2021 |
| 12/31/2018    | $ | — |  | $ | — |  |   | $ | 798 |  | $ | — |  |   | 2.32% | $0.70 | 12/31/2021 |

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

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

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

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

|     |                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Prior to March 31, 2016, the Advisers waived total management fees of $2.8 million, total subordinated incentive fees of $2.5 million and total capital gain incentive fees of $8,000.  Due to the passage of time, such waived fees are not eligible for repayment under the applicable fee waiver agreements. |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         | Incurred |   | Unpaid as of |
|                                                         | Three Months Ended March 31, |   | March 31, 2019 |   | December 31, 2018 |
| Type and Recipient                                           | 2019 |   | 2018 |   |
| Offering Costs - the Adviser, Sub-Adviser                    | $ | 95 |  |   | $ | 103 |  |   | $ | — |  |   | $ | — |  |
| Other (2) - the Adviser                                 | 204 |  |   | 176 |  |   | 105 |  |   | 57 |  |
| Selling Commissions - Dealer Manager                         | — |  |   | — |  |   | — |  |   | — |  |
| Dealer Manager Fee - Dealer Manager                          | — |  |   | — |  |   | — |  |   | — |  |
| Due to Affiliates                                            |   |   |   |  |   | $ | 105 |  |   | $ | 57 |  |
|                                                         |   |   |   |   |   |   |   |
| Base Management Fees - the Adviser, Sub-Adviser         | 5,726 |  |   | 5,694 |  |   | $ | 5,726 |  |   | $ | 5,854 |  |
| Incentive Fees on Income - the Adviser, Sub-Adviser (1) | 1,399 |  |   | — |  |   | 1,399 |  |   | — |  |
| Base Management and Incentive Fees Payable                   |  |  |   |   |   | $ | 7,125 |  |   | $ | 5,854 |  |

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

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

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| For the Quarter Ended |   | Repurchase Date |   | Shares Repurchased |   | Percentage of Shares Tendered that were Repurchased |   | Repurchase Priceper Share |   | Aggregate Consideration for Repurchased Shares |
| March 31, 2019        |   | February 28, 2019 |   | 820,174.35 |   | 56.1% |   | $ | 7.99 |  |   | $ | 6,553,193 |  |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Commitments and Contingencies |
|                              | (dollars in thousands) |
|                              | March 31, 2019 |   | December 31, 2018 |
| Unfunded Loan Commitments         |  |   |   |
| Adams Publishing Group, LLC       | $ | 985 |  |   | $ | 1,735 |  |
| American Nuts, LLC                | 281 |  |   | 1,266 |  |
| Apex Linen Services, Inc.         | 403 |  |   | 403 |  |
| Arcus Hunting, LLC                | 1,374 |  |   | 904 |  |
| ASC Ortho Management Company, LLC | 750 |  |   | 750 |  |
| BarFly Ventures, LLC              | — |  |   | 123 |  |
| BBB Tank Services                 | 100 |  |  | 200 |  |
| BigName Holdings, LLC             | 29 |  |  | 29 |  |
| Boccella Precast Products, LLC    | 500 |  |   | 500 |  |
| Centre Technologies Holdings, LLC | 600 |  |   | — |  |
| Chamberlin HoldCo, LLC            | 400 |  |  | 400 |  |
| Charps, LLC                       | 1,000 |  |   | 1,000 |  |
| Clad-Rex Steel, LLC               | — |  |  | 100 |  |
| CTVSH, PLLC                       | 200 |  |  | 200 |  |
| Direct Marketing Solutions, Inc.  | 400 |  |  | 400 |  |
| DTE Enterprises, LLC              | 750 |  |   | 750 |  |
| Dynamic Communities, LLC          | 250 |  |   | 250 |  |
| Gamber-Johnson Holdings, LLC      | 300 |  |   | 300 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | Commitments and Contingencies |
|                                                | (dollars in thousands) |
|                                                | March 31, 2019 |   | December 31, 2018 |
| Unfunded Loan Commitments                           |  |   |   |
| GRT Rubber Technologies, LLC                        | $ | 3,259 |  |   | $ | 4,125 |  |
| Guerdon Modular Holdings, Inc.                      | 400 |  |   | 400 |  |
| Hawk Ridge Systems, LLC                             | — |  |   | 400 |  |
| HDC/HW Intermediate Holdings, Inc.                  | 180 |  |  | 180 |  |
| Hoover Group, Inc.                                  | 1,450 |  |   | 2,375 |  |
| HW Temps LLC                                        | 200 |  |   | 200 |  |
| Implus Footcare, LLC                                | — |  |   | 44 |  |
| Independent Pet Partners Intermediate Holdings, LLC | 12,888 |  |  | 22,244 |  |
| Jacent Strategic Merchandising, LLC                 | 441 |  |  | — |  |
| KMC Acquisition, LLC                                | 500 |  |  | 500 |  |
| Laredo Energy VI, LP                                | 1,750 |  |  | — |  |
| Market Force Information, Inc.                      | 260 |  |  | 350 |  |
| Meisler Operating, LLC                              | 400 |  |  | 400 |  |
| Mystic Logistics Holdings, LLC                      | 200 |  |   | 200 |  |
| New Era Technology, Inc.                            | 479 |  |   | 479 |  |
| NexRev, LLC                                         | 1,000 |  |  | 1,000 |  |
| NuStep, LLC                                         | 300 |  |  | 300 |  |
| SI East , LLC                                       | 2,500 |  |   | 2,500 |  |
| Tedder Acquisition, LLC                             | 180 |  |  | 180 |  |
| Volusion LLC                                        | — |  |   | 1,961 |  |
| Wireless Vision Holdings, LLC                       | — |  |  | 693 |  |
| Unfunded Capital Commitments                        |   |   |   |
| Brightwood Capital Fund III, LP                     | 1,000 |  |   | 1,000 |  |
| Brightwood Capital Fund IV, LP                      | 5,000 |  |   | 8,000 |  |
| Copper Trail Energy Fund I LP                       | 1,694 |  |   | 1,754 |  |
| Freeport Financial Funds                            | 2,744 |  |   | 3,942 |  |
| Total                                               | $ | 45,147 |  |   | $ | 62,537 |  |

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

----

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

----

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

----

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | March 31, 2019 |   | December 31, 2018 |
| Cost:                    | LMM |   | Private Loan |   | Middle Market |   | Total |   | LMM |   | Private Loan |   | Middle Market |   | Total |
| First Lien Secured Debt  | 70.4 | % |   | 87.9 | % |   | 80.5 | % |   | 81.7 | % |   | 70.4 | % |   | 87.3 | % |   | 81.8 | % |   | 82.0 | % |
| Second Lien Secured Debt | — |  |   | 5.9 |  |   | 16.8 |  |   | 9.3 |  |   | — |  |   | 6.2 |  |   | 15.8 |  |   | 9.2 |  |
| Unsecured Debt           | — |  |   | 2.6 |  |   | 0.4 |  |   | 1.2 |  |   | — |  |   | 2.6 |  |   | 0.2 |  |   | 1.1 |  |
| Equity              | 29.0 |  |   | 3.4 |  |   | 2.3 |  |   | 7.7 |  |   | 28.9 |  |   | 3.7 |  |   | 2.2 |  |   | 7.5 |  |
| Equity warrants          | 0.6 |  |   | 0.2 |  |   | — |  |   | 0.1 |  |   | 0.7 |  |   | 0.2 |  |   | — |  |   | 0.2 |  |
| Total                    | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | March 31, 2019 |   | December 31, 2018 |
| Fair Value:              | LMM |   | Private Loan |   | Middle Market |   | Total |   | LMM |   | Private Loan |   | Middle Market |   | Total |
| First Lien Secured Debt  | 61.8 | % |   | 87.5 | % |   | 82.1 | % |   | 80.1 | % |   | 62.1 | % |   | 87.1 | % |   | 82.9 | % |   | 80.3 | % |
| Second Lien Secured Debt | — |  |   | 6.0 |  |   | 16.5 |  |   | 8.8 |  |   | — |  |   | 6.3 |  |   | 15.6 |  |   | 8.9 |  |
| Unsecured Debt           | — |  |   | 2.6 |  |   | 0.4 |  |   | 1.2 |  |   | — |  |   | 2.5 |  |   | 0.2 |  |   | 1.1 |  |
| Equity                   | 37.7 |  |   | 3.7 |  |   | 1.0 |  |   | 9.7 |  |   | 37.4 |  |   | 3.9 |  |   | 1.3 |  |   | 9.5 |  |
| Equity warrants          | 0.5 |  |   | 0.2 |  |   | — |  |   | 0.2 |  |   | 0.5 |  |   | 0.2 |  |   | — |  |   | 0.2 |  |
| Total                    | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |
|                                         | As of March 31, 2019 | As of December 31, 2018 |
|                                         |   |   |
| Total debt investments (1)                   | $ | 170,325 |  | $ | 165,025 |  |
| Weighted average effective yield on loans(2) | 5.91 | % | 5.82 | % |
| Largest loan to a single borrower(1)         | $ | 3,452 |  | $ | 3,461 |  |
| Total of 10 largest loans to borrowers(1)    | $ | 30,228 |  | $ | 30,430 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of March 31, 2019                 |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acrisure, LLC                        | Insurance | LIBOR (2 months) + 4.25%, Current Coupon 6.88%, Secured Debt (Maturity - November 22, 2023) | $ | 2,486 |  | $ | 2,482 |  | $ | 2,478 |  |
| Advantage Sales & Marketing Inc. | Commercial Services and Supplies | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - July 23, 2021) | 1,965 |  | 1,914 |  | 1,701 |  |
| Air Medical Group Holdings, Inc.     | Healthcare Providers and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - April 28, 2022) | 1,965 |  | 1,956 |  | 1,875 |  |
| AlixPartners, LLP                    | Professional Services | LIBOR (3 months) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - April 4, 2024) | 990 |  | 990 |  | 988 |  |
| American Seafoods Group LLC          | Food Products | Prime + 1.75%, Current Coupon 7.25%, Secured Debt (Maturity - August 21, 2023) | 1,435 |  | 1,428 |  | 1,422 |  |
| Ancestry.com Operations Inc.         | Internet Software and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - October 19, 2023) | 1,293 |  | 1,306 |  | 1,291 |  |
| Arch Coal, Inc.                      | Metals and Mining | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - March 7, 2024) | 1,960 |  | 1,967 |  | 1,962 |  |
| Asurion, LLC                         | Insurance | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - November 3, 2023) | 1,258 |  | 1,258 |  | 1,256 |  |
|                                 |   | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - November 4, 2024) | 323 |  | 321 |  | 322 |  |
|                                 |   |   | 1,581 |  | 1,579 |  | 1,578 |  |
| Atkore International, Inc.           | Electric Equipment, Instruments and Components | LIBOR (3 months) + 2.75%, Current Coupon 5.36%, Secured Debt (Maturity - December 22, 2023) | 2,887 |  | 2,905 |  | 2,866 |  |
| Barracuda Networks                   | Internet Software and Services | LIBOR (3 months) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - February 12, 2025) | 997 |  | 972 |  | 992 |  |
| Bass Pro Group, LLC                  | Specialty Retail | LIBOR (3 months) + 5.00%, Current Coupon 7.50%, Secured Debt (Maturity - September 25, 2024) | 1,970 |  | 1,926 |  | 1,945 |  |
| Bausch Health Companies Inc.         | Healthcare Providers and Services | LIBOR (1 month) + 3.00%, Current Coupon 5.48%, Secured Debt (Maturity - June 2, 2025) | 1,347 |  | 1,353 |  | 1,344 |  |
| BCP Renaissance Parent L.L.C.        | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 3.50%, Current Coupon 6.24%, Secured Debt (Maturity - October 31, 2024) | 596 |  | 597 |  | 595 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of March 31, 2019                       |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Boxer Parent Company, Inc.                 | Software | LIBOR (3 months) + 4.25%, Current Coupon 6.85%, Secured Debt (Maturity - October 2, 2025) | $ | 2,793 |  | $ | 2,767 |  | $ | 2,751 |  |
| Boyd Gaming Corporation                    | Hotel, Restaurant and Leisure | LIBOR (1 week) + 2.25%, Current Coupon 4.66%, Secured Debt (Maturity - September 15, 2023) | 1,247 |  | 1,206 |  | 1,239 |  |
| Builders FirstSource, Inc.                 | Building Products | LIBOR (1 month) + 3.00%, Current Coupon 5.60%, Secured Debt (Maturity - February 29, 2024) | 2,940 |  | 2,936 |  | 2,867 |  |
| Caesars Resort Collection, LLC             | Hotel, Restaurant and Leisure | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - December 23, 2024) | 1,244 |  | 1,208 |  | 1,234 |  |
| Calpine Corporation                        | Independent Power and Renewable Electricity Provider | LIBOR (3 months) + 2.50%, Current Coupon 5.11%, Secured Debt (Maturity - January 15, 2023) | 1,964 |  | 1,971 |  | 1,963 |  |
| CareerBuilder                              | Internet Software and Services | LIBOR (3 months) + 6.75%, Current Coupon 9.35%, Secured Debt (Maturity - July 31, 2023) | 1,449 |  | 1,449 |  | 1,451 |  |
| CDS U.S. Intermediate Holdings, Inc.       | Hotel, Restaurant and Leisure | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - July 8, 2022) | 970 |  | 972 |  | 904 |  |
| CenturyLink Inc.                           | Diversified Telecommunication Services | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - January 31, 2025) | 995 |  | 942 |  | 979 |  |
| Citgo Petroleum Corporation                | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 3.50%, Current Coupon 6.30%, Secured Debt (Maturity - July 29, 2021) | 695 |  | 690 |  | 694 |  |
| ClubCorp Holdings, Inc.                    | Real Estate Management and Development | LIBOR (3 months) + 2.75%, Current Coupon 5.35%, Secured Debt (Maturity - September 18, 2024) | 1,959 |  | 1,949 |  | 1,867 |  |
| Compass Power Generation, L.L.C.           | Independent Power and Renewable Electricity Provider | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - December 20, 2024) | 1,262 |  | 1,262 |  | 1,263 |  |
| Creative Artists Agency, LLC               | Entertainment | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - July 26, 2024) | 1,970 |  | 1,970 |  | 1,945 |  |
|                                       |   | LIBOR (1 month) + 3.00%, Current Coupon 5.49%, Secured Debt (Maturity - February 15, 2024) | 995 |  | 981 |  | 993 |  |
|                                       |   |   | 2,965 |  | 2,951 |  | 2,938 |  |
| Cyxtera DC Holdings, Inc.                  | Technology Hardware, Storage and Peripherals | LIBOR (3 months) + 3.00%, Current Coupon 5.60%, Secured Debt (Maturity - May 1, 2024) | 2,948 |  | 2,958 |  | 2,900 |  |
| Deerfield Holdings Corporation             | Diversified Financial Services | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - February 13, 2025) | 2,970 |  | 2,966 |  | 2,919 |  |
| Diamond Resorts International, Inc.        | Hotel, Restaurant and Leisure | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - September 1, 2023) | 2,125 |  | 2,152 |  | 2,053 |  |
| EFS Cogen Holdings I LLC                   | Electric Utilities | LIBOR (3 months) + 3.25%, Current Coupon 5.86%, Secured Debt (Maturity - June 28, 2023) | 1,816 |  | 1,829 |  | 1,808 |  |
| Eldorado Resorts, Inc.                     | Hotel, Restaurant and Leisure | LIBOR (1 month) + 2.25%, Current Coupon 4.88%, Secured Debt (Maturity - April 17, 2024) | 1,000 |  | 969 |  | 993 |  |
| Encapsys LLC                               | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - November 7, 2024) | 990 |  | 991 |  | 978 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 6.75%, Secured Debt (Maturity - April 29, 2024) | 1,965 |  | 1,983 |  | 1,940 |  |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                               |
| Loan Portfolio                         |
| As of March 31, 2019                   |
| (dollars in thousands)                 |
| Portfolio Company                      | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                   |   |   |   |   |   |
| Everi Payments Inc.                    | Leisure Products | LIBOR (3 months) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - May 9, 2024) | $ | 1,965 |  | $ | 1,958 |  | $ | 1,963 |  |
| Exgen Renewables IV, LLC               | Independent Power and Renewable Electricity Provider | LIBOR (3 months) + 3.00%, Current Coupon 5.63%, Secured Debt (Maturity - November 29, 2024) | 294 |  | 294 |  | 276 |  |
| Financial & Risk US Holdings, Inc. | Software | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - October 1, 2025) | 1,421 |  | 1,420 |  | 1,384 |  |
| First American Payment Systems, L.P.   | Diversified Financial Services | LIBOR (1 month) + 4.75%, Current Coupon 7.39%, Secured Debt (Maturity - January 5, 2024) | 883 |  | 893 |  | 883 |  |
| Fitness International, LLC             | Hotel, Restaurant and Leisure | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - April 18, 2025) | 2,034 |  | 2,045 |  | 2,021 |  |
| Flex Acquisition Company Inc           | Containers and Packaging | LIBOR (1 month) + 3.00%, Current Coupon 5.49%, Secured Debt (Maturity - December 29, 2023) | 1,970 |  | 1,979 |  | 1,931 |  |
| Flexera Software LLC                   | Software | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - February 26, 2025) | 1,514 |  | 1,511 |  | 1,510 |  |
| Gardner Denver, Inc.                   | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - July 30, 2024) | 2,255 |  | 2,249 |  | 2,256 |  |
| Golden Nugget, Inc.                    | Hotel, Restaurant and Leisure | LIBOR (1 month) + 2.75%, Current Coupon 5.23%, Secured Debt (Maturity - October 4, 2023) | 1,870 |  | 1,870 |  | 1,856 |  |
| Gray Television, Inc.                  | Broadcast Radio and Television | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - February 12, 2025) | 1,839 |  | 1,822 |  | 1,835 |  |
|                                   |   | LIBOR (1 month) + 2.50%, Current Coupon 4.98%, Secured Debt (Maturity - January 2, 2026) | 285 |  | 280 |  | 284 |  |
|                                   |   |   | 2,124 |  | 2,102 |  | 2,119 |  |
| Greatbatch Ltd.                        | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 5.49%, Secured Debt (Maturity - October 27, 2022) | 1,934 |  | 1,945 |  | 1,933 |  |
| GYP Holdings III Corp.                 | Trading Companies and Distributors | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - June 2, 2025) | 3,439 |  | 3,464 |  | 3,355 |  |
| Harbor Freight Tools USA, Inc.         | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - August 18, 2023) | 1,944 |  | 1,950 |  | 1,910 |  |
| Horizon Pharma, Inc.                   | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - March 29, 2024) | 1,219 |  | 1,230 |  | 1,221 |  |
| Hornblower Sub, LLC                    | Hotel, Restaurant and Leisure | LIBOR (3 months) + 4.50%, Current Coupon 7.10%, Secured Debt (Maturity - April 28, 2025) | 1,995 |  | 1,989 |  | 1,999 |  |
| Hyland Software, Inc.                  | Software | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - July 1, 2024) | 498 |  | 485 |  | 498 |  |
| Infiltrator Water Technologies, LLC    | Specialty Retail | LIBOR (3 months) + 3.50%, Current Coupon 6.10%, Secured Debt (Maturity - May 23, 2025) | 1,970 |  | 1,982 |  | 1,967 |  |
| Invenergy Thermal Operating I LLC      | Renewable Energy Provider | LIBOR (1 month) + 3.00%, Current Coupon 5.60%, Secured Debt (Maturity - May 27, 2022) | 1,392 |  | 1,371 |  | 1,382 |  |
|                                   |   | LIBOR (3 months) + 3.50%, Current Coupon 6.10%, Secured Debt (Maturity - August 28, 2025) | 1,920 |  | 1,916 |  | 1,932 |  |
|                                   |   |   | 3,312 |  | 3,287 |  | 3,314 |  |

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                          |
| Loan Portfolio                    |
| As of March 31, 2019              |
| (dollars in thousands)            |
| Portfolio Company                 | Industry | Type of Investment | Principal | Cost | Fair Value |
|                              |   |   |   |   |   |
| IRB Holding Corp.                 | Food Products | LIBOR (1 month) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - February 5, 2025) | $ | 396 |  | $ | 396 |  | $ | 389 |  |
| Ivanti Software, Inc.             | Software | LIBOR (1 month) + 4.25%, Current Coupon 6.75%, Secured Debt (Maturity - January 22, 2024) | 981 |  | 987 |  | 975 |  |
| KBR, Inc.                         | Aerospace and Defense | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - April 25, 2025) | 1,987 |  | 1,979 |  | 1,993 |  |
| Kingpin Intermediate Holdings LLC | Diversified Consumer Services | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - July 3, 2024) | 995 |  | 986 |  | 991 |  |
| KUEHG Corp.                       | Diversified Consumer Services | LIBOR (1 month) + 3.75%, Current Coupon 6.35%, Secured Debt (Maturity - February 21, 2025) | 2,451 |  | 2,458 |  | 2,434 |  |
| Learfield Communications LLC      | Media | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - December 1, 2023) | 1,965 |  | 1,983 |  | 1,962 |  |
| MA FinanceCo., LLC                | Software | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - June 21, 2024) | 383 |  | 384 |  | 377 |  |
| Match Group, Inc.                 | Media | LIBOR (6 months) + 3.00%, Current Coupon 5.69%, Secured Debt (Maturity - February 24, 2025) | 676 |  | 674 |  | 647 |  |
|                              |   | LIBOR (3 months) + 2.50%, Current Coupon 5.08%, Secured Debt (Maturity - November 16, 2022) | 2,000 |  | 1,998 |  | 1,998 |  |
|                              |   |   | 2,676 |  | 2,672 |  | 2,645 |  |
| McAfee, LLC                       | Software | LIBOR (3 months) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - September 30, 2024) | 945 |  | 932 |  | 945 |  |
| McDermott International, Inc.     | Construction and Engineering | LIBOR (1 month) + 5.00%, Current Coupon 7.50%, Secured Debt (Maturity - May 12, 2025) | 990 |  | 971 |  | 954 |  |
| Metro-Goldwyn-Mayer Inc.          | Media | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - July 3, 2025) | 995 |  | 969 |  | 990 |  |
| Micro Holding Corp.               | Media | LIBOR (1 month) + 2.50%, Current Coupon 4.99%, Secured Debt (Maturity - January 30, 2023) | 997 |  | 971 |  | 982 |  |
|                              |   | LIBOR (3 months) + 3.75%, Current Coupon 6.24%, Secured Debt (Maturity - September 13, 2024) | 1,244 |  | 1,215 |  | 1,232 |  |
|                              |   |   | 2,241 |  | 2,186 |  | 2,214 |  |
| Mohegan Tribal Gaming Authority   | Hotel, Restaurant and Leisure | LIBOR (1 month) + 4.00%, Current Coupon 6.50%, Secured Debt (Maturity - October 13, 2023) | 1,909 |  | 1,927 |  | 1,818 |  |
| MPH Acquisition Holdings LLC      | Health Care Technology | LIBOR (3 months) + 2.75%, Current Coupon 5.35%, Secured Debt (Maturity - June 7, 2023) | 2,569 |  | 2,604 |  | 2,499 |  |
| NAB Holdings, LLC                 | IT Services | LIBOR (3 months) + 3.00%, Current Coupon 5.60%, Secured Debt (Maturity - July 1, 2024) | 1,970 |  | 1,961 |  | 1,920 |  |
| National Mentor Holdings, Inc.    | Healthcare Facilities and Services | LIBOR (1 month) + 4.25%, Current Coupon 6.75%, Secured Debt (Maturity - March 9, 2026) | 1,883 |  | 1,870 |  | 1,891 |  |
|                              |   | LIBOR (1 month) + 4.25%, Current Coupon 6.75%, Secured Debt (Maturity - March 9, 2026) | 117 |  | 116 |  | 117 |  |
|                              |   |   | 2,000 |  | 1,986 |  | 2,008 |  |
| Ortho-Clinical Diagnostics, Inc   | Life Sciences Tools and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - June 30, 2025) | 1,935 |  | 1,931 |  | 1,868 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                 |
| Loan Portfolio                           |
| As of March 31, 2019                     |
| (dollars in thousands)                   |
| Portfolio Company                        | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                     |   |   |   |   |   |
| Packaging Coordinators Midco Inc         | Healthcare Facilities and Services | LIBOR (3 months) + 4.00%, Current Coupon 6.61%, Secured Debt (Maturity - June 30, 2023) | $ | 995 |  | $ | 990 |  | $ | 994 |  |
| Party City Holdings Inc.                 | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - August 19, 2022) | 1,240 |  | 1,220 |  | 1,237 |  |
| Phoenix Guarantor Inc.                   | Healthcare Facilities and Services | LIBOR (1 month) + 4.50%, Current Coupon 6.98%, Secured Debt (Maturity - March 5, 2026) | 917 |  | 903 |  | 905 |  |
| PI UK Holdco II Limited                  | Diversified Financial Services | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - January 3, 2025) | 2,970 |  | 2,949 |  | 2,932 |  |
| Prime Security Services Borrower, LLC    | Commercial Services and Supplies | LIBOR (1 month) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - May 2, 2022) | 653 |  | 637 |  | 649 |  |
| Rackspace Hosting, Inc.                  | Electric Equipment, Instruments and Components | LIBOR (3 months) + 3.00%, Current Coupon 5.74%, Secured Debt (Maturity - November 3, 2023) | 3,242 |  | 3,266 |  | 3,061 |  |
| Radiate Holdco, LLC                      | Diversified Telecommunication Services | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - February 1, 2024) | 2,538 |  | 2,514 |  | 2,509 |  |
| Radiology Partners, Inc.                 | Healthcare Facilities and Services | LIBOR (3 months) + 4.75%, Current Coupon 7.55%, Secured Debt (Maturity - July 9, 2025) | 1,496 |  | 1,489 |  | 1,502 |  |
| Red Ventures, LLC                        | Professional Services | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - November 8, 2024) | 1,627 |  | 1,616 |  | 1,625 |  |
| Savage Enterprises, LLC                  | Road and Rail | LIBOR (1 month) + 4.50%, Current Coupon 6.99%, Secured Debt (Maturity - August 1, 2025) | 1,024 |  | 1,004 |  | 1,027 |  |
| Scientific Games International, Inc.     | Leisure Products | LIBOR (2 months) + 2.75%, Current Coupon 5.33%, Secured Debt (Maturity - August 14, 2024) | 890 |  | 891 |  | 869 |  |
| Seattle SpinCo, Inc.                     | Software | LIBOR (3 months) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - June 21, 2024) | 2,587 |  | 2,590 |  | 2,548 |  |
| SeaWorld Parks & Entertainment, Inc. | Hotel, Restaurant and Leisure | LIBOR (3 months) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - April 1, 2024) | 1,960 |  | 1,962 |  | 1,947 |  |
| ServiceMaster Company, LLC               | Home and Office Products | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - November 8, 2023) | 651 |  | 648 |  | 650 |  |
| Sprint Communications, Inc.              | Diversified Telecommunication Services | LIBOR (1 month) + 3.00%, Current Coupon 5.50%, Secured Debt (Maturity - February 2, 2024) | 499 |  | 492 |  | 491 |  |
| SRS Distribution Inc.                    | Trading Companies and Distributors | LIBOR (3 months) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - May 23, 2025) | 1,194 |  | 1,191 |  | 1,147 |  |
| SS&C Technologies, Inc.              | Software | LIBOR (1 month) + 2.25%, Current Coupon 4.75%, Secured Debt (Maturity - April 16, 2025) | 200 |  | 199 |  | 198 |  |
|                                     |   | LIBOR (1 month) + 2.25%, Current Coupon 4.75%, Secured Debt (Maturity - April 16, 2025) | 278 |  | 277 |  | 276 |  |
|                                     |   |   | 478 |  | 476 |  | 474 |  |
| Staples, Inc.                            | Distributors | LIBOR (3 months) + 4.00%, Current Coupon 6.49%, Secured Debt (Maturity - September 12, 2024) | 1,975 |  | 1,970 |  | 1,961 |  |
| Starfruit US Holdco LLC                  | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - October 1, 2025) | 1,250 |  | 1,247 |  | 1,240 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of March 31, 2019                       |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Telenet Financing USD LLC                  | Diversified Telecommunication Services | LIBOR (1 month) + 2.25%, Current Coupon 4.73%, Secured Debt (Maturity - August 17, 2026) | $ | 1,655 |  | $ | 1,653 |  | $ | 1,635 |  |
| Transdigm, Inc.                            | Aerospace and Defense | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - June 9, 2023) | 1,960 |  | 1,967 |  | 1,925 |  |
|                                       |   | LIBOR (1 month) + 2.50%, Current Coupon 5.00%, Secured Debt (Maturity - August 22, 2024) | 988 |  | 985 |  | 968 |  |
|                                       |   |   | 2,948 |  | 2,952 |  | 2,893 |  |
| Travelport Finance (Luxembourg) S.A.R.L.   | Internet Software and Services | LIBOR (3 months) + 2.50%, Current Coupon 5.18%, Secured Debt (Maturity - March 17, 2025) | 1,232 |  | 1,226 |  | 1,232 |  |
| UFC Holdings, LLC                          | Media | LIBOR (3 months) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - August 18, 2023) | 1,960 |  | 1,971 |  | 1,960 |  |
| USS Ultimate Holdings Inc                  | Consumer Services | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - August 26, 2024) | 597 |  | 588 |  | 596 |  |
| Utz Quality Foods, LLC                     | Food Products | LIBOR (1 month) + 3.50%, Current Coupon 6.00%, Secured Debt (Maturity - November 21, 2024) | 1,580 |  | 1,579 |  | 1,580 |  |
| VeriFone Systems, Inc.                     | Hardware | LIBOR (1 month) + 4.00%, Current Coupon 6.68%, Secured Debt (Maturity - August 20, 2025) | 499 |  | 489 |  | 493 |  |
| Vertafore, Inc.                            | Software | LIBOR (1 month) + 3.25%, Current Coupon 5.75%, Secured Debt (Maturity - July 2, 2025) | 2,494 |  | 2,482 |  | 2,463 |  |
| Vertiv Group Corporation                   | Electrical Equipment | LIBOR (3 months) + 4.00%, Current Coupon 6.63%, Secured Debt (Maturity - November 30, 2023) | 1,555 |  | 1,569 |  | 1,467 |  |
| VFH Parent LLC                             | Diversified Financial Services | LIBOR (3 months) + 3.50%, Current Coupon 6.13%, Secured Debt (Maturity - March 2, 2026) | 1,000 |  | 995 |  | 1,004 |  |
| Vistra Operations Company LLC              | Electric Utilities | LIBOR (1 month) + 2.25%, Current Coupon 4.75%, Secured Debt (Maturity - December 14, 2023) | 1,960 |  | 1,971 |  | 1,955 |  |
| Wand NewCo 3, Inc.                         | Automobiles | LIBOR (1 month) + 3.50%, Current Coupon 5.98%, Secured Debt (Maturity - February 5, 2026) | 1,200 |  | 1,189 |  | 1,203 |  |
| Web.Com Group, Inc.                        | Internet Software and Services | LIBOR (3 months) + 3.75%, Current Coupon 6.24%, Secured Debt (Maturity - October 10, 2025) | 909 |  | 908 |  | 900 |  |
| West Corporation                           | Diversified Telecommunication Services | LIBOR (3 months) + 3.50%, Current Coupon 6.13%, Secured Debt (Maturity - October 10, 2024) | 645 |  | 644 |  | 602 |  |
|                                       |   | LIBOR (3 months) + 4.00%, Current Coupon 6.63%, Secured Debt (Maturity - October 10, 2024) | 1,019 |  | 1,009 |  | 963 |  |
|                                       |   |   | 1,664 |  | 1,653 |  | 1,565 |  |
| WideOpenWest Finance, LLC                  | Media | LIBOR (1 month) + 3.25%, Current Coupon 5.74%, Secured Debt (Maturity - August 18, 2023) | 3,452 |  | 3,462 |  | 3,355 |  |
| William Morris Endeavor Entertainment, LLC | Recreation Facilities and Services | LIBOR (1 month) + 2.75%, Current Coupon 5.36%, Secured Debt (Maturity - May 16, 2025) | 636 |  | 607 |  | 601 |  |
| Zekelman Industries, Inc                   | Manufacturing | LIBOR (1 month) + 2.25%, Current Coupon 4.74%, Secured Debt (Maturity - June 14, 2021) | 1,000 |  | 987 |  | 993 |  |
| Total Loan Portfolio                       |   |   | $ | 170,325 |  | $ | 169,827 |  | $ | 167,819 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of December 31, 2018              |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acrisure, LLC                        | Insurance | LIBOR (2 months) + 4.25%, Current Coupon 6.77%, Secured Debt (Maturity - November 22, 2023) | $ | 2,492 |  | $ | 2,487 |  | $ | 2,422 |  |
| Advantage Sales & Marketing Inc. | Commercial Services and Supplies | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - July 23, 2021) | 1,970 |  | 1,913 |  | 1,752 |  |
| Air Medical Group Holdings, Inc.     | Health Care Providers and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.68%, Secured Debt (Maturity - April 28, 2022) | 1,970 |  | 1,960 |  | 1,847 |  |
| AlixPartners, LLP                    | Professional Services | LIBOR (3 months) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - April 4, 2024) | 992 |  | 992 |  | 956 |  |
| American Seafoods Group LLC          | Food Products | LIBOR (1 month) + 2.75%, Current Coupon 5.28%, Secured Debt (Maturity - August 21, 2023) | 1,435 |  | 1,428 |  | 1,382 |  |
| Ancestry.com Operations Inc.         | Internet Software and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.78%, Secured Debt (Maturity - October 19, 2023) | 1,293 |  | 1,306 |  | 1,240 |  |
| Arch Coal, Inc.                      | Metals and Mining | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - March 7, 2024) | 1,965 |  | 1,972 |  | 1,916 |  |
| Asurion, LLC                         | Insurance | LIBOR (1 month) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - November 3, 2023) | 1,261 |  | 1,261 |  | 1,212 |  |
|                                 |   | LIBOR (1 month) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - November 4, 2024) | 323 |  | 322 |  | 310 |  |
|                                 |   |   | 1,584 |  | 1,583 |  | 1,522 |  |
| Atkore International, Inc.           | Electric Equipment, Instruments and Components | LIBOR (1 month) + 3.00%, Current Coupon 4.97%, Secured Debt (Maturity - December 22, 2023) | 2,948 |  | 2,967 |  | 2,864 |  |
| Barracuda Networks                   | Internet Software and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.72%, Secured Debt (Maturity - February 12, 2025) | 1,000 |  | 974 |  | 956 |  |
| Bass Pro Group, LLC                  | Specialty Retail | LIBOR (3 months) + 4.25%, Current Coupon 6.55%, Secured Debt (Maturity - September 25, 2024) | 1,975 |  | 1,929 |  | 1,898 |  |
| Bausch Health Companies Inc.         | Health Care Equipment and Supplies | LIBOR (1 month) + 3.00%, Current Coupon 5.38%, Secured Debt (Maturity - June 2, 2025) | 1,402 |  | 1,408 |  | 1,342 |  |
| BCP Renaissance Parent L.L.C.        | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 3.50%, Current Coupon 6.03%, Secured Debt (Maturity - October 31, 2024) | 597 |  | 599 |  | 583 |  |
| Boxer Parent Company, Inc.           | Software | LIBOR (3 months) + 4.25%, Current Coupon 7.05%, Secured Debt (Maturity - October 2, 2025) | 2,800 |  | 2,772 |  | 2,708 |  |
| Boyd Gaming Corporation              | Hotels, Restaurants and Leisure | LIBOR (1 week) + 2.25%, Current Coupon 4.66%, Secured Debt (Maturity - September 15, 2023) | 1,250 |  | 1,208 |  | 1,208 |  |
| Builders FirstSource, Inc.           | Building Products | LIBOR (1 month) + 3.00%, Current Coupon 5.80%, Secured Debt (Maturity - February 29, 2024) | 2,947 |  | 2,943 |  | 2,774 |  |
| Caesars Resort Collection, LLC       | Hotels, Restaurants and Leisure | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - December 23, 2024) | 1,247 |  | 1,210 |  | 1,201 |  |
| Calpine Corporation                  | Independent Power and Renewable Electricity Provider | LIBOR (3 months) + 2.50%, Current Coupon 5.31%, Secured Debt (Maturity - January 15, 2023) | 1,970 |  | 1,977 |  | 1,881 |  |
| CareerBuilder                        | Internet Software and Services | LIBOR (3 months) + 6.75%, Current Coupon 9.14%, Secured Debt (Maturity - July 31, 2023) | 1,500 |  | 1,500 |  | 1,493 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of December 31, 2018                    |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| CDS U.S. Intermediate Holdings, Inc.       | Hotels, Restaurants and Leisure | LIBOR (1 month) + 3.75%, Current Coupon 6.27%, Secured Debt (Maturity - July 8, 2022) | $ | 973 |  | $ | 974 |  | $ | 914 |  |
| CenturyLink, Inc.                          | Diversified Telecommunication Services | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - January 31, 2025) | 997 |  | 943 |  | 934 |  |
| Citgo Petroleum Corporation                | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 3.50%, Current Coupon 5.90%, Secured Debt (Maturity - July 29, 2021) | 695 |  | 689 |  | 682 |  |
| ClubCorp Holdings, Inc.                    | Real Estate Management and Development | LIBOR (3 months) + 2.75%, Current Coupon 5.55%, Secured Debt (Maturity - September 18, 2024) | 1,959 |  | 1,949 |  | 1,852 |  |
| CPI International, Inc.                    | Aerospace and Defense | LIBOR (1 month) + 3.50%, Current Coupon 6.01%, Secured Debt (Maturity - July 26, 2024) | 1,975 |  | 1,975 |  | 1,919 |  |
| Creative Artists Agency LLC                | Entertainment | LIBOR (1 month) + 3.00%, Current Coupon 5.47%, Secured Debt (Maturity - February 15, 2024) | 997 |  | 983 |  | 966 |  |
| Cyxtera DC Holdings, Inc.                  | Technology Hardware, Storage and Peripherals | LIBOR (3 months) + 3.00%, Current Coupon 5.38%, Secured Debt (Maturity - May 1, 2024) | 2,955 |  | 2,966 |  | 2,840 |  |
| Deerfield Holdings Corporation             | Diversified Financial Services | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - February 13, 2025) | 2,978 |  | 2,974 |  | 2,827 |  |
| Diamond Resorts International, Inc.        | Hotels, Restaurants and Leisure | LIBOR (1 month) + 3.75%, Current Coupon 6.07%, Secured Debt (Maturity - September 1, 2023) | 2,130 |  | 2,159 |  | 1,992 |  |
| EFS Cogen Holdings I LLC                   | Electric Utilities | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - June 28, 2023) | 1,816 |  | 1,830 |  | 1,781 |  |
| Eldorado Resorts, Inc.                     | Hotels, Restaurants and Leisure | LIBOR (1 month) + 2.25%, Current Coupon 4.75%, Secured Debt (Maturity - April 17, 2024) | 1,000 |  | 968 |  | 960 |  |
| Encapsys LLC                               | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - November 7, 2024) | 993 |  | 994 |  | 970 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 6.81%, Secured Debt (Maturity - April 29, 2024) | 1,970 |  | 1,989 |  | 1,862 |  |
| Everi Payments Inc.                        | Leisure Products | LIBOR (3 months) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - May 9, 2024) | 1,970 |  | 1,963 |  | 1,917 |  |
| Exgen Renewables IV, LLC                   | Independent Power and Renewable Electricity Provider | LIBOR (3 months) + 3.00%, Current Coupon 5.71%, Secured Debt (Maturity - November 29, 2024) | 294 |  | 293 |  | 281 |  |
| Financial & Risk US Holdings, Inc.     | Software | LIBOR (1 month) + 3.75%, Current Coupon 6.27%, Secured Debt (Maturity - October 1, 2025) | 1,425 |  | 1,424 |  | 1,363 |  |
| First American Payment Systems, L.P.       | Diversified Financial Services | LIBOR (1 month) + 4.75%, Current Coupon 7.29%, Secured Debt (Maturity - January 5, 2024) | 889 |  | 900 |  | 885 |  |
| Fitness International, LLC                 | Hotels, Restaurants and Leisure | LIBOR (1 month) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - April 18, 2025) | 2,039 |  | 2,050 |  | 1,963 |  |
| Flex Acquisition Company Inc               | Containers and Packaging | LIBOR (3 months) + 3.00%, Current Coupon 5.35%, Secured Debt (Maturity - December 29, 2023) | 1,975 |  | 1,985 |  | 1,869 |  |
| Flexera Software LLC                       | Software | LIBOR (1 month) + 3.25%, Current Coupon 5.78%, Secured Debt (Maturity - February 26, 2025) | 1,518 |  | 1,514 |  | 1,468 |  |
| Gardner Denver, Inc.                       | Machinery | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - July 30, 2024) | 2,316 |  | 2,309 |  | 2,242 |  |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                |
| Loan Portfolio                          |
| As of December 31, 2018                 |
| (dollars in thousands)                  |
| Portfolio Company                       | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                    |   |   |   |   |   |
| Golden Nugget, Inc.                     | Hotels, Restaurants and Leisure | LIBOR (1 month) + 2.75%, Current Coupon 5.19%, Secured Debt (Maturity - October 4, 2023) | $ | 1,875 |  | $ | 1,875 |  | $ | 1,811 |  |
| GrafTech Finance Inc.                   | Metals and Mining | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - February 12, 2025) | 1,950 |  | 1,931 |  | 1,850 |  |
| Gray Television, Inc.                   | Broadcast Radio and Television | LIBOR (3 months) + 2.50%, Current Coupon 4.90%, Secured Debt (Maturity - January 2, 2026) | 286 |  | 281 |  | 277 |  |
| Greatbatch Ltd.                         | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 5.39%, Secured Debt (Maturity - October 27, 2022) | 2,000 |  | 2,012 |  | 1,956 |  |
| GYP Holdings III Corp.                  | Trading Companies and Distributors | LIBOR (1 month) + 2.75%, Current Coupon 5.27%, Secured Debt (Maturity - June 2, 2025) | 3,448 |  | 3,473 |  | 3,261 |  |
| Harbor Freight Tools USA, Inc.          | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - August 18, 2023) | 1,944 |  | 1,951 |  | 1,841 |  |
| HD Supply Waterworks, Ltd.              | Trading Companies and Distributors | LIBOR (6 months) + 3.00%, Current Coupon 5.71%, Secured Debt (Maturity - August 1, 2024) | 139 |  | 138 |  | 134 |  |
| Horizon Pharma, Inc.                    | Pharmaceuticals | LIBOR (1 month) + 3.00%, Current Coupon 5.56%, Secured Debt (Maturity - March 29, 2024) | 1,925 |  | 1,944 |  | 1,841 |  |
| Hyland Software, Inc.                   | Software | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - July 1, 2024) | 499 |  | 485 |  | 486 |  |
| IG Investments Holdings, LLC            | Professional Services | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - May 23, 2025) | 1,975 |  | 1,987 |  | 1,929 |  |
| Infiltrator Water Technologies, LLC     | Specialty Retail | LIBOR (3 months) + 3.00%, Current Coupon 5.39%, Secured Debt (Maturity - May 27, 2022) | 1,394 |  | 1,372 |  | 1,354 |  |
| Invenergy, LLC                          | Renewable Energy Provider | LIBOR (1 month) + 3.50%, Current Coupon 5.84%, Secured Debt (Maturity - August 28, 2025) | 1,946 |  | 1,941 |  | 1,932 |  |
| IRB Holding Corp.                       | Food Products | LIBOR (1 month) + 3.25%, Current Coupon 5.68%, Secured Debt (Maturity - February 5, 2025) | 397 |  | 397 |  | 380 |  |
| Ivanti Software, Inc.                   | Software | LIBOR (1 month) + 4.25%, Current Coupon 6.60%, Secured Debt (Maturity - January 22, 2024) | 983 |  | 989 |  | 959 |  |
| KBR, Inc.                               | Aerospace and Defense | LIBOR (1 month) + 3.75%, Current Coupon 6.27%, Secured Debt (Maturity - April 25, 2025) | 1,992 |  | 1,984 |  | 1,962 |  |
| Kingpin Intermediate Holdings LLC       | Diversified Consumer Services | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - July 3, 2024) | 998 |  | 988 |  | 971 |  |
| KUEHG Corp.                             | Diversified Consumer Services | LIBOR (1 month) + 3.75%, Current Coupon 6.55%, Secured Debt (Maturity - February 21, 2025) | 2,457 |  | 2,465 |  | 2,368 |  |
| Learfield Communications LLC            | Media | LIBOR (1 month) + 3.25%, Current Coupon 5.78%, Secured Debt (Maturity - December 1, 2023) | 1,970 |  | 1,989 |  | 1,923 |  |
| MA FinanceCo., LLC                      | Software | LIBOR (1 month) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - June 21, 2024) | 384 |  | 385 |  | 358 |  |
| Mallinckrodt International Finance S.A. | Pharmaceuticals | LIBOR (6 months) + 3.00%, Current Coupon 5.62%, Secured Debt (Maturity - February 24, 2025) | 993 |  | 991 |  | 921 |  |
| Match Group, Inc.                       | Media | LIBOR (2 months) + 2.50%, Current Coupon 5.09%, Secured Debt (Maturity - November 16, 2022) | 2,000 |  | 1,998 |  | 1,990 |  |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                         |
| Loan Portfolio                                   |
| As of December 31, 2018                          |
| (dollars in thousands)                           |
| Portfolio Company                                | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                             |   |   |   |   |   |
| McAfee, LLC                                      | Software | LIBOR (3 months) + 3.75%, Current Coupon 6.10%, Secured Debt (Maturity - September 30, 2024) | $ | 948 |  | $ | 933 |  | $ | 925 |  |
| McDermott International, Inc.                    | Construction and Engineering | LIBOR (1 month) + 5.00%, Current Coupon 7.52%, Secured Debt (Maturity - May 12, 2025) | 993 |  | 973 |  | 929 |  |
| Metro-Goldwyn-Mayer Inc.                         | Media | LIBOR (1 month) + 2.50%, Current Coupon 5.03%, Secured Debt (Maturity - July 3, 2025) | 998 |  | 970 |  | 964 |  |
| Michaels Stores, Inc.                            | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 4.97%, Secured Debt (Maturity - January 30, 2023) | 1,000 |  | 973 |  | 960 |  |
| Micro Holding Corp. (MH Sub and Internet Brands) | Media | LIBOR (1 month) + 3.75%, Current Coupon 6.25%, Secured Debt (Maturity - September 13, 2024) | 1,247 |  | 1,217 |  | 1,186 |  |
| Mohegan Tribal Gaming Authority                  | Hotels, Restaurants and Leisure | LIBOR (1 month) + 4.00%, Current Coupon 6.52%, Secured Debt (Maturity - October 13, 2023) | 1,914 |  | 1,933 |  | 1,719 |  |
| MPH Acquisition Holdings LLC                     | Health Care Technology | LIBOR (1 month) + 3.25%, Current Coupon 5.57%, Secured Debt (Maturity - June 7, 2023) | 2,664 |  | 2,702 |  | 2,532 |  |
| NAB Holdings, LLC                                | IT Services | LIBOR (3 months) + 3.00%, Current Coupon 5.80%, Secured Debt (Maturity - July 1, 2024) | 1,975 |  | 1,965 |  | 1,885 |  |
| Ortho-Clinical Diagnostics, Inc                  | Life Sciences Tools and Services | LIBOR (1 month) + 3.25%, Current Coupon 5.76%, Secured Debt (Maturity - June 30, 2025) | 1,945 |  | 1,940 |  | 1,809 |  |
| Packaging Coordinators Midco Inc                 | Health Care Facilities and Services | LIBOR (3 months) + 4.00%, Current Coupon 6.81%, Secured Debt (Maturity - June 30, 2023) | 997 |  | 992 |  | 985 |  |
| Party City Holdings Inc.                         | Specialty Retail | LIBOR (1 month) + 2.50%, Current Coupon 5.03%, Secured Debt (Maturity - August 19, 2022) | 1,245 |  | 1,224 |  | 1,205 |  |
| PI UK Holdco II Limited                          | Diversified Financial Services | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - January 3, 2025) | 2,978 |  | 2,956 |  | 2,893 |  |
| Prime Security Services, LLC (Protection One)    | Commercial Services and Supplies | LIBOR (1 month) + 2.75%, Current Coupon 5.09%, Secured Debt (Maturity - May 2, 2022) | 654 |  | 638 |  | 628 |  |
| Rackspace Hosting, Inc.                          | Electric Equipment, Instruments and Components | LIBOR (3 months) + 3.00%, Current Coupon 5.58%, Secured Debt (Maturity - November 3, 2023) | 3,251 |  | 3,276 |  | 2,884 |  |
| Radiate Holdco, LLC                              | Diversified Telecommunication Services | LIBOR (1 month) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - February 1, 2024) | 2,544 |  | 2,519 |  | 2,408 |  |
| Red Ventures, LLC                                | Professional Services | LIBOR (1 month) + 3.00%, Current Coupon 5.52%, Secured Debt (Maturity - November 8, 2024) | 1,631 |  | 1,619 |  | 1,590 |  |
| Savage Enterprises, LLC                          | Road and Rail | LIBOR (1 month) + 4.50%, Current Coupon 6.88%, Secured Debt (Maturity - August 1, 2025) | 1,097 |  | 1,076 |  | 1,085 |  |
| Scientific Games International, Inc.             | Leisure Products | LIBOR (2 months) + 2.75%, Current Coupon 5.25%, Secured Debt (Maturity - August 14, 2024) | 892 |  | 893 |  | 840 |  |
| Seattle SpinCo, Inc.                             | Software | LIBOR (3 months) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - June 21, 2024) | 2,593 |  | 2,597 |  | 2,422 |  |
| SeaWorld Parks & Entertainment, Inc.         | Hotels, Restaurants and Leisure | LIBOR (3 months) + 3.75%, Current Coupon 6.07%, Secured Debt (Maturity - April 1, 2024) | 1,965 |  | 1,967 |  | 1,881 |  |
| ServiceMaster Global Holdings, Inc.              | Home and Office Products | LIBOR (1 month) + 2.50%, Current Coupon 4.84%, Secured Debt (Maturity - November 8, 2023) | 2,000 |  | 1,993 |  | 1,964 |  |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                  |
| Loan Portfolio                            |
| As of December 31, 2018                   |
| (dollars in thousands)                    |
| Portfolio Company                         | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                      |   |   |   |   |   |
| Sprint Corporation                        | Diversified Telecommunication Services | LIBOR (1 month) + 3.00%, Current Coupon 5.38%, Secured Debt (Maturity - February 2, 2024) | $ | 500 |  | $ | 493 |  | $ | 485 |  |
| SRS Distribution Inc.                     | Trading Companies and Distributors | LIBOR (3 months) + 3.25%, Current Coupon 5.77%, Secured Debt (Maturity - May 23, 2025) | 1,197 |  | 1,194 |  | 1,120 |  |
| SS&C European Holdings S.a.r.l.       | Software | LIBOR (1 month) + 2.25%, Current Coupon 4.77%, Secured Debt (Maturity - April 16, 2025) | 206 |  | 205 |  | 195 |  |
| SS&C Technologies, Inc.               | Software | LIBOR (1 month) + 2.25%, Current Coupon 4.77%, Secured Debt (Maturity - April 16, 2025) | 543 |  | 541 |  | 514 |  |
| Staples, Inc.                             | Distributors | LIBOR (3 months) + 4.00%, Current Coupon 6.54%, Secured Debt (Maturity - September 12, 2024) | 1,980 |  | 1,975 |  | 1,903 |  |
| Starfruit US Holdco LLC                   | Chemicals | LIBOR (1 month) + 3.25%, Current Coupon 5.60%, Secured Debt (Maturity - October 1, 2025) | 1,250 |  | 1,247 |  | 1,204 |  |
| Telenet Financing USD LLC                 | Diversified Telecommunication Services | LIBOR (1 month) + 2.25%, Current Coupon 4.71%, Secured Debt (Maturity - August 17, 2026) | 1,655 |  | 1,653 |  | 1,580 |  |
| Transdigm, Inc.                           | Aerospace and Defense | LIBOR (1 month) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - June 9, 2023) | 1,965 |  | 1,972 |  | 1,859 |  |
|                                      |   | LIBOR (1 month) + 2.50%, Current Coupon 5.02%, Secured Debt (Maturity - August 22, 2024) | 990 |  | 988 |  | 937 |  |
|                                      |   |   | 2,955 |  | 2,960 |  | 2,796 |  |
| Travelport Finance (Luxembourg) S.A.R.L.  | Internet Software and Services | LIBOR (3 months) + 2.50%, Current Coupon 5.12%, Secured Debt (Maturity - March 17, 2025) | 1,237 |  | 1,231 |  | 1,219 |  |
| Traverse Midstream Partners LLC           | Oil, Gas and Consumable Fuels | LIBOR (3 months) + 4.00%, Current Coupon 6.60%, Secured Debt (Maturity - September 27, 2024) | 781 |  | 784 |  | 752 |  |
| UFC Holdings, LLC                         | Media | LIBOR (3 months) + 3.25%, Current Coupon 5.78%, Secured Debt (Maturity - August 18, 2023) | 1,965 |  | 1,977 |  | 1,920 |  |
| USS Ultimate Holdings, Inc. (United Site) | Consumer Services | LIBOR (1 month) + 3.75%, Current Coupon 6.09%, Secured Debt (Maturity - August 26, 2024) | 598 |  | 590 |  | 590 |  |
| Utz Quality Foods, LLC                    | Food Products | LIBOR (1 month) + 3.50%, Current Coupon 6.02%, Secured Debt (Maturity - November 21, 2024) | 1,584 |  | 1,583 |  | 1,539 |  |
| VeriFone Systems, Inc.                    | Hardware | LIBOR (1 month) + 4.00%, Current Coupon 6.64%, Secured Debt (Maturity - August 20, 2025) | 500 |  | 490 |  | 485 |  |
| Vertafore, Inc.                           | Software | LIBOR (1 month) + 3.25%, Current Coupon 6.05%, Secured Debt (Maturity - July 2, 2025) | 2,500 |  | 2,488 |  | 2,384 |  |
| Vertiv Group Corporation                  | Electrical Equipment | LIBOR (3 months) + 4.00%, Current Coupon 6.71%, Secured Debt (Maturity - November 30, 2023) | 1,555 |  | 1,570 |  | 1,420 |  |
| Vistra Operations Company LLC             | Electric Utilities | LIBOR (1 month) + 2.25%, Current Coupon 4.77%, Secured Debt (Maturity - December 14, 2023) | 1,965 |  | 1,977 |  | 1,895 |  |
| Web.Com Group, Inc.                       | Internet Software and Services | LIBOR (3 months) + 3.75%, Current Coupon 6.17%, Secured Debt (Maturity - October 10, 2025) | 1,000 |  | 1,000 |  | 965 |  |
|                                      |   |   |   |   |   |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of December 31, 2018                    |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| West Corporation                           | Diversified Telecommunication Services | LIBOR (3 months) + 3.50%, Current Coupon 6.03%, Secured Debt (Maturity - October 10, 2024) | $ | 647 |  | $ | 646 |  | $ | 593 |  |
|                                       |   | LIBOR (3 months) + 4.00%, Current Coupon 6.53%, Secured Debt (Maturity - October 10, 2024) | 1,021 |  | 1,011 |  | 941 |  |
|                                       |   |   | 1,668 |  | 1,657 |  | 1,534 |  |
| WideOpenWest Finance, LLC                  | Diversified Telecommunication Services | LIBOR (1 month) + 3.25%, Current Coupon 5.72%, Secured Debt (Maturity - August 18, 2023) | 3,461 |  | 3,471 |  | 3,215 |  |
| William Morris Endeavor Entertainment, LLC | Recreation Facilities and Services | LIBOR (3 months) + 2.75%, Current Coupon 5.28%, Secured Debt (Maturity - May 16, 2025) | 638 |  | 608 |  | 608 |  |
| Zekelman Industries, Inc                   | Manufactured Goods | LIBOR (1 month) + 2.25%, Current Coupon 4.86%, Secured Debt (Maturity - June 14, 2021) | 1,000 |  | 985 |  | 970 |  |
| Total Loan Portfolio                       |   |   | $ | 165,025 |  | $ | 164,570 |  | $ | 157,923 |  |

|                                                                                                                                       |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                                                                                                      |
| Balance Sheet                                                                                                                         |
| (dollars in thousands)                                                                                                                |
|                                                                                                                                  |   |   |   |
|                                                                                                                                  | As of March 31, 2019 |   | As of December 31, 2018 |
| Assets                                                                                                                                |   |   |   |
| Portfolio investments at fair value (amortized cost:  $169,827 and $164,570 as of March 31, 2019 and December 31, 2018, respectively) | $ | 167,819 |  |   | $ | 157,923 |  |
| Cash and cash equivalents                                                                                                             | 7,440 |  |   | 3,873 |  |
| Receivable for securities sold                                                                                                        | — |  |   | — |  |
| Interest receivable                                                                                                                   | 297 |  |   | 197 |  |
| Deferred financing costs, net                                                                                                         | 400 |  |   | 497 |  |
| Other assets                                                                                                                          | 4 |  |   | 30 |  |
| Total assets                                                                                                                          | $ | 175,960 |  |   | $ | 162,520 |  |
| Liabilities                                                                                                                           |   |   |   |
| Credit facilities payable                                                                                                             | $ | 123,130 |  |   | $ | 98,818 |  |
| Payable for securities purchased                                                                                                      | 1,987 |  |   | 18,442 |  |
| Distributions payable                                                                                                                 | 911 |  |   | 902 |  |
| Accounts payable and accrued expenses                                                                                                 | 996 |  |   | 439 |  |
| Total liabilities                                                                                                                     | 127,024 |  |   | 118,601 |  |
| Net assets                                                                                                                            |   |   |   |
| Members’ equity                                                                                                                 | 48,936 |  |   | 43,919 |  |
| Total net assets                                                                                                                      | 48,936 |  |   | 43,919 |  |
| Total liabilities and net assets                                                                                                      | $ | 175,960 |  |   | $ | 162,520 |  |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                                    |
| Statement of Operations                                             |
| (dollars in thousands)                                              |
|                                                                | Three Months Ended |
|                                                                | March 31, 2019 |   | March 31, 2018 |
| Investment income                                                   |   |   |   |
| Interest income                                                     | $ | 2,548 |  |   | $ | 1,734 |  |
| Dividend income                                                     | — |  |   | — |  |
| Fee income                                                          | — |  |   | — |  |
| Other income                                                        | — |  |   | — |  |
| Total investment income                                             | 2,548 |  |   | 1,734 |  |
| Expenses                                                            |   |   |   |
| Interest expense                                                    | 1,247 |  |   | 850 |  |
| Other expenses                                                      | — |  |   | — |  |
| General and administrative expenses                                 | 11 |  |   | 21 |  |
| Total expenses                                                      | 1,258 |  |   | 871 |  |
| Net investment income                                               | 1,290 |  |   | 863 |  |
| Net realized loss from investments                                  | (1 | ) |   | (26 | ) |
| Net realized income                                                 | 1,289 |  |   | 837 |  |
| Net change in unrealized appreciation (depreciation) on investments | 4,639 |  |   | (59 | ) |
| Net increase in net assets resulting from operations                | $ | 5,928 |  |   | $ | 778 |  |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 44 debt investments in 42 Middle Market portfolio companies with an aggregate fair value of approximately $396.5 million and a cost basis of approximately $420.2 million. The Middle Market debt investments had a weighted average annual effective yield of approximately 9.9%, which is calculated assuming the investments on non-accrual status have a zero yield, and 82.9% of the Middle Market debt investments were secured by first priority liens. Further, 96.3% of the Middle Market debt investments contain variable interest rates, though a majority of the investments with variable rates are subject to contractual minimum base interest rates between 100 and 150 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 49 debt investments in 45 Private Loan portfolio companies with an aggregate fair value of approximately $418.6 million and a cost basis of approximately $419.3 million. The Private Loan debt investments had a weighted average annual effective yield of approximately 10.4%, which is calculated assuming the investments on non-accrual status have a zero yield, and 91.0% of the Private Loan debt investments were secured by first priority liens. Further, 94.8% of the Private Loan debt investments contain variable interest rates, though a majority of the investments with variable interest rates are subject to contractual minimum base interest rates between 100 and 150 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 38 debt investments in 30 LMM portfolio companies with an aggregate fair value of approximately $134.1 million and a cost basis of approximately $134.5 million. The LMM debt investments had a weighted average annual effective yield of approximately 12.5%, and 100.0% of the debt investments were secured by first priority liens. Also, 51.8% of the LMM debt investments are fixed rate investments with fixed interest rates between 8.0% and 16.0%. Also, 26 LMM debt investments, representing approximately 48.2% of the LMM debt investments have variable interest rates subject to a contractual minimum base interest rate of 100 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 63 equity investments and seven equity warrant investments in 29 LMM portfolio companies, 11 Private Loan portfolio companies, five Middle Market portfolio companies and six Other Portfolio companies with an aggregate fair value of approximately $160.8 million and a cost basis of approximately $139.5 million. |

----

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

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

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

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

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

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   | March 31, 2019 |   | December 31, 2018 |
| Investment Rating |   | Investments at Fair Value |   | Percentage of Total LMM Portfolio |   | Investments at Fair Value |   | Percentage of Total LMM Portfolio |
| 1                 |   | $ | 58,578 |  |   | 27.0 | % |   | $ | 56,937 |  |   | 27.1 | % |
| 2                 |   | 8,905 |  |   | 4.1 |  |   | 15,038 |  |   | 7.1 |  |
| 3                 |   | 136,478 |  |   | 62.8 |  |   | 124,397 |  |   | 59.2 |  |
| 4                 |   | 9,886 |  |   | 4.6 |  |   | 10,718 |  |   | 5.1 |  |
| 5                 |   | 3,332 |  |   | 1.5 |  |   | 3,184 |  |   | 1.5 |  |
| Total             |   | $ | 217,179 |  |   | 100.0 | % |   | $ | 210,274 |  |   | 100.0 | % |

----

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Distributions |
|                              | Per Share |   | Amount |
| 2019                              |   |   |   |
| Three months ended March 31, 2019 | $ | 0.17 |  |   | $ | 13,606 |  |
| 2018                              |   |   |   |
| Three months ended March 31, 2018 | $ | 0.17 |  |   | $ | 13,803 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Year Ended December 31, |
| Tax Characteristics of Distributions | 2018 |   | 2017 |   | 2016 |
|                                 |   |   |   |   |   |   |   |   |
| Ordinary income                      | $ | 50,274 |  | 90.56 | % |   | $ | 52,473 |  | 96.43 | % |   | $ | 44,848 |  | 93.90 | % |
| Capital gain distributions           | 5,238 |  | 9.44 |  |   | 1,941 |  | 3.57 |  |   | 2,913 |  | 6.10 |  |
| Total                                | $ | 55,512 |  | 100.00 | % |   | $ | 54,414 |  | 100.00 | % |   | $ | 47,761 |  | 100.00 | % |

----

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | Payments Due By Period (dollars in thousands) |
|                              | Total |   | Less than 1 year |   | 1-3 years |   | 3-5 years |   | After 5 years |
| TIAA Credit Facility (1)          | $ | 120,000 |  |   | $ | 120,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Deutsche Bank Credit Facility (2) | 380,000 |  |   | — |  |   | — |  |   | 380,000 |  |   | — |  |
| Total Credit Facilities           | $ | 500,000 |  |   | $ | 120,000 |  |   | $ | — |  |   | $ | 380,000 |  |   | $ | — |  |

|     |                                                                                |
|-----|--------------------------------------------------------------------------------|
| (1) | At March 31, 2019, we had no availability under our TIAA Credit Facility. |

|     |                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | At March 31, 2019, $70.0 million remained available under the Deutsche Bank Credit Facility; however, our borrowing ability is limited to the asset coverage restrictions imposed by the 1940 Act, as discussed above. |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |
|                               | Commitments and Contingencies |
|                               | (dollars in thousands) |
|                               | March 31, 2019 |   | December 31, 2018 |
| Unfunded Loan Commitments          |   |   |   |
| Adams Publishing Group, LLC        | $ | 985 |  |   | $ | 1,735 |  |
| American Nuts, LLC                 | 281 |  |   | 1,266 |  |
| Apex Linen Services, Inc.          | 403 |  |   | 403 |  |
| Arcus Hunting, LLC                 | 1,374 |  |   | 904 |  |
| ASC Ortho Management Company, LLC  | 750 |  |   | 750 |  |
| BarFly Ventures, LLC               | — |  |   | 123 |  |
| BBB Tank Services                  | 100 |  |   | 200 |  |
| BigName Holdings, LLC              | 29 |  |   | 29 |  |
| Boccella Precast Products, LLC     | 500 |  |   | 500 |  |
| Centre Technologies Holdings, LLC  | 600 |  |   | — |  |
| Chamberlin HoldCo, LLC             | 400 |  |   | 400 |  |
| Charps, LLC                        | 1,000 |  |   | 1,000 |  |
| Clad-Rex Steel, LLC                | — |  |   | 100 |  |
| CTVSH, PLLC                        | 200 |  |   | 200 |  |
| Direct Marketing Solutions, Inc.   | 400 |  |   | 400 |  |
| DTE Enterprises, LLC               | 750 |  |   | 750 |  |
| Dynamic Communities, LLC           | 250 |  |   | 250 |  |
| Gamber-Johnson Holdings, LLC       | 300 |  |   | 300 |  |
| GRT Rubber Technologies, LLC       | 3,259 |  |   | 4,125 |  |
| Guerdon Modular Holdings, Inc.     | 400 |  |   | 400 |  |
| Hawk Ridge Systems, LLC            | — |  |   | 400 |  |
| HDC/HW Intermediate Holdings, Inc. | 180 |  |   | 180 |  |
| Hoover Group, Inc.                 | 1,450 |  |   | 2,375 |  |
| HW Temps LLC                       | 200 |  |   | 200 |  |
| Implus Footcare, LLC               | — |  |   | 44 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | Commitments and Contingencies |
|                                                | (dollars in thousands) |
|                                                | March 31, 2019 |   | December 31, 2018 |
| Independent Pet Partners Intermediate Holdings, LLC | $ | 12,888 |  |   | $ | 22,244 |  |
| Jacent Strategic Merchandising, LLC                 | 441 |  |   | — |  |
| KMC Acquisition, LLC                                | 500 |  |   | 500 |  |
| Laredo Energy VI, LP                                | 1,750 |  |   | — |  |
| Market Force Information, Inc.                      | 260 |  |   | 350 |  |
| Meisler Operating, LLC                              | 400 |  |   | 400 |  |
| Mystic Logistics Holdings, LLC                      | 200 |  |   | 200 |  |
| New Era Technology, Inc.                            | 479 |  |   | 479 |  |
| NexRev, LLC                                         | 1,000 |  |   | 1,000 |  |
| NuStep, LLC                                         | 300 |  |   | 300 |  |
| SI East , LLC                                       | 2,500 |  |   | 2,500 |  |
| Tedder Acquisition, LLC                             | 180 |  |   | 180 |  |
| Volusion LLC                                        | — |  |   | 1,961 |  |
| Wireless Vision Holdings, LLC                       | — |  |   | 693 |  |
| Unfunded Capital Commitments                        |   |   |   |
| Brightwood Capital Fund III, LP                     | 1,000 |  |   | 1,000 |  |
| Brightwood Capital Fund IV, LP                      | 5,000 |  |   | 8,000 |  |
| Copper Trail Energy Fund I LP                       | 1,694 |  |   | 1,754 |  |
| Freeport Financial Funds                            | 2,744 |  |   | 3,942 |  |
| Total                                               | $ | 45,147 |  |   | $ | 62,537 |  |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |
| Change in interest rates |   | Increase (Decrease) inInterest Income |   | Increase (Decrease) inInterest Expense |   | Net Increase (Decrease) in NetInvestment Income |
| Down 200 basis points    |   | $ | (12,838 | ) |   | $ | (10,000 | ) |   | (2,838 | ) |
| Down 100 basis points    |   | (8,653 | ) |   | (5,000 | ) |   | (3,653 | ) |
| Down 50 basis points     |   | (4,380 | ) |   | (2,500 | ) |   | (1,880 | ) |
| Up 50 basis points       |   | 4,388 |  |   | 2,500 |  |   | 1,888 |  |
| Up 100 basis points      |   | 8,777 |  |   | 5,000 |  |   | 3,777 |  |
| Up 200 basis points      |   | 17,553 |  |   | 10,000 |  |   | 7,553 |  |

----

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                                     |   | Total Number of Shares Purchased |   | Average Price Paid 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 (in millions) |
|                                       |   |   |   |   |   |  |   |   |
| January 1, 2019 through January 31, 2019   |   | — |  |   | $ | — |  |   | — |  |   | — |  |
| February 1, 2019 through February 28, 2019 |   | 820,174.35 |  |   | 7.99 |  |   | 820,174.35 |  |   | — |  |
| March 1, 2019 through March 31, 2019       |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                                      |   | 820,174.35 |  |   | 7.99 |  |   | 820,174.35 |  |   | — |  |

----

|             |
|-------------|
|             |  |  |
| Exhibit No. |   | Description |
| 10.1        |   | Fourth Quarter 2018 Conditional Income Incentive Fee Waiver Agreement, dated as of March 4, 2019, by and among the Registrant, HMS Adviser LP and MSC Adviser I, LLC (Filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on March 4, 2019 (File No. 814-00939) and incorporated herein by reference). |
| 31.1        |   | Certification of Chief Executive Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 31.2        |   | Certification of Chief Financial Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 32.1        |   | Certification of Chief Executive Officer and Chief Financial Officer of the Registrant, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |

----

|        |
|--------|
|        |  |  |  |
|   |   | HMS INCOME FUND, INC. |
|   |   |   |   |
| Date:  | May 14, 2019 | By: | /s/ SHERRI W. SCHUGART |
|   |   |   | Sherri W. Schugart |
|   |   |   | Chairman, Chief Executive Officer and President |
|   |   |   |   |
| Date:  | May 14, 2019 | By: | /s/ RYAN T. SIMS |
|   |   |   | Ryan T. Sims |
|   |   |   | Chief Financial Officer and Secretary |