----

----

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

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

----

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |
| Maryland                                                       |   | 80-0789789 |
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification Number) |
|                                                           |   |   |
| 520 Madison Avenue, 40th Floor, New York, NY 10022             |   | (212) 813-4900 |
| (Address of principal executive office) (Zip Code)             |   | (Registrant’s telephone number, including area code) |

----

----

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

|                               |
|-------------------------------|
|                               |  |  |
| Title of Each Class           | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common stock, $0.01 par value | CGBD | NASDAQ Global Select Market |

----

|               |
|---------------|
|               |  |  |
|          |   |   |
| Part I.  | Financial Information |   |
| Item 1.  | Financial Statements |   |
|          | Consolidated Statements of Assets and Liabilities as of March 31, 2019 (unaudited) and December 31, 2018 | 3 |
|          | Consolidated Statements of Operations for the three month periods ended March 31, 2019 and 2018 (unaudited) | 4 |
|          | Consolidated Statements of Changes in Net Assets for the three month periods ended March 31, 2019 and 2018 (unaudited) | 5 |
|          | Consolidated Statements of Cash Flows for the three month periods ended March 31, 2019 and 2018 (unaudited) | 6 |
|          | Consolidated Schedules of Investments as of March 31, 2019 (unaudited) and December 31, 2018 | 7 |
|          | Notes to Consolidated Financial Statements (unaudited) | 30 |
| Item 2.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 63 |
| Item 3.       | Quantitative and Qualitative Disclosures About Market Risk | 93 |
| Item 4.       | Controls and Procedures | 94 |
| Part II. | Other Information |   |
| Item 1.       | Legal Proceedings | 95 |
| Item 1A. | Risk Factors | 95 |
| Item 2.       | Unregistered Sales of Equity Securities and Use of Proceeds | 95 |
| Item 3.       | Defaults Upon Senior Securities | 95 |
| Item 4.       | Mine Safety Disclosures | 96 |
| Item 5.       | Other Information | 96 |
| Item 6.       | Exhibits | 96 |
|          | Signatures | 97 |

----

|                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                         |  |  |  |  |  |  |  |
|                                                                                                                                                                                    | March 31, 2019 |   | December 31, 2018 |
| ASSETS                                                                                                                                                                                  | (unaudited) |   |   |
| Investments, at fair value                                                                                                                                                              |   |   |   |
| Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,965,496 and $1,799,751, respectively)                                                              | $ | 1,899,537 |  |   | $ | 1,731,319 |  |
| Investments—non-controlled/affiliated, at fair value (amortized cost of $14,081 and $13,839, respectively)                                                                        | 21,081 |  |   | 18,543 |  |
| Investments—controlled/affiliated, at fair value (amortized cost of $241,801 and $230,001, respectively)                                                                          | 234,591 |  |   | 222,295 |  |
| Total investments, at fair value (amortized cost of $2,221,378 and $2,043,591, respectively)                                                                                            | 2,155,209 |  |   | 1,972,157 |  |
| Cash and cash equivalents                                                                                                                                                               | 40,071 |  |   | 87,186 |  |
| Receivable for investment sold                                                                                                                                                          | — |  |   | 8,060 |  |
| Deferred financing costs                                                                                                                                                                | 4,069 |  |   | 3,950 |  |
| Interest receivable from non-controlled/non-affiliated investments                                                                                                                      | 7,658 |  |   | 5,853 |  |
| Interest receivable from non-controlled/affiliated investments                                                                                                                          | 8 |  |   | 3 |  |
| Interest and dividend receivable from controlled/affiliated investments                                                                                                                 | 7,256 |  |   | 7,405 |  |
| Prepaid expenses and other assets                                                                                                                                                       | 8 |  |   | 129 |  |
| Total assets                                                                                                                                                                            | $ | 2,214,279 |  |   | $ | 2,084,743 |  |
| LIABILITIES                                                                                                                                                                             |   |   |   |
| Secured borrowings (Note 6)                                                                                                                                                             | $ | 660,959 |  |   | $ | 514,635 |  |
| Notes payable, net of unamortized debt issuance costs of $3,095 and $3,157, respectively (Note 7)                                                                                       | 446,105 |  |   | 446,043 |  |
| Payable for investments purchased                                                                                                                                                       | — |  |   | 1,870 |  |
| Due to Investment Adviser                                                                                                                                                               | 169 |  |   | 236 |  |
| Interest and credit facility fees payable (Notes 6 and 7)                                                                                                                               | 7,994 |  |   | 7,500 |  |
| Dividend payable (Note 9)                                                                                                                                                               | 22,681 |  |   | 35,497 |  |
| Base management and incentive fees payable (Note 4)                                                                                                                                     | 13,531 |  |   | 13,834 |  |
| Administrative service fees payable (Note 4)                                                                                                                                            | 139 |  |   | 94 |  |
| Other accrued expenses and liabilities                                                                                                                                                  | 2,514 |  |   | 1,816 |  |
| Total liabilities                                                                                                                                                                       | 1,154,092 |  |   | 1,021,525 |  |
| Commitments and contingencies (Notes 8 and 11)                                                                                                                                          |   |   |   |
| NET ASSETS                                                                                                                                                                              |   |   |   |
| Common stock, $0.01 par value; 200,000,000 shares authorized; 61,272,069 shares and 62,230,251 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 613 |  |   | 622 |  |
| Paid-in capital in excess of par value                                                                                                                                                  | 1,160,258 |  |   | 1,174,334 |  |
| Offering costs                                                                                                                                                                          | (1,633 | ) |   | (1,633 | ) |
| Total distributable earnings (loss)                                                                                                                                                     | (99,051 | ) |   | (110,105 | ) |
| Total net assets                                                                                                                                                                        | $ | 1,060,187 |  |   | $ | 1,063,218 |  |
| NET ASSETS PER SHARE                                                                                                                                                                    | $ | 17.30 |  |   | $ | 17.09 |  |

----

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |
|                                                                                              | For the three month periods ended |
|                                                                                              | March 31, 2019 |   | March 31, 2018 |
| Investment income:                                                                                |   |   |   |
| From non-controlled/non-affiliated investments:                                                   |   |   |   |
| Interest income                                                                                   | $ | 45,242 |  |   | $ | 39,328 |  |
| Other income                                                                                      | 2,028 |  |   | 895 |  |
| Total investment income from non-controlled/non-affiliated investments                            | 47,270 |  |   | 40,223 |  |
| From non-controlled/affiliated investments:                                                       |   |   |   |
| Interest income                                                                                   | 379 |  |   | 379 |  |
| Total investment income from non-controlled/affiliated investments                                | 379 |  |   | 379 |  |
| From controlled/affiliated investments:                                                           |   |   |   |
| Interest income                                                                                   | 3,538 |  |   | 2,631 |  |
| Dividend income                                                                                   | 4,000 |  |   | 4,250 |  |
| Total investment income from controlled/affiliated investments                                    | 7,538 |  |   | 6,881 |  |
| Total investment income                                                                           | 55,187 |  |   | 47,483 |  |
| Expenses:                                                                                         |   |   |   |
| Base management fees (Note 4)                                                                     | 7,685 |  |   | 7,222 |  |
| Incentive fees (Note 4)                                                                           | 5,846 |  |   | 5,330 |  |
| Professional fees                                                                                 | 745 |  |   | 762 |  |
| Administrative service fees (Note 4)                                                              | 216 |  |   | 186 |  |
| Interest expense (Notes 6 and 7)                                                                  | 11,991 |  |   | 7,815 |  |
| Credit facility fees (Note 6)                                                                     | 568 |  |   | 525 |  |
| Directors’ fees and expenses                                                                | 93 |  |   | 98 |  |
| Other general and administrative                                                                  | 421 |  |   | 405 |  |
| Total expenses                                                                                    | 27,565 |  |   | 22,343 |  |
| Net investment income (loss) before taxes                                                         | 27,622 |  |   | 25,140 |  |
| Excise tax expense                                                                                | 60 |  |   | 10 |  |
| Net investment income (loss)                                                                      | 27,562 |  |   | 25,130 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments: |   |   |   |
| Net realized gain (loss) from:                                                                    |   |   |   |
| Non-controlled/non-affiliated investments                                                         | 899 |  |   | (129 | ) |
| Net change in unrealized appreciation (depreciation):                                             |   |   |   |
| Non-controlled/non-affiliated investments                                                         | 2,473 |  |   | (6,044 | ) |
| Non-controlled/affiliated investments                                                             | 2,296 |  |   | 1,432 |  |
| Controlled/affiliated investments                                                                 | 496 |  |   | 700 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments  | 6,164 |  |   | (4,041 | ) |
| Net increase (decrease) in net assets resulting from operations                                   | $ | 33,726 |  |   | $ | 21,089 |  |
| Basic and diluted earnings per common share (Note 9)                                              | $ | 0.55 |  |   | $ | 0.34 |  |
| Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)              | 61,772,774 |  |   | 62,504,465 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
|                                                                            | For the three month periods ended |
|                                                                            | March 31, 2019 |   | March 31, 2018 |
| Increase (decrease) in net assets resulting from operations:                    |   |   |   |
| Net investment income (loss)                                                    | $ | 27,562 |  |   | $ | 25,130 |  |
| Net realized gain (loss) on investments                                         | 899 |  |   | (129 | ) |
| Net change in unrealized appreciation (depreciation) on investments             | 5,265 |  |   | (3,912 | ) |
| Net increase (decrease) in net assets resulting from operations                 | 33,726 |  |   | 21,089 |  |
| Capital transactions:                                                           |   |   |   |
| Common stock issued, net of offering and underwriting costs                     | — |  |   | (15 | ) |
| Reinvestment of dividends                                                       | — |  |   | 6,629 |  |
| Repurchase of common stock                                                      | (14,085 | ) |   | — |  |
| Dividends declared (Note 12)                                                    | (22,672 | ) |   | (23,150 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | (36,757 | ) |   | (16,536 | ) |
| Net increase (decrease) in net assets                                           | (3,031 | ) |   | 4,553 |  |
| Net assets at beginning of period                                               | 1,063,218 |  |   | 1,127,304 |  |
| Net assets at end of period                                                     | $ | 1,060,187 |  |   | $ | 1,131,857 |  |

----

|                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |  |  |  |  |  |  |  |
|                                                                                                                                             | For the three month periods ended |
|                                                                                                                                             | March 31, 2019 |   | March 31, 2018 |
| Cash flows from operating activities:                                                                                                            |   |   |   |
| Net increase (decrease) in net assets resulting from operations                                                                                  | $ | 33,726 |  |   | $ | 21,089 |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |   |   |   |
| Amortization of deferred financing costs                                                                                                         | 298 |  |   | 252 |  |
| Net accretion of discount on investments                                                                                                         | (2,161 | ) |   | (2,390 | ) |
| Paid-in-kind interest                                                                                                                            | (1,052 | ) |   | (213 | ) |
| Net realized (gain) loss on investments                                                                                                          | (899 | ) |   | 129 |  |
| Net change in unrealized (appreciation) depreciation on investments                                                                              | (5,265 | ) |   | 3,912 |  |
| Cost of investments purchased and change in payable for investments purchased                                                                    | (247,039 | ) |   | (111,938 | ) |
| Proceeds from sales and repayments of investments and change in receivable for investments sold                                                  | 79,554 |  |   | 164,119 |  |
| Changes in operating assets:                                                                                                                     |   |   |   |
| Interest receivable                                                                                                                              | (1,361 | ) |   | (486 | ) |
| Dividend receivable                                                                                                                              | (300 | ) |   | (1,410 | ) |
| Prepaid expenses and other assets                                                                                                                | 121 |  |   | (159 | ) |
| Changes in operating liabilities:                                                                                                                |   |   |   |
| Due to Investment Adviser                                                                                                                        | (67 | ) |   | 35 |  |
| Interest and credit facility fees payable                                                                                                        | 494 |  |   | 160 |  |
| Base management and incentive fees payable                                                                                                       | (303 | ) |   | (546 | ) |
| Administrative service fees payable                                                                                                              | 45 |  |   | 30 |  |
| Other accrued expenses and liabilities                                                                                                           | 698 |  |   | (101 | ) |
| Net cash provided by (used in) operating activities                                                                                              | (143,511 | ) |   | 72,483 |  |
| Cash flows from financing activities:                                                                                                            |   |   |   |
| Proceeds from issuance of common stock, net of offering and underwriting costs                                                                   | — |  |   | (15 | ) |
| Repurchase of common stock                                                                                                                       | (14,085 | ) |   | — |  |
| Borrowings on SPV Credit Facility and Credit Facility                                                                                            | 253,950 |  |   | 253,050 |  |
| Repayments of SPV Credit Facility and Credit Facility                                                                                            | (107,626 | ) |   | (288,078 | ) |
| Debt issuance costs paid                                                                                                                         | (355 | ) |   | (17 | ) |
| Dividends paid in cash                                                                                                                           | (35,488 | ) |   | (23,852 | ) |
| Net cash provided by (used in) financing activities                                                                                              | 96,396 |  |   | (58,912 | ) |
| Net increase (decrease) in cash and cash equivalents                                                                                             | (47,115 | ) |   | 13,571 |  |
| Cash and cash equivalents, beginning of period                                                                                                   | 87,186 |  |   | 32,039 |  |
| Cash and cash equivalents, end of period                                                                                                         | $ | 40,071 |  |   | $ | 45,610 |  |
| Supplemental disclosures:                                                                                                                        |   |   |   |
| Interest paid during the period                                                                                                                  | $ | 11,515 |  |   | $ | 7,682 |  |
| Taxes, including excise tax, paid during the period                                                                                              | $ | 225 |  |   | $ | 105 |  |
| Dividends declared during the period                                                                                                             | $ | 22,672 |  |   | $ | 23,150 |  |
| Reinvestment of dividends                                                                                                                        | $ | — |  |   | $ | 6,629 |  |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of of Net Assets |
|   |
|   | First Lien Debt (76.51%) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Advanced Instruments, LLC |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.73% |   | 11/1/2016 |   | 10/31/2022 |   | $ | 19,916 |  |   | $ | 19,679 |  |   | $ | 19,779 |  |   | 1.87 |  % |
|   | Aero Operating, LLC (Dejana Industries, Inc.) |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 7.25% |   | 9.74% |   | 1/5/2018 |   | 12/29/2022 |   | 3,560 |  |   | 3,527 |  |   | 3,545 |  |   | 0.32 |  |
|   | Alpha Packaging Holdings, Inc. |   | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 6.85% |   | 6/26/2015 |   | 5/12/2020 |   | 2,858 |  |   | 2,857 |  |   | 2,855 |  |   | 0.27 |  |
|   | Alpine SG, LLC |   | ^* |   | (2) (3) |   | High Tech Industries |   | L + 5.50% |   | 8.24% |   | 2/2/2018 |   | 11/16/2022 |   | 13,801 |  |   | 13,677 |  |   | 13,741 |  |   | 1.30 |  |
|   | American Physician Partners, LLC |   | ^+ |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.50% |   | 9.10% |   | 1/7/2019 |   | 12/21/2021 |   | 35,376 |  |   | 34,798 |  |   | 35,388 |  |   | 3.33 |  |
|   | AMS Group HoldCo, LLC |   | ^+* |   | (2) (3) (13) |   | Transportation: Cargo |   | L + 6.00% |   | 8.60% |   | 9/29/2017 |   | 9/29/2023 |   | 32,567 |  |   | 31,977 |  |   | 30,821 |  |   | 2.91 |  |
|   | Analogic Corporation |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 8.50% |   | 6/22/2018 |   | 6/22/2024 |   | 35,160 |  |   | 34,474 |  |   | 34,586 |  |   | 3.26 |  |
|   | Anchor Hocking, LLC |   | ^ |   | (2) (3) |   | Durable Consumer Goods |   | L + 8.25% |   | 10.99% |   | 1/25/2019 |   | 1/25/2024 |   | 11,575 |  |   | 11,209 |  |   | 11,199 |  |   | 1.06 |  |
|   | Apptio, Inc. |   | ^ |   | (2) (3) (13) |   | Software |   | L + 7.25% |   | 9.74% |   | 1/10/2019 |   | 1/10/2025 |   | 28,402 |  |   | 27,804 |  |   | 28,332 |  |   | 2.67 |  |
|   | Avenu Holdings, LLC |   | +* |   | (2) (3) |   | Sovereign & Public Finance |   | L + 5.25% |   | 7.85% |   | 9/28/2018 |   | 9/28/2024 |   | 38,959 |  |   | 38,321 |  |   | 38,199 |  |   | 3.60 |  |
|   | Brooks Equipment Company, LLC |   | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 7.63% |   | 6/26/2015 |   | 8/29/2020 |   | 2,502 |  |   | 2,494 |  |   | 2,499 |  |   | 0.24 |  |
|   | Capstone Logistics Acquisition, Inc. |   | +* |   | (2) (3) |   | Transportation: Cargo |   | L + 4.50% |   | 7.00% |   | 6/26/2015 |   | 10/7/2021 |   | 14,306 |  |   | 14,238 |  |   | 14,295 |  |   | 1.35 |  |
|   | Captive Resources Midco, LLC |   | ^* |   | (2) (3) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.75% |   | 8.25% |   | 6/30/2015 |   | 12/18/2021 |   | 29,182 |  |   | 28,968 |  |   | 29,108 |  |   | 2.75 |  |
|   | Central Security Group, Inc. |   | +* |   | (2) (3) |   | Consumer Services |   | L + 5.63% |   | 8.13% |   | 6/26/2015 |   | 10/6/2021 |   | 23,424 |  |   | 23,276 |  |   | 23,075 |  |   | 2.18 |  |
|   | Chemical Computing Group ULC (Canada) |   | ^* |   | (2) (3) (7) (13) |   | Software |   | L + 5.50% |   | 8.00% |   | 8/30/2018 |   | 8/30/2023 |   | 15,755 |  |   | 15,604 |  |   | 15,619 |  |   | 1.47 |  |
|   | CIP Revolution Holdings, LLC |   | ^+* |   | (2) (3) (13) |   | Media: Advertising, Printing & Publishing |   | L + 6.00% |   | 8.61% |   | 8/19/2016 |   | 8/19/2021 |   | 20,530 |  |   | 20,407 |  |   | 20,228 |  |   | 1.91 |  |
|   | CircusTrix Holdings, LLC |   | ^+* |   | (2) (3) (13) |   | Hotel, Gaming & Leisure |   | L + 5.50% |   | 8.00% |   | 2/2/2018 |   | 12/16/2021 |   | 9,190 |  |   | 9,125 |  |   | 9,037 |  |   | 0.85 |  |
|   | Comar Holding Company, LLC |   | ^* |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.74% |   | 6/18/2018 |   | 6/18/2024 |   | 27,137 |  |   | 26,527 |  |   | 26,647 |  |   | 2.51 |  |
|   | Continuum Managed Services Holdco, LLC |   | ^+* |   | (2) (3) (13) |   | High Tech Industries |   | L + 6.00% |   | 8.50% |   | 6/20/2017 |   | 6/8/2023 |   | 28,171 |  |   | 27,571 |  |   | 27,992 |  |   | 2.64 |  |
|   | Dade Paper & Bag, LLC |   | ^+* |   | (2) (3) |   | Forest Products & Paper |   | L + 7.50% |   | 10.00% |   | 6/9/2017 |   | 6/10/2024 |   | 49,125 |  |   | 48,363 |  |   | 48,771 |  |   | 4.60 |  |
|   | Datto, Inc. |   | ^+* |   | (2) (3) (13) |   | High Tech Industries |   | L + 8.00% |   | 10.49% |   | 12/7/2017 |   | 12/7/2022 |   | 35,622 |  |   | 35,199 |  |   | 36,349 |  |   | 3.43 |  |
|   | Dent Wizard International Corporation |   | + |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 6.50% |   | 4/28/2015 |   | 4/7/2020 |   | 884 |  |   | 882 |  |   | 881 |  |   | 0.08 |  |
|   | Derm Growth Partners III, LLC (Dermatology Associates) |   | ^ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 6.25% |   | 8.85% |   | 5/31/2016 |   | 5/31/2022 |   | 52,567 |  |   | 52,204 |  |   | 48,519 |  |   | 4.58 |  |
|   | DermaRite Industries, LLC |   | ^* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 7.00% |   | 9.60% |   | 3/3/2017 |   | 3/3/2022 |   | 21,803 |  |   | 21,584 |  |   | 21,654 |  |   | 2.04 |  |
|   | Dimensional Dental Management, LLC |   | ^ |   | (2) (3) (11) |   | Healthcare & Pharmaceuticals |   | L + 6.75% |   | 9.22% |   | 2/12/2016 |   | 2/12/2021 |   | 33,674 |  |   | 33,301 |  |   | 28,213 |  |   | 2.66 |  |
|   | Direct Travel, Inc. |   | ^+* |   | (2) (3) (13) |   | Hotel, Gaming & Leisure |   | L + 6.50% |   | 9.12% |   | 10/14/2016 |   | 12/1/2021 |   | 35,287 |  |   | 34,899 |  |   | 35,162 |  |   | 3.32 |  |
|   | DTI Holdco, Inc. |   | * |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 7.49% |   | 12/18/2018 |   | 9/30/2023 |   | 1,990 |  |   | 1,868 |  |   | 1,860 |  |   | 0.18 |  |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of of Net Assets |
|   |
|   | First Lien Debt (76.51%) (continued) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | EIP Merger Sub, LLC (Evolve IP) |   | ^+* |   | (2) (3) (11) |   | Telecommunications |   | L + 5.75% |   | 8.25% |   | 6/7/2016 |   | 6/7/2022 |   | $ | 36,093 |  |   | $ | 35,465 |  |   | $ | 34,834 |  |   | 3.29 |  % |
|   | Emergency Communications Network, LLC |   | ^+* |   | (2) (3) |   | Telecommunications |   | L + 6.25% |   | 8.75% |   | 6/1/2017 |   | 6/1/2023 |   | 24,561 |  |   | 24,394 |  |   | 24,160 |  |   | 2.28 |  |
|   | Ensono, LP |   | * |   | (2) (3) |   | Telecommunications |   | L + 5.25% |   | 7.75% |   | 4/30/2018 |   | 6/27/2025 |   | 8,602 |  |   | 8,517 |  |   | 8,505 |  |   | 0.80 |  |
|   | Frontline Technologies Holdings, LLC |   | ^ |   | (2) (3) (13) |   | Software |   | L + 6.50% |   | 9.10% |   | 9/18/2017 |   | 9/18/2023 |   | 40,420 |  |   | 40,093 |  |   | 40,401 |  |   | 3.81 |  |
|   | FWR Holding Corporation |   | ^+* |   | (2) (3) (13) |   | Beverage, Food & Tobacco |   | L + 5.50% |   | 8.00% |   | 8/21/2017 |   | 8/21/2023 |   | 46,190 |  |   | 45,379 |  |   | 46,051 |  |   | 4.34 |  |
|   | Green Energy Partners/Stonewall, LLC |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 5.50% |   | 8.10% |   | 6/26/2015 |   | 11/13/2021 |   | 19,700 |  |   | 19,459 |  |   | 19,256 |  |   | 1.82 |  |
|   | GRO Sub Holdco, LLC (Grand Rapids) |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 8.60% |   | 2/28/2018 |   | 2/22/2024 |   | 6,653 |  |   | 6,473 |  |   | 6,242 |  |   | 0.59 |  |
|   | Hummel Station, LLC |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 6.00% |   | 8.50% |   | 2/3/2016 |   | 10/27/2022 |   | 14,753 |  |   | 14,095 |  |   | 13,924 |  |   | 1.31 |  |
|   | Hydrofarm, LLC |   | ^ |   | (2) (3) |   | Wholesale |   | L+10.00% (30% cash/70% PIK) |   | 12.49% |   | 5/15/2017 |   | 5/12/2022 |   | 20,111 |  |   | 19,801 |  |   | 13,565 |  |   | 1.28 |  |
|   | iCIMS, Inc. |   | ^ |   | (2) (3) (13) |   | Software |   | L + 6.50% |   | 8.99% |   | 9/12/2018 |   | 9/12/2024 |   | 20,025 |  |   | 19,630 |  |   | 19,798 |  |   | 1.87 |  |
|   | Indra Holdings Corp. (Totes Isotoner) |   | ^ |   | (2) (3) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 6.83% |   | 4/29/2014 |   | 5/1/2021 |   | 18,965 |  |   | 17,640 |  |   | 9,760 |  |   | 0.92 |  |
|   | Innovative Business Services, LLC |   | ^* |   | (2) (3) (13) |   | High Tech Industries |   | L + 5.50% |   | 8.30% |   | 4/5/2018 |   | 4/5/2023 |   | 16,266 |  |   | 15,775 |  |   | 15,917 |  |   | 1.50 |  |
|   | Legacy.com, Inc. |   | ^ |   | (2) (3) (11) |   | High Tech Industries |   | L + 6.00% |   | 8.55% |   | 3/20/2017 |   | 3/20/2023 |   | 17,000 |  |   | 16,706 |  |   | 16,330 |  |   | 1.54 |  |
|   | Mailgun Technologies, Inc. |   | ^ |   | (2) (3) (13) |   | High Tech Industries |   | L + 6.00% |   | 8.61% |   | 3/26/2019 |   | 3/26/2025 |   | 11,526 |  |   | 11,273 |  |   | 11,268 |  |   | 1.06 |  |
|   | Maravai Intermediate Holdings, LLC |   | ^* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.75% |   | 8/2/2018 |   | 8/2/2025 |   | 19,900 |  |   | 19,723 |  |   | 19,737 |  |   | 1.86 |  |
|   | Metrogistics, LLC |   | +* |   | (2) (3) |   | Transportation: Cargo |   | L + 6.50% |   | 9.10% |   | 12/13/2016 |   | 9/30/2022 |   | 17,402 |  |   | 17,247 |  |   | 17,326 |  |   | 1.63 |  |
|   | Moxie Liberty, LLC |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 6.50% |   | 9.10% |   | 10/16/2017 |   | 8/21/2020 |   | 9,848 |  |   | 9,260 |  |   | 8,773 |  |   | 0.83 |  |
|   | National Carwash Solutions, Inc. |   | ^+ |   | (2) (3) (13) |   | Automotive |   | L + 6.00% |   | 8.49% |   | 8/7/2018 |   | 4/28/2023 |   | 8,393 |  |   | 8,218 |  |   | 8,292 |  |   | 0.78 |  |
|   | National Technical Systems, Inc. |   | ^+* |   | (2) (3) (13) |   | Aerospace & Defense |   | L + 6.25% |   | 8.74% |   | 6/26/2015 |   | 6/12/2021 |   | 28,169 |  |   | 27,939 |  |   | 28,105 |  |   | 2.65 |  |
|   | NES Global Talent Finance US, LLC (United Kingdom) |   | +* |   | (2) (3) (7) |   | Energy: Oil & Gas |   | L + 5.50% |   | 8.24% |   | 5/9/2018 |   | 5/11/2023 |   | 9,967 |  |   | 9,816 |  |   | 9,773 |  |   | 0.92 |  |
|   | Nexus Technologies, LLC |   | * |   | (2) (3) |   | High Tech Industries |   | L + 5.50% |   | 8.10% |   | 12/11/2018 |   | 12/5/2023 |   | 6,219 |  |   | 6,162 |  |   | 6,083 |  |   | 0.57 |  |
|   | NMI AcquisitionCo, Inc. |   | ^+* |   | (2) (3) (13) |   | High Tech Industries |   | L + 6.75% |   | 9.25% |   | 9/6/2017 |   | 9/6/2022 |   | 51,296 |  |   | 50,562 |  |   | 49,646 |  |   | 4.68 |  |
|   | North American Dental Management, LLC |   | ^ |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.81% |   | 10/26/2018 |   | 7/7/2023 |   | 3,335 |  |   | 3,241 |  |   | 3,246 |  |   | 0.31 |  |
|   | Northland Telecommunications Corporation |   | ^* |   | (2) (3) (13) |   | Media: Broadcast & Subscription |   | L + 5.75% |   | 8.24% |   | 10/1/2018 |   | 10/1/2025 |   | 21,584 |  |   | 21,254 |  |   | 21,284 |  |   | 2.01 |  |
|   | Plano Molding Company, LLC |   | ^ |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 7.50% |   | 9.99% |   | 5/1/2015 |   | 5/12/2021 |   | 14,865 |  |   | 14,702 |  |   | 13,912 |  |   | 1.31 |  |

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|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of  Net Assets |
|   |
|   | First Lien Debt (76.51%) (continued) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | PPC Flexible Packaging, LLC |   | ^+* |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.75% |   | 11/23/2018 |   | 11/23/2024 |   | $ | 13,767 |  |   | $ | 13,549 |  |   | $ | 13,437 |  |   | 1.27 |  % |
|   | PPT Management Holdings, LLC |   | ^ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L+1.00%, 6.50% PIK |   | 9.99% |   | 12/15/2016 |   | 12/16/2022 |   | 27,041 |  |   | 26,909 |  |   | 21,957 |  |   | 2.07 |  |
|   | PricewaterhouseCoopers Public Sector LLP |   | ^ |   | (2) (3) (13) |   | Aerospace & Defense |   | L + 2.75% |   | 5.24% |   | 5/1/2018 |   | 5/1/2023 |   | — |  |   | (128 | ) |   | (104 | ) |   | (0.01 | ) |
|   | Prime Risk Partners, Inc. |   | ^ |   | (2) (3) (11) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.38% |   | 8.11% |   | 8/15/2017 |   | 8/13/2023 |   | 27,719 |  |   | 27,195 |  |   | 27,217 |  |   | 2.57 |  |
|   | Prime Risk Partners, Inc. |   | ^ |   | (2) (3) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.38% |   | 7.98% |   | 8/15/2017 |   | 8/13/2023 |   | 2,186 |  |   | 2,089 |  |   | 2,151 |  |   | 0.20 |  |
|   | Product Quest Manufacturing, LLC |   | ^ |   | (2) (3) (9) |   | Containers, Packaging & Glass |   | L + 6.75% |   | 10.00% |   | 9/21/2017 |   | 3/31/2019 |   | 2,794 |  |   | 2,794 |  |   | 2,794 |  |   | 0.26 |  |
|   | Product Quest Manufacturing, LLC |   | ^ |   | (2) (3) (9) (11) |   | Containers, Packaging & Glass |   | L + 5.75% |   | 5.75% |   | 9/9/2015 |   | 9/9/2020 |   | 33,000 |  |   | 32,270 |  |   | — |  |   | — |  |
|   | Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) |   | +* |   | (2) (3) |   | Wholesale |   | L + 4.50% |   | 7.00% |   | 12/1/2017 |   | 1/28/2020 |   | 14,712 |  |   | 14,421 |  |   | 14,712 |  |   | 1.39 |  |
|   | PSI Services, LLC |   | ^ |   | (2) (3) |   | Business Services |   | L + 5.00% |   | 7.51% |   | 9/19/2018 |   | 1/20/2023 |   | 4,527 |  |   | 4,472 |  |   | 4,458 |  |   | 0.42 |  |
|   | QW Holding Corporation (Quala) |   | ^+* |   | (2) (3) (13) |   | Environmental Industries |   | L + 5.75% |   | 8.42% |   | 8/31/2016 |   | 8/31/2022 |   | 39,060 |  |   | 38,443 |  |   | 38,646 |  |   | 3.65 |  |
|   | Redwood Services Group, LLC |   | ^* |   | (2) (3) |   | High Tech Industries |   | L + 6.00% |   | 8.63% |   | 11/13/2018 |   | 6/6/2023 |   | 6,028 |  |   | 5,983 |  |   | 6,004 |  |   | 0.57 |  |
|   | Sapphire Convention, Inc. (Smart City) |   | ^+* |   | (2) (3) (13) |   | Telecommunications |   | L + 5.25% |   | 7.93% |   | 11/20/2018 |   | 11/20/2025 |   | 28,793 |  |   | 28,159 |  |   | 28,270 |  |   | 2.67 |  |
|   | Smile Doctors, LLC |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 8.36% |   | 10/6/2017 |   | 10/6/2022 |   | 19,034 |  |   | 18,925 |  |   | 18,715 |  |   | 1.76 |  |
|   | SolAero Technologies Corp. |   | ^ |   | (2) (3) (9) |   | Telecommunications |   | L + 5.25% |   | 7.74% |   | 5/24/2016 |   | 12/10/2020 |   | 24,362 |  |   | 23,787 |  |   | 14,688 |  |   | 1.39 |  |
|   | SolAero Technologies Corp. |   | ^ |   | (2) (3) |   | Telecommunications |   | L+7.25%, 4.00% PIK |   | 10.25% |   | 9/6/2018 |   | 4/12/2019 |   | 5,494 |  |   | 5,476 |  |   | 5,494 |  |   | 0.52 |  |
|   | Sovos Brands Intermediate, Inc. |   | ^ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.50% |   | 11/16/2018 |   | 11/20/2025 |   | 20,050 |  |   | 19,858 |  |   | 19,799 |  |   | 1.87 |  |
|   | SPay, Inc. |   | ^+* |   | (2) (3) (13) |   | Hotel, Gaming & Leisure |   | L + 5.75% |   | 8.26% |   | 6/15/2018 |   | 6/15/2024 |   | 19,966 |  |   | 19,418 |  |   | 18,338 |  |   | 1.73 |  |
|   | Superior Health Linens, LLC |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 7.50% |   | 10.00% |   | 9/30/2016 |   | 9/30/2021 |   | 22,137 |  |   | 21,941 |  |   | 21,861 |  |   | 2.06 |  |
|   | Surgical Information Systems, LLC |   | ^+* |   | (2) (3) (11) |   | High Tech Industries |   | L + 4.85% |   | 7.34% |   | 4/24/2017 |   | 4/24/2023 |   | 26,168 |  |   | 25,976 |  |   | 25,754 |  |   | 2.43 |  |
|   | T2 Systems Canada, Inc. |   | + |   | (2) (3) |   | Transportation: Consumer |   | L + 6.75% |   | 9.35% |   | 5/24/2017 |   | 9/28/2022 |   | 3,959 |  |   | 3,893 |  |   | 3,949 |  |   | 0.37 |  |
|   | T2 Systems, Inc. |   | ^+* |   | (2) (3) (13) |   | Transportation: Consumer |   | L + 6.75% |   | 9.35% |   | 9/28/2016 |   | 9/28/2022 |   | 32,251 |  |   | 31,711 |  |   | 32,169 |  |   | 3.03 |  |
|   | Tank Holding Corp. |   | ^ |   | (2) (3) (13) |   | Capital Equipment |   | L + 4.00% |   | 6.49% |   | 3/26/2019 |   | 3/26/2024 |   | — |  |   | — |  |   | — |  |   | — |  |
|   | The Hilb Group, LLC |   | ^ |   | (2) (3) (11) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 8.53% |   | 6/24/2015 |   | 6/24/2021 |   | 50,949 |  |   | 50,459 |  |   | 50,093 |  |   | 4.72 |  |
|   | The Topps Company, Inc. |   | +* |   | (2) (3) |   | Non-durable Consumer Goods |   | L + 6.00% |   | 8.60% |   | 6/26/2015 |   | 10/2/2020 |   | 22,065 |  |   | 21,905 |  |   | 22,065 |  |   | 2.08 |  |

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|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of of Net Assets |
|   |
|   | First Lien Debt (76.51%) (continued) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Transform SR Holdings, LLC |   | ^ |   | (2) (3) (11) |   | Retail |   | L + 7.25% |   | 9.74% |   | 2/11/2019 |   | 2/11/2024 |   | $ | 19,050 |  |   | $ | 18,863 |  |   | $ | 18,860 |  |   | 1.78 |  % |
|   | Trump Card, LLC |   | ^+* |   | (2) (3) (13) |   | Transportation: Cargo |   | L + 5.00% |   | 7.61% |   | 6/26/2018 |   | 4/21/2022 |   | 7,955 |  |   | 7,910 |  |   | 7,864 |  |   | 0.74 |  |
|   | TSB Purchaser, Inc. (Teaching Strategies, LLC) |   | ^+* |   | (2) (3) (13) |   | Media: Advertising, Printing & Publishing |   | L + 6.00% |   | 8.60% |   | 5/14/2018 |   | 5/14/2024 |   | 27,958 |  |   | 27,306 |  |   | 27,525 |  |   | 2.60 |  |
|   | Tweddle Group, Inc. |   | ^ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 6.99% |   | 9/17/2018 |   | 9/17/2023 |   | 2,080 |  |   | 2,052 |  |   | 2,069 |  |   | 0.20 |  |
|   | U.S. Acute Care Solutions, LLC |   | + |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.60% |   | 2/21/2019 |   | 5/15/2021 |   | 4,298 |  |   | 4,241 |  |   | 4,293 |  |   | 0.40 |  |
|   | USLS Acquisition, Inc. |   | ^* |   | (2) (3) (13) |   | Business Services |   | L + 5.75% |   | 8.35% |   | 11/30/2018 |   | 11/30/2024 |   | 19,128 |  |   | 18,696 |  |   | 18,623 |  |   | 1.76 |  |
|   | VRC Companies, LLC |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 6.50% |   | 9.01% |   | 3/31/2017 |   | 3/31/2023 |   | 56,995 |  |   | 56,282 |  |   | 56,564 |  |   | 5.34 |  |
|   | Watchfire Enterprises, Inc. |   | * |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.85% |   | 6/9/2017 |   | 10/2/2020 |   | 1,248 |  |   | 1,242 |  |   | 1,248 |  |   | 0.12 |  |
|   | Westfall Technik, Inc. |   | ^ |   | (2) (3) (13) |   | Chemicals, Plastics & Rubber |   | L + 5.00% |   | 7.60% |   | 9/13/2018 |   | 9/13/2024 |   | 19,936 |  |   | 19,479 |  |   | 19,376 |  |   | 1.83 |  |
|   | Zemax Software Holdings, LLC |   | ^* |   | (2) (3) (13) |   | Software |   | L + 5.75% |   | 8.35% |   | 6/25/2018 |   | 6/25/2024 |   | 10,223 |  |   | 10,091 |  |   | 10,132 |  |   | 0.96 |  |
|   | Zenith Merger Sub, Inc. |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 5.50% |   | 8.10% |   | 12/13/2017 |   | 12/13/2023 |   | 15,583 |  |   | 15,347 |  |   | 15,417 |  |   | 1.45 |  |
|   | First Lien Debt Total |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,718,671 |  |   | $ | 1,648,980 |  |   | 155.54 |  % |
|   | Second Lien Debt (10.63%) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |
|   | Access CIG, LLC |   | ^ |   | (2) (3) |   | Business Services |   | L + 7.75% |   | 10.24% |   | 2/14/2018 |   | 2/27/2026 |   | $ | 2,700 |  |   | $ | 2,678 |  |   | $ | 2,653 |  |   | 0.25 |  % |
|   | Aimbridge Acquisition Co., Inc. |   | ^ |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 7.50% |   | 9.99% |   | 2/1/2019 |   | 2/1/2027 |   | 7,727 |  |   | 7,594 |  |   | 7,631 |  |   | 0.72 |  |
|   | AmeriLife Group, LLC |   | ^* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 8.75% |   | 11.25% |   | 7/9/2015 |   | 1/10/2023 |   | 22,000 |  |   | 21,722 |  |   | 21,945 |  |   | 2.07 |  |
|   | AQA Acquisition Holding, Inc. |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 8.00% |   | 10.49% |   | 10/1/2018 |   | 5/24/2024 |   | 40,000 |  |   | 39,636 |  |   | 39,892 |  |   | 3.77 |  |
|   | Argon Medical Devices Holdings, Inc. |   | ^* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 8.00% |   | 10.50% |   | 11/2/2017 |   | 1/23/2026 |   | 9,497 |  |   | 9,439 |  |   | 9,458 |  |   | 0.89 |  |
|   | Brave Parent Holdings, Inc. |   | ^* |   | (2) (3) |   | Software |   | L + 7.50% |   | 10.00% |   | 10/3/2018 |   | 4/19/2026 |   | 19,062 |  |   | 18,626 |  |   | 18,495 |  |   | 1.74 |  |
|   | Drew Marine Group Inc. |   | ^+* |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 7.00% |   | 9.50% |   | 11/19/2013 |   | 5/19/2021 |   | 12,500 |  |   | 12,488 |  |   | 12,423 |  |   | 1.17 |  |
|   | Outcomes Group Holdings, Inc. |   | ^* |   | (2) (3) |   | Business Services |   | L + 7.50% |   | 10.00% |   | 10/23/2018 |   | 10/26/2026 |   | 4,500 |  |   | 4,500 |  |   | 4,484 |  |   | 0.42 |  |
|   | Pharmalogic Holdings Corp. |   | ^ |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 8.00% |   | 10.50% |   | 6/7/2018 |   | 12/11/2023 |   | 563 |  |   | 560 |  |   | 563 |  |   | 0.05 |  |
|   | Project Accelerate Parent, LLC |   | ^* |   | (2) (3) |   | Software |   | L + 8.50% |   | 10.99% |   | 1/2/2018 |   | 1/2/2026 |   | 22,500 |  |   | 21,996 |  |   | 22,214 |  |   | 2.10 |  |
|   | Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) |   | ^ |   | (2) (3) |   | Wholesale |   | L + 8.50% |   | 11.00% |   | 1/24/2014 |   | 7/28/2020 |   | 3,000 |  |   | 2,973 |  |   | 3,000 |  |   | 0.28 |  |
|   | Reladyne, Inc. |   | ^+* |   | (2) (3) (13) |   | Wholesale |   | L + 9.50% |   | 12.10% |   | 4/19/2018 |   | 1/21/2023 |   | 12,242 |  |   | 12,048 |  |   | 12,234 |  |   | 1.15 |  |
|   | Santa Cruz Holdco, Inc. |   | ^ |   | (2) (3) |   | Non-durable Consumer Goods |   | L + 8.25% |   | 10.85% |   | 12/15/2017 |   | 12/13/2024 |   | 17,137 |  |   | 16,988 |  |   | 17,059 |  |   | 1.61 |  |
|   | Tank Holding Corp. |   | ^ |   | (2) (3) |   | Capital Equipment |   | L + 8.25% |   | 10.74% |   | 3/26/2019 |   | 3/26/2027 |   | 37,380 |  |   | 36,634 |  |   | 36,633 |  |   | 3.46 |  |
|   | Ultimate Baked Goods MIDCO, LLC (Rise Baking) |   | ^ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 8.00% |   | 10.50% |   | 8/9/2018 |   | 8/9/2026 |   | 8,333 |  |   | 8,179 |  |   | 8,227 |  |   | 0.78 |  |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of of Net Assets |
|   |
|   | Second Lien Debt (10.63%) (continued) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Watchfire Enterprises, Inc. |   | ^ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 8.00% |   | 10.60% |   | 10/2/2013 |   | 10/2/2021 |   | $ | 7,000 |  |   | $ | 6,953 |  |   | $ | 6,990 |  |   | 0.66 |  % |
|   | Zywave, Inc. |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 11.49% |   | 11/18/2016 |   | 11/17/2023 |   | 4,950 |  |   | 4,894 |  |   | 4,950 |  |   | 0.47 |  |
|   | Second Lien Debt Total |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 227,908 |  |   | $ | 228,851 |  |   | 21.59 |  % |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    |   |   |   | Footnotes |   | Industry |   | Type |   | Acquisition Date |   | Shares/ Units |   | Cost |   | Fair Value (5) |   | % of of Net Assets |
| Equity Investments (1.00%)                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ANLG Holdings, LLC                                     |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | Common stock |   | 6/22/2018 |   | 879,689 |  |   | $ | 880 |  |   | $ | 880 |  |   | 0.08 | % |
| Avenu Holdings, LLC                                    |   | ^ |   | (6) |   | Sovereign & Public Finance |   | Common stock |   | 9/28/2018 |   | 172,413 |  |   | 172 |  |   | 165 |  |   | 0.02 |  |
| CIP Revolution Holdings, LLC                           |   | ^ |   | (6) |   | Media: Advertising, Printing & Publishing |   | Common stock |   | 8/19/2016 |   | 31,825 |  |   | 318 |  |   | 264 |  |   | 0.03 |  |
| Dade Paper & Bag, LLC                              |   | ^ |   | (6) |   | Forest Products & Paper |   | Common stock |   | 6/9/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 2,903 |  |   | 0.27 |  |
| DecoPac, Inc.                                          |   | ^ |   | (6) |   | Non-durable Consumer Goods |   | Common stock |   | 9/29/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 1,784 |  |   | 0.17 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | Common stock |   | 5/31/2016 |   | 1,000,000 |  |   | 1,000 |  |   | 138 |  |   | 0.01 |  |
| GRO Sub Holdco, LLC (Grand Rapids)                     |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | Common stock |   | 3/29/2018 |   | 500,000 |  |   | 500 |  |   | 220 |  |   | 0.02 |  |
| Legacy.com, Inc.                                       |   | ^ |   | (6) |   | High Tech Industries |   | Common stock |   | 3/20/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 941 |  |   | 0.09 |  |
| Mailgun Technologies, Inc.                             |   | ^ |   | (6) |   | High Tech Industries |   | Common stock |   | 3/26/2019 |   | 423,729 |  |   | 424 |  |   | 424 |  |   | 0.04 |  |
| North Haven Goldfinch Topco, LLC                       |   | ^ |   | (6) |   | Containers, Packaging & Glass |   | Common stock |   | 6/18/2018 |   | 2,314,815 |  |   | 2,315 |  |   | 2,362 |  |   | 0.22 |  |
| Power Stop Intermediate Holdings, LLC                  |   | ^ |   | (6) |   | Automotive |   | Common stock |   | 5/29/2015 |   | 7,150 |  |   | — |  |   | 34 |  |   | — |  |
| PPC Flexible Packaging, LLC                            |   | ^ |   | (6) |   | Containers, Packaging & Glass |   | Common stock |   | 2/1/2019 |   | 965 |  |   | 965 |  |   | 965 |  |   | 0.09 |  |
| Rough Country, LLC                                     |   | ^ |   | (6) |   | Durable Consumer Goods |   | Common stock |   | 5/25/2017 |   | 754,775 |  |   | 755 |  |   | 1,040 |  |   | 0.10 |  |
| SiteLock Group Holdings, LLC                           |   | ^ |   | (6) |   | High Tech Industries |   | Common stock |   | 4/5/2018 |   | 446,429 |  |   | 446 |  |   | 552 |  |   | 0.06 |  |
| T2 Systems Parent Corporation                          |   | ^ |   | (6) |   | Transportation: Consumer |   | Common stock |   | 9/28/2016 |   | 555,556 |  |   | 556 |  |   | 571 |  |   | 0.06 |  |
| Tailwind HMT Holdings Corp.                            |   | ^ |   | (6) |   | Energy: Oil & Gas |   | Common stock |   | 11/17/2017 |   | 20,000 |  |   | 2,000 |  |   | 2,673 |  |   | 0.25 |  |
| Tank Holding Corp.                                     |   | ^ |   | (6) |   | Capital Equipment |   | Common stock |   | 3/26/2019 |   | 850 |  |   | 850 |  |   | 850 |  |   | 0.08 |  |
| THG Acquisition, LLC (The Hilb Group, LLC)             |   | ^ |   | (6) |   | Banking, Finance, Insurance & Real Estate |   | Common stock |   | 6/24/2015 |   | 1,500,000 |  |   | 1,500 |  |   | 2,805 |  |   | 0.26 |  |
| Tweddle Holdings, Inc.                                 |   | ^ |   | (6) |   | Media:  Advertising, Printing & Publishing |   | Common stock |   | 9/17/2018 |   | 17,208 |  |   | — |  |   | — |  |   | — |  |
| USLS Acquisition, Inc.                                 |   | ^ |   | (6) |   | Business Services |   | Common stock |   | 11/30/2018 |   | 640,569 |  |   | 641 |  |   | 641 |  |   | 0.06 |  |
| Zenith American Holding, Inc.                          |   | ^ |   | (6) |   | Business Services |   | Preferred stock |   | 12/13/2017 |   | 782,384 |  |   | 782 |  |   | 1,181 |  |   | 0.11 |  |
| Zenith American Holding, Inc.                          |   | ^ |   | (6) |   | Business Services |   | Common stock |   | 12/13/2017 |   | 782,384 |  |   | — |  |   | — |  |   | — |  |
| Zillow Topco LP                                        |   | ^ |   | (6) |   | Software |   | Common stock |   | 6/25/2018 |   | 312,500 |  |   | 313 |  |   | 313 |  |   | 0.03 |  |
| Equity Investments Total                               |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 18,917 |  |   | $ | 21,706 |  |   | 2.05 | % |
| Total investments—non-controlled/non-affiliated  |   |   |   |   |   |   |   | $ | 1,965,496 |  |   | $ | 1,899,537 |  |   | 179.18 | % |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
| First Lien Debt (0.67%)                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TwentyEighty, Inc. - Revolver               |   | ^ |   | (2) (3) (12) (13) |   | Business Services |   | L + 8.00% |   | 10.60% |   | 1/31/2017 |   | 3/21/2020 |   | $ | — |  |   | $ | (3 | ) |   | $ | — |  |   | — | % |
| TwentyEighty, Inc. - (Term A Loans)         |   | ^ |   | (2) (3) (12) |   | Business Services |   | L + 8.00% |   | 10.60% |   | 1/31/2017 |   | 3/21/2020 |   | 268 |  |   | 267 |  |   | 268 |  |   | 0.03 |  |
| TwentyEighty, Inc. - (Term B Loans)         |   | ^ |   | (12) |   | Business Services |   | N/A |   |  8.00% (4.00%cash, 4.00% PIK) |   | 1/31/2017 |   | 3/21/2020 |   | 7,064 |  |   | 6,950 |  |   | 6,923 |  |   | 0.65 |  |
| TwentyEighty, Inc. - (Term C Loans)         |   | ^ |   | (12) |   | Business Services |   | N/A |   | 9.00% (0.25%cash, 8.75% PIK) |   | 1/31/2017 |   | 3/21/2020 |   | 7,276 |  |   | 6,867 |  |   | 7,130 |  |   | 0.67 |  |
| First Lien Debt Total                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 14,081 |  |   | $ | 14,321 |  |   | 1.35 | % |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated       |   |   |   | Footnotes |   | Industry |   | Acquisition Date |   | Shares/ Units |   | Cost |   | FairValue (5) |   | % of Net Assets |
| Equity Investments (0.31%)                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TwentyEighty Investors LLC                        |   | ^ |   | (6) (12) |   | Business Services |   | 1/31/2017 |   | 69.786 |  |   | $ | — |  |   | $ | 6,760 |  |   | 0.64 | % |
| Equity Investments Total                          |   |   |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | 6,760 |  |   | 0.64 | % |
| Total investments—non-controlled/affiliated |   |   |   |   |   |   |   | $ | 14,081 |  |   | $ | 21,081 |  |   | 1.99 | % |

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                       |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value (5) |   | % of Net Assets |
| Investment Fund (10.88%)                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, LLC, Mezzanine Loan                                |   | ^ |   | (2) (7) (8) (10) |   | Investment Fund |   | L+9.00% |   | 11.77% |   | 6/30/2016 |   | 3/22/2020 |   | $ | 123,800 |  |   | $ | 123,800 |  |   | $ | 123,800 |  |   | 11.68 | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest |   | ^ |   | (7) (10) |   | Investment Fund |   | N/A |   | 0.001% |   | 2/29/2016 |   | 3/1/2021 |   | 118,001 |  |   | 118,001 |  |   | 110,791 |  |   | 10.44 | % |
| Investment Fund Total                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 241,801 |  |   | $ | 234,591 |  |   | 22.12 | % |
| Total investments—controlled/affiliated                                 |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 241,801 |  |   | $ | 234,591 |  |   | 22.12 | % |
| Total investments                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 2,221,378 |  |   | $ | 2,155,209 |  |   | 203.29 | % |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2019, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2019, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2019. As of March 31, 2019, the reference rates for our variable rate loans were the 30-day LIBOR at 2.49%, the 90-day LIBOR at 2.60% and the 180-day LIBOR at 2.66%. |

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

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment fund was determined using significant unobservable inputs. |

|     |                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of  March 31, 2019, the aggregate fair value of these securities is $28,466, or 2.68% of the Company’s net assets. |

|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund. |

|     |                                                           |
|-----|-----------------------------------------------------------|
| (9) | Loan was on non-accrual status as of March 31, 2019. |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                             | Fair Value as of December 31, 2018 |   | Additions/ Purchases |   | Reductions/ Sales/ Paydowns |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair Value as of March 31, 2019 |   | Dividend and Interest Income |
| Middle Market Credit Fund, LLC, Mezzanine Loan                                      | $ | 112,000 |  |   | $ | 30,500 |  |   | $ | (18,700 | ) |   | $ | — |  |   | $ | — |  |   | $ | 123,800 |  |   | $ | 3,538 |  |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  | 110,295 |  |   | — |  |   | — |  |   | — |  |   | 496 |  |   | 110,791 |  |   | 4,000 |  |
| Total investments—controlled/affiliated                                       | $ | 222,295 |  |   | $ | 30,500 |  |   | $ | (18,700 | ) |   | $ | — |  |   | $ | 496 |  |   | $ | 234,591 |  |   | $ | 7,538 |  |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Dimensional Dental Management, LLC (4.53%), EIP Merger Sub, LLC (Evolve IP) (3.75%), Legacy.com Inc. (4.01%), Prime Risk Partners, Inc. (2.89%), Product Quest Manufacturing, LLC (3.54%), Surgical Information Systems, LLC (1.13%), Transform SR Holdings, LLC (nil) and The Hilb Group, LLC (3.39%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|      |                                                                                                                                                                                                                                                                                                                                                                  |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to investments in non-controlled affiliates for the three month period ended March 31, 2019, were as follows: |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated       | Fair Value as of December 31, 2018 |   | Purchases/ Paid-in-kind interest |   | Sales/ Paydowns |   | Net Accretion of Discount |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair value as of March 31, 2019 |   | Interest Income |
| TwentyEighty, Inc. - Revolver                     | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| TwentyEighty, Inc. - (Term A Loans)               | 316 |  |   | — |  |   | (48 | ) |   | — |  |   | — |  |   | — |  |   | 268 |  |   | 11 |  |
| TwentyEighty, Inc. - (Term B Loans)               | 6,855 |  |   | 69 |  |   | — |  |   | 27 |  |   | — |  |   | (28 | ) |   | 6,923 |  |   | 139 |  |
| TwentyEighty, Inc. - (Term C Loans)               | 6,981 |  |   | 152 |  |   | — |  |   | 40 |  |   | — |  |   | (43 | ) |   | 7,130 |  |   | 160 |  |
| TwentyEighty Investors LLC (Equity)               | 4,391 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 2,369 |  |   | 6,760 |  |   | — |  |
| Total investments—non-controlled/affiliated | $ | 18,543 |  |   | $ | 221 |  |   | $ | (48 | ) |   | $ | 67 |  |   | $ | — |  |   | $ | 2,298 |  |   | $ | 21,081 |  |   | $ | 310 |  |

|      |                                                                                                                                        |
|------|----------------------------------------------------------------------------------------------------------------------------------------|
| (13) | As of March 31, 2019, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated                                             | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments |   |   |   |   |
| Advanced Instruments, LLC                                                                   | Revolver |   | 0.50% |   | $ | 1,167 |  |   | $ | (8 | ) |
| Aero Operating LLC (Dejana Industries, Inc.)                                                | Revolver |   | 1.00 |   | 181 |  |   | (1 | ) |
| American Physician Partners, LLC                                                            | Delayed Draw |   | 1.00 |   | 4,200 |  |   | 1 |  |
| American Physician Partners, LLC                                                            | Revolver |   | 0.50 |   | 1,875 |  |   | 1 |  |
| AMS Group HoldCo, LLC                                                                       | Delayed Draw |   | 1.00 |   | 4,009 |  |   | (57 | ) |
| AMS Group HoldCo, LLC                                                                       | Revolver |   | 0.50 |   | 810 |  |   | (41 | ) |
| Analogic Corporation                                                                        | Revolver |   | 0.50 |   | 3,365 |  |   | (50 | ) |
| Apptio, Inc.                                                                                | Revolver |   | 0.50 |   | 2,367 |  |   | (5 | ) |
| Captive Resources Midco, LLC                                                                | Delayed Draw |   | 1.25 |   | 3,571 |  |   | (8 | ) |
| Captive Resources Midco, LLC                                                                | Revolver |   | 0.50 |   | 2,143 |  |   | (4 | ) |
| Chemical Computing Group ULC                                                                | Revolver |   | 0.50 |   | 903 |  |   | (7 | ) |
| CIP Revolution Holdings, LLC                                                                | Revolver |   | 0.50 |   | 532 |  |   | (8 | ) |
| CircusTrix Holdings, LLC                                                                    | Delayed Draw |   | 1.00 |   | 1,115 |  |   | (16 | ) |
| Comar Holding Company, LLC                                                                  | Delayed Draw |   | 1.00 |   | 5,136 |  |   | (73 | ) |
| Comar Holding Company, LLC                                                                  | Revolver |   | 0.50 |   | 2,011 |  |   | (29 | ) |
| Continuum Managed Services HoldCo, LLC                                                      | Revolver |   | 0.50 |   | 2,500 |  |   | (15 | ) |
| Datto, Inc.                                                                                 | Revolver |   | 0.50 |   | 726 |  |   | 15 |  |
| DermaRite Industries LLC                                                                    | Revolver |   | 0.50 |   | 1,800 |  |   | (11 | ) |
| Direct Travel, Inc.                                                                         | Delayed Draw |   | 1.00 |   | 1,786 |  |   | (6 | ) |
| Frontline Technologies Holdings, LLC                                                        | Delayed Draw |   | 1.00 |   | 5,991 |  |   | (2 | ) |
| FWR Holding Corporation                                                                     | Delayed Draw |   | 1.00 |   | 203 |  |   | (1 | ) |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| FWR Holding Corporation                         | Revolver |   | 0.50% |   | $ | 3,333 |  |   | $ | (9 | ) |
| GRO Sub Holdco, LLC (Grand Rapids)              | Delayed Draw |   | 1.00 |   | 7,000 |  |   | (83 | ) |
| GRO Sub Holdco, LLC (Grand Rapids)              | Revolver |   | 0.50 |   | 1,071 |  |   | (13 | ) |
| iCIMS, Inc.                                     | Revolver |   | 0.50 |   | 1,252 |  |   | (13 | ) |
| Innovative Business Services, LLC               | Delayed Draw |   | 1.00 |   | 3,886 |  |   | (61 | ) |
| Innovative Business Services, LLC               | Revolver |   | 0.50 |   | 2,232 |  |   | (35 | ) |
| Mailgun Technologies, Inc.                      | Revolver |   | 0.50 |   | 1,342 |  |   | (27 | ) |
| National Carwash Solutions, Inc.                | Delayed Draw |   | 1.00 |   | 1,494 |  |   | (14 | ) |
| National Carwash Solutions, Inc.                | Revolver |   | 0.50 |   | 391 |  |   | (4 | ) |
| National Technical Systems, Inc.                | Revolver |   | 0.50 |   | 2,500 |  |   | (5 | ) |
| NMI AcquisitionCo, Inc.                         | Revolver |   | 0.50 |   | 435 |  |   | (14 | ) |
| North American Dental Management, LLC           | Delayed Draw |   | 1.00 |   | 1,715 |  |   | (30 | ) |
| Northland Telecommunications Corporation        | Revolver |   | 0.50 |   | 1,702 |  |   | (22 | ) |
| Pharmalogic Holdings Corp.                      | Delayed Draw |   | 1.00 |   | 236 |  |   | — |  |
| PPC Flexible Packaging, LLC                     | Revolver |   | 0.50 |   | 1,884 |  |   | (40 | ) |
| PricewaterhouseCoopers Public Sector LLP        | Revolver |   | 0.50 |   | 6,250 |  |   | (104 | ) |
| Prime Risk Partners, Inc.                       | Delayed Draw |   | 0.50 |   | 190 |  |   | (3 | ) |
| Prime Risk Partners, Inc.                       | Delayed Draw |   | 0.50 |   | 2,364 |  |   | (39 | ) |
| QW Holding Corporation (Quala)                  | Delayed Draw |   | 1.00 |   | 5,419 |  |   | (50 | ) |
| Reladyne, Inc.                                  | Delayed Draw |   | 1.00 |   | 897 |  |   | (1 | ) |
| Sapphire Convention, Inc.                       | Revolver |   | 0.50 |   | 4,528 |  |   | (71 | ) |
| Smile Doctors, LLC                              | Delayed Draw |   | 1.00 |   | 4,560 |  |   | (59 | ) |
| Smile Doctors, LLC                              | Revolver |   | 0.50 |   | 964 |  |   | (13 | ) |
| SPay, Inc.                                      | Delayed Draw |   | 1.00 |   | 9,545 |  |   | (170 | ) |
| SPay, Inc.                                      | Revolver |   | 0.50 |   | 1,227 |  |   | (84 | ) |
| Superior Health Linens, LLC                     | Revolver |   | 0.50 |   | 700 |  |   | (9 | ) |
| T2 Systems, Inc.                                | Revolver |   | 0.50 |   | 1,760 |  |   | (4 | ) |
| Tank Holding Corp. (1L)                         | Revolver |   | 0.50 |   | 47 |  |   | — |  |
| The Hilb Group, LLC                             | Delayed Draw |   | 1.00 |   | 9,765 |  |   | (138 | ) |
| Trump Card, LLC                                 | Revolver |   | 0.50 |   | 606 |  |   | (6 | ) |
| TSB Purchaser, Inc. (Teaching Strategies, LLC)  | Revolver |   | 0.50 |   | 1,891 |  |   | (27 | ) |
| TwentyEighty, Inc. (f/k/a Miller Heiman, Inc.)  | Revolver |   | 0.50 |   | 607 |  |   | — |  |
| USLS Acquisition, Inc.                          | Delayed Draw |   | 1.00 |   | 3,168 |  |   | (69 | ) |
| USLS Acquisition, Inc.                          | Revolver |   | 0.50 |   | 946 |  |   | (21 | ) |
| VRC Companies, LLC                              | Delayed Draw |   | 1.00 |   | 374 |  |   | (3 | ) |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| VRC Companies, LLC                              | Revolver |   | 0.50% |   | $ | 918 |  |   | $ | (7 | ) |
| Westfall Technik, Inc.                          | Delayed Draw |   | 1.00 |   | 5,022 |  |   | (100 | ) |
| Westfall Technik, Inc.                          | Revolver |   | 0.50 |   | 3,017 |  |   | (60 | ) |
| Zemax Software Holdings, LLC                    | Revolver |   | 0.50 |   | 1,284 |  |   | (10 | ) |
| Zenith Merger Sub, Inc.                         | Delayed Draw |   | 1.00 |   | 4,252 |  |   | (31 | ) |
| Zenith Merger Sub, Inc.                         | Revolver |   | 0.50 |   | 3,180 |  |   | (23 | ) |
| Total unfunded commitments                      |   |   |   |   | $ | 150,345 |  |   | $ | (1,797 | ) |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Type                                            |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt (excluding First Lien/Last Out) |   | $ | 1,492,517 |  |   | $ | 1,462,000 |  |   | 67.84 | % |
| First Lien/Last Out Unitranche                  |   | 240,235 |  |   | 201,301 |  |   | 9.34 |  |
| Second Lien Debt                                |   | 227,908 |  |   | 228,851 |  |   | 10.62 |  |
| Equity Investments                              |   | 18,917 |  |   | 28,466 |  |   | 1.32 |  |
| Investment Fund                                 |   | 241,801 |  |   | 234,591 |  |   | 10.88 |  |
| Total                                           |   | $ | 2,221,378 |  |   | $ | 2,155,209 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |
| Rate Type     |   | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate |   | $ | 1,946,843 |  |   | $ | 1,878,099 |  |   | 99.26 | % |
| Fixed Rate    |   | 13,817 |  |   | 14,053 |  |   | 0.74 |  |
| Total         |   | $ | 1,960,660 |  |   | $ | 1,892,152 |  |   | 100.00 | % |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |
| Industry                                      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                       | $ | 27,811 |  |   | $ | 28,001 |  |   | 1.30 | % |
| Automotive                                    | 9,100 |  |   | 9,207 |  |   | 0.43 |  |
| Banking, Finance, Insurance & Real Estate | 131,933 |  |   | 133,319 |  |   | 6.18 |  |
| Beverage, Food & Tobacco                  | 73,416 |  |   | 74,077 |  |   | 3.44 |  |
| Business Services                             | 142,947 |  |   | 150,508 |  |   | 6.98 |  |
| Capital Equipment                             | 37,484 |  |   | 37,483 |  |   | 1.74 |  |
| Chemicals, Plastics & Rubber              | 31,967 |  |   | 31,799 |  |   | 1.47 |  |
| Construction & Building                   | 2,494 |  |   | 2,499 |  |   | 0.12 |  |
| Consumer Services                             | 23,276 |  |   | 23,075 |  |   | 1.07 |  |
| Containers, Packaging & Glass             | 81,277 |  |   | 49,060 |  |   | 2.28 |  |
| Durable Consumer Goods                        | 11,964 |  |   | 12,239 |  |   | 0.57 |  |
| Energy: Electricity                           | 42,814 |  |   | 41,953 |  |   | 1.95 |  |
| Energy: Oil & Gas                         | 11,816 |  |   | 12,446 |  |   | 0.58 |  |
| Environmental Industries                      | 38,443 |  |   | 38,646 |  |   | 1.79 |  |
| Forest Products & Paper                   | 49,863 |  |   | 51,674 |  |   | 2.40 |  |
| Healthcare & Pharmaceuticals              | 287,931 |  |   | 273,588 |  |   | 12.69 |  |
| High Tech Industries                          | 257,652 |  |   | 257,703 |  |   | 11.96 |  |
| Hotel, Gaming & Leisure                   | 85,738 |  |   | 84,080 |  |   | 3.90 |  |
| Investment Fund                               | 241,801 |  |   | 234,591 |  |   | 10.88 |  |
| Media: Broadcast & Subscription           | 21,254 |  |   | 21,284 |  |   | 0.99 |  |
| Media: Advertising, Printing & Publishing | 58,278 |  |   | 58,324 |  |   | 2.71 |  |
| Non-durable Consumer Goods                    | 58,033 |  |   | 50,668 |  |   | 2.35 |  |
| Retail                                        | 18,863 |  |   | 18,860 |  |   | 0.87 |  |
| Software                                      | 154,157 |  |   | 155,304 |  |   | 7.21 |  |
| Sovereign & Public Finance                | 38,493 |  |   | 38,364 |  |   | 1.78 |  |
| Telecommunications                            | 125,798 |  |   | 115,951 |  |   | 5.38 |  |
| Transportation: Cargo                         | 71,372 |  |   | 70,306 |  |   | 3.26 |  |
| Transportation: Consumer                      | 36,160 |  |   | 36,689 |  |   | 1.70 |  |
| Wholesale                                     | 49,243 |  |   | 43,511 |  |   | 2.02 |  |
| Total                                         | $ | 2,221,378 |  |   | $ | 2,155,209 |  |   | 100.00 | % |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |
| Geography      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Canada         | $ | 15,604 |  |   | $ | 15,619 |  |   | 0.73 | % |
| United Kingdom | 9,816 |  |   | 9,773 |  |   | 0.45 |  |
| United States  | 2,195,958 |  |   | 2,129,817 |  |   | 98.82 |  |
| Total          | $ | 2,221,378 |  |   | $ | 2,155,209 |  |   | 100.00 | % |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
|   |
|   | First Lien Debt (77.62%) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   | Advanced Instruments, LLC |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.63% |   | 11/1/2016 |   | 10/31/2022 |   | $ | 19,967 |  |   | $ | 19,716 |  |   | $ | 19,804 |  |   | 1.86 |  % |
|   | Aero Operating, LLC (Dejana Industries, Inc.) |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 7.25% |   | 9.60% |   | 1/5/2018 |   | 12/29/2022 |   | 3,556 |  |   | 3,520 |  |   | 3,512 |  |   | 0.33 |  |
|   | Alpha Packaging Holdings, Inc. |   | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 7.05% |   | 6/26/2015 |   | 5/12/2020 |   | 2,866 |  |   | 2,865 |  |   | 2,858 |  |   | 0.27 |  |
|   | Alpine SG, LLC |   | ^* |   | (2) (3) |   | High Tech Industries |   | L + 6.00% |   | 8.52% |   | 2/2/2018 |   | 11/16/2022 |   | 9,695 |  |   | 9,607 |  |   | 9,659 |  |   | 0.91 |  |
|   | AMS Group HoldCo, LLC |   | ^+* |   | (2) (3) (13) |   | Transportation: Cargo |   | L + 6.00% |   | 8.80% |   | 9/29/2017 |   | 9/29/2023 |   | 32,612 |  |   | 31,996 |  |   | 31,721 |  |   | 2.98 |  |
|   | Analogic Corporation |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 8.52% |   | 6/22/2018 |   | 6/22/2024 |   | 35,249 |  |   | 34,536 |  |   | 34,414 |  |   | 3.23 |  |
|   | Avenu Holdings, LLC |   | +* |   | (2) (3) |   | Sovereign & Public Finance |   | L + 5.25% |   | 8.05% |   | 9/28/2018 |   | 9/28/2024 |   | 39,057 |  |   | 38,396 |  |   | 38,354 |  |   | 3.60 |  |
|   | Brooks Equipment Company, LLC |   | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 7.71% |   | 6/26/2015 |   | 8/29/2020 |   | 2,502 |  |   | 2,492 |  |   | 2,496 |  |   | 0.23 |  |
|   | Capstone Logistics Acquisition, Inc. |   | +* |   | (2) (3) |   | Transportation: Cargo |   | L + 4.50% |   | 7.02% |   | 6/26/2015 |   | 10/7/2021 |   | 14,306 |  |   | 14,234 |  |   | 14,262 |  |   | 1.34 |  |
|   | Captive Resources Midco, LLC |   | ^+* |   | (2) (3) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.75% |   | 8.27% |   | 6/30/2015 |   | 12/18/2021 |   | 29,441 |  |   | 29,212 |  |   | 29,139 |  |   | 2.74 |  |
|   | Central Security Group, Inc. |   | +* |   | (2) (3) |   | Consumer Services |   | L + 5.63% |   | 8.15% |   | 6/26/2015 |   | 10/6/2021 |   | 30,349 |  |   | 30,142 |  |   | 29,742 |  |   | 2.80 |  |
|   | Chemical Computing Group ULC (Canada) |   | ^* |   | (2) (3) (7) (13) |   | Software |   | L + 5.50% |   | 8.02% |   | 8/30/2018 |   | 8/30/2023 |   | 15,794 |  |   | 15,636 |  |   | 15,617 |  |   | 1.47 |  |
|   | CIP Revolution Holdings, LLC |   | ^+* |   | (2) (3) (13) |   | Media:  Advertising, Printing & Publishing |   | L + 6.00% |   | 8.80% |   | 8/19/2016 |   | 8/19/2021 |   | 20,592 |  |   | 20,463 |  |   | 20,358 |  |   | 1.91 |  |
|   | CircusTrix Holdings, LLC |   | ^+* |   | (2) (3) (13) |   | Hotel, Gaming & Leisure |   | L + 5.50% |   | 8.02% |   | 2/2/2018 |   | 12/16/2021 |   | 9,212 |  |   | 9,001 |  |   | 8,972 |  |   | 0.84 |  |
|   | Comar Holding Company, LLC |   | ^* |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.77% |   | 6/18/2018 |   | 6/18/2024 |   | 27,086 |  |   | 26,452 |  |   | 26,505 |  |   | 2.49 |  |
|   | Continuum Managed Services Holdco, LLC |   | ^+* |   | (2) (3) (13) |   | High Tech Industries |   | L + 6.25% |   | 8.53% |   | 6/20/2017 |   | 6/8/2023 |   | 28,243 |  |   | 27,621 |  |   | 27,711 |  |   | 2.60 |  |
|   | Dade Paper & Bag, LLC |   | ^+* |   | (2) (3) |   | Forest Products & Paper |   | L + 7.50% |   | 10.02% |   | 6/9/2017 |   | 6/10/2024 |   | 49,250 |  |   | 48,464 |  |   | 47,798 |  |   | 4.49 |  |
|   | Datto, Inc. |   | ^* |   | (2) (3) (13) |   | High Tech Industries |   | L + 8.00% |   | 10.46% |   | 12/7/2017 |   | 12/7/2022 |   | 35,622 |  |   | 35,178 |  |   | 35,280 |  |   | 3.31 |  |
|   | Dent Wizard International Corporation |   | + |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 6.51% |   | 4/28/2015 |   | 4/7/2020 |   | 886 |  |   | 885 |  |   | 881 |  |   | 0.08 |  |
|   | Derm Growth Partners III, LLC (Dermatology Associates) |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.25% |   | 9.05% |   | 5/31/2016 |   | 5/31/2022 |   | 51,599 |  |   | 51,203 |  |   | 50,946 |  |   | 4.78 |  |
|   | DermaRite Industries, LLC |   | ^* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 7.00% |   | 9.52% |   | 3/3/2017 |   | 3/3/2022 |   | 22,328 |  |   | 22,097 |  |   | 21,399 |  |   | 2.01 |  |
|   | Dimensional Dental Management, LLC |   | ^ |   | (2) (3) (11) |   | Healthcare & Pharmaceuticals |   | L + 6.75% |   | 9.28% |   | 2/12/2016 |   | 2/12/2021 |   | 33,674 |  |   | 33,276 |  |   | 28,172 |  |   | 2.65 |  |
|   | Direct Travel, Inc. |   | ^+* |   | (2) (3) (13) |   | Hotel, Gaming & Leisure |   | L + 6.50% |   | 9.30% |   | 10/14/2016 |   | 12/1/2021 |   | 35,292 |  |   | 34,878 |  |   | 34,975 |  |   | 3.28 |  |
|   | DTI Holdco, Inc. |   | ^* |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 7.28% |   | 12/18/2018 |   | 9/30/2023 |   | 1,995 |  |   | 1,870 |  |   | 1,860 |  |   | 0.17 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1) |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
| First Lien Debt (77.62%) (continued)                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EIP Merger Sub, LLC (Evolve IP)                     |   | ^+* |   | (2) (3) (11) |   | Telecommunications |   | L + 5.75% |   | 8.27% |   | 6/7/2016 |   | 6/7/2022 |   | $ | 36,093 |  |   | $ | 35,433 |  |   | $ | 35,169 |  |   | 3.30 |  % |
| Emergency Communications Network, LLC               |   | ^+* |   | (2) (3) |   | Telecommunications |   | L + 6.25% |   | 8.75% |   | 6/1/2017 |   | 6/1/2023 |   | 24,625 |  |   | 24,452 |  |   | 24,133 |  |   | 2.27 |  |
| Ensono, LP                                          |   | * |   | (2) (3) |   | Telecommunications |   | L + 5.25% |   | 7.77% |   | 4/30/2018 |   | 6/27/2025 |   | 8,623 |  |   | 8,618 |  |   | 8,450 |  |   | 0.79 |  |
| Frontline Technologies Holdings, LLC                |   | ^ |   | (2) (3) (13) |   | Software |   | L + 6.50% |   | 9.02% |   | 9/18/2017 |   | 9/18/2023 |   | 38,804 |  |   | 38,456 |  |   | 38,450 |  |   | 3.61 |  |
| FWR Holding Corporation                             |   | ^+* |   | (2) (3) (13) |   | Beverage, Food & Tobacco |   | L + 5.75% |   | 8.26% |   | 8/21/2017 |   | 8/21/2023 |   | 46,755 |  |   | 45,782 |  |   | 46,393 |  |   | 4.36 |  |
| Green Energy Partners/Stonewall, LLC                |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 5.50% |   | 8.30% |   | 6/26/2015 |   | 11/13/2021 |   | 19,750 |  |   | 19,494 |  |   | 19,536 |  |   | 1.83 |  |
| GRO Sub Holdco, LLC (Grand Rapids)                  |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 6.00% |   | 8.80% |   | 2/28/2018 |   | 2/22/2024 |   | 6,661 |  |   | 6,466 |  |   | 6,209 |  |   | 0.58 |  |
| Hummel Station, LLC                                 |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 6.00% |   | 8.52% |   | 2/3/2016 |   | 10/27/2022 |   | 14,790 |  |   | 14,164 |  |   | 14,422 |  |   | 1.35 |  |
| Hydrofarm, LLC                                      |   | ^ |   | (2) (3) |   | Wholesale |   | L+10.00% (30% cash/70% PIK) |   | 12.50% |   | 5/15/2017 |   | 5/12/2022 |   | 20,306 |  |   | 19,958 |  |   | 13,989 |  |   | 1.31 |  |
| iCIMS, Inc.                                         |   | ^ |   | (2) (3) (13) |   | Software |   | L + 6.50% |   | 8.94% |   | 9/12/2018 |   | 9/12/2024 |   | 20,025 |  |   | 19,616 |  |   | 19,297 |  |   | 1.81 |  |
| Indra Holdings Corp. (Totes Isotoner)               |   | ^ |   | (2) (3) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 6.77% |   | 4/29/2014 |   | 5/1/2021 |   | 18,965 |  |   | 17,561 |  |   | 9,483 |  |   | 0.89 |  |
| Innovative Business Services, LLC                   |   | ^* |   | (2) (3) (13) |   | High Tech Industries |   | L + 5.50% |   | 7.91% |   | 4/5/2018 |   | 4/5/2023 |   | 16,307 |  |   | 15,789 |  |   | 15,948 |  |   | 1.50 |  |
| Legacy.com, Inc.                                    |   | ^ |   | (2) (3) (11) |   | High Tech Industries |   | L + 6.00% |   | 8.79% |   | 3/20/2017 |   | 3/20/2023 |   | 17,000 |  |   | 16,696 |  |   | 16,827 |  |   | 1.58 |  |
| Maravai Intermediate Holdings, LLC                  |   | ^* |   | (2) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.81% |   | 8/2/2018 |   | 8/2/2025 |   | 19,950 |  |   | 19,766 |  |   | 19,719 |  |   | 1.85 |  |
| Metrogistics, LLC                                   |   | +* |   | (2) (3) |   | Transportation: Cargo |   | L + 6.50% |   | 9.00% |   | 12/13/2016 |   | 9/30/2022 |   | 17,517 |  |   | 17,349 |  |   | 17,424 |  |   | 1.65 |  |
| Moxie Liberty, LLC                                  |   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 6.50% |   | 9.30% |   | 10/16/2017 |   | 8/21/2020 |   | 9,873 |  |   | 9,208 |  |   | 8,964 |  |   | 0.84 |  |
| National Carwash Solutions, Inc.                    |   | ^+ |   | (2) (3) (13) |   | Automotive |   | L + 6.00% |   | 8.35% |   | 8/7/2018 |   | 4/28/2023 |   | 5,843 |  |   | 5,662 |  |   | 5,688 |  |   | 0.53 |  |
| National Technical Systems, Inc.                    |   | ^+* |   | (2) (3) (13) |   | Aerospace & Defense |   | L + 6.25% |   | 8.87% |   | 6/26/2015 |   | 6/12/2021 |   | 28,237 |  |   | 27,990 |  |   | 28,160 |  |   | 2.64 |  |
| NES Global Talent Finance US, LLC (United Kingdom)  |   | +* |   | (2) (3) (8) |   | Energy: Oil & Gas |   | L + 5.50% |   | 8.03% |   | 5/9/2018 |   | 5/11/2023 |   | 9,992 |  |   | 9,833 |  |   | 9,695 |  |   | 0.91 |  |
| Nexus Technologies, LLC                             |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 5.50% |   | 8.30% |   | 12/11/2018 |   | 12/5/2023 |   | 6,234 |  |   | 6,177 |  |   | 6,158 |  |   | 0.58 |  |
| NMI AcquisitionCo, Inc.                             |   | ^+* |   | (2) (3) (13) |   | High Tech Industries |   | L + 6.75% |   | 9.27% |   | 9/6/2017 |   | 9/6/2022 |   | 51,424 |  |   | 50,646 |  |   | 49,501 |  |   | 4.65 |  |
| North American Dental Management, LLC               |   | ^ |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 8.04% |   | 10/26/2018 |   | 7/7/2023 |   | 2,060 |  |   | 1,962 |  |   | 1,973 |  |   | 0.19 |  |
| Northland Telecommunications Corporation            |   | ^* |   | (2) (3) (13) |   | Media: Broadcast & Subscription |   | L + 5.75% |   | 8.10% |   | 10/1/2018 |   | 10/1/2025 |   | 21,638 |  |   | 21,297 |  |   | 21,311 |  |   | 2.00 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)          |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
| First Lien Debt (77.62%) (continued)                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Payment Alliance International, Inc.                         |   | ^ |   | (2) (3) (11) |   | Business Services |   | L + 6.05% |   | 8.13% |   | 9/15/2017 |   | 9/15/2021 |   | $ | 23,723 |  |   | $ | 23,324 |  |   | $ | 23,588 |  |   | 2.22 |  % |
| Plano Molding Company, LLC                                   |   | ^ |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 7.50% |   | 9.98% |   | 5/1/2015 |   | 5/12/2021 |   | 14,902 |  |   | 14,726 |  |   | 13,729 |  |   | 1.29 |  |
| PPC Flexible Packaging, LLC                                  |   | ^+ |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.77% |   | 11/23/2018 |   | 11/23/2024 |   | 11,962 |  |   | 11,761 |  |   | 11,839 |  |   | 1.11 |  |
| PPT Management Holdings, LLC                                 |   | ^ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L+7.50% (100% PIK) |   | 9.85% |   | 12/15/2016 |   | 12/16/2022 |   | 26,820 |  |   | 26,675 |  |   | 22,194 |  |   | 2.08 |  |
| PricewaterhouseCoopers Public Sector LLP                     |   | ^ |   | (2) (3) (13) |   | Aerospace & Defense |   | L + 2.75% |   | 5.25% |   | 5/1/2018 |   | 5/1/2023 |   | — |  |   | (131 | ) |   | (160 | ) |   | (0.02 | ) |
| Prime Risk Partners, Inc.                                    |   | ^ |   | (2) (3) (11) (13) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.00% |   | 7.80% |   | 8/15/2017 |   | 8/13/2023 |   | 24,389 |  |   | 23,906 |  |   | 23,466 |  |   | 2.20 |  |
| Prime Risk Partners, Inc.                                    |   | ^ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 5.00% |   | 7.44% |   | 8/15/2017 |   | 8/13/2023 |   | 1,925 |  |   | 1,887 |  |   | 1,871 |  |   | 0.18 |  |
| Product Quest Manufacturing, LLC                             |   | ^ |   | (2) (3) (13) |   | Containers, Packaging & Glass |   | L + 6.75% |   | 10.00% |   | 9/21/2017 |   | 3/31/2019 |   | 4,051 |  |   | 4,051 |  |   | 4,051 |  |   | 0.38 |  |
| Product Quest Manufacturing, LLC                             |   | ^ |   | (2) (3) (9) (11) |   | Containers, Packaging & Glass |   | L + 5.75% |   | 8.09% |   | 9/9/2015 |   | 9/9/2020 |   | 33,000 |  |   | 32,270 |  |   | — |  |   | — |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) |   | +* |   | (2) (3) |   | Wholesale |   | L + 4.50% |   | 7.30% |   | 12/1/2017 |   | 1/28/2020 |   | 14,752 |  |   | 14,396 |  |   | 14,663 |  |   | 1.38 |  |
| PSI Services, LLC                                            |   | ^ |   | (2) (3) |   | Business Services |   | L + 5.00% |   | 7.52% |   | 9/19/2018 |   | 1/20/2023 |   | 4,546 |  |   | 4,487 |  |   | 4,445 |  |   | 0.42 |  |
| QW Holding Corporation (Quala)                               |   | ^+* |   | (2) (3) |   | Environmental Industries |   | L + 6.75% |   | 9.22% |   | 8/31/2016 |   | 8/31/2022 |   | 36,179 |  |   | 35,604 |  |   | 35,835 |  |   | 3.37 |  |
| Redwood Services Group, LLC                                  |   | * |   | (2) (3) |   | High Tech Industries |   | L + 6.00% |   | 8.71% |   | 11/13/2018 |   | 6/6/2023 |   | 5,323 |  |   | 5,277 |  |   | 5,242 |  |   | 0.49 |  |
| Sapphire Convention, Inc. (Smart City)                       |   | ^* |   | (2) (3) (13) |   | Telecommunications |   | L + 5.25% |   | 7.89% |   | 11/20/2018 |   | 11/20/2025 |   | 28,866 |  |   | 28,207 |  |   | 28,264 |  |   | 2.65 |  |
| Smile Doctors, LLC                                           |   | ^+* |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 5.75% |   | 8.55% |   | 10/6/2017 |   | 10/6/2022 |   | 18,155 |  |   | 18,037 |  |   | 17,782 |  |   | 1.67 |  |
| SolAero Technologies Corp.                                   |   | ^ |   | (2) (3) (9) |   | Telecommunications |   | L + 5.25% |   | 7.75% |   | 5/24/2016 |   | 12/10/2020 |   | 24,362 |  |   | 23,787 |  |   | 14,327 |  |   | 1.35 |  |
| SolAero Technologies Corp.                                   |   | ^ |   | (2) (3) |   | Telecommunications |   | L+ 7.25%, 4.00% PIK |   | 10.25% |   | 9/6/2018 |   | 3/31/2019 |   | 3,641 |  |   | 3,623 |  |   | 3,641 |  |   | 0.34 |  |
| Sovos Brands Intermediate, Inc.                              |   | ^ |   | (2) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.64% |   | 11/16/2018 |   | 11/20/2025 |   | 20,100 |  |   | 19,903 |  |   | 19,782 |  |   | 1.86 |  |
| SPay, Inc.                                                   |   | ^+* |   | (2) (3) (13) |   | Hotel, Gaming & Leisure |   | L + 5.75% |   | 8.22% |   | 6/15/2018 |   | 6/15/2024 |   | 19,909 |  |   | 19,347 |  |   | 19,009 |  |   | 1.79 |  |
| Superior Health Linens, LLC                                  |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 7.00% |   | 9.52% |   | 9/30/2016 |   | 9/30/2021 |   | 21,100 |  |   | 20,891 |  |   | 20,840 |  |   | 1.96 |  |
| Surgical Information Systems, LLC                            |   | ^+* |   | (2) (3) (11) |   | High Tech Industries |   | L + 4.85% |   | 7.37% |   | 4/24/2017 |   | 4/24/2023 |   | 27,708 |  |   | 27,497 |  |   | 27,171 |  |   | 2.55 |  |
| T2 Systems Canada, Inc.                                      |   | * |   | (2) (3) |   | Transportation: Consumer |   | L + 6.75% |   | 9.34% |   | 5/24/2017 |   | 9/28/2022 |   | 3,969 |  |   | 3,899 |  |   | 3,946 |  |   | 0.37 |  |
| T2 Systems, Inc.                                             |   | ^+* |   | (2) (3) (13) |   | Transportation: Consumer |   | L + 6.75% |   | 9.34% |   | 9/28/2016 |   | 9/28/2022 |   | 32,331 |  |   | 31,756 |  |   | 32,133 |  |   | 3.02 |  |
| The Hilb Group, LLC                                          |   | ^ |   | (2) (3) (11) |   | Banking, Finance, Insurance & Real Estate |   | L + 6.00% |   | 8.80% |   | 6/24/2015 |   | 6/24/2021 |   | 49,451 |  |   | 48,861 |  |   | 48,456 |  |   | 4.55 |  |
| The Topps Company, Inc.                                      |   | +* |   | (2) (3) |   | Non-durable Consumer Goods |   | L + 6.00% |   | 8.80% |   | 6/26/2015 |   | 10/2/2020 |   | 22,127 |  |   | 21,951 |  |   | 22,127 |  |   | 2.08 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)          |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (4) |   | Fair Value (5) |   | % of Net Assets |
| First Lien Debt (77.62%) (continued)                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trump Card, LLC                                              |   | ^+* |   | (2) (3) (13) |   | Transportation: Cargo |   | L + 5.00% |   | 7.80% |   | 6/26/2018 |   | 4/21/2022 |   | $ | 8,157 |  |   | $ | 8,107 |  |   | $ | 8,036 |  |   | 0.75 |  % |
| TSB Purchaser, Inc. (Teaching Strategies, LLC)               |   | ^+* |   | (2) (3) (13) |   | Media:  Advertising, Printing & Publishing |   | L + 6.00% |   | 8.80% |   | 5/14/2018 |   | 5/14/2024 |   | 28,028 |  |   | 27,352 |  |   | 27,462 |  |   | 2.58 |  |
| Tweddle Group, Inc.                                          |   | ^ |   | (2) (3) |   | Media:  Advertising, Printing & Publishing |   | L + 4.50% |   | 6.97% |   | 9/17/2018 |   | 9/17/2023 |   | 2,400 |  |   | 2,366 |  |   | 2,386 |  |   | 0.22 |  |
| USLS Acquisition, Inc.                                       |   | ^ |   | (2) (3) (13) |   | Business Services |   | L + 5.75% |   | 8.46% |   | 11/30/2018 |   | 11/30/2024 |   | 17,730 |  |   | 17,282 |  |   | 17,178 |  |   | 1.61 |  |
| VRC Companies, LLC                                           |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 6.50% |   | 9.02% |   | 3/31/2017 |   | 3/31/2023 |   | 54,181 |  |   | 53,345 |  |   | 53,410 |  |   | 5.03 |  |
| Watchfire Enterprises, Inc.                                  |   | * |   | (2) (3) |   | Media:  Advertising, Printing & Publishing |   | L + 4.00% |   | 6.80% |   | 6/9/2017 |   | 10/2/2020 |   | 1,248 |  |   | 1,241 |  |   | 1,248 |  |   | 0.12 |  |
| Westfall Technik, Inc.                                       |   | ^ |   | (2) (3) (13) |   | Chemicals, Plastics & Rubber |   | L + 5.00% |   | 7.79% |   | 9/13/2018 |   | 9/13/2024 |   | 10,585 |  |   | 10,218 |  |   | 9,902 |  |   | 0.93 |  |
| Zemax Software Holdings, LLC                                 |   | ^* |   | (2) (3) (13) |   | Software |   | L + 5.75% |   | 8.55% |   | 6/25/2018 |   | 6/25/2024 |   | 10,248 |  |   | 10,111 |  |   | 10,144 |  |   | 0.95 |  |
| Zenith Merger Sub, Inc.                                      |   | ^+* |   | (2) (3) (13) |   | Business Services |   | L + 5.50% |   | 8.30% |   | 12/13/2017 |   | 12/13/2023 |   | 10,881 |  |   | 10,732 |  |   | 10,778 |  |   | 1.01 |  |
| First Lien Debt Total                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,602,861 |  |   | $ | 1,532,119 |  |   | 143.88 |  % |
| Second Lien Debt (9.07%)                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC                                              |   | ^ |   | (2) |   | Business Services |   | L + 7.75% |   | 10.46% |   | 2/14/2018 |   | 2/27/2026 |   | $ | 2,701 |  |   | $ | 2,678 |  |   | $ | 2,650 |  |   | 0.25 |  % |
| AmeriLife Group, LLC                                         |   | ^* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 8.75% |   | 11.27% |   | 7/9/2015 |   | 1/10/2023 |   | 22,000 |  |   | 21,712 |  |   | 21,910 |  |   | 2.06 |  |
| AQA Acquisition Holding, Inc.                                |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 8.00% |   | 10.40% |   | 10/1/2018 |   | 5/24/2024 |   | 40,000 |  |   | 39,623 |  |   | 39,336 |  |   | 3.69 |  |
| Argon Medical Devices Holdings, Inc.                         |   | ^* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 8.00% |   | 10.52% |   | 11/2/2017 |   | 1/23/2026 |   | 7,500 |  |   | 7,468 |  |   | 7,446 |  |   | 0.70 |  |
| Brave Parent Holdings, Inc.                                  |   | ^* |   | (2) (3) |   | Software |   | L + 7.50% |   | 10.02% |   | 10/3/2018 |   | 4/19/2026 |   | 19,062 |  |   | 18,616 |  |   | 18,301 |  |   | 1.72 |  |
| Drew Marine Group Inc.                                       |   | ^+* |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 7.00% |   | 9.52% |   | 11/19/2013 |   | 5/19/2021 |   | 12,500 |  |   | 12,487 |  |   | 12,396 |  |   | 1.16 |  |
| Outcomes Group Holdings, Inc.                                |   | ^* |   | (2) |   | Business Services |   | L + 7.50% |   | 10.28% |   | 10/23/2018 |   | 10/26/2026 |   | 4,500 |  |   | 4,500 |  |   | 4,447 |  |   | 0.42 |  |
| Pharmalogic Holdings Corp.                                   |   | ^ |   | (2) (3) (13) |   | Healthcare & Pharmaceuticals |   | L + 8.00% |   | 10.52% |   | 6/7/2018 |   | 12/11/2023 |   | 563 |  |   | 560 |  |   | 563 |  |   | 0.05 |  |
| Project Accelerate Parent, LLC                               |   | ^* |   | (2) (3) |   | Software |   | L + 8.50% |   | 10.89% |   | 1/2/2018 |   | 1/2/2026 |   | 22,500 |  |   | 21,986 |  |   | 22,109 |  |   | 2.08 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) |   | ^ |   | (2) (3) |   | Wholesale |   | L + 8.50% |   | 11.30% |   | 1/24/2014 |   | 7/28/2020 |   | 3,000 |  |   | 2,972 |  |   | 2,939 |  |   | 0.28 |  |
| Reladyne, Inc.                                               |   | ^+* |   | (2) (3) |   | Wholesale |   | L + 9.50% |   | 12.30% |   | 4/19/2018 |   | 1/21/2023 |   | 10,000 |  |   | 9,830 |  |   | 9,915 |  |   | 0.93 |  |
| Santa Cruz Holdco, Inc.                                      |   | ^ |   | (2) (3) |   | Non-durable Consumer Goods |   | L + 8.25% |   | 10.69% |   | 12/15/2017 |   | 12/13/2024 |   | 17,138 |  |   | 16,984 |  |   | 16,903 |  |   | 1.59 |  |
| Ultimate Baked Goods MIDCO, LLC (Rise Baking)                |   | ^ |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 8.00% |   | 10.52% |   | 8/9/2018 |   | 8/9/2026 |   | 8,333 |  |   | 8,176 |  |   | 8,108 |  |   | 0.76 |  |
| Watchfire Enterprises, Inc.                                  |   | ^ |   | (2) (3) |   | Media:  Advertising, Printing & Publishing |   | L + 8.00% |   | 10.80% |   | 10/2/2013 |   | 10/2/2021 |   | 7,000 |  |   | 6,950 |  |   | 6,996 |  |   | 0.66 |  |
| Zywave, Inc.                                                 |   | ^ |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 11.65% |   | 11/18/2016 |   | 11/17/2023 |   | 4,950 |  |   | 4,892 |  |   | 4,939 |  |   | 0.46 |  |
| Second Lien Debt Total                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 179,434 |  |   | $ | 178,958 |  |   | 16.81 |  % |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    |   |   |   | Footnotes |   | Industry |   | Acquisition Date |   | Shares/ Units |   | Cost |   | Fair Value (5) |   | Percentage of Net Assets |
| Equity Investments (1.03%)                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ANLG Holdings, LLC                                     |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | 6/22/2018 |   | 879,689 |  |   | $ | 880 |  |   | $ | 880 |  |   | 0.08 | % |
| Avenu Holdings, LLC                                    |   | ^ |   | (6) |   | Sovereign & Public Finance |   | 9/28/2018 |   | 172,413 |  |   | 172 |  |   | 172 |  |   | 0.02 |  |
| CIP Revolution Holdings, LLC                           |   | ^ |   | (6) |   | Media: Advertising, Printing & Publishing |   | 8/19/2016 |   | 31,825 |  |   | 318 |  |   | 262 |  |   | 0.03 |  |
| Dade Paper & Bag, LLC                              |   | ^ |   | (6) |   | Forest Products & Paper |   | 6/9/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 1,639 |  |   | 0.15 |  |
| DecoPac, Inc.                                          |   | ^ |   | (6) |   | Non-durable Consumer Goods |   | 9/29/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 1,434 |  |   | 0.13 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | 5/31/2016 |   | 1,000,000 |  |   | 1,000 |  |   | 1,415 |  |   | 0.13 |  |
| GRO Sub Holdco, LLC (Grand Rapids)                     |   | ^ |   | (6) |   | Healthcare & Pharmaceuticals |   | 3/29/2018 |   | 500,000 |  |   | 500 |  |   | 219 |  |   | 0.02 |  |
| Legacy.com, Inc.                                       |   | ^ |   | (6) |   | High Tech Industries |   | 3/20/2017 |   | 1,500,000 |  |   | 1,500 |  |   | 1,227 |  |   | 0.12 |  |
| North Haven Goldfinch Topco, LLC                       |   | ^ |   | (6) |   | Containers, Packaging & Glass |   | 6/18/2018 |   | 2,314,815 |  |   | 2,315 |  |   | 2,103 |  |   | 0.20 |  |
| Power Stop Intermediate Holdings, LLC                  |   | ^ |   | (6) |   | Automotive |   | 5/29/2015 |   | 7,150 |  |   | — |  |   | 34 |  |   | — |  |
| Rough Country, LLC                                     |   | ^ |   | (6) |   | Durable Consumer Goods |   | 5/25/2017 |   | 754,775 |  |   | 755 |  |   | 988 |  |   | 0.09 |  |
| SiteLock Group Holdings, LLC                           |   | ^ |   | (6) |   | High Tech Industries |   | 4/5/2018 |   | 446,429 |  |   | 446 |  |   | 446 |  |   | 0.04 |  |
| T2 Systems Parent Corporation                          |   | ^ |   | (6) |   | Transportation: Consumer |   | 9/28/2016 |   | 555,556 |  |   | 555 |  |   | 483 |  |   | 0.05 |  |
| Tailwind HMT Holdings Corp.                            |   | ^ |   | (6) |   | Energy: Oil & Gas |   | 11/17/2017 |   | 20,000 |  |   | 2,000 |  |   | 2,373 |  |   | 0.22 |  |
| THG Acquisition, LLC (The Hilb Group, LLC)             |   | ^ |   | (6) |   | Banking, Finance, Insurance & Real Estate |   | 6/24/2015 |   | 1,500,000 |  |   | 1,500 |  |   | 3,100 |  |   | 0.29 |  |
| Tweddle Holdings, Inc.                                 |   | ^ |   | (6) |   | Media:  Advertising, Printing & Publishing |   | 9/17/2018 |   | 17,208 |  |   | — |  |   | — |  |   | — |  |
| USLS Acquisition, Inc.                                 |   | ^ |   | (6) |   | Business Services |   | 11/30/2018 |   | 640,569 |  |   | 640 |  |   | 641 |  |   | 0.06 |  |
| Zenith American Holding, Inc.                          |   | ^ |   | (6) |   | Business Services |   | 12/13/2017 |   | 1,561,644 |  |   | 1,562 |  |   | 2,513 |  |   | 0.24 |  |
| Zillow Topco LP                                        |   | ^ |   | (6) |   | Software |   | 6/25/2018 |   | 312,500 |  |   | 313 |  |   | 313 |  |   | 0.03 |  |
| Equity Investments Total                               |   |   |   |   |   |   |   |   |   |   |   | $ | 17,456 |  |   | $ | 20,242 |  |   | 1.90 | % |
| Total investments—non-controlled/non-affiliated  |   |   |   |   |   | $ | 1,799,751 |  |   | $ | 1,731,319 |  |   | 162.59 | % |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Acquisition Date |   | Maturity Date |   | Par/  Principal Amount |   | Amortized Cost (4) |   | Fair Value(5) |   | % of Net Assets |
| First Lien Debt (0.72%)                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TwentyEighty, Inc. - Revolver               |   | ^ |   | (2) (3) (12) (13) |   | Business Services |   | L + 8.00% |   | 10.90% |   | 1/31/2017 |   | 3/21/2020 |   | $ | — |  |   | $ | (3 | ) |   | $ | — |  |   | — | % |
| TwentyEighty, Inc. - (Term A Loans)         |   | ^ |   | (2) (3) (12) |   | Business Services |   | L + 8.00% |   | 11.06% |   | 1/31/2017 |   | 3/21/2020 |   | 316 |  |   | 315 |  |   | 316 |  |   | 0.03 |  |
| TwentyEighty, Inc. - (Term B Loans)         |   | ^ |   | (12) |   | Business Services |   | N/A |   |  8.00% (4.00%cash, 4.00% PIK) |   | 1/31/2017 |   | 3/21/2020 |   | 6,995 |  |   | 6,853 |  |   | 6,855 |  |   | 0.64 |  |
| TwentyEighty, Inc. - (Term C Loans)         |   | ^ |   | (12) |   | Business Services |   | N/A |   | 9.00% (0.25%cash, 8.75% PIK) |   | 1/31/2017 |   | 3/21/2020 |   | 7,123 |  |   | 6,674 |  |   | 6,981 |  |   | 0.66 |  |
| First Lien Debt Total                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 13,839 |  |   | $ | 14,152 |  |   | 1.33 | % |

----

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated       |   |   |   | Footnotes |   | Industry |   | Acquisition Date |   | Shares/ Units |   | Cost |   | Fair Value (5) |   | % of Net Assets |
| Equity Investments (0.22%)                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TwentyEighty Investors LLC                        |   | ^ |   | (6) (12) |   | Business Services |   | 1/31/2017 |   | 69,786 |  |   | $ | — |  |   | $ | 4,391 |  |   | 0.41 | % |
| Equity Investments Total                          |   |   |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | 4,391 |  |   | 0.41 | % |
| Total investments—non-controlled/affiliated |   |   |   |   |   | $ | 13,839 |  |   | $ | 18,543 |  |   | 1.74 | % |

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                       |   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread(2) |   | Interest Rate(2) |   | Acquisition Date |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value(5) |   | % of Net Assets |
| Investment Fund (11.34%)                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, LLC, Mezzanine Loan                                |   | ^ |   | (2) (7) (8) (10) |   | Investment Fund |   | L+9.00% |   | 11.47% |   | 6/30/2016 |   | 3/22/2019 |   | $ | 112,000 |  |   | $ | 112,000 |  |   | $ | 112,000 |  |   | 10.53 | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest |   | ^ |   | (7) (10) |   | Investment Fund |   | N/A |   | 0.001% |   | 2/29/2016 |   | 3/1/2021 |   | 118,001 |  |   | 118,001 |  |   | 110,295 |  |   | 10.37 |  |
| Investment Fund Total                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 230,001 |  |   | $ | 222,295 |  |   | 20.90 | % |
| Total investments—controlled/affiliated                                 |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 230,001 |  |   | $ | 222,295 |  |   | 20.90 | % |
| Total investments                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 2,043,591 |  |   | $ | 1,972,157 |  |   | 185.23 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2018. As of December 31, 2018, the reference rates for our variable rate loans were the 30-day LIBOR at 2.50%, the 90-day LIBOR at 2.81% and the 180-day LIBOR at 2.88%. |

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

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment fund was determined using significant unobservable inputs. |

|     |                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of December 31, 2018, the aggregate fair value of these securities is $24,633, or 2.32% of the Company’s net assets. |

|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund. |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (9) | Loan was on non-accrual status as of December 31, 2018. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2018 were as follows: |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                             | Fair Value as of December 31, 2017 |   | Additions/ Purchases |   | Reductions/ Sales/ Paydowns |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair Value as of December 31, 2018 |   | Dividend and Interest Income |
| Middle Market Credit Fund, LLC, Mezzanine Loan                                      | $ | 85,750 |  |   | $ | 120,150 |  |   | $ | (93,900 | ) |   | $ | — |  |   | $ | — |  |   | $ | 112,000 |  |   | $ | 13,240 |  |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest  | 86,766 |  |   | 31,500 |  |   | — |  |   | — |  |   | (7,971 | ) |   | 110,295 |  |   | 15,250 |  |
| Total investments—controlled/affiliated                                       | $ | 172,516 |  |   | $ | 151,650 |  |   | $ | (93,900 | ) |   | $ | — |  |   | $ | (7,971 | ) |   | $ | 222,295 |  |   | $ | 28,490 |  |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Dimensional Dental Management, LLC (4.51%), EIP Merger Sub, LLC (Evolve IP) (3.75%), Legacy.com Inc. (4.00%), Payment Alliance International Inc. (3.06%), Prime Risk Partners, Inc. (2.88%), Product Quest Manufacturing, LLC (3.54%), Surgical Information Systems, LLC (0.89%) and The Hilb Group, LLC (3.33%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|      |                                                                                                                                                                                                                                                                                                                                                          |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to investments in non-controlled affiliates for the year ended December 31, 2018 were as follows: |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated       | Fair Value as of December 31, 2017 |   | Purchases/ Paid-in-kind interest |   | Sales/ Paydowns |   | Net Accretion of Discount |   | Net Realized Gain (Loss) |   | Net Change in Unrealized Appreciation (Depreciation) |   | Fair value as of December 31, 2018 |   | Interest Income |
| TwentyEighty, Inc. - Revolver                     | $ | (20 | ) |   | $ | — |  |   | $ | — |  |   | $ | 3 |  |   | $ | — |  |   | $ | 17 |  |   | $ | — |  |   | $ | 3 |  |
| TwentyEighty, Inc. - (Term A Loans)               | 3,760 |  |   | — |  |   | (3,574 | ) |   | 18 |  |   | — |  |   | 112 |  |   | 316 |  |   | 264 |  |
| TwentyEighty, Inc. - (Term B Loans)               | 6,360 |  |   | 240 |  |   | — |  |   | 119 |  |   | — |  |   | 136 |  |   | 6,855 |  |   | 654 |  |
| TwentyEighty, Inc. - (Term C Loans)               | 5,331 |  |   | 602 |  |   | — |  |   | 158 |  |   | — |  |   | 890 |  |   | 6,981 |  |   | 759 |  |
| TwentyEighty Investors LLC (Equity)               | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 4,391 |  |   | 4,391 |  |   | — |  |
| Total investments—non-controlled/affiliated | $ | 15,431 |  |   | $ | 842 |  |   | $ | (3,574 | ) |   | $ | 298 |  |   | $ | — |  |   | $ | 5,546 |  |   | $ | 18,543 |  |   | $ | 1,680 |  |

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | As of December 31, 2018, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated                                                 | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments |
| Advanced Instruments, LLC                                                                   | Revolver |   | 0.50% |   | $ | 1,167 |  |   | $ | (9 | ) |
| Aero Operating LLC (Dejana Industries, Inc.)                                                | Revolver |   | 1.00 |   | 202 |  |   | (2 | ) |
| AMS Group HoldCo, LLC                                                                       | Delayed Draw |   | 1.00 |   | 4,009 |  |   | (95 | ) |
| AMS Group HoldCo, LLC                                                                       | Revolver |   | 0.50 |   | 810 |  |   | (19 | ) |
| Analogic Corporation                                                                        | Revolver |   | 0.50 |   | 3,365 |  |   | (73 | ) |
| Captive Resources Midco, LLC                                                                | Delayed Draw |   | 1.25 |   | 3,572 |  |   | (31 | ) |
| Captive Resources Midco, LLC                                                                | Revolver |   | 0.50 |   | 2,143 |  |   | (18 | ) |
| Chemical Computing Group ULC                                                                | Revolver |   | 0.50 |   | 903 |  |   | (10 | ) |
| CIP Revolution Holdings, LLC                                                                | Revolver |   | 0.50 |   | 532 |  |   | (6 | ) |
| CircusTrix Holdings, LLC                                                                    | Delayed Draw |   | 1.00 |   | 1,115 |  |   | (26 | ) |
| Comar Holding Company, LLC                                                                  | Delayed Draw |   | 1.00 |   | 5,136 |  |   | (87 | ) |
| Comar Holding Company, LLC                                                                  | Revolver |   | 0.50 |   | 2,129 |  |   | (36 | ) |
| Continuum Managed Services HoldCo, LLC                                                      | Revolver |   | 0.50 |   | 2,500 |  |   | (43 | ) |
| Datto, Inc.                                                                                 | Revolver |   | 0.50 |   | 726 |  |   | (7 | ) |
| DermaRite Industries LLC                                                                    | Revolver |   | 0.50 |   | 1,324 |  |   | (52 | ) |
| Derm Growth Partners III, LLC (Dermatology Associates)                                      | Revolver |   | 0.50 |   | 968 |  |   | (12 | ) |
| Direct Travel, Inc.                                                                         | Delayed Draw |   | 1.00 |   | 1,872 |  |   | (16 | ) |
| FWR Holding Corporation                                                                     | Revolver |   | 0.50 |   | 2,778 |  |   | (20 | ) |
| Frontline Technologies Holdings, LLC                                                        | Delayed Draw |   | 1.00 |   | 7,705 |  |   | (59 | ) |
| GRO Sub Holdco, LLC (Grand Rapids)                                                          | Delayed Draw |   | 1.00 |   | 7,000 |  |   | (85 | ) |
| GRO Sub Holdco, LLC (Grand Rapids)                                                          | Revolver |   | 0.50 |   | 1,071 |  |   | (13 | ) |
| iCIMS, Inc.                                                                                 | Revolver |   | 0.50 |   | 1,252 |  |   | (43 | ) |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated    | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Innovative Business Services, LLC              | Delayed Draw |   | 1.00% |   | $ | 3,886 |  |   | $ | (62 | ) |
| Innovative Business Services, LLC              | Revolver |   | 0.50 |   | 2,232 |  |   | (36 | ) |
| National Carwash Solutions, Inc.               | Delayed Draw |   | 1.00 |   | 3,817 |  |   | (57 | ) |
| National Carwash Solutions, Inc.               | Revolver |   | 0.50 |   | 632 |  |   | (9 | ) |
| National Technical Systems, Inc.               | Revolver |   | 0.50 |   | 2,500 |  |   | (6 | ) |
| NMI AcquisitionCo, Inc.                        | Revolver |   | 0.50 |   | 435 |  |   | (16 | ) |
| North American Dental Management, LLC          | Delayed Draw |   | 1.00 |   | 3,002 |  |   | (52 | ) |
| Northland Telecommunications Corporation       | Revolver |   | 0.50 |   | 1,702 |  |   | (24 | ) |
| Pharmalogic Holdings Corp.                     | Delayed Draw |   | 1.00 |   | 237 |  |   | — |  |
| PPC Flexible Packaging, LLC                    | Revolver |   | 0.50 |   | 1,737 |  |   | (16 | ) |
| Prime Risk Partners, Inc.                      | Delayed Draw |   | 0.50 |   | 457 |  |   | (10 | ) |
| Prime Risk Partners, Inc.                      | Delayed Draw |   | 0.50 |   | 5,694 |  |   | (175 | ) |
| Product Quest Manufacturing, LLC               | Revolver |   | 0.50 |   | 1,906 |  |   | — |  |
| PricewaterhouseCoopers Public Sector LLP       | Revolver |   | 0.50 |   | 6,250 |  |   | (160 | ) |
| SPay, Inc.                                     | Delayed Draw |   | 1.00 |   | 10,227 |  |   | (197 | ) |
| SPay, Inc.                                     | Revolver |   | 0.50 |   | 546 |  |   | (19 | ) |
| Sapphire Convention, Inc.                      | Revolver |   | 0.50 |   | 4,528 |  |   | (81 | ) |
| Smile Doctors, LLC                             | Delayed Draw |   | 1.00 |   | 6,394 |  |   | (97 | ) |
| Smile Doctors, LLC                             | Revolver |   | 0.50 |   | 51 |  |   | (1 | ) |
| Superior Health Linens, LLC                    | Revolver |   | 0.50 |   | 1,867 |  |   | (21 | ) |
| T2 Systems, Inc.                               | Revolver |   | 0.50 |   | 1,760 |  |   | (10 | ) |
| TSB Purchaser, Inc. (Teaching Strategies, LLC) | Revolver |   | 0.50 |   | 1,891 |  |   | (36 | ) |
| The Hilb Group, LLC                            | Delayed Draw |   | 1.00 |   | 11,262 |  |   | (185 | ) |
| Trump Card, LLC                                | Revolver |   | 0.50 |   | 635 |  |   | (9 | ) |
| TwentyEighty, Inc. (f/k/a Miller Heiman, Inc.) | Revolver |   | 0.50 |   | 607 |  |   | — |  |
| USLS Acquisition, Inc.                         | Delayed Draw |   | 1.00 |   | 4,137 |  |   | (98 | ) |
| USLS Acquisition, Inc.                         | Revolver |   | 0.50 |   | 1,418 |  |   | (34 | ) |
| VRC Companies, LLC                             | Delayed Draw |   | 1.00 |   | 2,481 |  |   | (33 | ) |
| VRC Companies, LLC                             | Revolver |   | 0.50 |   | 1,227 |  |   | (16 | ) |
| Westfall Technik, Inc.                         | Delayed Draw |   | 1.00 |   | 15,259 |  |   | (372 | ) |
| Westfall Technik, Inc.                         | Revolver |   | 0.50 |   | 2,155 |  |   | (53 | ) |
| Zemax Software Holdings, LLC                   | Revolver |   | 0.50 |   | 1,284 |  |   | (12 | ) |
| Zenith Merger Sub, Inc.                        | Revolver |   | 0.50 |   | 2,622 |  |   | (20 | ) |
| Total unfunded commitments                     |   |   |   |   | $ | 157,117 |  |   | $ | (2,679 | ) |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Type                                            |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt (excluding First Lien/Last Out) |   | $ | 1,375,437 |  |   | $ | 1,343,422 |  |   | 68.12 | % |
| First Lien/Last Out Unitranche                  |   | 241,263 |  |   | 202,849 |  |   | 10.29 |  |
| Second Lien Debt                                |   | 179,434 |  |   | 178,958 |  |   | 9.07 |  |
| Equity Investments                              |   | 17,456 |  |   | 24,633 |  |   | 1.25 |  |
| Investment Fund                                 |   | 230,001 |  |   | 222,295 |  |   | 11.27 |  |
| Total                                           |   | $ | 2,043,591 |  |   | $ | 1,972,157 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |
| Rate Type     |   | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate |   | $ | 1,782,607 |  |   | $ | 1,711,393 |  |   | 99.20 | % |
| Fixed Rate    |   | 13,527 |  |   | 13,836 |  |   | 0.80 |  |
| Total         |   | $ | 1,796,134 |  |   | $ | 1,725,229 |  |   | 100.00 | % |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |
| Industry                                       | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                        | $ | 27,859 |  |   | $ | 28,000 |  |   | 1.42 | % |
| Automotive                                     | 6,547 |  |   | 6,603 |  |   | 0.33 |  |
| Banking, Finance, Insurance & Real Estate  | 127,078 |  |   | 127,942 |  |   | 6.49 |  |
| Beverage, Food & Tobacco                   | 73,861 |  |   | 74,283 |  |   | 3.77 |  |
| Business Services                              | 156,800 |  |   | 162,545 |  |   | 8.24 |  |
| Chemicals, Plastics & Rubber               | 22,705 |  |   | 22,298 |  |   | 1.13 |  |
| Construction & Building                    | 2,492 |  |   | 2,496 |  |   | 0.13 |  |
| Consumer Services                              | 30,142 |  |   | 29,742 |  |   | 1.51 |  |
| Containers, Packaging & Glass              | 79,714 |  |   | 47,356 |  |   | 2.40 |  |
| Durable Consumer Goods                         | 755 |  |   | 988 |  |   | 0.05 |  |
| Energy: Electricity                            | 42,866 |  |   | 42,922 |  |   | 2.18 |  |
| Energy: Oil & Gas                          | 11,833 |  |   | 12,068 |  |   | 0.61 |  |
| Environmental Industries                       | 35,604 |  |   | 35,835 |  |   | 1.82 |  |
| Forest Products & Paper                    | 49,964 |  |   | 49,437 |  |   | 2.51 |  |
| Healthcare & Pharmaceuticals               | 244,142 |  |   | 233,135 |  |   | 11.82 |  |
| High Tech Industries                           | 242,819 |  |   | 241,305 |  |   | 12.24 |  |
| Hotel, Gaming & Leisure                    | 77,952 |  |   | 76,685 |  |   | 3.89 |  |
| Investment Fund                                | 230,001 |  |   | 222,295 |  |   | 11.27 |  |
| Media: Broadcast & Subscription            | 21,297 |  |   | 21,311 |  |   | 1.08 |  |
| Media:  Advertising, Printing & Publishing | 58,690 |  |   | 58,712 |  |   | 2.98 |  |
| Non-durable Consumer Goods                     | 57,996 |  |   | 49,947 |  |   | 2.53 |  |
| Software                                       | 124,734 |  |   | 124,231 |  |   | 6.30 |  |
| Sovereign & Public Finance                 | 38,568 |  |   | 38,526 |  |   | 1.95 |  |
| Telecommunications                             | 124,120 |  |   | 113,984 |  |   | 5.78 |  |
| Transportation: Cargo                          | 71,686 |  |   | 71,443 |  |   | 3.62 |  |
| Transportation: Consumer                       | 36,210 |  |   | 36,562 |  |   | 1.85 |  |
| Wholesale                                      | 47,156 |  |   | 41,506 |  |   | 2.10 |  |
| Total                                          | $ | 2,043,591 |  |   | $ | 1,972,157 |  |   | 100.00 | % |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |
| Geography      | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Canada         | $ | 15,636 |  |   | $ | 15,617 |  |   | 0.79 | % |
| United Kingdom | 9,833 |  |   | 9,695 |  |   | 0.49 |  |
| United States  | 2,018,122 |  |   | 1,946,845 |  |   | 98.72 |  |
| Total          | $ | 2,043,591 |  |   | $ | 1,972,157 |  |   | 100.00 | % |

----

----

----

----

----

----

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

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

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

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

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

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

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

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

----

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

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

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

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | March 31, 2019 |
|                                    | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                  |   |   |   |   |   |
| First Lien Debt                         | $ | — |  |   | $ | — |  |   | $ | 1,663,301 |  |   | $ | 1,663,301 |  |
| Second Lien Debt                        | — |  |   | — |  |   | 228,851 |  |   | 228,851 |  |
| Equity Investments                      | — |  |   | — |  |   | 28,466 |  |   | 28,466 |  |
| Investment Fund                         |   |   |   |   |   |   |  |  |
| Mezzanine Loan                          | — |  |   | — |  |   | 123,800 |  |   | 123,800 |  |
| Subordinated Loan and Member's Interest | — |  |   | — |  |   | 110,791 |  |   | 110,791 |  |
| Total                                   | $ | — |  |   | $ | — |  |   | $ | 2,155,209 |  |   | $ | 2,155,209 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | December 31, 2018 |
|                                    | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                  |   |   |   |   |   |
| First Lien Debt                         | $ | — |  |   | $ | — |  |   | $ | 1,546,271 |  |   | $ | 1,546,271 |  |
| Second Lien Debt                        | — |  |   | — |  |   | 178,958 |  |   | 178,958 |  |
| Equity Investments                      | — |  |   | — |  |   | 24,633 |  |   | 24,633 |  |
| Investment Fund                         |   |   |   |   |   |   |   |
| Mezzanine Loan                          | — |  |   | — |  |   | 112,000 |  |   | 112,000 |  |
| Subordinated Loan and Member's Interest | — |  |   | — |  |   | 110,295 |  |   | 110,295 |  |
| Total                                   | $ | — |  |   | $ | — |  |   | $ | 1,972,157 |  |   | $ | 1,972,157 |  |

----

|                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                          | Financial AssetsFor the three month period ended March 31, 2019 |
|                                                                                                                                                                                                                                                          | First Lien Debt |   | Second Lien Debt |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Investment Fund - Subordinated Loan and Member's Interest |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                  | $ | 1,546,271 |  |   | $ | 178,958 |  |   | $ | 24,633 |  |   | $ | 112,000 |  |   | $ | 110,295 |  |   | $ | 1,972,157 |  |
| Purchases                                                                                                                                                                                                                                                     | 165,076 |  |   | 48,405 |  |   | 2,240 |  |   | 30,500 |  |   | — |  |   | 246,221 |  |
| Sales                                                                                                                                                                                                                                                         | (6,815 | ) |   | — |  |   | (1,738 | ) |   |  |  |   | — |  |   | (8,553 | ) |
| Paydowns                                                                                                                                                                                                                                                      | (44,241 | ) |   | — |  |   | — |  |   | (18,700 | ) |   | — |  |   | (62,941 | ) |
| Accretion of discount                                                                                                                                                                                                                                         | 2,092 |  |   | 69 |  |   | — |  |   | — |  |   | — |  |   | 2,161 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                   | (60 | ) |   | — |  |   | 959 |  |   | — |  |   | — |  |   | 899 |  |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                          | 978 |  |   | 1,419 |  |   | 2,372 |  |   | — |  |   | 496 |  |   | 5,265 |  |
| Balance, end of period                                                                                                                                                                                                                                        | $ | 1,663,301 |  |   | $ | 228,851 |  |   | $ | 28,466 |  |   | $ | 123,800 |  |   | $ | 110,791 |  |   | $ | 2,155,209 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of March 31, 2019 included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | 1,242 |  |   | $ | 1,419 |  |   | $ | 2,648 |  |   | $ | — |  |   | $ | 496 |  |   | $ | 5,805 |  |

|                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                          | Financial AssetsFor the three month period ended March 31, 2018 |
|                                                                                                                                                                                                                                                          | First Lien Debt |   | Second Lien Debt |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of period                                                                                                                                                                                                                                  | $ | 1,531,276 |  |   | $ | 246,233 |  |   | $ | 17,506 |  |   | $ | 85,750 |  |   | $ | 1,880,765 |  |
| Purchases                                                                                                                                                                                                                                                     | 66,257 |  |   | 24,994 |  |   | 500 |  |   | 21,850 |  |   | 113,601 |  |
| Sales                                                                                                                                                                                                                                                         | (20,960 | ) |   | (3,960 | ) |   | — |  |   | — |  |   | (24,920 | ) |
| Paydowns                                                                                                                                                                                                                                                      | (97,110 | ) |   | (49,992 | ) |   | — |  |   | — |  |   | (147,102 | ) |
| Accretion of discount                                                                                                                                                                                                                                         | 1,527 |  |   | 863 |  |   | — |  |   | — |  |   | 2,390 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                   | (131 | ) |   | 2 |  |   | — |  |   | — |  |   | (129 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                          | (4,985 | ) |   | (433 | ) |   | 806 |  |   | — |  |   | (4,612 | ) |
| Balance, end of period                                                                                                                                                                                                                                        | $ | 1,475,874 |  |   | $ | 217,707 |  |   | $ | 18,812 |  |   | $ | 107,600 |  |   | $ | 1,819,993 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of March 31, 2018 included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (4,796 | ) |   | $ | 673 |  |   | $ | 806 |  |   | $ | — |  |   | $ | (3,317 | ) |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Fair Value as of March 31, 2019 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   |   |
|                                    | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt          | $ | 1,559,387 |  |   | Discounted Cash Flow |   | Discount Rate |   | 5.99 | % |   | 27.75 | % |   | 10.16 | % |
|                                    | 83,732 |  |   | Consensus Pricing |   | Indicative Quotes |   | 89.08 |  |   | 102.00 |  |   | 98.20 |  |
|                                    | 20,182 |  |   | Income Approach |   | Discount Rate |   | 12.23 | % |   | 12.23 | % |   | 12.23 | % |
|                                    |   |   | Market Approach |   | Comparable Multiple |   | 7.50x |  |   | 7.50x |  |   | 7.50x |  |
| Total First Lien Debt                   | 1,663,301 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt         | 226,198 |  |   | Discounted Cash Flow |   | Discount Rate |   | 8.90 | % |   | 12.36 | % |   | 10.96 | % |
|                                    | 2,653 |  |   | Consensus Pricing |   | Indicative Quotes |   | 98.25 |  |   | 98.25 |  |   | 98.25 |  |
| Total Second Lien Debt                  | 228,851 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                   | 28,466 |  |   | Income Approach |   | Discount Rate |   | 8.08 | % |   | 12.73 | % |   | 10.73 | % |
|                                    |   |   | Market Approach |   | Comparable Multiple |   | 7.03x |  |   | 16.50x |  |   | 9.69x |  |
| Total Equity Investments                | 28,466 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Investment Fund          |   |   |   |   |   |   |   |   |   |   |   |
| Mezzanine Loan                          | 123,800 |  |   | Collateral Analysis |   | Recovery Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Subordinated Loan and Member's Interest | 110,791 |  |   | Discounted Cash Flow |   | Discount Rate |   | 10.00 | % |   | 10.00 | % |   | 10.00 | % |
|                                    |   |   | Discounted Cash Flow |   | Default Rate |   | 2.00 | % |   | 2.00 | % |   | 2.00 | % |
|                                    |   |   | Discounted Cash Flow |   | Recovery Rate |   | 75.00 | % |   | 75.00 | % |   | 75.00 | % |
| Total Investments in Investment Fund    | 234,591 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments          | $ | 2,155,209 |  |   |   |   |   |   |   |   |   |   |   |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Fair Value as of December 31, 2018 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   |   |
|                                    | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt          | $ | 1,457,170 |  |   | Discounted Cash Flow |   | Discount Rate |   | 6.45 | % |   | 26.48 | % |   | 10.49 | % |
|                                    | 74,774 |  |   | Consensus Pricing |   | Indicative Quotes |   | 50.00 |  |   | 100.00 |  |   | 92.04 |  |
|                                    | 14,327 |  |   | Income Approach |   | Discount Rate |   | 15.12 | % |   | 15.12 | % |   | 15.12 | % |
|                                    |   |   | Market Approach |   | Comparable Multiple |   | 6.76x |  |   | 6.76x |  |   | 6.76x |  |
| Total First Lien Debt                   | 1,546,271 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt         | 176,307 |  |   | Discounted Cash Flow |   | Discount Rate |   | 9.34 | % |   | 13.22 | % |   | 11.31 | % |
|                                    | 2,651 |  |   | Consensus Pricing |   | Indicative Quotes |   | 98.17 |  |   | 98.17 |  |   | 98.17 |  |
| Total Second Lien Debt                  | 178,958 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                   | 24,633 |  |   | Income Approach |   | Discount Rate |   | 8.51 | % |   | 12.84 | % |   | 10.49 | % |
|                                    |   |   | Market Approach |   | Comparable Multiple |   | 7.22x |  |   | 14.70x |  |   | 9.74x |  |
| Total Equity Investments                | 24,633 |  |   |   |   |   |   |   |   |   |   |   |
| Investment in Investment Fund           |   |   |   |   |   |   |   |   |   |   |   |
| Mezzanine Loan                          | 112,000 |  |   | Collateral Analysis |   | Recovery Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Subordinated Loan and Member's Interest | 110,295 |  |   | Discounted Cash Flow |   | Discount Rate |   | 10.00 | % |   | 10.00 | % |   | 10.00 | % |
|                                    |   |   | Discounted Cash Flow |   | Default Rate |   | 2.00 | % |   | 2.00 | % |   | 2.00 | % |
|                                    |   |   | Discounted Cash Flow |   | Recovery Rate |   | 75.00 | % |   | 75.00 | % |   | 75.00 | % |
| Total Investments in Investment Fund    | 222,295 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments          | $ | 1,972,157 |  |   |   |   |   |   |   |   |   |   |   |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | March 31, 2019 |   | December 31, 2018 |
|               | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Secured borrowings | $ | 660,959 |  |   | $ | 660,959 |  |   | $ | 514,635 |  |   | $ | 514,635 |  |
| Total              | $ | 660,959 |  |   | $ | 660,959 |  |   | $ | 514,635 |  |   | $ | 514,635 |  |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | March 31, 2019 |   | December 31, 2018 |
|                             | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1-1-R Notes | $ | 234,800 |  |   | $ | 230,691 |  |   | $ | 234,800 |  |   | $ | 229,632 |  |
| Aaa/AAA Class A-1-2-R Notes | 50,000 |  |   | 49,400 |  |   | 50,000 |  |   | 49,442 |  |
| Aaa/AAA Class A-1-3-R Notes | 25,000 |  |   | 25,122 |  |   | 25,000 |  |   | 24,990 |  |
| AA Class A-2-R Notes             | 66,000 |  |   | 66,000 |  |   | 66,000 |  |   | 66,000 |  |
| A Class B Notes                  | 46,400 |  |   | 45,020 |  |   | 46,400 |  |   | 44,242 |  |
| BBB- Class C Notes               | 27,000 |  |   | 25,650 |  |   | 27,000 |  |   | 24,809 |  |
| Total                            | $ | 449,200 |  |   | $ | 441,883 |  |   | $ | 449,200 |  |   | $ | 439,115 |  |

----

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

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

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

----

----

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | As of March 31, 2019 |   | As of December 31, 2018 |
| Senior secured loans (1)                                                    | $ | 1,270,122 |  |   | $ | 1,207,913 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 7.17 | % |   | 7.16 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 7.22 | % |   | 7.32 | % |
| Number of portfolio companies in Credit Fund                                | 64 |  |   | 60 |  |
| Average amount per portfolio company (1)                                    | $ | 19,846 |  |   | $ | 20,132 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2019 and December 31, 2018. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of March 31, 2019 |
| Investments (1)                                           |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (97.80% of fair value)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                 | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 6.50% |   | 10/11/2025 |   | $ | 18,000 |  |   | $ | 17,908 |  |   | $ | 17,824 |  |
| Acrisure, LLC                                             | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.88% |   | 11/22/2023 |   | 20,833 |  |   | 20,792 |  |   | 20,674 |  |
| Acrisure, LLC                                             | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.38% |   | 11/22/2023 |   | 11,910 |  |   | 11,899 |  |   | 11,727 |  |
| Advanced Instruments, LLC                                 | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.73% |   | 10/31/2022 |   | 11,761 |  |   | 11,670 |  |   | 11,676 |  |
| Ahead, LLC                                                | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 6.88% |   | 6/29/2023 |   | 15,659 |  |   | 15,584 |  |   | 15,508 |  |
| Alpha Packaging Holdings, Inc.                            | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 6.85% |   | 5/12/2020 |   | 16,815 |  |   | 16,790 |  |   | 16,796 |  |
| AM Conservation Holding Corporation                       | +* |   | (2) (3) |   | Energy: Electricity |   | L + 4.50% |   | 7.10% |   | 10/31/2022 |   | 38,213 |  |   | 37,993 |  |   | 38,056 |  |
| Aptean, Inc.                                              | +\ |   | (2) (3) |   | Software |   | L + 4.25% |   | 6.74% |   | 4/23/2026 |   | 12,500 |  |   | 12,441 |  |   | 12,438 |  |
| AQA Acquisition Holding, Inc.                             | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 6.85% |   | 5/24/2023 |   | 19,100 |  |   | 19,044 |  |   | 19,061 |  |
| Avalign Technologies, Inc.                                | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 7.00% |   | 12/22/2025 |   | 12,968 |  |   | 12,845 |  |   | 12,827 |  |
| Big Ass Fans, LLC                                         | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 6.35% |   | 5/21/2024 |   | 14,016 |  |   | 13,938 |  |   | 13,990 |  |
| Borchers, Inc.                                            | ^+* |   | (2) (3) (8) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 7.10% |   | 11/1/2024 |   | 15,550 |  |   | 15,496 |  |   | 15,515 |  |
| Brooks Equipment Company, LLC                             | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 7.63% |   | 8/29/2020 |   | 5,948 |  |   | 5,941 |  |   | 5,942 |  |
| Clearent Newco, LLC                                       | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.00% |   | 6.56% |   | 3/20/2024 |   | 26,239 |  |   | 25,870 |  |   | 25,991 |  |
| Datto, Inc.                                               | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.25% |   | 6.74% |   | 4/2/2026 |   | 12,500 |  |   | 12,441 |  |   | 12,438 |  |
| DecoPac, Inc.                                             | ^+* |   | (2) (3) (8) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 6.85% |   | 9/29/2024 |   | 12,664 |  |   | 12,543 |  |   | 12,596 |  |
| Dent Wizard International Corporation                     | + |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 6.50% |   | 4/7/2020 |   | 24,194 |  |   | 24,132 |  |   | 24,105 |  |
| DTI Holdco, Inc.                                          | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 7.49% |   | 9/30/2023 |   | 19,032 |  |   | 18,897 |  |   | 17,795 |  |
| EIP Merger Sub, LLC (Evolve IP)                           | +* |   | (2) (3) (4) |   | Telecommunications |   | L + 5.75% |   | 8.25% |   | 6/7/2022 |   | 22,282 |  |   | 21,872 |  |   | 21,601 |  |
| EIP Merger Sub, LLC (Evolve IP)                           | * |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 8.25% |   | 6/7/2022 |   | 1,500 |  |   | 1,470 |  |   | 1,448 |  |
| Eliassen Group, LLC                                       | + |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 7.00% |   | 11/5/2024 |   | 6,242 |  |   | 6,219 |  |   | 6,236 |  |
| Exactech, Inc.                                            | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.25% |   | 2/14/2025 |   | 12,870 |  |   | 12,822 |  |   | 12,775 |  |
| Executive Consulting Group, LLC, Inc.                     | ^+ |   | (2) (3) (8) |   | Business Services |   | L + 4.25% |   | 6.85% |   | 6/20/2024 |   | 15,279 |  |   | 15,135 |  |   | 15,115 |  |
| Golden West Packaging Group LLC                           | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.75% |   | 6/20/2023 |   | 30,099 |  |   | 29,904 |  |   | 29,774 |  |
| HMT Holding Inc.                                          | ^+* |   | (2) (3) (8) |   | Energy: Oil & Gas |   | L + 4.50% |   | 7.00% |   | 11/17/2023 |   | 33,404 |  |   | 32,846 |  |   | 33,123 |  |
| J.S. Held, LLC                                            | +* |   | (2) (3) (8) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.10% |   | 9/25/2024 |   | 20,262 |  |   | 20,117 |  |   | 20,068 |  |
| Jensen Hughes, Inc.                                       | ^+* |   | (2) (3) (8) |   | Utilities: Electric |   | L + 4.50% |   | 7.10% |   | 3/22/2024 |   | 29,354 |  |   | 29,149 |  |   | 28,932 |  |
| Kestra Financial, Inc.                                    | +* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.88% |   | 6/24/2022 |   | 21,697 |  |   | 21,510 |  |   | 21,697 |  |
| MAG DS Corp.                                              | ^+ |   | (2) (3) (8) |   | Aerospace & Defense |   | L + 4.75% |   | 7.25% |   | 6/6/2025 |   | 25,844 |  |   | 25,587 |  |   | 25,717 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of March 31, 2019 |
| Investments (1)                                           |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (97.80% of fair value) (continued)        |   |   |   |   |   |   |   |   |   |   |   |   |
| Maravai Intermediate Holdings, LLC                        | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.75% |   | 8/2/2025 |   | $ | 29,850 |  |   | $ | 29,574 |  |   | $ | 29,605 |  |
| Marco Technologies, LLC                                   | ^+ |   | (2) (3) (8) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 7.07% |   | 10/30/2023 |   | 7,498 |  |   | 7,451 |  |   | 7,425 |  |
| Mold-Rite Plastics, LLC                                   | + |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.25% |   | 6.85% |   | 12/14/2021 |   | 14,813 |  |   | 14,759 |  |   | 14,758 |  |
| MSHC, Inc.                                                | ^+* |   | (2) (3) (8) |   | Construction & Building |   | L + 4.25% |   | 6.85% |   | 7/31/2023 |   | 31,163 |  |   | 31,057 |  |   | 30,957 |  |
| Newport Group Holdings II, Inc.                           | +\ |   | (2) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.36% |   | 9/13/2025 |   | 23,895 |  |   | 23,655 |  |   | 23,757 |  |
| North American Dental Management, LLC                     | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.81% |   | 7/7/2023 |   | 37,091 |  |   | 36,451 |  |   | 36,395 |  |
| North Haven CA Holdings, Inc.                             | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 4.50% |   | 7.10% |   | 10/2/2023 |   | 35,052 |  |   | 34,717 |  |   | 34,653 |  |
| Odyssey Logistics & Technology Corporation            | +*\ |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 6.50% |   | 10/12/2024 |   | 39,650 |  |   | 39,472 |  |   | 39,372 |  |
| Output Services Group                                     | ^+\ |   | (2) (3) (8) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.75% |   | 3/27/2024 |   | 17,356 |  |   | 17,297 |  |   | 16,827 |  |
| PAI Holdco, Inc.                                          | +* |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 6.77% |   | 1/5/2025 |   | 19,673 |  |   | 19,588 |  |   | 19,625 |  |
| Park Place Technologies, Inc.                             | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 6.50% |   | 3/29/2025 |   | 15,882 |  |   | 15,819 |  |   | 15,724 |  |
| Pasternack Enterprises, Inc.                              | + |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 6.50% |   | 7/2/2025 |   | 20,026 |  |   | 20,026 |  |   | 19,848 |  |
| Pharmalogic Holdings Corp.                                | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.50% |   | 6/11/2023 |   | 6,999 |  |   | 6,979 |  |   | 6,939 |  |
| Ping Identity Corporation                                 | +\ |   | (2) (3) |   | High Tech Industries |   | L + 3.75% |   | 6.25% |   | 1/25/2025 |   | 4,963 |  |   | 4,952 |  |   | 4,933 |  |
| Premier Senior Marketing, LLC                             | * |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.75% |   | 11/30/2025 |   | 4,953 |  |   | 4,931 |  |   | 4,908 |  |
| Premise Health Holding Corp.                              | ^+\ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.35% |   | 7/10/2025 |   | 13,828 |  |   | 13,769 |  |   | 13,721 |  |
| Propel Insurance Agency, LLC                              | ^+ |   | (2) (3) (8) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.85% |   | 6/1/2024 |   | 20,323 |  |   | 19,792 |  |   | 19,901 |  |
| PSI Services, LLC                                         | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 5.00% |   | 7.51% |   | 1/20/2023 |   | 30,069 |  |   | 29,639 |  |   | 29,599 |  |
| Q Holding Company                                         | +* |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 7.50% |   | 12/18/2021 |   | 17,055 |  |   | 17,016 |  |   | 16,998 |  |
| QW Holding Corporation (Quala)                            | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 5.75% |   | 8.42% |   | 8/31/2022 |   | 10,500 |  |   | 10,260 |  |   | 10,337 |  |
| Radiology Partners, Inc.                                  | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.75% |   | 7.42% |   | 7/9/2025 |   | 24,937 |  |   | 24,814 |  |   | 24,937 |  |
| RevSpring, Inc.                                           | +*\ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.75% |   | 10/11/2025 |   | 24,938 |  |   | 24,851 |  |   | 24,653 |  |
| Situs Group Holdings Corporation                          | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.00% |   | 2/26/2023 |   | 8,915 |  |   | 8,907 |  |   | 8,863 |  |
| Surgical Information Systems, LLC                         | +* |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.85% |   | 7.34% |   | 4/24/2023 |   | 26,168 |  |   | 25,973 |  |   | 25,754 |  |
| Systems Maintenance Services Holding, Inc.                | +* |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 7.50% |   | 10/28/2023 |   | 23,949 |  |   | 23,839 |  |   | 19,054 |  |
| T2 Systems Canada, Inc.                                   | + |   | (2) (3) |   | Transportation: Consumer |   | L + 6.75% |   | 9.35% |   | 9/28/2022 |   | 2,639 |  |   | 2,594 |  |   | 2,633 |  |
| T2 Systems, Inc.                                          | ^+* |   | (2) (3) (8) |   | Transportation: Consumer |   | L + 6.75% |   | 9.35% |   | 9/28/2022 |   | 15,737 |  |   | 15,463 |  |   | 15,696 |  |
| The Original Cakerie, Co. (Canada)                        | +* |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.58% |   | 7/20/2022 |   | 8,996 |  |   | 8,950 |  |   | 8,945 |  |
| The Original Cakerie, Ltd. (Canada)                       | ^+ |   | (2) (3) (8) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 7.08% |   | 7/20/2022 |   | 6,674 |  |   | 6,637 |  |   | 6,630 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of March 31, 2019 |
| Investments (1)                                           |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (97.80% of fair value) (continued)        |   |   |   |   |   |   |   |   |   |   |   |   |
| ThoughtWorks, Inc.                                        | +*\ |   | (2) (3) |   | Business Services |   | L + 4.00% |   | 6.50% |   | 10/12/2024 |   | $ | 11,914 |  |   | $ | 11,880 |  |   | $ | 11,823 |  |
| U.S. Acute Care Solutions, LLC                            | +* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.60% |   | 5/15/2021 |   | 31,624 |  |   | 31,472 |  |   | 31,582 |  |
| U.S. TelePacific Holdings Corp.                           | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 7.60% |   | 5/2/2023 |   | 26,660 |  |   | 26,468 |  |   | 25,794 |  |
| Upstream Intermediate, LLC                                | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.50% |   | 1/3/2024 |   | 18,164 |  |   | 18,092 |  |   | 18,041 |  |
| Valet Waste Holdings, Inc.                                | +\ |   | (2) (3) |   | Construction & Building |   | L + 4.00% |   | 6.50% |   | 9/28/2025 |   | 11,940 |  |   | 11,918 |  |   | 11,885 |  |
| Valicor Environmental Services, LLC                       | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 4.50% |   | 6.99% |   | 6/1/2023 |   | 34,658 |  |   | 34,182 |  |   | 34,298 |  |
| WIRB - Copernicus Group, Inc.                             | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.75% |   | 8/15/2022 |   | 17,150 |  |   | 17,061 |  |   | 17,012 |  |
| WRE Holding Corp.                                         | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 5.00% |   | 7.49% |   | 1/3/2023 |   | 7,479 |  |   | 7,407 |  |   | 7,263 |  |
| Zywave, Inc.                                              | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 5.00% |   | 7.50% |   | 11/17/2022 |   | 18,006 |  |   | 17,878 |  |   | 18,003 |  |
| First Lien Debt Total                                     |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,238,445 |  |   | $ | 1,230,593 |  |
| Second Lien Debt (1.76% of fair value)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                          | ^ |   | (2) (3) (9) |   | Transportation: Cargo |   | 8.00% (100% PIK) |   | 8.00% |   | 2/1/2026 |   | $ | 21,150 |  |   | $ | 20,697 |  |   | $ | 21,151 |  |
| Zywave, Inc.                                              | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 11.49% |   | 11/17/2023 |   | 1,050 |  |   | 1,039 |  |   | 1,050 |  |
| Second Lien Debt Total                                    |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 21,736 |  |   | $ | 22,201 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments (1)                          |   |   | Footnotes |   | Industry |   | Type |   | Shares/Units |   | Cost |   | Fair Value (6) |
| Equity Investments (0.44% of fair value) |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                         | ^ |   |   |   | Transportation: Cargo |   | Preferred stock |   | 13,996 |  |   | $ | 5,365 |  |   | $ | 5,501 |  |
| DBI Holding, LLC                         | ^ |   |   |   | Transportation: Cargo |   | Common stock |   | 2,961 |  |   | $ | — |  |   | $ | — |  |
| Equity Investments Total                 |   |   |   |   |   |   |   |   |   | $ | 5,365 |  |   | $ | 5,501 |  |
| Total Investments                        |   |   |   |   |   |   |   |   |   |   | $ | 1,265,546 |  |   | $ | 1,258,295 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of March 31, 2019, the geographical composition of investments as a percentage of fair value was 1.45% in Canada and 98.55% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2019. As of March 31, 2019,  the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 2.49%, the 90-day LIBOR at 2.60% and the 180-day LIBOR at 2.66%. |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.20% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

----

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

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund Sub and the 2017-1 Issuer is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (1.13%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | As of March 31, 2019, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt – unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                          |   | Revolver |   | 0.50% |   | $ | 1,333 |  |   | $ | (9 | ) |
| Ahead, LLC                                                                         |   | Revolver |   | 0.50 |   | 4,688 |  |   | (35 | ) |
| AQA Acquisition Holding, Inc.                                                      |   | Revolver |   | 0.50 |   | 2,459 |  |   | (4 | ) |
| Borchers, Inc.                                                                     |   | Revolver |   | 0.50 |   | 1,935 |  |   | (4 | ) |
| Clearent Newco, LLC                                                                |   | Delayed Draw |   | 1.00 |   | 2,428 |  |   | (20 | ) |
| Clearent Newco, LLC                                                                |   | Revolver |   | 0.50 |   | 1,120 |  |   | (9 | ) |
| DecoPac, Inc.                                                                      |   | Revolver |   | 0.50 |   | 2,143 |  |   | (10 | ) |
| Executive Consulting Group, LLC, Inc.                                              |   | Revolver |   | 0.50 |   | 2,368 |  |   | (22 | ) |
| HMT Holding Inc.                                                                   |   | Revolver |   | 0.50 |   | 6,173 |  |   | (44 | ) |
| J.S. Held, LLC                                                                     |   | Delayed Draw |   | 1.00 |   | 2 |  |   | — |  |
| Jensen Hughes, Inc.                                                                |   | Revolver |   | 0.50 |   | 1,455 |  |   | (16 | ) |
| Jensen Hughes, Inc.                                                                |   | Delayed Draw |   | 1.00 |   | 6,842 |  |   | (77 | ) |
| MAG DS Corp.                                                                       |   | Revolver |   | 0.50 |   | 5,000 |  |   | (20 | ) |
| Marco Technologies, LLC                                                            |   | Delayed Draw |   | 1.00 |   | 7,500 |  |   | (37 | ) |
| MSHC, Inc.                                                                         |   | Delayed Draw |   | 1.00 |   | 9,268 |  |   | (47 | ) |
| North American Dental Management, LLC                                              |   | Revolver |   | 0.50 |   | 2,505 |  |   | (44 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                        |   | Revolver |   | 0.50 |   | 6,114 |  |   | (59 | ) |
| Output Services Group                                                              |   | Delayed Draw |   | 4.25 |   | 2,518 |  |   | (67 | ) |
| Pharmalogic Holdings Corp.                                                         |   | Delayed Draw |   | 1.00 |   | 2,947 |  |   | (18 | ) |
| Premise Health Holding Corp.                                                       |   | Delayed Draw |   | 1.00 |   | 1,103 |  |   | (8 | ) |
| Propel Insurance Agency, LLC                                                       |   | Delayed Draw |   | 0.50 |   | 7,143 |  |   | (101 | ) |
| Propel Insurance Agency, LLC                                                       |   | Revolver |   | 0.50 |   | 2,381 |  |   | (34 | ) |
| PSI Services LLC                                                                   |   | Revolver |   | 0.50 |   | 528 |  |   | (8 | ) |
| QW Holding Corporation (Quala)                                                     |   | Delayed Draw |   | 1.00 |   | 1,453 |  |   | (14 | ) |
| QW Holding Corporation (Quala)                                                     |   | Revolver |   | 0.50 |   | 5,498 |  |   | (51 | ) |
| T2 Systems, Inc.                                                                   |   | Revolver |   | 0.50 |   | 1,173 |  |   | (3 | ) |
| The Original Cakerie, Ltd. (Canada)                                                |   | Revolver |   | 0.50 |   | 1,399 |  |   | (8 | ) |
| Upstream Intermediate, LLC                                                         |   | Revolver |   | 0.50 |   | 1,606 |  |   | (10 | ) |
| Valicor Environmental Services, LLC                                                |   | Revolver |   | 0.50 |   | 3,515 |  |   | (33 | ) |
| WIRB - Copernicus Group, Inc.                                                      |   | Delayed Draw |   | 1.00 |   | 6,480 |  |   | (36 | ) |
| WIRB - Copernicus Group, Inc.                                                      |   | Revolver |   | 0.50 |   | 1,000 |  |   | (6 | ) |
| WRE Holding Corp.                                                                  |   | Delayed Draw |   | 0.89 |   | 2,069 |  |   | (45 | ) |
| WRE Holding Corp.                                                                  |   | Revolver |   | 0.50 |   | 355 |  |   | (8 | ) |
| Zywave, Inc.                                                                       |   | Revolver |   | 0.50 |   | 600 |  |   | — |  |
| Total unfunded commitments                                                         |   |   |   |   |   | $ | 105,101 |  |   | $ | (907 | ) |

|     |                                                           |
|-----|-----------------------------------------------------------|
| (9) | Loan was on non-accrual status as of March 31, 2019. |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                    | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 6.56% |   | 10/11/2025 |   | $ | 18,000 |  |   | $ | 17,906 |  |   | $ | 17,716 |  |
| Acrisure, LLC                                                | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.77% |   | 11/22/2023 |   | 20,886 |  |   | 20,843 |  |   | 19,981 |  |
| Acrisure, LLC                                                | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.27% |   | 11/22/2023 |   | 11,940 |  |   | 11,928 |  |   | 11,333 |  |
| Advanced Instruments, LLC                                    | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.63% |   | 10/31/2022 |   | 11,791 |  |   | 11,695 |  |   | 11,690 |  |
| Ahead, LLC                                                   | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 6.87% |   | 6/29/2023 |   | 20,059 |  |   | 19,959 |  |   | 19,856 |  |
| Alpha Packaging Holdings, Inc.                               | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 7.05% |   | 5/12/2020 |   | 16,860 |  |   | 16,830 |  |   | 16,813 |  |
| AM Conservation Holding Corporation                          | +* |   | (2) (3) |   | Energy: Electricity |   | L + 4.50% |   | 7.30% |   | 10/31/2022 |   | 38,310 |  |   | 38,079 |  |   | 38,027 |  |
| AQA Acquisition Holding, Inc.                                | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 7.05% |   | 5/24/2023 |   | 19,148 |  |   | 19,111 |  |   | 18,978 |  |
| Avalign Technologies, Inc.                                   | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 7.00% |   | 12/22/2025 |   | 13,000 |  |   | 12,874 |  |   | 12,848 |  |
| Big Ass Fans, LLC                                            | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 6.55% |   | 5/21/2024 |   | 14,052 |  |   | 13,973 |  |   | 13,840 |  |
| Borchers, Inc.                                               | ^+* |   | (2) (3) (8) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 7.30% |   | 11/1/2024 |   | 15,589 |  |   | 15,533 |  |   | 15,545 |  |
| Brooks Equipment Company, LLC                                | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 7.71% |   | 8/29/2020 |   | 5,948 |  |   | 5,940 |  |   | 5,935 |  |
| Clearent Newco, LLC                                          | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.00% |   | 6.52% |   | 3/20/2024 |   | 23,093 |  |   | 22,702 |  |   | 22,819 |  |
| DBI Holding, LLC                                             | +* |   | (2) (3) (9) |   | Transportation: Cargo |   | L + 5.25% |   | 7.76% |   | 8/1/2021 |   | 34,494 |  |   | 34,276 |  |   | 25,400 |  |
| DBI Holding, LLC                                             | ^ |   |   |   | Transportation: Cargo |   | 15% (100% PIK) |   | 7.76% |   | 2/1/2020 |   | 1,119 |  |   | 1,119 |  |   | 1,119 |  |
| DecoPac, Inc.                                                | ^+* |   | (2) (3) (8) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 7.05% |   | 9/29/2024 |   | 12,696 |  |   | 12,571 |  |   | 12,619 |  |
| Dent Wizard International Corporation                        | + |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 6.51% |   | 4/7/2020 |   | 24,256 |  |   | 24,183 |  |   | 24,110 |  |
| DTI Holdco, Inc.                                             | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 7.28% |   | 9/30/2023 |   | 19,081 |  |   | 18,941 |  |   | 17,793 |  |
| EIP Merger Sub, LLC (Evolve IP)                              | +* |   | (2) (3) (4) |   | Telecommunications |   | L + 5.75% |   | 8.27% |   | 6/7/2022 |   | 22,358 |  |   | 21,923 |  |   | 21,788 |  |
| EIP Merger Sub, LLC (Evolve IP)                              | * |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 8.27% |   | 6/7/2022 |   | 1,500 |  |   | 1,469 |  |   | 1,462 |  |
| Eliassen Group, LLC                                          | + |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 7.00% |   | 11/5/2024 |   | 6,250 |  |   | 6,226 |  |   | 6,202 |  |
| Exactech, Inc.                                               | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.27% |   | 2/14/2025 |   | 12,903 |  |   | 12,849 |  |   | 12,741 |  |
| Executive Consulting Group, LLC, Inc.                        | ^+ |   | (2) (3) (8) |   | Business Services |   | L + 4.50% |   | 7.30% |   | 6/20/2024 |   | 15,318 |  |   | 15,168 |  |   | 15,132 |  |
| Golden West Packaging Group LLC                              | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.77% |   | 6/20/2023 |   | 30,180 |  |   | 29,978 |  |   | 29,760 |  |
| HMT Holding Inc.                                             | ^+* |   | (2) (3) (8) |   | Energy: Oil & Gas |   | L + 4.50% |   | 7.02% |   | 11/17/2023 |   | 33,490 |  |   | 32,902 |  |   | 33,172 |  |
| J.S. Held, LLC                                               | +* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.30% |   | 9/25/2024 |   | 20,309 |  |   | 20,137 |  |   | 19,998 |  |
| Jensen Hughes, Inc.                                          | ^+* |   | (2) (3) (8) |   | Utilities: Electric |   | L + 4.50% |   | 7.30% |   | 3/22/2024 |   | 27,978 |  |   | 27,896 |  |   | 27,382 |  |
| Kestra Financial, Inc.                                       | +* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.76% |   | 6/24/2022 |   | 21,744 |  |   | 21,547 |  |   | 21,690 |  |
| MAG DS Corp.                                                 | ^+ |   | (2) (3) (8) |   | Aerospace & Defense |   | L + 4.75% |   | 7.27% |   | 6/6/2025 |   | 22,885 |  |   | 22,679 |  |   | 22,665 |  |
| Maravai Intermediate Holdings, LLC                           | +\ |   | (2) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.81% |   | 8/2/2025 |   | 29,925 |  |   | 29,640 |  |   | 29,578 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mold-Rite Plastics, LLC                                      | + |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 7.30% |   | 12/14/2021 |   | $ | 14,850 |  |   | $ | 14,793 |  |   | $ | 14,762 |  |
| MSHC, Inc.                                                   | ^+* |   | (2) (3) (8) |   | Construction & Building |   | L + 4.25% |   | 6.89% |   | 7/31/2023 |   | 23,579 |  |   | 23,514 |  |   | 23,088 |  |
| Newport Group Holdings II, Inc.                              | +\ |   | (2) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.54% |   | 9/13/2025 |   | 17,790 |  |   | 17,666 |  |   | 17,564 |  |
| North American Dental Management, LLC                        | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 8.04% |   | 7/7/2023 |   | 37,781 |  |   | 37,329 |  |   | 37,093 |  |
| North Haven CA Holdings, Inc.                                | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 4.50% |   | 7.02% |   | 10/2/2023 |   | 35,139 |  |   | 34,789 |  |   | 34,401 |  |
| Odyssey Logistics & Technology Corporation               | +*\ |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 6.52% |   | 10/12/2024 |   | 39,680 |  |   | 39,496 |  |   | 39,149 |  |
| Output Services Group                                        | ^+\ |   | (2) (3) (8) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.77% |   | 3/27/2024 |   | 17,400 |  |   | 17,338 |  |   | 16,663 |  |
| PAI Holdco, Inc.                                             | +* |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 7.05% |   | 1/5/2025 |   | 19,727 |  |   | 19,637 |  |   | 19,459 |  |
| Park Place Technologies, Inc.                                | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 6.52% |   | 3/29/2025 |   | 15,922 |  |   | 15,856 |  |   | 15,639 |  |
| Pasternack Enterprises, Inc.                                 | + |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 6.52% |   | 7/2/2025 |   | 20,076 |  |   | 20,076 |  |   | 19,745 |  |
| Pharmalogic Holdings Corp.                                   | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.52% |   | 6/11/2023 |   | 7,017 |  |   | 6,995 |  |   | 6,949 |  |
| Ping Identity Corporation                                    | +\ |   | (2) (3) |   | High Tech Industries |   | L + 3.75% |   | 6.27% |   | 1/25/2025 |   | 4,975 |  |   | 4,956 |  |   | 4,915 |  |
| Premier Senior Marketing, LLC                                | * |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.75% |   | 11/30/2025 |   | 4,953 |  |   | 4,953 |  |   | 4,875 |  |
| Premise Health Holding Corp.                                 | ^+\ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.55% |   | 7/10/2025 |   | 13,862 |  |   | 13,805 |  |   | 13,717 |  |
| Propel Insurance Agency, LLC                                 | ^+ |   | (2) (3) (8) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.75% |   | 6/1/2024 |   | 21,088 |  |   | 20,535 |  |   | 20,628 |  |
| PSI Services, LLC                                            | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 5.00% |   | 7.52% |   | 1/20/2023 |   | 29,919 |  |   | 29,469 |  |   | 29,239 |  |
| Q Holding Company                                            | +* |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 7.52% |   | 12/18/2021 |   | 17,099 |  |   | 17,058 |  |   | 16,969 |  |
| QW Holding Corporation (Quala)                               | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 6.75% |   | 9.22% |   | 8/31/2022 |   | 9,704 |  |   | 9,338 |  |   | 9,489 |  |
| RevSpring, Inc.                                              | +*\ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 7.05% |   | 10/11/2025 |   | 20,000 |  |   | 19,953 |  |   | 19,680 |  |
| Situs Group Holdings Corporation                             | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.02% |   | 2/26/2023 |   | 8,915 |  |   | 8,892 |  |   | 8,887 |  |
| Surgical Information Systems, LLC                            | +* |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.85% |   | 7.37% |   | 4/24/2023 |   | 27,708 |  |   | 27,494 |  |   | 27,171 |  |
| Systems Maintenance Services Holding, Inc.                   | +* |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 7.52% |   | 10/28/2023 |   | 24,010 |  |   | 23,907 |  |   | 17,842 |  |
| T2 Systems Canada, Inc.                                      | + |   | (2) (3) |   | Transportation: Consumer |   | L + 6.75% |   | 9.34% |   | 9/28/2022 |   | 2,646 |  |   | 2,598 |  |   | 2,630 |  |
| T2 Systems, Inc.                                             | ^+* |   | (2) (3) (8) |   | Transportation: Consumer |   | L + 6.75% |   | 9.34% |   | 9/28/2022 |   | 15,775 |  |   | 15,484 |  |   | 15,677 |  |
| The Original Cakerie, Co. (Canada)                           | +* |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.50% |   | 7/20/2022 |   | 9,019 |  |   | 8,968 |  |   | 8,932 |  |
| The Original Cakerie, Ltd. (Canada)                          | + |   | (2) (3) (8) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 7.02% |   | 7/20/2022 |   | 6,957 |  |   | 6,917 |  |   | 6,883 |  |
| ThoughtWorks, Inc.                                           | +*\ |   | (2) (3) |   | Business Services |   | L + 4.00% |   | 6.52% |   | 10/12/2024 |   | 11,944 |  |   | 11,909 |  |   | 11,770 |  |
| U.S. Acute Care Solutions, LLC                               | +* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.52% |   | 5/15/2021 |   | 31,705 |  |   | 31,540 |  |   | 31,395 |  |
| U.S. TelePacific Holdings Corp.                              | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 7.80% |   | 5/2/2023 |   | 26,660 |  |   | 26,459 |  |   | 24,768 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Upstream Intermediate, LLC                                   | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.77% |   | 1/3/2024 |   | $ | 17,939 |  |   | $ | 17,863 |  |   | $ | 17,677 |  |
| Valet Waste Holdings, Inc.                                   | +\ |   | (2) (3) |   | Construction & Building |   | L + 4.00% |   | 6.52% |   | 9/28/2025 |   | 11,970 |  |   | 11,947 |  |   | 11,902 |  |
| Valicor Environmental Services, LLC                          | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 4.75% |   | 7.27% |   | 6/1/2023 |   | 33,410 |  |   | 32,914 |  |   | 32,995 |  |
| WIRB - Copernicus Group, Inc.                                | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.77% |   | 8/15/2022 |   | 17,194 |  |   | 17,098 |  |   | 16,931 |  |
| WRE Holding Corp.                                            | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 5.00% |   | 7.52% |   | 1/3/2023 |   | 7,238 |  |   | 7,162 |  |   | 6,993 |  |
| Zywave, Inc.                                                 | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 5.00% |   | 7.52% |   | 11/17/2022 |   | 18,050 |  |   | 17,914 |  |   | 17,991 |  |
| First Lien Debt Total                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,197,499 |  |   | $ | 1,172,460 |  |
| Second Lien Debt (0.09% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Zywave, Inc.                                                 | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 11.65% |   | 11/17/2023 |   | $ | 1,050 |  |   | $ | 1,038 |  |   | $ | 1,048 |  |
| Second Lien Debt Total                                       |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,038 |  |   | $ | 1,048 |  |
| Total Investments                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,198,537 |  |   | $ | 1,173,508 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2018, the geographical composition of investments as a percentage of fair value was 1.35% in Canada and 98.65% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2018. As of December 31, 2018, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 2.50%, the 90-day LIBOR at 2.81% and the 180-day LIBOR at 2.88%. |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.20% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

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

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | As of December 31, 2018, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                        |   | Revolver |   | 0.50% |   | $ | 1,333 |  |   | $ | (10 | ) |
| Ahead, LLC                                                                       |   | Revolver |   | 0.50 |   | 4,688 |  |   | (38 | ) |
| AQA Acquisition Holding, Inc.                                                    |   | Revolver |   | 0.50 |   | 2,459 |  |   | (19 | ) |
| Borchers, Inc.                                                                   |   | Revolver |   | 0.50 |   | 1,935 |  |   | (5 | ) |
| Clearent Newco, LLC                                                              |   | Delayed Draw |   | 1.00 |   | 4,988 |  |   | (46 | ) |
| Clearent Newco, LLC                                                              |   | Revolver |   | 0.50 |   | 1,760 |  |   | (16 | ) |
| DecoPac, Inc.                                                                    |   | Revolver |   | 0.50 |   | 2,143 |  |   | (11 | ) |
| Executive Consulting Group, LLC, Inc.                                            |   | Revolver |   | 0.50 |   | 2,368 |  |   | (25 | ) |
| HMT Holding Inc.                                                                 |   | Revolver |   | 0.50 |   | 6,173 |  |   | (49 | ) |
| Jensen Hughes, Inc.                                                              |   | Revolver |   | 0.50 |   | 2,000 |  |   | (39 | ) |
| Jensen Hughes, Inc.                                                              |   | Delayed Draw |   | 1.00 |   | 337 |  |   | (7 | ) |
| MAG DS Corp.                                                                     |   | Revolver |   | 0.50 |   | 2,022 |  |   | (18 | ) |
| MSHC, Inc.                                                                       |   | Delayed Draw |   | 0.32 |   | 9,852 |  |   | (145 | ) |
| North American Dental Management, LLC                                            |   | Revolver |   | 0.50 |   | 2,000 |  |   | (35 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                      |   | Revolver |   | 0.50 |   | 6,114 |  |   | (109 | ) |
| Output Services Group                                                            |   | Delayed Draw |   | 4.25 |   | 2,518 |  |   | (93 | ) |
| Pharmalogic Holdings Corp.                                                       |   | Delayed Draw |   | 1.00 |   | 2,947 |  |   | (20 | ) |
| Premise Health Holding Corp.                                                     |   | Delayed Draw |   | 1.00 |   | 1,103 |  |   | (11 | ) |
| Propel Insurance Agency, LLC                                                     |   | Delayed Draw |   | 0.50 |   | 7,143 |  |   | (110 | ) |
| Propel Insurance Agency, LLC                                                     |   | Revolver |   | 0.50 |   | 1,667 |  |   | (26 | ) |
| PSI Services LLC                                                                 |   | Revolver |   | 0.50 |   | 754 |  |   | (17 | ) |
| QW Holding Corporation (Quala)                                                   |   | Revolver |   | 0.50 |   | 5,498 |  |   | (52 | ) |
| T2 Systems, Inc.                                                                 |   | Revolver |   | 0.50 |   | 1,173 |  |   | (7 | ) |
| The Original Cakerie, Ltd. (Canada)                                              |   | Revolver |   | 0.50 |   | 1,132 |  |   | (10 | ) |
| Upstream Intermediate, LLC                                                       |   | Revolver |   | 0.50 |   | 1,606 |  |   | (22 | ) |
| Valicor Environmental Services, LLC                                              |   | Revolver |   | 0.50 |   | 4,971 |  |   | (54 | ) |
| WIRB - Copernicus Group, Inc.                                                    |   | Delayed Draw |   | 1.00 |   | 6,480 |  |   | (69 | ) |
| WIRB - Copernicus Group, Inc.                                                    |   | Revolver |   | 0.50 |   | 1,000 |  |   | (11 | ) |
| WRE Holding Corp.                                                                |   | Delayed Draw |   | 0.89 |   | 2,069 |  |   | (51 | ) |
| WRE Holding Corp.                                                                |   | Revolver |   | 0.50 |   | 613 |  |   | (15 | ) |
| Zywave, Inc.                                                                     |   | Revolver |   | 0.50 |   | 600 |  |   | (2 | ) |
| Total unfunded commitments                                                       |   |   |   |   |   | $ | 91,446 |  |   | $ | (1,142 | ) |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (9) | Loan was on non-accrual status as of December 31, 2018. |

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |
|                                                                                     |   | March 31, 2019 |   | December 31, 2018 |
|                                                                                     |   | (unaudited) |   |   |
| Selected Consolidated Balance Sheet Information                                          |   |   |   |   |
| ASSETS                                                                                   |   |   |   |   |
| Investments, at fair value (amortized cost of $1,265,546 and $1,198,537, respectively)   |   | $ | 1,258,295 |  |   | $ | 1,173,508 |  |
| Cash and other assets                                                                    |   | 41,074 |  |   | 62,547 |  |
| Total assets                                                                             |   | $ | 1,299,369 |  |   | $ | 1,236,055 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                                    |   |   |   |   |
| Secured borrowings                                                                       |   | $ | 624,667 |  |   | $ | 572,178 |  |
| Notes payable, net of unamortized debt issuance costs of $1,798 and $1,849, respectively |   | 280,524 |  |   | 309,114 |  |
| Mezzanine loans                                                                          |   | 123,800 |  |   | 112,000 |  |
| Other liabilities                                                                        |   | 52,882 |  |   | 34,195 |  |
| Subordinated loans and members’ equity                                             |   | 217,496 |  |   | 208,568 |  |
| Liabilities and members’ equity                                                    |   | $ | 1,299,369 |  |   | $ | 1,236,055 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | For the three month periods ended |
|                                                                |   | March 31, 2019 |   | March 31, 2018 |
|                                                                |   | (unaudited) |   | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |   |
| Total investment income                                             |   | $ | 22,606 |  |   | $ | 17,911 |  |
| Expenses                                                            |   |   |   |   |
| Interest and credit facility expenses                               |   | 14,730 |  |   | 10,656 |  |
| Other expenses                                                      |   | 441 |  |   | 389 |  |
| Total expenses                                                      |   | 15,171 |  |   | 11,045 |  |
| Net investment income (loss)                                        |   | 7,435 |  |   | 6,866 |  |
| Net realized gain (loss) on investments                             |   | (8,285 | ) |   | — |  |
| Net change in unrealized appreciation (depreciation) on investments |   | 17,778 |  |   | 3,035 |  |
| Net increase (decrease) resulting from operations                   |   | $ | 16,928 |  |   | $ | 9,901 |  |

----

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | March 31, 2019 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 252,959 |  |   | $ | 147,041 |  |   | $ | 4,420 |  |
| Credit Facility     | 513,000 |  |   | 408,000 |  |   | 105,000 |  |   | 105,000 |  |
| Total               | $ | 913,000 |  |   | $ | 660,959 |  |   | $ | 252,041 |  |   | $ | 109,420 |  |
|                |   |   |   |   |   |   |   |
|                | December 31, 2018 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 224,135 |  |   | $ | 175,865 |  |   | $ | 2,547 |  |
| Credit Facility     | 413,000 |  |   | 290,500 |  |   | 122,500 |  |   | 122,500 |  |
| Total               | $ | 813,000 |  |   | $ | 514,635 |  |   | $ | 298,365 |  |   | $ | 125,047 |  |

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

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

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |   |
|                                            | March 31, 2019 |   | March 31, 2018 |   |
| Interest expense                                | $ | 6,653 |  |   | $ | 5,235 |  |   |
| Facility unused commitment fee                  | 303 |  |   | 288 |  |   |
| Amortization of deferred financing costs        | 236 |  |   | 202 |  |   |
| Other fees                                      | 29 |  |   | 35 |  |   |
| Total interest expense and credit facility fees | $ | 7,221 |  |   | $ | 5,760 |  |   |
| Cash paid for interest expense                  | $ | 6,449 |  |   | $ | 5,291 |  |   |

----

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |
|                                            | March 31, 2019 |   | March 31, 2018 |
| Interest expense                                | $ | 5,276 |  |   | $ | 2,530 |  |
| Amortization of deferred financing costs        | 62 |  |   | 50 |  |
| Total interest expense and credit facility fees | $ | 5,338 |  |   | $ | 2,580 |  |
| Cash paid for interest expense                  | $ | 5,066 |  |   | $ | 2,391 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | SPV Credit Facility and Credit Facility |   | 2015-1R Notes |
| Payment Due by Period |   | March 31, 2019 |   | December 31, 2018 |   | March 31, 2019 |   | December 31, 2018 |
| Less than 1 Year                     |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            |   | — |  |   | — |  |   | — |  |   | — |  |
| 3-5 Years                            |   | 660,959 |  |   | 514,635 |  |   | — |  |   | — |  |
| More than 5 Years                    |   | — |  |   | — |  |   | 449,200 |  |   | 449,200 |  |
| Total                                |   | $ | 660,959 |  |   | $ | 514,635 |  |   | $ | 449,200 |  |   | $ | 449,200 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Par Value as of |
|                                     | March 31, 2019 |   | December 31, 2018 |
| Unfunded delayed draw commitments        | $ | 85,898 |  |   | $ | 97,261 |  |
| Unfunded revolving term loan commitments | 64,447 |  |   | 59,856 |  |
| Total unfunded commitments               | $ | 150,345 |  |   | $ | 157,117 |  |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   |  Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) on Investments |   | Accumulated Net Unrealized Appreciation (Depreciation) on Investments |   | Total Net Assets |
|                                                                |   | Shares |   | Amount |   |
| Balance, beginning of period                                        |   | 62,230,251 |  |   | $ | 622 |  |   | $ | 1,174,334 |  |   | $ | (1,633 | ) |   | $ | 5,901 |  |   | $ | (44,572 | ) |   | $ | (71,434 | ) |   | $ | 1,063,218 |  |
| Repurchase of common stock                                          |   | (958,182 | ) |   | (9 | ) |   | (14,076 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (14,085 | ) |
| Net investment income (loss)                                        |   | — |  |   | — |  |   | — |  |   | — |  |   | 27,562 |  |   | — |  |   | — |  |   | 27,562 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 899 |  |   | — |  |   | 899 |  |
| Net change in unrealized appreciation (depreciation) on investments |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 5,265 |  |   | 5,265 |  |
| Dividends declared                                                  |   | — |  |   | — |  |   | — |  |   | — |  |   | (22,672 | ) |   | — |  |   | — |  |   | (22,672 | ) |
| Balance, end of period                                              |   | 61,272,069 |  |   | $ | 613 |  |   | $ | 1,160,258 |  |   | $ | (1,633 | ) |   | $ | 10,791 |  |   | $ | (43,673 | ) |   | $ | (66,169 | ) |   | $ | 1,060,187 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   |  Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) on Investments |   | Accumulated Net Unrealized Appreciation (Depreciation) on Investments |   | Total Net Assets |
|                                                                |   | Shares |   | Amount |   |
| Balance, beginning of period                                        |   | 62,207,603 |  |   | $ | 622 |  |   | $ | 1,172,807 |  |   | $ | (1,618 | ) |   | $ | 2,522 |  |   | $ | (43,548 | ) |   | $ | (3,481 | ) |   | $ | 1,127,304 |  |
| Reinvestment of dividends                                           |   | 361,056 |  |   | 4 |  |   | 6,625 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 6,629 |  |
| Offering costs                                                      |   | — |  |   | — |  |   | — |  |   | (15 | ) |   | — |  |   | — |  |   | — |  |   | (15 | ) |
| Net investment income (loss)                                        |   | — |  |   | — |  |   | — |  |   | — |  |   | 25,130 |  |   | — |  |   | — |  |   | 25,130 |  |
| Net realized gain (loss) on investments                             |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (129 | ) |   | — |  |   | (129 | ) |
| Net change in unrealized appreciation (depreciation) on investments |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (3,912 | ) |   | (3,912 | ) |
| Dividends declared                                                  |   | — |  |   | — |  |   | — |  |   | — |  |   | (23,150 | ) |   | — |  |   | — |  |   | (23,150 | ) |
| Balance, end of period                                              |   | 62,568,659 |  |   | $ | 626 |  |   | $ | 1,179,432 |  |   | $ | (1,633 | ) |   | $ | 4,502 |  |   | $ | (43,677 | ) |   | $ | (7,393 | ) |   | $ | 1,131,857 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |
|                   |   | Shares Issued |   | Proceeds Received |
| January 17, 2018* |   | 361,056 |  |   | $ | 6,629 |  |
| Total                  |   | 361,056 |  |   | $ | 6,629 |  |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |
|                                                            |   | For the three month periods ended |
|                                                            |   | March 31, 2019 |   | March 31, 2018 |
| Net increase (decrease) in net assets resulting from operations |   | $ | 33,726 |  |   | $ | 21,089 |  |
| Weighted-average common shares outstanding                      |   | 61,772,774 |  |   | 62,504,465 |  |
| Basic and diluted earnings per common share                     |   | $ | 0.55 |  |   | $ | 0.34 |  |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |
| Date Declared     |   | Record Date |   | Payment Date |   | Per Share Amount |   |
| March 20, 2017    |   | March 20, 2017 |   | April 24, 2017 |   | $ | 0.41 |  |   |
| June 20, 2017     |   | June 30, 2017 |   | July 18, 2017 |   | $ | 0.37 |  |   |
| August 7, 2017    |   | September 29, 2017 |   | October 18, 2017 |   | $ | 0.37 |  |   |
| November 7, 2017  |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.37 |  |   |
| December 13, 2017 |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.12 |  | (1)  |
| February 26, 2018 |   | March 29, 2018 |   | April 17, 2018 |   | $ | 0.37 |  |   |
| May 2, 2018       |   | June 29, 2018 |   | July 17, 2018 |   | $ | 0.37 |  |   |
| August 6, 2018    |   | September 28, 2018 |   | October 17, 2018 |   | $ | 0.37 |  |   |
| November 5, 2018  |   | December 28, 2018 |   | January 17, 2019 |   | $ | 0.37 |  |   |
| December 12, 2018 |   | December 28, 2018 |   | January 17, 2019 |   | $ | 0.20 |  | (1)  |
| February 22, 2019 |   | March 29, 2019 |   | April 17, 2019 |   | $ | 0.37 |  |   |

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

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |
|                                                                                             | For the three month periods ended |
|                                                                                             | March 31, 2019 |   | March 31, 2018 |
| Per Share Data:                                                                                  |   |   |   |
| Net asset value per share, beginning of period                                                   | $ | 17.09 |  |   | $ | 18.12 |  |
| Net investment income (loss) (1)                                                                 | 0.45 |  |   | 0.40 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | 0.09 |  |   | (0.06 | ) |
| Net increase (decrease) in net assets resulting from operations                                  | 0.54 |  |   | 0.34 |  |
| Dividends declared (2)                                                                           | (0.37 | ) |   | (0.37 | ) |
| Accretion due to share repurchases                                                               | 0.04 |  |   | — |  |
| Net asset value per share, end of period                                                         | $ | 17.30 |  |   | $ | 18.09 |  |
| Market price per share, end of period                                                            | $ | 14.48 |  |   | $ | 17.90 |  |
|                                                                                             |   |   |   |
| Number of shares outstanding, end of period                                                      | 61,272,069 |  |   | 62,568,651 |  |
| Total return based on net asset value (3)                                                        | 3.39 | % |   | 1.88 |  % |
| Total return based on market price (4)                                                           | 19.76 | % |   | (8.83 | )% |
| Net assets, end of period                                                                        | $ | 1,060,187 |  |   | $ | 1,131,857 |  |
| Ratio to average net assets (5):                                                                 |   |   |   |
| Expenses before incentive fees                                                                   | 2.03 | % |   | 1.49 |  % |
| Expenses after incentive fees                                                                    | 2.58 | % |   | 1.96 |  % |
| Net investment income (loss)                                                                     | 2.58 | % |   | 2.20 |  % |
| Interest expense and credit facility fees                                                        | 1.18 | % |   | 0.73 |  % |
| Ratios/Supplemental Data:                                                                        |   |   |   |
| Asset coverage, end of period                                                                    | 195.50 | % |   | 241.33 |  % |
| Portfolio turnover                                                                               | 3.45 | % |   | 6.17 |  % |
| Weighted-average shares outstanding                                                              | 61,772,774 |  |   | 62,504,465 |  |

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

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

|     |                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Total return based on net asset value (not annualized) is based on the change in net asset value per share during the period plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the period. |

|     |                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Total return based on market value (not annualized) is calculated as the change in market value per share during the period plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning market price for the period. |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (5) | These ratios to average net assets have not been annualized. |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |
|                  | For the three month periods ended |
|                  | March 31, 2019 |   | March 31, 2018 |
| Ordinary income       | $ | 22,672 |  |   | $ | 23,150 |  |
| Tax return of capital | $ | — |  |   | $ | — |  |

----

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

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

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

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

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

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

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

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

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

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

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

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | uncertainty surrounding the financial stability of the United States, Europe and China; |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | the social, geopolitical, financial, trade and legal implications of Brexit; |

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

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

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

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

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

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

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

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

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
|                                                                 | For the three month periods ended |
|                                                                 | March 31, 2019 |   | March 31, 2018 |
| Investments:                                                         |   |   |   |
| Total investments, beginning of period                               | $ | 2,043,591 |  |   | $ | 1,971,012 |  |
| New investments purchased                                            | 246,221 |  |   | 119,601 |  |
| Net accretion of discount on investments                             | 2,161 |  |   | 2,390 |  |
| Net realized gain (loss) on investments                              | 899 |  |   | (129 | ) |
| Investments sold or repaid                                           | (71,494 | ) |   | (172,022 | ) |
| Total Investments, end of period                                     | $ | 2,221,378 |  |   | $ | 1,920,852 |  |
| Principal amount of investments funded:                              |   |   |   |
| First Lien Debt (excluding First Lien/Last Out)                      | $ | 143,749 |  |   | $ | 65,783 |  |
| First Lien/Last Out Unitranche                                       | 23,879 |  |   | 1,231 |  |
| Second Lien Debt                                                     | 49,344 |  |   | 25,582 |  |
| Equity Investments                                                   | 2,241 |  |   | 500 |  |
| Investment Fund                                                      | 30,500 |  |   | 27,850 |  |
| Total                                                                | $ | 249,713 |  |   | $ | 120,946 |  |
| Principal amount of investments sold or repaid:                      |   |   |   |
| First Lien Debt (excluding First Lien/Last Out)                      | $ | (25,902 | ) |   | $ | (117,619 | ) |
| First Lien/Last Out Unitranche                                       | (25,264 | ) |   | (394 | ) |
| Second Lien Debt                                                     | — |  |   | (53,990 | ) |
| Equity Investments                                                   | — |  |   | — |  |
| Investment Fund                                                      | (18,700 | ) |   | — |  |
| Total                                                                | $ | (69,866 | ) |   | $ | (172,003 | ) |
| Number of new funded investments                                     | 12 |  |   | 8 |  |
| Average amount of new funded investments                             | $ | 20,518 |  |   | $ | 14,950 |  |
| Percentage of new funded debt investments at floating interest rates | 100 | % |   | 100 | % |
| Percentage of new funded debt investments at fixed interest rates    | — | % |   | — | % |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | March 31, 2019 |   | December 31, 2018 |
|                                            | Amortized Cost |   | Fair Value |   | Amortized Cost |   | Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | $ | 1,492,517 |  |   | $ | 1,462,000 |  |   | $ | 1,375,437 |  |   | $ | 1,343,422 |  |
| First Lien/Last Out Unitranche                  | 240,235 |  |   | 201,301 |  |   | 241,263 |  |   | 202,849 |  |
| Second Lien Debt                                | 227,908 |  |   | 228,851 |  |   | 179,434 |  |   | 178,958 |  |
| Equity Investments                              | 18,917 |  |   | 28,466 |  |   | 17,456 |  |   | 24,633 |  |
| Investment Fund                                 | 241,801 |  |   | 234,591 |  |   | 230,001 |  |   | 222,295 |  |
| Total                                           | $ | 2,221,378 |  |   | $ | 2,155,209 |  |   | $ | 2,043,591 |  |   | $ | 1,972,157 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                            | March 31, 2019 |   | December 31, 2018 |
|                                            | Amortized Cost |   | Fair Value |   | Amortized Cost |   | Fair Value |
| First Lien Debt (excluding First Lien/Last Out) | 9.12 | % |   | 9.31 | % |   | 9.16 | % |   | 9.38 | % |
| First Lien/Last Out Unitranche                  | 10.42 | % |   | 12.44 | % |   | 10.62 | % |   | 12.63 | % |
| First Lien Debt Total                           | 9.30 | % |   | 9.69 | % |   | 9.38 | % |   | 9.80 | % |
| Second Lien Debt                                | 11.07 | % |   | 11.02 | % |   | 11.04 | % |   | 11.07 | % |
| First and Second Lien Debt Total                | 9.51 | % |   | 9.85 | % |   | 9.54 | % |   | 9.94 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2019 and December 31, 2018. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|            | March 31, 2019 |   | December 31, 2018 |
|            | Fair Value |   | Percentage |   | Fair Value |   | Percentage |
| Performing      | $ | 2,137,727 |  |   | 99.19 | % |   | $ | 1,957,830 |  |   | 99.27 | % |
| Non-accrual (1) | 17,482 |  |   | 0.81 |  |   | 14,327 |  |   | 0.73 |  |
| Total           | $ | 2,155,209 |  |   | 100.00 | % |   | $ | 1,972,157 |  |   | 100.00 | % |

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

----

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

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | March 31, 2019 |   | December 31, 2018 |
|                         | Fair Value |   | % of Fair Value |   | Fair Value |   | % of Fair Value |
| (dollar amounts in millions) |   |   |   |   |   |   |   |
| Internal Risk Rating 1       | $ | 70.8 |  |   | 3.74 | % |   | $ | 71.0 |  |   | 4.12 | % |
| Internal Risk Rating 2       | 1,381.7 |  |   | 73.02 |  |   | 1,302.9 |  |   | 75.52 |  |
| Internal Risk Rating 3       | 212.5 |  |   | 11.23 |  |   | 208.4 |  |   | 12.08 |  |
| Internal Risk Rating 4       | 189.2 |  |   | 10.00 |  |   | 105.1 |  |   | 6.09 |  |
| Internal Risk Rating 5       | 23.3 |  |   | 1.23 |  |   | 23.5 |  |   | 1.36 |  |
| Internal Risk Rating 6       | 14.7 |  |   | 0.78 |  |   | 14.3 |  |   | 0.83 |  |
| Total                        | $ | 1,892.2 |  |   | 100.00 | % |   | $ | 1,725.2 |  |   | 100.00 | % |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | For the three month periods ended |
|                    | March 31, 2019 |   | March 31, 2018 |
| Investment income:      |   |   |   |
| First Lien Debt         | $ | 41,574 |  |   | $ | 33,455 |  |
| Second Lien Debt        | 5,746 |  |   | 7,103 |  |
| Equity Investments      | 247 |  |   | — |  |
| Investment Fund         | 7,538 |  |   | 6,881 |  |
| Cash                    | 82 |  |   | 44 |  |
| Total investment income | $ | 55,187 |  |   | $ | 47,483 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |
|                                        | For the three month periods ended |
|                                        | March 31, 2019 |   | March 31, 2018 |
| Total investment income                     | $ | 55,187 |  |   | $ | 47,483 |  |
| Net expenses (including excise tax expense) | (27,625 | ) |   | (22,353 | ) |
| Net investment income (loss)                | $ | 27,562 |  |   | $ | 25,130 |  |

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |
|                               | For the three month periods ended |
|                               | March 31, 2019 |   | March 31, 2018 |
| Base management fees               | $ | 7,685 |  |   | $ | 7,222 |  |
| Incentive fees                     | 5,846 |  |   | 5,330 |  |
| Professional fees                  | 745 |  |   | 762 |  |
| Administrative service fees        | 216 |  |   | 186 |  |
| Interest expense                   | 11,991 |  |   | 7,815 |  |
| Credit facility fees               | 568 |  |   | 525 |  |
| Directors’ fees and expenses | 93 |  |   | 98 |  |
| Other general and administrative   | 421 |  |   | 405 |  |
| Excise tax expense                 | 60 |  |   | 10 |  |
| Net expenses                       | $ | 27,625 |  |   | $ | 22,353 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the three month periods ended |
|                                            | March 31, 2019 |   | March 31, 2018 |
| Interest expense                                | $ | 11,991 |  |   | $ | 7,815 |  |
| Facility unused commitment fee                  | 303 |  |   | 288 |  |
| Amortization of deferred financing costs        | 236 |  |   | 202 |  |
| Other fees                                      | 29 |  |   | 35 |  |
| Total interest expense and credit facility fees | $ | 12,559 |  |   | $ | 8,340 |  |
| Cash paid for interest expense                  | $ | 11,515 |  |   | $ | 7,682 |  |

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |
|                                                                                             | For the three month periods ended |
|                                                                                             | March 31, 2019 |   | March 31, 2018 |
| Net realized gain (loss) on investments                                                          | $ | 899 |  |   | $ | (129 | ) |
| Net change in unrealized appreciation (depreciation) on investments                              | 5,265 |  |   | (3,912 | ) |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | $ | 6,164 |  |   | $ | (4,041 | ) |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | For the three month periods ended |
|               | March 31, 2019 |   | March 31, 2018 |
| Type               | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |   | Net realized gain (loss) |   | Net change in unrealized appreciation (depreciation) |
| First Lien Debt    | $ | (60 | ) |   | $ | 978 |  |   | $ | (131 | ) |   | $ | (4,985 | ) |
| Second Lien Debt   | — |  |   | 1,419 |  |   | 2 |  |   | (433 | ) |
| Equity Investments | 959 |  |   | 2,372 |  |   | — |  |   | 806 |  |
| Investment Fund    | — |  |   | 496 |  |   | — |  |   | 700 |  |
| Total              | $ | 899 |  |   | $ | 5,265 |  |   | $ | (129 | ) |   | $ | (3,912 | ) |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | As of March 31, 2019 |   | As of December 31, 2018 |
| Senior secured loans (1)                                                    | $ | 1,270,122 |  |   | $ | 1,207,913 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 7.17 | % |   | 7.16 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 7.22 | % |   | 7.32 | % |
| Number of portfolio companies in Credit Fund                                | 64 |  |   | 60 |  |
| Average amount per portfolio company (1)                                    | $ | 19,846 |  |   | $ | 20,132 |  |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2019 and December 31, 2018. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above. |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit Fund’s Consolidated Schedule of Investments as of March 31, 2019 |
| Investments (1)                                                               |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (97.80% of fair value)                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                                     | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 6.50% |   | 10/11/2025 |   | $ | 18,000 |  |   | $ | 17,908 |  |   | $ | 17,824 |  |
| Acrisure, LLC                                                                 | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.88% |   | 11/22/2023 |   | 20,833 |  |   | 20,792 |  |   | 20,674 |  |
| Acrisure, LLC                                                                 | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.38% |   | 11/22/2023 |   | 11,910 |  |   | 11,899 |  |   | 11,727 |  |
| Advanced Instruments, LLC                                                     | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.73% |   | 10/31/2022 |   | 11,761 |  |   | 11,670 |  |   | 11,676 |  |
| Ahead, LLC                                                                    | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 6.88% |   | 6/29/2023 |   | 15,659 |  |   | 15,584 |  |   | 15,508 |  |
| Alpha Packaging Holdings, Inc.                                                | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 6.85% |   | 5/12/2020 |   | 16,815 |  |   | 16,790 |  |   | 16,796 |  |
| AM Conservation Holding Corporation                                           | +* |   | (2) (3) |   | Energy: Electricity |   | L + 4.50% |   | 7.10% |   | 10/31/2022 |   | 38,213 |  |   | 37,993 |  |   | 38,056 |  |
| Aptean, Inc.                                                                  | +\ |   | (2) (3) |   | Software |   | L + 4.25% |   | 6.74% |   | 4/23/2026 |   | 12,500 |  |   | 12,441 |  |   | 12,438 |  |
| AQA Acquisition Holding, Inc.                                                 | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 6.85% |   | 5/24/2023 |   | 19,100 |  |   | 19,044 |  |   | 19,061 |  |
| Avalign Technologies, Inc.                                                    | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 7.00% |   | 12/22/2025 |   | 12,968 |  |   | 12,845 |  |   | 12,827 |  |
| Big Ass Fans, LLC                                                             | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 6.35% |   | 5/21/2024 |   | 14,016 |  |   | 13,938 |  |   | 13,990 |  |
| Borchers, Inc.                                                                | ^+* |   | (2) (3) (8) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 7.10% |   | 11/1/2024 |   | 15,550 |  |   | 15,496 |  |   | 15,515 |  |
| Brooks Equipment Company, LLC                                                 | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 7.63% |   | 8/29/2020 |   | 5,948 |  |   | 5,941 |  |   | 5,942 |  |
| Clearent Newco, LLC                                                           | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.00% |   | 6.56% |   | 3/20/2024 |   | 26,239 |  |   | 25,870 |  |   | 25,991 |  |
| Datto, Inc.                                                                   | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.25% |   | 6.74% |   | 4/2/2026 |   | 12,500 |  |   | 12,441 |  |   | 12,438 |  |
| DecoPac, Inc.                                                                 | ^+* |   | (2) (3) (8) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 6.85% |   | 9/29/2024 |   | 12,664 |  |   | 12,543 |  |   | 12,596 |  |
| Dent Wizard International Corporation                                         | + |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 6.50% |   | 4/7/2020 |   | 24,194 |  |   | 24,132 |  |   | 24,105 |  |
| DTI Holdco, Inc.                                                              | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 7.49% |   | 9/30/2023 |   | 19,032 |  |   | 18,897 |  |   | 17,795 |  |
| EIP Merger Sub, LLC (Evolve IP)                                               | +* |   | (2) (3) (4) |   | Telecommunications |   | L + 5.75% |   | 8.25% |   | 6/7/2022 |   | 22,282 |  |   | 21,872 |  |   | 21,601 |  |
| EIP Merger Sub, LLC (Evolve IP)                                               | * |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 8.25% |   | 6/7/2022 |   | 1,500 |  |   | 1,470 |  |   | 1,448 |  |
| Eliassen Group, LLC                                                           | + |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 7.00% |   | 11/5/2024 |   | 6,242 |  |   | 6,219 |  |   | 6,236 |  |
| Exactech, Inc.                                                                | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.25% |   | 2/14/2025 |   | 12,870 |  |   | 12,822 |  |   | 12,775 |  |
| Executive Consulting Group, LLC, Inc.                                         | ^+ |   | (2) (3) (8) |   | Business Services |   | L + 4.25% |   | 6.85% |   | 6/20/2024 |   | 15,279 |  |   | 15,135 |  |   | 15,115 |  |
| Golden West Packaging Group LLC                                               | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.75% |   | 6/20/2023 |   | 30,099 |  |   | 29,904 |  |   | 29,774 |  |
| HMT Holding Inc.                                                              | ^+* |   | (2) (3) (8) |   | Energy: Oil & Gas |   | L + 4.50% |   | 7.00% |   | 11/17/2023 |   | 33,404 |  |   | 32,846 |  |   | 33,123 |  |
| J.S. Held, LLC                                                                | +* |   | (2) (3) (8) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.10% |   | 9/25/2024 |   | 20,262 |  |   | 20,117 |  |   | 20,068 |  |
| Jensen Hughes, Inc.                                                           | ^+* |   | (2) (3) (8) |   | Utilities: Electric |   | L + 4.50% |   | 7.10% |   | 3/22/2024 |   | 29,354 |  |   | 29,149 |  |   | 28,932 |  |
| Kestra Financial, Inc.                                                        | +* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.88% |   | 6/24/2022 |   | 21,697 |  |   | 21,510 |  |   | 21,697 |  |
| MAG DS Corp.                                                                  | ^+ |   | (2) (3) (8) |   | Aerospace & Defense |   | L + 4.75% |   | 7.25% |   | 6/6/2025 |   | 25,844 |  |   | 25,587 |  |   | 25,717 |  |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit Fund’s Consolidated Schedule of Investments as of March 31, 2019 |
| Investments (1)                                                               |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (97.80% of fair value) (continued)                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Maravai Intermediate Holdings, LLC                                            | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.75% |   | 8/2/2025 |   | $ | 29,850 |  |   | $ | 29,574 |  |   | $ | 29,605 |  |
| Marco Technologies, LLC                                                       | ^+ |   | (2) (3) (8) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 7.07% |   | 10/30/2023 |   | 7,498 |  |   | 7,451 |  |   | 7,425 |  |
| Mold-Rite Plastics, LLC                                                       | + |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.25% |   | 6.85% |   | 12/14/2021 |   | 14,813 |  |   | 14,759 |  |   | 14,758 |  |
| MSHC, Inc.                                                                    | ^+* |   | (2) (3) (8) |   | Construction & Building |   | L + 4.25% |   | 6.85% |   | 7/31/2023 |   | 31,163 |  |   | 31,057 |  |   | 30,957 |  |
| Newport Group Holdings II, Inc.                                               | +\ |   | (2) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.36% |   | 9/13/2025 |   | 23,895 |  |   | 23,655 |  |   | 23,757 |  |
| North American Dental Management, LLC                                         | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.81% |   | 7/7/2023 |   | 37,091 |  |   | 36,451 |  |   | 36,395 |  |
| North Haven CA Holdings, Inc.                                                 | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 4.50% |   | 7.10% |   | 10/2/2023 |   | 35,052 |  |   | 34,717 |  |   | 34,653 |  |
| Odyssey Logistics & Technology Corporation                                | +*\ |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 6.50% |   | 10/12/2024 |   | 39,650 |  |   | 39,472 |  |   | 39,372 |  |
| Output Services Group                                                         | ^+\ |   | (2) (3) (8) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.75% |   | 3/27/2024 |   | 17,356 |  |   | 17,297 |  |   | 16,827 |  |
| PAI Holdco, Inc.                                                              | +* |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 6.77% |   | 1/5/2025 |   | 19,673 |  |   | 19,588 |  |   | 19,625 |  |
| Park Place Technologies, Inc.                                                 | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 6.50% |   | 3/29/2025 |   | 15,882 |  |   | 15,819 |  |   | 15,724 |  |
| Pasternack Enterprises, Inc.                                                  | + |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 6.50% |   | 7/2/2025 |   | 20,026 |  |   | 20,026 |  |   | 19,848 |  |
| Pharmalogic Holdings Corp.                                                    | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.50% |   | 6/11/2023 |   | 6,999 |  |   | 6,979 |  |   | 6,939 |  |
| Ping Identity Corporation                                                     | +\ |   | (2) (3) |   | High Tech Industries |   | L + 3.75% |   | 6.25% |   | 1/25/2025 |   | 4,963 |  |   | 4,952 |  |   | 4,933 |  |
| Premier Senior Marketing, LLC                                                 | * |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.75% |   | 11/30/2025 |   | 4,953 |  |   | 4,931 |  |   | 4,908 |  |
| Premise Health Holding Corp.                                                  | ^+\ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.35% |   | 7/10/2025 |   | 13,828 |  |   | 13,769 |  |   | 13,721 |  |
| Propel Insurance Agency, LLC                                                  | ^+ |   | (2) (3) (8) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.85% |   | 6/1/2024 |   | 20,323 |  |   | 19,792 |  |   | 19,901 |  |
| PSI Services, LLC                                                             | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 5.00% |   | 7.51% |   | 1/20/2023 |   | 30,069 |  |   | 29,639 |  |   | 29,599 |  |
| Q Holding Company                                                             | +* |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 7.50% |   | 12/18/2021 |   | 17,055 |  |   | 17,016 |  |   | 16,998 |  |
| QW Holding Corporation (Quala)                                                | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 5.75% |   | 8.42% |   | 8/31/2022 |   | 10,500 |  |   | 10,260 |  |   | 10,337 |  |
| Radiology Partners, Inc.                                                      | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.75% |   | 7.42% |   | 7/9/2025 |   | 24,937 |  |   | 24,814 |  |   | 24,937 |  |
| RevSpring, Inc.                                                               | +*\ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.75% |   | 10/11/2025 |   | 24,938 |  |   | 24,851 |  |   | 24,653 |  |
| Situs Group Holdings Corporation                                              | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.00% |   | 2/26/2023 |   | 8,915 |  |   | 8,907 |  |   | 8,863 |  |
| Surgical Information Systems, LLC                                             | +* |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.85% |   | 7.34% |   | 4/24/2023 |   | 26,168 |  |   | 25,973 |  |   | 25,754 |  |
| Systems Maintenance Services Holding, Inc.                                    | +* |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 7.50% |   | 10/28/2023 |   | 23,949 |  |   | 23,839 |  |   | 19,054 |  |
| T2 Systems Canada, Inc.                                                       | + |   | (2) (3) |   | Transportation: Consumer |   | L + 6.75% |   | 9.35% |   | 9/28/2022 |   | 2,639 |  |   | 2,594 |  |   | 2,633 |  |
| T2 Systems, Inc.                                                              | ^+* |   | (2) (3) (8) |   | Transportation: Consumer |   | L + 6.75% |   | 9.35% |   | 9/28/2022 |   | 15,737 |  |   | 15,463 |  |   | 15,696 |  |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit Fund’s Consolidated Schedule of Investments as of March 31, 2019 |
| Investments (1)                                                               |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   |  Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (97.80% of fair value) (continued)                            |   |   |   |   |   |   |   |   |   |   |   |   |
| The Original Cakerie, Co. (Canada)                                            | +* |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.58% |   | 7/20/2022 |   | $ | 8,996 |  |   | $ | 8,950 |  |   | $ | 8,945 |  |
| The Original Cakerie, Ltd. (Canada)                                           | ^+ |   | (2) (3) (8) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 7.08% |   | 7/20/2022 |   | 6,674 |  |   | 6,637 |  |   | 6,630 |  |
| ThoughtWorks, Inc.                                                            | +*\ |   | (2) (3) |   | Business Services |   | L + 4.00% |   | 6.50% |   | 10/12/2024 |   | 11,914 |  |   | 11,880 |  |   | 11,823 |  |
| U.S. Acute Care Solutions, LLC                                                | +* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.60% |   | 5/15/2021 |   | 31,624 |  |   | 31,472 |  |   | 31,582 |  |
| U.S. TelePacific Holdings Corp.                                               | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 7.60% |   | 5/2/2023 |   | 26,660 |  |   | 26,468 |  |   | 25,794 |  |
| Upstream Intermediate, LLC                                                    | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.50% |   | 1/3/2024 |   | 18,164 |  |   | 18,092 |  |   | 18,041 |  |
| Valet Waste Holdings, Inc.                                                    | +\ |   | (2) (3) |   | Construction & Building |   | L + 4.00% |   | 6.50% |   | 9/28/2025 |   | 11,940 |  |   | 11,918 |  |   | 11,885 |  |
| Valicor Environmental Services, LLC                                           | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 4.50% |   | 6.99% |   | 6/1/2023 |   | 34,658 |  |   | 34,182 |  |   | 34,298 |  |
| WIRB - Copernicus Group, Inc.                                                 | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.75% |   | 8/15/2022 |   | 17,150 |  |   | 17,061 |  |   | 17,012 |  |
| WRE Holding Corp.                                                             | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 5.00% |   | 7.49% |   | 1/3/2023 |   | 7,479 |  |   | 7,407 |  |   | 7,263 |  |
| Zywave, Inc.                                                                  | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 5.00% |   | 7.50% |   | 11/17/2022 |   | 18,006 |  |   | 17,878 |  |   | 18,003 |  |
| First Lien Debt Total                                                         |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,238,445 |  |   | $ | 1,230,593 |  |
| Second Lien Debt (1.76% of fair value)                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                                              | ^* |   | (2) (3) (9) |   | Transportation: Cargo |   | 8.00% (100% PIK) |   | 8.00% |   | 2/1/2026 |   | $ | 21,150 |  |   | $ | 20,697 |  |   | $ | 21,151 |  |
| Zywave, Inc.                                                                  | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 11.49% |   | 11/17/2023 |   | 1,050 |  |   | 1,039 |  |   | 1,050 |  |
| Second Lien Debt Total                                                        |   |   |   |   |   |   |   |   |   |   |   | $ | 21,736 |  |   | $ | 22,201 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments (1)                          |   |   | Footnotes |   | Industry |   | Type |   | Shares/Units |   | Cost |   | Fair Value (6) |
| Equity Investments (0.44% of fair value) |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                         | ^ |   |   |   | Transportation: Cargo |   | Preferred stock |   | 13,996 |  |   | $ | 5,365 |  |   | $ | 5,501 |  |
| DBI Holding, LLC                         | ^ |   |   |   | Transportation: Cargo |   | Common stock |   | 2,961 |  |   | — |  |   | — |  |
| Equity Investments Total                 |   |   |   |   |   |   |   | $ | 5,365 |  |   | $ | 5,501 |  |
| Total Investments                        |   |   |   |   |   |   |   |   |   |   | $ | 1,265,546 |  |   | $ | 1,258,295 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of March 31, 2019, the geographical composition of investments as a percentage of fair value was 1.45% in Canada and 98.55% in the United States.  Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2019. As of March 31, 2019, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 2.49%, the 90-day LIBOR at 2.60% and the 180-day LIBOR at 2.66%. |

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

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.20% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to the consolidated financial statements in Part I, Item 1 of this Form 10-Q. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (1.13%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|     |                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | As of March 31, 2019, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                        |   | Revolver |   | 0.50% |   | $ | 1,333 |  |   | $ | (9 | ) |
| Ahead, LLC                                                                       |   | Revolver |   | 0.50 |   | 4,688 |  |   | (35 | ) |
| AQA Acquisition Holding, Inc.                                                    |   | Revolver |   | 0.50 |   | 2,459 |  |   | (4 | ) |
| Borchers, Inc.                                                                   |   | Revolver |   | 0.50 |   | 1,935 |  |   | (4 | ) |
| Clearent Newco, LLC                                                              |   | Delayed Draw |   | 1.00 |   | 2,428 |  |   | (20 | ) |
| Clearent Newco, LLC                                                              |   | Revolver |   | 0.50 |   | 1,120 |  |   | (9 | ) |
| DecoPac, Inc.                                                                    |   | Revolver |   | 0.50 |   | 2,143 |  |   | (10 | ) |
| Executive Consulting Group, LLC, Inc.                                            |   | Revolver |   | 0.50 |   | 2,368 |  |   | (22 | ) |
| HMT Holding Inc.                                                                 |   | Revolver |   | 0.50 |   | 6,173 |  |   | (44 | ) |
| J.S. Held, LLC                                                                   |   | Delayed Draw |   | 1.00 |   | 2 |  |   | — |  |
| Jensen Hughes, Inc.                                                              |   | Revolver |   | 0.50 |   | 1,455 |  |   | (16 | ) |
| Jensen Hughes, Inc.                                                              |   | Delayed Draw |   | 1.00 |   | 6,842 |  |   | (77 | ) |
| MAG DS Corp.                                                                     |   | Revolver |   | 0.50 |   | 5,000 |  |   | (20 | ) |
| Marco Technologies, LLC                                                          |   | Delayed Draw |   | 1.00 |   | 7,500 |  |   | (37 | ) |
| MSHC, Inc.                                                                       |   | Delayed Draw |   | 1.00 |   | 9,268 |  |   | (47 | ) |
| North American Dental Management, LLC                                            |   | Revolver |   | 0.50 |   | 2,505 |  |   | (44 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                      |   | Revolver |   | 0.50 |   | 6,114 |  |   | (59 | ) |
| Output Services Group                                                            |   | Delayed Draw |   | 4.25 |   | 2,518 |  |   | (67 | ) |
| Pharmalogic Holdings Corp.                                                       |   | Delayed Draw |   | 1.00 |   | 2,947 |  |   | (18 | ) |
| Premise Health Holding Corp.                                                     |   | Delayed Draw |   | 1.00 |   | 1,103 |  |   | (8 | ) |
| Propel Insurance Agency, LLC                                                     |   | Delayed Draw |   | 0.50 |   | 7,143 |  |   | (101 | ) |
| Propel Insurance Agency, LLC                                                     |   | Revolver |   | 0.50 |   | 2,381 |  |   | (34 | ) |
| PSI Services LLC                                                                 |   | Revolver |   | 0.50 |   | 528 |  |   | (8 | ) |
| QW Holding Corporation (Quala)                                                   |   | Delayed Draw |   | 1.00 |   | 1,453 |  |   | (14 | ) |
| QW Holding Corporation (Quala)                                                   |   | Revolver |   | 0.50 |   | 5,498 |  |   | (51 | ) |
| T2 Systems, Inc.                                                                 |   | Revolver |   | 0.50 |   | 1,173 |  |   | (3 | ) |
| The Original Cakerie, Ltd. (Canada)                                              |   | Revolver |   | 0.50 |   | 1,399 |  |   | (8 | ) |
| Upstream Intermediate, LLC                                                       |   | Revolver |   | 0.50 |   | 1,606 |  |   | (10 | ) |
| Valicor Environmental Services, LLC                                              |   | Revolver |   | 0.50 |   | 3,515 |  |   | (33 | ) |
| WIRB - Copernicus Group, Inc.                                                    |   | Delayed Draw |   | 1.00 |   | 6,480 |  |   | (36 | ) |
| WIRB - Copernicus Group, Inc.                                                    |   | Revolver |   | 0.50 |   | 1,000 |  |   | (6 | ) |
| WRE Holding Corp.                                                                |   | Delayed Draw |   | 0.89 |   | 2,069 |  |   | (45 | ) |
| WRE Holding Corp.                                                                |   | Revolver |   | 0.50 |   | 355 |  |   | (8 | ) |
| Zywave, Inc.                                                                     |   | Revolver |   | 0.50 |   | 600 |  |   | — |  |
| Total unfunded commitments                                                       |   |   |   |   |   | $ | 105,101 |  |   | $ | (907 | ) |

|     |                                                            |
|-----|------------------------------------------------------------|
| (9) | Loan was on non-accrual status as of  March 31, 2019. |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit Fund’s Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                                                       |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                                             | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 6.56% |   | 10/11/2025 |   | $ | 18,000 |  |   | $ | 17,906 |  |   | $ | 17,716 |  |
| Acrisure, LLC                                                                         | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.77% |   | 11/22/2023 |   | 20,886 |  |   | 20,843 |  |   | 19,981 |  |
| Acrisure, LLC                                                                         | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.27% |   | 11/22/2023 |   | 11,940 |  |   | 11,928 |  |   | 11,333 |  |
| Advanced Instruments, LLC                                                             | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.63% |   | 10/31/2022 |   | 11,791 |  |   | 11,695 |  |   | 11,690 |  |
| Ahead, LLC                                                                            | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 6.87% |   | 6/29/2023 |   | 20,059 |  |   | 19,959 |  |   | 19,856 |  |
| Alpha Packaging Holdings, Inc.                                                        | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 7.05% |   | 5/12/2020 |   | 16,860 |  |   | 16,830 |  |   | 16,813 |  |
| AM Conservation Holding Corporation                                                   | +* |   | (2) (3) |   | Energy: Electricity |   | L + 4.50% |   | 7.30% |   | 10/31/2022 |   | 38,310 |  |   | 38,079 |  |   | 38,027 |  |
| AQA Acquisition Holding, Inc.                                                         | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 7.05% |   | 5/24/2023 |   | 19,148 |  |   | 19,111 |  |   | 18,978 |  |
| Avalign Technologies, Inc.                                                            | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 7.00% |   | 12/22/2025 |   | 13,000 |  |   | 12,874 |  |   | 12,848 |  |
| Big Ass Fans, LLC                                                                     | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 6.55% |   | 5/21/2024 |   | 14,052 |  |   | 13,973 |  |   | 13,840 |  |
| Borchers, Inc.                                                                        | ^+* |   | (2) (3) (8) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 7.30% |   | 11/1/2024 |   | 15,589 |  |   | 15,533 |  |   | 15,545 |  |
| Brooks Equipment Company, LLC                                                         | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 7.71% |   | 8/29/2020 |   | 5,948 |  |   | 5,940 |  |   | 5,935 |  |
| Clearent Newco, LLC                                                                   | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.00% |   | 6.52% |   | 3/20/2024 |   | 23,093 |  |   | 22,702 |  |   | 22,819 |  |
| DBI Holding, LLC                                                                      | +* |   | (2) (3) (9) |   | Transportation: Cargo |   | L + 5.25% |   | 7.76% |   | 8/1/2021 |   | 34,494 |  |   | 34,276 |  |   | 25,400 |  |
| DBI Holding, LLC                                                                      | ^ |   |   |   | Transportation: Cargo |   | 15% (100% PIK) |   | 7.76% |   | 2/1/2020 |   | 1,119 |  |   | 1,119 |  |   | 1,119 |  |
| DecoPac, Inc.                                                                         | ^+* |   | (2) (3) (8) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 7.05% |   | 9/29/2024 |   | 12,696 |  |   | 12,571 |  |   | 12,619 |  |
| Dent Wizard International Corporation                                                 | + |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 6.51% |   | 4/7/2020 |   | 24,256 |  |   | 24,183 |  |   | 24,110 |  |
| DTI Holdco, Inc.                                                                      | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 7.28% |   | 9/30/2023 |   | 19,081 |  |   | 18,941 |  |   | 17,793 |  |
| EIP Merger Sub, LLC (Evolve IP)                                                       | +* |   | (2) (3) (4) |   | Telecommunications |   | L + 5.75% |   | 8.27% |   | 6/7/2022 |   | 22,358 |  |   | 21,923 |  |   | 21,788 |  |
| EIP Merger Sub, LLC (Evolve IP)                                                       | * |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 8.27% |   | 6/7/2022 |   | 1,500 |  |   | 1,469 |  |   | 1,462 |  |
| Eliassen Group, LLC                                                                   | + |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 7.00% |   | 11/5/2024 |   | 6,250 |  |   | 6,226 |  |   | 6,202 |  |
| Exactech, Inc.                                                                        | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.27% |   | 2/14/2025 |   | 12,903 |  |   | 12,849 |  |   | 12,741 |  |
| Executive Consulting Group, LLC, Inc.                                                 | ^+ |   | (2) (3) (8) |   | Business Services |   | L + 4.50% |   | 7.30% |   | 6/20/2024 |   | 15,318 |  |   | 15,168 |  |   | 15,132 |  |
| Golden West Packaging Group LLC                                                       | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.77% |   | 6/20/2023 |   | 30,180 |  |   | 29,978 |  |   | 29,760 |  |
| HMT Holding Inc.                                                                      | ^+* |   | (2) (3) (8) |   | Energy: Oil & Gas |   | L + 4.50% |   | 7.02% |   | 11/17/2023 |   | 33,490 |  |   | 32,902 |  |   | 33,172 |  |
| J.S. Held, LLC                                                                        | +* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.30% |   | 9/25/2024 |   | 20,309 |  |   | 20,137 |  |   | 19,998 |  |
| Jensen Hughes, Inc.                                                                   | ^+* |   | (2) (3) (8) |   | Utilities: Electric |   | L + 4.50% |   | 7.30% |   | 3/22/2024 |   | 27,978 |  |   | 27,896 |  |   | 27,382 |  |
| Kestra Financial, Inc.                                                                | +* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.76% |   | 6/24/2022 |   | 21,744 |  |   | 21,547 |  |   | 21,690 |  |
| MAG DS Corp.                                                                          | ^+ |   | (2) (3) (8) |   | Aerospace & Defense |   | L + 4.75% |   | 7.27% |   | 6/6/2025 |   | 22,885 |  |   | 22,679 |  |   | 22,665 |  |
| Maravai Intermediate Holdings, LLC                                                    | +\ |   | (2) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.81% |   | 8/2/2025 |   | 29,925 |  |   | 29,640 |  |   | 29,578 |  |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit Fund’s Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                                                       |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mold-Rite Plastics, LLC                                                               | + |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 7.30% |   | 12/14/2021 |   | $ | 14,850 |  |   | $ | 14,793 |  |   | $ | 14,762 |  |
| MSHC, Inc.                                                                            | ^+* |   | (2) (3) (8) |   | Construction & Building |   | L + 4.25% |   | 6.89% |   | 7/31/2023 |   | 23,579 |  |   | 23,514 |  |   | 23,088 |  |
| Newport Group Holdings II, Inc.                                                       | +\ |   | (2) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.54% |   | 9/13/2025 |   | 17,790 |  |   | 17,666 |  |   | 17,564 |  |
| North American Dental Management, LLC                                                 | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 8.04% |   | 7/7/2023 |   | 37,781 |  |   | 37,329 |  |   | 37,093 |  |
| North Haven CA Holdings, Inc.                                                         | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 4.50% |   | 7.02% |   | 10/2/2023 |   | 35,139 |  |   | 34,789 |  |   | 34,401 |  |
| Odyssey Logistics & Technology Corporation                                        | +*\ |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 6.52% |   | 10/12/2024 |   | 39,680 |  |   | 39,496 |  |   | 39,149 |  |
| Output Services Group                                                                 | ^+\ |   | (2) (3) (8) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.77% |   | 3/27/2024 |   | 17,400 |  |   | 17,338 |  |   | 16,663 |  |
| PAI Holdco, Inc.                                                                      | +* |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 7.05% |   | 1/5/2025 |   | 19,727 |  |   | 19,637 |  |   | 19,459 |  |
| Park Place Technologies, Inc.                                                         | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 6.52% |   | 3/29/2025 |   | 15,922 |  |   | 15,856 |  |   | 15,639 |  |
| Pasternack Enterprises, Inc.                                                          | + |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 6.52% |   | 7/2/2025 |   | 20,076 |  |   | 20,076 |  |   | 19,745 |  |
| Pharmalogic Holdings Corp.                                                            | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.52% |   | 6/11/2023 |   | 7,017 |  |   | 6,995 |  |   | 6,949 |  |
| Ping Identity Corporation                                                             | +\ |   | (2) (3) |   | High Tech Industries |   | L + 3.75% |   | 6.27% |   | 1/25/2025 |   | 4,975 |  |   | 4,956 |  |   | 4,915 |  |
| Premier Senior Marketing, LLC                                                         | * |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.75% |   | 11/30/2025 |   | 4,953 |  |   | 4,953 |  |   | 4,875 |  |
| Premise Health Holding Corp.                                                          | ^+\ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.55% |   | 7/10/2025 |   | 13,862 |  |   | 13,805 |  |   | 13,717 |  |
| Propel Insurance Agency, LLC                                                          | ^+ |   | (2) (3) (8) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.75% |   | 6/1/2024 |   | 21,088 |  |   | 20,535 |  |   | 20,628 |  |
| PSI Services, LLC                                                                     | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 5.00% |   | 7.52% |   | 1/20/2023 |   | 29,919 |  |   | 29,469 |  |   | 29,239 |  |
| Q Holding Company                                                                     | +* |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 7.52% |   | 12/18/2021 |   | 17,099 |  |   | 17,058 |  |   | 16,969 |  |
| QW Holding Corporation (Quala)                                                        | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 6.75% |   | 9.22% |   | 8/31/2022 |   | 9,704 |  |   | 9,338 |  |   | 9,489 |  |
| RevSpring, Inc.                                                                       | +*\ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 7.05% |   | 10/11/2025 |   | 20,000 |  |   | 19,953 |  |   | 19,680 |  |
| Situs Group Holdings Corporation                                                      | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.02% |   | 2/26/2023 |   | 8,915 |  |   | 8,892 |  |   | 8,887 |  |
| Surgical Information Systems, LLC                                                     | +* |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.85% |   | 7.37% |   | 4/24/2023 |   | 27,708 |  |   | 27,494 |  |   | 27,171 |  |
| Systems Maintenance Services Holding, Inc.                                            | +* |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 7.52% |   | 10/28/2023 |   | 24,010 |  |   | 23,907 |  |   | 17,842 |  |
| T2 Systems Canada, Inc.                                                               | + |   | (2) (3) |   | Transportation: Consumer |   | L + 6.75% |   | 9.34% |   | 9/28/2022 |   | 2,646 |  |   | 2,598 |  |   | 2,630 |  |
| T2 Systems, Inc.                                                                      | ^+* |   | (2) (3) (8) |   | Transportation: Consumer |   | L + 6.75% |   | 9.34% |   | 9/28/2022 |   | 15,775 |  |   | 15,484 |  |   | 15,677 |  |
| The Original Cakerie, Co. (Canada)                                                    | +* |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.50% |   | 7/20/2022 |   | 9,019 |  |   | 8,968 |  |   | 8,932 |  |
| The Original Cakerie, Ltd. (Canada)                                                   | + |   | (2) (3) (8) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 7.02% |   | 7/20/2022 |   | 6,957 |  |   | 6,917 |  |   | 6,883 |  |
| ThoughtWorks, Inc.                                                                    | +*\ |   | (2) (3) |   | Business Services |   | L + 4.00% |   | 6.52% |   | 10/12/2024 |   | 11,944 |  |   | 11,909 |  |   | 11,770 |  |
| U.S. Acute Care Solutions, LLC                                                        | +* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.52% |   | 5/15/2021 |   | 31,705 |  |   | 31,540 |  |   | 31,395 |  |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit Fund’s Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                                                       |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. TelePacific Holdings Corp.                                                       | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 7.80% |   | 5/2/2023 |   | $ | 26,660 |  |   | $ | 26,459 |  |   | $ | 24,768 |  |
| Upstream Intermediate, LLC                                                            | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.77% |   | 1/3/2024 |   | 17,939 |  |   | 17,863 |  |   | 17,677 |  |
| Valet Waste Holdings, Inc.                                                            | +\ |   | (2) (3) |   | Construction & Building |   | L + 4.00% |   | 6.52% |   | 9/28/2025 |   | 11,970 |  |   | 11,947 |  |   | 11,902 |  |
| Valicor Environmental Services, LLC                                                   | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 4.75% |   | 7.27% |   | 6/1/2023 |   | 33,410 |  |   | 32,914 |  |   | 32,995 |  |
| WIRB - Copernicus Group, Inc.                                                         | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.77% |   | 8/15/2022 |   | 17,194 |  |   | 17,098 |  |   | 16,931 |  |
| WRE Holding Corp.                                                                     | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 5.00% |   | 7.52% |   | 1/3/2023 |   | 7,238 |  |   | 7,162 |  |   | 6,993 |  |
| Zywave, Inc.                                                                          | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 5.00% |   | 7.52% |   | 11/17/2022 |   | 18,050 |  |   | 17,914 |  |   | 17,991 |  |
| First Lien Debt Total                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,197,499 |  |   | $ | 1,172,460 |  |
| Second Lien Debt (0.09% of fair value)                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Zywave, Inc.                                                                          | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 11.65% |   | 11/17/2023 |   | $ | 1,050 |  |   | $ | 1,038 |  |   | $ | 1,048 |  |
| Second Lien Debt Total                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,038 |  |   | $ | 1,048 |  |
| Total Investments                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,198,537 |  |   | $ | 1,173,508 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2018, the geographical composition of investments as a percentage of fair value was 1.35% in Canada and 98.65% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2018. As of December 31, 2018, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 2.50%, the 90-day LIBOR at 2.81% and 180-day LIBOR at 2.88%. |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.20% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to the consolidated financial statements in Part I, Item 1 of this Form 10-Q. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | As of December 31, 2018, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                        |   | Revolver |   | 0.50% |   | $ | 1,333 |  |   | $ | (10 | ) |
| Ahead, LLC                                                                       |   | Revolver |   | 0.50 |   | 4,688 |  |   | (38 | ) |
| AQA Acquisition Holding, Inc.                                                    |   | Revolver |   | 0.50 |   | 2,459 |  |   | (19 | ) |
| Borchers, Inc.                                                                   |   | Revolver |   | 0.50 |   | 1,935 |  |   | (5 | ) |
| Clearent Newco, LLC                                                              |   | Delayed Draw |   | 1.00 |   | 4,988 |  |   | (46 | ) |
| Clearent Newco, LLC                                                              |   | Revolver |   | 0.50 |   | 1,760 |  |   | (16 | ) |
| DecoPac, Inc.                                                                    |   | Revolver |   | 0.50 |   | 2,143 |  |   | (11 | ) |
| Executive Consulting Group, LLC, Inc.                                            |   | Revolver |   | 0.50 |   | 2,368 |  |   | (25 | ) |
| HMT Holding Inc.                                                                 |   | Revolver |   | 0.50 |   | 6,173 |  |   | (49 | ) |
| Jensen Hughes, Inc.                                                              |   | Revolver |   | 0.50 |   | 2,000 |  |   | (39 | ) |
| Jensen Hughes, Inc.                                                              |   | Delayed Draw |   | 1.00 |   | 337 |  |   | (7 | ) |
| MAG DS Corp.                                                                     |   | Revolver |   | 0.50 |   | 2,022 |  |   | (18 | ) |
| MSHC, Inc.                                                                       |   | Delayed Draw |   | 0.32 |   | 9,852 |  |   | (145 | ) |
| North American Dental Management, LLC                                            |   | Revolver |   | 0.50 |   | 2,000 |  |   | (35 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                      |   | Revolver |   | 0.50 |   | 6,114 |  |   | (109 | ) |
| Output Services Group                                                            |   | Delayed Draw |   | 4.25 |   | 2,518 |  |   | (93 | ) |
| Pharmalogic Holdings Corp.                                                       |   | Delayed Draw |   | 1.00 |   | 2,947 |  |   | (20 | ) |
| Premise Health Holding Corp.                                                     |   | Delayed Draw |   | 1.00 |   | 1,103 |  |   | (11 | ) |
| Propel Insurance Agency, LLC                                                     |   | Delayed Draw |   | 0.50 |   | 7,143 |  |   | (110 | ) |
| Propel Insurance Agency, LLC                                                     |   | Revolver |   | 0.50 |   | 1,667 |  |   | (26 | ) |
| PSI Services LLC                                                                 |   | Revolver |   | 0.50 |   | 754 |  |   | (17 | ) |
| QW Holding Corporation (Quala)                                                   |   | Revolver |   | 0.50 |   | 5,498 |  |   | (52 | ) |
| T2 Systems, Inc.                                                                 |   | Revolver |   | 0.50 |   | 1,173 |  |   | (7 | ) |
| The Original Cakerie, Ltd. (Canada)                                              |   | Revolver |   | 0.50 |   | 1,132 |  |   | (10 | ) |
| Upstream Intermediate, LLC                                                       |   | Revolver |   | 0.50 |   | 1,606 |  |   | (22 | ) |
| Valicor Environmental Services, LLC                                              |   | Revolver |   | 0.50 |   | 4,971 |  |   | (54 | ) |
| WIRB - Copernicus Group, Inc.                                                    |   | Delayed Draw |   | 1.00 |   | 6,480 |  |   | (69 | ) |
| WIRB - Copernicus Group, Inc.                                                    |   | Revolver |   | 0.50 |   | 1,000 |  |   | (11 | ) |
| WRE Holding Corp.                                                                |   | Delayed Draw |   | 0.89 |   | 2,069 |  |   | (51 | ) |
| WRE Holding Corp.                                                                |   | Revolver |   | 0.50 |   | 613 |  |   | (15 | ) |
| Zywave, Inc.                                                                     |   | Revolver |   | 0.50 |   | 600 |  |   | (2 | ) |
| Total unfunded commitments                                                       |   |   |   |   |   | $ | 91,446 |  |   | $ | (1,142 | ) |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (9) | Loan was on non-accrual status as of December 31, 2018. |

----

|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |
|                                                                                     |   | March 31, 2019 |   | December 31, 2018 |
|                                                                                     |   | (unaudited) |   |   |
| Selected Consolidated Balance Sheet Information                                          |   |   |   |   |
| ASSETS                                                                                   |   |   |   |   |
| Investments, at fair value (amortized cost of $1,265,546 and $1,198,537, respectively)   |   | $ | 1,258,295 |  |   | $ | 1,173,508 |  |
| Cash and other assets                                                                    |   | 41,074 |  |   | 62,547 |  |
| Total assets                                                                             |   | $ | 1,299,369 |  |   | $ | 1,236,055 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                                    |   |   |   |   |
| Secured borrowings                                                                       |   | $ | 624,667 |  |   | $ | 572,178 |  |
| Notes payable, net of unamortized debt issuance costs of $1,798 and $1,849, respectively |   | 280,524 |  |   | 309,114 |  |
| Mezzanine loans                                                                          |   | 123,800 |  |   | 112,000 |  |
| Other liabilities                                                                        |   | 52,882 |  |   | 34,195 |  |
| Subordinated loans and members’ equity                                             |   | 217,496 |  |   | 208,568 |  |
| Liabilities and members’ equity                                                    |   | $ | 1,299,369 |  |   | $ | 1,236,055 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | For the three month periods ended |
|                                                                |   | March 31, 2019 |   | March 31, 2018 |
|                                                                |   | (unaudited) |   | (unaudited) |
| Selected Consolidated Statement of Operations Information:          |   |   |   |   |
| Total investment income                                             |   | $ | 22,606 |  |   | $ | 17,911 |  |
| Expenses                                                            |   |   |   |   |
| Interest and credit facility expenses                               |   | 14,730 |  |   | 10,656 |  |
| Other expenses                                                      |   | 441 |  |   | 389 |  |
| Total expenses                                                      |   | 15,171 |  |   | 11,045 |  |
| Net investment income (loss)                                        |   | 7,435 |  |   | 6,866 |  |
| Net realized gain (loss) on investments                             |   | (8,285 | ) |   | — |  |
| Net change in unrealized appreciation (depreciation) on investments |   | 17,778 |  |   | 3,035 |  |
| Net increase (decrease) resulting from operations                   |   | $ | 16,928 |  |   | $ | 9,901 |  |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | March 31, 2019 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 252,959 |  |   | $ | 147,041 |  |   | $ | 4,420 |  |
| Credit Facility     | 513,000 |  |   | 408,000 |  |   | 105,000 |  |   | 105,000 |  |
| Total               | $ | 913,000 |  |   | $ | 660,959 |  |   | $ | 252,041 |  |   | $ | 109,420 |  |

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | December 31, 2018 |
|                | Total Facility |   | Borrowings Outstanding |   | Unused Portion (1) |   | Amount Available (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 224,135 |  |   | $ | 175,865 |  |   | $ | 2,547 |  |
| Credit Facility     | 413,000 |  |   | 290,500 |  |   | 122,500 |  |   | 122,500 |  |
| Total               | $ | 813,000 |  |   | $ | 514,635 |  |   | $ | 298,365 |  |   | $ | 125,047 |  |

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

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

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | March 31, 2019 |   | December 31, 2018 |
|                             | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1-1-R Notes | $ | 234,800 |  |   | $ | 230,691 |  |   | $ | 234,800 |  |   | $ | 229,632 |  |
| Aaa/AAA Class A-1-2-R Notes | 50,000 |  |   | 49,400 |  |   | 50,000 |  |   | 49,442 |  |
| Aaa/AAA Class A-1-3-R Notes | 25,000 |  |   | 25,122 |  |   | 25,000 |  |   | 24,990 |  |
| AA Class A-2-R Notes             | 66,000 |  |   | 66,000 |  |   | 66,000 |  |   | 66,000 |  |
| A Class B Notes                  | 46,400 |  |   | 45,020 |  |   | 46,400 |  |   | 44,242 |  |
| BBB- Class C Notes               | 27,000 |  |   | 25,650 |  |   | 27,000 |  |   | 24,809 |  |
| Total                            | $ | 449,200 |  |   | $ | 441,883 |  |  | $ | 449,200 |  |   | $ | 439,115 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |
|                                    | For the three month periods ended |
|                                    | March 31, 2019 |   | March 31, 2018 |
| Shares outstanding, beginning of period | 62,230,251 |  |   | 62,207,603 |  |
| Reinvestment of dividends               | — |  |   | 361,056 |  |
| Repurchase of common stock              | (958,182 | ) |   | — |  |
| Shares outstanding, end of period       | 61,272,069 |  |   | 62,568,659 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | SPV Credit Facility and Credit Facility |   | 2015-1R Notes |
| Payment Due by Period |   | March 31, 2019 |   | December 31, 2018 |   | March 31, 2019 |   | December 31, 2018 |
| Less than 1 Year                     |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            |   | — |  |   | — |  |   | — |  |   | — |  |
| 3-5 Years                            |   | 660,959 |  |   | 514,635 |  |   | — |  |   | — |  |
| More than 5 Years                    |   | — |  |   | — |  |   | 449,200 |  |   | 449,200 |  |
| Total                                |   | $ | 660,959 |  |   | $ | 514,635 |  |   | $ | 449,200 |  |   | $ | 449,200 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Principal Amount as of |
|                                     | March 31, 2019 |   | December 31, 2018 |
| Unfunded delayed draw commitments        | $ | 85,898 |  |   | $ | 97,261 |  |
| Unfunded revolving term loan commitments | 64,447 |  |   | 59,856 |  |
| Total unfunded commitments               | $ | 150,345 |  |   | $ | 157,117 |  |

----

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |
| Date Declared     |   | Record Date |   | Payment Date |   | Per Share Amount |   |
| 2017                   |   |   |   |   |   |   |   |
| March 20, 2017    |   | March 20, 2017 |   | April 24, 2017 |   | $ | 0.41 |  |   |
| June 20, 2017     |   | June 30, 2017 |   | July 18, 2017 |   | $ | 0.37 |  |   |
| August 7, 2017    |   | September 29, 2017 |   | October 18, 2017 |   | $ | 0.37 |  |   |
| November 7, 2017  |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.37 |  |   |
| December 13, 2017 |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.12 |  | (1)  |
| Total                  |   |   |   |   |   | $ | 1.64 |  |   |
| 2018                   |   |   |   |   |   |   |   |
| February 26, 2018 |   | March 29, 2018 |   | April 17, 2018 |   | $ | 0.37 |  |   |
| May 2, 2018       |   | June 29, 2018 |   | July 17, 2018 |   | $ | 0.37 |  |   |
| August 6, 2018    |   | September 28, 2018 |   | October 17, 2018 |   | $ | 0.37 |  |   |
| November 5, 2018  |   | December 28, 2018 |   | January 17, 2019 |   | $ | 0.37 |  |   |
| December 12, 2018 |   | December 28, 2018 |   | January 17, 2019 |   | $ | 0.20 |  | (1)  |
| Total                  |   |   |   |   |   | $ | 1.68 |  |   |
| 2019                   |   |   |   |   |   |   |   |
| February 22, 2019 |   | March 29, 2019 |   | April 17, 2019 |   | $ | 0.37 |  |   |
| May 6, 2019       |   | June 28, 2019 |   | July 17, 2019 |   | $ | 0.37 |  |   |
| Total                  |   |   |   |   |   | $ | 0.74 |  |   |

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

----

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

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

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

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

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

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

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

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

----

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

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

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

----

----

----

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | As of March 31, 2019 |   | As of December 31, 2018 |
| Basis Point Change    | Interest Income |   | Interest Expense |   | Net Investment Income |   | Interest Income |   | Interest Expense |   | Net Investment Income |
| Up 300 basis points   | $ | 56,730 |  |   | $ | (32,555 | ) |   | $ | 24,175 |  |   | $ | 52,554 |  |   | $ | (28,165 | ) |   | $ | 24,389 |  |
| Up 200 basis points   | $ | 38,826 |  |   | $ | (21,703 | ) |   | $ | 17,123 |  |   | $ | 35,036 |  |   | $ | (18,777 | ) |   | $ | 16,259 |  |
| Up 100 basis points   | $ | 19,513 |  |   | $ | (10,852 | ) |   | $ | 8,661 |  |   | $ | 17,518 |  |   | $ | (9,388 | ) |   | $ | 8,130 |  |
| Down 100 basis points | $ | (19,169 | ) |   | $ | 10,852 |  |   | $ | (8,317 | ) |   | $ | (17,477 | ) |   | $ | 9,388 |  |   | $ | (8,089 | ) |
| Down 200 basis points | $ | (30,613 | ) |   | $ | 21,703 |  |   | $ | (8,910 | ) |   | $ | (28,103 | ) |   | $ | 18,777 |  |   | $ | (9,326 | ) |
| Down 300 basis points | $ | (31,595 | ) |   | $ | 28,331 |  |   | $ | (3,264 | ) |   | $ | (28,741 | ) |   | $ | 22,953 |  |   | $ | (5,788 | ) |

----

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                                     |   | Total Number of Shares Purchased(1) |   | Average Price Paid Per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2) |   | Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
| January 1, 2019 through January 31, 2019   |   | 307,549 |  |   | $ | 14.37 |  |   | 307,549 |  |   | $ | 90,335 |  |
| February 1, 2019 through February 28, 2019 |   | 272,806 |  |   | 14.99 |  |   | 272,806 |  |   | 86,245 |  |
| March 1, 2019 through March 31, 2019       |   | 402,642 |  |   | 14.89 |  |   | 402,642 |  |   | 80,248 |  |
| Total                                      |   | 982,997 |  |   |   |   | 982,997 |  |   |   |

|     |                      |
|-----|----------------------|
| (1) | On trade date basis. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Shares purchased by the Company pursuant to the Company's Stock Repurchase Program, which was entered into on November 5, 2018. Pursuant to the program, the Company is authorized to repurchase up to $100 million in the aggregate of its outstanding common stock in the open market and/or through privately negotiated transactions at prices not to exceed the Company’s net asset value per share as reported in its most recent financial statements, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, stock price, available cash, applicable legal and regulatory requirements and other factors, and may include purchases pursuant to Rule 10b5-1 of the Exchange Act. The program is expected to be in effect until the earlier of November 5, 2019 and the date the approved dollar amount has been used to repurchase shares. The program does not require the Company to repurchase any specific number of shares and there can be no assurance as to the amount of shares repurchased under the program. The program may be suspended, extended, modified or discontinued by the Company at any time, subject to applicable law. Pursuant to the authorization described above, the Company adopted the Company 10b5-1 Plan. The Company 10b5-1 Plan provides that purchases will be conducted on the open market in accordance with Rule 10b5-1 and 10b-18 under the Exchange Act and will otherwise be subject to applicable law, which may prohibit purchases under certain circumstances. The amount of purchases made under the Company 10b5-1 Plan or otherwise and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which we cannot predict. |

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|        |
|--------|
|        |  |  |
| 31.1   |    | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.* |
|   |   |   |
| 31.2   |    | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* |
|   |   |   |
| 32.1   |    | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
|   |   |   |
| 32.2   |    | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |

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|                         |
|-------------------------|
|                         |  |  |  |
|                    | TCG BDC, INC. |
|                    |   |   |
| Dated: May 7, 2019 | By |    | /s/ Thomas M. Hennigan |
|                    |   |    | Thomas M. HenniganChief Financial Officer(principal financial officer) |