|            |
|------------|
|            |  |
| (Mark One) |   |
| þ     | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the quarterly period ended June 30, 2020 |
| OR         |
|  ̈     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the transition period from               to |

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

|                     |
|---------------------|
|                     |  |  |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None                | N/A | N/A |

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

----

|                                         |
|-----------------------------------------|
|                                         |  |  |
| Item 1.                                 | Condensed Consolidated Financial Statements: |   |
|                                    | Condensed Consolidated Balance Sheets | 1 |
|                                    | Condensed Consolidated Statements of Operations | 2 |
|                                    | Condensed Consolidated Statements of Changes in Net Assets | 3 |
|                                    | Condensed Consolidated Statements of Cash Flows | 4 |
|                                    | Condensed Consolidated Schedules of Investments | 5 |
|                                    | Notes to the Condensed Consolidated Financial Statements | 7 |
| Item 2.                                 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 28 |
| Item 3.                                 | Quantitative and Qualitative Disclosures About Market Risk | 44 |
| Item 4.                                 | Controls and Procedures | 46 |
|                                    |   |   |
| PART II — OTHER INFORMATION  |
|                                    |   |   |
| Item 1.                                 | Legal Proceedings | 47 |
| Item 1A.                                | Risk Factors | 47 |
| Item 2.                                 | Unregistered Sales of Equity Securities and Use of Proceeds | 51 |
| Item 3.                                 | Defaults Upon Senior Securities | 51 |
| Item 4.                                 | Mine Safety Disclosures | 51 |
| Item 5.                                 | Other Information | 51 |
| Item 6.                                 | Exhibits | 52 |
|                                    |   |   |
| Signatures                              |   | 53 |

----

|                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                                                                   | June 30, 2020 |   | December 31, 2019 |
|                                                                                                                                                                   | (Unaudited) |   |   |
| ASSETS                                                                                                                                                                 |   |   |   |
| Portfolio investments at fair value:                                                                                                                                   |   |   |   |
| Non-Control/Non-Affiliate investments (amortized cost: $794,494 and $878,632 as of June 30, 2020 and December 31, 2019, respectively)                                  | $ | 687,521 |  |   | $ | 838,643 |  |
| Affiliate investments (amortized cost: $146,959 and $144,006 as of June 30, 2020 and December 31, 2019, respectively)                                                  | 155,573 |  |   | 154,158 |  |
| Control investments (amortized cost: $18,286 and $17,417 as of June 30, 2020 and December 31, 2019, respectively)                                                      | 34,484 |  |   | 34,796 |  |
| Total portfolio investments (amortized cost: $959,739 and $1,040,055 as of June 30, 2020 and December 31, 2019, respectively)                                          | 877,578 |  |   | 1,027,597 |  |
|                                                                                                                                                                   |   |   |   |
| Cash and cash equivalents                                                                                                                                              | 12,672 |  |   | 21,846 |  |
| Restricted cash                                                                                                                                                        | 15,252 |  |   | — |  |
| Interest receivable                                                                                                                                                    | 8,831 |  |   | 8,749 |  |
| Receivable for securities sold                                                                                                                                         | 6,044 |  |   | — |  |
| Prepaid and other assets                                                                                                                                               | 4,102 |  |   | 4,403 |  |
| Deferred financing costs (net of accumulated amortization of $3,177 and $2,990 as of June 30, 2020 and December 31, 2019, respectively)                                | 3,412 |  |   | 3,516 |  |
| Total assets                                                                                                                                                           | $ | 927,891 |  |   | $ | 1,066,111 |  |
|                                                                                                                                                                   |   |   |   |
| LIABILITIES                                                                                                                                                            |   |  |   |   |  |
| Accounts payable and other liabilities                                                                                                                                 | $ | 3,529 |  |   | $ | 1,684 |  |
| Stockholder distributions payable                                                                                                                                      | 4,571 |  |   | 4,669 |  |
| Base management and incentive fees payable                                                                                                                             | 9,624 |  |   | 5,388 |  |
| Due to affiliates                                                                                                                                                      | 56 |  |   | 44 |  |
| Directors’ fees payable                                                                                                                                          | 45 |  |   | 21 |  |
| Payable for securities purchased                                                                                                                                       | 1,883 |  |   | — |  |
| Credit facilities payable                                                                                                                                              | 384,908 |  |   | 445,000 |  |
| Total liabilities                                                                                                                                                      | 404,616 |  |   | 456,806 |  |
|                                                                                                                                                                   |   |   |   |
| Commitments and Contingencies (Note 12)                                                                                                                                |   |   |   |
|                                                                                                                                                                   |   |   |   |
| NET ASSETS                                                                                                                                                             |   |  |   |   |  |
| Common stock, $.001 par value; 150,000,000 shares authorized, 79,317,628 and 78,463,377 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 79 |  |   | 78 |  |
| Additional paid-in capital                                                                                                                                             | 681,230 |  |   | 675,554 |  |
| Accumulated loss                                                                                                                                                       | (158,034 | ) |   | (66,327 | ) |
| Total net assets                                                                                                                                                       | 523,275 |  |   | 609,305 |  |
|                                                                                                                                                                   |   |   |   |
| Total liabilities and net assets                                                                                                                                       | $ | 927,891 |  |   | $ | 1,066,111 |  |
|                                                                                                                                                                   |   |   |   |
| Net asset value per share                                                                                                                                              | $ | 6.60 |  |   | $ | 7.77 |  |

----

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                           | Three Months Ended |   | Six Months Ended |
|                                                                                           | June 30, 2020 |   | June 30, 2019 |   | June 30, 2020 |   | June 30, 2019 |
| INVESTMENT INCOME:                                                                             |   |  |   |   |  |   |   |  |   |   |  |
| From non-control/non-affiliate investments:                                                    |   |   |   |   |   |   |   |
| Interest income                                                                                | $ | 17,348 |  |   | $ | 23,298 |  |   | $ | 36,396 |  |   | $ | 46,797 |  |
| Fee income                                                                                     | 373 |  |   | 118 |  |   | 913 |  |   | 425 |  |
| Dividend income                                                                                | 108 |  |   | 859 |  |   | 389 |  |   | 1,186 |  |
| From affiliate investments:                                                                    |   |   |   |   |   |   |   |
| Interest income                                                                                | 2,196 |  |   | 2,202 |  |   | 4,753 |  |   | 4,804 |  |
| Fee income                                                                                     | 49 |  |   | 25 |  |   | 64 |  |   | 62 |  |
| Dividend income                                                                                | 1,668 |  |   | 638 |  |   | 2,636 |  |   | 1,034 |  |
| From control investments:                                                                      |   |   |   |   |   |   |   |
| Interest income                                                                                | 158 |  |   | 144 |  |   | 338 |  |   | 267 |  |
| Fee income                                                                                     | 19 |  |   | 18 |  |   | 39 |  |   | 35 |  |
| Dividend income                                                                                | 328 |  |   | 1,346 |  |   | 719 |  |   | 3,199 |  |
| Total investment income                                                                        | 22,247 |  |   | 28,648 |  |   | 46,247 |  |   | 57,809 |  |
| EXPENSES:                                                                                      |   |  |   |   |  |   |   |  |   |   |  |
| Interest expense                                                                               | 4,274 |  |   | 6,621 |  |   | 9,503 |  |   | 13,728 |  |
| Base management and incentive fees                                                             | 4,630 |  |   | 6,964 |  |   | 9,624 |  |   | 14,089 |  |
| Internal administrative services expenses                                                      | 752 |  |   | 740 |  |   | 1,536 |  |   | 1,498 |  |
| Offering costs                                                                                 | 89 |  |   | 96 |  |   | 177 |  |   | 191 |  |
| Professional fees                                                                              | 546 |  |   | 384 |  |   | 1,093 |  |   | 700 |  |
| Insurance                                                                                      | 104 |  |   | 48 |  |   | 207 |  |   | 96 |  |
| Other general and administrative                                                               | 600 |  |   | 540 |  |   | 1,105 |  |   | 1,056 |  |
| Expenses before fee and expense waivers                                                        | 10,995 |  |   | 15,393 |  |   | 23,245 |  |   | 31,358 |  |
| Waiver of incentive fees                                                                       | — |  |   | — |  |   | — |  |   | — |  |
| Waiver of internal administrative services expenses                                            | (752 | ) |   | (740 | ) |   | (1,536 | ) |   | (1,498 | ) |
| Total expenses, net of fee and expense waivers                                                 | 10,243 |  |   | 14,653 |  |   | 21,709 |  |   | 29,860 |  |
| Net investment income before taxes                                                             | 12,004 |  |   | 13,995 |  |   | 24,538 |  |   | 27,949 |  |
| Income tax expense, including excise tax                                                       | 19 |  |   | 101 |  |   | 95 |  |   | 159 |  |
| NET INVESTMENT INCOME                                                                          | 11,985 |  |   | 13,894 |  |   | 24,443 |  |   | 27,790 |  |
| NET REALIZED GAIN (LOSS) ON INVESTMENTS                                                        |   |  |   |   |  |   |   |  |   |   |  |
| Non-Control/Non-Affiliate investments                                                          | (13,318 | ) |   | 559 |  |   | (13,639 | ) |   | (1,072 | ) |
| Affiliate investments                                                                          | (1,010 | ) |   | 242 |  |   | (4,054 | ) |   | (5,266 | ) |
| Control investments                                                                            | — |  |   | (598 | ) |   | — |  |   | (598 | ) |
| Total net realized gain (loss) on investments                                                  | (14,328 | ) |   | 203 |  |   | (17,693 | ) |   | (6,936 | ) |
| NET REALIZED INCOME  (LOSS)                                                                    | (2,343 | ) |   | 14,097 |  |   | 6,750 |  |   | 20,854 |  |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS                            |   |  |   |   |  |   |   |  |   |   |  |
| Non-Control/Non-Affiliate investments                                                          | 22,437 |  |   | (6,155 | ) |   | (68,220 | ) |   | (1,824 | ) |
| Affiliate investments                                                                          | 1,714 |  |   | 811 |  |   | (1,540 | ) |   | 4,437 |  |
| Control investments                                                                            | (183 | ) |   | 3,023 |  |   | (1,181 | ) |   | 7,129 |  |
| Total net change in unrealized appreciation (depreciation) on investments                      | 23,968 |  |   | (2,321 | ) |   | (70,941 | ) |   | 9,742 |  |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS                                | $ | 21,625 |  |   | $ | 11,776 |  |   | $ | (64,191 | ) |   | $ | 30,596 |  |
| PER SHARE INFORMATION - BASIC AND DILUTED                                                      |   |   |   |   |   |   |   |
| NET INVESTMENT INCOME PER SHARE                                                                | $ | 0.15 |  |   | $ | 0.17 |  |   | $ | 0.31 |  |   | $ | 0.35 |  |
| NET REALIZED INCOME (LOSS) PER SHARE                                                           | $ | (0.03 | ) |   | $ | 0.17 |  |   | $ | 0.09 |  |   | $ | 0.26 |  |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE (EARNINGS PER SHARE) | $ | 0.28 |  |   | $ | 0.15 |  |   | $ | (0.81 | ) |   | $ | 0.39 |  |
| WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED                                  | 79,016,406 |  |   | 78,793,480 |  |   | 78,811,735 |  |   | 78,806,540 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            | Three Months Ended |   | Six Months Ended |
|                                                                            | June 30, 2020 |   | June 30, 2019 |   | June 30, 2020 |   | June 30, 2019 |
| Change in Net Assets from Operations:                                           |   |   |   |   |   |   |   |
| Net investment income                                                           | $ | 11,985 |  |   | $ | 13,894 |  |   | $ | 24,443 |  |   | $ | 27,790 |  |
| Net realized gain (loss) on investments                                         | (14,328 | ) |   | 203 |  |   | (17,693 | ) |   | (6,936 | ) |
| Net change in unrealized appreciation (depreciation) on investments             | 23,968 |  |   | (2,321 | ) |   | (70,941 | ) |   | 9,742 |  |
| Net increase (decrease) in net assets resulting from operations                 | 21,625 |  |   | 11,776 |  |   | (64,191 | ) |   | 30,596 |  |
|                                                                            |   |   |   |   |   |   |   |
| Change in Net Assets from Stockholders’ Distributions:                    |   |   |   |   |   |   |   |
| Net decrease in net assets resulting from stockholders’ distributions     | (13,790 | ) |   | (13,754 | ) |   | (27,520 | ) |   | (27,360 | ) |
|                                                                            |   |   |   |   |   |   |   |
| Change in Net Assets from Capital Share Transactions:                           |   |   |   |   |   |   |   |
| Reinvestment of stockholder distributions                                       | 5,876 |  |   | 6,369 |  |   | 11,775 |  |   | 12,735 |  |
| Repurchase of common stock                                                      | — |  |   | (6,410 | ) |   | (6,094 | ) |   | (12,963 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | 5,876 |  |   | (41 | ) |   | 5,681 |  |   | (228 | ) |
|                                                                            |   |   |   |   |   |   |   |
| Total Increase (Decrease) in Net Assets                                         | 13,711 |  |   | (2,019 | ) |   | (86,030 | ) |   | 3,008 |  |
| Net Assets at beginning of the period                                           | 509,564 |  |   | 630,393 |  |   | 609,305 |  |   | 625,366 |  |
| Net Assets at end of the period                                                 | $ | 523,275 |  |   | $ | 628,374 |  |   | $ | 523,275 |  |   | $ | 628,374 |  |
|                                                                            |   |   |   |   |   |   |   |
| NAV per share at end of the period                                              | $ | 6.60 |  |   | $ | 8.00 |  |   | $ | 6.60 |  |   | $ | 8.00 |  |
| Distributions declared per share                                                | $ | 0.18 |  |   | $ | 0.18 |  |   | $ | 0.35 |  |   | $ | 0.35 |  |
|                                                                            |   |   |   |   |   |   |   |
| Common shares outstanding, beginning of the period                              | 78,423,129 |  |   | 78,547,196 |  |   | 78,463,377 |  |   | 78,584,824 |  |
| Issuance of common shares pursuant to distribution reinvestment plan            | 894,499 |  |   | 786,100 |  |   | 1,645,739 |  |   | 1,568,643 |  |
| Repurchase of common shares                                                     | — |  |   | (803,240 | ) |   | (791,488 | ) |   | (1,623,411 | ) |
| Common shares outstanding, end of the period                                    | 79,317,628 |  |   | 78,530,056 |  |   | 79,317,628 |  |   | 78,530,056 |  |

----

|                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                           |  |  |  |  |  |  |  |
|                                                                                                                                      | Six Months Ended  June 30, 2020 |   | Six Months Ended  June 30, 2019 |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                      |   |  |   |   |  |
| Net increase (decrease) in net assets resulting from operations                                                                           | $ | (64,191 | ) |   | $ | 30,596 |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash generated from operating activities: |   |   |   |
| Principal repayments received and proceeds from sales of investments in portfolio companies                                               | 127,890 |  |   | 191,462 |  |
| Investments in portfolio companies                                                                                                        | (64,027 | ) |   | (138,818 | ) |
| Net change in unrealized (appreciation) depreciation on portfolio investments                                                             | 70,941 |  |   | (9,742 | ) |
| Net realized loss on sale of portfolio investments                                                                                        | 17,693 |  |   | 6,936 |  |
| Amortization of deferred financing costs                                                                                                  | 715 |  |   | 674 |  |
| Amortization of deferred offering costs                                                                                                   | 177 |  |   | 191 |  |
| Accretion of unearned income                                                                                                              | (3,322 | ) |   | (4,054 | ) |
| Net payment-in-kind interest accrual                                                                                                      | (1,977 | ) |   | (2,365 | ) |
| Changes in other assets and liabilities:                                                                                                  |   |   |   |  |
| Interest receivable                                                                                                                       | (82 | ) |   | 928 |  |
| Prepaid and other assets                                                                                                                  | 192 |  |   | 638 |  |
| Base management and incentive fees payable                                                                                                | 4,236 |  |   | 1,110 |  |
| Due to affiliates                                                                                                                         | 12 |  |   | (3 | ) |
| Directors’ fees payable                                                                                                             | 24 |  |   | 49 |  |
| Accounts payable and other liabilities                                                                                                    | 607 |  |   | 242 |  |
| Net cash generated from operating activities                                                                                              | 88,888 |  |   | 77,844 |  |
|                                                                                                                                      |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                      |   |  |   |   |  |
| Redemption of common stock                                                                                                                | (6,094 | ) |   | (12,963 | ) |
| Payment of offering costs                                                                                                                 | (177 | ) |   | (191 | ) |
| Payment of stockholder distributions                                                                                                      | (15,843 | ) |   | (14,780 | ) |
| Repayments on credit facilities payable                                                                                                   | (139,418 | ) |   | (108,000 | ) |
| Proceeds from credit facilities payable                                                                                                   | 79,326 |  |   | 57,000 |  |
| Payment of deferred financing costs                                                                                                       | (604 | ) |   | — |  |
| Net cash used in financing activities                                                                                                     | (82,810 | ) |   | (78,934 | ) |
|                                                                                                                                      |   |   |   |
| Net increase (decrease) in cash, cash equivalents and restricted cash                                                                     | 6,078 |  |   | (1,090 | ) |
|                                                                                                                                      |   |   |   |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE BEGINNING OF THE PERIOD                                                                 | 21,846 |  |   | 21,757 |  |
|                                                                                                                                      |   |   |   |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE PERIOD                                                                       | $ | 27,924 |  |   | $ | 20,667 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS Income Fund, Inc.                                                                                 |
| Condensed Consolidated Schedule of Investments                                                        |
| As of June 30, 2020                                                                                   |
| (dollars in thousands)                                                                                |
| Portfolio Company (1) (3)                                                                             | Business Description | Type of Investment (2) (3) | Index Rate (22) | Principal (7) | Cost (7) | Fair Value (26) |
|                                                                                                  |   |   |   |   |   |   |
| Control Investments (6)                                                                               |
| CTMH, LP (9) (15)                                                                                     | Investment Partnership | LP Interests (CTMH, LP) (Fully diluted 38.8%) | — | $ | — |  | $ | 872 |  | $ | 872 |  |
| GRT Rubber Technologies, LLC (10) (13)                                                                | Manufacturer of Engineered Rubber Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 7.17%, Secured Debt (Maturity - December 31, 2023) (8) | 1 month LIBOR | 8,262 |  | 8,244 |  | 8,262 |  |
|                                                                                                  |   | Member Units (2,896 units) (16) | — | — |  | 6,435 |  | 22,374 |  |
|                                                                                                  |   |   |   |   | 14,679 |  | 30,636 |  |
| Harris Preston Fund Investments (9) (15)                                                              | Investment Partnership | LP Interests (2717 MH, LP) (Fully diluted 49.3%) | — | — |  | 2,735 |  | 2,976 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Control Investments (6) (4% of total investments at fair value)                              |   |   | $ | 18,286 |  | $ | 34,484 |  |
| Affiliate Investments (4)                                                                             |
| AFG Capital Group, LLC (10) (13)                                                                      | Provider of Rent-to-Own Financing Solutions and Services | 10.00% Secured Debt (Maturity - May 25, 2022) (14) | None | $ | 166 |  | $ | 166 |  | $ | 166 |  |
|                                                                                                  |   | Member Units (46 units) | — | — |  | 300 |  | 1,292 |  |
|                                                                                                  |   |   |   |   | 466 |  | 1,458 |  |
| Analytical Systems Keco, LLC (10) (13)                                                                | Manufacturer of Liquid and Gas Analyzers | LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity - August 16, 2024) (8) | 1 month LIBOR | 1,324 |  | 1,198 |  | 1,204 |  |
|                                                                                                  |   | Preferred Member Units (800 units) | — | — |  | 800 |  | 973 |  |
|                                                                                                  |   | Warrants (105 Equivalent Shares; Expiration - August 16, 2029; Strike Price - $0.01 per Share) | — | — |  | 79 |  | 127 |  |
|                                                                                                  |   |   |   |   | 2,077 |  | 2,304 |  |
| Brewer Crane Holdings, LLC (10) (13)                                                                  | Provider of Crane Rental and Operating Services | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - January 9, 2023) (8) | 1 month LIBOR | 2,201 |  | 2,176 |  | 2,176 |  |
|                                                                                                  |   | Preferred Member Units (737 units) (16) | — | — |  | 1,070 |  | 1,070 |  |
|                                                                                                  |   |   |   |   | 3,246 |  | 3,246 |  |
| Centre Technologies Holdings, LLC (10) (13)                                                           | Provider of IT Hardware Services and Software Solutions | LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity - January 4, 2024) (8) | 1 month LIBOR | 2,984 |  | 2,933 |  | 2,937 |  |
|                                                                                                  |   | Preferred Member Units (3,174 units) | — | — |  | 1,460 |  | 1,460 |  |
|                                                                                                  |   |   |   |   | 4,393 |  | 4,397 |  |
| Chamberlin Holding, LLC (10) (13)                                                                     | Roofing and Waterproofing Specialty Subcontractor | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - February 24, 2023) (8) | 1 month LIBOR | 4,443 |  | 4,364 |  | 4,443 |  |
|                                                                                                  |   | Member Units (1,087 units) (16) | — | — |  | 2,860 |  | 6,037 |  |
|                                                                                                  |   | Member Units (Chamberlin Langfield Real Estate, LLC) (1 unit) (16) | — | — |  | 262 |  | 230 |  |
|                                                                                                  |   |   |   |   | 7,486 |  | 10,710 |  |
| Charlotte Russe, Inc.                                                                                 | Fast-Fashion Retailer to Young Women | Common Stock (14,973 shares) | — | — |  | 2,470 |  | — |  |
| Charps, LLC (10) (13)                                                                                 | Pipeline Maintenance and Construction | 15.00% Secured Debt (Maturity - June 5, 2022) (14) | None | 500 |  | 500 |  | 500 |  |
|                                                                                                  |   | Preferred Member Units (400 units) (16) | — | — |  | 100 |  | 2,033 |  |
|                                                                                                  |   |   |   |   | 600 |  | 2,533 |  |
| Clad-Rex Steel, LLC (10) (13)                                                                         | Specialty Manufacturer of Vinyl-Clad Metal | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.08%, Secured Debt (Maturity - December 20, 2021) (8) | 1 month LIBOR | 2,720 |  | 2,700 |  | 2,700 |  |
|                                                                                                  |   | Member Units (179 units) (16) | — | — |  | 1,820 |  | 2,153 |  |
|                                                                                                  |   | 10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 19, 2036) | None | 281 |  | 279 |  | 279 |  |
|                                                                                                  |   | Member Units (Clad-Rex Steel RE Investor, LLC) (200 units) | — | — |  | 53 |  | 115 |  |
|                                                                                                  |   |   |   |   | 4,852 |  | 5,247 |  |
| Cody Pools Holdings, LLC (10) (13)                                                                    | Designer of Residential and Commercial Pools | LIBOR Plus 10.50% (Floor 1.75%), Current Coupon 12.25%, Secured Debt (Maturity - March 6, 2025) (8) | 1 Month LIBOR | 3,950 |  | 3,871 |  | 3,875 |  |
|                                                                                                  |   | Preferred Member Units (147 units) | — | — |  | 2,079 |  | 2,079 |  |
|                                                                                                  |   |   |   |   | 5,950 |  | 5,954 |  |
| Copper Trail Energy Fund I, LP (9) (15) (16)                                                          | Investment Partnership | LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 12.4%) | — | $ | — |  | $ | 2,248 |  | $ | 1,821 |  |
| Digital Products Holdings LLC (10) (13)                                                               | Designer and Distributor of Consumer Electronics | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - March 31, 2023) (8) | 1 month LIBOR | 4,739 |  | 4,678 |  | 4,541 |  |
|                                                                                                  |   | Preferred Member Units (964 units) (16) | — | — |  | 2,375 |  | 1,150 |  |
|                                                                                                  |   |   |   |   | 7,053 |  | 5,691 |  |
| Direct Marketing Solutions, Inc. (10) (13)                                                            | Provider of Omni-Channel Direct Marketing Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - February 13, 2023) (8) | 1 month LIBOR | 3,812 |  | 3,745 |  | 3,812 |  |
|                                                                                                  |   | Preferred Stock (2,100 shares) | — | — |  | 2,100 |  | 5,015 |  |
|                                                                                                  |   |   |   |   | 5,845 |  | 8,827 |  |
| Freeport Financial Funds (9) (15)                                                                     | Investment Partnership | LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 6.00%) (16) | — | — |  | 10,785 |  | 10,569 |  |
| Gamber-Johnson Holdings, LLC (10) (13)                                                                | Manufacturer of Ruggedized Computer Mounting Systems | LIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity - June 24, 2021) (8) | 1 month LIBOR | 4,960 |  | 4,913 |  | 4,960 |  |
|                                                                                                  |   | Member Units (2,155 units) (16) | — | — |  | 3,711 |  | 13,311 |  |
|                                                                                                  |   |   |   |   | 8,624 |  | 18,271 |  |
| Gulf Publishing Holdings, LLC (10) (13)                                                               | Energy Industry Focused Media and Publishing | 6.25% Current / 6.25% PIK, Secured Debt (Maturity - April 29, 2021) | None | 3,167 |  | 3,152 |  | 2,888 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 5.25% / 5.25% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (Maturity - September 30, 2020) (8) | 1 month LIBOR | 61 |  | 61 |  | 61 |  |
|                                                                                                  |   | Member Units (920 units) | — | — |  | 920 |  | — |  |
|                                                                                                  |   |   |   |   | 4,133 |  | 2,949 |  |
| Harris Preston Fund Investments (9) (15)                                                              | Investment Partnership | LP Interests (HPEP 3, LP) (Fully diluted 8.20%) | — | — |  | 2,819 |  | 2,819 |  |
| Hawk Ridge Systems, LLC (9) (10) (13)                                                                 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | 11.00% Secured Debt (Maturity - December 2, 2021) | None | 3,350 |  | 3,326 |  | 3,350 |  |
|                                                                                                  |   | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 2, 2021) (8) | 1 month LIBOR | 150 |  | 150 |  | 150 |  |
|                                                                                                  |   | Preferred Member Units (56 units) (16) | — | — |  | 713 |  | 1,830 |  |
|                                                                                                  |   | Preferred Member Units (HRS Services, ULC) (56 units) | — | — |  | 38 |  | 98 |  |
|                                                                                                  |   |   |   |   | 4,227 |  | 5,428 |  |
| J&J Services, Inc. (10) (13)                                                                      | Provider of Dumpster and Portable Toilet Rental Services | 11.50% Secured Debt (Maturity - October 31, 2024) | None | 3,800 |  | 3,734 |  | 3,800 |  |
|                                                                                                  |   | Preferred Stock (696.15 shares) | — | — |  | 1,771 |  | 2,475 |  |
|                                                                                                  |   |   |   |   | 5,505 |  | 6,275 |  |
| Kickhaefer Manufacturing Company, LLC (10) (13)                                                       | Precision Metal Parts Manufacturing | 9.50% Current / 2.00% PIK Secured Debt (Maturity - April 1, 2025) | None | 6,360 |  | 6,222 |  | 6,225 |  |
|                                                                                                  |   | 9.00% Secured Debt (Maturity October 31, 2048) | None | 991 |  | 981 |  | 981 |  |
|                                                                                                  |   | Member Units (145 units) | — | — |  | 3,060 |  | 2,861 |  |
|                                                                                                  |   | Member Units (KMC RE Investor, LLC) (200 units) (16) | — | — |  | 248 |  | 290 |  |
|                                                                                                  |   |   |   |   | 10,511 |  | 10,357 |  |
| Market Force Information, Inc. (10) (13)                                                              | Provider of Customer Experience Management Services | 12.00% PIK Secured Debt (Maturity - July 28, 2023) (18) | — | 6,519 |  | 6,463 |  | 3,566 |  |
|                                                                                                  |   | Member Units (185,980 units) | — | — |  | 4,160 |  | — |  |
|                                                                                                  |   |   |   |   | 10,623 |  | 3,566 |  |
| M.H. Corbin Holding LLC (10) (13)                                                                     | Manufacturer and Distributor of Traffic Safety Products | 13.00% Secured Debt (Maturity - March 15, 2022) | None | 2,183 |  | 2,166 |  | 2,167 |  |
|                                                                                                  |   | Preferred Member Units (16,500 units) | — | — |  | 1,100 |  | 858 |  |
|                                                                                                  |   | Common Units (1,000 units) | — | — |  | 1,500 |  | — |  |
|                                                                                                  |   |   |   |   | 4,766 |  | 3,025 |  |
| Mystic Logistics Holdings, LLC (10) (13)                                                              | Logistics and Distribution Services Provider for Large Volume Mailers | 10.00% Secured Debt (Maturity - January 17, 2022) | None | $ | 1,744 |  | $ | 1,740 |  | $ | 1,740 |  |
|                                                                                                  |   | Common Stock (1,468 shares) | — | — |  | 680 |  | 2,598 |  |
|                                                                                                  |   |   |   |   | 2,420 |  | 4,338 |  |
| NexRev, LLC (10) (13)                                                                                 | Provider of Energy Efficiency Products & Services | 11.00% PIK Secured Debt (Maturity - February 28, 2023) | None | 4,383 |  | 4,326 |  | 3,927 |  |
|                                                                                                  |   | Preferred Member Units (21,600,000 units) (16) | — | — |  | 1,720 |  | — |  |
|                                                                                                  |   |   |   |   | 6,046 |  | 3,927 |  |
| NuStep, LLC (10) (13)                                                                                 | Designer, Manufacturer and Distributor of Fitness Equipment | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 4,910 |  | 4,874 |  | 4,874 |  |
|                                                                                                  |   | Preferred Member Units (102 units) | — | — |  | 2,550 |  | 2,550 |  |
|                                                                                                  |   |   |   |   | 7,424 |  | 7,424 |  |
| SI East, LLC (10) (13)                                                                                | Rigid Industrial Packaging Manufacturing | 9.50% Secured Debt (Maturity - August 31, 2023) | None | 10,988 |  | 10,866 |  | 10,988 |  |
|                                                                                                  |   | Preferred Member Units (52 units) (16) | — | — |  | 2,000 |  | 3,104 |  |
|                                                                                                  |   |   |   |   | 12,866 |  | 14,092 |  |
| Tedder Acquisition, LLC (10) (13)                                                                     | Manufacturer of Firearm Holsters and Accessories | 12.00% Secured Debt (Maturity - August 31, 2023) | None | 4,100 |  | 4,013 |  | 4,013 |  |
|                                                                                                  |   | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 160 |  | 158 |  | 158 |  |
|                                                                                                  |   | Preferred Member Units (110 units) | — | — |  | 2,034 |  | 2,034 |  |
|                                                                                                  |   |   |   |   | 6,205 |  | 6,205 |  |
| Trantech Radiator Topco, LLC (10) (13)                                                                | Transformer Cooling Products and Services | 12.00% Secured Debt (Maturity - May 31, 2024) | None | 2,220 |  | 2,155 |  | 2,220 |  |
|                                                                                                  |   | Common Stock (154 shares) (16) | — | — |  | 1,164 |  | 1,920 |  |
|                                                                                                  |   |   |   |   | 3,319 |  | 4,140 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Affiliate Investments (4) (18% of total investments at fair value)                           |   |   | $ | 146,959 |  | $ | 155,573 |  |
|                                                                                                  |   |   |   |   |   |   |
| Non-Control/Non-Affiliate Investments (5)                                                             |
| AAC Holdings Inc. (8)                                                                                 | Substance Abuse Treatment Service Provider | LIBOR Plus 9.75% (Floor 1.00%), Current Coupon 13.00%, Secured Debt (Maturity - June 30, 2023) (18) | 3 month LIBOR | $ | 14,449 |  | $ | 14,102 |  | $ | 6,466 |  |
|                                                                                                  |   | PRIME Plus 10.00% (Floor 1.00%), Current Coupon 13.25%, Secured Debt (Maturity - March 31, 2021) | PRIME | 3,121 |  | 2,967 |  | 2,887 |  |
|                                                                                                  |   |   |   |   | 17,069 |  | 9,353 |  |
| Adams Publishing Group, LLC (8) (11)                                                                  | Local Newspaper Operator | LIBOR Plus 7.50% (Floor 1.75%), Current Coupon 9.25%, Secured Debt (Maturity - July 3, 2023) | 1 month LIBOR | 6,301 |  | 6,150 |  | 6,053 |  |
| ADS Tactical, Inc. (8) (11)                                                                           | Value-Added Logistics and Supply Chain Solutions Provider to the Defense Industry | LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 7.00%, Secured Debt (Maturity - July 26, 2023) | 1 month LIBOR | 15,743 |  | 15,775 |  | 15,507 |  |
| Aethon United BR, LP (8) (11)                                                                         | Oil & Gas Exploration & Production | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - September 8, 2023) (14) | 1 month LIBOR | 7,000 |  | 6,927 |  | 6,461 |  |
| American Nuts, LLC (8) (11)                                                                           | Roaster, Mixer and Packager of Bulk Nuts and Seeds | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.43%, Secured Debt (Maturity - April 10, 2023) | 3 month LIBOR | 12,185 |  | 11,927 |  | 11,600 |  |
| American Teleconferencing Services, Ltd. (8)                                                          | Provider of Audio Conferencing and Video Collaboration Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - June 8, 2023) | 3 month LIBOR | 14,137 |  | 13,760 |  | 9,175 |  |
| American Trailer Rental Group LLC (10) (13)                                                           | Provider of Short Term Trailer and Container Rental | Member Units (Milton Meisler Holdings, LLC) (12,139 units) | — | — |  | 2,149 |  | 3,264 |  |
| APTIM Corp                                                                                            | Engineering, Construction and Procurement | 7.75% Secured Debt (Maturity - June 15, 2025) | None | 6,952 |  | 6,304 |  | 2,746 |  |
| Arcus Hunting, LLC (8) (11)                                                                           | Manufacturer of Bowhunting and Archery Products and Accessories | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.45%, Secured Debt (Maturity - March 31, 2021) | 1 month LIBOR | 6,712 |  | 6,672 |  | 6,712 |  |
|                                                                                                  |   |   |   |   |   |   |
| ASC Ortho Management Company, LLC (11)                                                                | Provider of Orthopedic Services | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.93%, Secured Debt (Maturity - August 31, 2023) (8) | 3 month LIBOR | $ | 5,264 |  | $ | 5,199 |  | $ | 4,922 |  |
|                                                                                                  |   | 13.25% PIK Secured Debt (Maturity - December 1, 2023) (14) | None | 1,916 |  | 1,877 |  | 1,856 |  |
|                                                                                                  |   |   |   |   | 7,076 |  | 6,778 |  |
| ATX Networks Corp. (8) (9)                                                                            | Provider of Radio Frequency Management Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00% / 1.00% PIK, Current Coupon Plus PIK 8.00%, Secured Debt (Maturity - June 11, 2021) | 3 month LIBOR | 13,576 |  | 13,462 |  | 12,422 |  |
| BarFly Ventures, LLC (11)                                                                             | Casual Restaurant Group | 12.00% Secured Debt (Maturity - August 31, 2020) (18) | None | 3,395 |  | 3,382 |  | 370 |  |
|                                                                                                  |   | 9.00% PIK Secured Debt (Maturity - March 23, 2021) (18) | None | 37 |  | 37 |  | 37 |  |
|                                                                                                  |   | Warrants (.410 equivalent units, Expiration - August 31, 2025) | — | — |  | 158 |  | — |  |
|                                                                                                  |   | Options (.99 equivalent units) | — | — |  | 202 |  | — |  |
|                                                                                                  |   |   |   |   | 3,779 |  | 407 |  |
| BBB Tank Services, LLC (10) (13)                                                                      | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - April 8, 2021) (8) | 1 month LIBOR | 1,200 |  | 1,199 |  | 1,172 |  |
|                                                                                                  |   | Preferred Stock (32,758 units) | — | — |  | 33 |  | 35 |  |
|                                                                                                  |   | Member Units (200,000 units) | — | — |  | 200 |  | 53 |  |
|                                                                                                  |   |   |   |   | 1,432 |  | 1,260 |  |
| Berry Aviation, Inc. (11)                                                                             | Airline Charter Service Operator | 10.50% Current / 1.50% PIK, Secured Debt (Maturity - January 6, 2024) (14) | None | 4,583 |  | 4,534 |  | 4,518 |  |
|                                                                                                  |   | Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units, 8.00% cumulative) | — | — | 1,548 |  | 804 |  |
|                                                                                                  |   | Preferred Member Units (Berry Acquisition, LLC) (122,416 units, 16.00% cumulative) | — | — | 122 |  | 135 |  |
|                                                                                                  |   |   |   |   | 6,204 |  | 5,457 |  |
| BigName Commerce, LLC (8) (11)                                                                        | Provider of Envelopes and Complimentary Stationery Products | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 4.35% / 4.35% PIK, Current Coupon Plus PIK 8.70%, Secured Debt (Maturity - May 11, 2022) | 1 month LIBOR | 2,217 |  | 2,206 |  | 2,121 |  |
| Binswanger Enterprises, LLC (11)                                                                      | Glass Repair and Installation Service Provider | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - March 9, 2022) (8) | 3 month LIBOR | 13,345 |  | 13,118 |  | 13,118 |  |
|                                                                                                  |   | Member Units (1,050,000 units) | — | — |  | 1,050 |  | 730 |  |
|                                                                                                  |   |   |   |   | 14,168 |  | 13,848 |  |
| Bluestem Brands, Inc. (8)                                                                             | Multi-Channel Retailer of General Merchandise | PRIME Plus 6.50%, Current Coupon 11.29%, Secured Debt (Maturity - November 6, 2020) (18) | PRIME | 11,391 |  | 11,354 |  | 4,272 |  |
| Boccella Precast Products, LLC (10) (13)                                                              | Manufacturer of Precast Hollow Core Concrete | Member Units (540,000 units) | — | — |  | 564 |  | 1,495 |  |
| Brightwood Capital Fund Investments (9) (15)                                                          | Investment Partnership | LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.60%) | — | — |  | 3,735 |  | 2,705 |  |
|                                                                                                  |   | LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.60%) | — | — |  | 9,537 |  | 8,769 |  |
|                                                                                                  |   |   |   |   | 13,272 |  | 11,474 |  |
| Buca C, LLC (10) (13)                                                                                 | Casual Restaurant Group | LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity - June 30, 2020) (8) | 1 month LIBOR | 12,670 |  | 12,670 |  | 11,403 |  |
|                                                                                                  |   | Preferred Member Units (4 units, 6.00% cumulative) | — | — |  | 3,040 |  | 511 |  |
|                                                                                                  |   |   |   |   | 15,710 |  | 11,914 |  |
| Cadence Aerospace, LLC (8) (11)                                                                       | Aerospace Manufacturing | LIBOR Plus 2.25% (Floor 1.00%), Current Coupon 3.25% / 5.25% PIK, Current Coupon Plus PIK 9.50%, Secured Debt (Maturity - November 14, 2023) | 2 month LIBOR | 19,175 |  | 19,053 |  | 17,526 |  |
| CAI Software, LLC (10) (13)                                                                           | Provider of Specialized Enterprise Resource Planning Software | 12.50% Secured Debt (Maturity - December 7, 2023) | None | 2,286 |  | 2,301 |  | 2,286 |  |
|                                                                                                  |   | Member Units (16,742 units) | — | — |  | 188 |  | 1,390 |  |
|                                                                                                  |   |   |   |   | 2,489 |  | 3,676 |  |
| Cenveo Corporation                                                                                    | Provider of Digital Marketing Agency Services | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - June 7, 2023) (8) | 3 month LIBOR | $ | 4,449 |  | $ | 4,211 |  | $ | 4,004 |  |
|                                                                                                  |   | Common Stock (138,889 shares) | — | — |  | 4,163 |  | 2,083 |  |
|                                                                                                  |   |   |   |   | 8,374 |  | 6,087 |  |
| Chisholm Energy Holdings, LLC (8) (11)                                                                | Oil & Gas Exploration & Production | LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity - May 15, 2026) (14) | 3 month LIBOR | 3,571 |  | 3,482 |  | 3,279 |  |
| Clarius BIGS, LLC (11)                                                                                | Prints & Advertising Film Financing | 15.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 2,096 |  | 1,838 |  | 34 |  |
|                                                                                                  |   | 20.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 762 |  | 669 |  | 12 |  |
|                                                                                                  |   |   |   |   | 2,507 |  | 46 |  |
| Classic H&G Holdings, LLC (10) (13)                                                               | Provider of Engineered Packaging Solutions | 12.00% Secured Debt (Maturity - March 12, 2025) | None | 6,500 |  | 6,309 |  | 6,314 |  |
|                                                                                                  |   | Preferred Member Units (38.52 units) | — | — |  | 1,440 |  | 1,440 |  |
|                                                                                                  |   |   |   |   | 7,749 |  | 7,754 |  |
| Clickbooth.com, LLC (8) (11)                                                                          | Provider of Digital Advertising Performance Marketing Solutions | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.95%, Secured Debt (Maturity - January 31, 2025) | 3 month LIBOR | 8,407 |  | 8,274 |  | 8,188 |  |
| Construction Supply Investments, LLC (11)                                                             | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | Member Units (87,914 units) | — | — |  | 5,637 |  | 7,700 |  |
| Corel Corporation (8) (9) (12)                                                                        | Publisher of Desktop and Cloud-Based Software | LIBOR plus 5.00%, (Floor 0.00%), Current Coupon 5.36%, Secured Debt (Maturity - July 2, 2026) | 3 month LIBOR | 1,987 |  | 1,883 |  | 1,883 |  |
| CTVSH, PLLC (8) (11) (13)                                                                             | Emergency Care and Specialty Service Animal Hospital | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - August 3, 2022) | 1 month LIBOR | 2,350 |  | 2,326 |  | 2,317 |  |
| Datacom, LLC (10) (13)                                                                                | Technology and Telecommunications Provider | 10.50% PIK Secured Debt (Maturity - May 31, 2021) (18) | None | 1,376 |  | 1,369 |  | 1,116 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - May 31, 2021) (18) | None | 200 |  | 200 |  | 179 |  |
|                                                                                                  |   | Class A Preferred Member Units (1,676 units) | — | — |  | 144 |  | — |  |
|                                                                                                  |   | Class B Preferred Member Units (717 units) | — | — |  | 670 |  | — |  |
|                                                                                                  |   |   |   |   | 2,383 |  | 1,295 |  |
| Digital River, Inc. (8)                                                                               | Provider of Outsourced e-Commerce Solutions and Services | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - February 12, 2023) | 3 month LIBOR | 8,377 |  | 8,239 |  | 8,293 |  |
| DTE Enterprises, LLC (11)                                                                             | Industrial Powertrain Repair and Services | LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity - April 13, 2023) (8) | 3 month LIBOR | 10,992 |  | 10,854 |  | 10,695 |  |
|                                                                                                  |   | Class AA Preferred Member Units (non-voting) | — | — |  | 880 |  | 904 |  |
|                                                                                                  |   | Class A Preferred Member Units (776,316 units) | — | — |  | 776 |  | 1,260 |  |
|                                                                                                  |   |   |   |   | 12,510 |  | 12,859 |  |
| Dynamic Communities, LLC  (8) (11)                                                                    | Developer of Business Events and Online Community Groups | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - July 17, 2023) | 3 month LIBOR | 5,355 |  | 5,282 |  | 5,012 |  |
| Epic Y-Grade Services, LP (8)                                                                         | NGL Transportation & Storage | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - June 13, 2024) | 3 month LIBOR | 6,875 |  | 6,781 |  | 5,145 |  |
| GoWireless Holdings, Inc. (8)                                                                         | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 22, 2024) | 3 month LIBOR | 14,497 |  | 14,400 |  | 12,219 |  |
| GS Operating, LLC (8) (11)                                                                            | Distributor of Industrial and Specialty Parts | LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity - February 24, 2025) | 1 month LIBOR | 12,569 |  | 12,234 |  | 11,638 |  |
| HDC/HW Intermediate Holdings, LLC (8) (11)                                                            | Managed Services and Hosting Provider | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - December 21, 2023) | 3 month LIBOR | 1,956 |  | 1,926 |  | 1,774 |  |
|                                                                                                  |   |   |   |   |   |   |
| Hoover Group, Inc. (8) (9) (11)                                                                       | Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | $ | 14,469 |  | $ | 14,251 |  | $ | 10,997 |  |
|                                                                                                  |   | LIBOR Plus 7.25% (Floor 0.00%), Current Coupon 7.61%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | 7,500 |  | 7,405 |  | 5,700 |  |
|                                                                                                  |   |   |   |   | 21,656 |  | 16,697 |  |
| Hunter Defense Technologies, Inc. (8) (11)                                                            | Provider of Military and Commercial Shelters and Systems | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - March 29, 2023) | 3 month LIBOR | 17,056 |  | 16,851 |  | 16,731 |  |
| HW Temps LLC (10) (13)                                                                                | Temporary Staffing Solutions | 12.00% Secured Debt (Maturity - March 29, 2023) | None | 2,500 |  | 2,462 |  | 2,228 |  |
| Hydrofarm Holdings, LLC (8) (11)                                                                      | Wholesaler of Horticultural Products | LIBOR Plus 8.50%, Current Coupon 8.68%, Secured Debt (Maturity - May 12, 2022) | 1 month LIBOR | 6,908 |  | 6,835 |  | 5,610 |  |
| Hyperion Materials & Technologies, Inc. (8) (9)                                                   | Manufacturer of Cutting and Machine Tools & Specialty Polishing Compounds | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - August 28, 2026) | 3 month LIBOR | 7,463 |  | 7,327 |  | 6,628 |  |
| iEnergizer Limited (8) (9) (11)                                                                       | Provider of Business Outsourcing Solutions | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - April 17, 2024) | 1 month LIBOR | 11,438 |  | 11,346 |  | 11,140 |  |
| Implus Footcare, LLC (8) (11)                                                                         | Provider of Footwear and Related Accessories | LIBOR Plus 2.50% (Floor 1.00%), Current Coupon 3.50% / PIK 5.25%, Current Coupon Plus PIK 8.75%, Secured Debt (Maturity - April 30, 2024) | 3 month LIBOR | 17,119 |  | 16,820 |  | 15,699 |  |
| Independent Pet Partners Intermediate Holdings, LLC (11)                                              | Omnichannel Retailer of Specialty Pet Products | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.31%, Secured Debt (Maturity - November 19, 2023) (8) | 6 month LIBOR | 14,922 |  | 14,561 |  | 12,624 |  |
|                                                                                                  |   | Member Units (1,191,667 units) | — | — |  | 1,192 |  | — |  |
|                                                                                                  |   |   |   |   | 15,753 |  | 12,624 |  |
| Industrial Services Acquisitions, LLC (11)                                                            | Industrial Cleaning Services | 6.00% Current / 7.00% PIK, Current Coupon 13.00%, Unsecured Debt (Maturity - December 17, 2022) (17) | None | 12,445 |  | 12,421 |  | 12,445 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (336 units; 10.00% cumulative) | — | — |  | 202 |  | 202 |  |
|                                                                                                  |   | Preferred Member Units (Industrial Services Investments, LLC) (187 units, 20.00% cumulative) | — | — |  | 124 |  | 124 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (2,100 units) | — | — |  | 2,100 |  | 1,237 |  |
|                                                                                                  |   |   |   |   | 14,847 |  | 14,008 |  |
| Interface Security Systems, L.L.C. (8) (11)                                                           | Commercial Security and Alarm Services | LIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.75% / 3.00% PIK, Current Coupon Plus PIK 11.75%, Secured Debt (Maturity - August 7, 2023) | 3 month LIBOR | 7,558 |  | 7,437 |  | 7,558 |  |
| Intermedia Holdings, Inc. (8)                                                                         | Unified Communications as a Service | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - July 19, 2025) | 1 month LIBOR | 3,498 |  | 3,471 |  | 3,434 |  |
| Invincible Boat Company, LLC (8) (11)                                                                 | Manufacturer of Sport Fishing Boats | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - August 28, 2025) | 3 month LIBOR | 9,538 |  | 9,445 |  | 8,995 |  |
| Isagenix International, LLC (8)                                                                       | Direct Marketer of Health and Wellness Products | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - June 14, 2025) | 3 month LIBOR | 5,777 |  | 5,733 |  | 2,302 |  |
| Jackmont Hospitality, Inc. (8) (11)                                                                   | Franchisee of Casual Dining Restaurants | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity  - May 26, 2021) | 1 month LIBOR | 8,013 |  | 8,009 |  | 6,563 |  |
| Joerns Healthcare, LLC                                                                                | Manufacturer and Distributor of Health Care Equipment & Supplies | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - August 21, 2024) (8) | 3 month LIBOR | 3,335 |  | 3,286 |  | 3,142 |  |
|                                                                                                  |   | Common Stock (392,514 shares) | — | — |  | 3,678 |  | 2,060 |  |
|                                                                                                  |   |   |   |   | 6,964 |  | 5,202 |  |
| Kemp Technologies Inc. (8) (11)                                                                       | Provider of Application Delivery Controllers | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - March 29, 2024) | 3 month LIBOR | 7,425 |  | 7,302 |  | 7,135 |  |
| Knight Energy Services LLC (11)                                                                       | Oil and Gas Equipment and Services | 8.50% PIK Secured Debt (Maturity - February 9, 2024) | None | 864 |  | 864 |  | 744 |  |
|                                                                                                  |   | Class A-2 Shares (25,692 units) | — | — |  | 1,843 |  | 160 |  |
|                                                                                                  |   |   |   |   | 2,707 |  | 904 |  |
| Kore Wireless Group, Inc.                                                                             | Mission Critical Software Platform | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 5.81%, Secured Debt (Maturity - December 20, 2024) (8) | 3 month LIBOR | $ | 6,030 |  | $ | 6,008 |  | $ | 5,653 |  |
| Larchmont Resources, LLC                                                                              | Oil & Gas Exploration & Production | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - August 7, 2020) (8) | 3 month LIBOR | 3,614 |  | 3,704 |  | 1,988 |  |
|                                                                                                  |   | Member units (Larchmont Intermediate Holdco, LLC) (4,806 units) | — | — |  | 601 |  | 601 |  |
|                                                                                                  |   |   |   |   | 4,305 |  | 2,589 |  |
| Laredo Energy VI, LP (11)                                                                             | Oil & Gas Exploration & Production | Member Units (1,155,952 units) | — | — |  | 11,560 |  | 11,560 |  |
| Lightbox Holdings, L.P. (8)                                                                           | Provider of Commercial Real Estate Software | LIBOR Plus 5.00% (Floor 0.00%), Current Coupon 5.18%, Secured Debt (Maturity - May 9, 2026) | 1 month LIBOR | 4,950 |  | 4,884 |  | 4,579 |  |
| LL Management, Inc. (8) (11)                                                                          | Medical Transportation Service Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.56%, Secured Debt (Maturity - September 25, 2023) | 3 month LIBOR | 13,650 |  | 13,537 |  | 12,981 |  |
| Logix Acquisition Company, LLC (8) (11)                                                               | Competitive Local Exchange Carrier | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - December 22, 2024) (23) | 1 month LIBOR | 12,688 |  | 12,621 |  | 10,721 |  |
| LSF9 Atlantis Holdings, LLC (8)                                                                       | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - May 1, 2023) | 1 month LIBOR | 12,872 |  | 12,816 |  | 10,983 |  |
| Lulu’s Fashion Lounge, LLC (8) (11)                                                             | Fast Fashion E-Commerce Retailer | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.07% / 2.50% PIK, Current Coupon Plus PIK 12.57%, Secured Debt (Maturity - August 28, 2022) | 3 month LIBOR | 5,677 |  | 5,568 |  | 4,854 |  |
| Lynx FBO Operating LLC (11)                                                                           | Fixed Based Operator in the General Aviation Industry | LIBOR Plus 5.75%, (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - September 30, 2024) (8) | 3 month LIBOR | 13,681 |  | 13,409 |  | 12,683 |  |
|                                                                                                  |   | Member Units (3,704 units) | — | — |  | 500 |  | 445 |  |
|                                                                                                  |   |   |   |   | 13,909 |  | 13,128 |  |
| Mac Lean-Fogg Company (11)                                                                            | Manufacturer and Supplier for Auto and Power Markets | LIBOR Plus 5.00% (Floor 0.00%), Current Coupon 5.00%, Secured Debt (Maturity - December 22, 2025) (8) | 1 month LIBOR | 7,099 |  | 7,051 |  | 6,488 |  |
|                                                                                                  |   | Preferred Stock (650 shares, 4.50% cash / 9.25% PIK, cumulative) | — | — |  | 785 |  | 784 |  |
|                                                                                                  |   |   |   |   | 7,836 |  | 7,272 |  |
| Mariner CLO 7, Ltd.  (9) (15)                                                                         | Structured Finance | Subordinated Structured Notes (estimated yield of 8.3% due April 30, 2032) | — | 25,935 |  | 22,207 |  | 14,466 |  |
| Mills Fleet Farm Group, LLC (8) (11)                                                                  | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.84% / 0.75% PIK, Current Coupon Plus PIK 8.59%, Secured Debt (Maturity - October 24, 2024) | 3 month LIBOR | 13,964 |  | 13,658 |  | 12,428 |  |
| NinjaTrader, LLC (8) (11)                                                                             | Operator of Futures Trading Platform | LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity - December 18, 2024) | 3 month LIBOR | 9,125 |  | 8,956 |  | 8,879 |  |
| NNE Partners, LLC (8) (11)                                                                            | Oil & Gas Exploration & Production | LIBOR Plus 8.00%, (Floor 0.00%) Current Coupon 8.34%, Secured Debt (Maturity - March 2, 2022) | 3 month LIBOR | 20,417 |  | 20,346 |  | 18,048 |  |
| Novetta Solutions, LLC (8)                                                                            | Provider of Advanced Analytics Solutions for Defense Agencies | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - October 17, 2022) | 3 month LIBOR | 14,746 |  | 14,537 |  | 14,462 |  |
| NTM Acquisition Corp. (8)                                                                             | Provider of B2B Travel Information Content | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - June 7, 2022) | 3 month LIBOR | 4,438 |  | 4,418 |  | 3,995 |  |
| Pasha Group (8)                                                                                       | Diversified Logistics and Transportation Provided | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - January 26, 2023) | 2 month LIBOR | 8,008 |  | 7,846 |  | 7,407 |  |
| Permian Holdco 2, Inc.                                                                                | Storage Tank Manufacturer | 14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (17) | None | 1,220 |  | 1,220 |  | 232 |  |
|                                                                                                  |   | 18.00% PIK Unsecured Debt (Maturity - June 30, 2022) (17) | None | 868 |  | 868 |  | 868 |  |
|                                                                                                  |   | Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 shares) | — | — |  | 1,997 |  | — |  |
|                                                                                                  |   | Common Shares (Permian Holdco 1, Inc.) (386,255 shares) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 4,085 |  | 1,100 |  |
| PricewaterhouseCoopers Public Sector LLP (8)                                                          | Provider of Consulting Services to Governments | LIBOR Plus 8.00% (Floor 0.00%), Current Coupon 8.18%, Secured Debt (Maturity - May 1, 2026) (14) | 1 month LIBOR | $ | 14,100 |  | $ | 14,060 |  | $ | 12,902 |  |
| Rise Broadband (8) (11)                                                                               | Fixed Wireless Broadband Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 8.17%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | 14,700 |  | 14,607 |  | 14,186 |  |
| RM Bidder, LLC (11)                                                                                   | Scripted and Unscripted TV and Digital Programming Provider | Common Stock (1,854 shares) | — | — |  | 31 |  | 9 |  |
|                                                                                                  |   | Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025) | — | — |  | 284 |  | — |  |
|                                                                                                  |   | Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 315 |  | 9 |  |
| Salient Partners, LP (8) (11)                                                                         | Provider of Asset Management Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - June 9, 2021) | 1 month LIBOR | 6,450 |  | 6,542 |  | 5,876 |  |
| Slick Software Holdings LLC (10) (13)                                                                 | Text Messaging Marketing Platform | 14.00% Secured Debt (Maturity - September 13, 2023) | — | 1,570 |  | 1,338 |  | 1,338 |  |
|                                                                                                  |   | Member units (17,500 units) | — | — |  | 175 |  | 282 |  |
|                                                                                                  |   | Warrants (4,521 equivalent units, Expiration - September 13, 2028) | — | — |  | 45 |  | 75 |  |
|                                                                                                  |   |   |   |   | 1,558 |  | 1,695 |  |
| TEAM Public Choices, LLC (8) (11)                                                                     | Home-Based Care Employment Service Provider | LIBOR Plus 6.00%, (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity - September 20, 2024) | 1 month LIBOR | 9,927 |  | 9,840 |  | 9,490 |  |
| TE Holdings, LLC                                                                                      | Oil & Gas Exploration & Production | Common Units (72,785 units) | — | — |  | 728 |  | — |  |
| TGP Holdings III LLC (8)                                                                              | Outdoor Cooking & Accessories | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - September 25, 2025) (14) | 3 month LIBOR | 5,000 |  | 5,000 |  | 4,475 |  |
| USA DeBusk LLC (8) (11)                                                                               | Provider of Industrial Cleaning Services | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - October 22, 2024) | 1 month LIBOR | 16,716 |  | 16,426 |  | 15,379 |  |
| U.S. Telepacific Corp. (8)                                                                            | Provider of Communications and Managed Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.07%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | 12,500 |  | 12,328 |  | 10,036 |  |
| Vida Capital, Inc. (8)                                                                                | Alternative Asset Manager | LIBOR Plus 6.00% (Floor 0.00%), Current Coupon 6.76%, Secured Debt (Maturity - October 1, 2026) | 3 month LIBOR | 7,369 |  | 7,268 |  | 7,350 |  |
| VIP Cinema Holdings, Inc. (8)                                                                         | Supplier of Luxury Seating to the Cinema Industry | PRIME Plus 7.00% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity - March 1, 2023) (18) | PRIME | 8,750 |  | 8,724 |  | — |  |
|                                                                                                  |   | LIBOR Plus 7.00% (Floor 2.00%), Current Coupon 10.25%, Secured Debt (Maturity - May 18, 2020) | 3 month LIBOR | 864 |  | 797 |  | 707 |  |
|                                                                                                  |   |   |   |   | 9,521 |  | 707 |  |
| Vistar Media, Inc. (11)                                                                               | Operator of Digital Out-of-Home Advertising Platform | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - April 3, 2023) (8) | 3 month LIBOR | 4,596 |  | 4,458 |  | 4,462 |  |
|                                                                                                  |   | Warrants (69,675 equivalent units, Expiration - April 3, 2029) | — | — |  | — |  | 1,620 |  |
|                                                                                                  |   | Preferred Stock (70,207 shares) | — | — |  | 767 |  | 1,600 |  |
|                                                                                                  |   |   |   |   | 5,225 |  | 7,682 |  |
| Volusion, LLC (10) (13)                                                                               | Provider of Online Software-as-a-Service eCommerce Solutions | 11.50% Secured Debt (Maturity - January 24, 2020) (19) | None | 8,672 |  | 8,636 |  | 8,247 |  |
|                                                                                                  |   | 8.00% Unsecured Debt (Maturity - November 16, 2023) (17) | None | 175 |  | 175 |  | 124 |  |
|                                                                                                  |   | Preferred Member Units (2,090,001 units) | — | — |  | 6,000 |  | 2,436 |  |
|                                                                                                  |   | Warrants (784,866.80 equivalent units, Expiration - January 26, 2025) | — | — |  | 1,104 |  | — |  |
|                                                                                                  |   |   |   |   | 15,915 |  | 10,807 |  |
|                                                                                                  |   |   |   |   |   |   |
| Wireless Vision Holdings, LLC (8) (11)                                                                | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 9.86% (Floor 1.00%), Current Coupon 11.86% / 1.00% PIK, Current Coupon Plus PIK 12.86%, Secured Debt (Maturity - September 29, 2022) (23) | 1 month LIBOR | $ | 6,883 |  | $ | 6,756 |  | $ | 6,883 |  |
|                                                                                                  |   | LIBOR Plus 9.91% (Floor 1.00%), Current Coupon 11.91% / 1.00% PIK, Current Coupon Plus PIK 12.91%, Secured Debt (Maturity - September 29, 2022) (23) | 1 month LIBOR | 5,982 |  | 5,815 |  | 5,982 |  |
|                                                                                                  |   |   |   |   | 12,571 |  | 12,865 |  |
| YS Garments, LLC (8)                                                                                  | Designer and Provider of Branded Activewear | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.31%, Secured Debt (Maturity - August 9, 2024) | 1 month LIBOR | 7,092 |  | 7,039 |  | 6,489 |  |
| Subtotal Non-Control/Non-Affiliate Investments (5) (79% of total portfolio investments at fair value) |   |   | $ | 794,494 |  | $ | 687,521 |  |
| Total Portfolio Investments                                                                           |   |   |   |   | $ | 959,739 |  | $ | 877,578 |  |
| Short Term Investments (20)                                                                           |   |   |   |   |   |   |
| Fidelity Institutional Money Market Funds (21)                                                        | — | Prime Money Market Portfolio, Class III Shares | — | — |  | $ | 8,833 |  | $ | 8,833 |  |
| US Bank Money Market Account (21)                                                                     | — | — | — | — |  | 15,252 |  | 15,252 |  |
| Total Short Term Investments                                                                          |   |   |   |   | $ | 24,085 |  | $ | 24,085 |  |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   |   | Six Months Ended June 30, 2020 |   |   |   | Six Months Ended June 30, 2020 |
| Portfolio Company                              | Fair Value at December 31, 2019 |   | Gross Additions (Cost)* |   | Gross Reductions (Cost)** |   | Net Unrealized Gain (Loss) *** |   | Fair Value at June 30, 2020 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Affiliate Investments                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AFG Capital Group, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | $ | 209 |  |   | $ | — |  |   | $ | (43 | ) |   | $ | — |  |   | $ | 166 |  |   | $ | — |  | $ | 9 |  | $ | — |  | $ | — |  |
| Member units                                   | 1,295 |  |   | — |  |   | — |  |   | (3 | ) |   | 1,292 |  |   | — |  | — |  | — |  | — |  |
| Analytical Systems Keco, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 1,266 |  |   | 6 |  |   | (67 | ) |   | (1 | ) |   | 1,204 |  |   | — |  | 88 |  | — |  | — |  |
| Preferred member units                         | 800 |  |   | — |  |   | — |  |   | 173 |  |   | 973 |  |   | — |  | — |  | — |  | — |  |
| Warrants                                       | 79 |  |   | — |  |   | (1 | ) |   | 49 |  |   | 127 |  |   | — |  | — |  | — |  | — |  |
| Brewer Crane Holdings, LLC                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 2,233 |  |   | 4 |  |   | (61 | ) |   | — |  |   | 2,176 |  |   | — |  | 132 |  | — |  | — |  |
| Preferred member units                         | 1,070 |  |   | — |  |   | — |  |   | — |  |   | 1,070 |  |   | — |  | — |  | — |  | 13 |  |
| Centre Technologies Holdings, LLC              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,008 |  |   | 7 |  |   | (78 | ) |   | — |  |   | 2,937 |  |   | — |  | 189 |  | — |  | — |  |
| Preferred member units                         | 1,460 |  |   | — |  |   | — |  |   | — |  |   | 1,460 |  |   | — |  | — |  | 15 |  | — |  |
| Chamberlin Holding, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 4,443 |  |   | 10 |  |   | — |  |   | (10 | ) |   | 4,443 |  |   | — |  | 270 |  | — |  | — |  |
| Member units                                   | 6,009 |  |   | — |  |   | — |  |   | 28 |  |   | 6,037 |  |   | — |  | — |  | 30 |  | 341 |  |
| Member units                                   | 363 |  |   | — |  |   | — |  |   | (133 | ) |   | 230 |  |   | — |  | — |  | — |  | 8 |  |
| Charlotte Russe, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Charps, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 500 |  |   | — |  |   | — |  |   | — |  |   | 500 |  |   | — |  | 38 |  | — |  | — |  |
| Preferred member units                         | 1,730 |  |   | — |  |   | — |  |   | 303 |  |   | 2,033 |  |   | — |  | — |  | — |  | 77 |  |
| Clad-Rex Steel, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 2,696 |  |   | 6 |  |   | — |  |   | (2 | ) |   | 2,700 |  |   | — |  | 153 |  | — |  | — |  |
| Member units                                   | 2,408 |  |   | — |  |   | — |  |   | (255 | ) |   | 2,153 |  |   | — |  | — |  | — |  | 61 |  |
| Term loan (Clad-Rex Steel RE Investor, LLC)    | 282 |  |   | — |  |   | (3 | ) |   | — |  |   | 279 |  |   | — |  | 14 |  | — |  | — |  |
| Member units (Clad-Rex Steel RE Investor, LLC) | 115 |  |   | — |  |   | — |  |   | — |  |   | 115 |  |   | — |  | — |  | — |  | — |  |
| Cody Pools Holdings, LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | $ | — |  |   | $ | 4,005 |  |   | $ | (134 | ) |   | $ | 4 |  |   | $ | 3,875 |  |   | $ | — |  | $ | 164 |  | $ | — |  | $ | — |  |
| Preferred member units                         | — |  |   | 2,079 |  |   | — |  |   | — |  |   | 2,079 |  |   | — |  | — |  | 7 |  | — |  |
| Copper Trail Energy Fund I, LP                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   | 1,643 |  |   | 1,212 |  |   | (352 | ) |   | (682 | ) |   | 1,821 |  |  | 21 |  | — |  | 12 |  | 1,170 |  |
| Digital Products Holdings LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 4,611 |  |   | 10 |  |   | (165 | ) |   | 85 |  |   | 4,541 |  |   | — |  | 286 |  | — |  | — |  |
| Preferred member units                         | 1,294 |  |   | — |  |   | — |  |   | (144 | ) |   | 1,150 |  |   | — |  | — |  | — |  | 38 |  |
| Direct Marketing Solutions, Inc.               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,929 |  |   | 12 |  |   | (117 | ) |   | (12 | ) |   | 3,812 |  |   | — |  | 254 |  | — |  | — |  |
| Preferred stock                                | 5,051 |  |   | — |  |   | — |  |   | (36 | ) |   | 5,015 |  |   | — |  | — |  | — |  | — |  |
| Freeport Financial Funds                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   | 9,696 |  |   | 990 |  |   | (160 | ) |   | 43 |  |   | 10,569 |  |   | — |  | — |  | — |  | 80 |  |
| Gamber-Johnson Holdings, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 4,755 |  |   | 412 |  |   | (203 | ) |   | (4 | ) |   | 4,960 |  |   | — |  | 215 |  | — |  | — |  |
| Member units                                   | 13,352 |  |   | — |  |   | — |  |   | (41 | ) |   | 13,311 |  |   | — |  | — |  | — |  | 652 |  |
| Guerdon Modular Holdings, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | — |  |   | 30 |  |   | (3,147 | ) |   | 3,117 |  |   | — |  |   | (2,792 | ) | 30 |  | — |  | — |  |
| Term loan                                      | — |  |   | 1 |  |   | (253 | ) |   | 252 |  |   | — |  |   | (252 | ) | — |  | — |  | — |  |
| Common stock                                   | — |  |   | — |  |   | (746 | ) |   | 746 |  |   | — |  |   | (746 | ) | — |  | — |  | — |  |
| Preferred stock                                | — |  |   | — |  |   | (285 | ) |   | 285 |  |   | — |  |   | (285 | ) | — |  | — |  | — |  |
| Gulf Publishing Holdings, LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,124 |  |   | 41 |  |   | — |  |   | (277 | ) |   | 2,888 |  |   | — |  | 206 |  | — |  | — |  |
| Revolving line of credit                       | 70 |  |   | 1 |  |   | (10 | ) |   | — |  |   | 61 |  |   | — |  | 4 |  | — |  | — |  |
| Member units                                   | 605 |  |   | — |  |   | — |  |   | (605 | ) |   | — |  |   | — |  | — |  | — |  | — |  |
| Harris Preston Fund Investments                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests (HPEP 3, LP)                      | 2,474 |  |   | 345 |  |   | — |  |   | — |  |   | 2,819 |  |   | — |  | — |  | — |  | — |  |
| Hawk Ridge Systems, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 3,350 |  |   | 8 |  |   | — |  |   | (8 | ) |   | 3,350 |  |   | — |  | 137 |  | — |  | — |  |
| Revolving line of credit                       | 148 |  |   | 2 |  |   | — |  |   | — |  |   | 150 |  |   | — |  | — |  | — |  | — |  |
| Preferred member units                         | 1,975 |  |   | — |  |   | — |  |   | (145 | ) |   | 1,830 |  |   | — |  | — |  | — |  | 11 |  |
| Preferred member units (HRS Services, ULC)     | 105 |  |   | — |  |   | — |  |   | (7 | ) |   | 98 |  |   | — |  | — |  | — |  | — |  |
| J&J Services, Inc.                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term Loan                                      | 4,315 |  |   | 19 |  |   | (600 | ) |   | 66 |  |   | 3,800 |  |   | — |  | 273 |  | — |  | — |  |
| Preferred stock                                | 1,790 |  |   | — |  |   | (18 | ) |   | 703 |  |   | 2,475 |  |   | — |  | — |  | — |  | — |  |
| Kickhaefer Manufacturer Company, LLC           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 6,146 |  |   | 320 |  |   | (240 | ) |   | (1 | ) |   | 6,225 |  |   | — |  | 386 |  | — |  | — |  |
| Term loan                                      | 977 |  |   | 8 |  |   | (4 | ) |   | — |  |   | 981 |  |   | — |  | 53 |  | — |  | — |  |
| Member units                                   | 290 |  |   | — |  |   | — |  |   | — |  |   | 290 |  |   | — |  | — |  | — |  | — |  |
| Member units (KMC RE Investor, LLC)            | 3,060 |  |   | — |  |   | — |  |   | (199 | ) |   | 2,861 |  |   | — |  | — |  | — |  | 11 |  |
| Market Force Information, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 5,625 |  |   | 790 |  |   | (59 | ) |   | (2,790 | ) |   | 3,566 |  |   | — |  | 63 |  | — |  | — |  |
| Revolving line of credit                       | 674 |  |   | — |  |   | (696 | ) |   | 22 |  |   | — |  |   | — |  | 10 |  | — |  | — |  |
| Member units                                   | 1,319 |  |   | — |  |   | — |  |   | (1,319 | ) |   | — |  |   | — |  | — |  | — |  | — |  |
| M.H. Corbin Holding LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 2,213 |  |   | 15 |  |   | (41 | ) |   | (20 | ) |   | 2,167 |  |   | — |  | 149 |  | — |  | — |  |
| Preferred member units                         | 1,192 |  |   | — |  |   | — |  |   | (334 | ) |   | 858 |  |   | — |  | — |  | — |  | — |  |
| Common units                                   | 5 |  |   | — |  |   | — |  |   | (5 | ) |   | — |  |   | — |  | — |  | — |  | — |  |
| Mystic Logistics Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 1,561 |  |   | 253 |  |   | (74 | ) |   | — |  |   | 1,740 |  |   | — |  | 104 |  | — |  | — |  |
| Common stock                                   | 2,103 |  |   | — |  |   | — |  |   | 495 |  |   | 2,598 |  |   | — |  | — |  | — |  | — |  |
| NexRev, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 4,331 |  |   | 51 |  |   | (55 | ) |   | (400 | ) |   | 3,927 |  |   | — |  | 251 |  | — |  | — |  |
| Preferred member units                         | 1,577 |  |   | — |  |   | — |  |   | (1,577 | ) |   | — |  |   | — |  | — |  | — |  | (19 | ) |
| NuStep, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 4,901 |  |   | 13 |  |   | (40 | ) |   | — |  |   | 4,874 |  |   | — |  | 312 |  | — |  | — |  |
| Preferred member units                         | 2,550 |  |   | — |  |   | — |  |   | — |  |   | 2,550 |  |   | — |  | — |  | — |  | — |  |
| SI East, LLC                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 10,988 |  |   | 16 |  |   | — |  |   | (16 | ) |   | 10,988 |  |   | — |  | 549 |  | — |  | — |  |
| Preferred member units                         | 2,734 |  |   | — |  |   | — |  |   | 370 |  |   | 3,104 |  |   | — |  | — |  | — |  | 178 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tedder Acquisition, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | $ | 4,066 |  |   | $ | 13 |  |   | $ | (1 | ) |   | $ | (65 | ) |   | $ | 4,013 |  |   | $ | — |  | $ | 259 |  | $ | — |  | $ | — |  |
| Revolving line of credit                       | 158 |  |   | — |  |   | — |  |   | — |  |   | 158 |  |   | — |  | 10 |  | — |  | — |  |
| Preferred member units                         | 2,034 |  |   | — |  |   | — |  |   | — |  |   | 2,034 |  |   | — |  | — |  | — |  | — |  |
| Trantech Radiator Topco, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      | 2,237 |  |   | 9 |  |   | (80 | ) |   | 54 |  |   | 2,220 |  |   | — |  | 145 |  | — |  | — |  |
| Common stock                                   | 1,164 |  |   | — |  |   | — |  |   | 756 |  |   | 1,920 |  |   | — |  | — |  | — |  | 15 |  |
| Total Affiliate Investments                    | $ | 154,158 |  |   | $ | 10,688 |  |   | $ | (7,733 | ) |   | $ | (1,540 | ) |   | $ | 155,573 |  |   | $ | (4,054 | ) | $ | 4,753 |  | $ | 64 |  | $ | 2,636 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   |   |   | Six Months Ended June 30, 2020 |   |   |   | Six Months Ended June 30, 2020 |
| Portfolio Company               |   | Fair Value at December 31, 2019 |   | Gross Additions (Cost)* |   | Gross Reductions (Cost)** |   | Net Unrealized Gain (Loss) |   | Fair Value at June 30, 2020 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
| Control Investments             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CTMH, LP                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                    |   | $ | 872 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 872 |  |   | $ | — |  | $ | — |  | $ | — |  | $ | 110 |  |
| GRT Rubber Technologies, LLC    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                       |   | 7,396 |  |   | 869 |  |   | — |  |   | (3 | ) |   | 8,262 |  |   | — |  | 338 |  | — |  | — |  |
| Member units                    |   | 23,372 |  |   | — |  |   | (1 | ) |   | (997 | ) |   | 22,374 |  |   | — |  | — |  | 39 |  | 609 |  |
| Harris Preston Fund Investments |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests (2717 HM, LP)      |   | 3,156 |  |   | 1 |  |   | — |  |   | (181 | ) |  | 2,976 |  |   | — |  | — |  | — |  | — |  |
| Total Control Investments       |   | $ | 34,796 |  |   | $ | 870 |  |   | $ | (1 | ) |   | $ | (1,181 | ) |   | $ | 34,484 |  |   | $ | — |  | $ | 338 |  | $ | 39 |  | $ | 719 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS Income Fund, Inc.                                                                                 |
| Condensed Consolidated Schedule of Investments                                                        |
| As of December 31, 2019                                                                               |
| (dollars in thousands)                                                                                |
| Portfolio Company (1) (3)                                                                             | Business Description | Type of Investment (2) (3) | Index Rate (22) | Principal (7) | Cost (7) | Fair Value (26) |
|                                                                                                  |   |   |   |   |   |   |
| Control Investments (6)                                                                               |
| CTMH, LP (9) (15)                                                                                     | Investment Partnership | LP Interests (CTMH, LP) (Fully diluted 38.80%) | — | $ | — |  | $ | 872 |  | $ | 872 |  |
| GRT Rubber Technologies, LLC (10) (13)                                                                | Manufacturer of Engineered Rubber Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.71%, Secured Debt (Maturity - December 31, 2023) (8) | 1 month LIBOR | 7,396 |  | 7,375 |  | 7,396 |  |
|                                                                                                  |   | Member Units (2,896 units) (16) | — | — |  | 6,435 |  | 23,372 |  |
|                                                                                                  |   |   |   |   | 13,810 |  | 30,768 |  |
| Harris Preston Fund Investments (9) (15)                                                              | Investment Partnership | LP Interests (2717 MH, LP) (Fully diluted 49.30%) | — | — |  | 2,735 |  | 3,156 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Control Investments (6) (3% of total investments at fair value)                              |   |   | $ | 17,417 |  | $ | 34,796 |  |
| Affiliate Investments (4)                                                                             |
| AFG Capital Group, LLC (10) (13)                                                                      | Provider of Rent-to-Own Financing Solutions and Services | 10.00% Secured Debt (Maturity - May 25, 2022) (14) | None | $ | 209 |  | $ | 209 |  | $ | 209 |  |
|                                                                                                  |   | Member Units (46 units) (16) | — | — |  | 300 |  | 1,295 |  |
|                                                                                                  |   |   |   |   | 509 |  | 1,504 |  |
| Analytical Systems Keco, LLC (10) (13)                                                                | Manufacturer of Liquid and Gas Analyzers | LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.13%, Secured Debt (Maturity - August 16, 2024) (8) | 1 month LIBOR | 1,391 |  | 1,260 |  | 1,266 |  |
|                                                                                                  |   | Preferred Member Units (800 units) | — | — |  | 800 |  | 800 |  |
|                                                                                                  |   | Warrants (105 equivalent shares; Expiration - August 16, 2029) | — | — |  | 79 |  | 79 |  |
|                                                                                                  |   |   |   |   | 2,139 |  | 2,145 |  |
| Brewer Crane Holdings, LLC (10) (13)                                                                  | Provider of Crane Rental and Operating Services | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.71%, Secured Debt (Maturity - January 9, 2023) (8) | 1 month LIBOR | 2,263 |  | 2,233 |  | 2,233 |  |
|                                                                                                  |   | Preferred Member Units (737 units) (16) | — | — |  | 1,070 |  | 1,070 |  |
|                                                                                                  |   |   |   |   | 3,303 |  | 3,303 |  |
| Centre Technologies Holdings, LLC (10) (13)                                                           | Provider of IT Hardware Services and Software Solutions | LIBOR Plus 9.00% (Floor 2.00%), Current Coupon 10.75%, Secured Debt (Maturity - January 4, 2024) (8) | 1 month LIBOR | 3,060 |  | 3,003 |  | 3,008 |  |
|                                                                                                  |   | Preferred Member Units (3,174 units) | — | — |  | 1,460 |  | 1,460 |  |
|                                                                                                  |   |   |   |   | 4,463 |  | 4,468 |  |
| Chamberlin Holding, LLC (10) (13)                                                                     | Roofing and Waterproofing Specialty Subcontractor | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - February 23, 2023) (8) | 1 month LIBOR | 4,443 |  | 4,353 |  | 4,443 |  |
|                                                                                                  |   | Member Units (1,087 units) (16) | — | — |  | 2,860 |  | 6,009 |  |
|                                                                                                  |   | Member Units (Langfield RE, LLC) (1 unit) | — | — |  | 262 |  | 363 |  |
|                                                                                                  |   |   |   |   | 7,475 |  | 10,815 |  |
| Charlotte Russe, Inc.                                                                                 | Fast-Fashion Retailer to Young Women | Common Stock (14,973 shares) | None | — |  | 2,470 |  | — |  |
| Charps, LLC (10) (13)                                                                                 | Pipeline Maintenance and Construction | 15.00% Secured Debt (Maturity - June 5, 2022) (14) | None | 500 |  | 500 |  | 500 |  |
|                                                                                                  |   | Preferred Member Units (400 units) (16) | — | — |  | 100 |  | 1,730 |  |
|                                                                                                  |   |   |   |   | 600 |  | 2,230 |  |
| Clad-Rex Steel, LLC (10) (13)                                                                         | Specialty Manufacturer of Vinyl-Clad Metal | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.71%, Secured Debt (Maturity - December 20, 2021) (8) | 1 month LIBOR | 2,720 |  | 2,694 |  | 2,696 |  |
|                                                                                                  |   | Member Units (179 units) (16) | — | — |  | 1,820 |  | 2,408 |  |
|                                                                                                  |   | 10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 19, 2036) | None | 284 |  | 282 |  | 282 |  |
|                                                                                                  |   | Member Units (Clad-Rex Steel RE Investor, LLC) (200 units) | — | — |  | 53 |  | 115 |  |
|                                                                                                  |   |   |   |   | 4,849 |  | 5,501 |  |
| Copper Trail Fund Investments (9) (15)                                                                | Investment Partnership | LP Interests (Copper Trail Energy Fund I, LP) (Fully Diluted 12.40%) (16) | — | — |  | 1,389 |  | 1,643 |  |
|                                                                                                  |   |   |   |   |   |   |
| Digital Products Holdings LLC (10) (13)                                                               | Designer and Distributor of Consumer Electronics | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.75%, Secured Debt (Maturity - March 31, 2023) (8) | 1 month LIBOR | $ | 4,905 |  | $ | 4,832 |  | $ | 4,611 |  |
|                                                                                                  |   | Preferred Member Units (863 units) (16) | — | — |  | 2,375 |  | 1,294 |  |
|                                                                                                  |   |   |   |   | 7,207 |  | 5,905 |  |
| Direct Marketing Solutions, Inc. (10) (13)                                                            | Provider of Omni-Channel Direct Marketing Services | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.75%, Secured Debt (Maturity - February 13, 2023) (8) | 1 month LIBOR | 3,929 |  | 3,851 |  | 3,929 |  |
|                                                                                                  |   | Preferred Stock (2,100 shares) | — | — |  | 2,100 |  | 5,051 |  |
|                                                                                                  |   |   |   |   | 5,951 |  | 8,980 |  |
| Freeport Financial Funds (9) (15)                                                                     | Investment Partnership | LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 6.00%) (16) | — | — |  | 9,956 |  | 9,696 |  |
| Gamber-Johnson Holdings, LLC (10) (13)                                                                | Manufacturer of Ruggedized Computer Mounting Systems | LIBOR Plus 7.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity - June 24, 2021) (8) | 1 month LIBOR | 4,755 |  | 4,704 |  | 4,755 |  |
|                                                                                                  |   | Member Units (2,155 units) (16) | — | — |  | 3,711 |  | 13,352 |  |
|                                                                                                  |   |   |   |   | 8,415 |  | 18,107 |  |
| Guerdon Modular Holdings, Inc. (10) (13)                                                              | Multi-Family and Commercial Modular Construction Company | 16.00% Secured Debt (Maturity - October 1, 2019) (18) | None | 3,147 |  | 3,116 |  | — |  |
|                                                                                                  |   | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.60%, Secured Debt (Maturity - October 1, 2019) (8) (18) | 3 month LIBOR | 253 |  | 252 |  | — |  |
|                                                                                                  |   | Common Stock (53,008 shares) | — | — |  | 746 |  | — |  |
|                                                                                                  |   | Class B Preferred Stock (101,250 shares) | — | — |  | 285 |  | — |  |
|                                                                                                  |   |   |   |   | 4,399 |  | — |  |
| Gulf Publishing Holdings, LLC (10) (13)                                                               | Energy Industry Focused Media and Publishing | 12.50% Secured Debt (Maturity - April 29, 2021) | None | 3,134 |  | 3,112 |  | 3,124 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.21%, Secured Debt (Maturity - September 30, 2020) (8) | 1 month LIBOR | 70 |  | 70 |  | 70 |  |
|                                                                                                  |   | Member Units (920 units) | — | — |  | 920 |  | 605 |  |
|                                                                                                  |   |   |   |   | 4,102 |  | 3,799 |  |
| Harris Preston Fund Investments (9) (15)                                                              | Investment Partnership | LP Interests (HPEP 3, LP) (Fully diluted 8.20%) | — | — |  | 2,474 |  | 2,474 |  |
| Hawk Ridge Systems, LLC (9) (10) (13)                                                                 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | 11.00% Secured Debt (Maturity - December 2, 2021) | None | 3,350 |  | 3,318 |  | 3,350 |  |
|                                                                                                  |   | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.71%, Secured Debt (Maturity - December 2, 2021) (8) | 1 month LIBOR | 150 |  | 148 |  | 148 |  |
|                                                                                                  |   | Preferred Member Units (56 units) (16) | — | — |  | 713 |  | 1,975 |  |
|                                                                                                  |   | Preferred Member Units (HRS Services, ULC) (56 units) | — | — |  | 38 |  | 105 |  |
|                                                                                                  |   |   |   |   | 4,217 |  | 5,578 |  |
| J & J Services, Inc. (10) (13)                                                                    | Provider of Dumpster Rental and Related Services | 11.50% Secured Debt (Maturity - October 31, 2024) | None | 4,400 |  | 4,315 |  | 4,315 |  |
|                                                                                                  |   | Preferred Member Units (704 units) | — | — |  | 1,790 |  | 1,790 |  |
|                                                                                                  |   |   |   |   | 6,105 |  | 6,105 |  |
| Kickhaefer Manufacturing Company, LLC (10) (13)                                                       | Precision Metal Parts Manufacturing | 11.50% Secured Debt (Maturity - October 31, 2023) | None | 6,300 |  | 6,141 |  | 6,146 |  |
|                                                                                                  |   | 9.00% Secured Debt (Maturity - October 31, 2048) | None | 995 |  | 977 |  | 977 |  |
|                                                                                                  |   | Preferred Member Units (145 units) | — | — |  | 3,060 |  | 3,060 |  |
|                                                                                                  |   | Member Units (KMC RE Investor, LLC) (200 units) (16) | — | — |  | 248 |  | 290 |  |
|                                                                                                  |   |   |   |   | 10,426 |  | 10,473 |  |
| Market Force Information, Inc. (10) (13)                                                              | Provider of Customer Experience Management Services | 6.00% Current / 6.00% PIK Secured Debt (Maturity - July 28, 2022) | 3 month LIBOR | 5,792 |  | 5,732 |  | 5,625 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - July 28, 2022) | None | 697 |  | 697 |  | 674 |  |
|                                                                                                  |   | Member Units (170,000 units) | — | — |  | 4,160 |  | 1,319 |  |
|                                                                                                  |   |   |   |   | 10,589 |  | 7,618 |  |
| M.H. Corbin Holding LLC (10) (13)                                                                     | Manufacturer and Distributor of Traffic Safety Products | 5.00% Current / 5.00% PIK Secured Debt (Maturity - March 31, 2022) | None | $ | 2,213 |  | $ | 2,191 |  | $ | 2,213 |  |
|                                                                                                  |   | Preferred Member Units (16,500 units) | — | — |  | 1,100 |  | 1,192 |  |
|                                                                                                  |   | Common Units (1,000 units) | — | — |  | 1,500 |  | 5 |  |
|                                                                                                  |   |   |   |   | 4,791 |  | 3,410 |  |
| Mystic Logistics Holdings, LLC (10) (13)                                                              | Logistics and Distribution Services Provider for Large Volume Mailers | 12.00% Secured Debt (Maturity - August 15, 2019) (19) | None | 1,563 |  | 1,561 |  | 1,561 |  |
|                                                                                                  |   | Common Stock (1,468 shares) (16) | — | — |  | 680 |  | 2,103 |  |
|                                                                                                  |   |   |   |   | 2,241 |  | 3,664 |  |
| NexRev, LLC (10) (13)                                                                                 | Provider of Energy Efficiency Products & Services | 11.00% Secured Debt (Maturity - February 28, 2023) | None | 4,397 |  | 4,331 |  | 4,331 |  |
|                                                                                                  |   | Preferred Member Units (21,600,000 units) (16) | — | — |  | 1,720 |  | 1,577 |  |
|                                                                                                  |   |   |   |   | 6,051 |  | 5,908 |  |
| NuStep, LLC (10) (13)                                                                                 | Designer, Manufacturer and Distributor of Fitness Equipment | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 4,949 |  | 4,901 |  | 4,901 |  |
|                                                                                                  |   | Preferred Member Units (102 units) | — | — |  | 2,550 |  | 2,550 |  |
|                                                                                                  |   |   |   |   | 7,451 |  | 7,451 |  |
| SI East, LLC (10) (13)                                                                                | Rigid Industrial Packaging Manufacturing | 9.50% Secured Debt (Maturity - August 31, 2023) | None | 10,988 |  | 10,849 |  | 10,988 |  |
|                                                                                                  |   | Preferred Member Units (52 units) (16) | — | — |  | 2,000 |  | 2,734 |  |
|                                                                                                  |   |   |   |   | 12,849 |  | 13,722 |  |
| Tedder Acquisition, LLC (10) (13)                                                                     | Manufacturer of Firearm Holsters and Accessories | 12.00% Secured Debt (Maturity - August 31, 2023) | None | 4,100 |  | 4,003 |  | 4,066 |  |
|                                                                                                  |   | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 160 |  | 158 |  | 158 |  |
|                                                                                                  |   | Preferred Member Units (110 units) | — | — |  | 2,034 |  | 2,034 |  |
|                                                                                                  |   |   |   |   | 6,195 |  | 6,258 |  |
| Trantech Radiator Topco, LLC (10) (13)                                                                | Transformer Cooling Products and Services | 12.00% Secured Debt (Maturity - May 31, 2024) | None | 2,300 |  | 2,226 |  | 2,237 |  |
|                                                                                                  |   | Common Stock (154 shares) (16) | — | — |  | 1,164 |  | 1,164 |  |
|                                                                                                  |   |   |   |   | 3,390 |  | 3,401 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Affiliate Investments (4) (15% of total investments at fair value)                           |   |   | $ | 144,006 |  | $ | 154,158 |  |
|                                                                                                  |   |   |   |   |   |   |
| Non-Control/Non-Affiliate Investments (5)                                                             |
| AAC Holdings Inc. (8)                                                                                 | Substance Abuse Treatment Service Provider | LIBOR Plus 11.75% (Floor 1.00%), Current Coupon 16.75%, Secured Debt (Maturity - June 30, 2023) (18) | 3 month LIBOR | $ | 14,449 |  | $ | 14,078 |  | $ | 9,392 |  |
|                                                                                                  |   | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.03%, Secured Debt (Maturity - April 15, 2020) | 3 month LIBOR | 2,227 |  | 2,069 |  | 2,172 |  |
|                                                                                                  |   |   |   |   | 16,147 |  | 11,564 |  |
| Adams Publishing Group, LLC (8) (11)                                                                  | Local Newspaper Operator | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.44%, Secured Debt (Maturity - July 3, 2023) | 3 month LIBOR | 6,158 |  | 6,064 |  | 6,158 |  |
|                                                                                                  |   | LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.45%, Secured Debt (Maturity - July 3, 2023) | 3 month LIBOR | 197 |  | 184 |  | 197 |  |
|                                                                                                  |   | PRIME Plus 4.00% (Floor 1.50%), Current Coupon 8.75%, Secured Debt (Maturity - July 3, 2023) | PRIME | 5,000 |  | 4,930 |  | 5,000 |  |
|                                                                                                  |   |   |   |   | 11,178 |  | 11,355 |  |
| ADS Tactical, Inc. (8) (11)                                                                           | Value-Added Logistics and Supply Chain Solutions Provider to the Defense Industry | LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 8.10%, Secured Debt (Maturity - July 26, 2023) | 2 month LIBOR | 15,827 |  | 15,817 |  | 15,827 |  |
| Aethon United BR, LP (8) (11)                                                                         | Oil & Gas Exploration & Production | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.46%, Secured Debt (Maturity - September 8, 2023) (14) | 1 month LIBOR | 7,000 |  | 6,918 |  | 6,846 |  |
| Allen Media, LLC (8)                                                                                  | Operator of Cable Television Networks | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.44%, Secured Debt (Maturity - August 30, 2023) | 3 month LIBOR | 16,270 |  | 15,895 |  | 15,863 |  |
| American Nuts, LLC (8) (11)                                                                           | Roaster, Mixer and Packager of Bulk Nuts and Seeds | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.60%, Secured Debt (Maturity - April 10, 2023) | 3 month LIBOR | $ | 12,241 |  | $ | 11,950 |  | $ | 12,241 |  |
| American Teleconferencing Services, Ltd. (8)                                                          | Provider of Audio Conferencing and Video Collaboration Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.32%, Secured Debt (Maturity - June 8, 2023) | 3 month LIBOR | 14,150 |  | 13,715 |  | 8,511 |  |
| American Trailer Rental Group LLC (10) (13)                                                           | Provider of Short Term Trailer and Container Rental | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.34%, Secured Debt (Maturity - June 7, 2022) (8) | 1 month LIBOR | 6,772 |  | 6,659 |  | 6,772 |  |
|                                                                                                  |   | Member Units (Milton Meisler Holdings, LLC) (12,139 units) | — | — |  | 1,214 |  | 2,135 |  |
|                                                                                                  |   |   |   |   | 7,873 |  | 8,907 |  |
| APTIM Corp                                                                                            | Engineering, Construction and Procurement | 7.75% Secured Debt (Maturity - June 15, 2025) | None | 6,952 |  | 6,255 |  | 4,171 |  |
| Arcus Hunting, LLC (8) (11)                                                                           | Manufacturer of Bowhunting and Archery Products and Accessories | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.10%, Secured Debt (Maturity - January 13, 2020) | 1 month LIBOR | 6,928 |  | 6,932 |  | 6,928 |  |
| ASC Ortho Management Company, LLC (11)                                                                | Provider of Orthopedic Services | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.60%, Secured Debt (Maturity - August 31, 2023) (8) | 3 month LIBOR | 4,543 |  | 4,466 |  | 4,502 |  |
|                                                                                                  |   | 13.25% PIK Secured Debt (Maturity - December 1, 2023) (14) | None | 1,793 |  | 1,754 |  | 1,793 |  |
|                                                                                                  |   |   |   |   | 6,220 |  | 6,295 |  |
| ATI Investment Sub, Inc. (8)                                                                          | Manufacturer of Solar Tracking Systems | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.06%, Secured Debt (Maturity - June 22, 2021) | 1 month LIBOR | 2,885 |  | 2,842 |  | 2,853 |  |
| ATX Networks Corp. (8) (9)                                                                            | Provider of Radio Frequency Management Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.94%, Current Coupon plus PIK 8.94%, Secured Debt (Maturity - June 11, 2021) | 3 month LIBOR | 13,638 |  | 13,520 |  | 12,786 |  |
| BarFly Ventures, LLC (11)                                                                             | Casual Restaurant Group | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 3,395 |  | 3,378 |  | 2,580 |  |
|                                                                                                  |   | Warrants (.410 equivalent units, Expiration - August 31, 2025) | — | — |  | 158 |  | — |  |
|                                                                                                  |   | Options (.99 equivalent units) | — | — |  | 202 |  | — |  |
|                                                                                                  |   |   |   |   | 3,738 |  | 2,580 |  |
| BBB Tank Services, LLC (10) (13)                                                                      | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.71%, Secured Debt (Maturity - April 8, 2021) (8) | 1 month LIBOR | 1,200 |  | 1,197 |  | 1,177 |  |
|                                                                                                  |   | Preferred Stock (non-voting) (28,280 units) (16) | — | — |  | 33 |  | 33 |  |
|                                                                                                  |   | Member Units (200,000 units) | — | — |  | 200 |  | 73 |  |
|                                                                                                  |   |   |   |   | 1,430 |  | 1,283 |  |
| Berry Aviation, Inc. (11)                                                                             | Charter Airline Services | 10.50% Current / 1.50% PIK, Secured Debt (Maturity - January 6, 2024) (14) | None | 4,548 |  | 4,494 |  | 4,548 |  |
|                                                                                                  |   | Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units, 8.00% cumulative) (16) | — | — | 1,548 |  | 776 |  |
|                                                                                                  |   | Preferred Member Units (Berry Acquisition, LLC) (122,416 units, 16.00% cumulative) (16) | — | — | 122 |  | 125 |  |
|                                                                                                  |   |   |   |   | 6,164 |  | 5,449 |  |
| BigName Commerce, LLC (8) (11)                                                                        | Provider of Envelopes and Complimentary Stationery Products | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.35%, Secured Debt (Maturity - May 11, 2022) | 3 month LIBOR | 2,232 |  | 2,218 |  | 2,232 |  |
| Binswanger Enterprises, LLC (11)                                                                      | Glass Repair and Installation Service Provider | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.41%, Secured Debt (Maturity - March 9, 2022) (8) | 3 month LIBOR | 13,635 |  | 13,345 |  | 13,635 |  |
|                                                                                                  |   | Member Units (1,050,000 units) | — | — |  | 1,050 |  | 950 |  |
|                                                                                                  |   |   |   |   | 14,395 |  | 14,585 |  |
| Bluestem Brands, Inc. (8)                                                                             | Multi-Channel Retailer of General Merchandise | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.30%, Secured Debt (Maturity - November 6, 2020) | 3 month LIBOR | 11,391 |  | 11,339 |  | 8,550 |  |
|                                                                                                  |   |   |   |   |   |   |
| Boccella Precast Products, LLC (10) (13)                                                              | Manufacturer of Precast Hollow Core Concrete | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 14.10%, Secured Debt (Maturity - June 30, 2022) (8) | 3 month LIBOR | $ | 3,311 |  | $ | 3,262 |  | $ | 3,311 |  |
|                                                                                                  |   | Member Units (540,000 units) (16) | — | — |  | 564 |  | 1,567 |  |
|                                                                                                  |   |   |   |   | 3,826 |  | 4,878 |  |
| Brightwood Capital Fund Investments (9) (15)                                                          | Investment Partnership | LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.60%) (16) | — | — |  | 3,815 |  | 3,018 |  |
|                                                                                                  |   | LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.80%) (16) | — | — |  | 9,037 |  | 9,009 |  |
|                                                                                                  |   |   |   |   | 12,852 |  | 12,027 |  |
| Buca C, LLC (10) (13)                                                                                 | Casual Restaurant Group | LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.94%, Secured Debt (Maturity - June 30, 2020) (8) | 1 month LIBOR | 12,669 |  | 12,639 |  | 12,530 |  |
|                                                                                                  |   | Preferred Member Units (4 units, 6.00% cumulative) (16) | — | — |  | 3,040 |  | 3,135 |  |
|                                                                                                  |   |   |   |   | 15,679 |  | 15,665 |  |
| Cadence Aerospace, LLC (8) (11)                                                                       | Aerospace Manufacturing | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.43%, Secured Debt (Maturity - November 14, 2023) | 3 month LIBOR | 19,272 |  | 19,135 |  | 19,273 |  |
| CAI Software, LLC (10) (13)                                                                           | Provider of Specialized Enterprise Resource Planning Software | 11.00% Secured Debt (Maturity - December 7, 2023) | None | 2,290 |  | 2,299 |  | 2,290 |  |
|                                                                                                  |   | Member Units (16,742 units) (16) | — | — |  | 188 |  | 1,303 |  |
|                                                                                                  |   |   |   |   | 2,487 |  | 3,593 |  |
| Cenveo Corporation                                                                                    | Provider of Digital Marketing Agency Services | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.21%, Secured Debt (Maturity - June 7, 2023) (8) | 3 month LIBOR | 4,449 |  | 4,177 |  | 4,449 |  |
|                                                                                                  |   | Common Stock (138,889 shares) | — | — | 4,163 |  | 2,292 |  |
|                                                                                                  |   |   |   |   | 8,340 |  | 6,741 |  |
| Chisholm Energy Holdings, LLC (8) (11)                                                                | Oil and Gas Exploration and Production | LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 8.16%, Secured Debt (Maturity - May 15, 2026) (14) | 3 month LIBOR | 3,571 |  | 3,477 |  | 3,489 |  |
| Clarius BIGS, LLC (11)                                                                                | Prints & Advertising Film Financing | 15.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 2,100 |  | 1,842 |  | 29 |  |
|                                                                                                  |   | 20.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 763 |  | 670 |  | 11 |  |
|                                                                                                  |   |   |   |   | 2,512 |  | 40 |  |
| Clickbooth.com, LLC (8) (11)                                                                          | Provider of Digital Advertising Performance Marketing Solutions | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity - December 5, 2022) | 3 month LIBOR | 2,663 |  | 2,625 |  | 2,663 |  |
| Construction Supply Investments, LLC (11)                                                             | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | Member units (42,207 units) | — | — |  | 4,866 |  | 7,669 |  |
| CTVSH, PLLC (8) (11) (13)                                                                             | Emergency Care and Specialty Service Animal Hospital | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.91%, Secured Debt (Maturity - August 3, 2022) | 1 month LIBOR | 2,525 |  | 2,494 |  | 2,525 |  |
| Datacom, LLC (10) (13)                                                                                | Technology and Telecommunications Provider | 5.25% Current / 5.25% PIK, Current Coupon 10.50% Secured Debt (Maturity - May 31, 2021) (18) | None | 1,376 |  | 1,315 |  | 1,116 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - May 31, 2021) (18) | None | 200 |  | 200 |  | 179 |  |
|                                                                                                  |   | Class A Preferred Member Units (1,530 units) | — | — |  | 144 |  | — |  |
|                                                                                                  |   | Class B Preferred Member Units (717 units) | — | — |  | 670 |  | — |  |
|                                                                                                  |   |   |   |   | 2,329 |  | 1,295 |  |
| Digital River, Inc. (8)                                                                               | Provider of Outsourced e-Commerce Solutions and Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.90%, Secured Debt (Maturity - February 12, 2021) | 3 month LIBOR | 9,759 |  | 9,725 |  | 9,734 |  |
| DTE Enterprises, LLC (11)                                                                             | Industrial Powertrain Repair and Services | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.24%, Secured Debt (Maturity - April 13, 2023) (8) | 1 month LIBOR | 10,992 |  | 10,831 |  | 10,992 |  |
|                                                                                                  |   | Class AA Preferred Member Units (non-voting) (16) | — | — |  | 838 |  | 859 |  |
|                                                                                                  |   | Class A Preferred Member Units (776,316 units) (16) | — | — |  | 776 |  | 1,490 |  |
|                                                                                                  |   |   |   |   | 12,445 |  | 13,341 |  |
| Dynamic Communities, LLC  (8) (11)                                                                    | Developer of Business Events and Online Community Groups | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.71%, Secured Debt (Maturity - July 17, 2023) | 3 month LIBOR | $ | 5,425 |  | $ | 5,341 |  | $ | 5,425 |  |
| Epic Y-Grade Services, LP (8)                                                                         | NGL Transportation & Storage | LIBOR Plus 6.00% (Floor 0.00%), Current Coupon 8.04%, Secured Debt (Maturity - June 13, 2024) | 3 month LIBOR | 10,275 |  | 10,115 |  | 10,050 |  |
| Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)                                          | Technology-Based Performance Support Solutions | LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 10.45%, Secured Debt (Maturity - April 28, 2022) (14) | 6 month LIBOR | 10,901 |  | 10,669 |  | 3,060 |  |
| Felix Investments Holdings II, LLC (8) (11)                                                           | Oil and Gas Exploration and Production | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.40%, Secured Debt (Maturity - August 9, 2022) | 1 month LIBOR | 5,000 |  | 4,937 |  | 5,000 |  |
| Flavors Holdings, Inc. (8)                                                                            | Global Provider of Flavoring and Sweetening Products and Solutions | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.69%, Secured Debt (Maturity - April 3, 2020) | 3 month LIBOR | 10,719 |  | 10,667 |  | 10,076 |  |
| GoWireless Holdings, Inc. (8)                                                                         | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.30%, Secured Debt (Maturity - December 22, 2024) | 3 month LIBOR | 14,910 |  | 14,803 |  | 14,377 |  |
| HDC/HW Intermediate Holdings, LLC (8) (11)                                                            | Managed Services and Hosting Provider | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.45%, Secured Debt (Maturity - December 21, 2023) | 3 month LIBOR | 1,961 |  | 1,928 |  | 1,958 |  |
| Hoover Group, Inc. (8) (9) (11)                                                                       | Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.16%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | 22,045 |  | 21,529 |  | 20,391 |  |
| Hunter Defense Technologies, Inc. (8) (11)                                                            | Provider of Military and Commercial Shelters and Systems | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.94%, Secured Debt (Maturity - March 29, 2023) | 3 month LIBOR | 15,944 |  | 15,676 |  | 15,944 |  |
| HW Temps, LLC (10) (13)                                                                               | Temporary Staffing Solutions | 8.00% Secured Debt (Maturity - March 29, 2023) | None | 2,545 |  | 2,498 |  | 2,230 |  |
| Hydrofarm Holdings, LLC (8) (11)                                                                      | Wholesaler of Horticultural Products | LIBOR Plus 10.00%, Current Coupon 3.54% / 8.26% PIK, Current Coupon Plus PIK 11.80%, Secured Debt (Maturity - May 12, 2022) | 1 month LIBOR | 7,658 |  | 7,573 |  | 6,410 |  |
| Hyperion Materials & Technologies, Inc. (8)                                                       | Manufacturer of Cutting and Machine Tools and Specialty Polishing Compounds | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity - August 28, 2026) | 1 month LIBOR | 7,500 |  | 7,355 |  | 7,425 |  |
| iEnergizer Limited (8) (9) (11)                                                                       | Provider of Business Outsourcing Solutions | LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.79%, Secured Debt (Maturity - April 17, 2024) | 1 month LIBOR | 12,963 |  | 12,848 |  | 12,963 |  |
| Implus Footcare, LLC (8) (11)                                                                         | Provider of Footwear and Related Accessories | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.19%, Secured Debt (Maturity - April 30, 2024) | 3 month LIBOR | 16,977 |  | 16,644 |  | 16,655 |  |
| Independent Pet Partners Intermediate Holdings, LLC (11)                                              | Omnichannel Retailer of Specialty Pet Products | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.89%, Secured Debt (Maturity - November 19, 2023) (8) | 3 month LIBOR | 14,376 |  | 14,120 |  | 14,376 |  |
|                                                                                                  |   | Member Units (1,191,667 units) | — | — |  | 1,192 |  | 964 |  |
|                                                                                                  |   |   |   |   | 15,312 |  | 15,340 |  |
| Industrial Services Acquisitions, LLC (11)                                                            | Industrial Cleaning Services | 6.00% Current / 7.00% PIK, Current Coupon 13.00%, Unsecured Debt (Maturity - December 17, 2022) (17) | None | 12,014 |  | 11,990 |  | 12,014 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (336 units; 10.00% cumulative) | — | — |  | 202 |  | 202 |  |
|                                                                                                  |   | Preferred Member Units (Industrial Services Investments, LLC) (187 units; 20.00% cumulative) | — | — |  | 124 |  | 124 |  |
|                                                                                                  |   | Member Units (Industrial Services Investments, LLC) (2,100 units) | — | — |  | 2,100 |  | 1,191 |  |
|                                                                                                  |   |   |   |   | 14,416 |  | 13,531 |  |
| Interface Security Systems, L.L.C. (8) (11)                                                           | Commercial Security and Alarm Services | LIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.80%, Secured Debt (Maturity - August 7, 2023) | 1 month LIBOR | 7,500 |  | 7,363 |  | 7,363 |  |
| Intermedia Holdings, Inc. (8)                                                                         | Unified Communications as a Service | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.80%, Secured Debt (Maturity - July 19, 2025) | 1 month LIBOR | 3,516 |  | 3,487 |  | 3,525 |  |
| Invincible Boat Company, LLC (8) (11)                                                                 | Manufacturer of Sport Fishing Boats | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.45%, Secured Debt (Maturity - August 28, 2025) | 3 month LIBOR | 9,873 |  | 9,773 |  | 9,773 |  |
| Isagenix International, LLC (8)                                                                       | Direct Marketer of Health and Wellness Products | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.70%, Secured Debt (Maturity - June 14, 2025) | 3 month LIBOR | 5,943 |  | 5,893 |  | 4,273 |  |
| JAB Wireless, Inc. (8) (11)                                                                           | Fixed Wireless Broadband Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.74%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | $ | 14,775 |  | $ | 14,668 |  | $ | 14,775 |  |
| Jackmont Hospitality, Inc. (8) (11)                                                                   | Franchisee of Casual Dining Restaurants | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.45%, Secured Debt (Maturity  - May 26, 2021) | 1 month LIBOR | 8,119 |  | 8,111 |  | 8,119 |  |
| Joerns Healthcare, LLC (8)                                                                            | Manufacturer and Distributor of Health Care Equipment & Supplies | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.91%, Secured Debt (Maturity - August 21, 2024) | 3 month LIBOR | 3,335 |  | 3,276 |  | 3,276 |  |
|                                                                                                  |   | Common Stock (472,579 shares) | — | — |  | 3,678 |  | 3,678 |  |
|                                                                                                  |   |   |   |   | 6,954 |  | 6,954 |  |
| Kemp Technologies, Inc. (8) (11)                                                                      | Provider of Application Delivery Controllers | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.17%, Secured Debt (Maturity  - March 29, 2024) | 1 month LIBOR | 7,463 |  | 7,326 |  | 7,463 |  |
| Knight Energy Services LLC (11)                                                                       | Oil and Gas Equipment & Services | 8.50% PIK Secured Debt (Maturity - February 9, 2024) | None | 828 |  | 828 |  | 828 |  |
|                                                                                                  |   | Class A-2 Shares (25,692 units) | — | — |  | 1,843 |  | 1,843 |  |
|                                                                                                  |   |   |   |   | 2,671 |  | 2,671 |  |
| Kore Wireless Group, Inc. (8)                                                                         | Mission Critical Software Platform | LIBOR Plus 5.50% (Floor 1.00%) PIK, 7.44%, Secured Debt (Maturity - December 20, 2024) | 3 month LIBOR | 6,061 |  | 6,036 |  | 6,023 |  |
| Larchmont Resources, LLC (9)                                                                          | Oil & Gas Exploration & Production | LIBOR Plus 7.00% (Floor 1.00%) PIK, 8.89% PIK, Secured Debt (Maturity - August 7, 2020) (8) | 3 month LIBOR | 3,614 |  | 3,638 |  | 3,352 |  |
|                                                                                                  |   | Member units (Larchmont Intermediate Holdco, LLC) (4,806 units) | — | — |  | 601 |  | 1,201 |  |
|                                                                                                  |   |   |   |   | 4,239 |  | 4,553 |  |
| Laredo Energy VI, LP (8) (11)                                                                         | Oil & Gas Exploration & Production | LIBOR Plus 9.63% (Floor 2.00%), Current Coupon 5.38% / 6.26% PIK, Current Coupon PIK 11.64%, Secured Debt (Maturity - November 19, 2021) | 3 month LIBOR | 11,228 |  | 11,093 |  | 10,554 |  |
| Lightbox Holdings, L.P. (8)                                                                           | Provider of Commercial Real Estate Software | LIBOR Plus 5.00% (Floor 0.00%), Current Coupon 6.74%, Secured Debt (Maturity - May 9, 2026) | 1 month LIBOR | 4,975 |  | 4,904 |  | 4,913 |  |
| LL Management, Inc. (8) (11)                                                                          | Medical Transportation Service Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.56%, Secured Debt (Maturity - September 25, 2023) | 3 month LIBOR | 13,719 |  | 13,590 |  | 13,719 |  |
| Logix Acquisition Company, LLC (8) (11)                                                               | Competitive Local Exchange Carrier | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.55%, Secured Debt (Maturity - December 22, 2024) (23) | 1 month LIBOR | 12,756 |  | 12,682 |  | 12,628 |  |
| LSF9 Atlantis Holdings, LLC (8)                                                                       | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.74%, Secured Debt (Maturity - May 1, 2023) | 1 month LIBOR | 13,124 |  | 13,059 |  | 12,157 |  |
| Lulu’s Fashion Lounge, LLC (8) (11)                                                             | Fast Fashion E-Commerce Retailer | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.80%, Secured Debt (Maturity - August 28, 2022) | 1 month LIBOR | 5,668 |  | 5,533 |  | 5,554 |  |
| Lynx FBO Operating LLC (11)                                                                           | Fixed Based Operator in the General Aviation Industry | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.86%, Secured Debt (Maturity - September 30, 2024) (8) | 3 month LIBOR | 13,750 |  | 13,451 |  | 13,487 |  |
|                                                                                                  |   | Member Units (3,704 units) | — | — |  | 500 |  | 500 |  |
|                                                                                                  |   |   |   |   | 13,951 |  | 13,987 |  |
| Mac Lean-Fogg Company (11)                                                                            | Manufacturer and Supplier for Auto and Power Markets | LIBOR Plus 5.00% (Floor 0.00%), Current Coupon 6.80%, Secured Debt (Maturity - December 22, 2028) (8) | 1 month LIBOR | 7,135 |  | 7,083 |  | 7,135 |  |
|                                                                                                  |   | Preferred Stock (650 shares; 4.50% Cash / 9.25% PIK, cumulative) (16) | — | — |  | 771 |  | 771 |  |
|                                                                                                  |   |   |   |   | 7,854 |  | 7,906 |  |
| Mariner CLO 7, Ltd. (9) (15)                                                                          | Structured Finance | Subordinated Structured Notes (estimated yield of 8.30% due April 30, 2032) | — | 25,935 |  | 22,810 |  | 19,028 |  |
| Mills Fleet Farm Group LLC (8) (11)                                                                   | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.29% / 0.75% PIK, Current Coupon Plus PIK 9.04%, Secured Debt (Maturity - October 24, 2024) | 3 month LIBOR | 14,883 |  | 14,556 |  | 14,184 |  |
| NinjaTrader, LLC (8) (11)                                                                             | Operator of Futures Trading Platform | LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 9.04%, Secured Debt (Maturity - December 18, 2024) | 1 month LIBOR | 9,675 |  | 9,490 |  | 9,490 |  |
| NNE Partners, LLC (8) (11)                                                                            | Oil & Gas Exploration & Production | LIBOR Plus 8.00%, (Floor 0.00%), Current Coupon 9.91%, Secured Debt (Maturity - March 2, 2022) | 3 month LIBOR | 20,417 |  | 20,320 |  | 20,172 |  |
| North American Lifting Holdings, Inc. (8)                                                             | Crane Service Provider | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.44%, Secured Debt (Maturity - November 27, 2020) | 3 month LIBOR | $ | 6,179 |  | $ | 5,959 |  | $ | 5,228 |  |
| Novetta Solutions, LLC (8)                                                                            | Provider of Advanced Analytics Solutions for Defense Agencies | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.80%, Secured Debt (Maturity - October 17, 2022) | 1 month LIBOR | 14,823 |  | 14,573 |  | 14,604 |  |
| NTM Acquisition Corp. (8)                                                                             | Provider of B2B Travel Information Content | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.05%, Secured Debt (Maturity - June 7, 2022) | 1 month LIBOR | 4,518 |  | 4,490 |  | 4,518 |  |
| Pasha Group (8)                                                                                       | Diversified Logistics and Transportation Provided | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.35%, Secured Debt (Maturity - January 26, 2023) | 2 month LIBOR | 8,984 |  | 8,781 |  | 9,074 |  |
| Permian Holdco 2, Inc.                                                                                | Storage Tank Manufacturer | 14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (17) | None | 1,138 |  | 1,138 |  | 851 |  |
|                                                                                                  |   | 18.00% PIK Unsecured Debt (Maturity - June 30, 2022) (17) | None | 794 |  | 794 |  | 794 |  |
|                                                                                                  |   | Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 shares) | — | — |  | 1,997 |  | 250 |  |
|                                                                                                  |   | Common Shares (Permian Holdco 1, Inc.) (386,255 shares) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 3,929 |  | 1,895 |  |
| PricewaterhouseCoopers Public Sector LLP (8)                                                          | Provider of Consulting Services to Governments | LIBOR Plus 8.00% (Floor 0.00%), Current Coupon 9.80%, Secured Debt (Maturity - May 1, 2026) (14) | 1 month LIBOR | 14,100 |  | 14,057 |  | 13,889 |  |
| RM Bidder, LLC (11)                                                                                   | Scripted and Unscripted TV and Digital Programming Provider | Common Stock (1,854 shares) | — | — |  | 31 |  | 12 |  |
|                                                                                                  |   | Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025) | — | — |  | 284 |  | — |  |
|                                                                                                  |   | Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 315 |  | 12 |  |
| Salient Partners, LP (8) (11)                                                                         | Provider of Asset Management Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.80%, Secured Debt (Maturity - June 9, 2021) | 1 month LIBOR | 6,450 |  | 6,511 |  | 6,450 |  |
| Slick Software Holdings LLC (10) (13)                                                                 | Text Messaging Marketing Platform | 14.00% Secured Debt (Maturity - September 13, 2023) | None | 1,590 |  | 1,336 |  | 1,336 |  |
|                                                                                                  |   | Member units (17,500 units) (16) | — | — |  | 175 |  | 270 |  |
|                                                                                                  |   | Warrants (4,521 equivalent units, Expiration - September 13, 2028) | — | — |  | 45 |  | 73 |  |
|                                                                                                  |   |   |   |   | 1,556 |  | 1,679 |  |
| Smart Modular Technologies, Inc. (8) (9) (11)                                                         | Provider of Specialty Memory Solutions | LIBOR Plus 6.25%, (Floor 1.00%), Current Coupon 8.16%, Secured Debt (Maturity - August 9, 2022) | 3 month LIBOR | 18,484 |  | 18,340 |  | 18,669 |  |
| TEAM Public Choices, LLC (8) (11)                                                                     | Home-Based Care Employment Service Provider | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.80%, Secured Debt (Maturity - September 20, 2024) | 1 month LIBOR | 9,626 |  | 9,530 |  | 9,529 |  |
| TE Holdings, LLC                                                                                      | Oil & Gas Exploration & Production | Common Units (72,785 units) | — | — |  | 728 |  | — |  |
| TGP Holdings III LLC (8)                                                                              | Outdoor Cooking & Accessories | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.30%, Secured Debt (Maturity - September 25, 2025) (14) | 1 month LIBOR | 5,000 |  | 5,000 |  | 4,675 |  |
| TMC Merger Sub Corp (8)                                                                               | Refractory & Maintenance Services Provider | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.56%, Secured Debt (Maturity - October 31, 2022) (25) | 1 month LIBOR | 16,835 |  | 16,691 |  | 16,689 |  |
| TOMS Shoes, LLC                                                                                       | Global Designer, Distributor, and Retailer of Casual Footwear | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.46%, Secured Debt (Maturity - October 30, 2020) | 3 month LIBOR | 571 |  | 571 |  | 571 |  |
|                                                                                                  |   | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.96%, Secured Debt (Maturity - December 31, 2025) (8) (14) | 3 month LIBOR | 1,637 |  | 1,637 |  | 1,637 |  |
|                                                                                                  |   | Member Units (13,866 units) | — | — |  | 220 |  | 220 |  |
|                                                                                                  |   |   |   |   | 2,428 |  | 2,428 |  |
| USA DeBusk LLC (8) (11)                                                                               | Provider of Industrial Cleaning Services | LIBOR Plus 5.75%, (Floor 1.00%), Current Coupon 7.54%, Secured Debt (Maturity - October 22, 2024) | 1 month LIBOR | 20,000 |  | 19,615 |  | 19,615 |  |
| U.S. Telepacific Corp. (8)                                                                            | Provider of Communications and Managed Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.94%, Secured Debt (Maturity - May 2, 2023) | 3 month LIBOR | 12,500 |  | 12,297 |  | 12,032 |  |
| Vida Capital, Inc. (8)                                                                                | Alternative Asset Manager | LIBOR Plus 6.00% (Floor 0.00%), Current Coupon 7.93%, Secured Debt (Maturity - October 1, 2026) | 3 month LIBOR | $ | 7,500 |  | $ | 7,391 |  | $ | 7,425 |  |
| VIP Cinema Holdings, Inc. (8)                                                                         | Supplier of Luxury Seating to the Cinema Industry | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.91%, Secured Debt (Maturity - March 1, 2023) (18) | 3 month LIBOR | 8,750 |  | 8,724 |  | 4,611 |  |
| Vistar Media, Inc. (11)                                                                               | Operator of Digital Out-of-Home Advertising Platform | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - April 3, 2023) (8) | 3 month LIBOR | 4,963 |  | 4,790 |  | 4,963 |  |
|                                                                                                  |   | Warrants (69,675 equivalent units, Expiration - April 3, 2029) | — | — |  | — |  | 1,630 |  |
|                                                                                                  |   | Preferred Stock (70,207 shares) | — | — |  | 767 |  | 1,610 |  |
|                                                                                                  |   |   |   |   | 5,557 |  | 8,203 |  |
| Volusion, LLC (10) (13)                                                                               | Provider of Online Software-as-a-Service eCommerce Solutions | 11.50% Secured Debt (Maturity - January 24, 2020) | None | 8,672 |  | 8,611 |  | 8,290 |  |
|                                                                                                  |   | 8.00% Unsecured Convertible Debt (Maturity - November 16, 2023) | None | 175 |  | 175 |  | 124 |  |
|                                                                                                  |   | Preferred Member Units (2,090,001 units) | — | — |  | 6,000 |  | 6,000 |  |
|                                                                                                  |   | Warrants (784,866.80 equivalent units, Expiration - January 26, 2025) | — | — |  | 1,104 |  | 64 |  |
|                                                                                                  |   |   |   |   | 15,890 |  | 14,478 |  |
| Wireless Vision Holdings, LLC (8) (11)                                                                | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 9.65% (Floor 1.00%), Current Coupon 11.66% / 1.00% PIK, Current Coupon Plus PIK 12.66%, Secured Debt (Maturity - September 29, 2022) (23) | 1 month LIBOR | 7,148 |  | 7,023 |  | 7,148 |  |
|                                                                                                  |   | LIBOR Plus 9.91% (Floor 1.00%), Current Coupon 11.61% / 1.00% PIK, Current Coupon Plus PIK 12.61%, Secured Debt (Maturity - September 29, 2022) (23) | 1 month LIBOR | 6,213 |  | 6,029 |  | 6,213 |  |
|                                                                                                  |   |   |   |   | 13,052 |  | 13,361 |  |
| YS Garments, LLC (8)                                                                                  | Designer and Provider of Branded Activewear | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.62%, Secured Debt (Maturity - August 9, 2024) | 1 month LIBOR | 7,266 |  | 7,206 |  | 7,201 |  |
| Subtotal Non-Control/Non-Affiliate Investments (5) (82% of total portfolio investments at fair value) |   |   | $ | 878,632 |  | $ | 838,643 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Portfolio Investments                                                                           |   |   |   |   | $ | 1,040,055 |  | $ | 1,027,597 |  |
|                                                                                                  |   |   |   |   |   |   |
| Short Term Investments (20)                                                                           |   |   |   |   |   |   |
| Fidelity Institutional Money Market Funds (21)                                                        | — | Prime Money Market Portfolio, Class III Shares | — | — |  | $ | 3,482 |  | $ | 3,482 |  |
| US Bank Money Market Account (21)                                                                     | — | — | — | — |  | 15,973 |  | 15,973 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Short Term Investments                                                                          |   |   |   |   | $ | 19,455 |  | $ | 19,455 |  |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   |   |   | Twelve Months Ended December 31, 2019 |   |   |   | Twelve Months Ended December 31, 2019 |
| Affiliate Investments                          |   | Fair Value at December 31, 2018 |   | Gross Additions (Cost)* |   | Gross Reductions (Cost)** |   | Net Unrealized Gain (Loss)*** |   | Fair Value at December 31, 2019 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AFG Capital Group, LLC                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | $ | — |  |   | $ | 260 |  |   | $ | (51 | ) |   | $ | — |  |   | $ | 209 |  |   | $ | — |  | $ | 16 |  | $ | — |  | $ | — |  |
| Member units                                   |   | 995 |  |   | 1 |  |   | — |  |   | 299 |  |   | 1,295 |  |   | — |  | — |  | — |  | (10 | ) |
| Warrants                                       |   | 237 |  |   | 195 |  |   | (260 | ) |   | (172 | ) |   | — |  |   | 195 |  | — |  | — |  | — |  |
| Analytical Systems Keco, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 1,403 |  |   | (143 | ) |   | 6 |  |   | 1,266 |  |   | — |  | 69 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 800 |  |   | — |  |   | — |  |   | 800 |  |   | — |  | — |  | — |  | — |  |
| Warrants                                       |   | — |  |   | 79 |  |   | — |  |   | — |  |   | 79 |  |   | — |  | — |  | — |  | — |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brewer Crane Holdings, LLC                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | $ | 2,347 |  |   | $ | 10 |  |   | $ | (124 | ) |   | $ | — |  |   | $ | 2,233 |  |   | $ | — |  | $ | 297 |  | $ | — |  | $ | — |  |
| Preferred member units                         |   | 1,070 |  |   | — |  |   | — |  |   | — |  |   | 1,070 |  |   | — |  | — |  | — |  | 30 |  |
| Centre Technologies Holdings, LLC              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 3,069 |  |   | (67 | ) |   | 6 |  |   | 3,008 |  |   | — |  | 362 |  | 30 |  | — |  |
| Preferred member units                         |   | — |  |   | 1,460 |  |   | — |  |   | — |  |   | 1,460 |  |   | — |  | — |  | — |  | — |  |
| Chamberlin Holding, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 4,933 |  |   | 28 |  |   | (608 | ) |   | 90 |  |   | 4,443 |  |   | — |  | 633 |  | 75 |  | — |  |
| Member units                                   |   | 4,735 |  |   | — |  |   | — |  |   | 1,274 |  |   | 6,009 |  |   | — |  | — |  | — |  | 276 |  |
| Member units (Langfield RE, LLC)               |   | 183 |  |   | 79 |  |   | — |  |   | 101 |  |   | 363 |  |   | — |  | — |  | — |  | 90 |  |
| Charlotte Russe, Inc.                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock                                   |   | 3,090 |  |   | — |  |   | (6,236 | ) |   | 3,146 |  |   | — |  |   | (5,430 | ) | (84 | ) | — |  | — |  |
| Charps, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,975 |  |   | 452 |  |   | (3,374 | ) |   | (53 | ) |   | — |  |   | — |  | 236 |  | — |  | — |  |
| Term loan                                      |   | — |  |   | 500 |  |   | — |  |   | — |  |   | 500 |  |   | — |  | 4 |  | 2 |  | — |  |
| Preferred member units                         |   | 568 |  |   | — |  |   | — |  |   | 1,162 |  |   | 1,730 |  |   | — |  | — |  | — |  | 134 |  |
| Clad-Rex Steel, LLC                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,020 |  |   | 14 |  |   | (300 | ) |   | (38 | ) |   | 2,696 |  |   | — |  | 348 |  | — |  | — |  |
| Member units                                   |   | 2,653 |  |   | — |  |   | — |  |   | (245 | ) |   | 2,408 |  |   | — |  | 1 |  | — |  | 67 |  |
| Term loan (Clad-Rex Steel RE Investor, LLC)    |   | 288 |  |   | — |  |   | (5 | ) |   | (1 | ) |   | 282 |  |   | — |  | 29 |  | — |  | — |  |
| Member units (Clad-Rex Steel RE Investor, LLC) |   | 88 |  |   | — |  |   | — |  |   | 27 |  |   | 115 |  |   | — |  | — |  | — |  | — |  |
| Copper Trail Energy Fund I, LP                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP Interests                                   |   | — |  |   | 4,029 |  |   | (1,916 | ) |   | (470 | ) |   | 1,643 |  |   | — |  | — |  | 17 |  | (250 | ) |
| Digital Products Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 6,320 |  |   | 42 |  |   | (1,530 | ) |   | (221 | ) |   | 4,611 |  |   | — |  | 756 |  | — |  | — |  |
| Preferred member units                         |   | 2,116 |  |   | 259 |  |   | — |  |   | (1,081 | ) |   | 1,294 |  |   | — |  | — |  | — |  | 37 |  |
| Direct Marketing Solutions, Inc.               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 4,404 |  |   | 29 |  |   | (574 | ) |   | 70 |  |   | 3,929 |  |   | — |  | 612 |  | — |  | — |  |
| Preferred stock                                |   | 3,725 |  |   | — |  |   | — |  |   | 1,326 |  |   | 5,051 |  |   | — |  | — |  | — |  | — |  |
| Freeport Financial Funds                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                                   |   | 10,980 |  |   | 798 |  |   | (1,998 | ) |   | (84 | ) |   | 9,696 |  |   | — |  | — |  | — |  | 1,033 |  |
| Gamber-Johnson Holdings, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,371 |  |   | 23 |  |   | (616 | ) |   | (23 | ) |   | 4,755 |  |   | — |  | 503 |  | — |  | — |  |
| Member units                                   |   | 11,365 |  |   | — |  |   | — |  |   | 1,987 |  |   | 13,352 |  |   | — |  | — |  | — |  | 930 |  |
| Guerdon Modular Holdings, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,001 |  |   | 11 |  |   | (19 | ) |   | (2,993 | ) |   | — |  |   | — |  | (252 | ) | — |  | — |  |
| Term loan                                      |   | — |  |   | 252 |  |   | — |  |   | (252 | ) |   | — |  |   | — |  | 2 |  | 3 |  | — |  |
| Common stock                                   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Class B preferred stock                        |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Gulf Publishing Holdings, LLC                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,131 |  |   | 14 |  |   | (33 | ) |   | 12 |  |   | 3,124 |  |   | — |  | 412 |  | — |  | — |  |
| Revolving line of credit                       |   | — |  |   | 80 |  |   | (10 | ) |   | — |  |   | 70 |  |   | — |  | 6 |  | — |  | — |  |
| Member units                                   |   | 1,030 |  |   | 1 |  |   | — |  |   | (426 | ) |   | 605 |  |   | — |  | — |  | — |  | — |  |
| Harris Preston Fund Investments                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests (HPEP 3, LP)                      |   | 1,733 |  |   | 741 |  |   | — |  |   | — |  |   | 2,474 |  |   | — |  | — |  | — |  | — |  |
| LP interests (2717 HM, LP)                     |   | 1,133 |  |   | 1,195 |  |   | (2,328 | ) |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Hawk Ridge Systems, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,575 |  |   | 17 |  |   | (225 | ) |   | (17 | ) |   | 3,350 |  |   | — |  | 379 |  | — |  | — |  |
| Revolving line of credit                       |   | — |  |   | 151 |  |   | (3 | ) |   | — |  |   | 148 |  |   | — |  | 1 |  | — |  | — |  |
| Preferred member units                         |   | 1,815 |  |   | — |  |   | — |  |   | 160 |  |   | 1,975 |  |   | — |  | — |  | — |  | 94 |  |
| Preferred member units (HRS Services, ULC)     |   | 95 |  |   | — |  |   | — |  |   | 10 |  |   | 105 |  |   | — |  | — |  | — |  | — |  |
| HW Temps, LLC                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,484 |  |   | 391 |  |   | (2,875 | ) |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| Preferred member units                         |   | 986 |  |   | — |  |   | (986 | ) |   | — |  |   | — |  |   | — |  | — |  | — |  | — |  |
| J & J Services, Inc.                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 4,403 |  |   | (88 | ) |   | — |  |   | 4,315 |  |   | — |  | 90 |  | — |  | — |  |
| Preferred member units                         |   | — |  |   | 1,790 |  |   | — |  |   | — |  |   | 1,790 |  |   | — |  | — |  | — |  | — |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Kickhaefer Manufacturer Company, LLC           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | $ | 6,795 |  |   | $ | 51 |  |   | $ | (700 | ) |   | $ | — |  |   | $ | 6,146 |  |   | $ | — |  | $ | 846 |  | $ | — |  | $ | — |  |
| Term loan                                      |   | 259 |  |   | 3 |  |   | (266 | ) |   | 4 |  |   | — |  |   | — |  | 5 |  | — |  | — |  |
| Term loan                                      |   | 991 |  |   | — |  |   | (14 | ) |   | — |  |   | 977 |  |   | — |  | 90 |  | — |  | — |  |
| Preferred member units                         |   | 3,060 |  |   | — |  |   | — |  |   | — |  |   | 3,060 |  |   | — |  | — |  | — |  | 27 |  |
| Member units (KMC RE Investor, LLC)            |   | 248 |  |   | — |  |   | — |  |   | 42 |  |   | 290 |  |   | — |  | — |  | — |  | — |  |
| Market Force Information, Inc.                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,617 |  |   | 115 |  |   | (1 | ) |   | (106 | ) |   | 5,625 |  |   | — |  | 787 |  | — |  | — |  |
| Revolving line of credit                       |   | 50 |  |   | 696 |  |   | (50 | ) |   | (22 | ) |   | 674 |  |   | — |  | 33 |  | — |  | — |  |
| Member units                                   |   | 3,275 |  |   | 485 |  |   | — |  |   | (2,441 | ) |   | 1,319 |  |   | — |  | — |  | — |  | — |  |
| M.H. Corbin Holding, LLC                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 2,934 |  |   | 272 |  |   | (1,115 | ) |   | 122 |  |   | 2,213 |  |   | 10 |  | 291 |  | — |  | — |  |
| Preferred member units                         |   | 250 |  |   | — |  |   | — |  |   | (245 | ) |   | 5 |  |   | — |  | — |  | — |  | — |  |
| Common units                                   |   | — |  |   | 1,100 |  |   | — |  |   | 92 |  |   | 1,192 |  |   | — |  | — |  | — |  | — |  |
| Mystic Logistics Holdings, LLC                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 1,877 |  |   | 10 |  |   | (320 | ) |   | (6 | ) |   | 1,561 |  |   | — |  | 222 |  | — |  | — |  |
| Common stock                                   |   | 52 |  |   | 1 |  |   | — |  |   | 2,050 |  |   | 2,103 |  |   | — |  | — |  | — |  | 67 |  |
| NexRev, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 4,322 |  |   | 218 |  |   | (161 | ) |   | (48 | ) |   | 4,331 |  |   | — |  | 506 |  | — |  | — |  |
| Preferred member units                         |   | 1,972 |  |   | — |  |   | — |  |   | (395 | ) |   | 1,577 |  |   | — |  | — |  | — |  | 49 |  |
| NuStep, LLC                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 5,073 |  |   | 28 |  |   | (200 | ) |   | — |  |   | 4,901 |  |   | — |  | 655 |  | — |  | — |  |
| Preferred member units                         |   | 2,550 |  |   | — |  |   | — |  |   | — |  |   | 2,550 |  |   | — |  | — |  | — |  | — |  |
| SI East, LLC                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 11,582 |  |   | 41 |  |   | (762 | ) |   | 127 |  |   | 10,988 |  |   | — |  | 1,227 |  | — |  | — |  |
| Preferred member units                         |   | 2,000 |  |   | — |  |   | — |  |   | 734 |  |   | 2,734 |  |   | — |  | — |  | — |  | 153 |  |
| SoftTouch Medical Holdings, LLC                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (41 | ) | — |  | — |  | — |  |
| Tedder Acquisition, LLC                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | 3,983 |  |   | 20 |  |   | (1 | ) |   | 64 |  |   | 4,066 |  |   | — |  | 518 |  | — |  | — |  |
| Revolving line of credit                       |   | 118 |  |   | 300 |  |   | (260 | ) |   | — |  |   | 158 |  |   | — |  | 16 |  | 1 |  | — |  |
| Preferred member units                         |   | 1,869 |  |   | 165 |  |   | — |  |   | — |  |   | 2,034 |  |   | — |  | — |  | — |  | — |  |
| Trantech Radiator Topco, LLC                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                                      |   | — |  |   | 2,616 |  |   | (378 | ) |   | (1 | ) |   | 2,237 |  |   | — |  | 195 |  | — |  | — |  |
| Common stock                                   |   | — |  |   | 1,164 |  |   | — |  |   | — |  |   | 1,164 |  |   | — |  | — |  | — |  | 17 |  |
| Total Affiliate Investments                    |   | $ | 149,323 |  |   | $ | 29,861 |  |   | $ | (28,597 | ) |   | $ | 3,571 |  |   | $ | 154,158 |  |   | $ | (5,266 | ) | $ | 9,811 |  | $ | 128 |  | $ | 2,744 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   |   |   | Twelve Months Ended December 31, 2019 |   |   |   | Twelve Months Ended December 31, 2019 |
| Control Investments             |   | Fair Value at December 31, 2018 |   | Gross Additions (Cost)** |   | Gross Reductions (Cost)*** |   | Net Unrealized Gain (Loss) |   | Fair Value at December 31, 2019 |   | Net Realized Gain (Loss) | Interest Income | Fee Income | Dividend Income |
|                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Copper Trail Energy Fund I, LP  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                    |   | $ | 4,468 |  |   | $ | 23 |  |   | $ | (4,491 | ) |   | $ | — |  |   | $ | — |  |   | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
| CTMH, LP                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP interests                    |   | 872 |  |   | — |  |   | — |  |   | — |  |   | 872 |  |   | — |  | — |  | — |  | — |  |
| GRT Rubber Technologies, LLC    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Term loan                       |   | 4,797 |  |   | 2,603 |  |   | — |  |   | (4 | ) |   | 7,396 |  |   | — |  | 596 |  | — |  | — |  |
| Member units                    |   | 19,239 |  |   | — |  |   | — |  |   | 4,133 |  |   | 23,372 |  |   | — |  | — |  | 71 |  | 5,439 |  |
| Harris Preston Fund Investments |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LP Interests (2717 HM, LP)      |   | — |  |   | 3,328 |  |   | (497 | ) |   | 325 |  |   | 3,156 |  |   | — |  | — |  | — |  | — |  |
| HMS-ORIX SLF LLC*               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Membership interests            |   | 26,351 |  |   | — |  |   | (30,001 | ) |   | 3,650 |  |   | — |  |   | (633 | ) | — |  | — |  | 546 |  |
| Total Control Investments       |   | $ | 55,727 |  |   | $ | 5,954 |  |   | $ | (34,989 | ) |   | $ | 8,104 |  |   | $ | 34,796 |  |   | $ | (633 | ) | $ | 596 |  | $ | 71 |  | $ | 5,985 |  |

----

----

----

|                                                                                                               |
|---------------------------------------------------------------------------------------------------------------|
|                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                          | Six Months Ended |
|                                                                                                          | June 30, 2020 |   | June 30, 2019 |
|                                                                                                          |   |   |   |
| Cash and cash equivalents                                                                                     | $ | 12,672 |  |   | $ | 20,667 |  |
| Restricted cash                                                                                               | 15,252 |  |   | — |  |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 27,924 |  |   | $ | 20,667 |  |

----

----

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2—Valuations based on inputs other than quoted prices in active markets, which are either directly or indirectly observable for essentially the full term of the investment.  Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in non-active markets (for example, thinly traded public companies),  pricing models whose inputs are observable for substantially the full term of the investment, and pricing models whose inputs are derived principally from or corroborated by, observable market data through correlation or other means for substantially the full term of the investment. |
|         |                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Such information may be the result of consensus pricing information or broker quotes for which sufficient observable inputs were not available. |

----

|         |                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers; |
|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | Current and projected financial condition of the portfolio company; |
|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | Current and projected ability of the portfolio company to service its debt obligations; |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Type and amount of collateral, if any, underlying the investment; |
|         |                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio, and net debt/earnings before interest, tax, depreciation and amortization (“EBITDA”) ratio) applicable to the investment; |
|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio); |
|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | Pending debt or capital restructuring of the portfolio company; |
|         |                                                       |
|---------|-------------------------------------------------------|
| • | Projected operating results of the portfolio company; |
|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Current information regarding any offers to purchase the investment; |
|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Current ability of the portfolio company to raise any additional financing as needed; |
|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | Changes in the economic environment which may have a material impact on the operating results of the portfolio company; |
|         |                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | External occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company, including but not limited to impacts from the coronavirus (“COVID-19”) pandemic and oil price volatility; |
|         |                                           |
|---------|-------------------------------------------|
| • | Qualitative assessment of key management; |
|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Contractual rights, obligations or restrictions associated with the investment; |
|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | Third party pricing for securities with limited observability of inputs determining the pricing; and |
|         |                                |
|---------|--------------------------------|
| • | Other factors deemed relevant. |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Fair Value Measurements |
|                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| First lien secured debt investments  | $ | — |  |   | $ | — |  |   | $ | 659,719 |  |   | $ | 659,719 |  |
| Second lien secured debt investments | — |  |   | — |  |   | 34,157 |  |   | 34,157 |  |
| Unsecured debt investments           | — |  |   | — |  |   | 13,669 |  |   | 13,669 |  |
| Equity investments (1)               | — |  |   | — |  |   | 170,033 |  |   | 170,033 |  |
| Total                                | $ | — |  |   | $ | — |  |   | $ | 877,578 |  |   | $ | 877,578 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Fair Value Measurements |
|                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| First lien secured debt investments  | $ | — |  |   | $ | — |  |   | $ | 800,361 |  |   | $ | 800,361 |  |
| Second lien secured debt investments | — |  |   | — |  |   | 40,646 |  |   | 40,646 |  |
| Unsecured debt investments           | — |  |   | — |  |   | 13,783 |  |   | 13,783 |  |
| Equity investments (1)               | — |  |   | — |  |   | 172,807 |  |   | 172,807 |  |
| Total                                | $ | — |  |   | $ | — |  |   | $ | 1,027,597 |  |   | $ | 1,027,597 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Fair Value Measurements |
|                            | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| LMM portfolio investments       | $ | — |  |   | $ | — |  |   | $ | 216,388 |  |   | $ | 216,388 |  |
| Private Loan investments        | — |  |   | — |  |   | 434,305 |  |   | 434,305 |  |
| Middle Market investments       | — |  |   | — |  |   | 181,888 |  |   | 181,888 |  |
| Other Portfolio investments (1) | — |  |   | — |  |   | 44,997 |  |   | 44,997 |  |
| Total                           | $ | — |  |   | $ | — |  |   | $ | 877,578 |  |   | $ | 877,578 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Fair Value Measurements |
|                            | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| LMM portfolio investments       | $ | — |  |   | $ | — |  |   | $ | 225,121 |  |   | $ | 225,121 |  |
| Private Loan investments        | — |  |   | — |  |   | 481,152 |  |   | 481,152 |  |
| Middle Market investments       | — |  |   | — |  |   | 272,428 |  |   | 272,428 |  |
| Other Portfolio investments (1) | — |  |   | — |  |   | 48,896 |  |   | 48,896 |  |
| Total                           | $ | — |  |   | $ | — |  |   | $ | 1,027,597 |  |   | $ | 1,027,597 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |
|                             | Fair Value | ValuationTechnique | Significant Unobservable Inputs | Range |   | WeightedAverage (2) |
| LMM equity investments           | $ | 91,018 |  | Discounted Cash Flows | WACC | 11.8% - 19.8% |   | 14.0% |
|                             |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.0x - 10.5x |   | 6.9x |
| LMM debt investments             | 125,370 |  | Discounted Cash Flows | Expected Principal Recovery | 84.0% - 100.0% |   | 99.3% |
|                             |   |   | Risk Adjusted Discount Factor | 8.0% - 24.0% |   | 14.2% |
| Private Loan debt investments    | 372,759 |  | Discounted Cash Flows | Expected Principal Recovery | 1.6% - 100.0% |   | 99.6% |
|                             |   |   | Risk Adjusted Discount Factor | 7.3% - 28.4% |   | 11.1% |
|                             | 32,272 |  | Market Approach | Third Party Quotes | 76.0% - 85.5% |   | 80.3% |
| Private Loan equity investments  | 29,274 |  | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.9x - 11.9x |   | 8.0x |
|                             |   | Discounted Cash Flows | WACC | 11.2% - 14.9% |   | 12.5% |
| Middle Market debt investments   | 4,949 |  | Discounted Cash Flows | Expected Principal Recovery | 25.0% - 100.0% |   | 90.8% |
|                             |   |   | Risk Adjusted Discount Factor | 8.8% - 42.5% |   | 16.8% |
|                             | 172,195 |  | Market Approach | Third Party Quotes | 37.5% - 99.7% |   | 84.4% |
| Middle Market equity investments | 4,744 |  | Market Approach | Third Party Quotes | $0.0 - $100.0 |   | $61.2 |
|                             |   | Discounted Cash Flows | WACC | 12.4% - 18.9% |   | 12.4% |
|                             |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 3.9x - 7.7x |   | 7.7x |
| Other Portfolio investments (3)  | 30,531 |  | Market Approach | NAV (1) | 73.9% - 108.8% |   | 94.3% |
|                             | 14,466 |  | Discounted Cash Flows | Constant Default Rate | 1.0% |   | 1.0% |
|                             |   |   | Constant Prepayment Rate | 20.0% |   | 20.0% |
|                             |   |   | Reinvestment Spread | 3.4% |   | 3.4% |
|                             |   |   | Reinvestment Price | 99.5% |   | 99.5% |
|                             |   |   | Recovery Rate | 70.0% |   | 70.0% |
|                             |   |   | Yield to Maturity | 20.0% |   | 20.0% |
|                             | $ | 877,578 |  |   |   |   |   |   |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |
|                                 | Fair Value | ValuationTechnique | Significant Unobservable Inputs | Range |   | WeightedAverage (2) |
| LMM equity investments               | $ | 95,554 |  | Discounted Cash Flows | WACC | 11.0% - 18.3% |   | 13.6% |
|                                 |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.5x - 12.0x |   | 6.9x |
| LMM debt investments                 | 129,567 |  | Discounted Cash Flows | Expected Principal Recovery | 100.0% - 100.0% |   | 100.0% |
|                                 |   |  |   | Risk Adjusted Discount Factor | 8.0% - 19.0% |   | 12.1% |
| Private Loan debt investments        | 403,194 |  | Discounted Cash Flows | Expected Principal Recovery | 1.4% - 100.0% |   | 99.9% |
|                                 |   |   | Risk Adjusted Discount Factor | 4.6% - 21.7% |   | 7.9% |
|                                 | 57,242 |  | Market Approach | Third Party Quotes | 92.5% - 101.0% |   | 97.2% |
| Private Loan equity investments      | 20,716 |  | Market Approach/Enterprise Value | EBITDA Multiples (1) | 4.9x - 9.5x |   | 7.8x |
|                                 |   | Discounted Cash Flows | WACC | 10.7% - 14.6% |   | 12.1% |
| Middle Market debt investments       | 250,194 |  | Market Approach | Third Party Quotes | 28.1% - 101.0% |   | 92.0% |
|                                 | 14,593 |  | Discounted Cash Flows | Expected Principal Recovery | 52.7% - 100.0% |   | 76.1% |
|                                 |   |   | Risk Adjusted Discount Factor | 8.6% - 38.0% |   | 19.9% |
| Middle Market equity investments     | 7,641 |  | Market Approach | Third Party Quotes | $0.00 - $200.0 |   | $104.9 |
|                                 |   | Discounted Cash Flows | WACC | 17.5% - 18.0% |   | 17.5% |
|                                 |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 3.9x - 5.5x |   | 5.5x |
| Other Portfolio investments (3) | 29,868 |  | Market Approach | NAV (1) | 80.7% - 118.3% |   | 99.9% |
|                                 | 19,028 |  | Discounted Cash Flows | Constant Default Rate | 1.0% |   | 1.0% |
|                                 |   |   | Constant Prepayment Rate | 20.0% |   | 20.0% |
|                                 |   |   | Reinvestment Spread | 3.4% |   | 3.4% |
|                                 |   |   | Reinvestment Price | 99.5% |   | 99.5% |
|                                 |   |   | Recovery Rate | 70.0% |   | 70.0% |
|                                 |   |   | Yield to Maturity | 12.0% |   | 12.0% |
|                                 | $ | 1,027,597 |  |   |   |   |   |   |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment   | December 31, 2019 Fair Value |   | PIK Interest Accrual |   | New Investments(1) |   | Sales/ Repayments |   | Net Change in UnrealizedAppreciation(Depreciation) (2) |   | Net Realized Gain (Loss) |   | June 30, 2020 Fair Value |
| LMM Equity           | $ | 95,554 |  |   | $ | — |  |   | $ | 4,451 |  |   | $ | (19 | ) |   | $ | (7,937 | ) |   | $ | (1,031 | ) |   | $ | 91,018 |  |
| LMM Debt             | 129,567 |  |   | 136 |  |   | 13,255 |  |   | (13,122 | ) |   | (1,422 | ) |   | (3,044 | ) |   | 125,370 |  |
| Private Loan Equity  | 20,716 |  |   | 78 |  |   | 12,330 |  |   | (20 | ) |   | (3,830 | ) |   | — |  |   | 29,274 |  |
| Private Loan Debt    | 460,436 |  |   | 1,487 |  |   | 31,805 |  |   | (60,072 | ) |   | (28,295 | ) |   | (330 | ) |   | 405,031 |  |
| Middle Market Debt   | 264,787 |  |   | 276 |  |   | 5,887 |  |   | (61,190 | ) |   | (19,527 | ) |   | (13,089 | ) |   | 177,144 |  |
| Middle Market Equity | 7,641 |  |   | — |  |   | — |  |   | — |  |   | (2,677 | ) |   | (220 | ) |   | 4,744 |  |
| Other Portfolio (3)  | 48,896 |  |   | — |  |   | 1,504 |  |   | 598 |  |   | (6,022 | ) |   | 21 |  |   | 44,997 |  |
| Total                | $ | 1,027,597 |  |   | $ | 1,977 |  |   | $ | 69,232 |  |   | $ | (133,825 | ) |   | $ | (69,710 | ) |   | $ | (17,693 | ) |   | $ | 877,578 |  |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment       | December 31, 2018 Fair Value |   | PIK InterestAccrual |   | New Investments(1) |   | Sales/ Repayments |   | Net Change in UnrealizedAppreciation(Depreciation) (2) |   | Net Realized Gain (Loss) |   | June 30, 2019 Fair Value |
| LMM Equity               | $ | 79,641 |  |   | $ | 174 |  |   | $ | 3,748 |  |   | $ | (1,198 | ) |   | $ | 5,300 |  |   | $ | 148 |  |   | $ | 87,813 |  |
| LMM Debt                 | 130,633 |  |   | 192 |  |   | 11,798 |  |   | (12,141 | ) |   | (481 | ) |   | 10 |  |   | 130,011 |  |
| Private Loan Equity      | 16,905 |  |   | 19 |  |   | 1,849 |  |   | (2,101 | ) |   | 3,328 |  |   | 1,026 |  |   | 21,026 |  |
| Private Loan Debt        | 392,034 |  |   | 1,728 |  |   | 85,495 |  |   | (44,227 | ) |   | 10,067 |  |   | (2,259 | ) |   | 442,838 |  |
| Middle Market Debt       | 428,569 |  |   | 252 |  |   | 16,657 |  |   | (99,085 | ) |   | (10,901 | ) |   | (5,263 | ) |   | 330,229 |  |
| Middle Market Equity     | 5,702 |  |   | — |  |   | — |  |   | — |  |   | (1,662 | ) |   | — |  |   | 4,040 |  |
| Other Portfolio (3) | 53,084 |  |   | — |  |   | 28,791 |  |   | (32,650 | ) |   | 3,664 |  |   | (598 | ) |   | 52,291 |  |
| Total                    | $ | 1,106,568 |  |   | $ | 2,365 |  |   | $ | 148,338 |  |   | $ | (191,402 | ) |   | $ | 9,315 |  |   | $ | (6,936 | ) |   | $ | 1,068,248 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| First lien secured debt investments  | $ | 745,259 |  |   | 77.7 | % |   | $ | 659,719 |  |   | 75.2 | % |
| Second lien secured debt investments | 36,546 |  |   | 3.8 |  |   | 34,157 |  |   | 3.9 |  |
| Unsecured debt investments           | 14,684 |  |   | 1.5 |  |   | 13,669 |  |   | 1.5 |  |
| Equity investments (1)               | 161,580 |  |   | 16.8 |  |   | 168,211 |  |   | 19.2 |  |
| Equity warrants                      | 1,670 |  |   | 0.2 |  |   | 1,822 |  |   | 0.2 |  |
| Total                                | $ | 959,739 |  |   | 100.0 | % |   | $ | 877,578 |  |   | 100.0 | % |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| First lien secured debt investments  | $ | 831,414 |  |   | 79.9 | % |   | $ | 800,361 |  |   | 77.9 | % |
| Second lien secured debt investments | 48,715 |  |   | 4.7 |  |   | 40,646 |  |   | 4.0 |  |
| Unsecured debt investments           | 14,097 |  |   | 1.4 |  |   | 13,783 |  |   | 1.3 |  |
| Equity investments (1)               | 144,159 |  |   | 13.8 |  |   | 170,961 |  |   | 16.6 |  |
| Equity warrants                      | 1,670 |  |   | 0.2 |  |   | 1,846 |  |   | 0.2 |  |
| Total                                | $ | 1,040,055 |  |   | 100.0 | % |   | $ | 1,027,597 |  |   | 100.0 | % |

----

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| Northeast         | $ | 116,497 |  |   | 12.9 | % |   | $ | 114,415 |  |   | 13.7 | % |
| Southeast         | 222,620 |  |   | 24.6 |  |   | 208,147 |  |   | 25.0 |  |
| West              | 123,648 |  |   | 13.7 |  |   | 107,345 |  |   | 12.9 |  |
| Southwest         | 208,790 |  |   | 23.1 |  |   | 180,437 |  |   | 21.7 |  |
| Midwest           | 208,438 |  |   | 23.0 |  |   | 198,675 |  |   | 23.9 |  |
| Non-United States | 24,808 |  |   | 2.7 |  |   | 23,562 |  |   | 2.8 |  |
| Total             | $ | 904,801 |  |   | 100.0 | % |   | $ | 832,581 |  |   | 100.0 | % |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| Northeast         | $ | 130,531 |  |  | 13.2 | % |  | $ | 127,098 |  |  | 13.0 | % |
| Southeast         | 215,254 |  |  | 21.8 |  |  | 218,819 |  |  | 22.4 |  |
| West              | 183,955 |  |  | 18.6 |  |  | 174,871 |  |  | 17.9 |  |
| Southwest         | 207,284 |  |  | 21.0 |  |  | 202,918 |  |  | 20.7 |  |
| Midwest           | 223,575 |  |  | 22.7 |  |  | 229,246 |  |  | 23.4 |  |
| Non-United States | 26,368 |  |  | 2.7 |  |  | 25,749 |  |  | 2.6 |  |
| Total             | $ | 986,967 |  |  | 100.0 | % |  | $ | 978,701 |  |  | 100.0 | % |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   | Cost |   | Fair Value |
|                                   | June 30, 2020 |   | December 31, 2019 |   | June 30, 2020 |   | December 31, 2019 |
| Commercial Services and Supplies       | 7.1 | % |   | 8.5 | % |   | 6.9 | % |   | 8.2 | % |
| Oil, Gas, and Consumable Fuels         | 6.1 |  |   | 6.3 |  |   | 5.8 |  |   | 6.3 |  |
| Machinery                              | 5.8 |  |   | 5.9 |  |   | 8.1 |  |   | 7.7 |  |
| Aerospace and Defense                  | 5.6 |  |   | 5.0 |  |   | 5.9 |  |   | 5.1 |  |
| Communications Equipment               | 5.5 |  |   | 5.0 |  |   | 4.6 |  |   | 4.4 |  |
| Health Care Providers and Services     | 5.2 |  |   | 4.7 |  |   | 4.6 |  |   | 4.2 |  |
| Diversified Telecommunication Services | 4.7 |  |   | 4.4 |  |   | 4.7 |  |   | 4.3 |  |
| IT Services                            | 4.7 |  |   | 4.5 |  |   | 4.9 |  |   | 4.5 |  |
| Internet Software and Services         | 4.7 |  |   | 3.9 |  |   | 4.4 |  |   | 3.8 |  |
| Leisure Equipment and Products         | 4.3 |  |   | 4.0 |  |   | 3.6 |  |   | 3.6 |  |
| Specialty Retail                       | 3.5 |  |   | 3.3 |  |   | 3.0 |  |   | 3.0 |  |
| Distributors                           | 3.5 |  |   | 2.5 |  |   | 3.5 |  |   | 2.4 |  |
| Construction and Engineering           | 3.1 |  |   | 3.3 |  |   | 3.7 |  |   | 3.4 |  |
| Energy Equipment and Services          | 3.1 |  |   | 2.8 |  |   | 2.2 |  |   | 2.6 |  |
| Trading Companies and Distributors     | 3.1 |  |   | 1.6 |  |   | 3.3 |  |   | 1.6 |  |
| Hotels, Restaurants, and Leisure       | 3.0 |  |   | 2.8 |  |   | 2.3 |  |   | 2.7 |  |
| Transportation Infrastructure          | 2.4 |  |   | 2.3 |  |   | 2.5 |  |   | 2.3 |  |
| Media                                  | 2.2 |  |   | 4.2 |  |   | 2.7 |  |   | 4.5 |  |
| Diversified Consumer Services          | 2.1 |  |   | 2.4 |  |   | 2.0 |  |   | 1.6 |  |
| Professional Services                  | 1.9 |  |   | 1.8 |  |   | 1.2 |  |   | 1.5 |  |
| Internet and Catalog Retail            | 1.9 |  |   | 1.7 |  |   | 1.1 |  |   | 1.4 |  |
| Diversified Financial Services         | 1.8 |  |   | 1.7 |  |   | 1.9 |  |   | 1.7 |  |
| Wireless Telecommunication Services    | 1.6 |  |   | 1.5 |  |   | 1.7 |  |   | 1.5 |  |
| Containers and Packaging               | 1.4 |  |   | 1.3 |  |   | 1.7 |  |   | 1.4 |  |
| Household Durables                     | 1.3 |  |   | 1.2 |  |   | 1.2 |  |   | 1.1 |  |
| Food & Staples Retailing           | 1.3 |  |   | 1.2 |  |   | 1.4 |  |   | 1.2 |  |
| Software                               | 1.1 |  |   | 0.8 |  |   | 1.5 |  |   | 1.1 |  |
| Computers and Peripherals              | 1.0 |  |   | 2.7 |  |   | 2.2 |  |   | 3.8 |  |
| Textiles, Apparel & Luxury Goods   | 0.8 |  |   | 1.0 |  |   | 0.8 |  |   | 1.0 |  |
| Construction Materials                 | 0.7 |  |   | 0.9 |  |   | 1.1 |  |   | 1.3 |  |
| Food Products                          | 0.6 |  |   | 1.7 |  |   | 0.3 |  |   | 1.5 |  |
| Other (1)                              | 4.9 |  |   | 5.1 |  |   | 5.2 |  |   | 5.3 |  |
| Total                                  | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                     |
| Statement of Operations                              |
| (dollars in thousands)                               |
|                                                 |   | Three Months Ended June 30, 2019 |   | Six Months Ended  June 30, 2019 |
| Investment income                                    |   |  |   |   |
| Interest income                                      |   | $ | 480 |  |   | $ | 3,028 |  |
| Dividend income                                      |   | — |  |   | — |  |
| Fee income                                           |   | — |  |   | — |  |
| Other income                                         |   | — |  |   | — |  |
| Total investment income                              |   | 480 |  |   | 3,028 |  |
| Expenses                                             |   |  |   |   |
| Interest expense                                     |   | 883 |  |   | 2,130 |  |
| Other expenses                                       |   | — |  |   | — |  |
| General and administrative expenses                  |   | 25 |  |   | 36 |  |
| Total expenses                                       |   | 908 |  |   | 2,166 |  |
| Net investment income (loss)                         |   | (428 | ) |   | 862 |  |
| Net realized loss from investments                   |   | (1,513 | ) |   | (1,514 | ) |
| Net realized loss                                    |   | (1,941 | ) |   | (652 | ) |
| Net change in unrealized appreciation on investments |   | 2,008 |  |   | 6,647 |  |
| Net increase in net assets resulting from operations |   | $ | 67 |  |   | $ | 5,995 |  |

----

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | Payments Due By Period (dollars in thousands) |
|                          | Total |   | Less than 1 year |   | 1-3 years |   | 3-5 years |   | After 5 years |
| TIAA Credit Facility (1)      | $ | 90,000 |  |   | $ | — |  |   | $ | 90,000 |  |   | $ | — |  |   | $ | — |  |
| Deutsche Bank Credit Facility | 294,908 |  |   | — |  |   | 294,908 |  |   | — |  |   | — |  |
| Total Credit Facilities       | $ | 384,908 |  |   | $ | — |  |   | $ | 384,908 |  |   | $ | — |  |   | $ | — |  |

|     |                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | At June 30, 2020, the Company had $40.0 million of undrawn revolver commitments under the TIAA Credit Facility; however, the Company’s borrowing ability is limited by borrowing base restrictions and asset coverage restrictions imposed by the 1940 Act, as discussed above. |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |
| Per Share Data:                                                        | Six Months Ended  June 30, 2020 |   | Six Months Ended  June 30, 2019 |
| NAV at beginning of period                                                       | $ | 7.77 |  |   | $ | 7.96 |  |
| Results from Operations                                                          |   |   |   |
| Net investment income (1) (2)                                                    | 0.31 |  |   | 0.35 |  |
| Net realized loss on investments (1) (2)                                         | (0.22 | ) |   | (0.09 | ) |
| Net change in unrealized appreciation (depreciation) on investments (1) (2) | (0.90 | ) |   | 0.13 |  |
| Net increase (decrease) in net assets resulting from operations                  | (0.81 | ) |   | 0.39 |  |
| Stockholder distributions (1) (3)                                           |   |   |   |
| Distributions from net investment income (1) (2)                                 | (0.31 | ) |   | (0.35 | ) |
| Distributions in excess of net investment income (1) (2)                         | (0.04 | ) |   | — |  |
| Net decrease in net assets resulting from stockholder distributions              | (0.35 | ) |   | (0.35 | ) |
| Other (4)                                                                        | (0.01 | ) |   | — |  |
| NAV at end of the period                                                         | $ | 6.60 |  |   | $ | 8.00 |  |
| Shares of common stock outstanding at end of period                              | 79,317,628 |  |   | 78,795,397 |  |
| Weighted average shares of common stock outstanding                              | 78,811,735 |  |   | 78,819,746 |  |

|     |                                                                                        |
|-----|----------------------------------------------------------------------------------------|
| (1) | Based on weighted average number of shares of common stock outstanding for the period. |
|     |                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Changes in net investment income and net realized and unrealized appreciation (depreciation) on investments can change significantly from period to period. |
|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| (3) | The stockholder distributions represent the stockholder distributions declared for the period. |
|     |                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted average basic shares |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
|                                                     | Six Months Ended  June 30, 2020 |   | Six Months Ended  June 30, 2019 |
|                                                     | (dollars in thousands) |
| Net assets at end of period                              | $ | 523,275 |  |   | $ | 628,374 |  |
| Average net assets                                       | $ | 547,381 |  |   | $ | 628,044 |  |
| Average Credit Facilities borrowings                     | $ | 410,969 |  |   | $ | 489,000 |  |
|                                                     |   |   |   |
| Ratios to average net assets:                            |   |   |   |
| Ratio of total expenses to average net assets (1)   | 3.98 |  % |   | 4.78 | % |
| Ratio of net investment income to average net assets (1) | 4.47 |  % |   | 4.42 | % |
| Portfolio turnover ratio                                 | 14.34 |  % |   | 17.48 | % |
| Total return (2)                                    | (10.55 | )% |   | 4.90 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Ratio of total expenses to average net assets is calculated net of waiver of reimbursement of internal administrative services expenses.  For each of the six months ended June 30, 2020 and 2019, the Advisers waived reimbursement of internal administrative services expenses of approximately $1.5 million. Excluding interest expense, the ratio of total expenses to average net assets for the six months ended June 30, 2020 and 2019 was 2.25% and 2.59%, respectively.  See Note 10 — Related Party Transactions and Arrangements for further discussion of fee waivers provided by the Advisers. |
|     |                                                                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Total return is calculated as the change in NAV per share and stockholder distributions declared per share over the reporting period, divided by the NAV per share at the beginning of the period. The total return does not reflect the sales load from the sale of the Company’s common stock. |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Distributions |
|                              | Per Share |   | Amount |
| 2020                              |   |   |   |
| Three months ended June 30, 2020  | $ | 0.18 |  |   | $ | 13,790 |  |
| Three months ended March 31, 2020 | $ | 0.17 |  |   | $ | 13,730 |  |
| 2019                              |   |   |   |
| Three months ended June 30, 2019  | $ | 0.18 |  |   | $ | 13,754 |  |
| Three months ended March 31, 2019 | $ | 0.17 |  |   | $ | 13,606 |  |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | Six Months Ended  June 30, 2020 |   | Six Months Ended  June 30, 2019 |
|                                                                  | (dollars in thousands) |
| Source of Distribution                                      | DistributionAmount |   | Percentage |   | DistributionAmount |   | Percentage |
| Net realized income from operations (before waiver of incentive fees) | $ | 6,750 |  |   | 24.5 | % |   | $ | 20,854 |  |   | 76.2 | % |
| Distributions in excess of net realized income from operations (1)    | 20,770 |  |   | 75.5 |  |   | 6,506 |  |   | 23.8 |  |
| Total                                                                 | $ | 27,520 |  |   | 100.0 | % |   | $ | 27,360 |  |   | 100.0 | % |

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

----

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                                     | Six Months Ended June 30, 2020 |   | Six Months Ended June 30, 2019 |
| Net increase (decrease) in net assets resulting from operations                                                                          | $ | (64,191 | ) |   | $ | 30,596 |  |
| Net change in unrealized (appreciation) depreciation                                                                                     | 70,941 |  |   | (9,742 | ) |
| Income tax provision                                                                                                                     | 95 |  |   | 159 |  |
| Pre-tax book loss not consolidated for tax purposes                                                                                      | 14,482 |  |   | 2,818 |  |
| Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates | 690 |  |   | (739 | ) |
| Estimated taxable income (1)                                                                                                        | 22,017 |  |   | 23,092 |  |
|                                                                                                                                     |   |   |   |
| Taxable income earned in prior year and carried forward for distribution in current year                                                 | 17,198 |  |   | 20,574 |  |
|                                                                                                                                     |   |   |   |
| Taxable income earned prior to period end and carried forward for distribution next period                                               | (16,266 | ) |   | (20,827 | ) |
| Dividend accrued as of period end and paid-in the following period                                                                       | 4,571 |  |   | 4,521 |  |
| Taxable income earned to be carried forward                                                                                              | $ | (11,695 | ) |   | $ | (16,306 | ) |
|                                                                                                                                     |   |   |   |
| Total distributions accrued or paid to common stockholders                                                                               | $ | 27,520 |  |   | $ | 27,360 |  |

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

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | June 30, 2020 |   | December 31, 2019 |
| Deferred tax assets:                                                |   |   |   |   |
| Net operating loss carryforwards                                    |   | $ | 2,557 |  |   | $ | 2,420 |  |
| Foreign tax credit carryforwards                                    |   | 10 |  |   | 10 |  |
| Capital loss carryforwards                                          |   | 18,606 |  |   | 14,750 |  |
| Net basis differences in portfolio investments                      |   | 67 |  |   |  |
| Net unrealized depreciation of portfolio investments                |   | 3,709 |  |   | 67 |  |
|     Total deferred tax assets                   |   | 24,949 |  |   | 17,247 |  |
| Deferred tax liabilities:                                           |   |   |   |   |
| Net basis differences in portfolio investments                      |   | (3,944 | ) |   | (3,217 | ) |
| Net unrealized appreciation of portfolio investments                |   | (14 | ) |   | (1,576 | ) |
| Other                                                               |   | — |  |   | — |  |
|     Total deferred tax liabilities              |   | (3,958 | ) |   | (4,793 | ) |
| Valuation allowance                                                 |   | (20,991 | ) |   | (12,454 | ) |
|     Total net deferred tax assets (liabilities) |   | $ | — |  |   | $ | — |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Year Ended December 31, |
| Tax Characteristics of Distributions | 2019 |   | 2018 |   | 2017 |
|                                 |   |   |   |   |   |   |   |   |
| Ordinary income                      | $ | 53,297 |  | 96.65 | % |   | $ | 50,274 |  | 90.56 | % |   | $ | 52,473 |  | 96.43 | % |
| Capital gain distributions           | 1,848 |  | 3.35 |  |   | 5,238 |  | 9.44 |  |   | 1,941 |  | 3.57 |  |
| Total distributions                  | $ | 55,145 |  | 100.00 | % |   | $ | 55,512 |  | 100.00 | % |   | $ | 54,414 |  | 100.00 | % |

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |
| Supplemental Disclosure of Cash Flow Information |   | Six Months Ended June 30, 2020 |   | Six Months Ended June 30, 2019 |
| Cash paid for interest                                                    |   | $ | 8,646 |  |   | $ | 6,675 |  |
| Cash paid for income taxes                                                |   | 794 |  |   | 924 |  |
|                                                                      |   |   |   |   |
| Supplemental Disclosure of Non-Cash Flow Information                      |   |   |  |   |   |  |
| Stockholder distributions declared and unpaid                             |   | 4,571 |  |   | 4,673 |  |
| Stockholder distributions reinvested                                      |   | 11,775 |  |   | 6,366 |  |
| Unpaid deferred financing costs                                           |   | 7 |  |   | 7 |  |

----

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

|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| (1) | Fees waived pursuant to the 2016-2018 Conditional Income Incentive Fee Waiver Agreements. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Subject to the approval of the Company’s board of directors, in future periods previously waived fees may be paid to the Advisers, if the Company’s cumulative net increase in net assets resulting from operations exceeds the amount of cumulative distributions paid to stockholders. The previously waived fees are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of each respective fee waiver. To date, none of the previously waived fees have been approved for reimbursement by the Company’s board of directors. |
|     |                                                                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The “Operating Expense Ratio” is calculated on a quarterly basis as a percentage of average net assets and includes all expenses borne by the Company, except for base management and incentive fees and administrative expenses waived by the Advisers and organizational and offering expenses. |
|     |                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | “Annualized Distribution Rate” equals $0.00191781 per share, per day based on the distributions declared by the Company’s board of directors. |
|     |                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Prior to June 30, 2017, the Advisers waived total management fees of $2.8 million, total subordinated incentive fees of $4.2 million and total capital gain incentive fees of $8,000.  Due to the passage of time, such waived fees are not eligible for repayment under the applicable fee waiver agreements. |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         | Incurred |   | Incurred |   | Unpaid as of |
|                                                         | Three Months Ended June 30, |   | Six Months Ended June 30, |   | June 30, 2020 |   | December 31, 2019 |
| Type and Recipient                                           | 2020 |   | 2019 |   | 2020 |   | 2019 |   |
| Offering Costs - the Adviser, Sub-Adviser                    | $ | 89 |  |   | $ | 96 |  |   | $ | 177 |  |   | $ | 191 |  |   | $ | — |  |   | $ | — |  |
| Other (2) - the Adviser                                 | 124 |  |   | 177 |  |   | 281 |  |   | 381 |  |   | 56 |  |   | 44 |  |
| Selling Commissions - Dealer Manager                         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Dealer Manager Fee - Dealer Manager                          | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Due to Affiliates                                            |   |   |   |  |   |   |  |   |   |  |   | $ | 56 |  |   | $ | 44 |  |
|                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Base Management Fees - the Adviser, Sub-Adviser         | 4,630 |  |   | 5,633 |  |   | 9,624 |  |   | 11,359 |  |   | $ | 9,624 |  |   | $ | 5,388 |  |
| Incentive Fees on Income - the Adviser, Sub-Adviser (1) | — |  |   | 1,331 |  |   | — |  |   | 2,730 |  |   | — |  |   | — |  |
| Base Management and Incentive Fees Payable                   |   |   |   |   |   |   |   |   | $ | 9,624 |  |   | $ | 5,388 |  |

|     |                                        |
|-----|----------------------------------------|
| (1) | Net of amounts waived by the Advisers. |
|     |                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------|
| (2) | Includes amounts the Adviser paid on behalf of the Company such as general and administrative services expenses. |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| For the Quarter Ended |   | Repurchase Date |   | Shares Repurchased |   | Percentage of Shares Tendered that were Repurchased |   | Repurchase Priceper Share |   | Aggregate Consideration for Repurchased Shares |
| March 31, 2020        |   | February 21, 2020 |   | 791,488.12 |   | 26.5% |   | $ | 7.70 |  |   | $ | 6,094,455 |  |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |
|                               | Commitments and Contingencies |
|                               | (dollars in thousands) |
|                               | June 30, 2020 |   | December 31, 2019 |
|                               |   |   |   |
| Unfunded Loan Commitments          |  |   |   |
| Adams Publishing Group, LLC        | $ | 5,000 |  |   | $ | 762 |  |
| American Nuts, LLC                 | 247 |  |   | 247 |  |
| American Trailer Rental Group, LLC | — |  |  | 400 |  |
| Analytical Systems Keco, LLC       | 200 |  |  | 200 |  |
| Arcus Hunting, LLC                 | 434 |  |   | 1,398 |  |
| ASC Ortho Management Company, LLC  | — |  |   | 750 |  |
| Boccella Precast Products, LLC     | — |  |   | 500 |  |
| Centre Technologies Holdings, LLC  | 600 |  |   | 600 |  |
| Chamberlin Holding, LLC            | 400 |  |  | 400 |  |
| Chisholm Energy Holdings, LLC      | 1,429 |  |  | 1,429 |  |
| Classic H&G Holdings, LLC      | 1,000 |  |  | — |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | Commitments and Contingencies |
|                                                | (dollars in thousands) |
|                                                | June 30, 2020 |   | December 31, 2019 |
|                                                |   |   |   |
| CTVSH, PLLC                                         | $ | 200 |  |  | $ | 200 |  |
| Direct Marketing Solutions, Inc.                    | 400 |  |  | 400 |  |
| DTE Enterprises, LLC                                | 750 |  |   | 750 |  |
| Dynamic Communities, LLC                            | 250 |  |   | 250 |  |
| Gamber-Johnson Holdings, LLC                        | 300 |  |   | 300 |  |
| GRT Rubber Technologies, Inc.                       | 660 |  |   | 1,526 |  |
| Guerdon Modular Holdings, Inc.                      | — |  |   | 148 |  |
| Hawk Ridge Systems, LLC                             | 350 |  |   | 350 |  |
| Hunter Defense Technologies, Inc.                   | 1,990 |  |  | 3,540 |  |
| HW Temps LLC                                        | 200 |  |   | 200 |  |
| Independent Pet Partners Intermediate Holdings, LLC | 6,126 |  |  | 9,357 |  |
| Invincible Boat Company, LLC                        | 864 |  |  | 648 |  |
| J & J Services, Inc.                            | 3,000 |  |  | 3,000 |  |
| Kickhaefer Manufacturing Company, LLC               | 500 |  |  | 500 |  |
| LL Management, Inc.                                 | — |  |  | 1,182 |  |
| Lynx FBO Operating LLC                              | 1,875 |  |  | 1,875 |  |
| Mac Lean-Fogg Company                               | 313 |  |  | 313 |  |
| Market Force Information, Inc.                      | — |  |  | 3 |  |
| Mystic Logistics Holdings, LLC                      | 200 |  |   | 200 |  |
| NexRev, LLC                                         | 798 |  |  | 800 |  |
| NinjaTrader, LLC                                    | 750 |  |  | 200 |  |
| NuStep, LLC                                         | 300 |  |  | 300 |  |
| SI East , LLC                                       | 2,500 |  |   | 2,500 |  |
| TEAM Public Choices, LLC                            | — |  |  | 351 |  |
| Tedder Acquisition, LLC                             | 140 |  |  | 140 |  |
| Trantech Radiator Topco, LLC                        | 400 |  |  | 400 |  |
| Unfunded Capital Commitments                        |   |   |   |
| Brightwood Capital Fund III, LP                     | 1,340 |  |   | 1,260 |  |
| Brightwood Capital Fund IV, LP                      | 500 |  |   | 1,000 |  |
| Copper Trail Energy Fund I LP                       | 2,752 |  |   | 3,416 |  |
| Freeport Financial Funds                            | 1,715 |  |   | 1,945 |  |
| Harris Preston Fund Investments                     | 2,181 |  |  | 2,526 |  |
| Total                                               | $ | 40,664 |  |   | $ | 46,266 |  |

----

|         |                               |
|---------|-------------------------------|
| • | our future operating results; |
|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | our business prospects and the prospects of our current and prospective portfolio companies; |
|         |                                                       |
|---------|-------------------------------------------------------|
| • | the impact of the investments that we expect to make; |
|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the ability of our portfolio companies to achieve their objectives, including as a result of the COVID-19 pandemic and recent drop in oil and gas prices; |
|         |                                          |
|---------|------------------------------------------|
| • | our expected financings and investments; |
|         |                                                         |
|---------|---------------------------------------------------------|
| • | the adequacy of our cash resources and working capital; |
|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | the timing of cash flows, if any, from the operations of our portfolio companies; |
|         |                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets, including changes from the impact of the current COVID-19 pandemic; |
|         |                                      |
|---------|--------------------------------------|
| • | the impact of increased competition; |
|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | our ability to continue to effectively manage our business due to the disruptions caused by the current COVID-19 pandemic; |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | our contractual arrangements and relationships with third parties; |
|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the dependence of our future success on the general economy, including general economic trends, and its impact on the industries in which we invest; |
|         |                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the relative and absolute performance of our investment adviser, HMS Adviser LP (the “Adviser”), a Texas limited partnership, including in identifying suitable investments for us; |
|         |                                                        |
|---------|--------------------------------------------------------|
| • | our ability to make distributions to our stockholders; |
|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | the effects of applicable legislation and regulations and changes thereto; and |
|         |                                                     |
|---------|-----------------------------------------------------|
| • | the impact of future acquisitions and divestitures. |
|         |                         |
|---------|-------------------------|
| • | changes in the economy; |
|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | risks associated with possible disruption in our operations or the economy generally; |
|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | future changes in laws or regulations and conditions in our operating areas; and |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the timing of any assignment of the Investment Advisory and Administrative Services Agreement, dated May 31, 2012, by and between us and the Adviser (as amended, the “Investment Advisory Agreement”), and whether and when the new investment advisory agreement between us and MSC Adviser I, LLC, our current sub-adviser (the “New Investment Advisory Agreement”), will become effective.  |

----

----

----

----

|                     |
|---------------------|
|                     |  |  |
|   ● |   | corporate and organizational expenses relating to offerings of our common stock, subject to certain limitations; |
|   ● |   | the cost of calculating our net asset value (“NAV”), including the cost of any third-party valuation services; |
|   ● |   | the cost of effecting sales and repurchases of shares of our common stock and other securities; |
|   ● |   | fees payable to third parties relating to, or associated with, monitoring our financial and legal affairs, making investments, and valuing investments, including fees and expenses associated with performing due diligence reviews of prospective investments; |
|   ● |   | interest payable on debt, if any, including any hedging costs; |
|   ● |   | investment advisory fees; |
|   ● |   | transfer agent and custodial fees; |
|   ● |   | fees and expenses associated with marketing efforts; |
|   ● |   | federal and state registration fees; |
|   ● |   | federal, state and local taxes; |
|   ● |   | independent directors’ fees and expenses, including travel expenses; |
|   ● |   | costs of director and stockholder meetings, proxy statements, stockholders’ reports and notices; |
|   ● |   | cost of fidelity bond, directors and officers/errors and omissions liability insurance and other insurance premiums; |
|   ● |   | direct costs such as printing of stockholder reports and advertising or sales materials, mailing, long distance telephone, and staff; |
|   ● |   | fees and expenses associated with independent audits and outside legal costs, including compliance with the Sarbanes-Oxley Act of 2002, the 1940 Act, and other applicable federal and state securities laws and regulations; |
|   ● |   | costs associated with our reporting and compliance obligations under the 1940 Act and other applicable federal and state securities laws and regulations; |
|   ● |   | brokerage commissions for our investments; |
|   ● |   | all other expenses incurred by our Advisers in performing their obligations, subject to the limitations included in the Investment Advisory Agreement and Sub-Advisory Agreement; and |
|   ● |   | all other expenses incurred by us or any administrator in connection with administering our business, including payments under any administration agreement that will be based upon our allocable portion of overhead and other expenses incurred by any administrator in performing its obligations under any proposed administration agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer and Chief Financial Officer and their respective staffs. |

----

----

|                                                                                                               |
|---------------------------------------------------------------------------------------------------------------|
|                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                          | Six Months Ended |
|                                                                                                          | June 30, 2020 |   | June 30, 2019 |
|                                                                                                          |   |   |   |
| Cash and cash equivalents                                                                                     | $ | 12,672 |  |   | $ | 20,667 |  |
| Restricted cash                                                                                               | 15,252 |  |   | — |  |
|                                                                                                          |   |   |   |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 27,924 |  |   | $ | 20,667 |  |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | June 30, 2020 |   | December 31, 2019 |
| Cost:                    | LMM |   | Private Loan |   | Middle Market |   | Total |   | LMM |   | Private Loan |   | Middle Market |   | Total |
| First Lien Secured Debt  | 66.4 | % |   | 87.4 | % |   | 85.6 | % |   | 82.4 | % |   | 68.0 | % |   | 90.4 | % |   | 84.8 | % |   | 84.3 | % |
| Second Lien Secured Debt | 0.3 |  |   | 3.6 |  |   | 7.9 |  |   | 4.0 |  |   | 0.4 |  |   | 3.5 |  |   | 10.1 |  |   | 4.9 |  |
| Unsecured Debt           | 0.1 |  |   | 2.6 |  |   | 0.9 |  |   | 1.6 |  |   | 0.1 |  |   | 2.5 |  |   | 0.6 |  |   | 1.4 |  |
| Equity              | 32.6 |  |   | 6.3 |  |   | 5.6 |  |   | 11.8 |  |   | 30.9 |  |   | 3.5 |  |   | 4.5 |  |   | 9.2 |  |
| Equity warrants          | 0.6 |  |   | 0.1 |  |   | — |  |   | 0.2 |  |   | 0.6 |  |   | 0.1 |  |   | — |  |   | 0.2 |  |
| Total                    | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | June 30, 2020 |   | December 31, 2019 |
| Fair Value:              | LMM |   | Private Loan |   | Middle Market |   | Total |   | LMM |   | Private Loan |   | Middle Market |   | Total |
| First Lien Secured Debt  | 57.5 | % |   | 86.7 | % |   | 87.2 | % |   | 79.3 | % |   | 57.2 | % |   | 89.7 | % |   | 88.1 | % |   | 81.8 | % |
| Second Lien Secured Debt | 0.3 |  |   | 3.7 |  |   | 9.6 |  |   | 4.1 |  |   | 0.3 |  |   | 3.5 |  |   | 8.5 |  |   | 4.1 |  |
| Unsecured Debt           | 0.1 |  |   | 2.9 |  |   | 0.6 |  |   | 1.6 |  |   | 0.1 |  |   | 2.5 |  |   | 0.6 |  |   | 1.4 |  |
| Equity                   | 42.0 |  |   | 6.4 |  |   | 2.6 |  |   | 14.8 |  |   | 42.3 |  |   | 4 |  |   | 2.8 |  |   | 12.5 |  |
| Equity warrants          | 0.1 |  |   | 0.3 |  |   | — |  |   | 0.2 |  |   | 0.1 |  |   | 0.3 |  |   | — |  |   | 0.2 |  |
| Total                    | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |
| HMS-ORIX SLF LLC                                     |
| Statement of Operations                              |
| (dollars in thousands)                               |
|                                                 | Three Months Ended June 30, 2019 |   | Six Months Ended  June 30, 2019 |
| Investment income                                    |   |   |   |
| Interest income                                      | $ | 480 |  |   | $ | 3,028 |  |
| Dividend income                                      | — |  |   | — |  |
| Fee income                                           | — |  |   | — |  |
| Other income                                         | — |  |   | — |  |
| Total investment income                              | 480 |  |   | 3,028 |  |
| Expenses                                             |   |   |   |
| Interest expense                                     | 883 |  |   | 2,130 |  |
| Other expenses                                       | — |  |   | — |  |
| General and administrative expenses                  | 25 |  |   | 36 |  |
| Total expenses                                       | 908 |  |   | 2,166 |  |
| Net investment income (loss)                         | (428 | ) |   | 862 |  |
| Net realized loss from investments                   | (1,513 | ) |   | (1,514 | ) |
| Net realized loss                                    | (1,941 | ) |   | (652 | ) |
| Net change in unrealized appreciation on investments | 2,008 |  |   | 6,647 |  |
| Net increase in net assets resulting from operations | $ | 67 |  |   | $ | 5,995 |  |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 31 debt investments in 28 Middle Market portfolio companies with an aggregate fair value of approximately $177.1 million and a cost basis of approximately $228.8 million. The Middle Market debt investments had a weighted average annual effective yield of approximately 6.9%, which is calculated assuming the investments on non-accrual status have a zero yield, and 89.6% of the Middle Market debt investments were secured by first priority liens. Further, 97.8% of the Middle Market debt investments contain variable interest rates, though a majority of the investments with variable rates are subject to contractual minimum base interest rates between 100 and 150 basis points. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 50 debt investments in 45 Private Loan portfolio companies with an aggregate fair value of approximately $405.0 million and a cost basis of approximately $436.9 million. The Private Loan debt investments had a weighted average annual effective yield of approximately 9.1%, which is calculated assuming the investments on non-accrual status have a zero yield, and 93.0% of the Private Loan debt investments were secured by first priority liens. Further, 95.1% of the Private Loan debt investments contain variable interest rates, though a majority of the investments with variable interest rates are subject to contractual minimum base interest rates between 100 and 150 basis points. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 39 debt investments in 32 LMM portfolio companies with an aggregate fair value of approximately $125.4 million and a cost basis of approximately $130.8 million. The LMM debt investments had a weighted average annual effective yield of approximately 10.7%, and 99.4% of the debt investments were secured by first priority liens. Also, 58.8% of the LMM debt investments are fixed rate investments with fixed interest rates between 8.0% and 15.0%. Also, 26 LMM debt investments, representing approximately 41.2% of the LMM debt investments have variable interest rates subject to a contractual minimum base interest rate of 100 basis points. |
|         |                                                                                                                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 72 equity investments and seven equity warrant investments in 33 LMM portfolio companies, 13 Private Loan portfolio companies, six Middle Market portfolio companies and six Other Portfolio companies with an aggregate fair value of approximately $170.0 million and a cost basis of approximately $163.3 million. |

----

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 1 represents a LMM portfolio company that is performing in a manner which significantly exceeds expectations. |
|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 2 represents a LMM portfolio company that, in general, is performing above expectations. |
|         |                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 3 represents a LMM portfolio company that is generally performing in accordance with expectations. All new LMM portfolio investments receive an initial Investment Rating 3. |
|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 4 represents a LMM portfolio company that is underperforming expectations, requiring increased monitoring and scrutiny by us. |
|         |                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 5 represents a LMM portfolio company that is significantly underperforming, requiring heightened levels of monitoring and scrutiny by us and involves the recognition of significant unrealized depreciation on such investment. |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   | June 30, 2020 |   | December 31, 2019 |
| Investment Rating |   | Investments at Fair Value |   | Percentage of Total LMM Portfolio |   | Investments at Fair Value |   | Percentage of Total LMM Portfolio |
| 1                 |   | $ | 94,962 |  |   | 43.9 | % |   | $ | 86,453 |  |   | 38.4 | % |
| 2                 |   | 15,843 |  |   | 7.3 |  |   | 28,130 |  |   | 12.5 |  |
| 3                 |   | 58,921 |  |   | 27.2 |  |   | 48,597 |  |   | 21.6 |  |
| 4                 |   | 43,096 |  |   | 19.9 |  |   | 61,941 |  |   | 27.5 |  |
| 5                 |   | 3,566 |  |   | 1.7 |  |   | — |  |   | — |  |
| Total             |   | $ | 216,388 |  |   | 100.0 | % |   | $ | 225,121 |  |   | 100.0 | % |

----

----

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Distributions |
|                              | Per Share |   | Amount |
| 2020                              |   |   |   |
| Three months ended June 30, 2020  | $ | 0.18 |  |   | $ | 13,790 |  |
| Three months ended March 31, 2020 | $ | 0.17 |  |   | $ | 13,730 |  |
| 2019                              |   |   |   |
| Three months ended June 30, 2019  | $ | 0.18 |  |   | $ | 13,754 |  |
| Three months ended March 31, 2019 | $ | 0.17 |  |   | $ | 13,606 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Year Ended December 31, |
| Tax Characteristics of Distributions | 2019 |   | 2018 |   | 2017 |
|                                 |   |   |   |   |   |   |   |   |
| Ordinary income                      | $ | 53,297 |  | 96.65 | % |   | $ | 50,274 |  | 90.56 | % |   | $ | 52,473 |  | 96.43 | % |
| Capital gain distributions           | 1,848 |  | 3.35 |  |   | 5,238 |  | 9.44 |  |   | 1,941 |  | 3.57 |  |
| Total                                | $ | 55,145 |  | 100.00 | % |   | $ | 55,512 |  | 100.00 | % |   | $ | 54,414 |  | 100.00 | % |

----

----

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | Payments Due By Period (dollars in thousands) |
|                          | Total |   | Less than 1 year |   | 1-3 years |   | 3-5 years |   | After 5 years |
| TIAA Credit Facility (1)      | $ | 90,000 |  |   | $ | — |  |   | $ | 90,000 |  |   | $ | — |  |   | $ | — |  |
| Deutsche Bank Credit Facility | 294,908 |  |   | — |  |   | 294,908 |  |   | — |  |   | — |  |
| Total Credit Facilities       | $ | 384,908 |  |   | $ | — |  |   | $ | 384,908 |  |   | $ | — |  |   | $ | — |  |

|     |                                                                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | At June 30, 2020, we had $40.0 million of undrawn revolver commitments under our TIAA Credit Facility; however, our borrowing ability is limited by borrowing base restrictions and asset coverage restrictions imposed by the 1940 Act, as discussed above. |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | Commitments and Contingencies |
|                                                | (dollars in thousands) |
|                                                | June 30, 2020 |   | December 31, 2019 |
|                                                |   |   |   |
| Unfunded Loan Commitments                           |   |   |   |
| Adams Publishing Group, LLC                         | $ | 5,000 |  |   | $ | 762 |  |
| American Nuts, LLC                                  | 247 |  |   | 247 |  |
| American Trailer Rental Group, LLC                  | — |  |   | 400 |  |
| Analytical Systems Keco, LLC                        | 200 |  |   | 200 |  |
| Arcus Hunting, LLC                                  | 434 |  |   | 1,398 |  |
| ASC Ortho Management Company, LLC                   | — |  |   | 750 |  |
| Boccella Precast Products, LLC                      | — |  |   | 500 |  |
| Centre Technologies Holdings, LLC                   | 600 |  |   | 600 |  |
| Chamberlin Holding, LLC                             | 400 |  |   | 400 |  |
| Chisholm Energy Holdings, LLC                       | 1,429 |  |   | 1,429 |  |
| Classic H&G Holdings, LLC                       | 1,000 |  |   | — |  |
| CTVSH, PLLC                                         | 200 |  |   | 200 |  |
| Direct Marketing Solutions, Inc.                    | 400 |  |   | 400 |  |
| DTE Enterprises, LLC                                | 750 |  |   | 750 |  |
| Dynamic Communities, LLC                            | 250 |  |   | 250 |  |
| Gamber-Johnson Holdings, LLC                        | 300 |  |   | 300 |  |
| GRT Rubber Technologies, Inc.                       | 660 |  |   | 1,526 |  |
| Guerdon Modular Holdings, Inc.                      | — |  |   | 148 |  |
| Hawk Ridge Systems, LLC                             | 350 |  |   | 350 |  |
| Hunter Defense Technologies, Inc.                   | 1,990 |  |   | 3,540 |  |
| HW Temps LLC                                        | 200 |  |   | 200 |  |
| Independent Pet Partners Intermediate Holdings, LLC | 6,126 |  |   | 9,357 |  |
| Invincible Boat Company, LLC                        | 864 |  |   | 648 |  |
| J & J Services, Inc.                            | 3,000 |  |   | 3,000 |  |
| Kickhaefer Manufacturing Company, LLC               | 500 |  |   | 500 |  |
| LL Management, Inc.                                 | — |  |   | 1,182 |  |
| Lynx FBO Operating LLC                              | 1,875 |  |   | 1,875 |  |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |
|                            | Commitments and Contingencies |
|                            | (dollars in thousands) |
|                            | June 30, 2020 |   | December 31, 2019 |
|                            |   |   |   |
| Mac Lean-Fogg Company           | $ | 313 |  |   | $ | 313 |  |
| Market Force Information, Inc.  | — |  |   | 3 |  |
| Mystic Logistics Holdings, LLC  | 200 |  |   | 200 |  |
| NexRev, LLC                     | 798 |  |   | 800 |  |
| NinjaTrader, LLC                | 750 |  |   | 200 |  |
| NuStep, LLC                     | 300 |  |   | 300 |  |
| SI East , LLC                   | 2,500 |  |   | 2,500 |  |
| TEAM Public Choices, LLC        | — |  |   | 351 |  |
| Tedder Acquisition, LLC         | 140 |  |   | 140 |  |
| Trantech Radiator Topco, LLC    | 400 |  |   | 400 |  |
| Unfunded Capital Commitments    |   |   |   |
| Brightwood Capital Fund III, LP | 1,340 |  |   | 1,260 |  |
| Brightwood Capital Fund IV, LP  | 500 |  |   | 1,000 |  |
| Copper Trail Energy Fund I LP   | 2,752 |  |   | 3,416 |  |
| Freeport Financial Funds        | 1,715 |  |   | 1,945 |  |
| Harris Preston Fund Investments | 2,181 |  |   | 2,526 |  |
| Total                           | $ | 40,664 |  |   | $ | 46,266 |  |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |
| Change in interest rates |   | Increase (Decrease) inInterest Income |   | Increase (Decrease) inInterest Expense |   | Net Increase (Decrease) in NetInvestment Income |
| Down 100 basis points    |   | $ | (399 | ) |   | $ | (616 | ) |   | $ | 217 |  |
| Down 50 basis points     |   | (283 | ) |   | (616 | ) |   | 333 |  |
| Up 50 basis points       |   | 468 |  |   | 1,925 |  |   | (1,457 | ) |
| Up 100 basis points      |   | 2,321 |  |   | 3,849 |  |   | (1,528 | ) |
| Up 200 basis points      |   | 8,954 |  |   | 7,698 |  |   | 1,256 |  |
| Up 300 basis points      |   | 15,888 |  |   | 11,547 |  |   | 4,341 |  |

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|             |
|-------------|
|             |  |  |
| Exhibit No. |   | Description |
| 31.1        |   | Certification of Chief Executive Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 31.2        |   | Certification of Chief Financial Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 32.1        |   | Certification of Chief Executive Officer and Chief Financial Officer of the Registrant, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |

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|        |
|--------|
|        |  |  |  |
|   |   | HMS INCOME FUND, INC. |
|   |   |   |   |
| Date:  | August 13, 2020 | By: | /s/ JANICE E. WALKER |
|   |   |   | Janice E. Walker |
|   |   |   | Chairman, Chief Executive Officer and President |
|   |   |   |   |
| Date:  | August 13, 2020 | By: | /s/ DAVID M. COVINGTON |
|   |   |   | David M. Covington |
|   |   |   | Chief Financial Officer |