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|   |

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

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

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

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

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

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

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

|                               |
|-------------------------------|
|                               |  |  |
| Class                         | Outstanding at August 7, 2018 |
| Common stock, $0.01 par value | 62,568,651 |  |

----

|               |
|---------------|
|               |  |  |
|          |   |   |
| Part I.  | Financial Information |   |
| Item 1.  | Financial Statements |   |
|          | Consolidated Statements of Assets and Liabilities as of June 30, 2018 (unaudited) and December 31, 2017 | 3 |
|          | Consolidated Statements of Operations for the three month and six month periods ended June 30, 2018 (unaudited) and June 30, 2017 (unaudited) | 4 |
|          | Consolidated Statements of Changes in Net Assets for the six month periods ended June 30, 2018 (unaudited) and June 30, 2017 (unaudited) | 5 |
|          | Consolidated Statements of Cash Flows for the six month periods ended June 30, 2018 (unaudited) and June 30, 2017 (unaudited) | 6 |
|          | Consolidated Schedules of Investments as of June 30, 2018 (unaudited) and December 31, 2017 | 7 |
|          | Notes to Consolidated Financial Statements (unaudited) | 26 |
| Item 2.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 61 |
| Item 3.       | Quantitative and Qualitative Disclosures About Market Risk | 91 |
| Item 4.       | Controls and Procedures | 92 |
| Part II. | Other Information |   |
| Item 1.       | Legal Proceedings | 93 |
| Item 1A. | Risk Factors | 93 |
| Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds | 96 |
| Item 3.       | Defaults Upon Senior Securities | 96 |
| Item 4.       | Mine Safety Disclosures | 96 |
| Item 5.       | Other Information | 96 |
| Item 6.       | Exhibits | 96 |
|          | Signatures | 97 |

----

|                                                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                                                                                   | June 30, 2018 |   | December 31, 2017 |
| ASSETS                                                                                                                                                                                 | (unaudited) |   |   |
| Investments, at fair value                                                                                                                                                             |   |   |   |
| Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,746,623 and $1,782,488, respectively)                                                             | $ | 1,722,393 |  |   | $ | 1,779,584 |  |
| Investments—non-controlled/affiliated, at fair value (amortized cost of $15,940 and $16,273, respectively)                                                                       | 16,394 |  |   | 15,431 |  |
| Investments—controlled/affiliated, at fair value (amortized cost of $208,501 and $172,251, respectively)                                                                         | 208,005 |  |   | 172,516 |  |
| Total investments, at fair value (amortized cost of $1,971,064 and $1,971,012, respectively)                                                                                           | 1,946,792 |  |   | 1,967,531 |  |
| Cash and cash equivalents                                                                                                                                                              | 27,928 |  |   | 32,039 |  |
| Receivable for investment sold                                                                                                                                                         | 40,077 |  |   | 7,022 |  |
| Deferred financing costs                                                                                                                                                               | 3,246 |  |   | 3,626 |  |
| Interest receivable from non-controlled/non-affiliated investments                                                                                                                     | 6,150 |  |   | 5,066 |  |
| Interest receivable from non-controlled/affiliated investments                                                                                                                         | 8 |  |   | 42 |  |
| Interest and dividend receivable from controlled/affiliated investments                                                                                                                | 6,442 |  |   | 5,981 |  |
| Prepaid expenses and other assets                                                                                                                                                      | 525 |  |   | 76 |  |
| Total assets                                                                                                                                                                           | $ | 2,031,168 |  |   | $ | 2,021,383 |  |
| LIABILITIES                                                                                                                                                                            |   |   |   |
| Secured borrowings (Note 6)                                                                                                                                                            | $ | 585,105 |  |   | $ | 562,893 |  |
| 2015-1 Notes payable, net of unamortized debt issuance costs of $1,846 and $1,947, respectively (Note 7)                                                                               | 271,154 |  |   | 271,053 |  |
| Payable for investments purchased                                                                                                                                                      | 8,780 |  |   | 9,469 |  |
| Due to Investment Adviser                                                                                                                                                              | 134 |  |   | 69 |  |
| Interest and credit facility fees payable (Notes 6 and 7)                                                                                                                              | 6,166 |  |   | 5,353 |  |
| Dividend payable (Note 9)                                                                                                                                                              | 23,151 |  |   | 30,481 |  |
| Base management and incentive fees payable (Note 4)                                                                                                                                    | 13,252 |  |   | 13,098 |  |
| Administrative service fees payable (Note 4)                                                                                                                                           | 113 |  |   | 95 |  |
| Other accrued expenses and liabilities                                                                                                                                                 | 1,501 |  |   | 1,568 |  |
| Total liabilities                                                                                                                                                                      | 909,356 |  |   | 894,079 |  |
| Commitments and contingencies (Notes 8 and 11)                                                                                                                                         |   |   |   |
| NET ASSETS                                                                                                                                                                             |   |   |   |
| Common stock, $0.01 par value; 200,000,000 shares authorized; 62,568,651 shares and 62,207,603 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 626 |  |   | 622 |  |
| Paid-in capital in excess of par value                                                                                                                                                 | 1,179,432 |  |   | 1,172,807 |  |
| Offering costs                                                                                                                                                                         | (1,633 | ) |   | (1,618 | ) |
| Accumulated net investment income (loss), net of cumulative dividends of $268,555 and $222,254 at June 30, 2018 and December 31, 2017, respectively                               | 9,561 |  |   | 2,522 |  |
| Accumulated net realized gain (loss)                                                                                                                                                   | (41,902 | ) |   | (43,548 | ) |
| Accumulated net unrealized appreciation (depreciation)                                                                                                                                 | (24,272 | ) |   | (3,481 | ) |
| Total net assets                                                                                                                                                                       | $ | 1,121,812 |  |   | $ | 1,127,304 |  |
| NET ASSETS PER SHARE                                                                                                                                                                   | $ | 17.93 |  |   | $ | 18.12 |  |

----

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                              | For the three month periods ended |   | For the six month periods ended |
|                                                                                              | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Investment income:                                                                                |   |   |   |   |   |   |   |
| From non-controlled/non-affiliated investments:                                                   |   |   |   |   |   |   |   |
| Interest income                                                                                   | $ | 41,717 |  |   | $ | 30,526 |  |   | $ | 80,986 |  |   | $ | 58,880 |  |
| Other income                                                                                      | 3,590 |  |   | 4,046 |  |   | 4,485 |  |   | 6,582 |  |
| Total investment income from non-controlled/non-affiliated investments                            | 45,307 |  |   | 34,572 |  |   | 85,471 |  |   | 65,462 |  |
| From non-controlled/affiliated investments:                                                       |   |   |   |   |   |   |   |
| Interest income                                                                                   | 447 |  |   | — |  |   | 885 |  |   | — |  |
| Total investment income from non-controlled/affiliated investments                                | 447 |  |   | — |  |   | 885 |  |   | — |  |
| From controlled/affiliated investments:                                                           |   |   |   |   |   |   |   |
| Interest income                                                                                   | 3,198 |  |   | 2,372 |  |   | 5,829 |  |   | 4,321 |  |
| Dividend income                                                                                   | 3,500 |  |   | 1,800 |  |   | 7,750 |  |   | 3,060 |  |
| Total investment income from controlled/affiliated investments                                    | 6,698 |  |   | 4,172 |  |   | 13,579 |  |   | 7,381 |  |
| Total investment income                                                                           | 52,452 |  |   | 38,744 |  |   | 99,935 |  |   | 72,843 |  |
| Expenses:                                                                                         |   |   |   |   |   |   |   |
| Base management fees (Note 4)                                                                     | 7,266 |  |   | 5,657 |  |   | 14,488 |  |   | 10,782 |  |
| Incentive fees (Note 4)                                                                           | 5,984 |  |   | 5,361 |  |   | 11,314 |  |   | 10,138 |  |
| Professional fees                                                                                 | 959 |  |   | 1,153 |  |   | 1,721 |  |   | 1,596 |  |
| Administrative service fees (Note 4)                                                              | 185 |  |   | 165 |  |   | 371 |  |   | 338 |  |
| Interest expense (Notes 6 and 7)                                                                  | 8,709 |  |   | 5,738 |  |   | 16,524 |  |   | 10,772 |  |
| Credit facility fees (Note 6)                                                                     | 581 |  |   | 529 |  |   | 1,106 |  |   | 1,032 |  |
| Directors’ fees and expenses                                                                | 93 |  |   | 131 |  |   | 191 |  |   | 234 |  |
| Other general and administrative                                                                  | 435 |  |   | 448 |  |   | 840 |  |   | 821 |  |
| Total expenses                                                                                    | 24,212 |  |   | 19,182 |  |   | 46,555 |  |   | 35,713 |  |
| Waiver of base management fees (Note 4)                                                           | — |  |   | 1,886 |  |   | — |  |   | 3,594 |  |
| Net expenses                                                                                      | 24,212 |  |   | 17,296 |  |   | 46,555 |  |   | 32,119 |  |
| Net investment income (loss) before taxes                                                         | 28,240 |  |   | 21,448 |  |   | 53,380 |  |   | 40,724 |  |
| Excise tax expense                                                                                | 30 |  |   | — |  |   | 40 |  |   | 169 |  |
| Net investment income (loss)                                                                      | 28,210 |  |   | 21,448 |  |   | 53,340 |  |   | 40,555 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments: |   |   |   |   |   |   |   |
| Net realized gain (loss) from:                                                                    |   |   |   |   |   |   |   |
| Non-controlled/non-affiliated investments                                                         | 1,775 |  |   | (202 | ) |   | 1,646 |  |   | (7,896 | ) |
| Net change in unrealized appreciation (depreciation):                                             |   |   |   |   |   |   |   |
| Non-controlled/non-affiliated investments                                                         | (15,282 | ) |   | (5,879 | ) |   | (21,326 | ) |   | (1,423 | ) |
| Non-controlled/affiliated investments                                                             | (136 | ) |   | — |  |   | 1,296 |  |   | — |  |
| Controlled/affiliated investments                                                                 | (1,461 | ) |   | 134 |  |   | (761 | ) |   | 438 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments  | (15,104 | ) |   | (5,947 | ) |   | (19,145 | ) |   | (8,881 | ) |
| Net increase (decrease) in net assets resulting from operations                                   | $ | 13,106 |  |   | $ | 15,501 |  |   | $ | 34,195 |  |   | $ | 31,674 |  |
| Basic and diluted earnings per common share (Note 9)                                              | $ | 0.21 |  |   | $ | 0.34 |  |   | $ | 0.55 |  |   | $ | 0.72 |  |
| Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)              | 62,568,651 |  |   | 45,977,943 |  |   | 62,534,740 |  |   | 43,854,102 |  |
| Dividends declared per common share (Note 9)                                                      | $ | 0.37 |  |   | $ | 0.37 |  |   | $ | 0.74 |  |   | $ | 0.78 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
|                                                                            | For the six month periods ended |
|                                                                            | June 30, 2018 |   | June 30, 2017 |
| Increase (decrease) in net assets resulting from operations:                    |   |   |   |
| Net investment income (loss)                                                    | $ | 53,340 |  |   | $ | 40,555 |  |
| Net realized gain (loss) on investments                                         | 1,646 |  |   | (7,896 | ) |
| Net change in unrealized appreciation (depreciation) on investments             | (20,791 | ) |   | (985 | ) |
| Net increase (decrease) in net assets resulting from operations                 | 34,195 |  |   | 31,674 |  |
| Capital transactions:                                                           |   |   |   |
| Common stock issued, net of offering and underwriting costs                     | (15 | ) |   | 357,550 |  |
| Reinvestment of dividends                                                       | 6,629 |  |   | 202 |  |
| Dividends declared (Note 12)                                                    | (46,301 | ) |   | (39,820 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | (39,687 | ) |   | 317,932 |  |
| Net increase (decrease) in net assets                                           | (5,492 | ) |   | 349,606 |  |
| Net assets at beginning of period                                               | 1,127,304 |  |   | 764,137 |  |
| Net assets at end of period                                                     | $ | 1,121,812 |  |   | $ | 1,113,743 |  |

----

|                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |  |  |  |  |  |  |  |
|                                                                                                                                             | For the six month periods ended |
|                                                                                                                                             | June 30, 2018 |   | June 30, 2017 |
| Cash flows from operating activities:                                                                                                            |   |   |   |
| Net increase (decrease) in net assets resulting from operations                                                                                  | $ | 34,195 |  |   | $ | 31,674 |  |
| 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                                                                                                         | 555 |  |   | 459 |  |
| Net accretion of discount on investments                                                                                                         | (6,308 | ) |   | (6,571 | ) |
| Paid-in-kind interest                                                                                                                            | (429 | ) |   | — |  |
| Net realized (gain) loss on investments                                                                                                          | (1,646 | ) |   | 7,896 |  |
| Net change in unrealized (appreciation) depreciation on investments                                                                              | 20,791 |  |   | 985 |  |
| Cost of investments purchased and change in payable for investments purchased                                                                    | (397,804 | ) |   | (696,931 | ) |
| Proceeds from sales and repayments of investments and change in receivable for investments sold                                                  | 372,391 |  |   | 472,827 |  |
| Changes in operating assets:                                                                                                                     |   |   |   |
| Interest receivable                                                                                                                              | (851 | ) |   | (2,072 | ) |
| Dividend receivable                                                                                                                              | (660 | ) |   | (475 | ) |
| Prepaid expenses and other assets                                                                                                                | (449 | ) |   | (104 | ) |
| Changes in operating liabilities:                                                                                                                |   |   |   |
| Due to Investment Adviser                                                                                                                        | 65 |  |   | (97 | ) |
| Interest and credit facility fees payable                                                                                                        | 813 |  |   | 231 |  |
| Base management and incentive fees payable                                                                                                       | 154 |  |   | 975 |  |
| Administrative service fees payable                                                                                                              | 18 |  |   | (17 | ) |
| Other accrued expenses and liabilities                                                                                                           | (67 | ) |   | 269 |  |
| Net cash provided by (used in) operating activities                                                                                              | 20,768 |  |   | (190,951 | ) |
| Cash flows from financing activities:                                                                                                            |   |   |   |
| Proceeds from issuance of common stock, net of offering and underwriting costs                                                                   | (15 | ) |   | 350,990 |  |
| Offering costs from issuance of common stock                                                                                                     | — |  |   | (358 | ) |
| Borrowings on SPV Credit Facility and Credit Facility                                                                                            | 423,050 |  |   | 306,000 |  |
| Repayments of SPV Credit Facility and Credit Facility                                                                                            | (400,838 | ) |   | (396,288 | ) |
| Repayments of Debt Assumed from NFIC Acquisition                                                                                                 | — |  |   | (42,128 | ) |
| Debt issuance costs paid                                                                                                                         | (74 | ) |   | (679 | ) |
| Dividends paid in cash                                                                                                                           | (47,002 | ) |   | (36,916 | ) |
| Net cash provided by (used in) financing activities                                                                                              | (24,879 | ) |   | 180,621 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                             | (4,111 | ) |   | (10,330 | ) |
| Cash and cash equivalents, beginning of period                                                                                                   | 32,039 |  |   | 38,489 |  |
| Cash and cash equivalents, end of period                                                                                                         | $ | 27,928 |  |   | $ | 28,159 |  |
| Supplemental disclosures:                                                                                                                        |   |   |   |
| Offering costs payable                                                                                                                           | $ | — |  |   | $ | 1,128 |  |
| Interest paid during the period                                                                                                                  | $ | 15,710 |  |   | $ | 10,512 |  |
| Taxes, including excise tax, paid during the period                                                                                              | $ | 105 |  |   | $ | — |  |
| Dividends declared during the period                                                                                                             | $ | 46,301 |  |   | $ | 39,820 |  |
| Reinvestment of dividends                                                                                                                        | $ | 6,629 |  |   | $ | 202 |  |
| 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 |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (79.06%)                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition LLC (2) (3) (4) (5) (13) (15)                               | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 8.09% |   | 6/6/2017 |   | 6/6/2023 |   | $ | 46,950 |  |   | $ | 45,863 |  |   | $ | 46,740 |  |   | 4.17 |  % |
| Advanced Instruments, LLC (2) (3) (4) (5) (13) (15)                              | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.25% |   | 11/1/2016 |   | 10/31/2022 |   | 20,067 |  |   | 19,794 |  |   | 19,951 |  |   | 1.78 |  |
| Aero Operating, LLC (Dejana Industries, Inc.) (2) (3) (4) (5) (13) (15)          | Business Services |   | L + 7.25% |   | 9.23% |   | 1/5/2018 |   | 12/29/2022 |   | 2,814 |  |   | 2,784 |  |   | 2,832 |  |   | 0.25 |  |
| Alpha Packaging Holdings, Inc. (2) (3) (4) (13)                                  | Containers, Packaging & Glass |   | L + 4.25% |   | 6.58% |   | 6/26/2015 |   | 5/12/2020 |   | 2,881 |  |   | 2,880 |  |   | 2,881 |  |   | 0.26 |  |
| Alpine SG, LLC (2) (3) (13)                                                           | High Tech Industries |   | L + 6.00% |   | 8.09% |   | 2/2/2018 |   | 11/16/2022 |   | 3,405 |  |   | 3,372 |  |   | 3,411 |  |   | 0.30 |  |
| AMS Group HoldCo, LLC (2) (3) (4) (5) (13) (15)                                       | Transportation: Cargo |   | L + 6.00% |   | 8.33% |   | 9/29/2017 |   | 9/29/2023 |   | 31,604 |  |   | 30,931 |  |   | 31,319 |  |   | 2.79 |  |
| Analogic Corporation (2) (3) (4) (13) (15)                                            | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 8.08% |   | 6/22/2018 |   | 6/22/2024 |   | 35,337 |  |   | 34,565 |  |   | 34,853 |  |   | 3.11 |  |
| BeyondTrust Software, Inc. (2) (3) (4) (13)                                           | Software |   | L + 6.25% |   | 8.61% |   | 11/21/2017 |   | 11/21/2023 |   | 16,915 |  |   | 16,689 |  |   | 17,032 |  |   | 1.52 |  |
| Brooks Equipment Company, LLC (2) (3) (4) (13)                                   | Construction & Building |   | L + 5.00% |   | 7.31% |   | 6/26/2015 |   | 8/29/2020 |   | 2,502 |  |   | 2,492 |  |   | 2,502 |  |   | 0.22 |  |
| Capstone Logistics Acquisition, Inc. (2) (3) (4) (13)                       | Transportation: Cargo |   | L + 4.50% |   | 6.59% |   | 6/26/2015 |   | 10/7/2021 |   | 14,306 |  |   | 14,226 |  |   | 14,190 |  |   | 1.26 |  |
| Captive Resources Midco, LLC (2) (3) (4) (5) (13) (15)                           | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 8.09% |   | 6/30/2015 |   | 12/18/2021 |   | 30,382 |  |   | 30,105 |  |   | 30,248 |  |   | 2.70 |  |
| Central Security Group, Inc. (2) (3) (4) (13)                                    | Consumer Services |   | L + 5.63% |   | 7.72% |   | 6/26/2015 |   | 10/6/2021 |   | 38,806 |  |   | 38,497 |  |   | 38,806 |  |   | 3.46 |  |
| CIP Revolution Holdings, LLC (2) (3) (4) (5) (13) (15)                           | Media: Advertising, Printing & Publishing |   | L + 6.00% |   | 8.33% |   | 8/19/2016 |   | 8/19/2021 |   | 18,939 |  |   | 18,801 |  |   | 18,775 |  |   | 1.67 |  |
| CircusTrix Holdings, LLC (2) (3) (4) (5) (13) (15)                                    | Hotel, Gaming & Leisure |   | L + 5.50% |   | 7.81% |   | 2/2/2018 |   | 12/16/2021 |   | 9,259 |  |   | 9,040 |  |   | 9,248 |  |   | 0.82 |  |
| Colony Hardware Corporation (2) (3) (4) (13)                                     | Construction & Building |   | L + 6.00% |   | 8.09% |   | 9/4/2015 |   | 10/23/2021 |   | 23,782 |  |   | 23,553 |  |   | 23,763 |  |   | 2.12 |  |
| Comar Holding Company, LLC (2) (3) (5) (13) (15)                                 | Containers, Packaging & Glass |   | L + 5.25% |   | 7.58% |   | 6/18/2018 |   | 6/18/2024 |   | 26,670 |  |   | 25,990 |  |   | 26,264 |  |   | 2.34 |  |
| Continuum Managed Services Holdco, LLC (2) (3) (4) (5) (13) (15)                 | High Tech Industries |   | L + 6.00% |   | 8.10% |   | 6/20/2017 |   | 6/8/2023 |   | 22,770 |  |   | 22,158 |  |   | 22,881 |  |   | 2.04 |  |
| Dade Paper & Bag, LLC (2) (3) (4) (5)                                             | Forest Products & Paper |   | L + 7.50% |   | 9.59% |   | 6/9/2017 |   | 6/10/2024 |   | 49,500 |  |   | 48,624 |  |   | 49,589 |  |   | 4.42 |  |
| Datto, Inc. (2) (3) (5) (15)                                                          | High Tech Industries |   | L + 8.00% |   | 10.05% |   | 12/7/2017 |   | 12/7/2022 |   | 35,622 |  |   | 35,125 |  |   | 36,218 |  |   | 3.23 |  |
| Dent Wizard International Corporation (2) (3) (4)                                     | Automotive |   | L + 4.00% |   | 6.10% |   | 4/28/2015 |   | 4/7/2020 |   | 891 |  |   | 889 |  |   | 889 |  |   | 0.08 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) (2) (3) (4) (5) (13) (15) | Healthcare & Pharmaceuticals |   | L + 6.25% |   | 8.58% |   | 5/31/2016 |   | 5/31/2022 |   | 50,759 |  |   | 50,282 |  |   | 50,606 |  |   | 4.51 |  |
| DermaRite Industries, LLC (2) (3) (5) (13) (15)                                  | Healthcare & Pharmaceuticals |   | L + 7.00% |   | 9.09% |   | 3/3/2017 |   | 3/3/2022 |   | 20,566 |  |   | 20,296 |  |   | 20,176 |  |   | 1.80 |  |
| Dimensional Dental Management, LLC (2) (3) (5) (12) (15)                         | Healthcare & Pharmaceuticals |   | L + 6.75% |   | 8.84% |   | 2/12/2016 |   | 2/12/2021 |   | 33,674 |  |   | 33,112 |  |   | 32,692 |  |   | 2.91 |  |
| Direct Travel, Inc. (2) (3) (4) (5) (13) (15)                                    | Hotel, Gaming & Leisure |   | L + 6.50% |   | 8.83% |   | 10/14/2016 |   | 12/1/2021 |   | 35,254 |  |   | 34,748 |  |   | 35,254 |  |   | 3.14 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (5) (12)                                  | Telecommunications |   | L + 5.75% |   | 7.84% |   | 6/7/2016 |   | 6/7/2022 |   | 33,348 |  |   | 32,655 |  |   | 32,894 |  |   | 2.93 |  |
| Emergency Communications Network, LLC (2) (3) (4) (5) (13)                       | Telecommunications |   | L + 6.25% |   | 8.34% |   | 6/1/2017 |   | 6/1/2023 |   | 24,750 |  |   | 24,550 |  |   | 24,646 |  |   | 2.20 |  |
| Ensono, LP (2) (3) (13)                                                               | Telecommunications |   | L + 5.25% |   | 7.34% |   | 4/30/2018 |   | 6/27/2025 |   | 8,667 |  |   | 8,662 |  |   | 8,640 |  |   | 0.77 |  |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                           | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (79.06%) (continued)                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Frontline Technologies Holdings, LLC (2) (3) (5) (15)                    | Software |   | L + 6.50% |   | 8.59% |   | 9/18/2017 |   | 9/18/2023 |   | $ | 39,000 |  |   | $ | 38,606 |  |   | $ | 37,874 |  |   | 3.38 |  % |
| FWR Holding Corporation (2) (3) (4) (5) (13) (15)                        | Beverage, Food & Tobacco |   | L + 6.00% |   | 8.09% |   | 8/21/2017 |   | 8/21/2023 |   | 40,045 |  |   | 38,964 |  |   | 40,509 |  |   | 3.61 |  |
| Global Franchise Group, LLC (2) (3) (4) (5) (13) (15)                         | Beverage, Food & Tobacco |   | L + 5.75% |   | 7.84% |   | 9/15/2017 |   | 12/18/2019 |   | 13,584 |  |   | 13,496 |  |   | 13,584 |  |   | 1.21 |  |
| Green Energy Partners/Stonewall LLC (2) (3) (4) (13)                          | Energy: Electricity |   | L + 5.50% |   | 7.83% |   | 6/26/2015 |   | 11/13/2021 |   | 19,850 |  |   | 19,554 |  |   | 19,540 |  |   | 1.74 |  |
| GRO Sub Holdco, LLC (Grand Rapids) (2) (3) (4) (5) (13) (15)                  | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 8.33% |   | 2/28/2018 |   | 2/22/2024 |   | 6,914 |  |   | 6,699 |  |   | 6,877 |  |   | 0.61 |  |
| Hummel Station LLC (2) (3) (4) (13)                                 | Energy: Electricity |   | L + 6.00% |   | 8.09% |   | 2/3/2016 |   | 10/27/2022 |   | 15,000 |  |   | 14,303 |  |   | 14,569 |  |   | 1.30 |  |
| Hydrofarm, LLC (2) (5)                                                        | Wholesale |   | L + 7.00% |   | 8.89% |   | 5/15/2017 |   | 5/12/2022 |   | 18,644 |  |   | 18,503 |  |   | 14,934 |  |   | 1.33 |  |
| Indra Holdings Corp. (Totes Isotoner) (2) (3) (5) (13)                        | Non-durable Consumer Goods |   | L + 4.25% |   | 6.34% |   | 4/29/2014 |   | 5/1/2021 |   | 18,965 |  |   | 17,389 |  |   | 11,419 |  |   | 1.02 |  |
| Innovative Business Services, LLC (2) (3) (5) (13) (15)                       | High Tech Industries |   | L + 5.50% |   | 7.82% |   | 4/5/2018 |   | 4/5/2023 |   | 16,390 |  |   | 15,869 |  |   | 16,065 |  |   | 1.43 |  |
| Legacy.com Inc. (2) (3) (5) (12)                                              | High Tech Industries |   | L + 6.00% |   | 8.33% |   | 3/20/2017 |   | 3/20/2023 |   | 17,000 |  |   | 16,674 |  |   | 17,369 |  |   | 1.55 |  |
| Metrogistics LLC (2) (3) (4) (13)                                             | Transportation: Cargo |   | L + 6.50% |   | 8.80% |   | 12/13/2016 |   | 9/30/2022 |   | 17,748 |  |   | 17,561 |  |   | 17,727 |  |   | 1.58 |  |
| Moxie Liberty LLC (2) (3) (4) (13)                                            | Energy: Electricity |   | L + 6.50% |   | 8.83% |   | 10/16/2017 |   | 8/21/2020 |   | 9,924 |  |   | 9,094 |  |   | 9,358 |  |   | 0.83 |  |
| National Technical Systems, Inc. (2) (3) (4) (5) (13) (15)               | Aerospace & Defense |   | L + 6.25% |   | 8.23% |   | 6/26/2015 |   | 6/12/2021 |   | 26,351 |  |   | 26,087 |  |   | 25,047 |  |   | 2.23 |  |
| NES Global Talent Finance US LLC (United Kingdom)  (2) (3) (4) (13)      | Energy: Oil & Gas |   | L + 5.50% |   | 7.86% |   | 5/9/2018 |   | 5/11/2023 |   | 7,847 |  |   | 7,696 |  |   | 7,740 |  |   | 0.69 |  |
| NMI AcquisitionCo, Inc. (2) (3) (4) (5) (15)                             | High Tech Industries |   | L + 6.75% |   | 8.84% |   | 9/6/2017 |   | 9/6/2022 |   | 51,680 |  |   | 50,792 |  |   | 51,102 |  |   | 4.55 |  |
| OnCourse Learning Corporation (2) (3) (4) (5) (13) (15)                  | Consumer Services |   | L + 6.50% |   | 8.80% |   | 9/12/2016 |   | 9/12/2021 |   | 38,830 |  |   | 38,462 |  |   | 38,679 |  |   | 3.45 |  |
| Payment Alliance International, Inc. (2) (3) (5) (12)                         | Business Services |   | L + 6.05% |   | 8.39% |   | 9/15/2017 |   | 9/15/2021 |   | 24,387 |  |   | 23,926 |  |   | 24,555 |  |   | 2.19 |  |
| Plano Molding Company, LLC (2) (3) (4) (5)                               | Hotel, Gaming & Leisure |   | L + 8.00% |   | 10.09% |   | 5/1/2015 |   | 5/12/2021 |   | 19,424 |  |   | 19,193 |  |   | 17,480 |  |   | 1.56 |  |
| PPT Management Holdings, LLC (2) (3) (5)                                 | Healthcare & Pharmaceuticals |   | L + 6.50% |   | 8.09% |   | 12/15/2016 |   | 12/16/2022 |   | 24,688 |  |   | 24,527 |  |   | 20,844 |  |   | 1.86 |  |
| PricewaterhouseCoopers Public Sector LLP (2) (3) (15)                    | Aerospace & Defense |   | L + 3.25% |   | 4.34% |   | 5/1/2018 |   | 5/1/2023 |   | — |  |   | (138 | ) |   | (109 | ) |   | (0.01 | ) |
| Prime Risk Partners, Inc. (2) (3) (5) (15)                               | Banking, Finance, Insurance & Real Estate |   | L + 5.00% |   | 7.33% |   | 8/15/2017 |   | 8/13/2023 |   | 1,903 |  |   | 1,862 |  |   | 1,890 |  |   | 0.17 |  |
| Prime Risk Partners, Inc. (2) (3) (5) (12) (15)                          | Banking, Finance, Insurance & Real Estate |   | L + 5.00% |   | 7.33% |   | 8/15/2017 |   | 8/13/2023 |   | 23,959 |  |   | 23,437 |  |   | 23,830 |  |   | 2.12 |  |
| Product Quest Manufacturing, LLC (2) (3) (5) (15)                        | Containers, Packaging & Glass |   | L + 6.75% |   | 10.00% |   | 9/21/2017 |   | 3/31/2019 |   | 4,051 |  |   | 4,051 |  |   | 4,051 |  |   | 0.36 |  |
| Product Quest Manufacturing, LLC (2) (3) (5) (10) (12)                   | Containers, Packaging & Glass |   | L + 5.75% |   | 7.84% |   | 9/9/2015 |   | 9/9/2020 |   | 33,000 |  |   | 32,270 |  |   | 9,988 |  |   | 0.89 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (4) (13) | Wholesale |   | L + 4.50% |   | 6.83% |   | 12/1/2017 |   | 1/28/2020 |   | 14,831 |  |   | 14,340 |  |   | 14,715 |  |   | 1.31 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (5) (13)                      | Environmental Industries |   | L + 6.75% |   | 8.73% |   | 8/31/2016 |   | 8/31/2022 |   | 36,364 |  |   | 35,674 |  |   | 35,622 |  |   | 3.18 |  |
| Reliant Pro Rehab, LLC (2) (3) (5) (12)                             | Healthcare & Pharmaceuticals |   | L + 10.00% |   | 12.09% |   | 6/24/2016 |   | 12/28/2018 |   | 24,438 |  |   | 24,519 |  |   | 24,682 |  |   | 2.20 |  |
| Smile Doctors, LLC (2) (3) (5) (13) (15)                                      | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 8.11% |   | 10/6/2017 |   | 10/6/2022 |   | 14,585 |  |   | 14,449 |  |   | 14,595 |  |   | 1.30 |  |

----

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|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                       | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (79.06%) (continued)                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SolAero Technologies Corp. (2) (3) (5) (10)                               | Telecommunications |   | L + 5.25% |   | 7.34% |   | 5/24/2016 |   | 12/10/2020 |   | $ | 24,485 |  |   | $ | 23,854 |  |   | $ | 19,284 |  |   | 1.72 |  % |
| SPay, Inc. (2) (3) (4) (5) (13) (15)                                 | Hotel, Gaming & Leisure |   | L + 5.75% |   | 7.82% |   | 6/15/2018 |   | 6/15/2024 |   | 18,409 |  |   | 17,803 |  |   | 18,062 |  |   | 1.61 |  |
| Superior Health Linens, LLC (2) (3) (4) (5) (13) (15)                     | Business Services |   | L + 6.50% |   | 7.85% |   | 9/30/2016 |   | 9/30/2021 |   | 21,125 |  |   | 20,885 |  |   | 20,902 |  |   | 1.87 |  |
| Surgical Information Systems, LLC (2) (3) (4) (5) (12) (13)          | High Tech Industries |   | L + 4.85% |   | 6.94% |   | 4/24/2017 |   | 4/24/2023 |   | 27,708 |  |   | 27,475 |  |   | 27,608 |  |   | 2.46 |  |
| T2 Systems Canada, Inc. (2) (3) (4)                                       | Transportation: Consumer |   | L + 6.75% |   | 8.84% |   | 5/24/2017 |   | 9/28/2022 |   | 3,989 |  |   | 3,913 |  |   | 3,996 |  |   | 0.36 |  |
| T2 Systems, Inc. (2) (3) (4) (5) (15)                                     | Transportation: Consumer |   | L + 6.75% |   | 8.84% |   | 9/28/2016 |   | 9/28/2022 |   | 32,490 |  |   | 31,853 |  |   | 32,548 |  |   | 2.90 |  |
| The Hilb Group, LLC (2) (3) (5) (12) (15)                            | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 8.33% |   | 6/24/2015 |   | 6/24/2021 |   | 42,065 |  |   | 41,402 |  |   | 41,694 |  |   | 3.72 |  |
| The Topps Company, Inc. (2) (3) (4) (13)                             | Non-durable Consumer Goods |   | L + 6.00% |   | 8.33% |   | 6/26/2015 |   | 10/2/2020 |   | 22,250 |  |   | 22,183 |  |   | 22,139 |  |   | 1.97 |  |
| Trump Card, LLC (2) (3) (5) (15)                                     | Transportation: Cargo |   | L + 5.50% |   | 7.84% |   | 6/26/2018 |   | 4/21/2022 |   | 7,845 |  |   | 7,761 |  |   | 7,820 |  |   | 0.70 |  |
| TSB Purchaser, Inc. (Teaching Strategies, LLC) (2) (3) (4) (13) (15) | Media: Advertising, Printing & Publishing |   | L + 6.00% |   | 7.92% |   | 5/14/2018 |   | 5/14/2024 |   | 28,169 |  |   | 27,431 |  |   | 27,724 |  |   | 2.47 |  |
| Tweddle Group, Inc. (2) (3) (4) (10) (13)                                 | Media: Advertising, Printing & Publishing |   | L + 6.00% |   | 8.09% |   | 10/20/2016 |   | 10/24/2022 |   | 7,032 |  |   | 6,953 |  |   | 3,121 |  |   | 0.28 |  |
| Vetcor Professional Practices, LLC (2) (3) (4) (5) (13) (15)              | Consumer Services |   | L + 6.25% |   | 8.34% |   | 6/26/2015 |   | 4/20/2021 |   | 40,482 |  |   | 40,146 |  |   | 40,482 |  |   | 3.61 |  |
| VRC Companies, LLC (2) (3) (4) (5) (13) (15)                         | Business Services |   | L + 6.50% |   | 8.59% |   | 3/31/2017 |   | 3/31/2023 |   | 42,377 |  |   | 41,602 |  |   | 42,292 |  |   | 3.77 |  |
| Watchfire Enterprises, Inc. (2) (3) (13)                                  | Media: Advertising, Printing & Publishing |   | L + 4.00% |   | 6.33% |   | 6/9/2017 |   | 10/2/2020 |   | 1,248 |  |   | 1,239 |  |   | 1,248 |  |   | 0.11 |  |
| Winchester Electronics Corporation (2) (3) (4) (5) (13)                   | Capital Equipment |   | L + 6.50% |   | 8.59% |   | 10/14/2016 |   | 6/30/2022 |   | 36,363 |  |   | 36,117 |  |   | 36,363 |  |   | 3.24 |  |
| Zemax Software Holdings, LLC (2) (3) (5) (15)                             | Software |   | L + 5.75% |   | 8.09% |   | 6/25/2018 |   | 6/25/2024 |   | 10,274 |  |   | 10,043 |  |   | 10,143 |  |   | 0.90 |  |
| Zenith Merger Sub, Inc. (2)(3)(4)(5)(13)(15)                              | Business Services |   | L + 5.50% |   | 7.83% |   | 12/13/2017 |   | 12/13/2023 |   | 11,872 |  |   | 11,712 |  |   | 11,872 |  |   | 1.06 |  |
| First Lien Debt Total                                                     |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,570,914 |  |   | $ | 1,539,134 |  |   | 137.19 |  % |
| Second Lien Debt (8.27%)                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |
| Access CIG, LLC (2) (5) (15)                                              | Business Services |   | L + 7.75% |   | 9.84% |   | 2/14/2018 |   | 2/27/2026 |   | $ | 2,573 |  |   | $ | 2,548 |  |   | $ | 2,579 |  |   | 0.23 |  % |
| AmeriLife Group, LLC (2) (3) (5) (13)                           | Banking, Finance, Insurance & Real Estate |   | L + 8.75% |   | 10.84% |   | 7/9/2015 |   | 1/10/2023 |   | 22,000 |  |   | 21,666 |  |   | 22,000 |  |   | 1.96 |  |
| Argon Medical Devices Holdings, Inc. (2) (3) (5)                          | Healthcare & Pharmaceuticals |   | L + 8.00% |   | 10.09% |   | 11/2/2017 |   | 1/23/2026 |   | 7,500 |  |   | 7,466 |  |   | 7,583 |  |   | 0.68 |  |
| Confie Seguros Holding II Co. (2) (3) (5) (13)                            | Banking, Finance, Insurance & Real Estate |   | L + 9.50% |   | 11.81% |   | 6/29/2015 |   | 5/8/2019 |   | 9,000 |  |   | 8,967 |  |   | 8,828 |  |   | 0.78 |  |
| Drew Marine Group Inc. (2) (3) (4) (5) (13)                     | Chemicals, Plastics & Rubber |   | L + 7.00% |   | 9.09% |   | 11/19/2013 |   | 5/19/2021 |   | 12,500 |  |   | 12,485 |  |   | 12,450 |  |   | 1.11 |  |
| Paradigm Acquisition Corp. (2) (3) (5)                                    | Business Services |   | L + 8.50% |   | 10.97% |   | 10/6/2017 |   | 10/12/2025 |   | 9,600 |  |   | 9,510 |  |   | 9,719 |  |   | 0.87 |  |
| Pathway Partners Vet Management Company LLC (2) (3) (5) (15)         | Consumer Services |   | L + 8.00% |   | 10.09% |   | 10/4/2017 |   | 10/10/2025 |   | 11,943 |  |   | 11,771 |  |   | 11,733 |  |   | 1.05 |  |

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                      | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| Second Lien Debt (8.27%) (continued)                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pharmalogic Holdings Corp. (2) (3) (5) (15)                         | Healthcare & Pharmaceuticals |   | L + 8.00% |   | 10.09% |   | 6/7/2018 |   | 12/11/2023 |   | $ | 563 |  |   | $ | 560 |  |   | $ | 566 |  |   | 0.05 |  % |
| Project Accelerate Parent, LLC (2) (3) (5)                               | Software |   | L + 8.50% |   | 10.50% |   | 1/2/2018 |   | 1/2/2026 |   | 22,500 |  |   | 21,960 |  |   | 22,577 |  |   | 2.01 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2) (3) (5) | Wholesale |   | L + 8.50% |   | 10.80% |   | 1/24/2014 |   | 7/28/2020 |   | 3,000 |  |   | 2,969 |  |   | 2,814 |  |   | 0.25 |  |
| Q International Courier, LLC (2) (3) (5)                                 | Transportation: Cargo |   | L + 8.25% |   | 10.34% |   | 9/19/2017 |   | 9/19/2025 |   | 18,750 |  |   | 18,399 |  |   | 19,009 |  |   | 1.69 |  |
| Reladyne, Inc. (2) (3) (4) (5) (13)                                      | Wholesale |   | L + 9.50% |   | 11.59% |   | 4/19/2018 |   | 1/21/2023 |   | 10,000 |  |   | 9,818 |  |   | 9,891 |  |   | 0.88 |  |
| Santa Cruz Holdco, Inc. (2) (3) (5)                                      | Non-durable Consumer Goods |   | L + 8.25% |   | 10.32% |   | 12/15/2017 |   | 12/13/2024 |   | 17,138 |  |   | 16,975 |  |   | 17,352 |  |   | 1.55 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC)  (2) (3) (13)           | Sovereign & Public Finance |   | L + 8.50% |   | 10.59% |   | 5/19/2017 |   | 2/1/2025 |   | 1,800 |  |   | 1,785 |  |   | 1,804 |  |   | 0.16 |  |
| Watchfire Enterprises, Inc. (2) (3) (5)                                  | Media: Advertising, Printing & Publishing |   | L + 8.00% |   | 10.31% |   | 10/2/2013 |   | 10/2/2021 |   | 7,000 |  |   | 6,945 |  |   | 7,000 |  |   | 0.62 |  |
| Zywave, Inc. (2) (3) (5)                                                 | High Tech Industries |   | L + 9.00% |   | 11.33% |   | 11/18/2016 |   | 11/17/2023 |   | 4,950 |  |   | 4,889 |  |   | 5,000 |  |   | 0.45 |  |
| Second Lien Debt Total                                                   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 158,713 |  |   | $ | 160,905 |  |   | 14.34 |  % |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    | Industry |   | Acquisition Date |   | Shares/ Units |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Equity Investments (1.15%) (5) (16)                    |   |   |   |   |   |   |   |   |   |   |   |
| ANLG Holdings, LLC                                     | Healthcare & Pharmaceuticals |   | 6/22/2018 |   | 879,690 |  |   | $ | 880 |  |   | $ | 880 |  |   | 0.08 | % |
| CIP Revolution Holdings, LLC                           | Media: Advertising, Printing & Publishing |   | 8/19/2016 |   | 30,000 |  |   | 300 |  |   | 399 |  |   | 0.04 |  |
| Dade Paper & Bag, LLC                              | Forest Products & Paper |   | 6/9/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 2,269 |  |   | 0.20 |  |
| DecoPac, Inc.                                          | Non-durable Consumer Goods |   | 9/29/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 1,526 |  |   | 0.14 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) | Healthcare & Pharmaceuticals |   | 5/31/2016 |   | 1,000,000 |  |   | 1,000 |  |   | 1,603 |  |   | 0.14 |  |
| GRO Sub Holdco, LLC (Grand Rapids)                     | Healthcare & Pharmaceuticals |   | 3/29/2018 |   | 500,000 |  |   | 500 |  |   | 450 |  |   | 0.04 |  |
| Legacy.com Inc.                                        | High Tech Industries |   | 3/20/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 1,962 |  |   | 0.17 |  |
| North Haven Goldfinch Topco, LLC                       | Containers, Packaging & Glass |   | 6/18/2018 |   | 2,314,815 |  |   | 2,315 |  |   | 2,315 |  |   | 0.21 |  |
| Power Stop Intermediate Holdings, LLC                  | Automotive |   | 5/29/2015 |   | 7,150 |  |   | 369 |  |   | 1,407 |  |   | 0.13 |  |
| Rough Country, LLC                                     | Durable Consumer Goods |   | 5/25/2017 |   | 754,775 |  |   | 755 |  |   | 1,038 |  |   | 0.09 |  |
| SiteLock Group Holdings, LLC                           | High Tech Industries |   | 4/5/2018 |   | 446,429 |  |   | 446 |  |   | 446 |  |   | 0.04 |  |
| T2 Systems Parent Corporation                          | Transportation: Consumer |   | 9/28/2016 |   | 555,556 |  |   | 556 |  |   | 792 |  |   | 0.07 |  |
| Tailwind HMT Holdings Corp.                            | Energy: Oil & Gas |   | 11/17/2017 |   | 2,000,000 |  |   | 2,000 |  |   | 2,381 |  |   | 0.21 |  |
| THG Acquisition, LLC (The Hilb Group, LLC)             | Banking, Finance, Insurance & Real Estate |   | 6/24/2015 |   | 1,500,000 |  |   | 1,500 |  |   | 2,813 |  |   | 0.25 |  |
| Zenith American Holding, Inc.                          | Business Services |   | 12/13/2017 |   | 1,561,644 |  |   | 1,562 |  |   | 1,760 |  |   | 0.16 |  |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)   | Industry |   | Acquisition Date |   | Shares/ Units |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Zillow Topco LP                                       | Software |   | 6/25/2018 |   | 312,500 |  |   | 313 |  |   | 313 |  |   | 0.03 |  |
| Equity Investments Total                              |   |   |   |   |   |   | $ | 16,996 |  |   | $ | 22,354 |  |   | 2.00 | % |
| Total investments—non-controlled/non-affiliated |   |   |   |   |   | $ | 1,746,623 |  |   | $ | 1,722,393 |  |   | 153.53 | % |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated (5) 14) | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (0.84%)                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TwentyEighty, Inc. - Revolver (2) (3) (15)          | Business Services |   | L + 8.00% |   | 11.09% |   | 1/31/2017 |   | 3/31/2020 |   | $ | — |  |   | $ | (4 | ) |   | $ | — |  |   | — | % |
| TwentyEighty, Inc. - (Term A Loans) (2) (3)         | Business Services |   | L + 8.00% |   | 11.09% |   | 1/31/2017 |   | 3/31/2020 |   | 3,001 |  |   | 2,989 |  |   | 3,001 |  |   | 0.27 |  |
| TwentyEighty, Inc. - (Term B Loans)                 | Business Services |   | N/A |   | 8.00% (4.00% cash, 4.00% PIK) |   | 1/31/2017 |   | 3/31/2020 |   | 6,853 |  |   | 6,671 |  |   | 6,716 |  |   | 0.60 |  |
| TwentyEighty, Inc. - (Term C Loans)                 | Business Services |   | N/A |   | 9.00% (0.25% cash, 8.75% PIK) |   | 1/31/2017 |   | 3/31/2020 |   | 6,813 |  |   | 6,284 |  |   | 6,677 |  |   | 0.59 |  |
| First Lien Debt Total                               |   |   |   |   |   |   |   |   |   |   |  |   | $ | 15,940 |  |   | $ | 16,394 |  |   | 1.46 | % |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated (5) (14) (16) | Industry |   | Acquisition Date |   | Shares/ Units |   | Cost |   | FairValue (7) |   | Percentage of Net Assets |
| Equity Investments (0.00%)                                |   |   |   |   |   |   |   |   |   |   |   |
| TwentyEighty Investors LLC                                | Business Services |   | 1/31/2017 |   | 69,786 |  |   | $ | — |  |   | $ | — |  |   | — | % |
| Equity Investments Total                                  |   |   |   |   |   |   | $ | — |  |   | $ | — |  |   | — | % |
| Total investments—non-controlled/affiliated         |   |   |   |   |   |   | $ | 15,940 |  |   | $ | 16,394 |  |   | 1.46 | % |

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                                           | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Investment Fund (10.68%) (8)                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, LLC, Mezzanine Loan (2) (5) (9) (11)                                   | Investment Fund |   | L + 9.00% |   | 11.30% |   | 6/30/2016 |   | 3/22/2019 |   | $ | 114,000 |  |   | $ | 114,000 |  |   | $ | 114,000 |  |   | 10.16 | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  (5) (11) | Investment Fund |   | N/A |   | 0.001% |   | 2/29/2016 |   | 3/1/2021 |   | 94,501 |  |   | 94,501 |  |   | 94,005 |  |   | 8.38 |  |
| Investment Fund Total                                                                             |   |   |   |   |   |   |   |   |   |   |   |   | $ | 208,501 |  |   | $ | 208,005 |  |   | 18.54 | % |
| Total investments—controlled/affiliated                                                     |   |   |   |   |   |   |   |   |   |   |   |   | $ | 208,501 |  |   | $ | 208,005 |  |   | 18.54 | % |
| Total investments                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,971,064 |  |   | $ | 1,946,792 |  |   | 173.53 | % |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. 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, 2018, 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, 2018, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2018. As of June 30, 2018, the reference rates for our variable rate loans were the 30-day LIBOR at 2.09%, the 90-day LIBOR at 2.34% and the 180-day LIBOR at 2.50%. |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 Carlyle GMS Finance MM CLO 2015-1 LLC (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 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. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. The fair value of all first lien and second lien debt investments, equity investments and the investment fund mezzanine loan was determined using significant unobservable inputs. |

|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, 2018. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details. Transactions related to investments in controlled affiliates for the six month period ended June 30, 2018 were as follows: |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                             | Fair Value as of December 31, 2017 |   | Additions/Purchases |   | Reductions/Sales/ Paydowns |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair Value as of June 30, 2018 |   | Dividend and Interest Income |
| Middle Market Credit Fund, LLC, Mezzanine Loan                                      | $ | 85,750 |  |   | $ | 47,150 |  |   | $ | (18,900 | ) |   | $ | — |  |   | $ | — |  |   | $ | 114,000 |  |   | $ | 5,829 |  |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  | 86,766 |  |   | 8,012 |  |   | — |  |   | — |  |   | (761 | ) |   | 94,005 |  |   | 7,750 |  |
| Total investments—controlled/affiliated                                       | $ | 172,516 |  |   | $ | 55,162 |  |   | $ | (18,900 | ) |   | $ | — |  |   | $ | (761 | ) |   | $ | 208,005 |  |   | $ | 13,579 |  |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 (4.55%), EIP Merger Sub, LLC (Evolve IP) (3.80%), Legacy.com Inc. (4.06%), Payment Alliance International Inc. (2.70%), Prime Risk Partners, Inc. (1.82%), Product Quest Manufacturing, LLC (3.54%), Reliant Pro Rehab, LLC (nil), Surgical Information Systems, LLC (0.91%) and The Hilb Group, LLC (3.35%). 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 $400,000 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 an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to investments in non-controlled affiliates for the six month period ended June 30, 2018 were as follows: |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated       | Fair Value as of December 31, 2017 |  | Purchases/ Paid-in-kind interest |  | Sales/ Paydowns |  | Net Accretion of Discount |  | Net Realized Gain (Loss) |  | Net Change in Unrealized Appreciation (Depreciation) |  | Fair value as of June 30, 2018 |  | Interest Income |
| TwentyEighty, Inc. - Revolver                     | $ | (20 | ) |   | $ | — |  |   | $ | — |  |   | $ | 2 |  |   | $ | — |  |   | $ | 18 |  |   | $ | — |  |   | $ | 2 |  |
| TwentyEighty, Inc. - (Term A Loans)               | 3,760 |  |   | — |  |   | (889 | ) |   | 7 |  |   | — |  |   | 123 |  |   | 3,001 |  |   | 193 |  |
| TwentyEighty, Inc. - (Term B Loans)               | 6,360 |  |   | 138 |  |   | — |  |   | 39 |  |   | — |  |   | 179 |  |   | 6,716 |  |   | 312 |  |
| TwentyEighty, Inc. - (Term C Loans)               | 5,331 |  |   | 291 |  |   | — |  |   | 79 |  |   | — |  |   | 976 |  |   | 6,677 |  |   | 378 |  |
| TwentyEighty Investors LLC (Equity)               | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total investments—non-controlled/affiliated | $ | 15,431 |  |   | $ | 429 |  |   | $ | (889 | ) |   | $ | 127 |  |   | $ | — |  |   | $ | 1,296 |  |   | $ | 16,394 |  |   | $ | 885 |  |

|      |                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------|
| (15) | As of June 30, 2018, 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 |   |   |   |   |
| Access CIG, LLC                                                                             | Delayed Draw |   | — | % |   | 128 |  |   | — |  |
| Achilles Acquisition LLC                                                                    | Delayed Draw |   | 1.00 |  |   | 5,600 |  |   | (22 | ) |
| Advanced Instruments, LLC                                                                   | Revolver |   | 0.50 |  |   | 1,167 |  |   | (6 | ) |
| Aero Operating LLC (Dejana Industries, Inc.)                                                | Revolver |   | 1.00 |  |   | 405 |  |   | 2 |  |
| AMS Group HoldCo, LLC                                                                       | Delayed Draw |   | 1.00 |  |   | 4,009 |  |   | (30 | ) |
| AMS Group HoldCo, LLC                                                                       | Revolver |   | 0.50 |  |   | 1,968 |  |   | (15 | ) |
| Analogic Corporation                                                                        | Revolver |   | 0.50 |  |   | 3,365 |  |   | (42 | ) |
| Captive Resources Midco, LLC                                                                | Delayed Draw |   | 1.25 |  |   | 3,571 |  |   | (13 | ) |
| Captive Resources Midco, LLC                                                                | Revolver |   | 0.50 |  |   | 2,143 |  |   | (8 | ) |
| CIP Revolution Holdings, LLC                                                                | Revolver |   | 0.50 |  |   | 1,331 |  |   | (11 | ) |
| CircusTrix Holdings, LLC                                                                    | Delayed Draw |   | 1.00 |  |   | 1,115 |  |   | (1 | ) |
| Comar Holding Company, LLC                                                                  | Delayed Draw |   | 1.00 |  |   | 5,136 |  |   | (61 | ) |
| Comar Holding Company, LLC                                                                  | Revolver |   | 0.50 |  |   | 2,676 |  |   | (32 | ) |
| Continuum Managed Services HoldCo, LLC                                                      | Delayed Draw |   | 1.00 |  |   | 1,917 |  |   | 8 |  |
| Continuum Managed Services HoldCo, LLC                                                      | Revolver |   | 0.50 |  |   | 2,500 |  |   | 10 |  |
| Datto, Inc.                                                                                 | Revolver |   | 0.50 |  |   | 726 |  |   | 12 |  |
| Derm Growth Partners III, LLC (Dermatology Associates)                                      | Revolver |   | 0.50 |  |   | 2,064 |  |   | (6 | ) |
| DermaRite Industries LLC                                                                    | Revolver |   | 0.50 |  |   | 3,186 |  |   | (52 | ) |
| Dimensional Dental Management, LLC                                                          | Delayed Draw |   | 1.00 |  |   | 9,584 |  |   | (218 | ) |
| Direct Travel, Inc.                                                                         | Delayed Draw |   | 1.00 |  |   | 2,174 |  |   | — |  |
| Frontline Technologies Holdings, LLC                                                        | Delayed Draw |   | 1.00 |  |   | 7,705 |  |   | (186 | ) |
| FWR Holding Corporation                                                                     | Delayed Draw |   | 1.00 |  |   | 6,778 |  |   | 63 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| FWR Holding Corporation                         | Revolver |   | 0.50 |  |   | 3,000 |  |   | 28 |  |
| Global Franchise Group, LLC                     | Revolver |   | 0.50 |  |   | 495 |  |   | — |  |
| GRO Sub Holdco, LLC (Grand Rapids)              | Delayed Draw |   | 1.00 |  |   | 7,000 |  |   | (17 | ) |
| GRO Sub Holdco, LLC (Grand Rapids)              | Revolver |   | 0.50 |  |   | 1,071 |  |   | (3 | ) |
| Innovative Business Services, LLC               | Delayed Draw |   | 1.00 |  |   | 3,886 |  |   | (56 | ) |
| Innovative Business Services, LLC               | Revolver |   | 0.50 |  |   | 2,232 |  |   | (32 | ) |
| National Technical Systems, Inc.                | Revolver |   | 0.50 |  |   | 2,500 |  |   | (137 | ) |
| NMI AcquisitionCo, Inc.                         | Revolver |   | 0.50 |  |   | 435 |  |   | (5 | ) |
| OnCourse Learning Corporation                   | Revolver |   | 0.50 |  |   | 424 |  |   | (2 | ) |
| Pathway Partners Vet Management Company LLC     | Delayed Draw |   | 1.00 |  |   | 6,112 |  |   | (71 | ) |
| Pharmalogic Holdings Corp.                      | Delayed Draw |   | 1.00 |  |   | 237 |  |   | 1 |  |
| PricewaterhouseCoopers Public Sector LLP        | Revolver |   | 0.50 |  |   | 6,250 |  |   | (109 | ) |
| Prime Risk Partners, Inc.                       | Delayed Draw |   | 0.50 |  |   | 492 |  |   | (3 | ) |
| Prime Risk Partners, Inc.                       | Delayed Draw |   | 0.50 |  |   | 6,124 |  |   | (26 | ) |
| Product Quest Manufacturing, LLC                | Revolver |   | 0.50 |  |   | 1,906 |  |   | — |  |
| Smile Doctors, LLC                              | Delayed Draw |   | 1.00 |  |   | 1,345 |  |   | 1 |  |
| Smile Doctors, LLC                              | Revolver |   | 0.50 |  |   | 252 |  |   | — |  |
| SPay, Inc.                                      | Delayed Draw |   | 1.00 |  |   | 10,227 |  |   | (116 | ) |
| SPay, Inc.                                      | Revolver |   | 0.50 |  |   | 2,045 |  |   | (23 | ) |
| Superior Health Linens, LLC                     | Revolver |   | 0.50 |  |   | 2,100 |  |   | (20 | ) |
| T2 Systems, Inc.                                | Revolver |   | 0.50 |  |   | 1,760 |  |   | 3 |  |
| TSB Purchaser, Inc. (Teaching Strategies, LLC)  | Revolver |   | 0.50 |  |   | 1,891 |  |   | (28 | ) |
| The Hilb Group, LLC                             | Delayed Draw |   | 1.00 |  |   | 18,648 |  |   | (114 | ) |
| Trump Card, LLC                                 | Revolver |   | 0.50 |  |   | 318 |  |   | (1 | ) |
| TwentyEighty, Inc. (f/k/a Miller Heiman, Inc.)  | Revolver |   | 0.50 |  |   | 607 |  |   | — |  |
| Vetcor Professional Practices, LLC              | Delayed Draw |   | 1.00 |  |   | 6,433 |  |   | — |  |
| VRC Companies, LLC                              | Revolver |   | 0.50 |  |   | 792 |  |   | (1 | ) |
| VRC Companies, LLC                              | Delayed Draw |   | 0.75 |  |   | 3,949 |  |   | (7 | ) |
| Zemax Software Holdings, LLC                    | Revolver |   | 0.50 |  |   | 1,284 |  |   | (14 | ) |
| Zenith Merger Sub, Inc.                         | Revolver |   | 0.50 |  |   | 1,685 |  |   | — |  |
| Total unfunded commitments                      |   |   |   |   | $ | 164,748 |  |   | $ | (1,360 | ) |

|      |                                                                                                                                                                                                                                                          |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (16) | Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |
| Type                                            | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | $ | 1,331,384 |  |   | $ | 1,320,216 |  |   | 67.81 | % |
| First Lien/Last Out Unitranche                  | 255,470 |  |   | 235,312 |  |   | 12.09 |  |
| Second Lien Debt                                | 158,713 |  |   | 160,905 |  |   | 8.27 |  |
| Equity Investments                              | 16,996 |  |   | 22,354 |  |   | 1.15 |  |
| Investment Fund                                 | 208,501 |  |   | 208,005 |  |   | 10.68 |  |
| Total                                           | $ | 1,971,064 |  |   | $ | 1,946,792 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |
| Rate Type     | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate | $ | 1,732,612 |  |   | $ | 1,703,040 |  |   | 99.22 | % |
| Fixed Rate    | 12,955 |  |   | 13,393 |  |   | 0.78 |  |
| Total         | $ | 1,745,567 |  |   | $ | 1,716,433 |  |   | 100.00 | % |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |
| Industry                                           | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                       | $ | 25,949 |  |   | $ | 24,938 |  |   | 1.28 | % |
| Automotive                                         | 1,258 |  |   | 2,296 |  |   | 0.12 |  |
| Banking, Finance, Insurance & Real Estate | 174,802 |  |   | 178,043 |  |   | 9.15 |  |
| Beverage, Food & Tobacco                  | 52,460 |  |   | 54,093 |  |   | 2.78 |  |
| Business Services                                  | 130,469 |  |   | 132,905 |  |   | 6.83 |  |
| Capital Equipment                                  | 36,117 |  |   | 36,363 |  |   | 1.87 |  |
| Chemicals, Plastics & Rubber              | 12,485 |  |   | 12,450 |  |   | 0.64 |  |
| Construction & Building                   | 26,045 |  |   | 26,265 |  |   | 1.35 |  |
| Consumer Services                                  | 128,876 |  |   | 129,700 |  |   | 6.66 |  |
| Containers, Packaging & Glass             | 67,506 |  |   | 45,499 |  |   | 2.34 |  |
| Durable Consumer Goods                             | 755 |  |   | 1,038 |  |   | 0.05 |  |
| Energy: Electricity                                | 42,951 |  |   | 43,467 |  |   | 2.23 |  |
| Energy: Oil & Gas                         | 9,696 |  |   | 10,121 |  |   | 0.52 |  |
| Environmental Industries                           | 35,674 |  |   | 35,622 |  |   | 1.83 |  |
| Forest Products & Paper                   | 50,124 |  |   | 51,858 |  |   | 2.66 |  |
| Healthcare & Pharmaceuticals              | 238,649 |  |   | 236,358 |  |   | 12.14 |  |
| High Tech Industries                               | 178,300 |  |   | 182,062 |  |   | 9.35 |  |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |
| Industry                                           | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Hotel, Gaming & Leisure                   | 80,784 |  |   | 80,044 |  |   | 4.11 |  |
| Investment Fund                                    | 208,501 |  |   | 208,005 |  |   | 10.68 |  |
| Media: Advertising, Printing & Publishing | 61,669 |  |   | 58,267 |  |   | 2.99 |  |
| Non-durable Consumer Goods                         | 58,047 |  |   | 52,436 |  |   | 2.69 |  |
| Software                                           | 87,611 |  |   | 87,939 |  |   | 4.52 |  |
| Sovereign & Public Finance                | 1,785 |  |   | 1,804 |  |   | 0.09 |  |
| Telecommunications                                 | 89,721 |  |   | 85,464 |  |   | 4.39 |  |
| Transportation: Cargo                              | 88,878 |  |   | 90,065 |  |   | 4.63 |  |
| Transportation: Consumer                           | 36,322 |  |   | 37,336 |  |   | 1.92 |  |
| Wholesale                                          | 45,630 |  |   | 42,354 |  |   | 2.18 |  |
| Total                                              | $ | 1,971,064 |  |   | $ | 1,946,792 |  |   | 100.00 | % |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |
| Geography      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| United Kingdom | $ | 7,696 |  |   | $ | 7,740 |  |   | 0.40 | % |
| United States  | 1,963,368 |  |   | 1,939,052 |  |   | 99.60 |  |
| Total          | $ | 1,971,064 |  |   | $ | 1,946,792 |  |   | 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 (77.04%)                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC (2)(3)(4)(13)                                          | Business Services |   | L + 5.00% (1.00% Floor) |   | 10/17/2021 |   | $ | 18,149 |  |   | $ | 18,054 |  |   | $ | 18,263 |  |   | 1.62 | % |
| Achilles Acquisition LLC (2)(3)(4)(5)(13)(15)                               | Banking, Finance, Insurance & Real Estate |   | L + 6.00% (1.00% Floor) |   | 6/6/2023 |   | 40,910 |  |   | 39,931 |  |   | 40,523 |  |   | 3.59 |  |
| Advanced Instruments, LLC (2)(3)(4)(5)(13)(15)                         | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 10,421 |  |   | 10,227 |  |   | 10,421 |  |   | 0.92 |  |
| Alpha Packaging Holdings, Inc. (2)(3)(4)(13)                                | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 2,896 |  |   | 2,894 |  |   | 2,896 |  |   | 0.26 |  |
| AMS Group HoldCo, LLC (2)(3)(4)(5)(13)(15)                                  | Transportation: Cargo |   | L + 6.00% (1.00% Floor) |   | 9/29/2023 |   | 29,925 |  |   | 29,254 |  |   | 29,925 |  |   | 2.65 |  |
| Anaren, Inc. (2)(3)(4)(13)                                                  | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 3,802 |  |   | 3,789 |  |   | 3,809 |  |   | 0.34 |  |
| Audax AAMP Holdings, Inc. (2)(3)(5)                                         | Durable Consumer Goods |   | L + 7.50% (1.00% Floor) |   | 1/31/2018 |   | 12,487 |  |   | 12,459 |  |   | 12,362 |  |   | 1.10 |  |
| BeyondTrust Software, Inc. (2)(3)(4)(5)(13)                                 | Software |   | L + 6.25% (1.00% Floor) |   | 11/21/2023 |   | 17,000 |  |   | 16,758 |  |   | 16,910 |  |   | 1.50 |  |
| Brooks Equipment Company, LLC (2)(3)(4)(13)                                 | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 2,546 |  |   | 2,535 |  |   | 2,546 |  |   | 0.23 |  |
| Capstone Logistics Acquisition, Inc. (2)(3)(4)(13)                          | Transportation: Cargo |   | L + 4.50% (1.00% Floor) |   | 10/7/2021 |   | 19,198 |  |   | 19,081 |  |   | 18,895 |  |   | 1.68 |  |
| Captive Resources Midco, LLC (2)(3)(4)(5)(13)(15)                           | Banking, Finance, Insurance & Real Estate |   | L + 6.00% (1.00% Floor) |   | 12/18/2021 |   | 30,900 |  |   | 30,635 |  |   | 30,783 |  |   | 2.73 |  |
| Central Security Group, Inc. (2)(3)(4)(13)                             | Consumer Services |   | L + 5.63% (1.00% Floor) |   | 10/6/2021 |   | 39,007 |  |   | 38,668 |  |   | 38,941 |  |   | 3.45 |  |
| CIP Revolution Holdings, LLC (2)(3)(4)(5)(13)(15)                           | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 8/19/2021 |   | 19,048 |  |   | 18,917 |  |   | 18,993 |  |   | 1.68 |  |
| Colony Hardware Corporation (2)(3)(4)(13)                                   | Construction & Building |   | L + 6.00% (1.00% Floor) |   | 10/23/2021 |   | 22,071 |  |   | 21,838 |  |   | 22,049 |  |   | 1.96 |  |
| Continuum Managed Services Holdco, LLC (2)(3)(4)(5)(13)(15)                 | High Tech Industries |   | L + 8.75% (1.00% Floor) |   | 6/8/2023 |   | 22,885 |  |   | 22,208 |  |   | 23,237 |  |   | 2.06 |  |
| Dade Paper & Bag, LLC (2)(3)(4)(5)                                 | Forest Products & Paper |   | L + 7.50% (1.00% Floor) |   | 6/10/2024 |   | 49,750 |  |   | 48,822 |  |   | 49,884 |  |   | 4.42 |  |
| Datto, Inc. (2)(3)(5)(15)                                                   | High Tech Industries |   | L + 8.00% (1.00% Floor) |   | 12/7/2022 |   | 35,622 |  |   | 35,082 |  |   | 35,818 |  |   | 3.18 |  |
| Dent Wizard International Corporation (2)(3)(4)                        | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 895 |  |   | 893 |  |   | 894 |  |   | 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 |   | 50,658 |  |   | 50,104 |  |   | 50,441 |  |   | 4.47 |  |
| DermaRite Industries, LLC (2)(3)(5)(13)(15)                            | Healthcare & Pharmaceuticals |   | L + 7.00% (1.00% Floor) |   | 3/3/2022 |   | 20,003 |  |   | 19,729 |  |   | 19,850 |  |   | 1.76 |  |
| Dimensional Dental Management, LLC (2)(3)(5)(12)(15)                   | Healthcare & Pharmaceuticals |   | L + 6.75% (1.00% Floor) |   | 2/12/2021 |   | 33,674 |  |   | 33,038 |  |   | 33,514 |  |   | 2.97 |  |
| Direct Travel, Inc. (2)(3)(4)(5)(13)(15)                                    | Hotel, Gaming & Leisure |   | L + 6.50% (1.00% Floor) |   | 12/1/2021 |   | 29,623 |  |   | 29,136 |  |   | 29,708 |  |   | 2.64 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(5)(12)(13)                           | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 27,284 |  |   | 26,618 |  |   | 26,738 |  |   | 2.37 |  |
| Emergency Communications Network, LLC (2)(3)(4)(5)(13)                      | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/1/2023 |   | 24,875 |  |   | 24,669 |  |   | 24,850 |  |   | 2.20 |  |
| EP Minerals, LLC (2)(3)(4)(13)                                         | Metals & Mining |   | L + 4.50% (1.00% Floor) |   | 8/20/2020 |   | 7,920 |  |   | 7,901 |  |   | 7,931 |  |   | 0.70 |  |
| FCX Holdings Corp. (2)(3)(4)(13)                                            | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 3,820 |  |   | 3,823 |  |   | 3,824 |  |   | 0.34 |  |
| Frontline Technologies Holdings, LLC (2)(3)(5)(15)                          | Software |   | L + 6.50% (1.00% Floor) |   | 9/18/2023 |   | 39,197 |  |   | 38,757 |  |   | 39,159 |  |   | 3.47 |  |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 (77.04%) (continued)                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| FWR Holding Corporation (2)(3)(4)(5)(13)(15)                               | Beverage, Food & Tobacco |   | L + 6.00% (1.00% Floor) |   | 8/21/2023 |   | $ | 36,692 |  |   | $ | 35,525 |  |   | $ | 36,098 |  |   | 3.20 | % |
| Global Franchise Group, LLC (2)(3)(4)(5)(13)(15)                           | Beverage, Food & Tobacco |   | L + 5.75% (1.00% Floor) |   | 12/18/2019 |   | 14,468 |  |   | 14,345 |  |   | 14,468 |  |   | 1.28 |  |
| Global Software, LLC (2)(3)(4)(13)                                         | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 5/2/2022 |   | 20,800 |  |   | 20,501 |  |   | 20,774 |  |   | 1.84 |  |
| Green Energy Partners/Stonewall LLC(2)(3)(4)(13)                           | Energy: Electricity |   | L + 5.50% (1.00% Floor) |   | 11/13/2021 |   | 19,950 |  |   | 19,621 |  |   | 19,334 |  |   | 1.71 |  |
| Hummel Station LLC (2)(3)(5)(13)                                           | Energy: Electricity |   | L + 6.00% (1.00% Floor) |   | 10/27/2022 |   | 15,000 |  |   | 14,375 |  |   | 13,905 |  |   | 1.23 |  |
| Hydrofarm, LLC (2)(5)(13)                                                  | Wholesale |   | L + 7.00% |   | 5/12/2022 |   | 18,763 |  |   | 18,640 |  |   | 18,241 |  |   | 1.62 |  |
| Indra Holdings Corp. (Totes Isotoner) (2)(3)(5)(13)                        | Non-durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 5/1/2021 |   | 18,965 |  |   | 17,224 |  |   | 11,222 |  |   | 1.00 |  |
| Legacy.com Inc. (2)(3)(5)(12)                                              | High Tech Industries |   | L + 6.00% (1.00% Floor) |   | 3/20/2023 |   | 17,000 |  |   | 16,653 |  |   | 17,558 |  |   | 1.56 |  |
| Metrogistics LLC (2)(3)(4)(13)                                             | Transportation: Cargo |   | L + 6.50% (1.00% Floor) |   | 9/30/2022 |   | 17,978 |  |   | 17,774 |  |   | 17,921 |  |   | 1.59 |  |
| Moxie Liberty LLC (2)(3)(5)(13)                                            | Energy: Electricity |   | L + 6.50% (1.00% Floor) |   | 8/21/2020 |   | 9,975 |  |   | 9,008 |  |   | 9,148 |  |   | 0.81 |  |
| National Technical Systems, Inc. (2)(3)(4)(5)(13)(15)                 | Aerospace & Defense |   | L + 6.25% (1.00% Floor) |   | 6/12/2021 |   | 26,351 |  |   | 26,072 |  |   | 24,817 |  |   | 2.20 |  |
| 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 |   | 13,600 |  |   | 13,439 |  |   | 13,369 |  |   | 1.19 |  |
| NMI AcquisitionCo, Inc. (2)(3)(4)(5)(15)                                   | High Tech Industries |   | L + 6.75% (1.00% Floor) |   | 9/6/2022 |   | 51,091 |  |   | 50,112 |  |   | 50,944 |  |   | 4.52 |  |
| OnCourse Learning Corporation (2)(3)(4)(5)(13)(15)                         | Consumer Services |   | L + 6.50% (1.00% Floor) |   | 9/12/2021 |   | 35,905 |  |   | 35,513 |  |   | 35,740 |  |   | 3.17 |  |
| Payment Alliance International, Inc. (2)(3)(5)(12)                    | Business Services |   | L + 6.05% (1.00% Floor) |   | 9/15/2021 |   | 26,544 |  |   | 25,983 |  |   | 26,464 |  |   | 2.35 |  |
| Pelican Products, Inc. (2)(3)(4)(13)                                       | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 4/11/2020 |   | 3,585 |  |   | 3,589 |  |   | 3,581 |  |   | 0.32 |  |
| Plano Molding Company, LLC (2)(3)(4)(5)                                    | Hotel, Gaming & Leisure |   | L + 7.50% (1.00% Floor) |   | 5/12/2021 |   | 19,523 |  |   | 19,263 |  |   | 16,934 |  |   | 1.50 |  |
| PMG Acquisition Corporation (2)(3)(4)(5)(13)(15)                           | Healthcare & Pharmaceuticals |   | L + 6.25% (1.00% Floor) |   | 5/22/2022 |   | 27,025 |  |   | 26,649 |  |   | 27,161 |  |   | 2.41 |  |
| PPT Management Holdings, LLC(2)(3)(4)(5)(13)                               | Healthcare & Pharmaceuticals |   | L + 6.00% (1.00% Floor) |   | 12/16/2022 |   | 24,750 |  |   | 24,572 |  |   | 23,443 |  |   | 2.08 |  |
| Prime Risk Partners, Inc. (2)(3)(5)(15)                                    | Banking, Finance, Insurance & Real Estate |   | L + 5.75% (1.00% Floor) |   | 8/13/2023 |   | 1,639 |  |   | 1,594 |  |   | 1,650 |  |   | 0.15 |  |
| Prime Risk Partners, Inc. (2)(3)(5)(12)(15)                                | Banking, Finance, Insurance & Real Estate |   | L + 5.75% (1.00% Floor) |   | 8/13/2023 |   | 20,521 |  |   | 19,959 |  |   | 21,032 |  |   | 1.87 |  |
| Product Quest Manufacturing, LLC (2)(3)(5)(10)(12)                         | Containers, Packaging & Glass |   | L + 6.75% (1.00% Floor) |   | 9/9/2020 |   | 33,000 |  |   | 32,270 |  |   | 19,487 |  |   | 1.73 |  |
| Product Quest Manufacturing, LLC (2)(3)(5)(15)                        | Containers, Packaging & Glass |   | L + 6.75% (3.25% Floor) |   | 3/31/2019 |   | 2,729 |  |   | 2,729 |  |   | 2,729 |  |   | 0.24 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2)(3)(4)(13) | Wholesale |   | L + 4.50% (1.00% Floor) |   | 1/28/2020 |   | 14,910 |  |   | 14,285 |  |   | 14,133 |  |   | 1.25 |  |
| QW Holding Corporation (Quala) (2)(3)(4)(5)(13)                            | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 36,549 |  |   | 35,772 |  |   | 35,715 |  |   | 3.17 |  |
| Reliant Pro Rehab, LLC (2)(3)(5)(12)                                       | Healthcare & Pharmaceuticals |   | L + 10.00% (1.00% Floor) |   | 12/28/2018 |   | 24,563 |  |   | 24,544 |  |   | 24,563 |  |   | 2.18 |  |
| Smile Doctors, LLC (2)(3)(5)(13)(15)                                       | Healthcare & Pharmaceuticals |   | L + 5.75% (1.00% Floor) |   | 10/6/2022 |   | 9,059 |  |   | 8,930 |  |   | 9,011 |  |   | 0.80 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 (77.04%) (continued)                         |   |   |   |   |   |   |   |   |   |   |   |   |
| SolAero Technologies Corp. (2)(3)(4)(5)                      | Telecommunications |   | L + 5.25% (1.00% Floor) |   | 12/10/2020 |   | $ | 24,828 |  |   | $ | 24,221 |  |   | $ | 23,416 |  |   | 2.08 | % |
| Superior Health Linens, LLC (2)(3)(4)(5)(13)(15)        | Business Services |   | L + 6.50% (1.00% Floor) |   | 9/30/2021 |   | 21,061 |  |   | 20,788 |  |   | 21,026 |  |   | 1.87 |  |
| Surgical Information Systems, LLC (2)(3)(4)(5)(12)(13)       | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 4/24/2023 |   | 30,000 |  |   | 29,728 |  |   | 30,075 |  |   | 2.67 |  |
| T2 Systems Canada, Inc. (2)(3)(4)                            | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 4,009 |  |   | 3,926 |  |   | 3,950 |  |   | 0.35 |  |
| T2 Systems, Inc. (2)(3)(4)(5)(13)(15)                        | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 32,649 |  |   | 31,956 |  |   | 32,146 |  |   | 2.85 |  |
| The Hilb Group, LLC (2)(3)(5)(12)(15)                        | Banking, Finance, Insurance & Real Estate |   | L + 6.00% (1.00% Floor) |   | 6/24/2021 |   | 38,622 |  |   | 38,132 |  |   | 38,204 |  |   | 3.39 |  |
| The SI Organization, Inc.(2)(3)(4)(5)(13)                    | Aerospace & Defense |   | L + 4.75% (1.00% Floor) |   | 11/23/2019 |   | 14,300 |  |   | 14,310 |  |   | 14,419 |  |   | 1.28 |  |
| The Topps Company, Inc. (2)(3)(4)(13)                        | Non-durable Consumer Goods |   | L + 6.00% (1.25% Floor) |   | 10/2/2020 |   | 23,130 |  |   | 22,970 |  |   | 22,991 |  |   | 2.04 |  |
| TruckPro, LLC (2)(3)(4)(13)                                  | Automotive |   | L + 5.00% (1.00% Floor) |   | 8/6/2018 |   | 8,860 |  |   | 8,850 |  |   | 8,831 |  |   | 0.78 |  |
| Tweddle Group, Inc. (2)(3)(4)(13)                            | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 10/24/2022 |   | 7,356 |  |   | 7,266 |  |   | 7,264 |  |   | 0.64 |  |
| Vetcor Professional Practices, LLC (2)(3)(4)(5)(13)(15) | Consumer Services |   | L + 6.25% (1.00% Floor) |   | 4/20/2021 |   | 38,868 |  |   | 38,502 |  |   | 38,725 |  |   | 3.43 |  |
| Vistage Worldwide, Inc. (2)(3)(4)(13)                        | Business Services |   | L + 5.50% (1.00% Floor) |   | 8/19/2021 |   | 32,916 |  |   | 32,753 |  |   | 32,916 |  |   | 2.92 |  |
| VRC Companies, LLC (2)(3)(4)(5)(13)(15)                      | Business Services |   | L + 6.50% (1.00% Floor) |   | 3/31/2023 |   | 38,600 |  |   | 37,873 |  |   | 38,541 |  |   | 3.42 |  |
| W/S Packaging Group Inc. (2)(3)(4)                           | Containers, Packaging & Glass |   | L + 5.00% (1.00% Floor) |   | 8/9/2019 |   | 4,004 |  |   | 3,887 |  |   | 3,789 |  |   | 0.34 |  |
| Watchfire Enterprises, Inc. (2)(3)(13)                       | Media: Advertising, Printing & Publishing |   | L + 4.25% (1.00% Floor) |   | 10/2/2020 |   | 1,362 |  |   | 1,351 |  |   | 1,362 |  |   | 0.12 |  |
| Winchester Electronics Corporation (2)(3)(4)(5)(13)     | Capital Equipment |   | L + 6.50% (1.00% Floor) |   | 6/30/2022 |   | 36,547 |  |   | 36,292 |  |   | 36,933 |  |   | 3.28 |  |
| Zenith Merger Sub, Inc. (2)(3)(4)(5)(13)(15)                 | Business Services |   | L + 5.50% (1.00% Floor) |   | 12/12/2023 |   | 15,290 |  |   | 15,069 |  |   | 15,198 |  |   | 1.35 |  |
| Zest Holdings, LLC (2)(3)(4)(13)                             | Durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 8/16/2023 |   | 3,431 |  |   | 3,423 |  |   | 3,453 |  |   | 0.31 |  |
| First Lien Debt Total                                        |   |   |   |   |   |   |   |   | $ | 1,526,058 |  |   | $ | 1,515,845 |  |   | 134.46 | % |
| Second Lien Debt (12.51%)                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AIM Group USA Inc. (2)(3)(4)(5)(13)                          | Aerospace & Defense |   | L + 9.00% (1.00% Floor) |   | 8/2/2022 |   | $ | 23,000 |  |   | $ | 22,737 |  |   | $ | 23,230 |  |   | 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 |  |   | 21,647 |  |   | 21,817 |  |   | 1.94 |  |
| Argon Medical Devices, Inc. (2)(3)(4)(5)                     | Healthcare & Pharmaceuticals |   | L + 9.50% (1.00% Floor) |   | 6/23/2022 |   | 25,000 |  |   | 24,447 |  |   | 25,000 |  |   | 2.22 |  |
| Argon Medical Devices Holdings, Inc. (2)(3)(5)               | Healthcare & Pharmaceuticals |   | L + 8.00% (1.00% Floor) |   | 1/23/2026 |   | 7,500 |  |   | 7,465 |  |   | 7,515 |  |   | 0.67 |  |
| Berlin Packaging L.L.C. (2)(3)(13)                           | Containers, Packaging & Glass |   | L + 6.75% (1.00% Floor) |   | 10/1/2022 |   | 1,146 |  |   | 1,140 |  |   | 1,153 |  |   | 0.10 |  |
| Confie Seguros Holding II Co.(2)(3)(5)(13)                   | Banking, Finance, Insurance & Real Estate |   | L + 9.50% (1.25% Floor) |   | 5/8/2019 |   | 9,000 |  |   | 8,959 |  |   | 8,715 |  |   | 0.77 |  |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 (12.51%) (continued)                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Drew Marine Group Inc. (2)(3)(4)(5)(13)                                          | Chemicals, Plastics & Rubber |   | L + 7.00% (1.00% Floor) |   | 5/19/2021 |   | $ | 12,500 |  |   | $ | 12,484 |  |   | $ | 12,456 |  |   | 1.10 | % |
| Genex Holdings, Inc. (2)(3)(5)                                                   | Banking, Finance, Insurance & Real Estate |   | L + 7.75% (1.00% Floor) |   | 5/30/2022 |   | 8,990 |  |   | 8,915 |  |   | 8,924 |  |   | 0.79 |  |
| Paradigm Acquisition Corp. (2)(3)(5)                                             | Business Services |   | L + 8.50% (1.00% Floor) |   | 10/12/2025 |   | 9,600 |  |   | 9,507 |  |   | 9,584 |  |   | 0.85 |  |
| Pathway Partners Vet Management Company LLC (2)(3)(5)(15)                        | Consumer Services |   | L + 8.00% (1.00% Floor) |   | 10/10/2025 |   | 7,751 |  |   | 7,644 |  |   | 7,741 |  |   | 0.69 |  |
| Pexco LLC (2)(3)(5)                                                              | Chemicals, Plastics & Rubber |   | L + 8.00% (1.00% Floor) |   | 5/8/2025 |   | 20,000 |  |   | 19,818 |  |   | 20,362 |  |   | 1.81 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2)(3)(5) | Wholesale |   | L + 8.50% (1.00% Floor) |   | 7/28/2020 |   | 3,000 |  |   | 2,967 |  |   | 2,485 |  |   | 0.22 |  |
| Q International Courier, LLC (2)(3)(5)                                           | Transportation: Cargo |   | L + 8.25% (1.00% Floor) |   | 9/19/2025 |   | 18,750 |  |   | 18,384 |  |   | 18,621 |  |   | 1.65 |  |
| Reladyne, Inc. (2)(3)(4)(13)                                                     | Wholesale |   | L + 9.50% (1.00% Floor) |   | 1/21/2023 |   | 5,000 |  |   | 4,884 |  |   | 4,929 |  |   | 0.44 |  |
| Rough Country, LLC (2)(3)(5)(13)                                                 | Durable Consumer Goods |   | L + 8.50% (1.00% Floor) |   | 11/25/2023 |   | 42,500 |  |   | 41,311 |  |   | 42,802 |  |   | 3.80 |  |
| Santa Cruz Holdco, Inc. (2)(3)(5)                                                | Non-durable Consumer Goods |   | L + 8.25% (1.00% Floor) |   | 12/13/2024 |   | 17,138 |  |   | 16,967 |  |   | 17,079 |  |   | 1.51 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2)(3)(13)                 | Sovereign & Public Finance |   | L + 8.50% (1.00% Floor) |   | 2/1/2025 |   | 1,800 |  |   | 1,784 |  |   | 1,820 |  |   | 0.16 |  |
| Watchfire Enterprises, Inc.(2)(3)(5)                                             | Media: Advertising, Printing & Publishing |   | L + 8.00% (1.00% Floor) |   | 10/2/2021 |   | 7,000 |  |   | 6,941 |  |   | 7,000 |  |   | 0.62 |  |
| Zywave, Inc. (2)(3)(5)                                                           | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 4,950 |  |   | 4,886 |  |   | 5,000 |  |   | 0.44 |  |
| Second Lien Debt Total                                                           |   |   |   |   |   |   |   |   | $ | 242,887 |  |   | $ | 246,233 |  |   | 21.84 | % |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    | Industry |   | Shares/ Units |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Equity Investments (0.89%) (5)                         |   |   |   |   |   |   |   |   |   |
| CIP Revolution Holdings, LLC                           | Media: Advertising, Printing & Publishing |   | 30,000 |  |   | $ | 300 |  |   | $ | 369 |  |   | 0.03 | % |
| Dade Paper & Bag, LLC                              | Forest Products & Paper |   | 1,500,000 |  |   | 1,500 |  |   | 2,140 |  |   | 0.19 |  |
| DecoPac, Inc.                                          | Non-durable Consumer Goods |   | 1,500,000 |  |   | 1,500 |  |   | 1,500 |  |   | 0.13 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) | Healthcare & Pharmaceuticals |   | 1,000,000 |  |   | 1,000 |  |   | 1,796 |  |   | 0.16 |  |
| GS Holdco LLC (Global Software, LLC)                   | High Tech Industries |   | 1,000,000 |  |   | 1,001 |  |   | 1,550 |  |   | 0.14 |  |
| Legacy.com Inc.                                        | High Tech Industries |   | 1,500,000 |  |   | 1,500 |  |   | 1,739 |  |   | 0.15 |  |
| Power Stop Intermediate Holdings, LLC                  | Automotive |   | 7,150 |  |   | 369 |  |   | 1,191 |  |   | 0.11 |  |
| Rough Country, LLC                                     | Durable Consumer Goods |   | 754,775 |  |   | 755 |  |   | 873 |  |   | 0.08 |  |
| T2 Systems Parent Corporation                          | Transportation: Consumer |   | 555,556 |  |   | 556 |  |   | 499 |  |   | 0.04 |  |
| Tailwind HMT Holdings Corp.                            | Energy: Oil & Gas |   | 2,000,000 |  |   | 2,000 |  |   | 2,000 |  |   | 0.18 |  |
| THG Acquisition, LLC (The Hilb Group, LLC)             | Banking, Finance, Insurance & Real Estate |   | 1,500,000 |  |   | 1,500 |  |   | 2,287 |  |   | 0.20 |  |
| Zenith American Holding, Inc.                          | Business Services |   | 1,561,644 |  |   | 1,562 |  |   | 1,562 |  |   | 0.14 |  |
| Equity Investments Total                               |   |   |   |   | $ | 13,543 |  |   | $ | 17,506 |  |   | 1.55 | % |
| Total investments—non-controlled/non-affiliated  |   |   |   | $ | 1,782,488 |  |   | $ | 1,779,584 |  |   | 157.85 | % |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated (5)(14) | Industry |   | Interest Rate(2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (0.78%)                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TwentyEighty, Inc. - Revolver (2)(3)(15)            | Business Services |   | L + 8.00% |   | 3/21/2020 |   | $ | — |  |   | $ | (6 | ) |   | $ | (20 | ) |   | — | % |
| TwentyEighty, Inc. - (Term A Loans) (2)(3)          | Business Services |   | L + 3.50% cash, 4.50% PIK |   | 3/21/2020 |   | 3,890 |  |   | 3,871 |  |   | 3,760 |  |   | 0.33 | % |
| TwentyEighty, Inc. - (Term B Loans)                 | Business Services |   | 1.00% cash, 7.00% PIK |   | 3/21/2020 |   | 6,715 |  |   | 6,494 |  |   | 6,360 |  |   | 0.57 | % |
| TwentyEighty, Inc. - (Term C Loans)                 | Business Services |   | 0.25% cash, 8.75% PIK |   | 3/21/2020 |   | 6,521 |  |   | 5,914 |  |   | 5,331 |  |   | 0.47 | % |
| First Lien Debt Total                               |   |   |   |   |   |   |   |   | $ | 16,273 |  |   | $ | 15,431 |  |   | 1.37 | % |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated (5)(14) | Industry |   | Shares/ Units |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Equity Investments (0.00%)                          |   |   |   |   |   |   |   |   |   |
| TwentyEighty Investors LLC                          | Business Services |   | 69,786 |  |   | $ | — |  |   | $ | — |  |   | — | % |
| Equity Investments Total                            |   |   |   |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Total investments—non-controlled/affiliated   |   |   |   | 16,273 |  |   | 15,431 |  |   | 1.37 | % |

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                                    | Industry |   | Interest Rate(2) |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value(7) |   | Percentage of Net Assets |
| Investment Fund (8.77%) (8)                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, LLC, Mezzanine Loan (2)(5)(9)(11)                               | Investment Fund |   | L + 9.00% |  |   | 6/22/2018 |   | $ | 85,750 |  |   | $ | 85,750 |  |   | $ | 85,750 |  |   | 7.61 | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest (5)(11) | Investment Fund |   | 0.001 | % |   | 3/1/2021 |   | 86,501 |  |   | 86,501 |  |   | 86,766 |  |   | 7.70 |  |
| Investment Fund Total                                                                      |   |   |   |   |   |   |   |   | $ | 172,251 |  |   | $ | 172,516 |  |   | 15.31 | % |
| Total investments—controlled/affiliated                                              |   |   |   |   |   |   |   |   | $ | 172,251 |  |   | $ | 172,516 |  |   | 15.31 | % |
| Total investments                                                                          |   |   |   |   |   |   |   |   | $ | 1,971,012 |  |   | $ | 1,967,531 |  |   | 174.53 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act, 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, 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 December 31, 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 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, 2017. As of December 31, 2017, all of our LIBOR loans were indexed to the 90-day LIBOR rate at 1.69%, except for those loans as indicated in Notes 16 and 17 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. |

|     |                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. The fair value of all first lien and second lien debt investments, equity investments and the investment fund mezzanine loan was determined using significant unobservable inputs. |

|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, 2017. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | 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. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 (4.58%), EIP Merger Sub, LLC (Evolve IP) (3.97%), Legacy.com Inc. (4.11%), Payment Alliance International, Inc. (2.70%), Prime Risk Partners, Inc. (3.32%), Product Quest Manufacturing, LLC (3.54%), Reliant Pro Rehab (nil), Surgical Information Systems, LLC (1.01%) and The Hilb Group, LLC (3.38%). 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 the 2015-1 Debt Securitization (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 an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. |

----

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (15) | As of December 31, 2017, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |
| First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Achilles Acquisition LLC                                                                    | Delayed Draw |   | 1.00 | % |   | $ | 2,051 |  |   | $ | (18 | ) |
| Advanced Instruments, LLC                                                                   | Revolver |   | 0.50 | % |   | 1,167 |  |   | — |  |
| AMS Group HoldCo, LLC                                                                       | Delayed Draw |   | 1.00 | % |   | 5,491 |  |   | — |  |
| AMS Group HoldCo, LLC                                                                       | Revolver |   | 0.50 | % |   | 2,315 |  |   | — |  |
| Captive Resources Midco, LLC                                                                | Delayed Draw |   | 1.25 | % |   | 3,571 |  |   | (11 | ) |
| Captive Resources Midco, LLC                                                                | Revolver |   | 0.50 | % |   | 2,143 |  |   | (7 | ) |
| CIP Revolution Holdings, LLC                                                                | Revolver |   | 0.50 | % |   | 1,331 |  |   | (5 | ) |
| Continuum Managed Services HoldCo, LLC                                                      | Delayed Draw |   | 1.00 | % |   | 1,917 |  |   | 25 |  |
| Continuum Managed Services HoldCo, LLC                                                      | Revolver |   | 0.50 | % |   | 2,500 |  |   | 32 |  |
| Datto, Inc.                                                                                 | Revolver |   | 0.50 | % |   | 726 |  |   | 4 |  |
| Derm Growth Partners III, LLC (Dermatology Associates)                                      | Revolver |   | 0.50 | % |   | 2,420 |  |   | (10 | ) |
| DermaRite Industries LLC                                                                    | Revolver |   | 0.50 | % |   | 3,848 |  |   | (28 | ) |
| Dimensional Dental Management, LLC                                                          | Delayed Draw |   | 1.00 | % |   | 9,584 |  |   | (35 | ) |
| Direct Travel, Inc.                                                                         | Delayed Draw |   | 1.00 | % |   | 4,118 |  |   | 7 |  |
| Frontline Technologies Holdings, LLC                                                        | Delayed Draw |   | 1.00 | % |   | 7,705 |  |   | (6 | ) |
| FWR Holding Corporation                                                                     | Delayed Draw |   | 1.00 | % |   | 9,333 |  |   | (111 | ) |
| FWR Holding Corporation                                                                     | Revolver |   | 0.50 | % |   | 3,889 |  |   | (46 | ) |
| Global Franchise Group, LLC                                                                 | Revolver |   | 0.50 | % |   | 495 |  |   | — |  |
| National Technical Systems, Inc.                                                            | Revolver |   | 0.50 | % |   | 2,500 |  |   | (161 | ) |
| NMI AcquisitionCo, Inc.                                                                     | Revolver |   | 0.50 | % |   | 1,280 |  |   | (4 | ) |
| OnCourse Learning Corporation                                                               | Revolver |   | 0.50 | % |   | 1,324 |  |   | (6 | ) |
| Pathway Partners Vet Management Company LLC                                                 | Delayed Draw |   | 1.00 | % |   | 3,410 |  |   | (3 | ) |
| Prime Risk Partners, Inc.                                                                   | Delayed Draw |   | 0.50 | % |   | 768 |  |   | 4 |  |
| Prime Risk Partners, Inc.                                                                   | Delayed Draw |   | 0.50 | % |   | 9,562 |  |   | 163 |  |
| PMG Acquisition Corporation                                                                 | Revolver |   | 0.50 | % |   | 2,356 |  |   | 9 |  |
| Product Quest Manufacturing, LLC                                                            | Revolver |   | 0.50 | % |   | 3,229 |  |   | — |  |
| Smile Doctors, LLC                                                                          | Delayed Draw |   | 1.00 | % |   | 6,345 |  |   | (26 | ) |
| Smile Doctors, LLC                                                                          | Revolver |   | 0.50 | % |   | 827 |  |   | (3 | ) |
| Superior Health Linens, LLC                                                                 | Revolver |   | 0.50 | % |   | 2,617 |  |   | (4 | ) |
| T2 Systems, Inc.                                                                            | Revolver |   | 0.50 | % |   | 1,760 |  |   | (26 | ) |
| The Hilb Group, LLC                                                                         | Delayed Draw |   | 1.00 | % |   | 3,594 |  |   | (36 | ) |
| TwentyEighty, Inc. (f/k/a Miller Heiman, Inc.)                                              | Revolver |   | 0.50 | % |   | 607 |  |   | (20 | ) |
| Vetcor Professional Practices, LLC                                                          | Delayed Draw |   | 1.00 | % |   | 8,248 |  |   | (31 | ) |
| VRC Companies, LLC                                                                          | Delayed Draw |   | 0.75 | % |   | 3,294 |  |   | (8 | ) |
| VRC Companies, LLC                                                                          | Revolver |   | 0.50 | % |   | 401 |  |   | (1 | ) |
| Zenith Merger Sub, Inc.                                                                     | Revolver |   | 0.50 | % |   | 1,648 |  |   | (9 | ) |
| Total unfunded commitments                                                                  |   |   |   |   | $ | 118,374 |  |   | $ | (371 | ) |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (16) | As of December 31, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.56%. |

|      |                                                                                                    |
|------|----------------------------------------------------------------------------------------------------|
| (17) | As of December 31, 2017, this LIBOR loan was indexed to the 180-day LIBOR rate at 1.84%. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |
| Type                                            | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | $ | 1,295,406 |  |   | $ | 1,293,641 |  |   | 65.75 | % |
| First Lien/Last Out Unitranche                  | 246,925 |  |   | 237,635 |  |   | 12.08 |  |
| Second Lien Debt                                | 242,887 |  |   | 246,233 |  |   | 12.51 |  |
| Equity Investments                              | 13,543 |  |   | 17,506 |  |   | 0.89 |  |
| Investment Fund                                 | 172,251 |  |   | 172,516 |  |   | 8.77 |  |
| Total                                           | $ | 1,971,012 |  |   | $ | 1,967,531 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |
| Rate Type     | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate | $ | 1,772,810 |  |   | $ | 1,765,818 |  |   | 99.34 | % |
| Fixed Rate    | 12,408 |  |   | 11,691 |  |   | 0.66 |  |
| Total         | $ | 1,785,218 |  |   | $ | 1,777,509 |  |   | 100.00 | % |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |
| Industry                                           | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                       | $ | 63,119 |  |   | $ | 62,466 |  |   | 3.17 | % |
| Automotive                                         | 10,112 |  |   | 10,916 |  |   | 0.55 |  |
| Banking, Finance, Insurance & Real Estate | 171,272 |  |   | 173,935 |  |   | 8.84 |  |
| Beverage, Food & Tobacco                  | 49,870 |  |   | 50,566 |  |   | 2.57 |  |
| Business Services                                  | 177,862 |  |   | 178,985 |  |   | 9.10 |  |
| Capital Equipment                                  | 40,115 |  |   | 40,757 |  |   | 2.07 |  |
| Chemicals, Plastics & Rubber                   | 32,302 |  |   | 32,818 |  |   | 1.67 |  |
| Construction & Building                   | 24,373 |  |   | 24,595 |  |   | 1.25 |  |
| Consumer Services                                  | 120,327 |  |   | 121,147 |  |   | 6.16 |  |
| Containers, Packaging & Glass                  | 46,509 |  |   | 33,635 |  |   | 1.71 |  |
| Durable Consumer Goods                             | 57,948 |  |   | 59,490 |  |   | 3.02 |  |
| Energy: Electricity                                | 43,004 |  |   | 42,387 |  |   | 2.15 |  |
| Energy: Oil & Gas                              | 15,439 |  |   | 15,369 |  |   | 0.78 |  |
| Environmental Industries                           | 35,772 |  |   | 35,715 |  |   | 1.82 |  |
| Forest Products & Paper                        | 50,322 |  |   | 52,024 |  |   | 2.64 |  |
| Healthcare & Pharmaceuticals                   | 230,705 |  |   | 232,715 |  |   | 11.83 |  |
| High Tech Industries                               | 181,671 |  |   | 186,695 |  |   | 9.49 |  |
| Hotel, Gaming & Leisure                   | 48,399 |  |   | 46,642 |  |   | 2.37 |  |
| Investment Fund                                    | 172,251 |  |   | 172,516 |  |   | 8.77 |  |
| Media: Advertising, Printing & Publishing      | 34,775 |  |   | 34,988 |  |   | 1.78 |  |
| Metals & Mining                           | 7,901 |  |   | 7,931 |  |   | 0.40 |  |
| Non-durable Consumer Goods                         | 58,661 |  |   | 52,792 |  |   | 2.68 |  |
| Software                                           | 55,515 |  |   | 56,069 |  |   | 2.85 |  |
| Sovereign & Public Finance                     | 1,784 |  |   | 1,820 |  |   | 0.09 |  |
| Telecommunications                                 | 79,297 |  |   | 78,813 |  |   | 4.01 |  |
| Transportation: Cargo                              | 84,493 |  |   | 85,362 |  |   | 4.34 |  |
| Transportation: Consumer                           | 36,438 |  |   | 36,595 |  |   | 1.86 |  |
| Wholesale                                          | 40,776 |  |   | 39,788 |  |   | 2.03 |  |
| Total                                              | $ | 1,971,012 |  |   | $ | 1,967,531 |  |   | 100.00 | % |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |
| Geography      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| United Kingdom | $ | 13,439 |  |   | $ | 13,369 |  |   | 0.68 | % |
| United States  | 1,957,573 |  |   | 1,954,162 |  |   | 99.32 |  |
| Total          | $ | 1,971,012 |  |   | $ | 1,967,531 |  |   | 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 and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | June 30, 2018 |
|                                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                      |   |   |   |   |   |
| First Lien Debt                             | $ | — |  |   | $ | — |  |   | $ | 1,555,528 |  |   | $ | 1,555,528 |  |
| Second Lien Debt                            | — |  |   | — |  |   | 160,905 |  |   | 160,905 |  |
| Equity Investments                          | — |  |   | — |  |   | 22,354 |  |   | 22,354 |  |
| Investment Fund                             |   |   |   |   |   |   |   |
| Mezzanine Loan                              | — |  |   | — |  |   | 114,000 |  |   | 114,000 |  |
| Subtotal                                    | $ | — |  |   | $ | — |  |   | $ | 1,852,787 |  |   | $ | 1,852,787 |  |
| Investments measured at net asset value (1) |   |   |   |   |   |   | 94,005 |  |
| Total                                       |   |   |   |   |   |   | $ | 1,946,792 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | December 31, 2017 |
|                                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                      |   |   |   |   |   |
| First Lien Debt                             | $ | — |  |   | $ | — |  |   | $ | 1,531,276 |  |   | $ | 1,531,276 |  |
| Second Lien Debt                            | — |  |   | — |  |   | 246,233 |  |   | 246,233 |  |
| Equity Investments                          | — |  |   | — |  |   | 17,506 |  |   | 17,506 |  |
| Investment Fund                             |   |   |   |   |   |   |   |
| Mezzanine Loan                              | — |  |   | — |  |   | 85,750 |  |   | 85,750 |  |
| Subtotal                                    | $ | — |  |   | $ | — |  |   | $ | 1,880,765 |  |   | $ | 1,880,765 |  |
| Investments measured at net asset value (1) |   |   |   |   |   |   | 86,766 |  |
| Total                                       |   |   |   |   |   |   | $ | 1,967,531 |  |

|     |                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, 2018 |
|                                                                                                                                                                                                                                                         | First Lien Debt |   | Second Lien Debt |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                 | $ | 1,475,874 |  |   | $ | 217,707 |  |   | $ | 18,812 |  |   | $ | 107,600 |  |   | $ | 1,819,993 |  |
| Purchases                                                                                                                                                                                                                                                    | 237,592 |  |   | 9,098 |  |   | 3,953 |  |   | 25,300 |  |   | 275,943 |  |
| Sales                                                                                                                                                                                                                                                        | (40,077 | ) |   | — |  |   | (2,775 | ) |   | — |  |   | (42,852 | ) |
| Paydowns                                                                                                                                                                                                                                                     | (104,997 | ) |   | (66,675 | ) |   | — |  |   | (18,900 | ) |   | (190,572 | ) |
| Accretion of discount                                                                                                                                                                                                                                        | 2,422 |  |   | 1,496 |  |   | — |  |   | — |  |   | 3,918 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                  | — |  |   | — |  |   | 1,775 |  |   | — |  |   | 1,775 |  |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                         | (15,286 | ) |   | (721 | ) |   | 589 |  |   | — |  |   | (15,418 | ) |
| Balance, end of period                                                                                                                                                                                                                                       | $ | 1,555,528 |  |   | $ | 160,905 |  |   | $ | 22,354 |  |   | $ | 114,000 |  |   | $ | 1,852,787 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of June 30, 2018 included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (14,619 | ) |   | $ | 1,105 |  |   | $ | 1,188 |  |   | $ | — |  |   | $ | (12,326 | ) |

----

|                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                         | Financial AssetsFor the six month period ended June 30, 2018 |
|                                                                                                                                                                                                                                                         | First Lien Debt |   | Second Lien Debt |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                 | $ | 1,531,276 |  |   | $ | 246,233 |  |   | $ | 17,506 |  |   | $ | 85,750 |  |   | $ | 1,880,765 |  |
| Purchases                                                                                                                                                                                                                                                    | 303,849 |  |   | 34,092 |  |   | 4,453 |  |   | 47,150 |  |   | 389,544 |  |
| Sales                                                                                                                                                                                                                                                        | (61,037 | ) |   | (3,960 | ) |   | (2,775 | ) |   | — |  |   | (67,772 | ) |
| Paydowns                                                                                                                                                                                                                                                     | (202,107 | ) |   | (116,667 | ) |   | — |  |   | (18,900 | ) |   | (337,674 | ) |
| Accretion of discount                                                                                                                                                                                                                                        | 3,949 |  |   | 2,359 |  |   | — |  |   | — |  |   | 6,308 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                  | (131 | ) |   | 2 |  |   | 1,775 |  |   | — |  |   | 1,646 |  |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                         | (20,271 | ) |   | (1,154 | ) |   | 1,395 |  |   | — |  |   | (20,030 | ) |
| Balance, end of period                                                                                                                                                                                                                                       | $ | 1,555,528 |  |   | $ | 160,905 |  |   | $ | 22,354 |  |   | $ | 114,000 |  |   | $ | 1,852,787 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of June 30, 2018 included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (20,493 | ) |   | $ | (1,893 | ) |   | $ | 1,172 |  |   | $ | — |  |   | $ | (21,214 | ) |

|                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                         | 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 on the Consolidated Statements of Operations | $ | (5,197 | ) |   | $ | 1,089 |  |   | $ | 127 |  |   | $ | 15 |  |   | $ | — |  |   | $ | (3,966 | ) |

----

|                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                         | 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 on the Consolidated Statements of Operations | $ | (8,669 | ) |   | $ | 2,037 |  |   | $ | 127 |  |   | $ | 492 |  |   | $ | — |  |   | $ | (6,013 | ) |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                | Fair Value as of June 30, 2018 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   |   |
|                                                | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt                      | $ | 1,384,659 |  |   | Discounted Cash Flow |   | Discount Rate |   | 5.74 | % |   | 20.65 | % |   | 9.68 | % |
|                                                | 157,760 |  |   | Consensus Pricing |   | Indicative Quotes |   | 97.13 |  |   | 101.00 |  |   | 99.63 |  |
|                                                | 13,109 |  |   | Income Approach |   | Discount Rate |   | 14.76 | % |   | 24.49 | % |   | 17.08 | % |
|                                                |   |   | Market Approach |   | Comparable Multiple |   | 4.55x |  |   | 7.67x |  |   | 6.93x |  |
| Total First Lien Debt                               | 1,555,528 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt                     | 158,325 |  |   | Discounted Cash Flow |   | Discount Rate |   | 9.01 | % |   | 14.56 | % |   | 10.87 | % |
|                                                | 2,580 |  |   | Consensus Pricing |   | Indicative Quotes |   | 100.25 |  |   | 100.25 |  |   | 100.25 |  |
| Total Second Lien Debt                              | 160,905 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                               | 22,354 |  |   | Income Approach |   | Discount Rate |   | 8.08 | % |   | 11.26 | % |   | 9.08 | % |
|                                                |   |   | Market Approach |   | Comparable Multiple |   | 7.24x |  |   | 14.70x |  |   | 10.24x |  |
| Total Equity Investments                            | 22,354 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Investment Fund—Mezzanine Loan | 114,000 |  |   | Income Approach |   | Repayment Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Total Investment Fund—Mezzanine Loan          | 114,000 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments                      | $ | 1,852,787 |  |   |   |   |   |   |   |   |   |   |   |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                | Fair Value as of December 31, 2017 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   |   |
|                                                | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt                      | $ | 1,369,558 |  |   | Discounted Cash Flow |   | Discount Rate |   | 4.85 | % |   | 17.40 | % |   | 8.18 | % |
|                                                | 142,231 |  |   | Consensus Pricing |   | Indicative Quotes |   | 59.17 |  |   | 100.83 |  |   | 95.93 |  |
|                                                | 19,487 |  |   | Income Approach |   | Discount Rate |   | 9.78 | % |   | 9.78 | % |   | 9.78 | % |
|                                                |   |   | Market Approach |   | Comparable Multiple |   | 8.33x |  |   | 8.33x |  |   | 8.33x |  |
| Total First Lien Debt                               | 1,531,276 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt                     | 211,365 |  |   | Discounted Cash Flow |   | Discount Rate |   | 7.61 | % |   | 18.26 | % |   | 9.43 | % |
|                                                | 34,868 |  |   | Consensus Pricing |   | Indicative Quotes |   | 96.83 |  |   | 100.58 |  |   | 99.23 |  |
| Total Second Lien Debt                              | 246,233 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                               | 17,506 |  |   | Income Approach |   | Discount Rate |   | 7.60 | % |   | 10.61 | % |   | 8.81 | % |
|                                                |   |   | Market Approach |   | Comparable Multiple |   | 7.80x |  |   | 14.69x |  |   | 10.41x |  |
| Total Equity Investments                            | 17,506 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Investment Fund—Mezzanine Loan | 85,750 |  |   | Income Approach |   | Repayment Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Total Investment Fund—Mezzanine Loan          | 85,750 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments                      | $ | 1,880,765 |  |   |   |   |   |   |   |   |   |   |   |

----

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | June 30, 2018 |   | December 31, 2017 |
|               | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Secured borrowings | $ | 585,105 |  |   | $ | 585,105 |  |   | $ | 562,893 |  |   | $ | 562,893 |  |
| Total              | $ | 585,105 |  |   | $ | 585,105 |  |   | $ | 562,893 |  |   | $ | 562,893 |  |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | June 30, 2018 |   | December 31, 2017 |
|                          | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1A Notes | $ | 160,000 |  |   | $ | 160,000 |  |   | $ | 160,000 |  |   | $ | 160,064 |  |
| Aaa/AAA Class A-1B Notes | 40,000 |  |   | 40,000 |  |   | 40,000 |  |   | 40,020 |  |
| Aaa/AAA Class A-1C Notes | 27,000 |  |   | 27,000 |  |   | 27,000 |  |   | 27,014 |  |
| Aa2 Class A-2 Notes      | 46,000 |  |   | 46,000 |  |   | 46,000 |  |   | 46,027 |  |
| Total                         | $ | 273,000 |  |   | $ | 273,000 |  |   | $ | 273,000 |  |   | $ | 273,125 |  |

----

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

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.82%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.82% in any calendar quarter; and |

|         |                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 17.5% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized) will be payable to the Investment Adviser. This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all pre-incentive fee investment income thereafter is allocated to the Investment Adviser. |

----

----

----

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | As of June 30, 2018 |   | As of December 31, 2017 |
| Senior secured loans (1)                                                    | $ | 1,145,556 |  |   | $ | 993,380 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 7.12 | % |   | 6.80 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 7.12 | % |   | 6.79 | % |
| Number of portfolio companies in Credit Fund                                | 58 |  |   | 51 |  |
| Average amount per portfolio company (1)                                    | $ | 19,751 |  |   | $ | 19,478 |  |

|     |                          |
|-----|--------------------------|
| (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, 2018 and December 31, 2017. 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, 2018               |
| Investments (1)                                                        | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.47% of fair value)                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acrisure, LLC (2) (3) (4)                                              | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.61% |   | 11/22/2023 |   | $ | 20,991 |  |   | $ | 20,945 |  |   | $ | 20,991 |  |
| Acrisure, LLC (2) (3) (4)                                              | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.11% |   | 11/22/2023 |   | 12,000 |  |   | 11,984 |  |   | 12,017 |  |
| Advanced Instruments, LLC (2) (3) (4) (7) (10) (11)                    | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.25% |   | 10/31/2022 |   | 11,850 |  |   | 11,744 |  |   | 11,778 |  |
| Ahead, LLC (2) (3) (4) (7) (10)                                        | High Tech Industries |   | L + 4.50% |   | 6.59% |   | 6/29/2023 |   | 15,790 |  |   | 15,688 |  |   | 15,781 |  |
| Alpha Packaging Holdings, Inc. (2) (3) (4) (11)                        | Containers, Packaging & Glass |   | L + 4.25% |   | 6.58% |   | 5/12/2020 |   | 16,947 |  |   | 16,908 |  |   | 16,947 |  |
| AM Conservation Holding Corporation (2) (3) (4) (11)                   | Energy: Electricity |   | L + 4.50% |   | 6.82% |   | 10/31/2022 |   | 38,505 |  |   | 38,249 |  |   | 38,497 |  |
| AQA Acquisition Holding, Inc. (2) (3) (4) (7) (10) (11)                | High Tech Industries |   | L + 4.25% |   | 6.58% |   | 5/24/2023 |   | 27,266 |  |   | 27,158 |  |   | 27,266 |  |
| Big Ass Fans, LLC  (2) (3) (4) (11)                                    | Capital Equipment |   | L + 3.75% |   | 6.08% |   | 5/21/2024 |   | 7,960 |  |   | 7,923 |  |   | 7,970 |  |
| Borchers, Inc. (2) (3) (4) (7) (10) (11)                               | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 6.83% |   | 11/1/2024 |   | 15,669 |  |   | 15,608 |  |   | 15,648 |  |
| Brooks Equipment Company, LLC (2) (3) (4) (11)                         | Construction & Building |   | L + 5.00% |   | 7.31% |   | 8/29/2020 |   | 6,712 |  |   | 6,700 |  |   | 6,711 |  |
| Clearent Newco, LLC (2) (3) (4) (7) (10)                          | High Tech Industries |   | L + 4.00% |   | 6.08% |   | 3/20/2024 |   | 22,428 |  |   | 22,016 |  |   | 22,215 |  |
| DBI Holding LLC (2) (3) (4) (7) (11)                                   | Transportation: Cargo |   | L + 5.25% |   | 7.36% |   | 8/1/2021 |   | 34,668 |  |   | 34,406 |  |   | 34,082 |  |
| DecoPac, Inc. (2) (3) (4) (7) (10) (11)                                | Non-durable Consumer Goods |   | L + 4.25% |   | 6.55% |   | 9/29/2024 |   | 12,965 |  |   | 12,828 |  |   | 12,965 |  |
| Dent Wizard International Corporation (2) (3) (4)                      | Automotive |   | L + 4.00% |   | 6.1% |   | 4/7/2020 |   | 24,379 |  |   | 24,282 |  |   | 24,325 |  |
| DTI Holdco, Inc. (2) (3) (4) (11)                                 | High Tech Industries |   | L + 4.75% |   | 6.84% |   | 9/30/2023 |   | 19,178 |  |   | 19,020 |  |   | 19,084 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (8) (11)                   | Telecommunications |   | L + 5.75% |   | 7.84% |   | 6/7/2022 |   | 22,509 |  |   | 22,025 |  |   | 22,156 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (9) (11)                       | Telecommunications |   | L + 5.75% |   | 7.84% |   | 6/7/2022 |   | 1,500 |  |   | 1,465 |  |   | 1,480 |  |
| Empower Payments Acquisitions, Inc. (2) (3) (4) (11)                   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 6.83% |   | 11/30/2023 |   | 17,238 |  |   | 16,949 |  |   | 17,062 |  |
| Exactech, Inc. (2) (3) (4)                                             | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 5.84% |   | 2/14/2025 |   | 12,968 |  |   | 12,911 |  |   | 13,040 |  |
| Executive Consulting Group, LLC, Inc. (2) (3) (4) (10)                 | Business Services |   | L + 4.50% |   | 6.59% |   | 6/20/2024 |   | 15,395 |  |   | 15,217 |  |   | 15,327 |  |
| Golden West Packaging Group LLC (2) (3) (4) (11)                       | Containers, Packaging & Glass |   | L + 5.25% |   | 7.34% |   | 6/20/2023 |   | 31,078 |  |   | 30,849 |  |   | 31,026 |  |
| HMT Holding Inc.  (2) (3) (4) (7) (10) (11)                            | Energy: Oil & Gas |   | L + 4.50% |   | 6.59% |   | 11/17/2023 |   | 36,374 |  |   | 35,739 |  |   | 36,374 |  |
| J.S. Held LLC (2) (3) (4) (7) (10) (11)                                | Banking, Finance, Insurance & Real Estate |   | L + 5.25% |   | 7.58% |   | 9/27/2023 |   | 19,320 |  |   | 19,137 |  |   | 19,320 |  |
| Jensen Hughes, Inc. (2) (3) (4) (7) (10) (11)                          | Utilities: Electric |   | L + 4.50% |   | 6.59% |   | 3/22/2024 |   | 25,536 |  |   | 25,344 |  |   | 25,653 |  |
| Kestra Financial, Inc. (2) (3) (4) (11)                                | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.8% |   | 6/24/2022 |   | 21,847 |  |   | 21,625 |  |   | 21,809 |  |
| MAG DS Corp. (2) (4) (7) (10)                                          | Aerospace & Defense |   | L + 4.75% |   | 5.84% |   | 6/6/2025 |   | 20,000 |  |   | 19,782 |  |   | 19,932 |  |
| Mold-Rite Plastics, LLC  (2) (3) (4)                                   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 6.83% |   | 12/14/2021 |   | 14,925 |  |   | 14,996 |  |   | 14,925 |  |
| MSHC, Inc. (2) (3) (4) (7) (10) (11)                                   | Construction & Building |   | L + 4.25% |   | 6.58% |   | 7/31/2023 |   | 14,790 |  |   | 14,746 |  |   | 14,784 |  |
| North American Dental Management, LLC (2) (3) (4) (7) (10) (11)        | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.09% |   | 7/7/2023 |   | 29,228 |  |   | 28,539 |  |   | 29,036 |  |
| North Haven CA Holdings, Inc. (CoAdvantage)  (2) (3) (4) (7) (10) (11) | Business Services |   | L + 4.50% |   | 6.83% |   | 10/2/2023 |   | 28,670 |  |   | 28,359 |  |   | 28,670 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of June 30, 2018          |
| Investments (1)                                                   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| Odyssey Logistics & Technology Corporation (2) (3) (4) (11)   | Transportation: Cargo |   | L + 3.75% |   | 5.84% |   | 10/12/2024 |   | $ | 19,900 |  |   | $ | 19,809 |  |   | $ | 19,900 |  |
| Output Services Group (2) (3) (4) (7) (10)                        | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.34% |   | 3/26/2024 |   | 12,405 |  |   | 12,333 |  |   | 12,430 |  |
| PAI Holdco, Inc. (Parts Authority) (2) (3) (4) (7) (10) (11)      | Automotive |   | L + 4.25% |   | 6.58% |   | 1/5/2025 |   | 16,523 |  |   | 16,426 |  |   | 16,499 |  |
| Paradigm Acquisition Corp. (2) (3) (4) (11)                  | Business Services |   | L + 4.25% |   | 6.7% |   | 10/12/2024 |   | 23,383 |  |   | 23,329 |  |   | 23,383 |  |
| Park Place Technologies, Inc. (2) (3) (4)                         | High Tech Industries |   | L + 4.00% |   | 6.09% |   | 3/29/2025 |   | 15,000 |  |   | 14,926 |  |   | 15,002 |  |
| Pasternack Enterprises, Inc. (Infinite RF) (2) (3) (4)            | Capital Equipment |   | L + 5.00% |   | 7.09% |   | 5/27/2022 |   | 20,126 |  |   | 20,040 |  |   | 20,126 |  |
| Pharmalogic Holdings Corp. (2) (3) (4) (10)                       | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.09% |   | 6/11/2023 |   | 7,052 |  |   | 7,028 |  |   | 7,052 |  |
| Ping Identity Corporation (2) (3) (4)                             | High Tech Industries |   | L + 3.75% |   | 5.84% |   | 1/25/2025 |   | 5,000 |  |   | 4,981 |  |   | 5,006 |  |
| Premier Senior Marketing, LLC (2) (3) (4) (11)                    | Banking, Finance, Insurance & Real Estate |   | L + 5.00% |   | 7.09% |   | 7/1/2022 |   | 15,753 |  |   | 15,650 |  |   | 15,700 |  |
| Propel Insurance Agency, LLC (2) (3) (4) (7) (10)                 | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.59% |   | 6/1/2024 |   | 21,190 |  |   | 20,596 |  |   | 20,827 |  |
| PSI Services LLC (2) (3) (4) (7) (10) (11)                        | Business Services |   | L + 5.00% |   | 7.09% |   | 1/20/2023 |   | 30,070 |  |   | 29,574 |  |   | 29,758 |  |
| Q Holding Company (2) (3) (4) (11)                           | Automotive |   | L + 5.00% |   | 7.09% |   | 12/18/2021 |   | 17,188 |  |   | 17,141 |  |   | 17,159 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (7) (10) (11)          | Environmental Industries |   | L + 6.75% |   | 8.73% |   | 8/31/2022 |   | 9,754 |  |   | 9,323 |  |   | 9,290 |  |
| Radiology Partners, Inc.  (2) (3) (4) (7) (10)                    | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 7.84% |   | 12/4/2023 |   | 29,035 |  |   | 28,755 |  |   | 29,633 |  |
| Restaurant Technologies, Inc.  (2) (3) (4) (11)                   | Retail |   | L + 4.75% |   | 7.07% |   | 11/23/2022 |   | 17,281 |  |   | 17,156 |  |   | 17,281 |  |
| Situs Group Holdings Corporation (2) (3) (4)                 | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.59% |   | 2/26/2023 |   | 11,970 |  |   | 11,955 |  |   | 11,980 |  |
| Sovos Brands Intermediate, Inc. (2) (3) (4) (7) (10) (11)         | Beverage, Food & Tobacco |   | L + 4.50% |   | 6.67% |   | 7/18/2024 |   | 21,459 |  |   | 21,315 |  |   | 20,817 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2) (3) (4) (11) | Sovereign & Public Finance |   | L + 4.25% |   | 6.34% |   | 2/1/2024 |   | 3,950 |  |   | 3,934 |  |   | 3,941 |  |
| Surgical Information Systems, LLC (2) (3) (4) (9) (11)            | High Tech Industries |   | L + 4.85% |   | 6.94% |   | 4/24/2023 |   | 27,708 |  |   | 27,475 |  |   | 27,608 |  |
| Systems Maintenance Services Holding, Inc.  (2) (3) (4) (11)      | High Tech Industries |   | L + 5.00% |   | 7.09% |   | 10/28/2023 |   | 24,133 |  |   | 24,009 |  |   | 19,065 |  |
| T2 Systems Canada, Inc. (2) (3) (4)                               | Transportation: Consumer |   | L + 6.75% |   | 8.84% |   | 9/28/2022 |   | 2,659 |  |   | 2,608 |  |   | 2,664 |  |
| T2 Systems, Inc. (2) (3) (4) (7) (10) (11)                        | Transportation: Consumer |   | L + 6.75% |   | 8.84% |   | 9/28/2022 |   | 15,852 |  |   | 15,532 |  |   | 15,880 |  |
| The Original Cakerie, Ltd. (Canada) (2) (3) (4) (7) (10)          | Beverage, Food & Tobacco |   | L + 4.50% |   | 6.56% |   | 7/20/2022 |   | 6,773 |  |   | 6,725 |  |   | 6,760 |  |
| The Original Cakerie, Co. (Canada) (2) (3) (4) (11)               | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.09% |   | 7/20/2022 |   | 9,087 |  |   | 9,029 |  |   | 9,075 |  |
| ThoughtWorks, Inc.  (2) (3) (4) (7) (10) (11)                | Business Services |   | L + 4.00% |   | 6.09% |   | 10/12/2024 |   | 10,286 |  |   | 10,249 |  |   | 10,342 |  |
| U.S. Acute Care Solutions, LLC (2) (3) (4) (11)                   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.09% |   | 5/15/2021 |   | 31,748 |  |   | 31,554 |  |   | 31,214 |  |
| U.S. TelePacific Holdings Corp.  (2) (3) (4) (11)                 | Telecommunications |   | L + 5.00% |   | 7.33% |   | 5/2/2023 |   | 28,668 |  |   | 28,416 |  |   | 28,232 |  |
| Upstream Intermediate, LLC (2) (3) (4) (7) (10)                   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 6.55% |   | 1/3/2024 |   | 18,803 |  |   | 18,710 |  |   | 18,803 |  |
| Valicor Environmental Services, LLC (2) (3) (4) (7) (10) (11)     | Environmental Industries |   | L + 5.00% |   | 7.05% |   | 6/1/2023 |   | 26,781 |  |   | 26,348 |  |   | 26,721 |  |
| WIRB - Copernicus Group, Inc. (2) (3) (4) (7) (10) (11)           | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.34% |   | 8/12/2022 |   | 16,559 |  |   | 16,450 |  |   | 16,444 |  |
| WRE Holding Corp. (2) (3) (4) (7) (10) (11)                  | Environmental Industries |   | L + 4.75% |   | 6.84% |   | 1/3/2023 |   | 7,188 |  |   | 7,105 |  |   | 7,096 |  |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of June 30, 2018      |
| Investments (1)                                               | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| Zywave, Inc. (2) (3) (4) (7) (10) (11)                   | High Tech Industries |   | L + 5.00% |   | 7.34% |   | 11/17/2022 |   | $ | 17,536 |  |   | $ | 17,386 |  |   | $ | 17,536 |  |
| First Lien Debt Total                                         |   |   |   |   |   |   |   |   |   |   | $ | 1,129,009 |  |   | $ | 1,130,095 |  |
| Second Lien Debt (0.53% of fair value)                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Paradigm Acquisition Corp.  (2) (3) (11)                      | Business Services |   | L + 8.50% |   | 10.97% |   | 10/12/2025 |   | $ | 4,800 |  |   | $ | 4,755 |  |   | $ | 4,860 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2) (3) (11) | Sovereign & Public Finance |   | L + 8.50% |   | 10.59% |   | 2/1/2025 |   | 200 |  |   | 198 |  |   | 200 |  |
| Zywave, Inc. (2) (3) (11)                                     | High Tech Industries |   | L + 9.00% |   | 11.33% |   | 11/17/2023 |   | 1,050 |  |   | 1,037 |  |   | 1,061 |  |
| Second Lien Debt Total                                        |   |   |   |   |   |   |   |   |   |   | $ | 5,990 |  |   | $ | 6,121 |  |
| Total Investments                                             |   |   |   |   |   |   |   |   |   |   | $ | 1,134,999 |  |   | $ | 1,136,216 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of June 30, 2018, the geographical composition of investments as a percentage of fair value was 1.39% in Canada and 98.61% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2018. As of June 30, 2018, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 2.09%, the 90-day LIBOR at 2.34% and the 180-day LIBOR at 2.50%. |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 or the 2017-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements. |

|     |                                                                                                                                                                                                                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 or the 2017-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 1.20% 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, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.80%) and Surgical Information Systems, LLC (0.91%). 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, 2018, 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 |  |   | $ | (7 | ) |
| Ahead, LLC                                                                       | Revolver |   | 0.50 |  |   | 4,211 |  |   | (2 | ) |
| AQA Acquisition Holding, Inc.                                                    | Revolver |   | 0.50 |  |   | 2,459 |  |   | — |  |
| Borchers, Inc.                                                                   | Revolver |   | 0.50 |  |   | 1,936 |  |   | (2 | ) |
| Clearent Newco, LLC                                                              | Delayed Draw |   | 1.00 |  |   | 6,000 |  |   | (43 | ) |
| Clearent Newco, LLC                                                              | Revolver |   | 0.50 |  |   | 1,520 |  |   | (11 | ) |
| DecoPac, Inc.                                                                    | Revolver |   | 0.50 |  |   | 1,907 |  |   | — |  |
| Executive Consulting Group, LLC.                                                 | Revolver |   | 0.50 |  |   | 2,368 |  |   | (9 | ) |
| HMT Holding Inc.                                                                 | Revolver |   | 0.50 |  |   | 3,457 |  |   | — |  |
| J.S. Held LLC                                                                    | Delayed Draw |   | 1.00 |  |   | 1,044 |  |   | — |  |
| Jensen Hughes, Inc.                                                              | Delayed Draw |   | 1.00 |  |   | 3,143 |  |   | 12 |  |
| Jensen Hughes, Inc.                                                              | Revolver |   | 0.50 |  |   | 1,636 |  |   | 6 |  |
| MAG DS Corp.                                                                     | Revolver |   | 0.50 |  |   | 5,000 |  |   | (14 | ) |
| MSHC, Inc.                                                                       | Delayed Draw |   | — |  |   | 15,185 |  |   | (3 | ) |
| North American Dental Management, LLC                                            | Delayed Draw |   | 1.00 |  |   | 7,980 |  |   | (38 | ) |
| North American Dental Management, LLC                                            | Revolver |   | 0.50 |  |   | 2,727 |  |   | (13 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                      | Revolver |   | 0.50 |  |   | 6,114 |  |   | — |  |
| Output Services Group                                                            | Delayed Draw |   | 4.25 |  |   | 2,564 |  |   | 4 |  |
| PAI Holdco, Inc. (Parts Authority)                                               | Delayed Draw |   | 1.00 |  |   | 3,286 |  |   | (4 | ) |
| Pharmalogic Holdings Corp.                                                       | Revolver |   | 0.50 |  |   | 2,947 |  |   | — |  |
| Propel Insurance Agency, LLC                                                     | Delayed Draw |   | 0.50 |  |   | 7,143 |  |   | (86 | ) |
| Propel Insurance Agency, LLC                                                     | Revolver |   | 0.50 |  |   | 1,667 |  |   | (20 | ) |
| PSI Services LLC                                                                 | Revolver |   | 0.50 |  |   | 754 |  |   | (8 | ) |
| QW Holding Corporation (Quala)                                                   | Delayed Draw |   | 1.00 |  |   | 7,515 |  |   | (153 | ) |
| QW Holding Corporation (Quala)                                                   | Revolver |   | 0.50 |  |   | 5,498 |  |   | (112 | ) |
| Radiology Partners, Inc.                                                         | Revolver |   | 0.50 |  |   | 841 |  |   | 17 |  |
| Sovos Brands Intermediate, Inc.                                                  | Revolver |   | 0.50 |  |   | 3,378 |  |   | (88 | ) |
| T2 Systems, Inc.                                                                 | Revolver |   | 0.50 |  |   | 1,173 |  |   | 2 |  |
| The Original Cakerie, Ltd. (Canada)                                              | Revolver |   | 0.50 |  |   | 1,365 |  |   | (2 | ) |
| ThoughtWorks, Inc.                                                               | Delayed Draw |   | 2.00 |  |   | 1,714 |  |   | 8 |  |
| Upstream Intermediate, LLC                                                       | Revolver |   | 0.50 |  |   | 1,151 |  |   | — |  |
| Valicor Environmental Services, LLC                                              | Revolver |   | 0.50 |  |   | 2,838 |  |   | (6 | ) |
| WIRB - Copernicus Group, Inc.                                                    | Delayed Draw |   | 1.00 |  |   | 7,200 |  |   | (33 | ) |
| WIRB - Copernicus Group, Inc.                                                    | Revolver |   | 0.50 |  |   | 1,000 |  |   | (5 | ) |
| WRE Holding Corp.                                                                | Delayed Draw |   | 1.06 |  |   | 2,336 |  |   | (22 | ) |
| WRE Holding Corp.                                                                | Revolver |   | 0.50 |  |   | 412 |  |   | (4 | ) |
| Zywave, Inc.                                                                     | Revolver |   | 0.50 |  |   | 1,148 |  |   | — |  |
| Total unfunded commitments                                                       |   |   |   |   | $ | 123,950 |  |   | $ | (636 | ) |

|      |                                                                                                                                                                                                                                                                                                                                                             |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with a $399,900 term debt securitization completed by Credit Fund on December 19, 2017 (the “2017-1 Debt Securitization”). Accordingly, such assets are not available to creditors of Credit Fund or Credit Fund Sub. |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2017                 |
| Investments (1)                                                                   | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.39% of fair value)                                            |   |   |   |   |   |   |   |   |   |   |   |
| Acrisure, LLC (2)(3)(4)(11)                                                       | Banking, Finance, Insurance & Real Estate |   | L + 4.25% (1.00% Floor) |   | 11/22/2023 |   | $ | 21,097 |  |   | $ | 21,055 |  |   | $ | 21,291 |  |
| Advanced Instruments, LLC (2)(3)(4)(7)(10)(11)(13)                                | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 11,910 |  |   | 11,793 |  |   | 11,910 |  |
| Alpha Packaging Holdings, Inc. (2)(3)(4)(13)                                      | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 16,860 |  |   | 16,812 |  |   | 16,860 |  |
| AM Conservation Holding Corporation (2)(3)(4)(13)                                 | Energy: Electricity |   | L + 4.50% (1.00% Floor) |   | 10/31/2022 |   | 38,700 |  |   | 38,433 |  |   | 38,553 |  |
| AMS Finco, S.A.R.L. (Alexander Mann Solutions) (United Kingdom) (2)(3)(4)(11)(13) | Business Services |   | L + 5.50% (1.00% Floor) |   | 5/26/2024 |   | 24,875 |  |   | 24,646 |  |   | 24,875 |  |
| Anaren, Inc. (2)(3)(4)                                                            | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 9,993 |  |   | 9,971 |  |   | 9,993 |  |
| AQA Acquisition Holding, Inc. (2)(3)(4)(7)(10)(13)                                | High Tech Industries |   | L + 4.50% (1.00% Floor) |   | 5/24/2023 |   | 27,403 |  |   | 27,288 |  |   | 27,403 |  |
| Big Ass Fans, LLC (2)(3)(4)(13)                                                   | Capital Equipment |   | L + 4.25% (1.00% Floor) |   | 5/21/2024 |   | 8,000 |  |   | 7,964 |  |   | 8,010 |  |
| Borchers, Inc. (2)(3)(4)(7)(10)(13)                                               | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 11/1/2024 |   | 15,748 |  |   | 15,694 |  |   | 15,665 |  |
| Brooks Equipment Company, LLC (2)(3)(4)(13)                                       | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 7,061 |  |   | 7,045 |  |   | 7,061 |  |
| DBI Holding LLC (2)(3)(4)(11)(13)                                                 | Transportation: Cargo |   | L + 5.25% (1.00% Floor) |   | 8/1/2021 |   | 19,800 |  |   | 19,659 |  |   | 19,833 |  |
| DecoPac, Inc. (2)(3)(4)(7)(10)(13)                                                | Non-durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 9/29/2024 |   | 13,414 |  |   | 13,270 |  |   | 13,415 |  |
| Dent Wizard International Corporation (2)(3)(4)(11)                               | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 24,502 |  |   | 24,382 |  |   | 24,475 |  |
| DTI Holdco, Inc. (2)(3)(4)(11)(13)                                                | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 9/30/2023 |   | 19,750 |  |   | 19,575 |  |   | 19,663 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(4)(8)(11)(13)                              | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2022 |   | 22,663 |  |   | 22,127 |  |   | 22,153 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(9)(11)(13)                                 | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2022 |   | 1,500 |  |   | 1,462 |  |   | 1,470 |  |
| Empower Payments Acquisitions, Inc. (2)(3)(4)(13)                                 | Media: Advertising, Printing & Publishing |   | L + 5.50% (1.00% Floor) |   | 11/30/2023 |   | 17,325 |  |   | 17,018 |  |   | 17,325 |  |
| FCX Holdings Corp. (2)(3)(4)(11)                                                  | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 18,491 |  |   | 18,438 |  |   | 18,512 |  |
| Golden West Packaging Group LLC (2)(3)(4)(11)(13)                                 | Containers, Packaging & Glass |   | L + 5.25% (1.00% Floor) |   | 6/20/2023 |   | 20,895 |  |   | 20,709 |  |   | 20,895 |  |
| HMT Holding Inc. (2)(3)(4)(7)(10)(13)                                             | Energy: Oil & Gas |   | L + 4.50% (1.00% Floor) |   | 11/17/2023 |   | 35,062 |  |   | 34,387 |  |   | 34,709 |  |
| J.S. Held LLC (2)(3)(4)(7)(10)(13)                                                | Banking, Finance, Insurance & Real Estate |   | L + 5.50% (1.00% Floor) |   | 9/27/2023 |   | 18,204 |  |   | 18,018 |  |   | 18,144 |  |
| Jensen Hughes, Inc. (2)(3)(4)(7)(10)(11)(13)                                      | Utilities: Electric |   | L + 5.00% (1.00% Floor) |   | 12/4/2021 |   | 20,963 |  |   | 20,784 |  |   | 20,963 |  |
| Kestra Financial, Inc. (2)(3)(4)(13)                                              | Banking, Finance, Insurance & Real Estate |   | L + 5.25% (1.00% Floor) |   | 6/24/2022 |   | 17,206 |  |   | 17,009 |  |   | 17,203 |  |
| Mold-Rite Plastics, LLC (2)(3)(4)(11)                                             | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 12/14/2021 |   | 15,000 |  |   | 14,946 |  |   | 14,993 |  |
| MSHC, Inc. (2)(3)(4)(13)                                                          | Construction & Building |   | L + 4.25% (1.00% Floor) |   | 7/31/2023 |   | 10,000 |  |   | 9,957 |  |   | 10,032 |  |
| North American Dental Management, LLC (2)(3)(4)(7)(10)(11)(13)                    | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 7/7/2023 |   | 23,978 |  |   | 23,157 |  |   | 23,577 |  |
| North Haven CA Holdings, Inc. (CoAdvantage) (2)(3)(4)(7)(10)(13)                  | Business Services |   | L + 4.50% (1.00% Floor) |   | 10/2/2023 |   | 31,565 |  |   | 31,237 |  |   | 31,436 |  |
| Odyssey Logistics & Technology Corporation (2)(3)(4)(11)(13)                  | Transportation: Cargo |   | L + 4.25% (1.00% Floor) |   | 10/12/2024 |   | 20,000 |  |   | 19,906 |  |   | 19,998 |  |
| PAI Holdco, Inc. (Parts Authority) (2)(3)(4)(7)(10)(11)(13)                       | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/30/2022 |   | 16,564 |  |   | 16,459 |  |   | 16,515 |  |
| Paradigm Acquisition Corp. (2)(3)(4)(13)                                          | Business Services |   | L + 4.25% (1.00% Floor) |   | 10/12/2024 |   | 23,500 |  |   | 23,445 |  |   | 23,554 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2017 |
| Investments (1)                                                   | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| Pasternack Enterprises, Inc. (Infinite RF) (2)(3)(4)(11)          | Capital Equipment |   | L + 5.00% (1.00% Floor) |   | 5/27/2022 |   | $ | 20,228 |  |   | $ | 20,134 |  |   | $ | 20,174 |  |
| Premier Senior Marketing, LLC (2)(3)(4)(11)(13)                   | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 7/1/2022 |   | 11,675 |  |   | 11,606 |  |   | 11,628 |  |
| PSI Services LLC (2)(3)(4)(7)(10)(11)(13)                         | Business Services |   | L + 5.00% (1.00% Floor) |   | 1/20/2023 |   | 30,676 |  |   | 30,171 |  |   | 30,082 |  |
| Q Holding Company (2)(3)(4)(13)                                   | Automotive |   | L + 5.00% (1.00% Floor) |   | 12/18/2021 |   | 17,277 |  |   | 17,227 |  |   | 17,277 |  |
| QW Holding Corporation (Quala) (2)(3)(4)(7)(10)(11)(13)           | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 11,453 |  |   | 10,879 |  |   | 10,933 |  |
| Radiology Partners, Inc. (2)(3)(4)(7)(10)(12)                     | Healthcare & Pharmaceuticals |   | L + 5.75% (1.00% Floor) |   | 12/4/2023 |   | 25,793 |  |   | 25,494 |  |   | 25,642 |  |
| Restaurant Technologies, Inc. (2)(3)(4)(11)(13)                   | Retail |   | L + 4.75% (1.00% Floor) |   | 11/23/2022 |   | 17,369 |  |   | 17,241 |  |   | 17,219 |  |
| Sovos Brands Intermediate, Inc. (2)(3)(4)(7)(10)(13)              | Beverage, Food & Tobacco |   | L + 4.50% (1.00% Floor) |   | 7/18/2024 |   | 21,568 |  |   | 21,419 |  |   | 21,633 |  |
| Superion (fka Ramundsen Public Sector, LLC) (2)(3)(4)(13)         | Sovereign & Public Finance |   | L + 4.25% (1.00% Floor) |   | 2/1/2024 |   | 3,970 |  |   | 3,955 |  |   | 4,000 |  |
| Surgical Information Systems, LLC (2)(3)(4)(9)(11)(13)            | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 4/24/2023 |   | 30,000 |  |   | 29,728 |  |   | 30,075 |  |
| Systems Maintenance Services Holding, Inc. (2)(3)(4)(11)(13)      | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 10/28/2023 |   | 24,255 |  |   | 24,126 |  |   | 20,617 |  |
| T2 Systems Canada, Inc. (2)(3)(4)                                 | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 2,673 |  |   | 2,617 |  |   | 2,634 |  |
| T2 Systems, Inc. (2)(3)(4)(7)(10)(13)                             | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 15,929 |  |   | 15,577 |  |   | 15,679 |  |
| Teaching Strategies, LLC (2)(3)(4)(7)(10)(11)(13)                 | Media: Advertising, Printing & Publishing |   | L + 4.75% (1.00% Floor) |   | 2/27/2023 |   | 17,964 |  |   | 17,803 |  |   | 17,952 |  |
| The Original Cakerie, Ltd. (Canada) (2)(3)(4)(7)(10)(11)          | Beverage, Food & Tobacco |   | L + 5.00% (1.00% Floor) |   | 7/20/2021 |   | 6,939 |  |   | 6,879 |  |   | 6,922 |  |
| The Original Cakerie, Co. (Canada) (2)(3)(11)(13)                 | Beverage, Food & Tobacco |   | L + 5.50% (1.00% Floor) |   | 7/20/2021 |   | 3,585 |  |   | 3,572 |  |   | 3,579 |  |
| ThoughtWorks, Inc. (2)(3)(11)(13)                                 | Business Services |   | L + 4.50% (1.00% Floor) |   | 10/12/2024 |   | 8,000 |  |   | 7,980 |  |   | 8,032 |  |
| U.S. Acute Care Solutions, LLC (2)(3)(4)(13)                      | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 5/15/2021 |   | 32,030 |  |   | 31,808 |  |   | 31,537 |  |
| U.S. TelePacific Holdings Corp. (2)(3)(4)(13)                     | Telecommunications |   | L + 5.00% (1.00% Floor) |   | 5/2/2023 |   | 29,850 |  |   | 29,566 |  |   | 28,581 |  |
| Valicor Environmental Services, LLC (2)(3)(4)(7)(10)(11)(13)      | Environmental Industries |   | L + 5.00% (1.00% Floor) |   | 6/1/2023 |   | 27,047 |  |   | 26,576 |  |   | 26,984 |  |
| WIRB - Copernicus Group, Inc. (2)(3)(4)(13)                       | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 8/12/2022 |   | 14,838 |  |   | 14,780 |  |   | 14,838 |  |
| WRE Holding Corp. (2)(3)(4)(7)(10)(11)(13)                        | Environmental Industries |   | L + 4.75% (1.00% Floor) |   | 1/3/2023 |   | 5,367 |  |   | 5,283 |  |   | 5,279 |  |
| Zest Holdings, LLC (2)(3)(4)(11)                                  | Durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 8/16/2023 |   | 19,152 |  |   | 19,107 |  |   | 19,272 |  |
| Zywave, Inc. (2)(3)(4)(7)(10)(13)                                 | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 11/17/2022 |   | 17,663 |  |   | 17,508 |  |   | 17,663 |  |
| First Lien Debt Total                                             |   |   |   |   |   |   |   |   | $ | 977,682 |  |   | $ | 978,718 |  |
| Second Lien Debt (0.61% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |
| Paradigm Acquisition Corp. (2)(3)(12)(13)                         | Business Services |   | L + 8.50% (1.00% Floor) |   | 10/12/2025 |   | $ | 4,800 |  |   | $ | 4,753 |  |   | $ | 4,792 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2)(3)(13)       | Sovereign & Public Finance |   | L + 8.50% (1.00% Floor) |   | 2/1/2025 |   | 200 |  |   | 198 |  |   | 202 |  |
| Zywave, Inc. (2)(3)(13)                                           | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 1,050 |  |   | 1,036 |  |   | 1,061 |  |
| Second Lien Debt Total                                            |   |   |   |   |   |   |   |   | $ | 5,987 |  |   | $ | 6,055 |  |
| Total Investments                                                 |   |   |   |   |   |   |   |   | $ | 983,669 |  |   | $ | 984,773 |  |

|     |                                                                                                                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2017, the geographical composition of investments as a percentage of fair value was 1.07% in Canada, 2.52% in the United Kingdom and 96.41% 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, 2017. As of December 31, 2017, all of Credit Fund’s LIBOR loans were indexed to the 90-day LIBOR rate at 1.69%, except for those loans as indicated in Notes 11 and 12 below. |

|     |                                            |
|-----|--------------------------------------------|
| (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 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 or the 2017-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in “—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 or the 2017-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.97%) and Surgical Information Systems, LLC (1.01%). 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, 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 |  |   | $ | — |  |
| AQA Acquisition Holding, Inc.                                                    | Revolver |   | 0.50 | % |   | 2,459 |  |   | — |  |
| Borchers, Inc.                                                                   | Revolver |   | 0.50 | % |   | 1,935 |  |   | (9 | ) |
| DecoPac, Inc.                                                                    | Revolver |   | 0.50 | % |   | 1,457 |  |   | — |  |
| HMT Holding Inc.                                                                 | Revolver |   | 0.50 | % |   | 4,938 |  |   | (43 | ) |
| Jensen Hughes, Inc.                                                              | Delayed Draw |   | 1.00 | % |   | 1,180 |  |   | — |  |
| Jensen Hughes, Inc.                                                              | Revolver |   | 0.50 | % |   | 2,000 |  |   | — |  |
| J.S. Held LLC                                                                    | Delayed Draw |   | 1.00 | % |   | 2,253 |  |   | (7 | ) |
| North American Dental Management, LLC                                            | Delayed Draw |   | 1.00 | % |   | 13,354 |  |   | (134 | ) |
| North American Dental Management, LLC                                            | Revolver |   | 0.50 | % |   | 2,727 |  |   | (27 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                      | Revolver |   | 0.50 | % |   | 3,362 |  |   | (12 | ) |
| PAI Holdco, Inc. (Parts Authority)                                               | Delayed Draw |   | 1.00 | % |   | 3,286 |  |   | (8 | ) |
| PSI Services LLC                                                                 | Revolver |   | 0.50 | % |   | 302 |  |   | (6 | ) |
| QW Holding Corporation (Quala)                                                   | Delayed Draw |   | 1.00 | % |   | 7,515 |  |   | (171 | ) |
| QW Holding Corporation (Quala)                                                   | Revolver |   | 0.50 | % |   | 3,849 |  |   | (88 | ) |
| Radiology Partners, Inc.                                                         | Delayed Draw |   | 1.00 | % |   | 2,483 |  |   | (12 | ) |
| Radiology Partners, Inc.                                                         | Revolver |   | 0.50 | % |   | 1,725 |  |   | (9 | ) |
| Sovos Brands Intermediate, Inc.                                                  | Revolver |   | 0.50 | % |   | 3,378 |  |   | 9 |  |
| T2 Systems, Inc.                                                                 | Revolver |   | 0.50 | % |   | 1,173 |  |   | (17 | ) |
| Teaching Strategies, LLC                                                         | Revolver |   | 0.50 | % |   | 1,900 |  |   | (1 | ) |
| The Original Cakerie, Ltd. (Canada)                                              | Revolver |   | 0.50 | % |   | 1,665 |  |   | (3 | ) |
| Valicor Environmental Services, LLC                                              | Revolver |   | 0.50 | % |   | 2,838 |  |   | (6 | ) |
| WRE Holding Corp.                                                                | Delayed Draw |   | 1.04 | % |   | 3,435 |  |   | (32 | ) |
| WRE Holding Corp.                                                                | Revolver |   | 0.50 | % |   | 748 |  |   | (7 | ) |
| Zywave, Inc.                                                                     | Revolver |   | 0.50 | % |   | 1,163 |  |   | — |  |
| Total unfunded commitments                                                       |   |   |   |   | $ | 72,458 |  |   | $ | (583 | ) |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (11) | As of December 31, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.56%. |

----

|      |                                                                                               |
|------|-----------------------------------------------------------------------------------------------|
| (12) | As of December 31, 2017, this LIBOR loan was indexed to the 180-day LIBOR rate at 1.84%. |

|      |                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with the 2017-1 Debt Securitization. Accordingly, such assets are not available to creditors of Credit Fund or Credit Fund Sub. |

|                                                                                                 |
|-------------------------------------------------------------------------------------------------|
|                                                                                                 |  |  |  |  |  |  |  |  |
|                                                                                            |   | June 30, 2018 |   | December 31, 2017 |
|                                                                                            |   | (unaudited) |   |   |
| Selected Consolidated Balance Sheet Information                                                 |   |   |   |   |
| ASSETS                                                                                          |   |   |   |   |
| Investments, at fair value (amortized cost of $1,134,999 and $983,669, respectively)            |   | $ | 1,136,216 |  |   | $ | 984,773 |  |
| Cash and other assets                                                                           |   | 56,319 |  |   | 26,441 |  |
| Total assets                                                                                    |   | $ | 1,192,535 |  |   | $ | 1,011,214 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                                           |   |   |   |   |
| Secured borrowings                                                                              |   | $ | 450,950 |  |   | $ | 377,686 |  |
| 2017-1 Notes payable, net of unamortized debt issuance costs of $1,949 and $2,051, respectively |   | 347,250 |  |   | 348,938 |  |
| Mezzanine loans                                                                                 |   | 114,000 |  |   | 85,750 |  |
| Other liabilities                                                                               |   | 92,325 |  |   | 25,308 |  |
| Subordinated loans and members’ equity                                                    |   | 188,010 |  |   | 173,532 |  |
| Liabilities and members’ equity                                                           |   | $ | 1,192,535 |  |   | $ | 1,011,214 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   | For the three month periods ended |   | For the six month periods ended |
|                                                                |   | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
|                                                                |   | (unaudited) |   | (unaudited) |   | (unaudited) |   | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |   |   |   |   |   |
| Total investment income                                             |   | $ | 20,480 |  |   | $ | 10,706 |  |   | $ | 38,391 |  |   | $ | 18,888 |  |
| Expenses                                                            |   |   |   |   |   |   |   |   |
| Interest and credit facility expenses                               |   | 13,101 |  |   | 6,922 |  |   | 23,757 |  |   | 12,395 |  |
| Other expenses                                                      |   | 380 |  |   | 367 |  |   | 769 |  |   | 685 |  |
| Total expenses                                                      |   | 13,481 |  |   | 7,289 |  |   | 24,526 |  |   | 13,080 |  |
| Net investment income (loss)                                        |   | 6,999 |  |   | 3,417 |  |   | 13,865 |  |   | 5,808 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | — |  |   | — |  |   | — |  |
| Net change in unrealized appreciation (depreciation) on investments |   | (2,922 | ) |   | 450 |  |   | 113 |  |   | 1,187 |  |
| Net increase (decrease) resulting from operations                   |   | $ | 4,077 |  |   | $ | 3,867 |  |   | $ | 13,978 |  |   | $ | 6,995 |  |

----

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | June 30, 2018 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 255,605 |  |   | $ | 144,395 |  |   | $ | 43,162 |  |
| Credit Facility     | 413,000 |  |   | 329,500 |  |   | 83,500 |  |   | 83,500 |  |
| Total               | $ | 813,000 |  |   | $ | 585,105 |  |   | $ | 227,895 |  |   | $ | 126,662 |  |
|                |   |   |   |   |   |   |   |
|                | December 31, 2017 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 287,393 |  |   | $ | 112,607 |  |   | $ | 27,147 |  |
| Credit Facility     | 413,000 |  |   | 275,500 |  |   | 137,500 |  |   | 137,500 |  |
| Total               | $ | 813,000 |  |   | $ | 562,893 |  |   | $ | 250,107 |  |   | $ | 164,647 |  |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (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, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Interest expense                                | $ | 5,740 |  |   | $ | 3,489 |  |   | $ | 10,975 |  |   | $ | 6,381 |  |
| Facility unused commitment fee                  | 294 |  |   | 324 |  |   | 582 |  |   | 616 |  |
| Amortization of deferred financing costs        | 252 |  |   | 177 |  |   | 454 |  |   | 358 |  |
| Other fees                                      | 35 |  |   | 29 |  |   | 70 |  |   | 59 |  |
| Total interest expense and credit facility fees | $ | 6,321 |  |   | $ | 4,019 |  |   | $ | 12,081 |  |   | $ | 7,414 |  |
| Cash paid for interest expense                  | $ | 5,461 |  |   | $ | 3,452 |  |   | $ | 10,752 |  |   | $ | 6,345 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |   | For the six month periods ended |
|                                            | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Interest expense                                | $ | 2,918 |  |   | $ | 2,198 |  |   | $ | 5,448 |  |   | $ | 4,290 |  |
| Amortization of deferred financing costs        | 51 |  |   | 51 |  |   | 101 |  |   | 101 |  |
| Total interest expense and credit facility fees | $ | 2,969 |  |   | $ | 2,249 |  |   | $ | 5,549 |  |   | $ | 4,391 |  |
| Cash paid for interest expense                  | $ | 2,567 |  |   | $ | 2,108 |  |   | $ | 4,958 |  |   | $ | 4,167 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | SPV Credit Facility and Credit Facility |   | 2015-1 Notes |
| Payment Due by Period |   | June 30, 2018 |   | December 31, 2017 |   | June 30, 2018 |   | December 31, 2017 |
| Less than 1 Year                     |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            |   | — |  |   | — |  |   | — |  |   | — |  |
| 3-5 Years                            |   | 585,105 |  |   | 562,893 |  |   | — |  |   | — |  |
| More than 5 Years                    |   | — |  |   | — |  |   | 273,000 |  |   | 273,000 |  |
| Total                                |   | $ | 585,105 |  |   | $ | 562,893 |  |   | $ | 273,000 |  |   | $ | 273,000 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Par Value as of |
|                                     | June 30, 2018 |   | December 31, 2017 |
| Unfunded delayed draw commitments        | $ | 112,170 |  |   | $ | 78,991 |  |
| Unfunded revolving term loan commitments | 52,578 |  |   | 39,383 |  |
| Total unfunded commitments               | $ | 164,748 |  |   | $ | 118,374 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   |  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                                        |   | 62,207,603 |  |   | $ | 622 |  |   | $ | 1,172,807 |  |   | $ | (1,618 | ) |   | $ | 2,522 |  |   | $ | (43,548 | ) |   | $ | (3,481 | ) |   | $ | 1,127,304 |  |
| Reinvestment of dividends                                           |   | 361,048 |  |   | 4 |  |   | 6,625 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 6,629 |  |
| Offering costs                                                      |   | — |  |   | — |  |   | — |  |   | (15 | ) |   | — |  |   | — |  |   | — |  |   | (15 | ) |
| Net investment income (loss)                                        |   | — |  |   | — |  |   | — |  |   | — |  |   | 53,340 |  |   | — |  |   | — |  |   | 53,340 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 1,646 |  |   | — |  |   | 1,646 |  |
| Net change in unrealized appreciation (depreciation) on investments |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (20,791 | ) |   | (20,791 | ) |
| Dividends declared                                                  |   | — |  |   | — |  |   | — |  |   | — |  |   | (46,301 | ) |   | — |  |   | — |  |   | (46,301 | ) |
| Balance, end of period                                              |   | 62,568,651 |  |   | $ | 626 |  |   | $ | 1,179,432 |  |   | $ | (1,633 | ) |   | $ | 9,561 |  |   | $ | (41,902 | ) |   | $ | (24,272 | ) |   | $ | 1,121,812 |  |

----

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

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |
|                   |   | Shares Issued |   | Proceeds Received |
| January 17, 2018* |   | 361,048 |  |   | $ | 6,629 |  |
| Total                  |   | 361,048 |  |   | $ | 6,629 |  |

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

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                            |   | For the three month periods ended |   | For the six month periods ended |
|                                                            |   | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Net increase (decrease) in net assets resulting from operations |   | $ | 13,106 |  |   | $ | 15,501 |  |   | $ | 34,195 |  |   | $ | 31,674 |  |
| Weighted-average common shares outstanding                      |   | 62,568,651 |  |   | 45,977,943 |  |   | 62,534,740 |  |   | 43,854,102 |  |
| Basic and diluted earnings per common share                     |   | $ | 0.21 |  |   | $ | 0.34 |  |   | $ | 0.55 |  |   | $ | 0.72 |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |
| Date Declared      |   | Record Date |   | Payment Date |   | Per Share Amount |   |
| March 10, 2016     |   | March 14, 2016 |   | April 22, 2016 |   | $ | 0.40 |  |   |
| June 8, 2016       |   | June 8, 2016 |   | July 22, 2016 |   | $ | 0.40 |  |   |
| September 28, 2016 |   | September 28, 2016 |   | October 24, 2016 |   | $ | 0.40 |  |   |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.41 |  |   |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.07 |  | (1)  |
| March 20, 2017     |   | March 20, 2017 |   | April 24, 2017 |   | $ | 0.41 |  |   |
| June 20, 2017      |   | June 30, 2017 |   | July 18, 2017 |   | $ | 0.37 |  |   |
| August 7, 2017     |   | September 29, 2017 |   | October 18, 2017 |   | $ | 0.37 |  |   |
| November 7, 2017   |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.37 |  |   |
| December 13, 2017  |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.12 |  | (1)  |
| March 29, 2018     |   | March 29, 2018 |   | April 17, 2018 |   | $ | 0.37 |  |   |
| May 2, 2018        |   | June 29, 2018 |   | July 17, 2018 |   | $ | 0.37 |  |   |
| August 6, 2018     |   | September 28, 2018 |   | October 17, 2018 |   | $ | 0.37 |  |   |

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

----

|                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                         |  |  |  |  |  |  |  |
|                                                                                                                                    | For the six month periods ended |
|                                                                                                                                    | June 30, 2018 |   | June 30, 2017 |
| Per Share Data:                                                                                                                         |   |   |   |
| Net asset value per share, beginning of period                                                                                          | $ | 18.12 |  |   | $ | 18.32 |  |
| Net investment income (loss) (1)                                                                                                        | 0.86 |  |   | 0.93 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments                                        | (0.31 | ) |   | (0.23 | ) |
| Net increase (decrease) in net assets resulting from operations                                                                         | 0.55 |  |   | 0.70 |  |
| Dividends declared (2)                                                                                                                  | (0.74 | ) |   | (0.78 | ) |
| 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 | ) |
| Net asset value per share, end of period                                                                                                | $ | 17.93 |  |   | $ | 18.14 |  |
| Market price per share, end of period                                                                                                   | $ | 17.02 |  |   | $ | 18.01 |  |
|                                                                                                                                    |   |   |   |
| Number of shares outstanding, end of period                                                                                             | 62,568,651 |  |   | 61,405,648 |  |
| Total return based on net asset value (4)                                                                                               | 3.04 |  % |   | 3.28 |  % |
| Total return based on market price (5)                                                                                                  | (11.38 | )% |   | (0.65 | )% |
| Net assets, end of period                                                                                                               | $ | 1,121,812 |  |   | $ | 1,113,743 |  |
| Ratio to average net assets (6):                                                                                                        |   |   |   |
| Expenses net of waiver, before incentive fees                                                                                           | 3.09 |  % |   | 2.65 |  % |
| Expenses net of waiver, after incentive fees                                                                                            | 4.08 |  % |   | 3.87 |  % |
| Expenses gross of waiver, after incentive fees                                                                                          | 4.08 |  % |   | 4.30 |  % |
| Net investment income (loss) (7)                                                                                                        | 4.68 |  % |   | 4.86 |  % |
| Interest expense and credit facility fees                                                                                               | 1.55 |  % |   | 1.41 |  % |
| Ratios/Supplemental Data:                                                                                                               |   |   |   |
| Asset coverage, end of period                                                                                                           | 230.73 |  % |   | 284.21 |  % |
| Portfolio turnover                                                                                                                      | 19.28 |  % |   | 30.87 |  % |
| Weighted-average shares outstanding                                                                                                     | 62,534,740 |  |   | 43,854,102 |  |

|     |                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, 2018 and 2017 is inclusive of $0.00 and $(0.10), 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 3.04% and 3.82%, 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. |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (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, which terminated on September 30, 2017. |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |
|                  | For the six month periods ended |
|                  | June 30, 2018 |   | June 30, 2017 |
| Ordinary income       | $ | 46,301 |  |   | $ | 39,820 |  |
| 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. 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 of our common stock prior to our IPO; |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | 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 |

----

|         |                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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, 2018 |   | June 30, 2017 |
| Investments:                                                         |   |   |   |
| Total investments, beginning of period                               | $ | 1,920,852 |  |   | $ | 1,395,007 |  |
| New investments purchased                                            | 277,943 |  |   | 599,866 |  |
| Net accretion of discount on investments                             | 3,918 |  |   | 2,995 |  |
| Net realized gain (loss) on investments                              | 1,775 |  |   | (202 | ) |
| Investments sold or repaid                                           | (233,424 | ) |   | (269,986 | ) |
| Total Investments, end of period                                     | $ | 1,971,064 |  |   | $ | 1,727,680 |  |
| Principal amount of investments funded:                              |   |   |   |
| First Lien Debt (excluding First Lien/Last Out)                      | $ | 231,471 |  |   | $ | 451,508 |  |
| First Lien/Last Out Unitranche                                       | 11,715 |  |   | — |  |
| Second Lien Debt                                                     | 9,246 |  |   | 97,873 |  |
| Structured Finance Obligations                                       | — |  |   | — |  |
| Equity Investments                                                   | 3,953 |  |   | 2,273 |  |
| Investment Fund                                                      | 27,300 |  |   | 62,500 |  |
| Total                                                                | $ | 283,685 |  |   | $ | 614,154 |  |
| Principal amount of investments sold or repaid:                      |   |   |   |
| First Lien Debt (excluding First Lien/Last Out)                      | $ | (141,795 | ) |   | $ | (252,170 | ) |
| First Lien/Last Out Unitranche                                       | (4,179 | ) |   | — |  |
| Second Lien Debt                                                     | (66,646 | ) |   | (7,394 | ) |
| Structured Finance Obligations                                       | — |  |   | (10,250 | ) |
| Equity Investments                                                   | (1,000 | ) |   | — |  |
| Investment Fund                                                      | (18,900 | ) |   | (11,444 | ) |
| Total                                                                | $ | (232,520 | ) |   | $ | (281,258 | ) |
| Number of new funded investments                                     | 16 |  |   | 18 |  |
| Average amount of new funded investments                             | $ | 17,371 |  |   | $ | 33,326 |  |
| Percentage of new funded debt investments at floating interest rates | 100 | % |   | 99 | % |
| Percentage of new funded debt investments at fixed interest rates    | — | % |   | 1 | % |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | June 30, 2018 |   | December 31, 2017 |
|                                            | AmortizedCost |   | Fair Value |   | AmortizedCost |   | Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | $ | 1,331,384 |  |   | $ | 1,320,216 |  |   | $ | 1,295,406 |  |   | $ | 1,293,641 |  |
| First Lien/Last Out Unitranche                  | 255,470 |  |   | 235,312 |  |   | 246,925 |  |   | 237,635 |  |
| Second Lien Debt                                | 158,713 |  |   | 160,905 |  |   | 242,887 |  |   | 246,233 |  |
| Equity Investments                              | 16,996 |  |   | 22,354 |  |   | 13,543 |  |   | 17,506 |  |
| Investment Fund                                 | 208,501 |  |   | 208,005 |  |   | 172,251 |  |   | 172,516 |  |
| Total                                           | $ | 1,971,064 |  |   | $ | 1,946,792 |  |   | $ | 1,971,012 |  |   | $ | 1,967,531 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                            | June 30, 2018 |   | December 31, 2017 |
|                                            | AmortizedCost |   | Fair Value |   | AmortizedCost |   | Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | 8.74 | % |   | 8.82 | % |   | 8.35 | % |   | 8.36 | % |
| First Lien/Last Out Unitranche                  | 10.22 | % |   | 11.10 | % |   | 10.02 | % |   | 10.41 | % |
| First Lien Debt Total                           | 8.98 | % |   | 9.16 | % |   | 8.62 | % |   | 8.68 | % |
| Second Lien Debt                                | 10.91 | % |   | 10.77 | % |   | 10.44 | % |   | 10.30 | % |
| First and Second Lien Debt Total                | 9.16 | % |   | 9.31 | % |   | 8.86 | % |   | 8.90 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, 2018 and December 31, 2017. 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, 2018 |   | December 31, 2017 |
|            | Fair Value |   | Percentage |   | Fair Value |   | Percentage |
| Performing      | $ | 1,914,399 |  |   | 98.3 | % |   | $ | 1,948,044 |  |   | 99.0 | % |
| Non-accrual (1) | 32,393 |  |   | 1.7 |  |   | 19,487 |  |   | 1.0 |  |
| Total           | $ | 1,946,792 |  |   | 100.0 | % |   | $ | 1,967,531 |  |   | 100.0 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, 2018 |   | December 31, 2017 |
|                         | Fair Value |   | % of Fair Value |   | Fair Value |   | % of Fair Value |
| (dollar amounts in millions) |   |   |   |   |   |   |   |
| Internal Risk Rating 1       | $ | 61.7 |  |   | 3.59 | % |   | $ | 73.7 |  |   | 4.15 | % |
| Internal Risk Rating 2       | 1,297.0 |  |   | 75.57 |  |   | 1,399.6 |  |   | 78.74 |  |
| Internal Risk Rating 3       | 226.1 |  |   | 13.17 |  |   | 170.2 |  |   | 9.57 |  |
| Internal Risk Rating 4       | 87.8 |  |   | 5.12 |  |   | 103.3 |  |   | 5.81 |  |
| Internal Risk Rating 5       | 30.7 |  |   | 1.79 |  |   | 30.7 |  |   | 1.73 |  |
| Internal Risk Rating 6       | 13.1 |  |   | 0.76 |  |   | — |  |   | — |  |
| Total                        | $ | 1,716.4 |  |   | 100.00 | % |   | $ | 1,777.5 |  |   | 100.00 | % |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                    | For the three month periods ended |   | For the six month periods ended |
|                    | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| First Lien Debt         | $ | 37,909 |  |   | $ | 28,885 |  |   | $ | 71,364 |  |   | $ | 55,586 |  |
| Second Lien Debt        | 7,697 |  |   | 5,625 |  |   | 14,800 |  |   | 9,794 |  |
| Equity Investments      | 63 |  |   | 1 |  |   | 63 |  |   | 2 |  |
| Investment Fund         | 6,698 |  |   | 4,172 |  |   | 13,579 |  |   | 7,381 |  |
| Cash                    | 85 |  |   | 61 |  |   | 129 |  |   | 80 |  |
| Total investment income | $ | 52,452 |  |   | $ | 38,744 |  |   | $ | 99,935 |  |   | $ | 72,843 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | For the three month periods ended |   | For the six month periods ended |
|                         | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Total investment income      | $ | 52,452 |  |   | $ | 38,744 |  |   | $ | 99,935 |  |   | $ | 72,843 |  |
| Net expenses                 | 24,242 |  |   | 17,296 |  |   | 46,595 |  |   | 32,288 |  |
| Net investment income (loss) | $ | 28,210 |  |   | $ | 21,448 |  |   | $ | 53,340 |  |   | $ | 40,555 |  |

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                               | For the three month periods ended |   | For the six month periods ended |
|                               | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Base management fees               | $ | 7,266 |  |   | $ | 5,657 |  |   | $ | 14,488 |  |   | $ | 10,782 |  |
| Incentive fees                     | 5,984 |  |   | 5,361 |  |   | 11,314 |  |   | 10,138 |  |
| Professional fees                  | 959 |  |   | 1,153 |  |   | 1,721 |  |   | 1,596 |  |
| Administrative service fees        | 185 |  |   | 165 |  |   | 371 |  |   | 338 |  |
| Interest expense                   | 8,709 |  |   | 5,738 |  |   | 16,524 |  |   | 10,772 |  |
| Credit facility fees               | 581 |  |   | 529 |  |   | 1,106 |  |   | 1,032 |  |
| Directors’ fees and expenses | 93 |  |   | 131 |  |   | 191 |  |   | 234 |  |
| Other general and administrative   | 435 |  |   | 448 |  |   | 840 |  |   | 821 |  |
| Excise tax expense                 | 30 |  |   | — |  |   | 40 |  |   | 169 |  |
| Total expenses                     | 24,242 |  |   | 19,182 |  |   | 46,595 |  |   | 35,882 |  |
| Waiver of base management fees     | — |  |   | 1,886 |  |   | — |  |   | 3,594 |  |
| Net expenses                       | $ | 24,242 |  |   | $ | 17,296 |  |   | $ | 46,595 |  |   | $ | 32,288 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |   | For the six month periods ended |
|                                            | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Interest expense                                | $ | 8,709 |  |   | $ | 5,738 |  |   | $ | 16,524 |  |   | $ | 10,772 |  |
| Facility unused commitment fee                  | 294 |  |   | 324 |  |   | 582 |  |   | 616 |  |
| Amortization of deferred financing costs        | 252 |  |   | 177 |  |   | 454 |  |   | 358 |  |
| Other fees                                      | 35 |  |   | 28 |  |   | 70 |  |   | 58 |  |
| Total interest expense and credit facility fees | $ | 9,290 |  |   | $ | 6,267 |  |   | $ | 17,630 |  |   | $ | 11,804 |  |
| Cash paid for interest expense                  | $ | 8,028 |  |   | $ | 5,560 |  |   | $ | 15,710 |  |   | $ | 10,512 |  |

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             | For the three month periods ended |   | For the six month periods ended |
|                                                                                             | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Net realized gain (loss) on investments                                                          | $ | 1,775 |  |   | $ | (202 | ) |   | $ | 1,646 |  |   | $ | (7,896 | ) |
| Net change in unrealized appreciation (depreciation) on investments                              | (16,879 | ) |   | (5,745 | ) |   | (20,791 | ) |   | (985 | ) |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | $ | (15,104 | ) |   | $ | (5,947 | ) |   | $ | (19,145 | ) |   | $ | (8,881 | ) |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | For the three month periods ended |   | For the six month periods ended |
|                           | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
| Type                           | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |   | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |   | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |   | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |
| First Lien Debt                | $ | — |  |   | $ | (15,286 | ) |   | $ | (299 | ) |   | $ | (6,938 | ) |   | $ | (131 | ) |   | $ | (20,271 | ) |   | $ | (7,851 | ) |   | $ | (4,003 | ) |
| Second Lien Debt               | — |  |   | (721 | ) |   | — |  |   | 1,089 |  |   | 2 |  |   | (1,154 | ) |   | (3 | ) |   | 1,916 |  |
| Structured Finance Obligations | — |  |   | — |  |   | 97 |  |   | (45 | ) |   | — |  |   | — |  |   | (42 | ) |   | 172 |  |
| Equity Investments             | 1,775 |  |   | 589 |  |   | — |  |   | 15 |  |   | 1,775 |  |   | 1,395 |  |   | — |  |   | 492 |  |
| Investment Fund                | — |  |   | (1,461 | ) |   | — |  |   | 134 |  |   | — |  |   | (761 | ) |   | — |  |   | 438 |  |
| Total                          | $ | 1,775 |  |   | $ | (16,879 | ) |   | $ | (202 | ) |   | $ | (5,745 | ) |   | $ | 1,646 |  |   | $ | (20,791 | ) |   | $ | (7,896 | ) |   | $ | (985 | ) |

----

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | As of June 30, 2018 |   | As of December 31, 2017 |
| Senior secured loans (1)                                                    | $ | 1,145,556 |  |   | $ | 993,380 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 7.12 | % |   | 6.80 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 7.12 | % |   | 6.79 | % |
| Number of portfolio companies in Credit Fund                                | 58 |  |   | 51 |  |
| Average amount per portfolio company (1)                                    | $ | 19,751 |  |   | $ | 19,478 |  |

|     |                          |
|-----|--------------------------|
| (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, 2018 and December 31, 2017. 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, 2018 (unaudited)   |
| Investments (1)                                                        | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value(6) |
| First Lien Debt (99.47% of fair value)                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acrisure, LLC (2) (3) (4)                                              | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.61% |   | 11/22/2023 |   | $ | 20,991 |  |   | $ | 20,945 |  |   | $ | 20,991 |  |
| Acrisure, LLC (2) (3) (4)                                              | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.11% |   | 11/22/2023 |   | 12,000 |  |   | 11,984 |  |   | 12,017 |  |
| Advanced Instruments, LLC (2) (3) (4) (7) (10) (11)                    | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.25% |   | 10/31/2022 |   | 11,850 |  |   | 11,744 |  |   | 11,778 |  |
| Ahead, LLC (2) (3) (4) (7) (10)                                        | High Tech Industries |   | L + 4.50% |   | 6.59% |   | 6/29/2023 |   | 15,790 |  |   | 15,688 |  |   | 15,781 |  |
| Alpha Packaging Holdings, Inc. (2) (3) (4) (11)                        | Containers, Packaging & Glass |   | L + 4.25% |   | 6.58% |   | 5/12/2020 |   | 16,947 |  |   | 16,908 |  |   | 16,947 |  |
| AM Conservation Holding Corporation (2) (3) (4) (11)                   | Energy: Electricity |   | L + 4.50% |   | 6.82% |   | 10/31/2022 |   | 38,505 |  |   | 38,249 |  |   | 38,497 |  |
| AQA Acquisition Holding, Inc. (2) (3) (4) (7) (10) (11)                | High Tech Industries |   | L + 4.25% |   | 6.58% |   | 5/24/2023 |   | 27,266 |  |   | 27,158 |  |   | 27,266 |  |
| Big Ass Fans, LLC  (2) (3) (4) (11)                                    | Capital Equipment |   | L + 3.75% |   | 6.08% |   | 5/21/2024 |   | 7,960 |  |   | 7,923 |  |   | 7,970 |  |
| Borchers, Inc. (2) (3) (4) (7) (10) (11)                               | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 6.83% |   | 11/1/2024 |   | 15,669 |  |   | 15,608 |  |   | 15,648 |  |
| Brooks Equipment Company, LLC (2) (3) (4) (11)                         | Construction & Building |   | L + 5.00% |   | 7.31% |   | 8/29/2020 |   | 6,712 |  |   | 6,700 |  |   | 6,711 |  |
| Clearent Newco, LLC (2) (3) (4) (7) (10)                          | High Tech Industries |   | L + 4.00% |   | 6.08% |   | 3/20/2024 |   | 22,428 |  |   | 22,016 |  |   | 22,215 |  |
| DBI Holding LLC (2) (3) (4) (7) (11)                                   | Transportation: Cargo |   | L + 5.25% |   | 7.36% |   | 8/1/2021 |   | 34,668 |  |   | 34,406 |  |   | 34,082 |  |
| DecoPac, Inc. (2) (3) (4) (7) (10) (11)                                | Non-durable Consumer Goods |   | L + 4.25% |   | 6.55% |   | 9/29/2024 |   | 12,965 |  |   | 12,828 |  |   | 12,965 |  |
| Dent Wizard International Corporation (2) (3) (4)                      | Automotive |   | L + 4.00% |   | 6.1% |   | 4/7/2020 |   | 24,379 |  |   | 24,282 |  |   | 24,325 |  |
| DTI Holdco, Inc. (2) (3) (4) (11)                                 | High Tech Industries |   | L + 4.75% |   | 6.84% |   | 9/30/2023 |   | 19,178 |  |   | 19,020 |  |   | 19,084 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (8) (11)                   | Telecommunications |   | L + 5.75% |   | 7.84% |   | 6/7/2022 |   | 22,509 |  |   | 22,025 |  |   | 22,156 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (9) (11)                       | Telecommunications |   | L + 5.75% |   | 7.84% |   | 6/7/2022 |   | 1,500 |  |   | 1,465 |  |   | 1,480 |  |
| Empower Payments Acquisitions, Inc. (2) (3) (4) (11)                   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 6.83% |   | 11/30/2023 |   | 17,238 |  |   | 16,949 |  |   | 17,062 |  |
| Exactech, Inc. (2) (3) (4)                                             | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 5.84% |   | 2/14/2025 |   | 12,968 |  |   | 12,911 |  |   | 13,040 |  |
| Executive Consulting Group, LLC, Inc. (2) (3) (4) (10)                 | Business Services |   | L + 4.50% |   | 6.59% |   | 6/20/2024 |   | 15,395 |  |   | 15,217 |  |   | 15,327 |  |
| Golden West Packaging Group LLC (2) (3) (4) (11)                       | Containers, Packaging & Glass |   | L + 5.25% |   | 7.34% |   | 6/20/2023 |   | 31,078 |  |   | 30,849 |  |   | 31,026 |  |
| HMT Holding Inc.  (2) (3) (4) (7) (10) (11)                            | Energy: Oil & Gas |   | L + 4.50% |   | 6.59% |   | 11/17/2023 |   | 36,374 |  |   | 35,739 |  |   | 36,374 |  |
| J.S. Held LLC (2) (3) (4) (7) (10) (11)                                | Banking, Finance, Insurance & Real Estate |   | L + 5.25% |   | 7.58% |   | 9/27/2023 |   | 19,320 |  |   | 19,137 |  |   | 19,320 |  |
| Jensen Hughes, Inc. (2) (3) (4) (7) (10) (11)                          | Utilities: Electric |   | L + 4.50% |   | 6.59% |   | 3/22/2024 |   | 25,536 |  |   | 25,344 |  |   | 25,653 |  |
| Kestra Financial, Inc. (2) (3) (4) (11)                                | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.8% |   | 6/24/2022 |   | 21,847 |  |   | 21,625 |  |   | 21,809 |  |
| MAG DS Corp. (2) (4) (7) (10)                                          | Aerospace & Defense |   | L + 4.75% |   | 5.84% |   | 6/6/2025 |   | 20,000 |  |   | 19,782 |  |   | 19,932 |  |
| Mold-Rite Plastics, LLC  (2) (3) (4)                                   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 6.83% |   | 12/14/2021 |   | 14,925 |  |   | 14,996 |  |   | 14,925 |  |
| MSHC, Inc. (2) (3) (4) (7) (10) (11)                                   | Construction & Building |   | L + 4.25% |   | 6.58% |   | 7/31/2023 |   | 14,790 |  |   | 14,746 |  |   | 14,784 |  |
| North American Dental Management, LLC (2) (3) (4) (7) (10) (11)        | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.09% |   | 7/7/2023 |   | 29,228 |  |   | 28,539 |  |   | 29,036 |  |
| North Haven CA Holdings, Inc. (CoAdvantage)  (2) (3) (4) (7) (10) (11) | Business Services |   | L + 4.50% |   | 6.83% |   | 10/2/2023 |   | 28,670 |  |   | 28,359 |  |   | 28,670 |  |
| Odyssey Logistics & Technology Corporation (2) (3) (4) (11)        | Transportation: Cargo |   | L + 3.75% |   | 5.84% |   | 10/12/2024 |   | 19,900 |  |   | 19,809 |  |   | 19,900 |  |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of June 30, 2018 (unaudited) |
| Investments (1)                                                      | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value(6) |
| First Lien Debt (99.47% of fair value)                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Output Services Group (2) (3) (4) (7) (10)                           | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.34% |   | 3/26/2024 |   | $ | 12,405 |  |   | $ | 12,333 |  |   | $ | 12,430 |  |
| PAI Holdco, Inc. (Parts Authority) (2) (3) (4) (7) (10) (11)         | Automotive |   | L + 4.25% |   | 6.58% |   | 1/5/2025 |   | 16,523 |  |   | 16,426 |  |   | 16,499 |  |
| Paradigm Acquisition Corp. (2) (3) (4) (11)                     | Business Services |   | L + 4.25% |   | 6.70% |   | 10/12/2024 |   | 23,383 |  |   | 23,329 |  |   | 23,383 |  |
| Park Place Technologies, Inc. (2) (3) (4)                            | High Tech Industries |   | L + 4.00% |   | 6.09% |   | 3/29/2025 |   | 15,000 |  |   | 14,926 |  |   | 15,002 |  |
| Pasternack Enterprises, Inc. (Infinite RF) (2) (3) (4)               | Capital Equipment |   | L + 5.00% |   | 7.09% |   | 5/27/2022 |   | 20,126 |  |   | 20,040 |  |   | 20,126 |  |
| Pharmalogic Holdings Corp. (2) (3) (4) (10)                          | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.09% |   | 6/11/2023 |   | 7,052 |  |   | 7,028 |  |   | 7,052 |  |
| Ping Identity Corporation (2) (3) (4)                                | High Tech Industries |   | L + 3.75% |   | 5.84% |   | 1/25/2025 |   | 5,000 |  |   | 4,981 |  |   | 5,006 |  |
| Premier Senior Marketing, LLC (2) (3) (4) (11)                       | Banking, Finance, Insurance & Real Estate |   | L + 5.00% |   | 7.09% |   | 7/1/2022 |   | 15,753 |  |   | 15,650 |  |   | 15,700 |  |
| Propel Insurance Agency, LLC (2) (3) (4) (7) (10)                    | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.59% |   | 6/1/2024 |   | 21,190 |  |   | 20,596 |  |   | 20,827 |  |
| PSI Services LLC (2) (3) (4) (7) (10) (11)                           | Business Services |   | L + 5.00% |   | 7.09% |   | 1/20/2023 |   | 30,070 |  |   | 29,574 |  |   | 29,758 |  |
| Q Holding Company (2) (3) (4) (11)                              | Automotive |   | L + 5.00% |   | 7.09% |   | 12/18/2021 |   | 17,188 |  |   | 17,141 |  |   | 17,159 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (7) (10) (11)             | Environmental Industries |   | L + 6.75% |   | 8.73% |   | 8/31/2022 |   | 9,754 |  |   | 9,323 |  |   | 9,290 |  |
| Radiology Partners, Inc.  (2) (3) (4) (7) (10)                       | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 7.84% |   | 12/4/2023 |   | 29,035 |  |   | 28,755 |  |   | 29,633 |  |
| Restaurant Technologies, Inc.  (2) (3) (4) (11)                      | Retail |   | L + 4.75% |   | 7.07% |   | 11/23/2022 |   | 17,281 |  |   | 17,156 |  |   | 17,281 |  |
| Situs Group Holdings Corporation (2) (3) (4)                    | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.59% |   | 2/26/2023 |   | 11,970 |  |   | 11,955 |  |   | 11,980 |  |
| Sovos Brands Intermediate, Inc. (2) (3) (4) (7) (10) (11)            | Beverage, Food & Tobacco |   | L + 4.50% |   | 6.67% |   | 7/18/2024 |   | 21,459 |  |   | 21,315 |  |   | 20,817 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2) (3) (4) (11)    | Sovereign & Public Finance |   | L + 4.25% |   | 6.34% |   | 2/1/2024 |   | 3,950 |  |   | 3,934 |  |   | 3,941 |  |
| Surgical Information Systems, LLC (2) (3) (4) (9) (11)               | High Tech Industries |   | L + 4.85% |   | 6.94% |   | 4/24/2023 |   | 27,708 |  |   | 27,475 |  |   | 27,608 |  |
| Systems Maintenance Services Holding, Inc.  (2) (3) (4) (11)         | High Tech Industries |   | L + 5.00% |   | 7.09% |   | 10/28/2023 |   | 24,133 |  |   | 24,009 |  |   | 19,065 |  |
| T2 Systems Canada, Inc. (2) (3) (4)                                  | Transportation: Consumer |   | L + 6.75% |   | 8.84% |   | 9/28/2022 |   | 2,659 |  |   | 2,608 |  |   | 2,664 |  |
| T2 Systems, Inc. (2) (3) (4) (7) (10) (11)                           | Transportation: Consumer |   | L + 6.75% |   | 8.84% |   | 9/28/2022 |   | 15,852 |  |   | 15,532 |  |   | 15,880 |  |
| The Original Cakerie, Ltd. (Canada) (2) (3) (4) (7) (10)             | Beverage, Food & Tobacco |   | L + 4.50% |   | 6.56% |   | 7/20/2022 |   | 6,773 |  |   | 6,725 |  |   | 6,760 |  |
| The Original Cakerie, Co. (Canada) (2) (3) (4) (11)                  | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.09% |   | 7/20/2022 |   | 9,087 |  |   | 9,029 |  |   | 9,075 |  |
| ThoughtWorks, Inc.  (2) (3) (4) (7) (10) (11)                   | Business Services |   | L + 4.00% |   | 6.09% |   | 10/12/2024 |   | 10,286 |  |   | 10,249 |  |   | 10,342 |  |
| U.S. Acute Care Solutions, LLC (2) (3) (4) (11)                      | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.09% |   | 5/15/2021 |   | 31,748 |  |   | 31,554 |  |   | 31,214 |  |
| U.S. TelePacific Holdings Corp.  (2) (3) (4) (11)                    | Telecommunications |   | L + 5.00% |   | 7.33% |   | 5/2/2023 |   | 28,668 |  |   | 28,416 |  |   | 28,232 |  |
| Upstream Intermediate, LLC (2) (3) (4) (7) (10)                      | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 6.55% |   | 1/3/2024 |   | 18,803 |  |   | 18,710 |  |   | 18,803 |  |
| Valicor Environmental Services, LLC (2) (3) (4) (7) (10) (11)        | Environmental Industries |   | L + 5.00% |   | 7.05% |   | 6/1/2023 |   | 26,781 |  |   | 26,348 |  |   | 26,721 |  |
| WIRB - Copernicus Group, Inc. (2) (3) (4) (7) (10) (11)              | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.34% |   | 8/12/2022 |   | 16,559 |  |   | 16,450 |  |   | 16,444 |  |
| WRE Holding Corp. (2) (3) (4) (7) (10) (11)                     | Environmental Industries |   | L + 4.75% |   | 6.84% |   | 1/3/2023 |   | 7,188 |  |   | 7,105 |  |   | 7,096 |  |
| Zywave, Inc. (2) (3) (4) (7) (10) (11)                          | High Tech Industries |   | L + 5.00% |   | 7.34% |   | 11/17/2022 |   | 17,536 |  |   | 17,386 |  |   | 17,536 |  |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of June 30, 2018 (unaudited) |
| Investments (1)                                                      | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value(6) |
| First Lien Debt Total                                                |   |   |   |   |   |   |   |   |   |   | $ | 1,129,009 |  |   | $ | 1,130,095 |  |
| Second Lien Debt (0.53% of fair value)                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Paradigm Acquisition Corp.  (2) (3) (11)                             | Business Services |   | L + 8.50% |   | 10.97% |   | 10/12/2025 |   | $ | 4,800 |  |   | $ | 4,755 |  |   | $ | 4,860 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2) (3) (11)        | Sovereign & Public Finance |   | L + 8.50% |   | 10.59% |   | 2/1/2025 |   | 200 |  |   | 198 |  |   | 200 |  |
| Zywave, Inc. (2) (3) (11)                                            | High Tech Industries |   | L + 9.00% |   | 11.33% |   | 11/17/2023 |   | 1,050 |  |   | 1,037 |  |   | 1,061 |  |
| Second Lien Debt Total                                               |   |   |   |   |   |   |   |   |   |   | $ | 5,990 |  |   | $ | 6,121 |  |
| Total Investments                                                    |   |   |   |   |   |   |   |   |   |   | $ | 1,134,999 |  |   | $ | 1,136,216 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of June 30, 2018, the geographical composition of investments as a percentage of fair value was 1.39% in Canada and 98.61% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2018. As of June 30, 2018, the reference rates for Credit Fund’s variable interest loans were the 30-day LIBOR at 2.09%, the 90-day LIBOR at 2.34% and the 180-day LIBOR rate at 2.50%. |

|     |                                                                     |
|-----|---------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature which is generally 1.00%. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in “—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 1.20% 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, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.80%) and Surgical Information Systems, LLC (0.91%). 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. |

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|      |                                                                                                                                       |
|------|---------------------------------------------------------------------------------------------------------------------------------------|
| (10) | As of June 30, 2018, 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 |  |   | $ | (7 | ) |
| Ahead, LLC                                                                       |   | Revolver |   | 0.50 |  |   | 4,211 |  |   | (2 | ) |
| AQA Acquisition Holding, Inc.                                                    |   | Revolver |   | 0.50 |  |   | 2,459 |  |   | — |  |
| Borchers, Inc.                                                                   |   | Revolver |   | 0.50 |  |   | 1,936 |  |   | (2 | ) |
| Clearent Newco, LLC                                                              |   | Delayed Draw |   | 1.00 |  |   | 6,000 |  |   | (43 | ) |
| Clearent Newco, LLC                                                              |   | Revolver |   | 0.50 |  |   | 1,520 |  |   | (11 | ) |
| DecoPac, Inc.                                                                    |   | Revolver |   | 0.50 |  |   | 1,907 |  |   | — |  |
| Executive Consulting Group, LLC.                                                 |   | Revolver |   | 0.50 |  |   | 2,368 |  |   | (9 | ) |
| HMT Holding Inc.                                                                 |   | Revolver |   | 0.50 |  |   | 3,457 |  |   | — |  |
| J.S. Held LLC                                                                    |   | Delayed Draw |   | 1.00 |  |   | 1,044 |  |   | — |  |
| Jensen Hughes, Inc.                                                              |   | Delayed Draw |   | 1.00 |  |   | 3,143 |  |   | 12 |  |
| Jensen Hughes, Inc.                                                              |   | Revolver |   | 0.50 |  |   | 1,636 |  |   | 6 |  |
| MAG DS Corp.                                                                     |   | Revolver |   | 0.50 |  |   | 5,000 |  |   | (14 | ) |
| MSHC, Inc.                                                                       |   | Delayed Draw |   | — |  |   | 15,185 |  |   | (3 | ) |
| North American Dental Management, LLC                                            |   | Delayed Draw |   | 1.00 |  |   | 7,980 |  |   | (38 | ) |
| North American Dental Management, LLC                                            |   | Revolver |   | 0.50 |  |   | 2,727 |  |   | (13 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                      |   | Revolver |   | 0.50 |  |   | 6,114 |  |   | — |  |
| Output Services Group                                                            |   | Delayed Draw |   | 4.25 |  |   | 2,564 |  |   | 4 |  |
| PAI Holdco, Inc. (Parts Authority)                                               |   | Delayed Draw |   | 1.00 |  |   | 3,286 |  |   | (4 | ) |
| Pharmalogic Holdings Corp.                                                       |   | Revolver |   | 0.50 |  |   | 2,947 |  |   | — |  |
| Propel Insurance Agency, LLC                                                     |   | Delayed Draw |   | 0.50 |  |   | 7,143 |  |   | (86 | ) |
| Propel Insurance Agency, LLC                                                     |   | Revolver |   | 0.50 |  |   | 1,667 |  |   | (20 | ) |
| PSI Services LLC                                                                 |   | Revolver |   | 0.50 |  |   | 754 |  |   | (8 | ) |
| QW Holding Corporation (Quala)                                                   |   | Delayed Draw |   | 1.00 |  |   | 7,515 |  |   | (153 | ) |
| QW Holding Corporation (Quala)                                                   |   | Revolver |   | 0.50 |  |   | 5,498 |  |   | (112 | ) |
| Radiology Partners, Inc.                                                         |   | Revolver |   | 0.50 |  |   | 841 |  |   | 17 |  |
| Sovos Brands Intermediate, Inc.                                                  |   | Revolver |   | 0.50 |  |   | 3,378 |  |   | (88 | ) |
| T2 Systems, Inc.                                                                 |   | Revolver |   | 0.50 |  |   | 1,173 |  |   | 2 |  |
| The Original Cakerie, Ltd. (Canada)                                              |   | Revolver |   | 0.50 |  |   | 1,365 |  |   | (2 | ) |
| ThoughtWorks, Inc.                                                               |   | Delayed Draw |   | 2.00 |  |   | 1,714 |  |   | 8 |  |
| Upstream Intermediate, LLC                                                       |   | Revolver |   | 0.50 |  |   | 1,151 |  |   | — |  |
| Valicor Environmental Services, LLC                                              |   | Revolver |   | 0.50 |  |   | 2,838 |  |   | (6 | ) |
| WIRB - Copernicus Group, Inc.                                                    |   | Delayed Draw |   | 1.00 |  |   | 7,200 |  |   | (33 | ) |
| WIRB - Copernicus Group, Inc.                                                    |   | Revolver |   | 0.50 |  |   | 1,000 |  |   | (5 | ) |
| WRE Holding Corp.                                                                |   | Delayed Draw |   | 1.06 |  |   | 2,336 |  |   | (22 | ) |
| WRE Holding Corp.                                                                |   | Revolver |   | 0.50 |  |   | 412 |  |   | (4 | ) |
| Zywave, Inc.                                                                     |   | Revolver |   | 0.50 |  |   | 1,148 |  |   | — |  |
| Total unfunded commitments                                                       |   |   |   |   |   | $ | 123,950 |  |   | $ | (636 | ) |

|      |                                                                                                                                                                                                                                                                                                                                                             |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with a $399,900 term debt securitization completed by Credit Fund on December 19, 2017 (the “2017-1 Debt Securitization”). Accordingly, such assets are not available to creditors of Credit Fund or Credit Fund Sub. |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2017                 |
| Investments (1)                                                                   |   | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.39% of fair value)                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Acrisure, LLC (2)(3)(4)(11)                                                       |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% (1.00% Floor) |   | 11/22/2023 |   | $ | 21,097 |  |   | $ | 21,055 |  |   | $ | 21,291 |  |
| Advanced Instruments, LLC (2)(3)(4)(7)(10)(11)(13)                                |   | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 11,910 |  |   | 11,793 |  |   | 11,910 |  |
| Alpha Packaging Holdings, Inc. (2)(3)(4)(13)                                      |   | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 16,860 |  |   | 16,812 |  |   | 16,860 |  |
| AM Conservation Holding Corporation (2)(3)(4)(13)                                 |   | Energy: Electricity |   | L + 4.50% (1.00% Floor) |   | 10/31/2022 |   | 38,700 |  |   | 38,433 |  |   | 38,553 |  |
| AMS Finco, S.A.R.L. (Alexander Mann Solutions) (United Kingdom) (2)(3)(4)(11)(13) |   | Business Services |   | L + 5.50% (1.00% Floor) |   | 5/26/2024 |   | 24,875 |  |   | 24,646 |  |   | 24,875 |  |
| Anaren, Inc. (2)(3)(4)                                                            |   | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 9,993 |  |   | 9,971 |  |   | 9,993 |  |
| AQA Acquisition Holding, Inc. (2)(3)(4)(7)(10)(13)                                |   | High Tech Industries |   | L + 4.50% (1.00% Floor) |   | 5/24/2023 |   | 27,403 |  |   | 27,288 |  |   | 27,403 |  |
| Big Ass Fans, LLC (2)(3)(4)(13)                                                   |   | Capital Equipment |   | L + 4.25% (1.00% Floor) |   | 5/21/2024 |   | 8,000 |  |   | 7,964 |  |   | 8,010 |  |
| Borchers, Inc. (2)(3)(4)(7)(10)(13)                                               |   | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 11/1/2024 |   | 15,748 |  |   | 15,694 |  |   | 15,665 |  |
| Brooks Equipment Company, LLC (2)(3)(4)(13)                                       |   | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 7,061 |  |   | 7,045 |  |   | 7,061 |  |
| DBI Holding LLC (2)(3)(4)(11)(13)                                                 |   | Transportation: Cargo |   | L + 5.25% (1.00% Floor) |   | 8/1/2021 |   | 19,800 |  |   | 19,659 |  |   | 19,833 |  |
| DecoPac, Inc. (2)(3)(4)(7)(10)(13)                                                |   | Non-durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 9/29/2024 |   | 13,414 |  |   | 13,270 |  |   | 13,415 |  |
| Dent Wizard International Corporation (2)(3)(4)(11)                               |   | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 24,502 |  |   | 24,382 |  |   | 24,475 |  |
| DTI Holdco, Inc. (2)(3)(4)(11)(13)                                                |   | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 9/30/2023 |   | 19,750 |  |   | 19,575 |  |   | 19,663 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(4)(8)(11)(13)                              |   | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2022 |   | 22,663 |  |   | 22,127 |  |   | 22,153 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(9)(11)(13)                                 |   | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2022 |   | 1,500 |  |   | 1,462 |  |   | 1,470 |  |
| Empower Payments Acquisitions, Inc. (2)(3)(4)(13)                                 |   | Media: Advertising, Printing & Publishing |   | L + 5.50% (1.00% Floor) |   | 11/30/2023 |   | 17,325 |  |   | 17,018 |  |   | 17,325 |  |
| FCX Holdings Corp. (2)(3)(4)(11)                                                  |   | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 18,491 |  |   | 18,438 |  |   | 18,512 |  |
| Golden West Packaging Group LLC (2)(3)(4)(11)(13)                                 |   | Containers, Packaging & Glass |   | L + 5.25% (1.00% Floor) |   | 6/20/2023 |   | 20,895 |  |   | 20,709 |  |   | 20,895 |  |
| HMT Holding Inc. (2)(3)(4)(7)(10)(13)                                             |   | Energy: Oil & Gas |   | L + 4.50% (1.00% Floor) |   | 11/17/2023 |   | 35,062 |  |   | 34,387 |  |   | 34,709 |  |
| J.S. Held LLC (2)(3)(4)(7)(10)(13)                                                |   | Banking, Finance, Insurance & Real Estate |   | L + 5.50% (1.00% Floor) |   | 9/27/2023 |   | 18,204 |  |   | 18,018 |  |   | 18,144 |  |
| Jensen Hughes, Inc. (2)(3)(4)(7)(10)(11)(13)                                      |   | Utilities: Electric |   | L + 5.00% (1.00% Floor) |   | 12/4/2021 |   | 20,963 |  |   | 20,784 |  |   | 20,963 |  |
| Kestra Financial, Inc. (2)(3)(4)(13)                                              |   | Banking, Finance, Insurance & Real Estate |   | L + 5.25% (1.00% Floor) |   | 6/24/2022 |   | 17,206 |  |   | 17,009 |  |   | 17,203 |  |
| Mold-Rite Plastics, LLC (2)(3)(4)(11)                                             |   | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 12/14/2021 |   | 15,000 |  |   | 14,946 |  |   | 14,993 |  |
| MSHC, Inc. (2)(3)(4)(13)                                                          |   | Construction & Building |   | L + 4.25% (1.00% Floor) |   | 7/31/2023 |   | 10,000 |  |   | 9,957 |  |   | 10,032 |  |
| North American Dental Management, LLC (2)(3)(4)(7)(10)(11)(13)                    |   | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 7/7/2023 |   | 23,978 |  |   | 23,157 |  |   | 23,577 |  |
| North Haven CA Holdings, Inc. (CoAdvantage) (2)(3)(4)(7)(10)(13)                  |   | Business Services |   | L + 4.50% (1.00% Floor) |   | 10/2/2023 |   | 31,565 |  |   | 31,237 |  |   | 31,436 |  |
| Odyssey Logistics & Technology Corporation (2)(3)(4)(11)(13)                  |   | Transportation: Cargo |   | L + 4.25% (1.00% Floor) |   | 10/12/2024 |   | 20,000 |  |   | 19,906 |  |   | 19,998 |  |
| PAI Holdco, Inc. (Parts Authority) (2)(3)(4)(7)(10)(11)(13)                       |   | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/30/2022 |   | 16,564 |  |   | 16,459 |  |   | 16,515 |  |
| Paradigm Acquisition Corp. (2)(3)(4)(13)                                          |   | Business Services |   | L + 4.25% (1.00% Floor) |   | 10/12/2024 |   | 23,500 |  |   | 23,445 |  |   | 23,554 |  |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2017 |
| Investments (1)                                                   |   | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.39% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Pasternack Enterprises, Inc. (Infinite RF) (2)(3)(4)(11)          |   | Capital Equipment |   | L + 5.00% (1.00% Floor) |   | 5/27/2022 |   | $ | 20,228 |  |   | $ | 20,134 |  |   | $ | 20,174 |  |
| Premier Senior Marketing, LLC (2)(3)(4)(11)(13)                   |   | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 7/1/2022 |   | 11,675 |  |   | 11,606 |  |   | 11,628 |  |
| PSI Services LLC (2)(3)(4)(7)(10)(11)(13)                         |   | Business Services |   | L + 5.00% (1.00% Floor) |   | 1/20/2023 |   | 30,676 |  |   | 30,171 |  |   | 30,082 |  |
| Q Holding Company (2)(3)(4)(13)                                   |   | Automotive |   | L + 5.00% (1.00% Floor) |   | 12/18/2021 |   | 17,277 |  |   | 17,227 |  |   | 17,277 |  |
| QW Holding Corporation (Quala) (2)(3)(4)(7)(10)(11)(13)           |   | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 11,453 |  |   | 10,879 |  |   | 10,933 |  |
| Radiology Partners, Inc. (2)(3)(4)(7)(10)(12)                     |   | Healthcare & Pharmaceuticals |   | L + 5.75% (1.00% Floor) |   | 12/4/2023 |   | 25,793 |  |   | 25,494 |  |   | 25,642 |  |
| Restaurant Technologies, Inc. (2)(3)(4)(11)(13)                   |   | Retail |   | L + 4.75% (1.00% Floor) |   | 11/23/2022 |   | 17,369 |  |   | 17,241 |  |   | 17,219 |  |
| Sovos Brands Intermediate, Inc. (2)(3)(4)(7)(10)(13)              |   | Beverage, Food & Tobacco |   | L + 4.50% (1.00% Floor) |   | 7/18/2024 |   | 21,568 |  |   | 21,419 |  |   | 21,633 |  |
| Superion (fka Ramundsen Public Sector, LLC) (2)(3)(4)(13)         |   | Sovereign & Public Finance |   | L + 4.25% (1.00% Floor) |   | 2/1/2024 |   | 3,970 |  |   | 3,955 |  |   | 4,000 |  |
| Surgical Information Systems, LLC (2)(3)(4)(9)(11)(13)            |   | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 4/24/2023 |   | 30,000 |  |   | 29,728 |  |   | 30,075 |  |
| Systems Maintenance Services Holding, Inc. (2)(3)(4)(11)(13)      |   | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 10/28/2023 |   | 24,255 |  |   | 24,126 |  |   | 20,617 |  |
| T2 Systems Canada, Inc. (2)(3)(4)                                 |   | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 2,673 |  |   | 2,617 |  |   | 2,634 |  |
| T2 Systems, Inc. (2)(3)(4)(7)(10)(13)                             |   | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 15,929 |  |   | 15,577 |  |   | 15,679 |  |
| Teaching Strategies, LLC (2)(3)(4)(7)(10)(11)(13)                 |   | Media: Advertising, Printing & Publishing |   | L + 4.75% (1.00% Floor) |   | 2/27/2023 |   | 17,964 |  |   | 17,803 |  |   | 17,952 |  |
| The Original Cakerie, Ltd. (Canada) (2)(3)(4)(7)(10)(11)          |   | Beverage, Food & Tobacco |   | L + 5.00% (1.00% Floor) |   | 7/20/2021 |   | 6,939 |  |   | 6,879 |  |   | 6,922 |  |
| The Original Cakerie, Co. (Canada) (2)(3)(11)(13)                 |   | Beverage, Food & Tobacco |   | L + 5.50% (1.00% Floor) |   | 7/20/2021 |   | 3,585 |  |   | 3,572 |  |   | 3,579 |  |
| ThoughtWorks, Inc. (2)(3)(11)(13)                                 |   | Business Services |   | L + 4.50% (1.00% Floor) |   | 10/12/2024 |   | 8,000 |  |   | 7,980 |  |   | 8,032 |  |
| U.S. Acute Care Solutions, LLC (2)(3)(4)(13)                      |   | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 5/15/2021 |   | 32,030 |  |   | 31,808 |  |   | 31,537 |  |
| U.S. TelePacific Holdings Corp. (2)(3)(4)(13)                     |   | Telecommunications |   | L + 5.00% (1.00% Floor) |   | 5/2/2023 |   | 29,850 |  |   | 29,566 |  |   | 28,581 |  |
| Valicor Environmental Services, LLC (2)(3)(4)(7)(10)(11)(13)      |   | Environmental Industries |   | L + 5.00% (1.00% Floor) |   | 6/1/2023 |   | 27,047 |  |   | 26,576 |  |   | 26,984 |  |
| WIRB - Copernicus Group, Inc. (2)(3)(4)(13)                       |   | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 8/12/2022 |   | 14,838 |  |   | 14,780 |  |   | 14,838 |  |
| WRE Holding Corp. (2)(3)(4)(7)(10)(11)(13)                        |   | Environmental Industries |   | L + 4.75% (1.00% Floor) |   | 1/3/2023 |   | 5,367 |  |   | 5,283 |  |   | 5,279 |  |
| Zest Holdings, LLC (2)(3)(4)(11)                                  |   | Durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 8/16/2023 |   | 19,152 |  |   | 19,107 |  |   | 19,272 |  |
| Zywave, Inc. (2)(3)(4)(7)(10)(13)                                 |   | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 11/17/2022 |   | 17,663 |  |   | 17,508 |  |   | 17,663 |  |
| First Lien Debt Total                                             |   |   |   |   |   |   |   |   |   | $ | 977,682 |  |   | $ | 978,718 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Second Lien Debt (0.61% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Paradigm Acquisition Corp. (2)(3)(12)(13)                         |   | Business Services |   | L + 8.50% (1.00% Floor) |   | 10/12/2025 |   | $ | 4,800 |  |   | $ | 4,753 |  |   | $ | 4,792 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2)(3)(13)       |   | Sovereign & Public Finance |   | L + 8.50% (1.00% Floor) |   | 2/1/2025 |   | 200 |  |   | 198 |  |   | 202 |  |
| Zywave, Inc. (2)(3)(13)                                           |   | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 1,050 |  |   | 1,036 |  |   | 1,061 |  |
| Second Lien Debt Total                                            |   |   |   |   |   |   |   |   |   | $ | 5,987 |  |   | $ | 6,055 |  |
| Total Investments                                                 |   |   |   |   |   |   |   |   |   | $ | 983,669 |  |   | $ | 984,773 |  |

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|     |                                                                                                                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2017, the geographical composition of investments as a percentage of fair value was 1.07% in Canada, 2.52% in the United Kingdom and 96.41% 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, 2017. As of December 31, 2017, all of Credit Fund’s LIBOR loans were indexed to the 90-day LIBOR rate at 1.69%, except for those loans as indicated in Notes 11 and 12 below. |

|     |                                            |
|-----|--------------------------------------------|
| (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 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, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in “—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, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.97%) and Surgical Information Systems, LLC (1.01%). 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. |

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|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | As of December 31, 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 |  |   | $ | — |  |
| AQA Acquisition Holding, Inc.                                                    |   | Revolver |   | 0.50 | % |   | 2,459 |  |   | — |  |
| Borchers, Inc.                                                                   |   | Revolver |   | 0.50 | % |   | 1,935 |  |   | (9 | ) |
| DecoPac, Inc.                                                                    |   | Revolver |   | 0.50 | % |   | 1,457 |  |   | — |  |
| HMT Holding Inc.                                                                 |   | Revolver |   | 0.50 | % |   | 4,938 |  |   | (43 | ) |
| Jensen Hughes, Inc.                                                              |   | Delayed Draw |   | 1.00 | % |   | 1,180 |  |   | — |  |
| Jensen Hughes, Inc.                                                              |   | Revolver |   | 0.50 | % |   | 2,000 |  |   | — |  |
| J.S. Held LLC                                                                    |   | Delayed Draw |   | 1.00 | % |   | 2,253 |  |   | (7 | ) |
| North American Dental Management, LLC                                            |   | Delayed Draw |   | 1.00 | % |   | 13,354 |  |   | (134 | ) |
| North American Dental Management, LLC                                            |   | Revolver |   | 0.50 | % |   | 2,727 |  |   | (27 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                      |   | Revolver |   | 0.50 | % |   | 3,362 |  |   | (12 | ) |
| PAI Holdco, Inc. (Parts Authority)                                               |   | Delayed Draw |   | 1.00 | % |   | 3,286 |  |   | (8 | ) |
| PSI Services LLC                                                                 |   | Revolver |   | 0.50 | % |   | 302 |  |   | (6 | ) |
| QW Holding Corporation (Quala)                                                   |   | Delayed Draw |   | 1.00 | % |   | 7,515 |  |   | (171 | ) |
| QW Holding Corporation (Quala)                                                   |   | Revolver |   | 0.50 | % |   | 3,849 |  |   | (88 | ) |
| Radiology Partners, Inc.                                                         |   | Delayed Draw |   | 1.00 | % |   | 2,483 |  |   | (12 | ) |
| Radiology Partners, Inc.                                                         |   | Revolver |   | 0.50 | % |   | 1,725 |  |   | (9 | ) |
| Sovos Brands Intermediate, Inc.                                                  |   | Revolver |   | 0.50 | % |   | 3,378 |  |   | 9 |  |
| T2 Systems, Inc.                                                                 |   | Revolver |   | 0.50 | % |   | 1,173 |  |   | (17 | ) |
| Teaching Strategies, LLC                                                         |   | Revolver |   | 0.50 | % |   | 1,900 |  |   | (1 | ) |
| The Original Cakerie, Ltd. (Canada)                                              |   | Revolver |   | 0.50 | % |   | 1,665 |  |   | (3 | ) |
| Valicor Environmental Services, LLC                                              |   | Revolver |   | 0.50 | % |   | 2,838 |  |   | (6 | ) |
| WRE Holding Corp.                                                                |   | Delayed Draw |   | 1.04 | % |   | 3,435 |  |   | (32 | ) |
| WRE Holding Corp.                                                                |   | Revolver |   | 0.50 | % |   | 748 |  |   | (7 | ) |
| Zywave, Inc.                                                                     |   | Revolver |   | 0.50 | % |   | 1,163 |  |   | — |  |
| Total unfunded commitments                                                       |   |   |   |   |   | $ | 72,458 |  |   | $ | (583 | ) |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (11) | As of December 31, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.56%. |

|      |                                                                                               |
|------|-----------------------------------------------------------------------------------------------|
| (12) | As of December 31, 2017, this LIBOR loan was indexed to the 180-day LIBOR rate at 1.84%. |

|      |                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with the 2017-1 Debt Securitization. Accordingly, such assets are not available to creditors of Credit Fund or Credit Fund Sub. |

|                                                                                                 |
|-------------------------------------------------------------------------------------------------|
|                                                                                                 |  |  |  |  |  |  |  |  |
|                                                                                            |   | June 30, 2018 |   | December 31, 2017 |
|                                                                                            |   | (unaudited) |   |   |
| Selected Consolidated Balance Sheet Information                                                 |   |   |   |   |
| ASSETS                                                                                          |   |   |   |   |
| Investments, at fair value (amortized cost of $1,134,999 and $983,669, respectively)            |   | $ | 1,136,216 |  |   | $ | 984,773 |  |
| Cash and other assets                                                                           |   | 56,319 |  |   | 26,441 |  |
| Total assets                                                                                    |   | $ | 1,192,535 |  |   | $ | 1,011,214 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                                           |   |   |   |   |
| Secured borrowings                                                                              |   | $ | 450,950 |  |   | $ | 377,686 |  |
| 2017-1 Notes payable, net of unamortized debt issuance costs of $1,949 and $2,051, respectively |   | 347,250 |  |   | 348,938 |  |
| Mezzanine loans                                                                                 |   | 114,000 |  |   | 85,750 |  |
| Other liabilities                                                                               |   | 92,325 |  |   | 25,308 |  |
| Subordinated loans and members’ equity                                                    |   | 188,010 |  |   | 173,532 |  |
| Liabilities and members’ equity                                                           |   | $ | 1,192,535 |  |   | $ | 1,011,214 |  |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   | For the three month periods ended |   | For the six month periods ended |
|                                                                |   | June 30, 2018 |   | June 30, 2017 |   | June 30, 2018 |   | June 30, 2017 |
|                                                                |   | (unaudited) |   | (unaudited) |   | (unaudited) |   | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |   |   |   |   |   |
| Total investment income                                             |   | $ | 20,480 |  |   | $ | 10,706 |  |   | $ | 38,391 |  |   | $ | 18,888 |  |
| Expenses                                                            |   |   |   |   |   |   |   |   |
| Interest and credit facility expenses                               |   | 13,101 |  |   | 6,922 |  |   | 23,757 |  |   | 12,395 |  |
| Other expenses                                                      |   | 380 |  |   | 367 |  |   | 769 |  |   | 685 |  |
| Total expenses                                                      |   | 13,481 |  |   | 7,289 |  |   | 24,526 |  |   | 13,080 |  |
| Net investment income (loss)                                        |   | 6,999 |  |   | 3,417 |  |   | 13,865 |  |   | 5,808 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | — |  |   | — |  |   | — |  |
| Net change in unrealized appreciation (depreciation) on investments |   | (2,922 | ) |   | 450 |  |   | 113 |  |   | 1,187 |  |
| Net increase (decrease) resulting from operations                   |   | $ | 4,077 |  |   | $ | 3,867 |  |   | $ | 13,978 |  |   | $ | 6,995 |  |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | June 30, 2018 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 255,605 |  |   | $ | 144,395 |  |   | $ | 43,162 |  |
| Credit Facility     | 413,000 |  |   | 329,500 |  |   | 83,500 |  |   | 83,500 |  |
| Total               | $ | 813,000 |  |   | $ | 585,105 |  |   | $ | 227,895 |  |   | $ | 126,662 |  |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | December 31, 2017 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 287,393 |  |   | $ | 112,607 |  |   | $ | 27,147 |  |
| Credit Facility     | 413,000 |  |   | 275,500 |  |   | 137,500 |  |   | 137,500 |  |
| Total               | $ | 813,000 |  |   | $ | 562,893 |  |   | $ | 250,107 |  |   | $ | 164,647 |  |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (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, 2018 |   | December 31, 2017 |
|                          | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1A Notes | $ | 160,000 |  |   | $ | 160,000 |  |   | $ | 160,000 |  |   | $ | 160,064 |  |
| Aaa/AAA Class A-1B Notes | 40,000 |  |   | 40,000 |  |   | 40,000 |  |   | 40,020 |  |
| Aaa/AAA Class A-1C Notes | 27,000 |  |   | 27,000 |  |   | 27,000 |  |   | 27,014 |  |
| Aa2 Class A-2 Notes      | 46,000 |  |   | 46,000 |  |   | 46,000 |  |   | 46,027 |  |
| Total                         | $ | 273,000 |  |   | $ | 273,000 |  |  | $ | 273,000 |  |   | $ | 273,125 |  |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |
|                                    | For the six month periods ended |
|                                    | June 30, 2018 |   | June 30, 2017 |
| Shares outstanding, beginning of period | 62,207,603 |  |   | 41,702,318 |  |
| Common stock issued                     | — |  |   | 19,692,360 |  |
| Reinvestment of dividends               | 361,048 |  |   | 10,970 |  |
| Shares outstanding, end of period       | 62,568,651 |  |   | 61,405,648 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | SPV Credit Facility and Credit Facility |   | 2015-1 Notes |
| Payment Due by Period |   | June 30, 2018 |   | December 31, 2017 |   | June 30, 2018 |   | December 31, 2017 |
| Less than 1 Year                     |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            |   | — |  |   | — |  |   | — |  |   | — |  |
| 3-5 Years                            |   | 585,105 |  |   | 562,893 |  |   | — |  |   | — |  |
| More than 5 Years                    |   | — |  |   | — |  |   | 273,000 |  |   | 273,000 |  |
| Total                                |   | $ | 585,105 |  |   | $ | 562,893 |  |   | $ | 273,000 |  |   | $ | 273,000 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Principal Amount as of |
|                                     | June 30, 2018 |   | December 31, 2017 |
| Unfunded delayed draw commitments        | $ | 112,170 |  |   | $ | 78,991 |  |
| Unfunded revolving term loan commitments | 52,578 |  |   | 39,383 |  |
| Total unfunded commitments               | $ | 164,748 |  |   | $ | 118,374 |  |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |
| Date Declared      |   | Record Date |   | Payment Date |   | Per Share Amount |   |
| 2016                    |   |   |   |   |   |   |   |
| March 10, 2016     |   | March 14, 2016 |   | April 22, 2016 |   | $ | 0.40 |  |   |
| June 8, 2016       |   | June 8, 2016 |   | July 22, 2016 |   | $ | 0.40 |  |   |
| September 28, 2016 |   | September 28, 2016 |   | October 24, 2016 |   | $ | 0.40 |  |   |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.41 |  |   |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.07 |  | (1)  |
| Total                   |   |   |   |   |   | $ | 1.68 |  |   |
| 2017                    |   |   |   |   |   |   |   |
| March 20, 2017     |   | March 20, 2017 |   | April 24, 2017 |   | $ | 0.41 |  |   |
| June 20, 2017      |   | June 30, 2017 |   | July 18, 2017 |   | $ | 0.37 |  |   |
| August 7, 2017     |   | September 29, 2017 |   | October 18, 2017 |   | $ | 0.37 |  |   |
| November 7, 2017   |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.37 |  |   |
| December 13, 2017  |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.12 |  | (1)  |
| Total                   |   |   |   |   |   | $ | 1.64 |  |   |
| 2018                    |   |   |   |   |   |   |   |
| March 29, 2018     |   | March 29, 2018 |   | April 17, 2018 |   | $ | 0.37 |  |   |
| May 2, 2018        |   | June 29, 2018 |   | July 17, 2018 |   | $ | 0.37 |  |   |
| August 6, 2018     |   | September 28, 2018 |   | October 17, 2018 |   | $ | 0.37 |  |   |
| Total                   |   |   |   |   |   | $ | 1.11 |  |   |

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

----

----

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

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

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

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

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

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

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

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

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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 and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |

----

----

----

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | As of June 30, 2018 |   | As of December 31, 2017 |
| Basis Point Change    | Interest Income |   | Interest Expense |   | Net Investment Income |   | Interest Income |   | Interest Expense |   | Net Investment Income |
| Up 300 basis points   | $ | 50,923 |  |   | $ | (24,933 | ) |   | $ | 25,990 |  |   | $ | 52,780 |  |   | $ | (24,325 | ) |   | $ | 28,455 |  |
| Up 200 basis points   | $ | 33,439 |  |   | $ | (16,622 | ) |   | $ | 16,817 |  |   | $ | 35,187 |  |   | $ | (16,217 | ) |   | $ | 18,970 |  |
| Up 100 basis points   | $ | 16,974 |  |   | $ | (8,311 | ) |   | $ | 8,663 |  |   | $ | 17,593 |  |   | $ | (8,108 | ) |   | $ | 9,485 |  |
| Down 100 basis points | $ | (16,845 | ) |   | $ | 8,311 |  |   | $ | (8,534 | ) |   | $ | (9,663 | ) |   | $ | 8,108 |  |   | $ | (1,555 | ) |
| Down 200 basis points | $ | (19,933 | ) |   | $ | 16,622 |  |   | $ | (3,311 | ) |   | $ | (9,850 | ) |   | $ | 13,380 |  |   | $ | 3,530 |  |
| Down 300 basis points | $ | (20,130 | ) |   | $ | 18,604 |  |   | $ | (1,526 | ) |   | $ | (10,038 | ) |   | $ | 13,380 |  |   | $ | 3,342 |  |

----

----

----

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |
|                                                                      | Effects of Leverage Based on the Actual Amount of Borrowings Incurred by the Company as of June 30, 2018 |
| Assumed annual returns on the Company’s portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% |
| Corresponding return to common stockholder (1)                            | (21.47)% | (12.41)% | (3.36)% | 5.69% | 14.75% |

|     |                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of June 30, 2018, the Company had (i) $2.0 billion in total assets (ii) $858.1 million in outstanding indebtedness, (iii) $1.1 billion in net assets and (iv) a weighted average interest rate, excluding fees (such as fees on undrawn amounts and amortization of financing costs), of 4.39%. |

----

|        |
|--------|
|        |  |  |
| 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 7, 2018 | By |    | /s/ Thomas M. Hennigan |
|                       |   |    | Thomas M. HenniganChief Financial Officer(principal financial officer) |