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

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

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

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

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

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

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |
| Maryland                                                       |   | 80-0789789 |
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification Number) |

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

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

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

|                               |
|-------------------------------|
|                               |  |  |
| Class                         | Outstanding at August 8, 2017 |
| Common stock, $0.01 par value | 61,859,848 |  |

----

|               |
|---------------|
|               |  |  |
|          |   |   |
| Part I.  | Financial Information |   |
| Item 1.  | Financial Statements |   |
|          | Consolidated Statements of Assets and Liabilities as of June 30, 2017 (unaudited) and December 31, 2016 | 3 |
|          | Consolidated Statements of Operations for the three month and six month periods ended June 30, 2017 (unaudited) and June 30, 2016 (unaudited) | 4 |
|          | Consolidated Statements of Changes in Net Assets for the six month periods ended June 30, 2017 (unaudited) and June 30, 2016 (unaudited) | 5 |
|          | Consolidated Statements of Cash Flows for the six month periods ended June 30, 2017 (unaudited) and June 30, 2016 (unaudited) | 6 |
|          | Consolidated Schedules of Investments as of June 30, 2017 (unaudited) and December 31, 2016 | 7 |
|          | Notes to Consolidated Financial Statements (unaudited) | 22 |
| Item 2.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 55 |
| Item 3.       | Quantitative and Qualitative Disclosures About Market Risk | 82 |
| Item 4.       | Controls and Procedures | 83 |
| Part II. | Other Information |   |
| Item 1.       | Legal Proceedings | 84 |
| Item 1A. | Risk Factors | 84 |
| Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds | 86 |
| Item 3.       | Defaults Upon Senior Securities | 86 |
| Item 4.       | Mine Safety Disclosures | 86 |
| Item 5.       | Other Information | 86 |
| Item 6.       | Exhibits | 86 |
|          | Signatures | 87 |

----

|                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                             |  |  |  |  |  |  |  |
|                                                                                                                                                                                        | June 30, 2017 |   | December 31, 2016 |
|                                                                                                                                                                                        | (unaudited) |   |   |
| ASSETS                                                                                                                                                                                      |   |   |   |
| Investments, at fair value                                                                                                                                                                  |   |   |   |
| Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,545,079 and $1,332,596, respectively)                                                                  | $ | 1,534,162 |  |   | $ | 1,323,102 |  |
| Investments—controlled/affiliated, at fair value (amortized cost of $182,601 and $97,385, respectively)                                                                               | 185,311 |  |   | 99,657 |  |
| Total investments, at fair value (amortized cost of $1,727,680 and $1,429,981, respectively)                                                                                                | 1,719,473 |  |   | 1,422,759 |  |
| Cash and cash equivalents                                                                                                                                                                   | 28,159 |  |   | 38,489 |  |
| Receivable for investment sold                                                                                                                                                              | — |  |   | 19,750 |  |
| Deferred financing costs                                                                                                                                                                    | 3,629 |  |   | 3,308 |  |
| Interest receivable from non-controlled/non-affiliated investments                                                                                                                          | 4,358 |  |   | 3,407 |  |
| Interest and dividend receivable from controlled/affiliated investments                                                                                                                     | 3,996 |  |   | 2,400 |  |
| Prepaid expenses and other assets                                                                                                                                                           | 146 |  |   | 42 |  |
| Total assets                                                                                                                                                                                | $ | 1,759,761 |  |   | $ | 1,490,155 |  |
| LIABILITIES                                                                                                                                                                                 |   |   |   |
| Secured borrowings (Note 6)                                                                                                                                                                 | $ | 331,597 |  |   | $ | 421,885 |  |
| 2015-1 Notes payable, net of unamortized debt issuance costs of $2,050 and $2,151, respectively (Note 7)                                                                                    | 270,950 |  |   | 270,849 |  |
| Payable for investments purchased                                                                                                                                                           | 4,996 |  |   | — |  |
| Due to Investment Adviser                                                                                                                                                                   | 118 |  |   | 215 |  |
| Interest and credit facility fees payable (Notes 6 and 7)                                                                                                                                   | 3,830 |  |   | 3,599 |  |
| Dividend payable (Note 9)                                                                                                                                                                   | 22,720 |  |   | 20,018 |  |
| Base management and incentive fees payable (Note 4)                                                                                                                                         | 9,132 |  |   | 8,157 |  |
| Administrative service fees payable (Note 4)                                                                                                                                                | 120 |  |   | 137 |  |
| Offering costs payable                                                                                                                                                                      | 1,128 |  |   | — |  |
| Other accrued expenses and liabilities                                                                                                                                                      | 1,427 |  |   | 1,158 |  |
| Total liabilities                                                                                                                                                                           | 646,018 |  |   | 726,018 |  |
| Commitments and contingencies (Notes 8 and 11)                                                                                                                                              |   |   |   |
| NET ASSETS                                                                                                                                                                                  |   |   |   |
| Common stock, $0.01 par value; 200,000,000 shares authorized; 61,405,648 shares and 41,702,318 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 614 |  |   | 417 |  |
| Paid-in capital in excess of par value                                                                                                                                                      | 1,158,621 |  |   | 799,580 |  |
| Offering costs                                                                                                                                                                              | (1,560 | ) |   | (74 | ) |
| Accumulated net investment income (loss), net of cumulative dividends of $168,885 and $129,065 at June 30, 2017 and December 31, 2016, respectively                               | (2,472 | ) |   | (3,207 | ) |
| Accumulated net realized gain (loss)                                                                                                                                                        | (33,253 | ) |   | (25,357 | ) |
| Accumulated net unrealized appreciation (depreciation)                                                                                                                                      | (8,207 | ) |   | (7,222 | ) |
| Total net assets                                                                                                                                                                            | $ | 1,113,743 |  |   | $ | 764,137 |  |
| NET ASSETS PER SHARE                                                                                                                                                                        | $ | 18.14 |  |   | $ | 18.32 |  |

----

|                                                                                                         |
|---------------------------------------------------------------------------------------------------------|
|                                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                    | For the three month periods ended |   | For the six month periods ended |
|                                                                                                    | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| Investment income:                                                                                      |   |   |   |   |   |   |   |
| Interest income from non-controlled/non-affiliated investments                                          | $ | 30,526 |  |   | $ | 24,078 |  |   | $ | 58,880 |  |   | $ | 46,189 |  |
| Other income from non-controlled/non-affiliated investments                                             | 4,046 |  |   | 1,670 |  |   | 6,582 |  |   | 2,669 |  |
| Interest income from controlled/affiliated investments                                                  | 2,372 |  |   | — |  |   | 4,321 |  |   | — |  |
| Dividend income from controlled/affiliated investments                                                  | 1,800 |  |   | — |  |   | 3,060 |  |   | — |  |
| Total investment income                                                                                 | 38,744 |  |   | 25,748 |  |   | 72,843 |  |   | 48,858 |  |
| Expenses:                                                                                               |   |   |   |   |   |   |   |
| Base management fees (Note 4)                                                                           | 5,657 |  |   | 4,345 |  |   | 10,782 |  |   | 8,485 |  |
| Incentive fees (Note 4)                                                                                 | 5,361 |  |   | 3,366 |  |   | 10,138 |  |   | 6,356 |  |
| Professional fees                                                                                       | 1,153 |  |   | 575 |  |   | 1,596 |  |   | 1,006 |  |
| Administrative service fees (Note 4)                                                                    | 165 |  |   | 198 |  |   | 338 |  |   | 346 |  |
| Interest expense (Notes 6 and 7)                                                                        | 5,738 |  |   | 3,825 |  |   | 10,772 |  |   | 7,424 |  |
| Credit facility fees (Note 6)                                                                           | 529 |  |   | 858 |  |   | 1,032 |  |   | 1,457 |  |
| Directors’ fees and expenses                                                                      | 131 |  |   | 144 |  |   | 234 |  |   | 264 |  |
| Other general and administrative                                                                        | 448 |  |   | 419 |  |   | 990 |  |   | 922 |  |
| Total expenses                                                                                          | 19,182 |  |   | 13,730 |  |   | 35,882 |  |   | 26,260 |  |
| Waiver of base management fees (Note 4)                                                                 | 1,886 |  |   | 1,448 |  |   | 3,594 |  |   | 2,828 |  |
| Net expenses                                                                                            | 17,296 |  |   | 12,282 |  |   | 32,288 |  |   | 23,432 |  |
| Net investment income (loss)                                                                            | 21,448 |  |   | 13,466 |  |   | 40,555 |  |   | 25,426 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:       |   |   |   |   |   |   |   |
| Net realized gain (loss) on investments—non-controlled/non-affiliated                             | (202 | ) |   | (6,022 | ) |   | (7,896 | ) |   | (9,599 | ) |
| Net change in unrealized appreciation (depreciation) on investments—non-controlled/non-affiliated | (5,879 | ) |   | 18,794 |  |   | (1,423 | ) |   | 7,703 |  |
| Net change in unrealized appreciation (depreciation) on investments—controlled/affiliated         | 134 |  |   | (287 | ) |   | 438 |  |   | (287 | ) |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments   | (5,947 | ) |   | 12,485 |  |   | (8,881 | ) |   | (2,183 | ) |
| Net increase (decrease) in net assets resulting from operations                                         | $ | 15,501 |  |   | $ | 25,951 |  |   | $ | 31,674 |  |   | $ | 23,243 |  |
| Basic and diluted earnings per common share (Note 9)                                                    | $ | 0.34 |  |   | $ | 0.75 |  |   | $ | 0.72 |  |   | $ | 0.70 |  |
| Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)                    | 45,977,943 |  |   | 34,402,925 |  |   | 43,854,102 |  |   | 33,174,442 |  |
| Dividends declared per common share (Note 9)                                                            | $ | 0.37 |  |   | $ | 0.40 |  |   | $ | 0.78 |  |   | $ | 0.80 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
|                                                                            | For the six month periods ended |
|                                                                            | June 30, 2017 |   | June 30, 2016 |
| Increase (decrease) in net assets resulting from operations:                    |   |   |   |
| Net investment income (loss)                                                    | $ | 40,555 |  |   | $ | 25,426 |  |
| Net realized gain (loss) on investments                                         | (7,896 | ) |   | (9,599 | ) |
| Net change in unrealized appreciation (depreciation) on investments             | (985 | ) |   | 7,416 |  |
| Net increase (decrease) in net assets resulting from operations                 | 31,674 |  |   | 23,243 |  |
| Capital transactions:                                                           |   |   |   |
| Common stock issued, net of offering and underwriting costs                     | 357,550 |  |   | 90,101 |  |
| Reinvestment of dividends                                                       | 202 |  |   | 128 |  |
| Dividends declared (Note 12)                                                    | (39,820 | ) |   | (27,280 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | 317,932 |  |   | 62,949 |  |
| Net increase (decrease) in net assets                                           | 349,606 |  |   | 86,192 |  |
| Net assets at beginning of period                                               | 764,137 |  |   | 571,726 |  |
| Net assets at end of period                                                     | $ | 1,113,743 |  |   | $ | 657,918 |  |

----

|                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |  |  |  |  |  |  |  |
|                                                                                                                                             | For the six month periods ended |
|                                                                                                                                             | June 30, 2017 |   | June 30, 2016 |
| Cash flows from operating activities:                                                                                                            |   |   |   |
| Net increase (decrease) in net assets resulting from operations                                                                                  | $ | 31,674 |  |   | $ | 23,243 |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |   |   |   |
| Amortization of deferred financing costs                                                                                                         | 459 |  |   | 824 |  |
| Net accretion of discount on investments                                                                                                         | (6,571 | ) |   | (1,724 | ) |
| Net realized (gain) loss on investments                                                                                                          | 7,896 |  |   | 9,599 |  |
| Net change in unrealized (appreciation) depreciation on investments                                                                              | 985 |  |   | (7,416 | ) |
| Cost of investments purchased and change in payable for investments purchased                                                                    | (696,931 | ) |   | (274,145 | ) |
| Proceeds from sales and repayments of investments and change in receivable for investments sold                                                  | 472,827 |  |   | 105,074 |  |
| Changes in operating assets:                                                                                                                     |   |   |   |
| Interest receivable                                                                                                                              | (2,072 | ) |   | (927 | ) |
| Dividend receivable                                                                                                                              | (475 | ) |   | — |  |
| Prepaid expenses and other assets                                                                                                                | (104 | ) |   | (17 | ) |
| Changes in operating liabilities:                                                                                                                |   |   |   |
| Due to Investment Adviser                                                                                                                        | (97 | ) |   | (39 | ) |
| Interest and credit facility fees payable                                                                                                        | 231 |  |   | 682 |  |
| Base management and incentive fees payable                                                                                                       | 975 |  |   | 6,667 |  |
| Administrative service fees payable                                                                                                              | (17 | ) |   | 38 |  |
| Other accrued expenses and liabilities                                                                                                           | 269 |  |   | 617 |  |
| Net cash provided by (used in) operating activities                                                                                              | (190,951 | ) |   | (137,524 | ) |
| Cash flows from financing activities:                                                                                                            |   |   |   |
| Proceeds from issuance of common stock, net of underwriting costs                                                                                | 350,990 |  |   | 90,101 |  |
| Offering costs from issuance of common stock                                                                                                     | (358 | ) |   | — |  |
| Borrowings on SPV Credit Facility and Credit Facility                                                                                            | 306,000 |  |   | 225,000 |  |
| Repayments of SPV Credit Facility and Credit Facility                                                                                            | (396,288 | ) |   | (154,000 | ) |
| Repayments of debt assumed from NFIC Acquisition                                                                                                 | (42,128 | ) |   | — |  |
| Debt issuance costs paid                                                                                                                         | (679 | ) |   | (532 | ) |
| Dividends paid in cash                                                                                                                           | (36,916 | ) |   | (31,493 | ) |
| Net cash provided by (used in) financing activities                                                                                              | 180,621 |  |   | 129,076 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                             | (10,330 | ) |   | (8,448 | ) |
| Cash and cash equivalents, beginning of period                                                                                                   | 38,489 |  |   | 41,837 |  |
| Cash and cash equivalents, end of period                                                                                                         | $ | 28,159 |  |   | $ | 33,389 |  |
| Supplemental and non-cash activities:                                                                                                            |   |   |   |
| Offering costs payable                                                                                                                           | $ | 1,128 |  |   | $ | — |  |
| Interest paid during the period                                                                                                                  | $ | 10,512 |  |   | $ | 6,794 |  |
| Dividends declared during the period                                                                                                             | $ | 39,820 |  |   | $ | 27,280 |  |
| Reinvestment of dividends                                                                                                                        | $ | 202 |  |   | $ | 128 |  |
| Cost of investments received in the NFIC Acquisition from shares issued (Note 13)                                                                | $ | (8,046 | ) |   | $ | — |  |
| Shares issued in consideration of NFIC Acquisition (Note 13)                                                                                     | $ | 8,046 |  |   | $ | — |  |
| Debt assumed from NFIC Acquisition (Note 13)                                                                                                     | $ | 42,128 |  |   | $ | — |  |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                                   | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (73.87%)                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC (2) (3) (4) (13)                                                      | Business Services |   | L + 5.00% (1.00% Floor) |   | 10/17/2021 |   | $ | 18,242 |  |   | $ | 18,138 |  |   | $ | 18,288 |  |   | 1.64 | % |
| Achilles Acquisition LLC (2) (3) (4) (5) (13) (15)                                    | Banking, Finance, Insurance & Real Estate |   | L + 6.00% (1.00% Floor) |   | 6/6/2023 |   | 35,294 |  |   | 34,225 |  |   | 34,535 |  |   | 3.10 |  |
| Advanced Instruments, LLC (2) (3) (4) (5) (13) (15)                              | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 10,448 |  |   | 10,244 |  |   | 10,410 |  |   | 0.93 |  |
| Alpha Packaging Holdings, Inc. (2) (3) (4) (13)                                  | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 2,911 |  |   | 2,909 |  |   | 2,911 |  |   | 0.26 |  |
| Anaren, Inc. (2) (3) (4) (13)                                                         | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 3,839 |  |   | 3,817 |  |   | 3,844 |  |   | 0.35 |  |
| Aquilex LLC (2) (3) (13)                                                              | Environmental Industries |   | L + 4.00% (1.00% Floor) |   | 12/31/2020 |   | 3,208 |  |   | 3,206 |  |   | 3,204 |  |   | 0.29 |  |
| Audax AAMP Holdings, Inc. (2) (3) (4) (13)                                       | Durable Consumer Goods |   | L + 6.50% (1.00% Floor) |   | 7/24/2017 |   | 12,602 |  |   | 12,530 |  |   | 12,591 |  |   | 1.13 |  |
| Brooks Equipment Company, LLC (2) (3) (4) (13)                                   | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 2,694 |  |   | 2,681 |  |   | 2,688 |  |   | 0.24 |  |
| Capstone Logistics Acquisition, Inc. (2) (3) (4) (13) (16)                  | Transportation: Cargo |   | L + 4.50% (1.00% Floor) |   | 10/7/2021 |   | 19,198 |  |   | 19,070 |  |   | 19,160 |  |   | 1.72 |  |
| Captive Resources Midco, LLC (2) (3) (4) (5) (13) (15)                           | Banking, Finance, Insurance & Real Estate |   | L + 5.75% (1.00% Floor) |   | 6/30/2020 |   | 32,557 |  |   | 32,238 |  |   | 32,557 |  |   | 2.92 |  |
| Central Security Group, Inc. (2) (3) (4) (5) (13) (16)                           | Consumer Services |   | L + 5.63% (1.00% Floor) |   | 10/6/2021 |   | 39,195 |  |   | 38,848 |  |   | 39,054 |  |   | 3.51 |  |
| CIP Revolution Holdings, LLC (2) (3) (4) (5) (13) (15)                           | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 8/19/2021 |   | 19,162 |  |   | 18,988 |  |   | 19,075 |  |   | 1.71 |  |
| Colony Hardware Corporation (2) (3) (4) (13)                                     | Construction & Building |   | L + 6.00% (1.00% Floor) |   | 10/23/2021 |   | 22,184 |  |   | 21,925 |  |   | 22,013 |  |   | 1.98 |  |
| Continuum Managed Services Holdco, LLC (2) (3) (5) (13) (15)                          | High Tech Industries |   | L + 8.75% (1.00% Floor) |   | 6/8/2023 |   | 23,000 |  |   | 22,250 |  |   | 22,520 |  |   | 2.02 |  |
| Dade Paper & Bag, LLC (2) (3) (4) (5)                                             | Forest Products & Paper |   | L + 7.50% (1.00% Floor) |   | 6/10/2024 |   | 50,000 |  |   | 49,006 |  |   | 49,365 |  |   | 4.43 |  |
| Datapipe, Inc. (2) (3) (13)                                                           | Telecommunications |   | L + 4.75% (1.00% Floor) |   | 3/15/2019 |   | 9,700 |  |   | 9,635 |  |   | 9,735 |  |   | 0.87 |  |
| Dent Wizard International Corporation (2) (3) (4) (16)                                | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 900 |  |   | 897 |  |   | 898 |  |   | 0.08 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) (2) (3) (4) (5) (13) (15) | Healthcare & Pharmaceuticals |   | L + 6.50% (1.00% Floor) |   | 5/31/2022 |   | 44,481 |  |   | 43,841 |  |   | 44,010 |  |   | 3.95 |  |
| DermaRite Industries, LLC (2) (3) (5) (15)                                  | Healthcare & Pharmaceuticals |   | L + 7.00% (1.00% Floor) |   | 3/3/2022 |   | 20,102 |  |   | 19,732 |  |   | 19,843 |  |   | 1.78 |  |
| Dimensional Dental Management, LLC (2) (3) (5) (12) (15) (16)                    | Healthcare & Pharmaceuticals |   | L + 7.00% (1.00% Floor) |   | 2/12/2021 |   | 21,714 |  |   | 21,322 |  |   | 21,474 |  |   | 1.93 |  |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.) (2) (3) (5) (15)              | Construction & Building |   | L + 4.50% (1.00% Floor) |   | 4/4/2022 |   | — |  |   | (54 | ) |   | (12 | ) |   | — |  |
| Direct Travel, Inc. (2) (3) (4) (5) (13) (15)                                    | Hotel, Gaming & Leisure |   | L + 6.50% (1.00% Floor) |   | 12/1/2021 |   | 24,889 |  |   | 24,328 |  |   | 24,654 |  |   | 2.21 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (5) (12) (13) (16)                       | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 24,254 |  |   | 23,629 |  |   | 23,730 |  |   | 2.13 |  |
| Emergency Communications Network, LLC (2) (3) (5)                                     | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/1/2023 |   | 25,000 |  |   | 24,751 |  |   | 24,873 |  |   | 2.23 |  |
| EP Minerals, LLC (2) (3) (4) (13)                                                     | Metals & Mining |   | L + 4.50% (1.00% Floor) |   | 8/20/2020 |   | 7,931 |  |   | 7,909 |  |   | 7,931 |  |   | 0.71 |  |
| FCX Holdings Corp. (2) (3) (4) (13) (16)                                         | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 3,839 |  |   | 3,838 |  |   | 3,839 |  |   | 0.34 |  |
| Genex Holdings, Inc. (2) (3) (4) (13) (16)                                            | Banking, Finance, Insurance & Real Estate |   | L + 4.25% (1.00% Floor) |   | 5/30/2021 |   | 6,666 |  |   | 6,642 |  |   | 6,636 |  |   | 0.60 |  |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                           | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |  |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (73.87%) (continued)                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Global Software, LLC (2) (3) (4) (13)                                         | High Tech Industries |   | L + 5.50% (1.00% Floor) |   | 5/2/2022 |   | $ | 20,908 |  |   | $ | 20,557 |  |   | $ | 20,781 |  |   | 1.87 | % |
| Green Energy Partners/Stonewall LLC (2) (3) (4) (13)                          | Energy: Electricity |   | L + 5.50% (1.00% Floor) |   | 11/13/2021 |   | 20,000 |  |   | 19,636 |  |   | 18,548 |  |   | 1.67 |  |
| Green Plains II LLC (2) (3) (4) (5) (13) (15) (16)                       | Beverage, Food & Tobacco |   | L + 7.00% (1.00% Floor) |   | 10/3/2022 |   | 15,192 |  |   | 15,058 |  |   | 15,403 |  |   | 1.38 |  |
| Hummel Station LLC (2) (3) (5) (13) (16)                                 | Energy: Electricity |   | L + 6.00% (1.00% Floor) |   | 10/27/2022 |   | 25,000 |  |   | 23,999 |  |   | 22,805 |  |   | 2.05 |  |
| Hydrofarm, LLC (2) (5) (13)                                                   | Wholesale |   | L + 7.00% |   | 5/12/2022 |   | 19,000 |  |   | 18,814 |  |   | 18,897 |  |   | 1.70 |  |
| Indra Holdings Corp. (Totes Isotoner) (2) (3) (5) (13)                        | Non-durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 5/1/2021 |   | 18,965 |  |   | 17,051 |  |   | 11,442 |  |   | 1.03 |  |
| Integro Parent Inc. (2) (3) (13)                                         | Banking, Finance, Insurance & Real Estate |   | L + 5.75% (1.00% Floor) |   | 10/30/2022 |   | 4,926 |  |   | 4,822 |  |   | 4,825 |  |   | 0.43 |  |
| Legacy.com Inc. (2) (3) (5) (12)                                              | High Tech Industries |   | L + 6.00% (1.00% Floor) |   | 3/20/2023 |   | 17,000 |  |   | 16,630 |  |   | 17,235 |  |   | 1.55 |  |
| Metrogistics LLC (2) (3) (4) (13)                                             | Transportation: Cargo |   | L + 6.50% (1.00% Floor) |   | 9/30/2022 |   | 16,788 |  |   | 16,588 |  |   | 16,759 |  |   | 1.50 |  |
| National Technical Systems, Inc. (2) (3) (4) (5) (13) (15)               | Aerospace & Defense |   | L + 6.00% (1.00% Floor) |   | 6/12/2021 |   | 26,351 |  |   | 26,041 |  |   | 25,694 |  |   | 2.31 |  |
| NES Global Talent Finance US LLC (United Kingdom) (2) (3) (4) (8) (13)   | Energy: Oil & Gas |   | L + 5.50% (1.00% Floor) |   | 10/3/2019 |   | 14,000 |  |   | 13,817 |  |   | 13,464 |  |   | 1.21 |  |
| OnCourse Learning Corporation (2) (3) (4) (5) (13) (15)                  | Consumer Services |   | L + 6.50% (1.00% Floor) |   | 9/12/2021 |   | 30,486 |  |   | 30,133 |  |   | 30,219 |  |   | 2.71 |  |
| Paradigm Acquisition Corp. (2) (3) (4) (13)                              | Business Services |   | L + 5.00% (1.00% Floor) |   | 6/2/2022 |   | 15,501 |  |   | 15,374 |  |   | 15,501 |  |   | 1.39 |  |
| Pelican Products, Inc. (2) (3) (4) (13)                                       | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 4/11/2020 |   | 7,604 |  |   | 7,614 |  |   | 7,623 |  |   | 0.68 |  |
| Plano Molding Company, LLC (2) (3) (4) (5)                               | Hotel, Gaming & Leisure |   | L + 7.50% (1.00% Floor) |   | 5/12/2021 |   | 21,590 |  |   | 21,261 |  |   | 19,438 |  |   | 1.75 |  |
| PMG Acquisition Corporation (2) (3) (4) (5) (13) (15)                    | Healthcare & Pharmaceuticals |   | L + 6.25% (1.00% Floor) |   | 5/22/2022 |   | 27,644 |  |   | 27,201 |  |   | 27,346 |  |   | 2.46 |  |
| PPT Management Holdings, LLC (2) (3) (5) (13)                            | Healthcare & Pharmaceuticals |   | L + 6.00% (1.00% Floor) |   | 12/16/2022 |   | 24,875 |  |   | 24,666 |  |   | 24,741 |  |   | 2.22 |  |
| Product Quest Manufacturing, LLC (2) (3) (4) (5) (12) (16)               | Containers, Packaging & Glass |   | L + 5.75% (1.00% Floor) |   | 9/9/2020 |   | 33,000 |  |   | 32,233 |  |   | 30,502 |  |   | 2.75 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (4) (5)  | Wholesale |   | L + 4.50% (1.00% Floor) |   | 1/28/2020 |   | 14,989 |  |   | 14,234 |  |   | 12,525 |  |   | 1.12 |  |
| PSC Industrial Holdings Corp (2) (3) (4) (13)                            | Environmental Industries |   | L + 4.75% (1.00% Floor) |   | 12/5/2020 |   | 14,625 |  |   | 14,401 |  |   | 13,775 |  |   | 1.24 |  |
| PT Intermediate Holdings III, LLC (Parts Town) (2) (3) (4) (5) (13) (15) (16) | Wholesale |   | L + 6.50% (1.00% Floor) |   | 6/23/2022 |   | 22,181 |  |   | 21,973 |  |   | 22,090 |  |   | 1.98 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (5) (13)                      | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 29,775 |  |   | 29,014 |  |   | 29,948 |  |   | 2.69 |  |
| Reliant Pro Rehab, LLC (2) (3) (5) (12)                                  | Healthcare & Pharmaceuticals |   | L + 10.00% (1.00% Floor) |   | 12/29/2017 |   | 24,688 |  |   | 24,565 |  |   | 24,688 |  |   | 2.22 |  |
| SolAreo Technologies Corp. (2) (3) (4) (5)                               | Telecommunications |   | L + 5.25% (1.00% Floor) |   | 12/10/2020 |   | 25,516 |  |   | 24,643 |  |   | 22,844 |  |   | 2.05 |  |
| Superior Health Linens, LLC (2) (3) (4) (5) (13) (15)                         | Business Services |   | L + 6.50% (1.00% Floor) |   | 9/30/2021 |   | 21,056 |  |   | 20,742 |  |   | 20,824 |  |   | 1.87 |  |
| Surgical Information Systems, LLC (2) (3) (4) (5) (12)                        | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 4/24/2023 |   | 30,000 |  |   | 29,708 |  |   | 29,817 |  |   | 2.68 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)          | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |  |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (73.87%) (continued)                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| T2 Systems Canada, Inc. (2) (3) (4)                          | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | $ | 4,030 |  |   | $ | 3,939 |  |   | $ | 4,030 |  |   | 0.36 | % |
| T2 Systems, Inc. (2) (3) (4) (13) (15)                       | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 22,835 |  |   | 22,264 |  |   | 22,837 |  |   | 2.05 |  |
| The Hilb Group, LLC (2) (3) (5) (12) (15)               | Banking, Finance, Insurance & Real Estate |   | L + 6.50% (1.00% Floor) |   | 6/24/2021 |   | 31,571 |  |   | 31,029 |  |   | 30,926 |  |   | 2.78 |  |
| The SI Organization, Inc. (2) (3) (4) (5) (13)          | Aerospace & Defense |   | L + 4.75% (1.00% Floor) |   | 11/23/2019 |   | 14,377 |  |   | 14,390 |  |   | 14,512 |  |   | 1.30 |  |
| The Topps Company, Inc. (2) (3) (4) (13)                | Non-durable Consumer Goods |   | L + 6.00% (1.25% Floor) |   | 10/2/2020 |   | 23,254 |  |   | 23,001 |  |   | 22,292 |  |   | 2.00 |  |
| Truckpro, LLC. (2) (3) (4) (13) (16)                         | Automotive |   | L + 5.00% (1.00% Floor) |   | 8/6/2018 |   | 8,974 |  |   | 8,947 |  |   | 8,928 |  |   | 0.80 |  |
| Tweddle Group, Inc. (2) (3) (4) (13)                         | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 10/24/2022 |   | 17,550 |  |   | 17,271 |  |   | 17,615 |  |   | 1.58 |  |
| TwentyEighty, Inc.—Revolver (2) (3) (5) (10) (15)      | Business Services |   | L + 8.00% (1.00% Floor) |   | 3/21/2020 |   | — |  |   | (7 | ) |   | (4 | ) |   | — |  |
| TwentyEighty, Inc. - (Term A Loans) (2) (3) (5) (10)         | Business Services |   | L + 3.50% (1.00% Floor) cash, 4.50% PIK |   | 3/21/2020 |   | 3,773 |  |   | 3,751 |  |   | 3,746 |  |   | 0.34 |  |
| TwentyEighty, Inc. - (Term B Loans) (5) (10)                 | Business Services |   | 1.00% cash, 7.00% PIK |   | 3/21/2020 |   | 6,298 |  |   | 6,038 |  |   | 4,818 |  |   | 0.43 |  |
| TwentyEighty, Inc. - (Term C Loans) (5) (10)                 | Business Services |   | 0.25% cash, 8.75% PIK |   | 3/21/2020 |   | 6,020 |  |   | 5,335 |  |   | 4,605 |  |   | 0.41 |  |
| Vetcor Professional Practices, LLC (2) (3) (4) (5) (13) (15) | Consumer Services |   | L + 6.25% (1.00% Floor) |   | 4/20/2021 |   | 34,677 |  |   | 34,262 |  |   | 34,855 |  |   | 3.13 |  |
| Vistage Worldwide Inc. (2) (3) (4) (13) (16)            | Business Services |   | L + 5.50% (1.00% Floor) |   | 8/19/2021 |   | 33,486 |  |   | 33,304 |  |   | 33,486 |  |   | 3.01 |  |
| VRC Companies, LLC (2) (3) (4) (5) (13) (15)            | Business Services |   | L + 6.50% (1.00% Floor) |   | 3/31/2023 |   | 29,612 |  |   | 28,877 |  |   | 29,095 |  |   | 2.61 |  |
| W/S Packaging Group Inc. (2) (3) (4) (16)                    | Containers, Packaging & Glass |   | L + 5.00% (1.00% Floor) |   | 8/9/2019 |   | 4,026 |  |   | 3,875 |  |   | 3,875 |  |   | 0.35 |  |
| Watchfire Enterprises, Inc. (2) (3) (13)                     | Media: Advertising, Printing & Publishing |   | L + 4.00% (1.00% Floor) |   | 10/2/2020 |   | 1,362 |  |   | 1,349 |  |   | 1,362 |  |   | 0.12 |  |
| Winchester Electronics Corporation (2) (3) (4) (5) (13) (15) | Capital Equipment |   | L + 6.50% (1.00% Floor) |   | 6/30/2022 |   | 31,768 |  |   | 31,474 |  |   | 32,066 |  |   | 2.88 |  |
| Zest Holdings, LLC (2) (3) (4) (13) (16)                     | Durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 8/16/2023 |   | 3,449 |  |   | 3,440 |  |   | 3,474 |  |   | 0.31 |  |
| First Lien Debt Total                                        |   |   |   |   |   |   |   |   | $ | 1,279,859 |  |   | $ | 1,270,078 |  |   | 114.03 | % |
| Second Lien Debt (14.58%)                                    |   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |
| Acrisure, LLC (2) (3) (5) (15)                               | Banking, Finance, Insurance & Real Estate |   | L + 9.25% (1.00% Floor) |   | 11/22/2024 |   | $ | 23,250 |  |   | $ | 22,365 |  |   | $ | 22,705 |  |   | 2.04 | % |
| AIM Group USA Inc. (2) (3) (5) (13)                          | Aerospace & Defense |   | L + 9.00% (1.00% Floor) |   | 8/2/2022 |   | 23,000 |  |   | 22,719 |  |   | 22,940 |  |   | 2.06 |  |
| AmeriLife Group, LLC (2) (3) (5) (13)                   | Banking, Finance, Insurance & Real Estate |   | L + 8.75% (1.00% Floor) |   | 1/10/2023 |   | 22,000 |  |   | 21,627 |  |   | 21,490 |  |   | 1.93 |  |
| Argon Medical Devices, Inc. (2) (3) (4) (5)                  | Healthcare & Pharmaceuticals |   | L + 9.50% (1.00% Floor) |   | 6/23/2022 |   | 25,000 |  |   | 24,414 |  |   | 25,428 |  |   | 2.28 |  |
| Berlin Packaging L.L.C. (2) (3) (5) (13)                     | Containers, Packaging & Glass |   | L + 6.75% (1.00% Floor) |   | 10/1/2022 |   | 3,500 |  |   | 3,486 |  |   | 3,505 |  |   | 0.32 |  |
| Confie Seguros Holding II Co. (2) (3) (5) (13)               | Banking, Finance, Insurance & Real Estate |   | L + 9.75% (1.25% Floor) |   | 5/8/2019 |   | 9,000 |  |   | 8,949 |  |   | 8,820 |  |   | 0.79 |  |

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                      | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |  |   | Fair Value (7) |   | Percentage of Net Assets |
| Second Lien Debt (14.58%) (continued)                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Drew Marine Group Inc. (2) (3) (4) (5) (13) (16)                    | Chemicals, Plastics & Rubber |   | L + 7.00% (1.00% Floor) |   | 5/19/2021 |   | $ | 12,500 |  |   | $ | 12,483 |  |   | $ | 12,413 |  |   | 1.11 | % |
| Genex Holdings, Inc. (2) (3) (5) (16)                                    | Banking, Finance, Insurance & Real Estate |   | L + 7.75% (1.00% Floor) |   | 5/30/2022 |   | 8,990 |  |   | 8,910 |  |   | 8,913 |  |   | 0.80 |  |
| Institutional Shareholder Services Inc. (2) (3) (5) (13)                 | Banking, Finance, Insurance & Real Estate |   | L + 8.50% (1.00% Floor) |   | 4/29/2022 |   | 12,500 |  |   | 12,412 |  |   | 12,451 |  |   | 1.12 |  |
| Jazz Acquisition, Inc. (Wencor) (2) (3) (5) (13)                         | Aerospace & Defense |   | L + 6.75% (1.00% Floor) |   | 6/19/2022 |   | 7,500 |  |   | 7,402 |  |   | 7,106 |  |   | 0.64 |  |
| MRI Software, LLC (2) (3) (5)                                            | Software |   | L + 8.00% (1.00% Floor) |   | 6/23/2022 |   | 12,500 |  |   | 12,340 |  |   | 12,500 |  |   | 1.12 |  |
| Power Stop, LLC (5) (9)                                                  | Automotive |   | 11.00% |   | 5/29/2022 |   | 10,000 |  |   | 9,840 |  |   | 9,913 |  |   | 0.89 |  |
| Pexco LLC (2) (3) (5)                                                    | Chemicals, Plastics & Rubber |   | L + 8.00% (1.00% Floor) |   | 5/8/2025 |   | 20,000 |  |   | 19,810 |  |   | 19,948 |  |   | 1.79 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (5) | Wholesale |   | L + 8.50% (1.00% Floor) |   | 7/28/2020 |   | 3,000 |  |   | 2,964 |  |   | 2,068 |  |   | 0.19 |  |
| Ramundsen Public Sector, LLC (2) (3) (13)                                | Sovereign & Public Finance |   | L + 8.50% (1.00% Floor) |   | 1/31/2025 |   | 1,800 |  |   | 1,784 |  |   | 1,804 |  |   | 0.16 |  |
| Reladyne, Inc. (2) (3) (4) (13)                                          | Wholesale |   | L + 9.75% (1.00% Floor) |   | 11/21/2023 |   | 5,000 |  |   | 4,877 |  |   | 4,914 |  |   | 0.44 |  |
| Rough Country, LLC (2) (3) (5) (13) (16)                                 | Durable Consumer Goods |   | L + 8.50% (1.00% Floor) |   | 11/25/2023 |   | 42,500 |  |   | 41,240 |  |   | 41,370 |  |   | 3.71 |  |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (16)                       | Chemicals, Plastics & Rubber |   | L + 8.75% (1.00% Floor) |   | 2/5/2022 |   | 500 |  |   | 504 |  |   | 504 |  |   | 0.05 |  |
| Watchfire Enterprises, Inc. (2) (3) (5) (13)                             | Media: Advertising, Printing & Publishing |   | L + 8.00% (1.00% Floor) |   | 10/2/2021 |   | 7,000 |  |   | 6,936 |  |   | 6,990 |  |   | 0.63 |  |
| Zywave, Inc. (2) (3) (5)                                                 | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 4,950 |  |   | 4,883 |  |   | 4,983 |  |   | 0.45 |  |
| Second Lien Debt Total                                                   |   |   |   |   |   |   |   |   | $ | 249,945 |  |   | $ | 250,765 |  |   | 22.52 | % |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)      | Industry |   | Maturity Date |   | Par Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| Structured Finance Obligations (0.15%) (5) (8) (11) |   |   |   |   |   |   |   |   |   |   |   |
| 1776 CLO I, Ltd., Subordinated Notes                     | Structured Finance |   | 5/8/2020 |   | $ | 11,750 |  |   | $ | 6,448 |  |   | $ | 2,597 |  |   | 0.23 | % |
| Structured Finance Obligations Total                     |   |   |   |   |   |   | $ | 6,448 |  |   | $ | 2,597 |  |   | 0.23 | % |

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    | Industry |   | Shares/ Units |   | Cost |   | FairValue (7) |   | Percentage of Net Assets |
| Equity Investments (0.62%) (5)                         |   |   |   |   |   |   |   |   |   |
| CIP Revolution Holdings, LLC                           | Media: Advertising, Printing & Publishing |   | 30,000 |  |   | $ | 300 |  |   | $ | 412 |  |   | 0.04 | % |
| Dade Paper & Bag, LLC                              | Forest Products & Paper |   | 1,500,000 |  |   | 1,500 |  |   | 1,500 |  |   | 0.13 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) | Healthcare & Pharmaceuticals |   | 1,000,000 |  |   | 1,000 |  |   | 1,177 |  |   | 0.10 |  |
| GS Holdco LLC (Global Software, LLC)                   | High Tech Industries |   | 1,000,000 |  |   | 1,001 |  |   | 1,326 |  |   | 0.12 |  |
| Legacy.com Inc.                                        | High Tech Industries |   | 1,500,000 |  |   | 1,500 |  |   | 1,706 |  |   | 0.15 |  |
| Power Stop Intermediate Holdings, LLC                  | Automotive |   | 7,150 |  |   | 715 |  |   | 1,174 |  |   | 0.11 |  |
| Rough Country, LLC                                     | Durable Consumer Goods |   | 754,775 |  |   | 755 |  |   | 755 |  |   | 0.07 |  |
| T2 Systems Parent Corporation                          | Transportation: Consumer |   | 555,556 |  |   | 556 |  |   | 546 |  |   | 0.05 |  |
| THG Acquisition, LLC (The Hilb Group, LLC)             | Banking, Finance, Insurance & Real Estate |   | 1,500,000 |  |   | 1,500 |  |   | 2,126 |  |   | 0.19 |  |
| TwentyEighty Investors LLC                             | Business Services |   | 69,786 |  |   | — |  |   | — |  |   | — |  |
| Equity Investments Total                               |   |   |   |   | $ | 8,827 |  |   | $ | 10,722 |  |   | 0.96 | % |
| Total investments—non-controlled/non-affiliated  |   |   |   |   | $ | 1,545,079 |  |   | $ | 1,534,162 |  |   | 137.74 | % |

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                                           | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Investment Fund (10.78%) (8)                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, LLC, Mezzanine Loan (2) (5) (9) (14)                                   | Investment Fund |   | L + 9.00% |  |   | 6/24/2018 |   | $ | 113,100 |  |   | $ | 113,100 |  |   | $ | 113,100 |  |   | 10.15 | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  (5) (14) | Investment Fund |   | 0.001 |  |   | 3/1/2021 |   | 69,501 |  |   | 69,501 |  |   | 72,211 |  |   | 6.48 |  |
| Investment Fund Total                                                                             |   |   |   |   |   |   |   |   | $ | 182,601 |  |   | $ | 185,311 |  |   | 16.63 | % |
| Total investments—controlled/affiliated                                                     |   |   |   |   |   |   |   |   | $ | 182,601 |  |   | $ | 185,311 |  |   | 16.63 | % |
| Total investments                                                                                 |   |   |   |   |   |   |   |   | $ | 1,727,680 |  |   | $ | 1,719,473 |  |   | 154.37 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”) are domiciled in the United States and issuers of structured finance obligations are domiciled in the Cayman Islands. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2017, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2017, the Company is not an “affiliated person” of any of these portfolio companies. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has provided the interest rate in effect as of June 30, 2017. As of June 30, 2017, all of our LIBOR loans were indexed to the 90-day LIBOR rate at 1.30%, except for those loans as indicated in Note 16 below. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by the Company’s wholly owned subsidiary, TCG BDC SPV LLC (the “SPV”). The SPV has entered into a senior secured revolving credit facility (as amended, the “SPV Credit Facility”). The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the Company or the 2015-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Denotes that all or a portion of the assets are owned by the Company. The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility” and, together with the SPV Credit Facility, the “Facilities”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the SPV or Carlyle GMS Finance MM CLO 2015-1 LLC (the “2015-1 Issuer”). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. Equity tranche collateralized loan obligation (“CLO”) fund investments, which are referred to as “structured finance obligations”, are recorded at amortized cost using the effective interest method. |

|     |                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. |

----

|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund. |

|      |                                                          |
|------|----------------------------------------------------------|
| (10) | Loan was on non-accrual status as of June 30, 2017. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | As of June 30, 2017, the Company has a greater than 25% but less than 50% equity or subordinated notes ownership interest in certain structured finance obligations. These investments have governing documents that preclude the Company from controlling management of the entity and therefore the Company has determined that the issuer of the investment is not a controlled affiliate or a non-controlled affiliate because the investments are not “voting securities”. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Dimensional Dental Management, LLC (4.47%), EIP Merger Sub, LLC (Evolve IP) (3.97%), Legacy.com Inc. (3.79%), Product Quest Manufacturing, LLC (3.52%), Reliant Pro Rehab, LLC (nil), The Hilb Group, LLC (3.99%) and Surgical Information Systems, LLC (1.03%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                                                                                                                                                                                                                          |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | Denotes that all or a portion of the assets are owned by the 2015-1 Issuer and secure the notes issued in connection with a $400 million term debt securitization completed by the Company on June 26, 2015 (see Note 7, 2015-1 Notes). Accordingly, such assets are not available to the creditors of the SPV or the Company. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                          |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details.  |

|      |                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------|
| (15) | As of June 30, 2017, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated                                             | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments |   |   |   |   |   |   |   |
| Achilles Acquisition LLC                                                                    | Delayed Draw |   | 1.00 | % |   | $ | 7,843 |  |   | $ | (138 | ) |
| Acrisure, LLC                                                                               | Delayed Draw |   | 1.50 |  |   | 21,749 |  |   | (262 | ) |
| Advanced Instruments, LLC                                                                   | Revolver |   | 0.50 |  |   | 1,167 |  |   | (4 | ) |
| Captive Resources Midco, LLC                                                                | Delayed Draw |   | 1.25 |  |   | 3,571 |  |   | — |  |
| Captive Resources Midco, LLC                                                                | Revolver |   | 0.50 |  |   | 2,143 |  |   | — |  |
| CIP Revolution Holdings, LLC                                                                | Revolver |   | 0.50 |  |   | 1,331 |  |   | (6 | ) |
| Continuum Managed Services HoldCo, LLC                                                      | Delayed Draw |   | 1.00 |  |   | 1,917 |  |   | (34 | ) |
| Continuum Managed Services HoldCo, LLC                                                      | Revolver |   | 0.50 |  |   | 2,500 |  |   | (44 | ) |
| DermaRite Industries, LLC                                                                   | Revolver |   | 0.50 |  |   | 3,848 |  |   | (42 | ) |
| Derm Growth Partners III, LLC (Dermatology Associates)                                      | Delayed Draw |   | 1.00 |  |   | 7,772 |  |   | (70 | ) |
| Derm Growth Partners III, LLC (Dermatology Associates)                                      | Revolver |   | 0.50 |  |   | 61 |  |   | (1 | ) |
| Dimensional Dental Management, LLC                                                          | Delayed Draw |   | 1.00 |  |   | 1,643 |  |   | (17 | ) |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.)                                          | Revolver |   | 0.50 |  |   | 4,749 |  |   | (12 | ) |
| Direct Travel, Inc.                                                                         | Delayed Draw |   | 1.00 |  |   | 8,991 |  |   | (62 | ) |
| Green Plains II LLC                                                                         | Revolver |   | 0.50 |  |   | 1,291 |  |   | 17 |  |
| National Technical Systems, Inc.                                                            | Revolver |   | 0.50 |  |   | 2,500 |  |   | (74 | ) |
| OnCourse Learning Corporation                                                               | Revolver |   | 0.50 |  |   | 954 |  |   | (8 | ) |
| PT Intermediate Holdings III, LLC (Parts Town)                                              | Revolver |   | 0.50 |  |   | 1,071 |  |   | (4 | ) |
| PMG Acquisition Corporation                                                                 | Revolver |   | 0.50 |  |   | 2,356 |  |   | (23 | ) |
| Superior Health Linens, LLC                                                                 | Revolver |   | 0.50 |  |   | 2,883 |  |   | (28 | ) |
| T2 Systems, Inc.                                                                            | Revolver |   | 0.50 |  |   | 2,933 |  |   | — |  |
| The Hilb Group, LLC                                                                         | Delayed Draw |   | 1.00 |  |   | 10,645 |  |   | (163 | ) |
| TwentyEighty, Inc. (fka Miller Heiman, Inc.)                                                | Revolver |   | 0.50 |  |   | 607 |  |   | (4 | ) |
| Vetcor Professional Practices, LLC                                                          | Delayed Draw |   | 1.00 |  |   | 4,375 |  |   | 20 |  |
| VRC Companies, LLC                                                                          | Delayed Draw |   | 0.75 |  |   | 3,911 |  |   | (57 | ) |
| VRC Companies, LLC                                                                          | Revolver |   | 0.50 |  |   | 1,905 |  |   | (28 | ) |
| Winchester Electronics Corporation                                                          | Delayed Draw |   | 1.00 |  |   | 2,917 |  |   | 25 |  |
| Total unfunded commitments                                                                  |   |   |   |   | $ | 107,633 |  |   | $ | (1,019 | ) |

|      |                                                                                          |
|------|------------------------------------------------------------------------------------------|
| (16) | As of June 30, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.22%. |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |
| Type                           | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt                | $ | 1,279,859 |  |   | $ | 1,270,078 |  |   | 73.87 | % |
| Second Lien Debt               | 249,945 |  |   | 250,765 |  |   | 14.58 |  |
| Structured Finance Obligations | 6,448 |  |   | 2,597 |  |   | 0.15 |  |
| Equity Investments             | 8,827 |  |   | 10,722 |  |   | 0.62 |  |
| Investment Fund                | 182,601 |  |   | 185,311 |  |   | 10.78 |  |
| Total                          | $ | 1,727,680 |  |   | $ | 1,719,473 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |
| Rate Type     | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate | $ | 1,508,591 |  |   | $ | 1,501,507 |  |   | 98.73 | % |
| Fixed Rate    | 21,213 |  |   | 19,336 |  |   | 1.27 |  |
| Total         | $ | 1,529,804 |  |   | $ | 1,520,843 |  |   | 100.00 | % |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |
| Industry                                           | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                       | $ | 70,552 |  |   | $ | 70,252 |  |   | 4.09 | % |
| Automotive                                         | 20,399 |  |   | 20,913 |  |   | 1.22 |  |
| Banking, Finance, Insurance & Real Estate | 184,719 |  |   | 185,984 |  |   | 10.82 |  |
| Beverage, Food & Tobacco                  | 15,058 |  |   | 15,403 |  |   | 0.90 |  |
| Business Services                                  | 131,552 |  |   | 130,359 |  |   | 7.58 |  |
| Capital Equipment                                  | 35,312 |  |   | 35,905 |  |   | 2.09 |  |
| Chemicals, Plastics & Rubber              | 32,797 |  |   | 32,865 |  |   | 1.91 |  |
| Construction & Building                   | 24,552 |  |   | 24,689 |  |   | 1.44 |  |
| Consumer Services                                  | 103,243 |  |   | 104,128 |  |   | 6.06 |  |
| Containers, Packaging & Glass             | 50,117 |  |   | 48,416 |  |   | 2.82 |  |
| Durable Consumer Goods                             | 57,965 |  |   | 58,190 |  |   | 3.38 |  |
| Energy: Electricity                                | 43,635 |  |   | 41,353 |  |   | 2.40 |  |
| Energy: Oil & Gas                         | 13,817 |  |   | 13,464 |  |   | 0.78 |  |
| Environmental Industries                           | 46,621 |  |   | 46,927 |  |   | 2.73 |  |
| Forest Products & Paper                   | 50,506 |  |   | 50,865 |  |   | 2.96 |  |
| Healthcare & Pharmaceuticals              | 196,985 |  |   | 199,117 |  |   | 11.58 |  |
| High Tech Industries                               | 96,529 |  |   | 98,368 |  |   | 5.72 |  |
| Hotel, Gaming & Leisure                   | 45,589 |  |   | 44,092 |  |   | 2.56 |  |
| Investment Fund                                    | 182,601 |  |   | 185,311 |  |   | 10.78 |  |
| Media: Advertising, Printing & Publishing | 44,844 |  |   | 45,454 |  |   | 2.64 |  |
| Metals & Mining                           | 7,909 |  |   | 7,931 |  |   | 0.46 |  |
| Non-durable Consumer Goods                         | 40,052 |  |   | 33,734 |  |   | 1.96 |  |
| Software                                           | 12,340 |  |   | 12,500 |  |   | 0.73 |  |
| Sovereign & Public Finance                | 1,784 |  |   | 1,804 |  |   | 0.10 |  |
| Structured Finance                                 | 6,448 |  |   | 2,597 |  |   | 0.15 |  |
| Telecommunications                                 | 86,475 |  |   | 85,026 |  |   | 4.94 |  |
| Transportation: Cargo                              | 35,658 |  |   | 35,919 |  |   | 2.09 |  |
| Transportation: Consumer                           | 26,759 |  |   | 27,413 |  |   | 1.59 |  |
| Wholesale                                          | 62,862 |  |   | 60,494 |  |   | 3.52 |  |
| Total                                              | $ | 1,727,680 |  |   | $ | 1,719,473 |  |   | 100.00 | % |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |
| Geography      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Cayman Islands | $ | 6,448 |  |   | $ | 2,597 |  |   | 0.15 | % |
| United Kingdom | 13,817 |  |   | 13,464 |  |   | 0.78 |  |
| United States  | 1,707,415 |  |   | 1,703,412 |  |   | 99.07 |  |
| Total          | $ | 1,727,680 |  |   | $ | 1,719,473 |  |   | 100.00 | % |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                             | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (80.09%)                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC (2) (3) (4) (13)                                                | Business Services |   | L + 5.00% (1.00% Floor) |   | 10/17/2021 |   | $ | 18,335 |  |   | $ | 18,222 |  |   | $ | 18,335 |  |   | 2.40 | % |
| Advanced Instruments, LLC (2) (3) (4) (5) (13) (15)                             | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 22,500 |  |   | 22,019 |  |   | 22,252 |  |   | 2.91 |  |
| AF Borrower LLC (Accuvant) (2) (3) (4)                                          | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 1/28/2022 |   | 16,113 |  |   | 15,923 |  |   | 16,113 |  |   | 2.11 |  |
| Alpha Packaging Holdings, Inc. (2) (3) (4) (13)                       | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 11,322 |  |   | 11,313 |  |   | 11,322 |  |   | 1.48 |  |
| Anaren, Inc. (2) (3) (4) (13)                                                   | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 10,869 |  |   | 10,800 |  |   | 10,869 |  |   | 1.42 |  |
| Audax AAMP Holdings, Inc. (2) (3) (4) (13)                                      | Durable Consumer Goods |   | L + 6.00% (1.00% Floor) |   | 6/24/2017 |   | 10,424 |  |   | 10,400 |  |   | 10,348 |  |   | 1.35 |  |
| BAART Programs, Inc. (2) (4) (16)                                          | Healthcare & Pharmaceuticals |   | L + 7.75% (0.00% Floor) |   | 10/9/2021 |   | 7,406 |  |   | 7,355 |  |   | 7,534 |  |   | 0.99 |  |
| Brooks Equipment Company, LLC (2) (3) (4) (13)                                  | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 6,694 |  |   | 6,657 |  |   | 6,683 |  |   | 0.87 |  |
| Capstone Logistics Acquisition, Inc. (2) (3) (4) (13)                           | Transportation: Cargo |   | L + 4.50% (1.00% Floor) |   | 10/7/2021 |   | 19,478 |  |   | 19,337 |  |   | 19,212 |  |   | 2.51 |  |
| Captive Resources Midco, LLC (2) (3) (4) (13) (15)                              | Banking, Finance, Insurance & Real Estate |   | L + 5.75% (1.00% Floor) |   | 6/30/2020 |   | 29,050 |  |   | 28,683 |  |   | 29,009 |  |   | 3.80 |  |
| Central Security Group, Inc. (2) (3) (4) (13) (16)                              | Consumer Services |   | L + 5.63% (1.00% Floor) |   | 10/6/2020 |   | 28,658 |  |   | 28,300 |  |   | 28,557 |  |   | 3.74 |  |
| CIP Revolution Holdings, LLC (2) (3) (5) (15)                                   | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 8/19/2021 |   | 16,500 |  |   | 16,325 |  |   | 16,585 |  |   | 2.17 |  |
| Colony Hardware Corporation (2) (3) (4) (13)                                    | Construction & Building |   | L + 6.00% (1.00% Floor) |   | 10/23/2021 |   | 17,038 |  |   | 16,806 |  |   | 17,038 |  |   | 2.23 |  |
| Datapipe, Inc. (2) (3) (13) (16)                                                | Telecommunications |   | L + 4.75% (1.00% Floor) |   | 3/15/2019 |   | 9,750 |  |   | 9,666 |  |   | 9,764 |  |   | 1.28 |  |
| Dent Wizard International Corporation (2) (3) (4) (13) (16)                     | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 7,216 |  |   | 7,190 |  |   | 7,216 |  |   | 0.94 |  |
| Derm Growth Partners III, LLC(Dermatology Associates) (2) (3) (4) (5) (13) (15) | Healthcare & Pharmaceuticals |   | L + 6.50% (1.00% Floor) |   | 5/31/2022 |   | 32,929 |  |   | 32,393 |  |   | 32,958 |  |   | 4.31 |  |
| Dimensional Dental Management, LLC (2) (3) (5) (12) (15)                   | Healthcare & Pharmaceuticals |   | L + 7.00% (1.00% Floor) |   | 2/12/2021 |   | 18,000 |  |   | 17,601 |  |   | 17,811 |  |   | 2.33 |  |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.) (2) (3) (5) (15)             | Construction & Building |   | L + 4.50% (1.00% Floor) |   | 4/4/2022 |   | — |  |   | (60 | ) |   | (30 | ) |   | — |  |
| Direct Travel, Inc. (2) (3) (4) (5) (13) (15)                                   | Hotel, Gaming & Leisure |   | L + 6.50% (1.00% Floor) |   | 12/1/2021 |   | 12,842 |  |   | 12,420 |  |   | 12,712 |  |   | 1.66 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (5) (12)                                | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 23,750 |  |   | 23,098 |  |   | 23,242 |  |   | 3.04 |  |
| Emerging Markets Communications, LLC (2) (3) (4) (8) (13)                       | Telecommunications |   | L + 5.75% (1.00% Floor) |   | 7/1/2021 |   | 17,730 |  |   | 16,299 |  |   | 17,730 |  |   | 2.32 |  |
| EP Minerals, LLC (2) (3) (4) (13)                                               | Metals & Mining |   | L + 4.50% (1.00% Floor) |   | 8/20/2020 |   | 10,264 |  |   | 10,232 |  |   | 10,259 |  |   | 1.34 |  |
| FCX Holdings Corp. (2) (3) (4) (13) (16)                                        | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 9,856 |  |   | 9,852 |  |   | 9,856 |  |   | 1.29 |  |
| Genex Holdings, Inc. (2) (3) (13) (16)                                          | Banking, Finance, Insurance & Real Estate |   | L + 4.25% (1.00% Floor) |   | 5/30/2021 |   | 4,200 |  |   | 4,187 |  |   | 4,196 |  |   | 0.55 |  |
| Global Software, LLC (2) (3) (4) (13) (16)                                      | High Tech Industries |   | L + 5.50% (1.00% Floor) |   | 5/2/2022 |   | 16,163 |  |   | 15,880 |  |   | 16,163 |  |   | 2.12 |  |
| Green Energy Partners/Stonewall LLC (2) (3) (5) (13)                            | Energy: Electricity |   | L + 5.50% (1.00% Floor) |   | 11/13/2021 |   | 16,600 |  |   | 16,475 |  |   | 16,598 |  |   | 2.17 |  |
| Green Plains II LLC (2) (3) (4) (5) (13) (15)                                   | Beverage, Food & Tobacco |   | L + 7.00% (1.00% Floor) |   | 10/3/2022 |   | 15,205 |  |   | 15,059 |  |   | 15,379 |  |   | 2.01 |  |

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                      | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (80.09%) (continued)                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hummel Station LLC (2) (3) (5) (13) (16)                                 | Energy: Electricity |   | L + 6.00% (1.00% Floor) |   | 10/27/2022 |   | $ | 21,000 |  |   | $ | 20,308 |  |   | $ | 20,160 |  |   | 2.64 | % |
| Imagine! Print Solutions, LLC (2) (3) (4) (13)                           | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 3/30/2022 |   | 18,461 |  |   | 18,213 |  |   | 18,603 |  |   | 2.43 |  |
| Imperial Bag & Paper Co. LLC (2) (3) (4) (13) (16)              | Forest Products & Paper |   | L + 6.00% (1.00% Floor) |   | 1/7/2022 |   | 24,074 |  |   | 23,752 |  |   | 23,924 |  |   | 3.13 |  |
| Indra Holdings Corp. (Totes Isotoner) (2) (3) (5) (13)                   | Non-durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 5/1/2021 |   | 14,224 |  |   | 14,130 |  |   | 10,553 |  |   | 1.38 |  |
| International Medical Group, Inc. (2) (3) (5) (12)                       | Banking, Finance, Insurance & Real Estate |   | L + 6.50% (1.00% Floor) |   | 10/30/2020 |   | 30,000 |  |   | 29,505 |  |   | 30,237 |  |   | 3.96 |  |
| Jackson Hewitt Inc. (2) (3) (4) (13)                                | Retail |   | L + 7.00% (1.00% Floor) |   | 7/30/2020 |   | 8,758 |  |   | 8,625 |  |   | 8,320 |  |   | 1.09 |  |
| Metrogistics LLC (2) (3) (4) (5) (13)                               | Transportation: Cargo |   | L + 6.50% (1.00% Floor) |   | 9/30/2022 |   | 15,200 |  |   | 14,986 |  |   | 15,094 |  |   | 1.98 |  |
| MSX International, Inc. (2) (3) (4) (13)                                 | Automotive |   | L + 5.00% (1.00% Floor) |   | 8/21/2020 |   | 8,940 |  |   | 8,882 |  |   | 8,940 |  |   | 1.17 |  |
| National Technical Systems, Inc. (2) (3) (4) (13) (15)                   | Aerospace & Defense |   | L + 6.25% (1.00% Floor) |   | 6/12/2021 |   | 25,123 |  |   | 24,854 |  |   | 23,927 |  |   | 3.13 |  |
| NES Global Talent Finance US LLC (United Kingdom) (2) (3) (4) (8) (13)   | Energy: Oil & Gas |   | L + 5.50% (1.00% Floor) |   | 10/3/2019 |   | 11,250 |  |   | 11,132 |  |   | 10,911 |  |   | 1.43 |  |
| OnCourse Learning Corporation (2) (3) (4) (5) (13) (15) (16)        | Consumer Services |   | L + 6.50% (1.00% Floor) |   | 9/12/2021 |   | 26,141 |  |   | 25,770 |  |   | 26,220 |  |   | 3.43 |  |
| Paradigm Acquisition Corp. (2) (3) (4) (13)                              | Business Services |   | L + 5.00% (1.00% Floor) |   | 6/2/2022 |   | 23,246 |  |   | 22,963 |  |   | 23,223 |  |   | 3.04 |  |
| Pelican Products, Inc. (2) (3) (4) (13)                                  | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 4/11/2020 |   | 7,643 |  |   | 7,654 |  |   | 7,593 |  |   | 0.99 |  |
| Plano Molding Company, LLC (2) (3) (4) (5) (13)                     | Hotel, Gaming & Leisure |   | L + 7.00% (1.00% Floor) |   | 5/12/2021 |   | 18,163 |  |   | 18,030 |  |   | 17,302 |  |   | 2.26 |  |
| PPT Management Holdings, LLC (2) (3) (5)                                 | Healthcare & Pharmaceuticals |   | L + 6.00% (1.00% Floor) |   | 12/16/2022 |   | 22,500 |  |   | 22,288 |  |   | 22,426 |  |   | 2.93 |  |
| Premier Senior Marketing, LLC (2) (3) (5) (16)                      | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 7/1/2022 |   | 3,741 |  |   | 3,690 |  |   | 3,741 |  |   | 0.49 |  |
| Product Quest Manufacturing, LLC (2) (3) (4) (5) (12)                    | Containers, Packaging & Glass |   | L + 5.75% (1.00% Floor) |   | 9/9/2020 |   | 28,000 |  |   | 27,565 |  |   | 25,838 |  |   | 3.38 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (4) | Wholesale |   | L + 4.50% (1.00% Floor) |   | 1/28/2020 |   | 10,798 |  |   | 10,739 |  |   | 8,101 |  |   | 1.06 |  |
| PSC Industrial Holdings Corp (2) (3) (4) (13)                            | Environmental Industries |   | L + 4.75% (1.00% Floor) |   | 12/5/2020 |   | 11,760 |  |   | 11,679 |  |   | 11,290 |  |   | 1.48 |  |
| PSI Services LLC (2) (3) (4) (5) (12) (16)                               | Business Services |   | L + 6.75% (1.00% Floor) |   | 2/27/2021 |   | 32,705 |  |   | 32,022 |  |   | 34,784 |  |   | 4.56 |  |
| PT Intermediate Holdings III, LLC (Parts Town) (2) (3) (4) (5) (13) (15) | Wholesale |   | L + 6.50% (1.00% Floor) |   | 6/23/2022 |   | 17,417 |  |   | 17,215 |  |   | 17,563 |  |   | 2.30 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (5) (13)                      | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 29,925 |  |   | 29,084 |  |   | 30,009 |  |   | 3.93 |  |
| Reliant Pro Rehab, LLC (2) (3) (5) (12)                             | Healthcare & Pharmaceuticals |   | L + 10.00% (1.00% Floor) |   | 12/29/2017 |   | 22,331 |  |   | 22,024 |  |   | 22,331 |  |   | 2.92 |  |
| SolAero Technologies Corp. (2) (3) (4) (5)                               | Telecommunications |   | L + 5.25% (1.00% Floor) |   | 12/10/2020 |   | 19,677 |  |   | 19,541 |  |   | 18,901 |  |   | 2.47 |  |
| Superior Health Linens, LLC (2) (3) (4) (5) (13) (15)                    | Business Services |   | L + 6.50% (1.00% Floor) |   | 9/30/2021 |   | 19,206 |  |   | 18,891 |  |   | 19,068 |  |   | 2.50 |  |
| T2 Systems, Inc. (2) (3) (4) (5) (13) (15) (16)                          | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 22,950 |  |   | 22,333 |  |   | 23,208 |  |   | 3.04 |  |
| T2 Systems Canada, Inc. (2) (3) (5) (16)                                 | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 4,050 |  |   | 3,952 |  |   | 4,090 |  |   | 0.54 |  |

----

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                                    | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (80.09%) (continued)                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Teaching Strategies, LLC (2) (3) (4) (13)                                              | Media: Advertising, Printing & Publishing |   | L + 5.50% (0.50% Floor) |   | 10/1/2019 |   | $ | 13,369 |  |   | $ | 13,333 |  |   | $ | 13,369 |  |   | 1.75 | % |
| The Hilb Group, LLC (2) (3) (5) (12) (15)                                         | Banking, Finance, Insurance & Real Estate |   | L + 6.50% (1.00% Floor) |   | 6/24/2021 |   | 29,682 |  |   | 29,113 |  |   | 29,826 |  |   | 3.90 |  |
| The SI Organization, Inc. (2) (3) (4) (13)                                             | Aerospace & Defense |   | L + 4.75% (1.00% Floor) |   | 11/23/2019 |   | 8,574 |  |   | 8,527 |  |   | 8,676 |  |   | 1.15 |  |
| The Topps Company, Inc. (2) (3) (4) (13)                                               | Non-durable Consumer Goods |   | L + 6.00% (1.25% Floor) |   | 10/2/2020 |   | 18,707 |  |   | 18,629 |  |   | 18,795 |  |   | 2.46 |  |
| TruckPro, LLC (2) (3) (4) (13) (16)                                                    | Automotive |   | L + 5.00% (1.00% Floor) |   | 8/6/2018 |   | 9,292 |  |   | 9,267 |  |   | 9,262 |  |   | 1.21 |  |
| Tweddle Group, Inc. (2) (3) (4) (13)                                                   | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 10/24/2022 |   | 16,200 |  |   | 15,885 |  |   | 16,114 |  |   | 2.11 |  |
| TwentyEighty, Inc. (fka Miller Heiman, Inc.) (2) (3) (5) (10) (13)                     | Business Services |   | L + 6.00% (1.00% Floor) |   | 9/30/2019 |   | 18,719 |  |   | 18,571 |  |   | 7,628 |  |   | 1.00 |  |
| U.S. Farathane, LLC (2) (3) (4) (13)                                                   | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/23/2021 |   | 1,925 |  |   | 1,895 |  |   | 1,925 |  |   | 0.25 |  |
| U.S. TelePacific Holdings Corp. (2) (3) (5)                                       | Telecommunications |   | L + 8.50% (1.00% Floor) |   | 2/24/2021 |   | 30,000 |  |   | 29,149 |  |   | 29,853 |  |   | 3.91 |  |
| Vetcor Professional Practices, LLC (2) (3) (4) (5) (13) (15)                           | Consumer Services |   | L + 6.25% (1.00% Floor) |   | 4/20/2021 |   | 25,001 |  |   | 24,623 |  |   | 25,164 |  |   | 3.29 |  |
| Violin Finco S.A.R.L. (Alexander Mann Solutions) (United Kingdom) (2) (3) (4) (8) (13) | Business Services |   | L + 4.75% (1.00% Floor) |   | 12/20/2019 |   | 10,065 |  |   | 10,012 |  |   | 10,058 |  |   | 1.32 |  |
| Vistage Worldwide, Inc. (2) (3) (4) (13) (16)                                          | Business Services |   | L + 5.50% (1.00% Floor) |   | 8/19/2021 |   | 28,757 |  |   | 28,524 |  |   | 28,688 |  |   | 3.75 |  |
| Vitera Healthcare Solutions, LLC (2) (3) (4) (13)                                      | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 11/4/2020 |   | 9,104 |  |   | 9,050 |  |   | 9,078 |  |   | 1.19 |  |
| Winchester Electronics Corporation (2) (3) (4) (5) (13) (15)                           | Capital Equipment |   | L + 6.50% (1.00% Floor) |   | 6/30/2022 |   | 27,367 |  |   | 26,959 |  |   | 27,460 |  |   | 3.59 |  |
| Zest Holdings, LLC (2) (3) (4) (13)                                                    | Durable Consumer Goods |   | L + 4.75% (1.00% Floor) |   | 8/16/2020 |   | 9,530 |  |   | 9,530 |  |   | 9,584 |  |   | 1.25 |  |
| First Lien Debt Total                                                                  |   |   |   |   |   |   |   |   | $ | 1,145,326 |  |   | $ | 1,139,548 |  |   | 149.13 | % |
| Second Lien Debt (12.08%)                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AF Borrower LLC (Accuvant) (2) (3) (5)                                            | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 1/30/2023 |   | $ | 8,000 |  |   | $ | 7,934 |  |   | $ | 8,000 |  |   | 1.05 | % |
| AIM Group USA Inc. (2) (3) (5) (13)                                                    | Aerospace & Defense |   | L + 9.00% (1.00% Floor) |   | 8/2/2022 |   | 23,000 |  |   | 22,701 |  |   | 23,196 |  |   | 3.04 |  |
| AmeriLife Group, LLC (2) (3) (5)                                                  | Banking, Finance, Insurance & Real Estate |   | L + 8.75% (1.00% Floor) |   | 1/10/2023 |   | 20,000 |  |   | 19,656 |  |   | 19,208 |  |   | 2.51 |  |
| Argon Medical Devices, Inc. (2) (3) (4) (5)                                            | Healthcare & Pharmaceuticals |   | L + 9.50% (1.00% Floor) |   | 6/23/2022 |   | 24,000 |  |   | 23,363 |  |   | 24,233 |  |   | 3.17 |  |
| Berlin Packaging L.L.C. (2) (3) (5) (13)                                               | Containers, Packaging & Glass |   | L + 6.75% (1.00% Floor) |   | 10/1/2022 |   | 2,927 |  |   | 2,910 |  |   | 2,953 |  |   | 0.39 |  |
| Charter NEX US Holdings, Inc. (2) (3) (5) (13)                                         | Chemicals, Plastics & Rubber |   | L + 8.25% (1.00% Floor) |   | 2/5/2023 |   | 7,394 |  |   | 7,303 |  |   | 7,468 |  |   | 0.98 |  |
| Confie Seguros Holding II Co. (2) (3) (5) (16)                                         | Banking, Finance, Insurance & Real Estate |   | L + 9.00% (1.25% Floor) |   | 5/8/2019 |   | 12,000 |  |   | 11,921 |  |   | 11,918 |  |   | 1.56 |  |
| Drew Marine Group Inc. (2) (3) (4) (5) (13)                                            | Chemicals, Plastics & Rubber |   | L + 7.00% (1.00% Floor) |   | 5/19/2021 |   | 12,500 |  |   | 12,481 |  |   | 12,333 |  |   | 1.61 |  |
| Genex Holdings, Inc. (2) (3) (5)                                                       | Banking, Finance, Insurance & Real Estate |   | L + 7.75% (1.00% Floor) |   | 5/30/2022 |   | 7,990 |  |   | 7,915 |  |   | 7,978 |  |   | 1.04 |  |

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                      | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| Second Lien Debt (12.08%) (continued)                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Institutional Shareholder Services Inc. (2) (3) (5) (13)                 | Banking, Finance, Insurance & Real Estate |   | L + 8.50% (1.00% Floor) |   | 4/29/2022 |   | $ | 12,500 |  |   | $ | 12,408 |  |   | $ | 12,359 |  |   | 1.62 | % |
| Jazz Acquisition, Inc. (Wencor) (2) (3) (5) (13)                         | Aerospace & Defense |   | L + 6.75% (1.00% Floor) |   | 6/19/2022 |   | 6,700 |  |   | 6,677 |  |   | 5,572 |  |   | 0.73 |  |
| MRI Software, LLC (2) (3) (5)                                            | Software |   | L + 8.00% (1.00% Floor) |   | 6/23/2022 |   | 11,250 |  |   | 11,110 |  |   | 11,265 |  |   | 1.47 |  |
| Power Stop, LLC (5) (9)                                                  | Automotive |   | 11.00% |   | 5/29/2022 |   | 10,000 |  |   | 9,831 |  |   | 9,863 |  |   | 1.29 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (5) | Wholesale |   | L + 8.50% (1.00% Floor) |   | 7/28/2020 |   | 3,000 |  |   | 2,960 |  |   | 1,682 |  |   | 0.22 |  |
| Vitera Healthcare Solutions, LLC (2) (3) (4)                             | Healthcare & Pharmaceuticals |   | L + 8.25% (1.00% Floor) |   | 11/4/2021 |   | 2,000 |  |   | 1,979 |  |   | 1,945 |  |   | 0.26 |  |
| Watchfire Enterprises, Inc. (2) (3) (5) (13)                             | Media: Advertising, Printing & Publishing |   | L + 8.00% (1.00% Floor) |   | 10/2/2021 |   | 7,000 |  |   | 6,932 |  |   | 6,976 |  |   | 0.91 |  |
| Zywave, Inc. (2) (3) (5)                                                 | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 4,950 |  |   | 4,879 |  |   | 4,915 |  |   | 0.64 |  |
| Second Lien Debt Total                                                   |   |   |   |   |   |   |   |   | $ | 172,960 |  |   | $ | 171,864 |  |   | 22.49 | % |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1) | Industry |   | Maturity Date |   | Par Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| Structured Finance Obligations (0.37%) (5) (8) (11) |   |   |   |   |   |   |   |   |   |   |   |
| 1776 CLO I, Ltd., Subordinated Notes                | Structured Finance |   | 5/8/2020 |   | $ | 11,750 |  |   | $ | 6,739 |  |   | $ | 2,761 |  |   | 0.36 | % |
| Clydesdale CLO 2005, Ltd., Subordinated Notes       | Structured Finance |   | 12/6/2017 |   | 5,750 |  |   | — |  |   | 10 |  |   | — |  |
| MSIM Peconic Bay, Ltd., Subordinated Notes          | Structured Finance |   | 7/20/2019 |   | 4,500 |  |   | 63 |  |   | 5 |  |   | — |  |
| Nautique Funding Ltd., Income Notes                 | Structured Finance |   | 4/15/2020 |   | 5,000 |  |   | 2,437 |  |   | 2,440 |  |   | 0.32 |  |
| Structured Finance Obligations Total                |   |   |   |   |   |   | $ | 9,239 |  |   | $ | 5,216 |  |   | 0.68 | % |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    | Industry |   | Shares/ Units |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Equity Investments (0.46%) (5)                         |   |   |   |   |   |   |   |   |   |
| CIP Revolution Investments, LLC                        | Media: Advertising, Printing & Publishing |   | 30,000 |  |   | $ | 300 |  |   | $ | 352 |  |   | 0.05 | % |
| Derm Growth Partners III, LLC (Dermatology Associates) | Healthcare & Pharmaceuticals |   | 1,000,000 |  |   | 1,000 |  |   | 976 |  |   | 0.13 |  |
| GS Holdco LLC (Global Software, LLC)                   | High Tech Industries |   | 1,000,000 |  |   | 1,001 |  |   | 1,126 |  |   | 0.15 |  |
| Power Stop Intermediate Holdings, LLC                  | Automotive |   | 7,150 |  |   | 715 |  |   | 1,208 |  |   | 0.16 |  |
| T2 Systems Parent Corporation                          | Transportation: Consumer |   | 555,556 |  |   | 556 |  |   | 584 |  |   | 0.07 |  |
| THG Acquisition, LLC (The Hilb Group, LLC)             | Banking, Finance, Insurance & Real Estate |   | 1,500,000 |  |   | 1,499 |  |   | 2,228 |  |   | 0.29 |  |
| Equity Investments Total                               |   |   |   |   | $ | 5,071 |  |   | $ | 6,474 |  |   | 0.85 | % |
| Total investments—non-controlled/non-affiliated  |   |   |   | $ | 1,332,596 |  |   | $ | 1,323,102 |  |   | 173.15 | % |

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                                          | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Investment Fund (7.00%) (8)                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, LLC, Mezzanine Loan (2) (5) (9) (14)                                  | Investment Fund |   | L + 9.50% |   | 6/24/2017 |   | $ | 62,384 |  |   | $ | 62,384 |  |   | $ | 62,384 |  |   | 8.16 | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest (5) (14) | Investment Fund |   | 0.001 |   | 3/1/2021 |   | 35,001 |  |   | 35,001 |  |   | 37,273 |  |   | 4.88 |  |
| Investment Fund Total                                                                            |   |   |   |   |   |   |   |   | $ | 97,385 |  |   | $ | 99,657 |  |   | 13.04 | % |
| Total investments—controlled/affiliated                                                    |   |   |   |   |   |   |   |   | $ | 97,385 |  |   | $ | 99,657 |  |   | 13.04 | % |
| Total investments                                                                                |   |   |   |   |   |   |   |   | $ | 1,429,981 |  |   | $ | 1,422,759 |  |   | 186.19 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States and issuers of structured finance obligations are domiciled in the Cayman Islands. Under the Investment Company Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2016, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2016, the Company is not an “affiliated person” of any of these portfolio companies. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has provided the interest rate in effect as of December 31, 2016. As of December 31, 2016, all of our LIBOR loans were indexed to the 90-day LIBOR rate at 1.00%, except for those loans as indicated in Note 16 below. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by the SPV. The SPV has entered into the SPV Credit Facility. The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the Company or the 2015-1 Issuer, a wholly owned and consolidated subsidiary of the Company. |

|     |                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Denotes that all or a portion of the assets are owned by the Company. The Company has entered into the Credit Facility. The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the SPV or the 2015-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. Equity tranche CLO fund investments, which are referred to as “structured finance obligations”, are recorded at amortized cost using the effective interest method. |

|     |                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. |

|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund. |

|      |                                                              |
|------|--------------------------------------------------------------|
| (10) | Loan was on non-accrual status as of December 31, 2016. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | As of December 31, 2016, the Company has a greater than 25% but less than 50% equity or subordinated notes ownership interest in certain structured finance obligations. These investments have governing documents that preclude the Company from controlling management of the entity and therefore the Company has determined that the issuer of the investment is not a controlled affiliate or a non-controlled affiliate because the investments are not “voting securities”. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Dimensional Dental Management, LLC (4.54%), EIP Merger Sub, LLC (Evolve IP) (3.84%), International Medical Group, Inc. (4.64%), Product Quest Manufacturing, LLC (3.54%), PSI Services LLC (4.40%), Reliant Pro Rehab, LLC (nil) and The Hilb Group, LLC (3.96%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                                                                                                                                                                                                                          |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | Denotes that all or a portion of the assets are owned by the 2015-1 Issuer and secure the notes issued in connection with a $400 million term debt securitization completed by the Company on June 26, 2015 (see Note 7, 2015-1 Notes). Accordingly, such assets are not available to the creditors of the SPV or the Company. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details. |

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (15) | As of December 31, 2016, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated                                  | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments |   |   |   |   |   |   |   |
| Advanced Instruments, LLC                                                        | Revolver |   | 0.50 | % |   | $ | 2,500 |  |   | $ | (25 | ) |
| Captive Resources Midco, LLC                                                     | Revolver |   | 0.50 |  |   | 1,875 |  |   | (2 | ) |
| Captive Resources Midco, LLC                                                     | Delayed Draw |   | 1.25 |  |   | 3,125 |  |   | (4 | ) |
| CIP Revolution Holdings, LLC                                                     | Revolver |   | 0.50 |  |   | 1,331 |  |   | 6 |  |
| CIP Revolution Holdings, LLC                                                     | Delayed Draw |   | 0.75 |  |   | 1,331 |  |   | 6 |  |
| Derm Growth Partners III, LLC (Dermatology Associates)                           | Revolver |   | 0.50 |  |   | 1,672 |  |   | 1 |  |
| Derm Growth Partners III, LLC (Dermatology Associates)                           | Delayed Draw |   | 1.00 |  |   | 5,247 |  |   | 4 |  |
| Dimensional Dental Management, LLC                                               | Delayed Draw |   | 1.00 |  |   | 2,507 |  |   | (23 | ) |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.)                               | Revolver |   | 0.50 |  |   | 4,750 |  |   | (30 | ) |
| Direct Travel, Inc.                                                              | Delayed Draw |   | 1.00 |  |   | 9,658 |  |   | (56 | ) |
| Green Plains II LLC                                                              | Revolver |   | 0.50 |  |   | 1,352 |  |   | 14 |  |
| National Technical Systems, Inc.                                                 | Revolver |   | 0.50 |  |   | 2,031 |  |   | (102 | ) |
| National Technical Systems, Inc.                                                 | Delayed Draw |   | 1.00 |  |   | 4,469 |  |   | (165 | ) |
| OnCourse Learning Corporation                                                    | Revolver |   | 0.50 |  |   | 859 |  |   | 2 |  |
| PT Intermediate Holdings III, LLC (Parts Town)                                   | Revolver |   | 0.50 |  |   | 2,025 |  |   | 15 |  |
| Superior Health Linens, LLC                                                      | Revolver |   | 0.50 |  |   | 2,735 |  |   | (17 | ) |
| T2 Systems, Inc.                                                                 | Revolver |   | 0.50 |  |   | 2,933 |  |   | 29 |  |
| The Hilb Group, LLC                                                              | Delayed Draw |   | 1.00 |  |   | 3,810 |  |   | 16 |  |
| Vetcor Professional Practices, LLC                                               | Delayed Draw |   | 1.00 |  |   | 3,057 |  |   | 18 |  |
| Winchester Electronics Corporation                                               | Delayed Draw |   | 1.00 |  |   | 2,500 |  |   | 8 |  |
| Total unfunded commitments                                                       |   |   |   |   | $ | 59,767 |  |   | $ | (305 | ) |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (16) | As of December 31, 2016, this LIBOR loan was indexed to the 30-day LIBOR rate at 0.77%. |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |
| Type                           | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt                | $ | 1,145,326 |  |   | $ | 1,139,548 |  |   | 80.09 | % |
| Second Lien Debt               | 172,960 |  |   | 171,864 |  |   | 12.08 |  |
| Structured Finance Obligations | 9,239 |  |   | 5,216 |  |   | 0.37 |  |
| Equity Investments             | 5,071 |  |   | 6,474 |  |   | 0.46 |  |
| Investment Fund                | 97,385 |  |   | 99,657 |  |   | 7.00 |  |
| Total                          | $ | 1,429,981 |  |   | $ | 1,422,759 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |
| Rate Type     | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate | $ | 1,308,455 |  |   | $ | 1,301,549 |  |   | 99.25 | % |
| Fixed Rate    | 9,831 |  |   | 9,863 |  |   | 0.75 |  |
| Total         | $ | 1,318,286 |  |   | $ | 1,311,412 |  |   | 100.00 | % |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |
| Industry                                           | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                       | $ | 62,759 |  |   | $ | 61,371 |  |   | 4.31 | % |
| Automotive                                         | 37,780 |  |   | 38,414 |  |   | 2.70 |  |
| Banking, Finance, Insurance & Real Estate | 148,577 |  |   | 150,700 |  |   | 10.59 |  |
| Beverage, Food & Tobacco                  | 15,059 |  |   | 15,379 |  |   | 1.08 |  |
| Business Services                                  | 149,205 |  |   | 141,784 |  |   | 9.97 |  |
| Capital Equipment                                  | 36,811 |  |   | 37,316 |  |   | 2.62 |  |
| Chemicals, Plastics & Rubber              | 19,784 |  |   | 19,801 |  |   | 1.39 |  |
| Construction & Building                   | 23,403 |  |   | 23,691 |  |   | 1.67 |  |
| Consumer Services                                  | 78,693 |  |   | 79,941 |  |   | 5.62 |  |
| Containers, Packaging & Glass             | 49,442 |  |   | 47,706 |  |   | 3.35 |  |
| Durable Consumer Goods                             | 19,930 |  |   | 19,932 |  |   | 1.04 |  |
| Energy: Electricity                                | 36,783 |  |   | 36,758 |  |   | 2.59 |  |
| Energy: Oil & Gas                         | 11,132 |  |   | 10,911 |  |   | 0.77 |  |
| Environmental Industries                           | 40,763 |  |   | 41,299 |  |   | 2.90 |  |
| Forest Products & Paper                   | 23,752 |  |   | 23,924 |  |   | 1.68 |  |
| Healthcare & Pharmaceuticals              | 159,072 |  |   | 161,544 |  |   | 11.36 |  |
| High Tech Industries                               | 45,617 |  |   | 46,317 |  |   | 3.26 |  |
| Hotel, Gaming & Leisure                   | 30,450 |  |   | 30,014 |  |   | 2.11 |  |
| Investment Fund                                    | 97,385 |  |   | 99,657 |  |   | 7.00 |  |
| Media: Advertising, Printing & Publishing | 70,988 |  |   | 71,999 |  |   | 5.06 |  |
| Metals & Mining                           | 10,232 |  |   | 10,259 |  |   | 0.72 |  |
| Non-durable Consumer Goods                         | 32,759 |  |   | 29,348 |  |   | 2.06 |  |
| Retail                                             | 8,625 |  |   | 8,320 |  |   | 0.58 |  |
| Software                                           | 11,110 |  |   | 11,265 |  |   | 0.79 |  |
| Structured Finance                                 | 9,239 |  |   | 5,216 |  |   | 0.37 |  |
| Telecommunications                                 | 108,553 |  |   | 110,359 |  |   | 7.76 |  |
| Transportation: Cargo                              | 34,323 |  |   | 34,306 |  |   | 2.41 |  |
| Transportation: Consumer                           | 26,841 |  |   | 27,882 |  |   | 1.96 |  |
| Wholesale                                          | 30,914 |  |   | 27,346 |  |   | 1.92 |  |
| Total                                              | $ | 1,429,981 |  |   | $ | 1,422,759 |  |   | 100.00 | % |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |
| Geography      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Cayman Islands | $ | 9,239 |  |   | $ | 5,216 |  |   | 0.37 | % |
| United Kingdom | 21,144 |  |   | 20,969 |  |   | 1.47 |  |
| United States  | 1,399,598 |  |   | 1,396,574 |  |   | 98.16 |  |
| Total          | $ | 1,429,981 |  |   | $ | 1,422,759 |  |   | 100.00 | % |

----

----

----

----

----

----

|         |                                                    |
|---------|----------------------------------------------------|
| • | the nature and realizable value of any collateral; |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | call features, put features and other relevant terms of debt; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | the portfolio company’s leverage and ability to make payments; |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | the portfolio company’s public or private credit rating; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | the portfolio company’s actual and expected earnings and discounted cash flow; |

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | prevailing interest rates and spreads for similar securities and expected volatility in future interest rates; |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | the markets in which the portfolio company does business and recent economic and/or market events; and |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | comparisons to comparable transactions and publicly traded securities. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. The types of financial instruments in Level 1 generally include unrestricted securities, including equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. The type of financial instruments in this category generally includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are in this category generally include investments in privately-held entities, CLOs, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | June 30, 2017 |
|                                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                      |   |   |   |   |   |
| First Lien Debt                             | $ | — |  |   | $ | — |  |   | $ | 1,270,078 |  |   | $ | 1,270,078 |  |
| Second Lien Debt                            | — |  |   | — |  |   | 250,765 |  |   | 250,765 |  |
| Structured Finance Obligations              | — |  |   | — |  |   | 2,597 |  |   | 2,597 |  |
| Equity Investments                          | — |  |   | — |  |   | 10,722 |  |   | 10,722 |  |
| Investment Fund                             |   |   |   |   |   |   |   |
| Mezzanine Loan                              | — |  |   | — |  |   | 113,100 |  |   | 113,100 |  |
| Subtotal                                    | $ | — |  |   | $ | — |  |   | $ | 1,647,262 |  |   | $ | 1,647,262 |  |
| Investments measured at net asset value (1) |   |   |   |   |   |   | 72,211 |  |
| Total                                       |   |   |   |   |   |   | $ | 1,719,473 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | December 31, 2016 |
|                                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                      |   |   |   |   |   |
| First Lien Debt                             | $ | — |  |   | $ | — |  |   | $ | 1,139,548 |  |   | $ | 1,139,548 |  |
| Second Lien Debt                            | — |  |   | — |  |   | 171,864 |  |   | 171,864 |  |
| Structured Finance Obligations              | — |  |   | — |  |   | 5,216 |  |   | 5,216 |  |
| Equity Investments                          | — |  |   | — |  |   | 6,474 |  |   | 6,474 |  |
| Investment Fund                             |   |   |   |   |   |   |   |
| Mezzanine Loan                              | — |  |   | — |  |   | 62,384 |  |   | 62,384 |  |
| Subtotal                                    | $ | — |  |   | $ | — |  |   | $ | 1,385,486 |  |   | $ | 1,385,486 |  |
| Investments measured at net asset value (1) |   |   |   |   |   |   | 37,273 |  |
| Total                                       |   |   |   |   |   |   | $ | 1,422,759 |  |

----

|     |                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Amount represents the Company’s subordinated loan and member’s interest investments in Credit Fund. The fair value of these investments has been estimated using the net asset value of the Company’s ownership interests in Credit Fund. |

|                                                                                                                                                                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                       | Financial AssetsFor the three month period ended June 30, 2017 |
|                                                                                                                                                                                                                                                                                       | First Lien Debt |   | Second Lien Debt |   | Structured Finance Obligations |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                                               | $ | 1,085,554 |  |   | $ | 161,643 |  |   | $ | 2,776 |  |   | $ | 8,451 |  |   | $ | 86,044 |  |   | $ | 1,344,468 |  |
| Purchases                                                                                                                                                                                                                                                                                  | 439,832 |  |   | 95,278 |  |   | — |  |   | 2,256 |  |   | 38,500 |  |   | 575,866 |  |
| Sales                                                                                                                                                                                                                                                                                      | (103,969 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (103,969 | ) |
| Paydowns                                                                                                                                                                                                                                                                                   | (146,949 | ) |   | (7,393 | ) |   | (231 | ) |   | — |  |   | (11,444 | ) |   | (166,017 | ) |
| Accretion of discount                                                                                                                                                                                                                                                                      | 2,848 |  |   | 147 |  |   | — |  |   | — |  |   | — |  |   | 2,995 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                                                | (299 | ) |   | — |  |   | 97 |  |   | — |  |   | — |  |   | (202 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                                                       | (6,939 | ) |   | 1,090 |  |   | (45 | ) |   | 15 |  |   | — |  |   | (5,879 | ) |
| Balance, end of period                                                                                                                                                                                                                                                                     | $ | 1,270,078 |  |   | $ | 250,765 |  |   | $ | 2,597 |  |   | $ | 10,722 |  |   | $ | 113,100 |  |   | $ | 1,647,262 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of June 30, 2017 included in net change in unrealized appreciation (depreciation) on investments non-controlled/non-affiliated on the Consolidated Statements of Operations | $ | (5,197 | ) |   | $ | 1,089 |  |   | $ | 127 |  |   | $ | 15 |  |   | $ | — |  |   | $ | (3,966 | ) |

|                                                                                                                                                                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                       | Financial AssetsFor the three month period ended June 30, 2016 |
|                                                                                                                                                                                                                                                                                       | First Lien Debt |   | Second Lien Debt |   | Structured Finance Obligations |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                                               | $ | 873,670 |  |   | $ | 227,890 |  |   | $ | 30,355 |  |   | $ | 2,795 |  |   | $ | — |  |   | $ | 1,134,710 |  |
| Purchases                                                                                                                                                                                                                                                                                  | 124,852 |  |   | — |  |   | — |  |   | 2,001 |  |   | 1,000 |  |   | 127,853 |  |
| Sales                                                                                                                                                                                                                                                                                      | (39,106 | ) |   | — |  |   | (20,652 | ) |   | — |  |   | — |  |   | (59,758 | ) |
| Paydowns                                                                                                                                                                                                                                                                                   | (21,450 | ) |   | (12,493 | ) |   | (5,257 | ) |   | — |  |   | — |  |   | (39,200 | ) |
| Accretion of discount                                                                                                                                                                                                                                                                      | 910 |  |   | 189 |  |   | — |  |   | — |  |   | — |  |   | 1,099 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                                                | 167 |  |   | — |  |   | (6,189 | ) |   | — |  |   | — |  |   | (6,022 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                                                       | 5,451 |  |   | 3,797 |  |   | 9,783 |  |   | (93 | ) |   | — |  |   | 18,938 |  |
| Balance, end of period                                                                                                                                                                                                                                                                     | $ | 944,494 |  |   | $ | 219,383 |  |   | $ | 8,040 |  |   | $ | 4,703 |  |   | $ | 1,000 |  |   | $ | 1,177,620 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of June 30, 2016 included in net change in unrealized appreciation (depreciation) on investments non-controlled/non-affiliated on the Consolidated Statements of Operations | $ | 5,397 |  |   | $ | 3,797 |  |   | $ | 987 |  |   | $ | (93 | ) |   | $ | — |  |   | $ | 10,088 |  |

----

|                                                                                                                                                                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                       | Financial AssetsFor the six month period ended June 30, 2017 |
|                                                                                                                                                                                                                                                                                       | First Lien Debt |   | Second Lien Debt |   | Structured Finance Obligations |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                                               | $ | 1,139,548 |  |   | $ | 171,864 |  |   | $ | 5,216 |  |   | $ | 6,474 |  |   | $ | 62,384 |  |   | $ | 1,385,486 |  |
| Purchases                                                                                                                                                                                                                                                                                  | 532,625 |  |   | 97,060 |  |   | — |  |   | 3,756 |  |   | 84,160 |  |   | 717,601 |  |
| Sales                                                                                                                                                                                                                                                                                      | (128,692 | ) |   | (2,978 | ) |   | — |  |   | — |  |   | — |  |   | (131,670 | ) |
| Paydowns                                                                                                                                                                                                                                                                                   | (267,821 | ) |   | (17,393 | ) |   | (2,749 | ) |   | — |  |   | (33,444 | ) |   | (321,407 | ) |
| Accretion of discount                                                                                                                                                                                                                                                                      | 6,273 |  |   | 298 |  |   | — |  |   | — |  |   | — |  |   | 6,571 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                                                | (7,851 | ) |   | (3 | ) |   | (42 | ) |   | — |  |   | — |  |   | (7,896 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                                                       | (4,004 | ) |   | 1,917 |  |   | 172 |  |   | 492 |  |   | — |  |   | (1,423 | ) |
| Balance, end of period                                                                                                                                                                                                                                                                     | $ | 1,270,078 |  |   | $ | 250,765 |  |   | $ | 2,597 |  |   | $ | 10,722 |  |   | $ | 113,100 |  |   | $ | 1,647,262 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of June 30, 2017 included in net change in unrealized appreciation (depreciation) on investments non-controlled/non-affiliated on the Consolidated Statements of Operations | $ | (8,669 | ) |   | $ | 2,037 |  |   | $ | 127 |  |   | $ | 492 |  |   | $ | — |  |   | $ | (6,013 | ) |

|                                                                                                                                                                                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                       | Financial AssetsFor the six month period ended June 30, 2016 |
|                                                                                                                                                                                                                                                                                       | First Lien Debt |   | Second Lien Debt |   | Structured Finance Obligations |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                                               | $ | 785,459 |  |   | $ | 210,396 |  |   | $ | 44,812 |  |   | $ | 2,424 |  |   | $ | — |  |   | $ | 1,043,091 |  |
| Purchases                                                                                                                                                                                                                                                                                  | 223,654 |  |   | 33,488 |  |   | — |  |   | 2,001 |  |   | 1,000 |  |   | 260,143 |  |
| Sales                                                                                                                                                                                                                                                                                      | (41,299 | ) |   | (10,835 | ) |   | (30,457 | ) |   | — |  |   | — |  |   | (82,591 | ) |
| Paydowns                                                                                                                                                                                                                                                                                   | (24,776 | ) |   | (12,493 | ) |   | (5,257 | ) |   | — |  |   | — |  |   | (42,526 | ) |
| Accretion of discount                                                                                                                                                                                                                                                                      | 1,442 |  |   | 286 |  |   | (31 | ) |   | — |  |   | — |  |   | 1,697 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                                                | 171 |  |   | — |  |   | (9,770 | ) |   | — |  |   | — |  |   | (9,599 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                                                       | (157 | ) |   | (1,459 | ) |   | 8,743 |  |   | 278 |  |   | — |  |   | 7,405 |  |
| Balance, end of period                                                                                                                                                                                                                                                                     | $ | 944,494 |  |   | $ | 219,383 |  |   | $ | 8,040 |  |   | $ | 4,703 |  |   | $ | 1,000 |  |   | $ | 1,177,620 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of June 30, 2016 included in net change in unrealized appreciation (depreciation) on investments non-controlled/non-affiliated on the Consolidated Statements of Operations | $ | (189 | ) |   | $ | (1,533 | ) |   | $ | (458 | ) |   | $ | 278 |  |   | $ | — |  |   | $ | (1,902 | ) |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                | Fair Value as of June 30, 2017 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   |   |
|                                                | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt                      | $ | 1,201,475 |  |   | Discounted Cash Flow |   | Discount Rate |   | 4.59 | % |   | 13.45 | % |   | 8.27 | % |
|                                                | 68,603 |  |   | Consensus Pricing |   | Indicative Quotes |   | 60.33 |  |   | 100.94 |  |   | 90.49 |  |
| Total First Lien Debt                               | 1,270,078 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt                     | 216,765 |  |   | Discounted Cash Flow |   | Discount Rate |   | 7.77 | % |   | 11.34 | % |   | 9.89 | % |
|                                                | 31,932 |  |   | Consensus Pricing |   | Indicative Quotes |   | 94.75 |  |   | 100.13 |  |   | 98.29 |  |
|                                                | 2,068 |  |   | Income Approach |   | Discount Rate |   | 10.05 | % |   | 10.05 | % |   | 10.05 | % |
|                                                |   |   | Market Approach |   | Comparable Multiple |   | 8.92x |  |   | 9.65x |  |   | 9.29x |  |
| Total Second Lien Debt                              | 250,765 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Structured Finance Obligations       | 2,597 |  |   | Consensus Pricing |   | Indicative Quotes |   | 22.10 |  |   | 22.10 |  |   | 22.10 |  |
| Total Structured Finance Obligations                | 2,597 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                               | 10,722 |  |   | Income Approach |   | Discount Rate |   | 7.20 | % |   | 18.68 | % |   | 9.11 | % |
|                                                |   |   | Market Approach |   | Comparable Multiple |   | 4.37x |  |   | 13.32x |  |   | 10.66x |  |
| Total Equity Investments                            | 10,722 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Investment Fund—Mezzanine Loan | 113,100 |  |   | Income Approach |   | Repayment Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Total Investment Fund—Mezzanine Loan          | 113,100 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments                      | $ | 1,647,262 |  |   |   |   |   |   |   |   |   |   |   |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                | Fair Value as of December 31, 2016 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   |   |
|                                                | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt                      | $ | 986,695 |  |   | Discounted Cash Flow |   | Discount Rate |   | 4.50 | % |   | 16.33 | % |   | 7.94 | % |
|                                                | 152,853 |  |   | Consensus Pricing |   | Indicative Quotes |   | 40.75 |  |   | 106.36 |  |   | 97.29 |  |
| Total First Lien Debt                               | 1,139,548 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt                     | 153,657 |  |   | Discounted Cash Flow |   | Discount Rate |   | 7.93 | % |   | 11.05 | % |   | 9.75 | % |
|                                                | 16,525 |  |   | Consensus Pricing |   | Indicative Quotes |   | 83.17 |  |   | 100.88 |  |   | 94.48 |  |
|                                                | 1,682 |  |   | Income Approach |   | Discount Rate |   | 15.32 | % |   | 15.32 | % |   | 15.32 | % |
|                                                |   |   | Market Approach |   | Comparable Multiple |   | 8.01x |  |   | 8.68x |  |   | 8.34x |  |
| Total Second Lien Debt                              | 171,864 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Structured Finance Obligations       | 2,761 |  |   | Discounted Cash Flow |   | Discount Rate |   | 22.00 | % |   | 22.00 | % |   | 22.00 | % |
|                                                |   |   |   |   | Default Rate |   | 1.13 |  |   | 1.13 |  |   | 1.13 |  |
|                                                |   |   |   |   | Prepayment Rate |   | 35.00 |  |   | 35.00 |  |   | 35.00 |  |
|                                                |   |   |   |   | Recovery Rate |   | 65.00 |  |   | 65.00 |  |   | 65.00 |  |
|                                                | 2,455 |  |   | Consensus Pricing |   | Indicative Quotes |   | 0.10 |  |   | 48.79 |  |   | 48.50 |  |
| Total Structured Finance Obligations                | 5,216 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                               | 6,474 |  |   | Income Approach |   | Discount Rate |   | 8.68 | % |   | 10.40 | % |   | 9.41 | % |
|                                                |   |   | Market Approach |   | Comparable Multiple |   | 7.22x |  |   | 13.71x |  |   | 11.00x |  |
| Total Equity Investments                            | 6,474 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Investment Fund—Mezzanine Loan | 62,384 |  |   | Income Approach |   | Repayment Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Total Investment Fund—Mezzanine Loan          | 62,384 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments                      | $ | 1,385,486 |  |   |   |   |   |   |   |   |   |   |   |

----

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | June 30, 2017 |   | December 31, 2016 |
|               | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Secured borrowings | $ | 331,597 |  |   | $ | 331,597 |  |   | $ | 421,885 |  |   | $ | 421,885 |  |
| Total              | $ | 331,597 |  |   | $ | 331,597 |  |   | $ | 421,885 |  |   | $ | 421,885 |  |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | June 30, 2017 |   | December 31, 2016 |
|                          | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1A Notes | $ | 160,000 |  |   | $ | 160,029 |  |   | $ | 160,000 |  |   | $ | 160,072 |  |
| Aaa/AAA Class A-1B Notes | 40,000 |  |   | 40,002 |  |   | 40,000 |  |   | 39,960 |  |
| Aaa/AAA Class A-1C Notes | 27,000 |  |   | 27,009 |  |   | 27,000 |  |   | 26,951 |  |
| Aa2 Class A-2 Notes      | 46,000 |  |   | 46,005 |  |   | 46,000 |  |   | 45,784 |  |
| Total                         | $ | 273,000 |  |   | $ | 273,045 |  |   | $ | 273,000 |  |   | $ | 272,767 |  |

----

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which its pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.875% in any calendar quarter (7.50% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.875%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 20% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.875% in any calendar quarter; and |

|         |                                                                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 20% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.875% in any calendar quarter (7.50% annualized) will be payable to the Investment Adviser. This reflects that once the hurdle rate is reached and the catch-up is achieved, 20% of all pre-incentive fee investment income thereafter is allocated to the Investment Adviser. |

----

----

----

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | As of June 30, 2017 |   | As of December 31, 2016 |
| Senior secured loans (1)                                                    | $ | 802,725 |  |   | $ | 439,086 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 6.58 | % |   | 6.47 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 6.53 | % |   | 6.41 | % |
| Number of portfolio companies in Credit Fund                                | 44 |  |   | 28 |  |
| Average amount per portfolio company (1)                                    | $ | 18,244 |  |   | $ | 15,682 |  |

|     |                          |
|-----|--------------------------|
| (1) | At par/principal amount. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2017 and December 31, 2016. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of June 30, 2017                        |
| Investments (1)                                                                 | Industry |   | Interest Rate |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.59% of fair value)                                          |   |   |   |   |   |   |   |   |   |   |   |
| Acrisure, LLC (2) (3) (4)                                                       | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 11/22/2023 |   | $ | 19,950 |  |   | $ | 19,900 |  |   | $ | 20,116 |  |
| Advanced Instruments, LLC (2) (3) (4) (7) (10)                                  | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 11,940 |  |   | 11,812 |  |   | 11,898 |  |
| Alpha Packaging Holdings, Inc. (2) (3) (4) (7) (10)                             | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 20,315 |  |   | 20,246 |  |   | 20,315 |  |
| AM Conservation Holding Corporation (2) (3) (4)                                 | Energy: Electricity |   | L + 4.75% (1.00% Floor) |   | 10/31/2022 |   | 29,850 |  |   | 29,593 |  |   | 29,850 |  |
| AMS Finco S.A.R.L. (Alexander Mann Solutions) (United Kingdom) (2) (3) (4) (11) | Business Services |   | L + 5.50% (1.00% Floor) |   | 5/26/2024 |   | 25,000 |  |   | 24,751 |  |   | 24,905 |  |
| Anaren, Inc. (2) (3) (4)                                                        | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 10,091 |  |   | 10,065 |  |   | 10,104 |  |
| AQA Acquisition Holding, Inc. (2) (3) (4) (7) (10)                              | High Tech Industries |   | L + 4.50% (1.00% Floor) |   | 5/24/2023 |   | 27,541 |  |   | 27,392 |  |   | 27,466 |  |
| Borchers, Inc. (2) (3) (4) (7) (10)                                             | Chemicals, Plastics & Rubber |   | L + 4.75% (1.00% Floor) |   | 1/13/2024 |   | 8,044 |  |   | 7,978 |  |   | 8,092 |  |
| Brooks Equipment Company, LLC (2) (3) (4)                                       | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 7,479 |  |   | 7,460 |  |   | 7,462 |  |
| Datapipe, Inc. (2) (3) (4)                                                 | Telecommunications |   | L + 4.75% (1.00% Floor) |   | 3/15/2019 |   | 9,700 |  |   | 9,634 |  |   | 9,735 |  |
| DBI Holding LLC (2) (3) (4) (11)                                                | Business Services |   | L + 5.25% (1.00% Floor) |   | 8/1/2021 |   | 19,900 |  |   | 19,735 |  |   | 19,914 |  |
| Dent Wizard International Corporation (2) (3) (4) (11)                          | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 24,626 |  |   | 24,489 |  |   | 24,592 |  |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.) (2) (3) (4) (11)             | Construction & Building |   | L + 4.50% (1.00% Floor) |   | 4/4/2023 |   | 19,750 |  |   | 19,500 |  |   | 19,699 |  |
| DTI Holdco, Inc. (2) (3) (4)                                                    | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 9/30/2023 |   | 19,850 |  |   | 19,662 |  |   | 19,786 |  |
| EAG, Inc. (2) (3) (4) (11)                                                      | Business Services |   | L + 4.25% (1.00% Floor) |   | 7/28/2018 |   | 8,231 |  |   | 8,237 |  |   | 8,231 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (8) (11)                            | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 22,817 |  |   | 22,229 |  |   | 22,347 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (9) (11)                            | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 1,500 |  |   | 1,459 |  |   | 1,468 |  |
| Empower Payments Acquisitions, Inc. (2) (3) (4)                                 | Media: Advertising, Printing & Publishing |   | L + 5.50% (1.00% Floor) |   | 11/30/2023 |   | 17,413 |  |   | 17,083 |  |   | 17,400 |  |
| FCX Holdings Corp. (2) (3) (4) (11)                                             | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 9,644 |  |   | 9,593 |  |   | 9,644 |  |
| Jensen Hughes, Inc. (2) (3) (4) (7) (10) (12)                                   | Utilities: Electric |   | L + 5.00% (1.00% Floor) |   | 12/4/2021 |   | 20,409 |  |   | 20,207 |  |   | 20,372 |  |
| Kestra Financial, Inc. (2) (3) (4)                                              | Banking, Finance, Insurance & Real Estate |   | L + 5.25% (1.00% Floor) |   | 6/24/2022 |   | 19,800 |  |   | 19,482 |  |   | 19,529 |  |
| MSHC, Inc. (2) (3) (4) (10) (11)                                                | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 7/19/2021 |   | 14,817 |  |   | 14,725 |  |   | 14,741 |  |
| PAI Holdco, Inc. (Parts Authority) (2) (3) (4)                                  | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/30/2022 |   | 9,900 |  |   | 9,840 |  |   | 9,900 |  |
| Paradigm Acquisition Corp. (2) (3) (4)                                     | Business Services |   | L + 5.00% (1.00% Floor) |   | 6/2/2022 |   | 11,939 |  |   | 11,846 |  |   | 11,939 |  |
| Pasternack Enterprises, Inc. (Infinite RF) (2) (3) (4) (11)                     | Capital Equipment |   | L + 5.00% (1.00% Floor) |   | 5/27/2022 |   | 20,331 |  |   | 20,228 |  |   | 20,306 |  |
| Premier Senior Marketing, LLC (2) (3) (4) (11)                                  | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 7/1/2022 |   | 8,744 |  |   | 8,701 |  |   | 8,669 |  |
| PSI Services LLC (2) (3) (4) (7) (10)                                           | Business Services |   | L + 5.00% (1.00% Floor) |   | 1/19/2023 |   | 30,829 |  |   | 30,255 |  |   | 30,417 |  |
| Q Holding Company (2) (3) (4)                                              | Automotive |   | L + 5.00% (1.00% Floor) |   | 12/18/2021 |   | 17,366 |  |   | 17,276 |  |   | 17,366 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (7) (10)                             | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 12,246 |  |   | 11,833 |  |   | 12,363 |  |
| Ramundsen Public Sector, LLC (2) (3) (4)                                        | Sovereign & Public Finance |   | L + 4.25% (1.00% Floor) |   | 2/1/2024 |   | 3,990 |  |   | 3,973 |  |   | 4,005 |  |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of June 30, 2017    |
| Investments (1)                                             | Industry |   | Interest Rate |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.59% of fair value)                      |   |   |   |   |   |   |   |   |   |   |   |
| RelaDyne Inc. (2) (3) (4) (7) (10)                     | Wholesale |   | L + 5.25% (1.00% Floor) |   | 7/22/2022 |   | $ | 34,410 |  |   | $ | 33,991 |  |   | $ | 34,410 |  |
| Restaurant Technologies, Inc. (2) (3) (4)                   | Retail |   | L + 4.75% (1.00% Floor) |   | 11/23/2022 |   | 17,456 |  |   | 17,312 |  |   | 17,334 |  |
| Systems Maintenance Services Holding, Inc. (2) (3) (4) (11) | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 10/30/2023 |   | 24,378 |  |   | 24,211 |  |   | 24,456 |  |
| Surgical Information Systems, LLC (2) (3) (4) (9)           | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 4/24/2023 |   | 30,000 |  |   | 29,708 |  |   | 29,817 |  |
| T2 Systems Canada, Inc. (2) (3) (4)                         | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 2,686 |  |   | 2,583 |  |   | 2,687 |  |
| T2 Systems, Inc. (2) (3) (4) (7) (10)                       | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 15,223 |  |   | 14,885 |  |   | 15,225 |  |
| Teaching Strategies, LLC (2) (3) (4) (7) (10) (11)          | Media: Advertising, Printing & Publishing |   | L + 4.75% (1.00% Floor) |   | 2/27/2023 |   | 18,055 |  |   | 17,878 |  |   | 17,891 |  |
| The Original Cakerie, Ltd. (Canada) (2) (3) (4) (7) (10)    | Beverage, Food & Tobacco |   | L + 5.00% (1.00% Floor) |   | 7/20/2021 |   | 6,974 |  |   | 6,918 |  |   | 6,974 |  |
| The Original Cakerie, Co. (Canada) (2) (3) (4)              | Beverage, Food & Tobacco |   | L + 5.50% (1.00% Floor) |   | 7/20/2021 |   | 3,603 |  |   | 3,575 |  |   | 3,603 |  |
| U.S. Acute Care Solutions, LLC (2) (3) (4)                  | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 5/15/2021 |   | 32,193 |  |   | 31,943 |  |   | 32,038 |  |
| U.S. TelePacific Holdings Corp.  (2) (3) (4) (11)           | Telecommunications |   | L + 5.00% (1.00% Floor) |   | 5/2/2023 |   | 30,000 |  |   | 29,695 |  |   | 29,589 |  |
| Valicor Environmental Services, LLC (2) (3) (7) (10) (11)   | Environmental Industries |   | L + 5.00% (1.00% Floor) |   | 6/1/2023 |   | 19,589 |  |   | 19,070 |  |   | 19,229 |  |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)          | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 2/5/2021 |   | 22,275 |  |   | 22,165 |  |   | 22,275 |  |
| WIRB - Copernicus Group, Inc. (2) (3) (4)                   | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 8/12/2022 |   | 14,913 |  |   | 14,839 |  |   | 14,948 |  |
| WRE Holding Corp. (2) (3) (4) (7) (10)                 | Environmental Industries |   | L + 4.75% (1.00% Floor) |   | 1/3/2023 |   | 4,741 |  |   | 4,644 |  |   | 4,676 |  |
| Zest Holdings, LLC (2) (3) (4) (11)                         | Durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 8/16/2023 |   | 21,554 |  |   | 21,500 |  |   | 21,715 |  |
| Zywave, Inc. (2) (3) (4) (7) (10)                      | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 11/17/2022 |   | 17,413 |  |   | 17,243 |  |   | 17,515 |  |
| First Lien Debt Total                                       |   |   |   |   |   |   |   |   | $ | 791,344 |  |   | $ | 797,013 |  |
| Second Lien Debt (0.41%)                                    |   |   |   |   |   |   |   |   |   |   |   |
| Ramundsen Public Sector, LLC (2) (3) (4) (7)                | Sovereign & Public Finance |   | L + 8.50% (1.00% Floor) |   | 1/31/2025 |   | $ | 200 |  |   | $ | 198 |  |   | $ | 200 |  |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)          | Chemicals, Plastics & Rubber |   | L + 8.75% (1.00% Floor) |   | 2/5/2022 |   | 2,000 |  |   | 1,966 |  |   | 2,017 |  |
| Zywave, Inc. (2) (3) (4)                                    | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 1,050 |  |   | 1,035 |  |   | 1,057 |  |
| Second Lien Debt Total                                      |   |   |   |   |   |   |   |   | $ | 3,199 |  |   | $ | 3,274 |  |
| Total Investments                                           |   |   |   |   |   |   |   |   | $ | 794,543 |  |   | $ | 800,287 |  |

|     |                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of June 30, 2017, the geographical composition of investments as a percentage of fair value was 1.32% in Canada, 3.11% in the United Kingdom, and 95.57% in the United States. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate (“P”)), which generally resets quarterly. For each such loan, Credit Fund has provided the interest rate in effect as of June 30, 2017. As of June 30, 2017, all of Credit Fund’s LIBOR loans were indexed to the 90-day LIBOR rate at 1.30%, except for those loans as indicated in Note 11 below, and the U.S. Prime Rate loan was indexed at 4.00%. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

----

|     |                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements. |

|     |                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Credit Fund receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.25% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (1.03%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------|
| (10) | As of June 30, 2017, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                        | Revolver |   | 0.50 | % |   | $ | 1,333 |  |   | $ | (4 | ) |
| Alpha Packaging Holdings, Inc.                                                   | Delayed Draw |   | 0.50 | % |   | 1,780 |  |   | — |  |
| AQA Acquisition Holding, Inc.                                                    | Revolver |   | 0.50 | % |   | 2,459 |  |   | (6 | ) |
| Borchers, Inc.                                                                   | Revolver |   | 0.50 | % |   | 1,935 |  |   | 9 |  |
| Jensen Hughes, Inc.                                                              | Delayed Draw |   | 1.00 | % |   | 1,461 |  |   | (2 | ) |
| Jensen Hughes, Inc.                                                              | Revolver |   | 0.50 | % |   | 2,000 |  |   | (3 | ) |
| MSHC, Inc.                                                                       | Delayed Draw |   | 1.50 | % |   | 83 |  |   | — |  |
| PSI Services LLC                                                                 | Revolver |   | 0.50 | % |   | 377 |  |   | (5 | ) |
| QW Holding Corporation (Quala)                                                   | Delayed Draw |   | 1.00 | % |   | 4,594 |  |   | 27 |  |
| QW Holding Corporation (Quala)                                                   | Revolver |   | 0.50 | % |   | 3,134 |  |   | 18 |  |
| RelaDyne Inc.                                                                    | Delayed Draw |   | 1.00 | % |   | 3,378 |  |   | — |  |
| RelaDyne Inc.                                                                    | Revolver |   | 0.50 | % |   | 2,433 |  |   | — |  |
| T2 Systems, Inc.                                                                 | Revolver |   | 0.50 | % |   | 1,955 |  |   | — |  |
| Teaching Strategies, LLC                                                         | Revolver |   | 0.50 | % |   | 1,900 |  |   | (16 | ) |
| The Original Cakerie, Ltd. (Canada)                                              | Revolver |   | 0.50 | % |   | 1,665 |  |   | — |  |
| Valicor Environmental Services, LLC                                              | Delayed Draw |   | 0.50 | % |   | 5,825 |  |   | (70 | ) |
| Valicor Environmental Services, LLC                                              | Revolver |   | 0.50 | % |   | 4,586 |  |   | (55 | ) |
| WRE Holding Corp.                                                                | Delayed Draw |   | 1.00 | % |   | 4,125 |  |   | (27 | ) |
| WRE Holding Corp.                                                                | Revolver |   | 0.50 | % |   | 1,123 |  |   | (7 | ) |
| Zywave, Inc.                                                                     | Revolver |   | 0.50 | % |   | 1,500 |  |   | 8 |  |
| Total unfunded commitments                                                       |   |   |   |   | $ | 47,646 |  |   | $ | (133 | ) |

|      |                                                                                          |
|------|------------------------------------------------------------------------------------------|
| (11) | As of June 30, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.22%. |

|      |                                                                                                |
|------|------------------------------------------------------------------------------------------------|
| (12) |  As of June 30, 2017, this LIBOR loan was indexed to the 180-day LIBOR rate at 1.45%. |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2016   |
| Investments (1)                                                     | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.31% of fair value)                              |   |   |   |   |   |   |   |   |   |   |   |
| AM Conservation Holding Corporation (2) (3) (4)                | Energy: Electricity |   | L + 4.75% (1.00% Floor) |   | 10/31/2022 |   | $ | 30,000 |  |   | $ | 29,721 |  |   | $ | 29,925 |  |
| Datapipe, Inc. (2) (3) (4) (11)                                     | Telecommunications |   | L + 4.75% (1.00% Floor) |   | 3/15/2019 |   | 9,750 |  |   | 9,654 |  |   | 9,764 |  |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.) (2) (3) (4) (11) | Construction & Building |   | L + 4.50% (1.00% Floor) |   | 4/4/2023 |   | 19,850 |  |   | 19,580 |  |   | 19,723 |  |
| Diversitech Corporation (2) (4) (10) (11)                           | Capital Equipment |   | P + 3.50% |   | 11/19/2021 |   | 14,803 |  |   | 14,617 |  |   | 14,803 |  |
| DTI Holdco, Inc. (2) (3) (4) (7)                               | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 9/30/2023 |   | 19,950 |  |   | 19,751 |  |   | 19,651 |  |
| DYK Prime Acquisition LLC (2) (3) (4)                               | Chemicals, Plastics & Rubber |   | L + 4.75% (1.00% Floor) |   | 4/1/2022 |   | 5,775 |  |   | 5,735 |  |   | 5,775 |  |
| EAG, Inc. (2) (3) (4) (11)                                          | Business Services |   | L + 4.25% (1.00% Floor) |   | 7/28/2018 |   | 8,713 |  |   | 8,686 |  |   | 8,720 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (8)                     | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 22,971 |  |   | 22,323 |  |   | 22,509 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (9)                     | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 1,500 |  |   | 1,455 |  |   | 1,468 |  |
| Empower Payments Acquisitions, Inc. (2) (3) (7)                     | Media: Advertising, Printing & Publishing |   | L + 5.50% (1.00% Floor) |   | 11/30/2023 |   | 17,500 |  |   | 17,154 |  |   | 17,279 |  |
| Generation Brands Holdings, Inc. (2) (3) (4)                   | Durable Consumer Goods |   | L + 5.00% (1.00% Floor) |   | 6/10/2022 |   | 19,900 |  |   | 19,712 |  |   | 20,099 |  |
| Jensen Hughes, Inc. (2) (3) (4) (10)                                | Utilities: Electric |   | L + 5.00% (1.00% Floor) |   | 12/4/2021 |   | 20,409 |  |   | 20,188 |  |   | 20,327 |  |
| Kestra Financial, Inc. (2) (3) (4)                                  | Banking, Finance, Insurance & Real Estate |   | L + 5.25% (1.00% Floor) |   | 6/24/2022 |   | 19,900 |  |   | 19,632 |  |   | 19,814 |  |
| MSHC, Inc. (2) (3) (4) (10)                                         | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 7/19/2021 |   | 13,177 |  |   | 13,062 |  |   | 13,003 |  |
| PAI Holdco, Inc. (Parts Authority) (2) (3) (4)                 | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/30/2022 |   | 9,950 |  |   | 9,886 |  |   | 9,950 |  |
| Pasternack Enterprises, Inc. (Infinite RF) (2) (3) (4)              | Capital Equipment |   | L + 5.00% (1.00% Floor) |   | 5/27/2022 |   | 11,941 |  |   | 11,844 |  |   | 11,941 |  |
| Q Holding Company (2) (3) (4)                                  | Automotive |   | L + 5.00% (1.00% Floor) |   | 12/18/2021 |   | 13,964 |  |   | 13,828 |  |   | 13,941 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (7) (10)                 | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 8,975 |  |   | 8,413 |  |   | 9,030 |  |
| RelaDyne Inc. (2) (3) (4) (10)                                      | Wholesale |   | L + 5.25% (1.00% Floor) |   | 7/22/2022 |   | 23,514 |  |   | 23,117 |  |   | 23,443 |  |
| Restaurant Technologies, Inc. (2) (3) (4)                           | Retail |   | L + 4.75% (1.00% Floor) |   | 11/23/2022 |   | 14,000 |  |   | 13,871 |  |   | 13,969 |  |
| Systems Maintenance Services Holding, Inc. (2) (3) (4)              | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 10/30/2023 |   | 12,000 |  |   | 11,885 |  |   | 12,001 |  |
| T2 Systems Canada, Inc. (2) (3) (4) (11)                       | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 2,700 |  |   | 2,635 |  |   | 2,727 |  |
| T2 Systems, Inc. (2) (3) (4) (10) (11)                              | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 15,300 |  |   | 14,888 |  |   | 15,473 |  |
| The Original Cakerie, Ltd. (Canada) (2) (3) (4) (10)                | Beverage, Food & Tobacco |   | L + 5.00% (1.00% Floor) |   | 7/20/2021 |   | 7,009 |  |   | 6,946 |  |   | 7,009 |  |
| The Original Cakerie, Co. (Canada) (2) (3) (4)                 | Beverage, Food & Tobacco |   | L + 5.50% (1.00% Floor) |   | 7/20/2021 |   | 3,621 |  |   | 3,591 |  |   | 3,621 |  |
| U.S. Acute Care Solutions, LLC (2) (3) (4)                          | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 5/15/2021 |   | 26,400 |  |   | 26,154 |  |   | 26,336 |  |
| U.S. Anesthesia Partners, Inc. (2) (3) (4)                          | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 12/31/2019 |   | 10,374 |  |   | 10,275 |  |   | 10,362 |  |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)             | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 2/5/2021 |   | 17,910 |  |   | 17,786 |  |   | 17,903 |  |
| WIRB—Copernicus Group, Inc. (2) (3) (4)                       | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 8/12/2022 |   | 7,980 |  |   | 7,916 |  |   | 8,050 |  |
| Zest Holdings, LLC (2) (3) (4)                                      | Durable Consumer Goods |   | L + 4.75% (1.00% Floor) |   | 8/16/2020 |   | 8,700 |  |   | 8,658 |  |   | 8,749 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2016 |
| Investments (1)                                                   | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.31% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |
| Zywave, Inc. (2) (3) (4) (7) (10)                                 | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 11/17/2022 |   | $ | 17,500 |  |   | $ | 17,315 |  |   | $ | 17,434 |  |
| First Lien Debt Total                                             |   |   |   |   |   |   |   |   | $ | 430,278 |  |   | $ | 434,799 |  |
| Second Lien Debt (0.69% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)           | Chemicals, Plastics & Rubber |   | L + 8.75% (1.00% Floor) |   | 2/5/2022 |   | $ | 2,000 |  |   | $ | 1,960 |  |   | $ | 1,987 |  |
| Zywave, Inc. (2) (3) (4)                                          | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 1,050 |  |   | 1,034 |  |   | 1,043 |  |
| Second Lien Debt Total                                            |   |   |   |   |   |   |   |   | $ | 2,994 |  |   | $ | 3,030 |  |
| Total Investments                                                 |   |   |   |   |   |   |   |   | $ | 433,272 |  |   | $ | 437,829 |  |

|     |                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2016, the geographical composition of investments as a percentage of fair value was 2.43% in Canada and 97.57% in the United States. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate (“P”)), which generally resets quarterly. For each such loan, Credit Fund has provided the interest rate in effect as of December 31, 2016. As of December 31, 2016, all of Credit Fund’s LIBOR loans were indexed to the 90-day LIBOR rate at 1.00%, except for those loans as indicated in Note 11 below, and the U.S. Prime Rate loan was indexed at 3.75%. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

|     |                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, which is substantially similar to the valuation policy of the Company provided in “—Critical Accounting Policies—Fair Value Measurements.” |

|     |                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Credit Fund receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.25% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.84%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | As of December 31, 2016, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Diversitech Corporation                                                          | Delayed Draw |   | 1.00 | % |   | $ | 5,000 |  |   | $ | — |  |
| Jensen Hughes, Inc.                                                              | Revolver |   | 0.50 | % |   | 2,000 |  |   | (7 | ) |
| Jensen Hughes, Inc.                                                              | Delayed Draw |   | 0.50 | % |   | 1,461 |  |   | (5 | ) |
| MSHC, Inc.                                                                       | Delayed Draw |   | 1.50 | % |   | 1,790 |  |   | (21 | ) |
| QW Holding Corporation (Quala)                                                   | Revolver |   | 1.00 | % |   | 5,086 |  |   | 14 |  |
| QW Holding Corporation (Quala)                                                   | Delayed Draw |   | 1.00 | % |   | 5,918 |  |   | 17 |  |
| RelaDyne Inc.                                                                    | Revolver |   | 0.50 | % |   | 2,162 |  |   | (6 | ) |
| RelaDyne Inc.                                                                    | Delayed Draw |   | 0.50 | % |   | 1,824 |  |   | (5 | ) |
| T2 Systems, Inc.                                                                 | Revolver |   | 1.00 | % |   | 1,955 |  |   | 20 |  |
| The Original Cakerie, Ltd. (Canada)                                              | Revolver |   | 0.50 | % |   | 1,665 |  |   | — |  |
| Zywave, Inc.                                                                     | Revolver |   | 0.50 | % |   | 1,500 |  |   | (5 | ) |
| Total unfunded commitments                                                       |   |   |   |   | $ | 30,361 |  |   | $ | 2 |  |

----

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (11) | As of December 31, 2016, this LIBOR loan was indexed to the 30-day LIBOR rate at 0.77%. |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |
|                                                                               | June 30, 2017 |   | December 31, 2016 |
|                                                                               | (unaudited) |   |   |
| Selected Consolidated Balance Sheet Information                                    |   |   |   |
| ASSETS                                                                             |   |   |   |
| Investments, at fair value (amortized cost of $794,543 and $433,272, respectively) | $ | 800,287 |  |   | $ | 437,829 |  |
| Cash and other assets                                                              | 18,399 |  |   | 11,326 |  |
| Total assets                                                                       | $ | 818,686 |  |   | $ | 449,155 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                              |   |   |   |
| Secured borrowings                                                                 | $ | 545,945 |  |   | $ | 248,540 |  |
| Mezzanine loans                                                                    | 113,100 |  |   | 62,384 |  |
| Other liabilities                                                                  | 15,219 |  |   | 63,684 |  |
| Subordinated loans and members’ equity                                       | 144,422 |  |   | 74,547 |  |
| Liabilities and members’ equity                                              | $ | 818,686 |  |   | $ | 449,155 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |
|                                                                | For the three month period ended June 30, 2017 | For the six month period ended June 30, 2017 | For the three month and six month periods ended June 30, 2017 |
|                                                                | (unaudited) | (unaudited) | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |
| Total investment income                                             | $ | 10,706 |  | $ | 18,888 |  | $ | 16 |  |
| Expenses                                                            |   |  |  |
| Interest and credit facility expenses                               | 6,922 |  | 12,395 |  | 38 |  |
| Other expenses                                                      | 367 |  | 685 |  | 387 |  |
| Total expenses                                                      | 7,289 |  | 13,080 |  | 425 |  |
| Net investment income (loss)                                        | 3,417 |  | 5,808 |  | (409 | ) |
| Net realized gain (loss) on investments                             | — |  | — |  | — |  |
| Net change in unrealized appreciation (depreciation) on investments | 450 |  | 1,187 |  | (164 | ) |
| Net increase (decrease) resulting from operations                   | $ | 3,867 |  | $ | 6,995 |  | $ | (573 | ) |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | June 30, 2017 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 258,597 |  |   | $ | 141,403 |  |   | $ | 10,916 |  |
| Credit Facility     | 283,000 |  |   | 73,000 |  |   | 210,000 |  |   | 210,000 |  |
| Total               | $ | 683,000 |  |   | $ | 331,597 |  |   | $ | 351,403 |  |   | $ | 220,916 |  |
|                |   |   |   |   |   |   |   |
|                | December 31, 2016 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 252,885 |  |   | $ | 147,115 |  |   | $ | 5,988 |  |
| Credit Facility     | 220,000 |  |   | 169,000 |  |   | 51,000 |  |   | 51,000 |  |
| Total               | $ | 620,000 |  |   | $ | 421,885 |  |   | $ | 198,115 |  |   | $ | 56,988 |  |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (1) | The unused portion is the amount upon which commitment fees are based. |

|     |                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |   | For the six month periods ended |
|                                            | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| Interest expense                                | $ | 3,489 |  |   | $ | 1,892 |  |   | $ | 6,381 |  |   | $ | 3,590 |  |
| Facility unused commitment fee                  | 324 |  |   | 322 |  |   | 616 |  |   | 683 |  |
| Amortization of deferred financing costs        | 177 |  |   | 510 |  |   | 358 |  |   | 722 |  |
| Other fees                                      | 29 |  |   | 26 |  |   | 59 |  |   | 52 |  |
| Total interest expense and credit facility fees | $ | 4,019 |  |   | $ | 2,750 |  |   | $ | 7,414 |  |   | $ | 5,047 |  |
| Cash paid for interest expense                  | $ | 3,452 |  |   | $ | 1,688 |  |   | $ | 6,345 |  |   | $ | 3,208 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |   | For the six month periods ended |
|                                            | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| Interest expense                                | $ | 2,198 |  |   | $ | 1,882 |  |   | $ | 4,290 |  |   | $ | 3,732 |  |
| Amortization of deferred financing costs        | 51 |  |   | 51 |  |   | 101 |  |   | 102 |  |
| Total interest expense and credit facility fees | $ | 2,249 |  |   | $ | 1,933 |  |   | $ | 4,391 |  |   | $ | 3,834 |  |
| Cash paid for interest expense                  | $ | 2,108 |  |   | $ | 1,879 |  |   | $ | 4,167 |  |   | $ | 3,586 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | SPV Credit Facility and Credit Facility |   | 2015-1 Notes |
| Payment Due by Period |   | June 30, 2017 |   | December 31, 2016 |   | June 30, 2017 |   | December 31, 2016 |
| Less than 1 Year                     |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            |   | — |  |   | — |  |   | — |  |   | — |  |
| 3-5 Years                            |   | 331,597 |  |   | 421,885 |  |   | — |  |   | — |  |
| More than 5 Years                    |   | — |  |   | — |  |   | 273,000 |  |   | 273,000 |  |
| Total                                |   | $ | 331,597 |  |   | $ | 421,885 |  |   | $ | 273,000 |  |   | $ | 273,000 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Par Value as of |
|                                     | June 30, 2017 |   | December 31, 2016 |
| Unfunded delayed draw commitments        | $ | 75,335 |  |   | $ | 35,704 |  |
| Unfunded revolving term loan commitments | 32,298 |  |   | 24,063 |  |
| Total unfunded commitments               | $ | 107,633 |  |   | $ | 59,767 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   |  Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) on Investments |   | Accumulated Net Unrealized Appreciation (Depreciation) on Investments |   | Total Net Assets |
|                                                                |   | Shares |   | Amount |   |
| Balance, beginning of period                                        |   | 41,702,318 |  |   | $ | 417 |  |   | $ | 799,580 |  |   | $ | (74 | ) |   | $ | (3,207 | ) |   | $ | (25,357 | ) |   | $ | (7,222 | ) |   | $ | 764,137 |  |
| Common stock issued                                                 |   | 19,692,360 |  |   | 197 |  |   | 358,839 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 359,036 |  |
| Reinvestment of dividends                                           |   | 10,970 |  |   | — |  |   | 202 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 202 |  |
| Offering costs                                                      |   | — |  |   | — |  |   | — |  |   | (1,486 | ) |   | — |  |   | — |  |   | — |  |   | (1,486 | ) |
| Net investment income (loss)                                        |   | — |  |   | — |  |   | — |  |   | — |  |   | 40,555 |  |   | — |  |   | — |  |   | 40,555 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (7,896 | ) |   | — |  |   | (7,896 | ) |
| Net change in unrealized appreciation (depreciation) on investments |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (985 | ) |   | (985 | ) |
| Dividends declared                                                  |   | — |  |   | — |  |   | — |  |   | — |  |   | (39,820 | ) |   | — |  |   | — |  |   | (39,820 | ) |
| Balance, end of period                                              |   | 61,405,648 |  |   | $ | 614 |  |   | $ | 1,158,621 |  |   | $ | (1,560 | ) |   | $ | (2,472 | ) |   | $ | (33,253 | ) |   | $ | (8,207 | ) |   | $ | 1,113,743 |  |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   |  Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) on Investments |   | Accumulated Net Unrealized Appreciation (Depreciation) on Investments |   | Total Net Assets |
|                                                                |   | Shares |   | Amount |   |
| Balance, beginning of period                                        |   | 31,524,083 |  |   | $ | 315 |  |   | $ | 613,944 |  |   | $ | (74 | ) |   | $ | (12,994 | ) |   | $ | (2,411 | ) |   | $ | (27,054 | ) |   | $ | 571,726 |  |
| Common stock issued                                                 |   | 4,986,373 |  |   | 50 |  |   | 90,051 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 90,101 |  |
| Reinvestment of dividends                                           |   | 6,873 |  |   | — |  |   | 128 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 128 |  |
| Net investment income (loss)                                        |   | — |  |   | — |  |   | — |  |   | — |  |   | 25,426 |  |   | — |  |   | — |  |   | 25,426 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (9,599 | ) |   | — |  |   | (9,599 | ) |
| Net change in unrealized appreciation (depreciation) on investments |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 7,416 |  |   | 7,416 |  |
| Dividends declared                                                  |   | — |  |   | — |  |   | — |  |   | — |  |   | (27,280 | ) |   | — |  |   | — |  |   | (27,280 | ) |
| Balance, end of period                                              |   | 36,517,329 |  |   | $ | 365 |  |   | $ | 704,123 |  |   | $ | (74 | ) |   | $ | (14,848 | ) |   | $ | (12,010 | ) |   | $ | (19,638 | ) |   | $ | 657,918 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |
|                   |   | Shares Issued |   | Proceeds Received |
| January 24, 2017* |   | 5,837 |  |   | $ | 108 |  |
| April 24, 2017*        |   | 5,133 |  |   | $ | 94 |  |
| May 19, 2017           |   | 2,141,416 |  |   | $ | 39,488 |  |
| June 9, 2017           |   | 8,116,711 |  |   | $ | 149,997 |  |
| June 9, 2017**         |   | 434,233 |  |   | $ | 8,046 |  |
| June 19, 2017          |   | 9,000,000 |  |   | $ | 161,505 |  |
| Total                  |   | 19,703,330 |  |   | $ | 359,238 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |
|                   |   | Shares Issued |   | Proceeds Received |
| January 22, 2016* |   | 3,885 |  |   | $ | 74 |  |
| March 11, 2016    |   | 1,815,181 |  |   | 33,000 |  |
| April 22, 2016*        |   | 2,988 |  |   | 54 |  |
| May 6, 2016            |   | 1,510,859 |  |   | 26,999 |  |
| June 24, 2016          |   | 1,660,333 |  |   | 30,102 |  |
| Total                  |   | 4,993,246 |  |   | $ | 90,229 |  |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                            |   | For the three month periods ended |   | For the six month periods ended |
|                                                            |   | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| Net increase (decrease) in net assets resulting from operations |   | $ | 15,501 |  |   | $ | 25,951 |  |   | $ | 31,674 |  |   | $ | 23,243 |  |
| Weighted-average common shares outstanding                      |   | 45,977,943 |  |   | 34,402,925 |  |   | 43,854,102 |  |   | 33,174,442 |  |
| Basic and diluted earnings per common share                     |   | $ | 0.34 |  |   | $ | 0.75 |  |   | $ | 0.72 |  |   | $ | 0.70 |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |
| Date Declared      |   | Record Date |   | Payment Date |   | Per Share Amount |   | Total Amount |
| March 13, 2014     |   | March 31, 2014 |   | April 14, 2014 |   | $ | 0.19 |  |   | $ | 2,449 |  |
| June 26, 2014      |   | June 30, 2014 |   | July 14, 2014 |   | $ | 0.27 |  |   | $ | 3,481 |  |
| September 12, 2014 |   | September 18, 2014 |   | October 9, 2014 |   | $ | 0.44 |  |   | $ | 5,956 |  |
| December 19, 2014  |   | December 29, 2014 |   | January 26, 2015 |   | $ | 0.35 |  |   | $ | 6,276 |  |
| March 11, 2015     |   | March 13, 2015 |   | April 17, 2015 |   | $ | 0.37 |  |   | $ | 7,833 |  |
| June 24, 2015      |   | June 30, 2015 |   | July 22, 2015 |   | $ | 0.37 |  |   | $ | 9,902 |  |
| September 24, 2015 |   | September 24, 2015 |   | October 22, 2015 |   | $ | 0.42 |  |   | $ | 11,670 |  |
| December 29, 2015  |   | December 29, 2015 |   | January 22, 2016 |   | $ | 0.40 |  |   | $ | 12,610 |  |
| December 29, 2015  |   | December 29, 2015 |   | January 22, 2016 |   | $ | 0.18 |  | (1) | $ | 5,674 |  |
| March 10, 2016     |   | March 14, 2016 |   | April 22, 2016 |   | $ | 0.40 |  |   | $ | 13,337 |  |
| June 8, 2016       |   | June 8, 2016 |   | July 22, 2016 |   | $ | 0.40 |  |   | $ | 13,943 |  |
| September 28, 2016 |   | September 28, 2016 |   | October 24, 2016 |   | $ | 0.40 |  |   | $ | 15,917 |  |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.41 |  |   | $ | 17,098 |  |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.07 |  | (1) | $ | 2,919 |  |
| March 20, 2017     |   | March 20, 2017 |   | April 24, 2017 |   | $ | 0.41 |  |   | $ | 17,100 |  |
| June 20, 2017      |   | June 30, 2017 |   | July 18, 2017 |   | $ | 0.37 |  |   | $ | 22,720 |  |

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

----

|                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                         |  |  |  |  |  |  |  |
|                                                                                                                                    | For the six month periods ended |
|                                                                                                                                    | June 30, 2017 |   | June 30, 2016 |
| Per Share Data:                                                                                                                         |   |   |   |
| Net asset value per share, beginning of period                                                                                          | $ | 18.32 |  |   | $ | 18.14 |  |
| Net investment income (loss) (1)                                                                                                        | 0.93 |  |   | 0.77 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments                                        | (0.23 | ) |   | (0.11 | ) |
| Net increase (decrease) in net assets resulting from operations                                                                         | 0.70 |  |   | 0.66 |  |
| Dividends declared (2)                                                                                                                  | (0.78 | ) |   | (0.80 | ) |
| Effect of offering price of subscriptions and the offering price of common stock in the IPO, net of underwriting and offering costs (3) | (0.10 | ) |   | 0.02 |  |
| Net asset value per share, end of period                                                                                                | $ | 18.14 |  |   | $ | 18.02 |  |
| Market price per share, end of period                                                                                                   | $ | 18.01 |  |   | n/a |  |
|                                                                                                                                    |   |   |   |
| Number of shares outstanding, end of period                                                                                             | 61,405,648 |  |   | 36,517,329 |  |
| Total return based on net asset value (4)                                                                                               | 3.28 |  % |   | 3.75 | % |
| Total return based on market price (5)                                                                                                  | (0.65 | )% |   | n/a |  |
| Net assets, end of period                                                                                                               | $ | 1,113,743 |  |   | $ | 657,918 |  |
| Ratio to average net assets (6):                                                                                                        |   |   |   |
| Expenses net of waiver, before incentive fees                                                                                           | 2.65 |  % |   | 2.83 | % |
| Expenses net of waiver, after incentive fees                                                                                            | 3.87 |  % |   | 3.88 | % |
| Expenses gross of waiver, after incentive fees                                                                                          | 4.30 |  % |   | 4.34 | % |
| Net investment income (loss) (7)                                                                                                        | 4.86 |  % |   | 4.21 | % |
| Interest expense and credit facility fees                                                                                               | 1.41 |  % |   | 1.47 | % |
| Ratios/Supplemental Data:                                                                                                               |   |   |   |
| Asset coverage, end of period                                                                                                           | 284.21 |  % |   | 213.77 | % |
| Portfolio turnover                                                                                                                      | 30.87 |  % |   | 9.36 | % |
| Weighted-average shares outstanding                                                                                                     | 43,854,102 |  |   | 33,174,442 |  |

|     |                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period. |

|     |                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Dividends declared per share was calculated as the sum of dividends declared during the period divided by the number of shares outstanding at each respective quarter-end date (refer to Note 9). |

|     |                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Increase (decrease) is due to the offering price of subscriptions and the issuance of common stock in the IPO, net of underwriting and offering costs during the period (refer to Note 9). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Total return based on net asset value (not annualized) is based on the change in net asset value per share during the period plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the period. Total return for the six month periods ended June 30, 2017 and 2016 is inclusive of $(0.10) and $0.02, respectively, per share increase (decrease) in net asset value for the periods related to the offering price of subscriptions and the offering price of common stock in the IPO, net of underwriting and offering costs during the period. Excluding the effects of these common stock issuances, total return (not annualized) would have been 3.82% and 3.64%, respectively (refer to Note 9). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Total return based on market value (not annualized) is calculated as the change in market value per share during the period plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning market price for the period. The beginning market value per share is based on the IPO offering price of $18.50 per share. |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (6) | These ratios to average net assets have not been annualized. |

|     |                                                                               |
|-----|-------------------------------------------------------------------------------|
| (7) | The net investment income ratio is net of the waiver of base management fees. |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |
|                  | For the six month periods ended |
|                  | June 30, 2017 |   | June 30, 2016 |
| Ordinary income       | $ | 39,820 |  |   | $ | 27,280 |  |
| Tax return of capital | $ | — |  |   | $ | — |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |
| ASSETS                                 |   |
| Total investments, at fair value       | $ | 190,672 |  |
| Cash and other assets                  | 12,464 |  |
| Total assets                           | $ | 203,136 |  |
| LIABILITIES                            |   |
| Secured borrowings                     | $ | 42,128 |  |
| Other accrued expenses and liabilities | 7,360 |  |
| Total liabilities                      | 49,488 |  |
| NET ASSETS                             |   |
| Total net assets                       | $ | 153,648 |  |

----

----

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | our, or our portfolio companies’, future business, operations, operating results or prospects; |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | the return or impact of current and future investments; |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | the impact of any protracted decline in the liquidity of credit markets on our business; |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | the impact of fluctuations in interest rates on our business; |

|         |                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars; |

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

|         |                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the impact of changes in laws, policies or regulations (including the interpretation thereof) affecting our operations or the operations of our portfolio companies; |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | the valuation of our investments in portfolio companies, particularly those having no liquid trading market; |

|         |                                           |
|---------|-------------------------------------------|
| • | our ability to recover unrealized losses; |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | market conditions and our ability to access alternative debt markets and additional debt and equity capital; |

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

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | the general economy and its impact on the industries in which we invest; |

|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| • | the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | competition with other entities and our affiliates for investment opportunities; |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | the speculative and illiquid nature of our investments; |

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

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

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

|         |                            |
|---------|----------------------------|
| • | the loss of key personnel; |

|         |                                                  |
|---------|--------------------------------------------------|
| • | the costs associated with being a public entity; |

|         |                                                            |
|---------|------------------------------------------------------------|
| • | the timing, form and amount of any dividend distributions; |

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

|         |                                         |
|---------|-----------------------------------------|
| • | the ability to consummate acquisitions; |

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

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the ability of The Carlyle Group Employee Co., L.L.C. and CELF Advisors LLP to attract and retain highly talented professionals that can provide services to our investment adviser and administrator; |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | our ability to maintain our status as a business development company; and |

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

----

----

|         |                                                 |
|---------|-------------------------------------------------|
| • | the costs associated with the Private Offering; |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | the costs of any other offerings of our common stock and other securities, if any; |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | calculating individual asset values and our net asset value (including the cost and expenses of any independent valuation firms); |

|         |                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | expenses, including travel expenses, incurred by our Investment Adviser, or members of our Investment Adviser team managing our investments, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, expenses of enforcing our rights; |

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | the base management fee and any incentive fee payable under our Investment Advisory Agreement; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | certain costs and expenses relating to distributions paid on our shares; |

|         |                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------|
| • | administration fees payable under our Administration Agreement and sub-administration agreements, including related expenses; |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | debt service and other costs of borrowings or other financing arrangements; |

|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | the allocated costs incurred by our Investment Adviser in providing managerial assistance to those portfolio companies that request it; |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | amounts payable to third parties relating to, or associated with, making or holding investments; |

|         |                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments; |

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

|         |                   |
|---------|-------------------|
| • | costs of hedging; |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | commissions and other compensation payable to brokers or dealers; |

|         |                                      |
|---------|--------------------------------------|
| • | federal and state registration fees; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | any U.S. federal, state and local taxes, including any excise taxes; |

|         |                                         |
|---------|-----------------------------------------|
| • | independent director fees and expenses; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing; |

----

|         |                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; |

|         |                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the costs of specialty and custom software for monitoring risk, compliance and overall portfolio, including any development costs incurred prior to the filing of our election to be regulated as a BDC; |

|         |                    |
|---------|--------------------|
| • | our fidelity bond; |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | directors and officers/errors and omissions liability insurance, and any other insurance premiums; |

|         |                           |
|---------|---------------------------|
| • | indemnification payments; |

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | direct fees and expenses associated with independent audits, agency, consulting and legal costs; and |

|         |                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | all other expenses incurred by us or our Administrator in connection with administering our business, including our allocable share of certain officers and their staff compensation. |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
|                                                                 | For the three month periods ended |
|                                                                 | June 30, 2017 |   | June 30, 2016 |
| Investments:                                                         |   |   |   |
| Total investments, beginning of period                               | $ | 1,395,007 |  |   | $ | 1,182,886 |  |
| New investments purchased                                            | 599,866 |  |   | 141,853 |  |
| Net accretion of discount on investments                             | 2,995 |  |   | 1,113 |  |
| Net realized gain (loss) on investments                              | (202 | ) |   | (6,022 | ) |
| Investments sold or repaid                                           | (269,986 | ) |   | (98,958 | ) |
| Total Investments, end of period                                     | $ | 1,727,680 |  |   | $ | 1,220,872 |  |
| Principal amount of investments funded:                              |   |   |   |
| First Lien Debt                                                      | $ | 451,508 |  |   | $ | 126,435 |  |
| Second Lien Debt                                                     | 97,873 |  |   | — |  |
| Structured Finance Obligations                                       | — |  |   | — |  |
| Equity Investments                                                   | 2,273 |  |   | 2,000 |  |
| Investment Fund                                                      | 62,500 |  |   | 15,000 |  |
| Total                                                                | $ | 614,154 |  |   | $ | 143,435 |  |
| Principal amount of investments sold or repaid:                      |   |   |   |
| First Lien Debt                                                      | $ | (252,170 | ) |   | $ | (59,759 | ) |
| Second Lien Debt                                                     | (7,394 | ) |   | (12,506 | ) |
| Structured Finance Obligations                                       | (10,250 | ) |   | (52,610 | ) |
| Investment Fund                                                      | (11,444 | ) |   | — |  |
| Total                                                                | $ | (281,258 | ) |   | $ | (124,875 | ) |
| Number of new funded investments                                     | 80 |  |   | 14 |  |
| Average amount of new funded investments                             | $ | 7,498 |  |   | $ | 10,132 |  |
| Percentage of new funded debt investments at floating interest rates | 99 | % |   | 100 | % |
| Percentage of new funded debt investments at fixed interest rates    | 1 | % |   | — | % |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | June 30, 2017 |   | December 31, 2016 |
|                           | AmortizedCost |   | Fair Value |   | AmortizedCost |   | Fair Value |
| First Lien Debt                | $ | 1,279,859 |  |   | $ | 1,270,078 |  |   | $ | 1,145,326 |  |   | $ | 1,139,548 |  |
| Second Lien Debt               | 249,945 |  |   | 250,765 |  |   | 172,960 |  |   | 171,864 |  |
| Structured Finance Obligations | 6,448 |  |   | 2,597 |  |   | 9,239 |  |   | 5,216 |  |
| Equity Investments             | 8,827 |  |   | 10,722 |  |   | 5,071 |  |   | 6,474 |  |
| Investment Fund                | 182,601 |  |   | 185,311 |  |   | 97,385 |  |   | 99,657 |  |
| Total                          | $ | 1,727,680 |  |   | $ | 1,719,473 |  |   | $ | 1,429,981 |  |   | $ | 1,422,759 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                            | June 30, 2017 |   | December 31, 2016 |
|                                            | AmortizedCost |   | Fair Value |   | AmortizedCost |   | Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | 7.77 | % |   | 7.84 | % |   | 7.09 | % |   | 7.15 | % |
| First Lien/Last Out Unitranche                  | 11.47 | % |   | 11.52 | % |   | 12.33 | % |   | 12.12 | % |
| First Lien Debt Total                           | 8.29 | % |   | 8.36 | % |   | 7.92 | % |   | 7.96 | % |
| Second Lien Debt                                | 10.36 | % |   | 10.33 | % |   | 9.97 | % |   | 10.04 | % |
| First and Second Lien Debt Total                | 8.63 | % |   | 8.68 | % |   | 8.19 | % |   | 8.23 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2017 and December 31, 2016. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|            | June 30, 2017 |   | December 31, 2016 |
|            | Fair Value |   | Percentage |   | Fair Value |   | Percentage |
| Performing      | $ | 1,706,308 |  |   | 99.23 | % |   | $ | 1,415,131 |  |   | 99.46 | % |
| Non-accrual (1) | 13,165 |  |   | 0.77 |  |   | 7,628 |  |   | 0.54 |  |
| Total           | $ | 1,719,473 |  |   | 100.00 | % |   | $ | 1,422,759 |  |   | 100.00 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest has been paid current and, in management’s judgment, likely to remain current. Management may not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. See Note 2 to the consolidated financial statements included in Part I, Item 1 of this Form 10-Q for more information on the accounting policies. |

----

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

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | June 30, 2017 |   | December 31, 2016 |
|                         | Fair Value |   | % of Fair Value |   | Fair Value |   | % of Fair Value |
| (dollar amounts in millions) |   |   |   |   |   |   |   |
| Internal Risk Rating 1       | $ | 41.9 |  |   | 2.76 | % |   | $ | 59.3 |  |   | 4.52 | % |
| Internal Risk Rating 2       | 1,150.8 |  |   | 75.67 |  |   | 1,055.7 |  |   | 80.50 |  |
| Internal Risk Rating 3       | 182.5 |  |   | 12.00 |  |   | 100.9 |  |   | 7.70 |  |
| Internal Risk Rating 4       | 127.5 |  |   | 8.38 |  |   | 75.7 |  |   | 5.77 |  |
| Internal Risk Rating 5       | 18.1 |  |   | 1.19 |  |   | 12.2 |  |   | 0.93 |  |
| Internal Risk Rating 6       | — |  |   | — |  |   | 7.6 |  |   | 0.58 |  |
| Total                        | $ | 1,520.8 |  |   | 100.00 | % |   | $ | 1,311.4 |  |   | 100.00 | % |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | For the three month periods ended |   | For the six month periods ended |
|                           | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| First Lien Debt                | $ | 28,885 |  |   | $ | 19,695 |  |   | $ | 55,586 |  |   | $ | 36,671 |  |
| Second Lien Debt               | 5,625 |  |   | 5,726 |  |   | 9,794 |  |   | 11,403 |  |
| Structured Finance Obligations | — |  |   | 307 |  |   | — |  |   | 761 |  |
| Equity Investments             | 1 |  |   | 13 |  |   | 2 |  |   | 13 |  |
| Investment Fund                | 4,172 |  |   | — |  |   | 7,381 |  |   | — |  |
| Cash                           | 61 |  |   | 7 |  |   | 80 |  |   | 10 |  |
| Total investment income        | $ | 38,744 |  |   | $ | 25,748 |  |   | $ | 72,843 |  |   | $ | 48,858 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | For the three month periods ended |   | For the six month periods ended |
|                         | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| Total investment income      | $ | 38,744 |  |   | $ | 25,748 |  |   | $ | 72,843 |  |   | $ | 48,858 |  |
| Net expenses                 | 17,296 |  |   | 12,282 |  |   | 32,288 |  |   | 23,432 |  |
| Net investment income (loss) | $ | 21,448 |  |   | $ | 13,466 |  |   | $ | 40,555 |  |   | $ | 25,426 |  |

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                               | For the three month periods ended |   | For the six month periods ended |
|                               | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| Base management fees               | $ | 5,657 |  |   | $ | 4,345 |  |   | $ | 10,782 |  |   | $ | 8,485 |  |
| Incentive fees                     | 5,361 |  |   | 3,366 |  |   | 10,138 |  |   | 6,356 |  |
| Professional fees                  | 1,153 |  |   | 575 |  |   | 1,596 |  |   | 1,006 |  |
| Administrative service fees        | 165 |  |   | 198 |  |   | 338 |  |   | 346 |  |
| Interest expense                   | 5,738 |  |   | 3,825 |  |   | 10,772 |  |   | 7,424 |  |
| Credit facility fees               | 529 |  |   | 858 |  |   | 1,032 |  |   | 1,457 |  |
| Directors’ fees and expenses | 131 |  |   | 144 |  |   | 234 |  |   | 264 |  |
| Other general and administrative   | 448 |  |   | 419 |  |   | 990 |  |   | 922 |  |
| Total expenses                     | 19,182 |  |   | 13,730 |  |   | 35,882 |  |   | 26,260 |  |
| Waiver of base management fees     | 1,886 |  |   | 1,448 |  |   | 3,594 |  |   | 2,828 |  |
| Net expenses                       | $ | 17,296 |  |   | $ | 12,282 |  |   | $ | 32,288 |  |   | $ | 23,432 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |   | For the six month periods ended |
|                                            | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| Interest expense                                | $ | 5,738 |  |   | $ | 3,825 |  |   | $ | 10,772 |  |   | $ | 7,424 |  |
| Facility unused commitment fee                  | 324 |  |   | 322 |  |   | 616 |  |   | 683 |  |
| Amortization of deferred financing costs        | 177 |  |   | 510 |  |   | 358 |  |   | 722 |  |
| Other fees                                      | 28 |  |   | 26 |  |   | 58 |  |   | 52 |  |
| Total interest expense and credit facility fees | $ | 6,267 |  |   | $ | 4,683 |  |   | $ | 11,804 |  |   | $ | 8,881 |  |
| Cash paid for interest expense                  | $ | 5,560 |  |   | $ | 3,567 |  |   | $ | 10,512 |  |   | $ | 6,794 |  |

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             | For the three month periods ended |   | For the six month periods ended |
|                                                                                             | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| Net realized gain (loss) on investments                                                          | $ | (202 | ) |   | $ | (6,022 | ) |   | $ | (7,896 | ) |   | $ | (9,599 | ) |
| Net change in unrealized appreciation (depreciation) on investments                              | (5,745 | ) |   | 18,507 |  |   | (985 | ) |   | 7,416 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | $ | (5,947 | ) |   | $ | 12,485 |  |   | $ | (8,881 | ) |   | $ | (2,183 | ) |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | For the three month periods ended |
|                           | June 30, 2017 |   | June 30, 2016 |
| Type                           | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |   | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |
| First Lien Debt                | $ | (299 | ) |   | $ | (6,938 | ) |   | $ | 167 |  |   | $ | 5,307 |  |
| Second Lien Debt               | — |  |   | 1,089 |  |   | — |  |   | 3,797 |  |
| Structured Finance Obligations | 97 |  |   | (45 | ) |   | (6,189 | ) |   | 9,783 |  |
| Equity Investments             | — |  |   | 15 |  |   | — |  |   | (93 | ) |
| Investment Fund                | — |  |   | 134 |  |   | — |  |   | (287 | ) |
| Total                          | $ | (202 | ) |   | $ | (5,745 | ) |   | $ | (6,022 | ) |   | $ | 18,507 |  |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | For the six month periods ended |
|                           | June 30, 2017 |   | June 30, 2016 |
| Type                           | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |   | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |
| First Lien Debt                | $ | (7,851 | ) |   | $ | (4,003 | ) |   | $ | 171 |  |   | $ | 141 |  |
| Second Lien Debt               | (3 | ) |   | 1,916 |  |   | — |  |   | (1,459 | ) |
| Structured Finance Obligations | (42 | ) |   | 172 |  |   | (9,770 | ) |   | 8,743 |  |
| Equity Investments             | — |  |   | 492 |  |   | — |  |   | 278 |  |
| Investment Fund                | — |  |   | 438 |  |   | — |  |   | (287 | ) |
| Total                          | $ | (7,896 | ) |   | $ | (985 | ) |   | $ | (9,599 | ) |   | $ | 7,416 |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | As of June 30, 2017 |   | As of December 31, 2016 |
| Senior secured loans (1)                                                    | $ | 802,725 |  |   | $ | 439,086 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 6.58 | % |   | 6.47 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 6.53 | % |   | 6.41 | % |
| Number of portfolio companies in Credit Fund                                | 44 |  |   | 28 |  |
| Average amount per portfolio company (1)                                    | $ | 18,244 |  |   | $ | 15,682 |  |

|     |                          |
|-----|--------------------------|
| (1) | At par/principal amount. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2017 and December 31, 2016. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of June 30, 2017 (unaudited)             |
| Investments (1)                                                                  | Industry |   | Interest Rate |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.59% of fair value)                                           |   |   |   |   |   |   |   |   |   |   |   |
| Acrisure, LLC (2) (3) (4)                                                        | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 11/22/2023 |   | $ | 19,950 |  |   | $ | 19,900 |  |   | $ | 20,116 |  |
| Advanced Instruments, LLC (2) (3) (4) (7) (10)                                   | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 11,940 |  |   | 11,812 |  |   | 11,898 |  |
| Alpha Packaging Holdings, Inc. (2) (3) (4) (7) (10)                              | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 20,315 |  |   | 20,246 |  |   | 20,315 |  |
| AM Conservation Holding Corporation (2) (3) (4)                                  | Energy: Electricity |   | L + 4.75% (1.00% Floor) |   | 10/31/2022 |   | 29,850 |  |   | 29,593 |  |   | 29,850 |  |
| AMS Finco, S.A.R.L. (Alexander Mann Solutions) (United Kingdom) (2) (3) (4) (11) | Business Services |   | L + 5.50% (1.00% Floor) |   | 5/26/2024 |   | 25,000 |  |   | 24,751 |  |   | 24,905 |  |
| Anaren, Inc. (2) (3) (4)                                                         | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 10,091 |  |   | 10,065 |  |   | 10,104 |  |
| AQA Acquisition Holding, Inc. (2) (3) (4) (7) (10)                               | High Tech Industries |   | L + 4.50% (1.00% Floor) |   | 5/24/2023 |   | 27,541 |  |   | 27,392 |  |   | 27,466 |  |
| Borchers, Inc. (2) (3) (4) (7) (10)                                              | Chemicals, Plastics & Rubber |   | L + 4.75% (1.00% Floor) |   | 1/13/2024 |   | 8,044 |  |   | 7,978 |  |   | 8,092 |  |
| Brooks Equipment Company, LLC (2) (3) (4)                                        | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 7,479 |  |   | 7,460 |  |   | 7,462 |  |
| Datapipe, Inc. (2) (3) (4)                                                  | Telecommunications |   | L + 4.75% (1.00% Floor) |   | 3/15/2019 |   | 9,700 |  |   | 9,634 |  |   | 9,735 |  |
| DBI Holding LLC (2) (3) (4) (11)                                                 | Business Services |   | L + 5.25% (1.00% Floor) |   | 8/1/2021 |   | 19,900 |  |   | 19,735 |  |   | 19,914 |  |
| Dent Wizard International Corporation (2) (3) (4) (11)                           | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 24,626 |  |   | 24,489 |  |   | 24,592 |  |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.) (2) (3) (4) (11)              | Construction & Building |   | L + 4.50% (1.00% Floor) |   | 4/4/2023 |   | 19,750 |  |   | 19,500 |  |   | 19,699 |  |
| DTI Holdco, Inc. (2) (3) (4)                                                     | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 9/30/2023 |   | 19,850 |  |   | 19,662 |  |   | 19,786 |  |
| EAG, Inc. (2) (3) (4) (11)                                                       | Business Services |   | L + 4.25% (1.00% Floor) |   | 7/28/2018 |   | 8,231 |  |   | 8,237 |  |   | 8,231 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (8) (11)                             | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 22,817 |  |   | 22,229 |  |   | 22,347 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (9) (11)                             | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 1,500 |  |   | 1,459 |  |   | 1,468 |  |
| Empower Payments Acquisitions, Inc. (2) (3) (4)                                  | Media: Advertising, Printing & Publishing |   | L + 5.50% (1.00% Floor) |   | 11/30/2023 |   | 17,413 |  |   | 17,083 |  |   | 17,400 |  |
| FCX Holdings Corp. (2) (3) (4) (11)                                              | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 9,644 |  |   | 9,593 |  |   | 9,644 |  |
| Jensen Hughes, Inc. (2) (3) (4) (7) (10) (12)                                    | Utilities: Electric |   | L + 5.00% (1.00% Floor) |   | 12/4/2021 |   | 20,409 |  |   | 20,207 |  |   | 20,372 |  |
| Kestra Financial, Inc. (2) (3) (4)                                               | Banking, Finance, Insurance & Real Estate |   | L + 5.25% (1.00% Floor) |   | 6/24/2022 |   | 19,800 |  |   | 19,482 |  |   | 19,529 |  |
| MSHC, Inc. (2) (3) (4) (10) (11)                                                 | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 7/19/2021 |   | 14,817 |  |   | 14,725 |  |   | 14,741 |  |
| PAI Holdco, Inc. (Parts Authority) (2) (3) (4)                                   | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/30/2022 |   | 9,900 |  |   | 9,840 |  |   | 9,900 |  |
| Paradigm Acquisition Corp. (2) (3) (4)                                      | Business Services |   | L + 5.00% (1.00% Floor) |   | 6/2/2022 |   | 11,939 |  |   | 11,846 |  |   | 11,939 |  |
| Pasternack Enterprises, Inc. (Infinite RF) (2) (3) (4) (11)                      | Capital Equipment |   | L + 5.00% (1.00% Floor) |   | 5/27/2022 |   | 20,331 |  |   | 20,228 |  |   | 20,306 |  |
| Premier Senior Marketing, LLC (2) (3) (4) (11)                                   | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 7/1/2022 |   | 8,744 |  |   | 8,701 |  |   | 8,669 |  |
| PSI Services LLC (2) (3) (4) (7) (10)                                            | Business Services |   | L + 5.00% (1.00% Floor) |   | 1/19/2023 |   | 30,829 |  |   | 30,255 |  |   | 30,417 |  |
| Q Holding Company (2) (3) (4)                                               | Automotive |   | L + 5.00% (1.00% Floor) |   | 12/18/2021 |   | 17,366 |  |   | 17,276 |  |   | 17,366 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (7) (10)                              | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 12,246 |  |   | 11,833 |  |   | 12,363 |  |
| Ramundsen Public Sector, LLC (2) (3) (4)                                         | Sovereign & Public Finance |   | L + 4.25% (1.00% Floor) |   | 2/1/2024 |   | 3,990 |  |   | 3,973 |  |   | 4,005 |  |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of June 30, 2017 (unaudited) |
| Investments (1)                                                      | Industry |   | Interest Rate |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.59% of fair value)                               |   |   |   |   |   |   |   |   |   |   |   |
| RelaDyne Inc. (2) (3) (4) (7) (10)                              | Wholesale |   | L + 5.25% (1.00% Floor) |   | 7/22/2022 |   | $ | 34,410 |  |   | $ | 33,991 |  |   | $ | 34,410 |  |
| Restaurant Technologies, Inc. (2) (3) (4)                            | Retail |   | L + 4.75% (1.00% Floor) |   | 11/23/2022 |   | 17,456 |  |   | 17,312 |  |   | 17,334 |  |
| Systems Maintenance Services Holding, Inc. (2) (3) (4) (11)          | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 10/30/2023 |   | 24,378 |  |   | 24,211 |  |   | 24,456 |  |
| Surgical Information Systems, LLC (2) (3) (4) (9)                    | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 4/24/2023 |   | 30,000 |  |   | 29,708 |  |   | 29,817 |  |
| T2 Systems Canada, Inc. (2) (3) (4)                                  | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 2,686 |  |   | 2,583 |  |   | 2,687 |  |
| T2 Systems, Inc. (2) (3) (4) (7) (10)                                | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 15,223 |  |   | 14,885 |  |   | 15,225 |  |
| Teaching Strategies, LLC (2) (3) (4) (7) (10) (11)                   | Media: Advertising, Printing & Publishing |   | L + 4.75% (1.00% Floor) |   | 2/27/2023 |   | 18,055 |  |   | 17,878 |  |   | 17,891 |  |
| The Original Cakerie, Ltd. (Canada) (2) (3) (4) (7) (10)             | Beverage, Food & Tobacco |   | L + 5.00% (1.00% Floor) |   | 7/20/2021 |   | 6,974 |  |   | 6,918 |  |   | 6,974 |  |
| The Original Cakerie, Co. (Canada) (2) (3) (4)                       | Beverage, Food & Tobacco |   | L + 5.50% (1.00% Floor) |   | 7/20/2021 |   | 3,603 |  |   | 3,575 |  |   | 3,603 |  |
| U.S. Acute Care Solutions, LLC (2) (3) (4)                           | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 5/15/2021 |   | 32,193 |  |   | 31,943 |  |   | 32,038 |  |
| U.S. TelePacific Holdings Corp.  (2) (3) (4) (11)                    | Telecommunications |   | L + 5.00% (1.00% Floor) |   | 5/2/2023 |   | 30,000 |  |   | 29,695 |  |   | 29,589 |  |
| Valicor Environmental Services, LLC (2) (3) (7) (10) (11)            | Environmental Industries |   | L + 5.00% (1.00% Floor) |   | 6/1/2023 |   | 19,589 |  |   | 19,070 |  |   | 19,229 |  |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)                   | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 2/5/2021 |   | 22,275 |  |   | 22,165 |  |   | 22,275 |  |
| WIRB - Copernicus Group, Inc. (2) (3) (4)                            | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 8/12/2022 |   | 14,913 |  |   | 14,839 |  |   | 14,948 |  |
| WRE Holding Corp. (2) (3) (4) (7) (10)                          | Environmental Industries |   | L + 4.75% (1.00% Floor) |   | 1/3/2023 |   | 4,741 |  |   | 4,644 |  |   | 4,676 |  |
| Zest Holdings, LLC (2) (3) (4) (11)                                  | Durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 8/16/2023 |   | 21,554 |  |   | 21,500 |  |   | 21,715 |  |
| Zywave, Inc. (2) (3) (4) (7) (10)                               | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 11/17/2022 |   | 17,413 |  |   | 17,243 |  |   | 17,515 |  |
| First Lien Debt Total                                                |   |   |   |   |   |   |   |   | 791,344 |  |   | 797,013 |  |
| Second Lien Debt (0.41%)                                             |   |   |   |   |   |   |   |   |   |   |   |
| Ramundsen Public Sector, LLC (2) (3) (4) (7)                         | Sovereign & Public Finance |   | L + 8.50% (1.00% Floor) |   | 1/31/2025 |   | $ | 200 |  |   | $ | 198 |  |   | $ | 200 |  |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)                   | Chemicals, Plastics & Rubber |   | L + 8.75% (1.00% Floor) |   | 2/5/2022 |   | 2,000 |  |   | 1,966 |  |   | 2,017 |  |
| Zywave, Inc. (2) (3) (4)                                             | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 1,050 |  |   | 1,035 |  |   | 1,057 |  |
| Second Lien Debt Total                                               |   |   |   |   |   |   |   |   | $ | 3,199 |  |   | $ | 3,274 |  |
| Total Investments                                                    |   |   |   |   |   |   |   |   | $ | 794,543 |  |   | $ | 800,287 |  |

|     |                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of June 30, 2017, the geographical composition of investments as a percentage of fair value was 1.32% in Canada, 3.11% in the United Kingdom, and 95.57% in the United States. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate (“P”)), which generally resets quarterly. For each such loan, Credit Fund has provided the interest rate in effect as of June 30, 2017. As of June 30, 2017, all of Credit Fund’s LIBOR loans were indexed to the 90-day LIBOR rate at 1.30%, except for those loans as indicated in Note 11 below, and the U.S. Prime Rate loan was indexed at 4.00%. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

----

|     |                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, which is substantially similar to the valuation policy of the Company provided in “—Critical Accounting Policies—Fair Value Measurements.” |

|     |                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Credit Fund receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.25% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (1.03%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------|
| (10) | As of June 30, 2017, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                        |   | Revolver |   | 0.50 | % |   | $ | 1,333 |  |   | $ | (4 | ) |
| Alpha Packaging Holdings, Inc.                                                   |   | Delayed Draw |   | 0.50 | % |   | 1,780 |  |   | — |  |
| AQA Acquisition Holding, Inc.                                                    |   | Revolver |   | 0.50 | % |   | 2,459 |  |   | (6 | ) |
| Borchers, Inc.                                                                   |   | Revolver |   | 0.50 | % |   | 1,935 |  |   | 9 |  |
| Jensen Hughes, Inc.                                                              |   | Delayed Draw |   | 1.00 | % |   | 1,461 |  |   | (2 | ) |
| Jensen Hughes, Inc.                                                              |   | Revolver |   | 0.50 | % |   | 2,000 |  |   | (3 | ) |
| MSHC, Inc.                                                                       |   | Delayed Draw |   | 1.50 | % |   | 83 |  |   | — |  |
| PSI Services LLC                                                                 |   | Revolver |   | 0.50 | % |   | 377 |  |   | (5 | ) |
| QW Holding Corporation (Quala)                                                   |   | Delayed Draw |   | 1.00 | % |   | 4,594 |  |   | 27 |  |
| QW Holding Corporation (Quala)                                                   |   | Revolver |   | 0.50 | % |   | 3,134 |  |   | 18 |  |
| RelaDyne Inc.                                                                    |   | Delayed Draw |   | 1.00 | % |   | 3,378 |  |   | — |  |
| RelaDyne Inc.                                                                    |   | Revolver |   | 0.50 | % |   | 2,433 |  |   | — |  |
| T2 Systems, Inc.                                                                 |   | Revolver |   | 0.50 | % |   | 1,955 |  |   | — |  |
| Teaching Strategies, LLC                                                         |   | Revolver |   | 0.50 | % |   | 1,900 |  |   | (16 | ) |
| The Original Cakerie, Ltd. (Canada)                                              |   | Revolver |   | 0.50 | % |   | 1,665 |  |   | — |  |
| Valicor Environmental Services, LLC                                              |   | Delayed Draw |   | 0.50 | % |   | 5,825 |  |   | (70 | ) |
| Valicor Environmental Services, LLC                                              |   | Revolver |   | 0.50 | % |   | 4,586 |  |   | (55 | ) |
| WRE Holding Corp.                                                                |   | Delayed Draw |   | 1.00 | % |   | 4,125 |  |   | (27 | ) |
| WRE Holding Corp.                                                                |   | Revolver |   | 0.50 | % |   | 1,123 |  |   | (7 | ) |
| Zywave, Inc.                                                                     |   | Revolver |   | 0.50 | % |   | 1,500 |  |   | 8 |  |
| Total unfunded commitments                                                       |   |   |   |   |   | $ | 47,646 |  |   | $ | (133 | ) |

|      |                                                                                          |
|------|------------------------------------------------------------------------------------------|
| (11) | As of June 30, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.22%. |

|      |                                                                                                |
|------|------------------------------------------------------------------------------------------------|
| (12) |  As of June 30, 2017, this LIBOR loan was indexed to the 180-day LIBOR rate at 1.45%. |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2016   |
| Investments (1)                                                     |   | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.31% of fair value)                              |   |   |   |   |   |   |   |   |   |   |   |   |
| AM Conservation Holding Corporation (2) (3) (4)                |   | Energy: Electricity |   | L + 4.75% (1.00% Floor) |   | 10/31/2022 |   | $ | 30,000 |  |   | $ | 29,721 |  |   | $ | 29,925 |  |
| Datapipe, Inc. (2) (3) (4) (11)                                     |   | Telecommunications |   | L + 4.75% (1.00% Floor) |   | 3/15/2019 |   | 9,750 |  |   | 9,654 |  |   | 9,764 |  |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.) (2) (3) (4) (11) |   | Construction & Building |   | L + 4.50% (1.00% Floor) |   | 4/4/2023 |   | 19,850 |  |   | 19,580 |  |   | 19,723 |  |
| Diversitech Corporation (2) (4) (10) (11)                           |   | Capital Equipment |   | P + 3.50% |   | 11/19/2021 |   | 14,803 |  |   | 14,617 |  |   | 14,803 |  |
| DTI Holdco, Inc. (2) (3) (4) (7)                               |   | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 9/30/2023 |   | 19,950 |  |   | 19,751 |  |   | 19,651 |  |
| DYK Prime Acquisition LLC (2) (3) (4)                               |   | Chemicals, Plastics & Rubber |   | L + 4.75% (1.00% Floor) |   | 4/1/2022 |   | 5,775 |  |   | 5,735 |  |   | 5,775 |  |
| EAG, Inc. (2) (3) (4) (11)                                          |   | Business Services |   | L + 4.25% (1.00% Floor) |   | 7/28/2018 |   | 8,713 |  |   | 8,686 |  |   | 8,720 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (8)                     |   | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 22,971 |  |   | 22,323 |  |   | 22,509 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (9)                     |   | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 1,500 |  |   | 1,455 |  |   | 1,468 |  |
| Empower Payments Acquisitions, Inc. (2) (3) (7)                     |   | Media: Advertising, Printing & Publishing |   | L + 5.50% (1.00% Floor) |   | 11/30/2023 |   | 17,500 |  |   | 17,154 |  |   | 17,279 |  |
| Generation Brands Holdings, Inc. (2) (3) (4)                   |   | Durable Consumer Goods |   | L + 5.00% (1.00% Floor) |   | 6/10/2022 |   | 19,900 |  |   | 19,712 |  |   | 20,099 |  |
| Jensen Hughes, Inc. (2) (3) (4) (10)                                |   | Utilities: Electric |   | L + 5.00% (1.00% Floor) |   | 12/4/2021 |   | 20,409 |  |   | 20,188 |  |   | 20,327 |  |
| Kestra Financial, Inc. (2) (3) (4)                                  |   | Banking, Finance, Insurance & Real Estate |   | L + 5.25% (1.00% Floor) |   | 6/24/2022 |   | 19,900 |  |   | 19,632 |  |   | 19,814 |  |
| MSHC, Inc. (2) (3) (4) (10)                                         |   | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 7/19/2021 |   | 13,177 |  |   | 13,062 |  |   | 13,003 |  |
| PAI Holdco, Inc. (Parts Authority) (2) (3) (4)                 |   | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/30/2022 |   | 9,950 |  |   | 9,886 |  |   | 9,950 |  |
| Pasternack Enterprises, Inc. (Infinite RF) (2) (3) (4)              |   | Capital Equipment |   | L + 5.00% (1.00% Floor) |   | 5/27/2022 |   | 11,941 |  |   | 11,844 |  |   | 11,941 |  |
| Q Holding Company (2) (3) (4)                                  |   | Automotive |   | L + 5.00% (1.00% Floor) |   | 12/18/2021 |   | 13,964 |  |   | 13,828 |  |   | 13,941 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (7) (10)                 |   | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 8,975 |  |   | 8,413 |  |   | 9,030 |  |
| RelaDyne Inc. (2) (3) (4) (10)                                      |   | Wholesale |   | L + 5.25% (1.00% Floor) |   | 7/22/2022 |   | 23,514 |  |   | 23,117 |  |   | 23,443 |  |
| Restaurant Technologies, Inc. (2) (3) (4)                           |   | Retail |   | L + 4.75% (1.00% Floor) |   | 11/23/2022 |   | 14,000 |  |   | 13,871 |  |   | 13,969 |  |
| Systems Maintenance Services Holding, Inc. (2) (3) (4)              |   | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 10/30/2023 |   | 12,000 |  |   | 11,885 |  |   | 12,001 |  |
| T2 Systems Canada, Inc. (2) (3) (4) (11)                       |   | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 2,700 |  |   | 2,635 |  |   | 2,727 |  |
| T2 Systems, Inc. (2) (3) (4) (10) (11)                              |   | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 15,300 |  |   | 14,888 |  |   | 15,473 |  |
| The Original Cakerie, Ltd. (Canada) (2) (3) (4) (10)                |   | Beverage, Food & Tobacco |   | L + 5.00% (1.00% Floor) |   | 7/20/2021 |   | 7,009 |  |   | 6,946 |  |   | 7,009 |  |
| The Original Cakerie, Co. (Canada) (2) (3) (4)                 |   | Beverage, Food & Tobacco |   | L + 5.50% (1.00% Floor) |   | 7/20/2021 |   | 3,621 |  |   | 3,591 |  |   | 3,621 |  |
| U.S. Acute Care Solutions, LLC (2) (3) (4)                          |   | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 5/15/2021 |   | 26,400 |  |   | 26,154 |  |   | 26,336 |  |
| U.S. Anesthesia Partners, Inc. (2) (3) (4)                          |   | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 12/31/2019 |   | 10,374 |  |   | 10,275 |  |   | 10,362 |  |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)             |   | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 2/5/2021 |   | 17,910 |  |   | 17,786 |  |   | 17,903 |  |
| WIRB—Copernicus Group, Inc. (2) (3) (4)                       |   | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 8/12/2022 |   | 7,980 |  |   | 7,916 |  |   | 8,050 |  |
| Zest Holdings, LLC (2) (3) (4)                                      |   | Durable Consumer Goods |   | L + 4.75% (1.00% Floor) |   | 8/16/2020 |   | 8,700 |  |   | 8,658 |  |   | 8,749 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2016 |
| Investments (1)                                                   |   | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.31% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Zywave, Inc. (2) (3) (4) (7) (10)                                 |   | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 11/17/2022 |   | $ | 17,500 |  |   | $ | 17,315 |  |   | $ | 17,434 |  |
| First Lien Debt Total                                             |   |   |   |   |   |   |   |   |   | $ | 430,278 |  |   | $ | 434,799 |  |
| Second Lien Debt (0.69% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)           |   | Chemicals, Plastics & Rubber |   | L + 8.75% (1.00% Floor) |   | 2/5/2022 |   | $ | 2,000 |  |   | $ | 1,960 |  |   | $ | 1,987 |  |
| Zywave, Inc. (2) (3) (4)                                          |   | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 1,050 |  |   | 1,034 |  |   | 1,043 |  |
| Second Lien Debt Total                                            |   |   |   |   |   |   |   |   |   | $ | 2,994 |  |   | $ | 3,030 |  |
| Total Investments                                                 |   |   |   |   |   |   |   |   |   | $ | 433,272 |  |   | $ | 437,829 |  |

|     |                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2016, the geographical composition of investments as a percentage of fair value was 2.43% in Canada and 97.57% in the United States. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate (“P”)), which generally resets quarterly. For each such loan, Credit Fund has provided the interest rate in effect as of December 31, 2016. As of December 31, 2016, all of Credit Fund’s LIBOR loans were indexed to the 90-day LIBOR rate at 1.00%, except for those loans as indicated in Note 11 below, and the U.S. Prime Rate loan was indexed at 3.75%. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

|     |                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, which is substantially similar to the valuation policy of the Company provided in “—Critical Accounting Policies—Fair Value Measurements.” |

|     |                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Credit Fund receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.25% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.84%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | As of December 31, 2016, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Diversitech Corporation                                                          |   | Delayed Draw |   | 1.00 | % |   | $ | 5,000 |  |   | $ | — |  |
| Jensen Hughes, Inc.                                                              |   | Revolver |   | 0.50 | % |   | 2,000 |  |   | (7 | ) |
| Jensen Hughes, Inc.                                                              |   | Delayed Draw |   | 0.50 | % |   | 1,461 |  |   | (5 | ) |
| MSHC, Inc.                                                                       |   | Delayed Draw |   | 1.50 | % |   | 1,790 |  |   | (21 | ) |
| QW Holding Corporation (Quala)                                                   |   | Revolver |   | 1.00 | % |   | 5,086 |  |   | 14 |  |
| QW Holding Corporation (Quala)                                                   |   | Delayed Draw |   | 1.00 | % |   | 5,918 |  |   | 17 |  |
| RelaDyne Inc.                                                                    |   | Revolver |   | 0.50 | % |   | 2,162 |  |   | (6 | ) |
| RelaDyne Inc.                                                                    |   | Delayed Draw |   | 0.50 | % |   | 1,824 |  |   | (5 | ) |
| T2 Systems, Inc.                                                                 |   | Revolver |   | 1.00 | % |   | 1,955 |  |   | 20 |  |
| The Original Cakerie, Ltd. (Canada)                                              |   | Revolver |   | 0.50 | % |   | 1,665 |  |   | — |  |
| Zywave, Inc.                                                                     |   | Revolver |   | 0.50 | % |   | 1,500 |  |   | (5 | ) |
| Total unfunded commitments                                                       |   |   |   |   |   | $ | 30,361 |  |   | $ | 2 |  |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (11) | As of December 31, 2016, this LIBOR loan was indexed to the 30-day LIBOR rate at 0.77%. |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |
|                                                                               |   | June 30, 2017 |   | December 31, 2016 |
|                                                                               |   | (unaudited) |   |   |
| Selected Consolidated Balance Sheet Information                                    |   |   |   |   |
| ASSETS                                                                             |   |   |   |   |
| Investments, at fair value (amortized cost of $794,543 and $433,272, respectively) |   | $ | 800,287 |  |   | $ | 437,829 |  |
| Cash and other assets                                                              |   | 18,399 |  |   | 11,326 |  |
| Total assets                                                                       |   | $ | 818,686 |  |   | $ | 449,155 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                              |   |   |   |   |
| Secured borrowings                                                                 |   | $ | 545,945 |  |   | $ | 248,540 |  |
| Mezzanine loans                                                                    |   | 113,100 |  |   | 62,384 |  |
| Other liabilities                                                                  |   | 15,219 |  |   | 63,684 |  |
| Subordinated loans and members’ equity                                       |   | 144,422 |  |   | 74,547 |  |
| Liabilities and members’ equity                                              |   | $ | 818,686 |  |   | $ | 449,155 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   | For the three month period ended June 30, 2017 |   | For the six month period ended June 30, 2017 |   | For the three month and six month periods ended June 30, 2017 |
|                                                                |   | (unaudited) |   | (unaudited) |   | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |   |   |   |
| Total investment income                                             |   | $ | 10,706 |  |   | $ | 18,888 |  |   | $ | 16 |  |
| Expenses                                                            |   |   |   |   |   |   |
| Interest and credit facility expenses                               |   | 6,922 |  |   | 12,395 |  |   | 38 |  |
| Other expenses                                                      |   | 367 |  |   | 685 |  |   | 387 |  |
| Total expenses                                                      |   | 7,289 |  |   | 13,080 |  |   | 425 |  |
| Net investment income (loss)                                        |   | 3,417 |  |   | 5,808 |  |   | (409 | ) |
| Net realized gain (loss) on investments                             |   | — |  |   | — |  |   | — |  |
| Net change in unrealized appreciation (depreciation) on investments |   | 450 |  |   | 1,187 |  |   | (164 | ) |
| Net increase (decrease) resulting from operations                   |   | $ | 3,867 |  |   | $ | 6,995 |  |   | $ | (573 | ) |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | June 30, 2017 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 258,597 |  |   | $ | 141,403 |  |   | $ | 10,916 |  |
| Credit Facility     | 283,000 |  |   | 73,000 |  |   | 210,000 |  |   | 210,000 |  |
| Total               | $ | 683,000 |  |   | $ | 331,597 |  |   | $ | 351,403 |  |   | $ | 220,916 |  |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | December 31, 2016 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 252,885 |  |   | $ | 147,115 |  |   | $ | 5,988 |  |
| Credit Facility     | 220,000 |  |   | 169,000 |  |   | 51,000 |  |   | 51,000 |  |
| Total               | $ | 620,000 |  |   | $ | 421,885 |  |   | $ | 198,115 |  |   | $ | 56,988 |  |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (1) | The unused portion is the amount upon which commitment fees are based. |

|     |                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | June 30, 2017 |   | December 31, 2016 |
|                          | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1A Notes | $ | 160,000 |  |   | $ | 160,029 |  |   | $ | 160,000 |  |   | $ | 160,072 |  |
| Aaa/AAA Class A-1B Notes | 40,000 |  |   | 40,002 |  |   | 40,000 |  |   | 39,960 |  |
| Aaa/AAA Class A-1C Notes | 27,000 |  |   | 27,009 |  |   | 27,000 |  |   | 26,951 |  |
| Aa2 Class A-2 Notes      | 46,000 |  |   | 46,005 |  |   | 46,000 |  |   | 45,784 |  |
| Total                         | $ | 273,000 |  |   | $ | 273,045 |  |  | $ | 273,000 |  |   | $ | 272,767 |  |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |
|                                    | For the six month periods ended |
|                                    | June 30, 2017 |   | June 30, 2016 |
| Shares outstanding, beginning of period | 41,702,318 |  |   | 31,524,083 |  |
| Common stock issued                     | 19,692,360 |  |   | 4,986,373 |  |
| Reinvestment of dividends               | 10,970 |  |   | 6,873 |  |
| Shares outstanding, end of period       | 61,405,648 |  |   | 36,517,329 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | SPV Credit Facility and Credit Facility |   | 2015-1 Notes |
| Payment Due by Period |   | June 30, 2017 |   | December 31, 2016 |   | June 30, 2017 |   | December 31, 2016 |
| Less than 1 Year                     |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            |   | — |  |   | — |  |   | — |  |   | — |  |
| 3-5 Years                            |   | 331,597 |  |   | 421,885 |  |   | — |  |   | — |  |
| More than 5 Years                    |   | — |  |   | — |  |   | 273,000 |  |   | 273,000 |  |
| Total                                |   | $ | 331,597 |  |   | $ | 421,885 |  |   | $ | 273,000 |  |   | $ | 273,000 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Principal Amount as of |
|                                     | June 30, 2017 |   | December 31, 2016 |
| Unfunded delayed draw commitments        | $ | 75,335 |  |   | $ | 35,704 |  |
| Unfunded revolving term loan commitments | 32,298 |  |   | 24,063 |  |
| Total unfunded commitments               | $ | 107,633 |  |   | $ | 59,767 |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Date Declared      |   | Record Date |   | Payment Date |   | Per Share Amount |   | Total Amount |   | Annualized Dividend Yield (1) |
| March 13, 2014     |   | March 31, 2014 |   | April 14, 2014 |   | $ | 0.19 |  |   | $ | 2,449 |  |   | 4.76 | % |
| June 26, 2014      |   | June 30, 2014 |   | July 14, 2014 |   | $ | 0.27 |  |   | $ | 3,481 |  |   | 5.52 | % |
| September 12, 2014 |   | September 18, 2014 |   | October 9, 2014 |   | $ | 0.44 |  |   | $ | 5,956 |  |   | 9.23 | % |
| December 19, 2014  |   | December 29, 2014 |   | January 26, 2015 |   | $ | 0.35 |  |   | $ | 6,276 |  |   | 8.17 | % |
| March 11, 2015     |   | March 13, 2015 |   | April 17, 2015 |   | $ | 0.37 |  |   | $ | 7,833 |  |   | 8.58 | % |
| June 24, 2015      |   | June 30, 2015 |   | July 22, 2015 |   | $ | 0.37 |  |   | $ | 9,902 |  |   | 9.03 | % |
| September 24, 2015 |   | September 24, 2015 |   | October 22, 2015 |   | $ | 0.42 |  |   | $ | 11,670 |  |   | 8.91 | % |
| December 29, 2015  |   | December 29, 2015 |   | January 22, 2016 |   | $ | 0.40 |  |   | $ | 12,610 |  |   | 8.97 | % |
| December 29, 2015  |   | December 29, 2015 |   | January 22, 2016 |   | $ | 0.18 |  | (2) | $ | 5,674 |  |   | 4.03 | % |
| March 10, 2016     |   | March 14, 2016 |   | April 22, 2016 |   | $ | 0.40 |  |   | $ | 13,337 |  |   | 9.26 | % |
| June 8, 2016       |   | June 8, 2016 |   | July 22, 2016 |   | $ | 0.40 |  |   | $ | 13,943 |  |   | 9.23 | % |
| September 28, 2016 |   | September 28, 2016 |   | October 24, 2016 |   | $ | 0.40 |  |   | $ | 15,917 |  |   | 9.37 | % |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.41 |  |   | $ | 17,098 |  |   | 9.09 | % |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.07 |  | (2) | $ | 2,919 |  |   | 1.55 | % |
| March 20, 2017     |   | March 20, 2017 |   | April 24, 2017 |   | $ | 0.41 |  |   | $ | 17,100 |  |   | 9.07 | % |
| June 20, 2017      |   | June 30, 2017 |   | July 18, 2017 |   | $ | 0.37 |  |   | $ | 22,720 |  |   | 8.22 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For dividends declared prior to the IPO, annualized dividend yield is calculated by dividing the declared dividend by the weighted average of the net asset value at the beginning of the quarter and the capital called during the quarter and annualizing over 4 quarterly periods. For dividends declared after the IPO, annualized dividend yield is calculated by dividing the declared dividend by the closing market price for the quarter and annualizing over 4 quarterly periods. |

|     |                                |
|-----|--------------------------------|
| (2) | Represents a special dividend. |

----

|         |                                                    |
|---------|----------------------------------------------------|
| • | the nature and realizable value of any collateral; |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | call features, put features and other relevant terms of debt; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | the portfolio company’s leverage and ability to make payments; |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | the portfolio company’s public or private credit rating; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | the portfolio company’s actual and expected earnings and discounted cash flow; |

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | prevailing interest rates and spreads for similar securities and expected volatility in future interest rates; |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | the markets in which the portfolio company does business and recent economic and/or market events; and |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | comparisons to comparable transactions and publicly traded securities. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. The types of financial instruments included in Level 1 generally include unrestricted securities, including equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. The type of financial instruments in this category generally includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include investments in privately-held entities, collateralized loan obligations (“CLOs”), and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |

----

----

----

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | As of June 30, 2017 |   | As of December 31, 2016 |
| Basis Point Change    | InterestIncome |   | InterestExpense |   | NetInvestmentIncome |   | InterestIncome |   | InterestExpense |   | NetInvestmentIncome |
| Up 300 basis points   | $ | 45,934 |  |   | $ | (17,389 | ) |   | $ | 28,545 |  |   | $ | 40,324 |  |   | $ | (20,037 | ) |   | $ | 20,287 |  |
| Up 200 basis points   | $ | 30,623 |  |   | $ | (11,593 | ) |   | $ | 19,030 |  |   | $ | 26,848 |  |   | $ | (13,358 | ) |   | $ | 13,490 |  |
| Up 100 basis points   | $ | 15,311 |  |   | $ | (5,796 | ) |   | $ | 9,515 |  |   | $ | 13,372 |  |   | $ | (6,679 | ) |   | $ | 6,693 |  |
| Down 100 basis points | $ | (4,405 | ) |   | $ | 5,796 |  |   | $ | 1,391 |  |   | $ | (132 | ) |   | $ | 6,282 |  |   | $ | 6,150 |  |
| Down 200 basis points | $ | (4,595 | ) |   | $ | 7,476 |  |   | $ | 2,881 |  |   | $ | (132 | ) |   | $ | 6,282 |  |   | $ | 6,150 |  |
| Down 300 basis points | $ | (4,785 | ) |   | $ | 7,476 |  |   | $ | 2,691 |  |   | $ | (132 | ) |   | $ | 6,282 |  |   | $ | 6,150 |  |

----

----

|         |                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | price and volume fluctuations in the overall stock market from time to time; |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | the inclusion or exclusion of our stock from certain indices; |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs; |

|         |                                |
|---------|--------------------------------|
| • | any loss of RIC or BDC status; |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | changes in earnings or perceived changes or variations in operating results; |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | changes or perceived changes in the value of our portfolio of investments; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | changes in accounting guidelines governing valuation of our investments; |

----

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; |

|         |                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the inability of our Investment Adviser to employ additional experienced investment professionals or the departure of any of our Investment Adviser’s key personnel; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | short-selling pressure with respect to shares of our common stock or BDCs generally; |

|         |                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| • | future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities; |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | uncertainty surrounding the strength of the U.S. economic recovery and the policies of the new presidential administration; |

|         |                                             |
|---------|---------------------------------------------|
| • | concerns regarding European sovereign debt; |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | fluctuations in base interest rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate; |

|         |                                                      |
|---------|------------------------------------------------------|
| • | operating performance of companies comparable to us; |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | general economic trends and other external factors; and |

|         |                                 |
|---------|---------------------------------|
| • | loss of a major funding source. |

----

|        |
|--------|
|        |  |  |
| 2.1    |   | Agreement and Plan of Merger, dated as of May 3, 2017, between TCG BDC, Inc. and NF Investment Corp.(1) |
|   |   |   |
| 10.1   |    | Fourth Amendment, dated as of May 26, 2017, to the Loan and Servicing Agreement, dated as of May 24, 2013.* |
|   |   |   |
| 10.2   |   | Dividend Reinvestment Plan of TCG BDC, Inc., effective July 5, 2017 (2) |
|   |   |   |
| 31.1   |    | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.* |
|   |   |   |
| 31.2   |    | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* |
|   |   |   |
| 32.1   |    | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
|   |   |   |
| 32.2   |    | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |

----

|                            |
|----------------------------|
|                            |  |  |  |
|                       | TCG BDC, INC. |
|                       |   |   |
| Dated: August 8, 2017 | By |    | /s/ Venugopal Rathi |
|                       |   |    | Venugopal RathiChief Financial Officer(principal financial and accounting officer) |