|            |
|------------|
|            |  |
| (Mark One) |   |
| þ     | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the quarterly period ended June 30, 2017 |
| OR         |
|  ̈     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the transition period from               to |

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

|                                 |
|---------------------------------|
|                                 |  |  |  |  |
| Large accelerated filer o  | Accelerated filer o  | Non-accelerated filer þ  | Smaller reporting company o | Emerging growth company o |
|                            |   | (Do not check if a smallerreporting company) |   |   |

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|                                         |
|-----------------------------------------|
|                                         |  |  |
| Item 1.                                 | Condensed Consolidated Financial Statements: |   |
|                                    | Condensed Consolidated Balance Sheets | 1 |
|                                    | Condensed Consolidated Statements of Operations | 2 |
|                                    | Condensed Consolidated Statements of Changes in Net Assets | 3 |
|                                    | Condensed Consolidated Statements of Cash Flows | 4 |
|                                    | Condensed Consolidated Schedules of Investments | 5 |
|                                    | Notes to the Condensed Consolidated Financial Statements | 7 |
| Item 2.                                 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 30 |
| Item 3.                                 | Quantitative and Qualitative Disclosures About Market Risk | 46 |
| Item 4.                                 | Controls and Procedures | 47 |
|                                    |   |   |
| PART II — OTHER INFORMATION  |
|                                    |   |   |
| Item 1.                                 | Legal Proceedings | 48 |
| Item 1A.                                | Risk Factors | 48 |
| Item 2.                                 | Unregistered Sales of Equity Securities and Use of Proceeds | 48 |
| Item 3.                                 | Defaults Upon Senior Securities | 48 |
| Item 4.                                 | Mine Safety Disclosures | 48 |
| Item 5.                                 | Other Information | 48 |
| Item 6.                                 | Exhibits | 49 |
|                                    |   |   |
| Signatures                              |   | 50 |
| Exhibit Index                           |   | 51 |

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|                                                                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                                                                   | June 30, 2017 |   | December 31, 2016 |
|                                                                                                                                                                   | (Unaudited) |   |   |
| ASSETS                                                                                                                                                                 |   |   |   |
| Portfolio investments at fair value:                                                                                                                                   |   |   |   |
| Non-Control/Non-Affiliate investments (amortized cost: $948,958 and $935,741 as of June 30, 2017 and December 31, 2016, respectively)                                  | $ | 925,298 |  |   | $ | 916,393 |  |
| Affiliate investments (amortized cost: $68,946 and $53,771 as of June 30, 2017 and December 31, 2016, respectively)                                                    | 73,365 |  |   | 56,312 |  |
| Control investments (amortized cost: $42,473 and $12,883 as of June 30, 2017 and December 31, 2016, respectively)                                                      | 46,275 |  |   | 16,542 |  |
| Total portfolio investments (amortized cost: $1,060,377 and $1,002,395 as of June 30, 2017 and December 31, 2016, respectively)                                        | 1,044,938 |  |   | 989,247 |  |
|                                                                                                                                                                   |   |   |   |
| Cash and cash equivalents                                                                                                                                              | 32,905 |  |   | 23,719 |  |
| Interest receivable                                                                                                                                                    | 7,975 |  |   | 7,204 |  |
| Receivable for securities sold                                                                                                                                         | 5,656 |  |   | 7,610 |  |
| Prepaid and other assets                                                                                                                                               | 6,373 |  |   | 1,268 |  |
| Deferred offering costs (net of accumulated amortization of $10,717 and $9,919 as of June 30, 2017 and December 31, 2016, respectively)                                | 611 |  |   | 680 |  |
| Deferred financing costs (net of accumulated amortization of $2,238 and $2,862 as of June 30, 2017 and December 31, 2016, respectively)                                | 3,784 |  |   | 3,840 |  |
| Total assets                                                                                                                                                           | $ | 1,102,242 |  |   | $ | 1,033,568 |  |
|                                                                                                                                                                   |   |   |   |
| LIABILITIES                                                                                                                                                            |   |  |   |   |  |
| Accounts payable and other liabilities                                                                                                                                 | $ | 923 |  |   | $ | 1,164 |  |
| Payable for unsettled trades                                                                                                                                           | 283 |  |   | 932 |  |
| Stockholder distributions payable                                                                                                                                      | 4,475 |  |   | 4,354 |  |
| Base management fees payable                                                                                                                                           | 5,304 |  |   | 5,054 |  |
| Due to affiliates                                                                                                                                                      | 112 |  |   | 184 |  |
| Directors’ fees payable                                                                                                                                          | 27 |  |   | 12 |  |
| Payable for securities purchased                                                                                                                                       | 34,117 |  |   | 11,035 |  |
| Notes payable                                                                                                                                                          | 417,000 |  |   | 413,000 |  |
| Total liabilities                                                                                                                                                      | 462,241 |  |   | 435,735 |  |
|                                                                                                                                                                   |   |   |   |
| Commitments and Contingencies (Note 12)                                                                                                                                |   |   |   |
|                                                                                                                                                                   |   |   |   |
| NET ASSETS                                                                                                                                                             |   |  |   |   |  |
| Common stock, $.001 par value; 150,000,000 shares authorized, 77,891,173 and 73,382,971 issued and outstanding as of June 30, 2017 and December 31, 2016, respectively | 78 |  |   | 73 |  |
| Additional paid-in capital                                                                                                                                             | 671,652 |  |   | 633,855 |  |
| Accumulated distributions in excess of net investment income                                                                                                           | (16,120 | ) |   | (22,602 | ) |
| Net unrealized depreciation                                                                                                                                            | (15,609 | ) |   | (13,493 | ) |
| Total net assets                                                                                                                                                       | 640,001 |  |   | 597,833 |  |
|                                                                                                                                                                   |   |   |   |
| Total liabilities and net assets                                                                                                                                       | $ | 1,102,242 |  |   | $ | 1,033,568 |  |
|                                                                                                                                                                   |   |   |   |
| Net asset value per share                                                                                                                                              | $ | 8.22 |  |   | $ | 8.15 |  |

----

|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                           | Three Months Ended |   | Six Months Ended |
|                                                                                           | June 30, 2017 |   | June 30, 2016 |   | June 30, 2017 |   | June 30, 2016 |
| INVESTMENT INCOME:                                                                             |   |  |   |   |  |   |   |  |   |   |  |
| From non-control/non-affiliate investments:                                                    |   |   |   |   |   |   |   |
| Interest income                                                                                | $ | 22,557 |  |   | $ | 19,552 |  |   | $ | 45,100 |  |   | $ | 39,676 |  |
| Fee income                                                                                     | 827 |  |   | 286 |  |   | 1,537 |  |   | 507 |  |
| Dividend income                                                                                | 182 |  |   | 93 |  |   | 384 |  |   | 186 |  |
| From affiliate investments:                                                                    |   |   |   |   |   |   |   |
| Interest income                                                                                | 1,138 |  |   | 627 |  |   | 2,101 |  |   | 995 |  |
| Fee income                                                                                     | 49 |  |   | 99 |  |   | 103 |  |   | 133 |  |
| Dividend income                                                                                | 555 |  |   | 348 |  |   | 981 |  |   | 533 |  |
| From control investments:                                                                      |   |   |   |   |   |   |   |
| Interest income                                                                                | 170 |  |   | 176 |  |   | 338 |  |   | 390 |  |
| Fee income                                                                                     | 20 |  |   | 20 |  |   | 41 |  |   | 40 |  |
| Dividend income                                                                                | 50 |  |   | — |  |   | 327 |  |   | — |  |
| Total interest, fee and dividend income                                                        | 25,548 |  |   | 21,201 |  |   | 50,912 |  |   | 42,460 |  |
| EXPENSES:                                                                                      |   |  |   |   |  |   |   |  |   |   |  |
| Interest expense                                                                               | 4,343 |  |   | 3,604 |  |   | 8,338 |  |   | 7,314 |  |
| Base management and incentive fees                                                             | 6,126 |  |   | 4,693 |  |   | 12,771 |  |   | 9,680 |  |
| Administrative services expenses                                                               | 873 |  |   | 574 |  |   | 1,534 |  |   | 1,107 |  |
| Offering costs                                                                                 | 408 |  |   | 120 |  |   | 798 |  |   | 132 |  |
| Professional fees                                                                              | 60 |  |   | 243 |  |   | 324 |  |   | 671 |  |
| Insurance                                                                                      | 48 |  |   | 48 |  |   | 96 |  |   | 95 |  |
| Other general and administrative                                                               | 292 |  |   | 420 |  |   | 619 |  |   | 725 |  |
| Expenses before fee and expense waivers                                                        | 12,150 |  |   | 9,702 |  |   | 24,480 |  |   | 19,724 |  |
| Waiver of incentive fees                                                                       | (823 | ) |   | — |  |   | (2,318 | ) |   | (493 | ) |
| Waiver of administrative services expenses                                                     | (873 | ) |   | (574 | ) |   | (1,534 | ) |   | (1,107 | ) |
| Total expenses, net of fee and expense waivers                                                 | 10,454 |  |   | 9,128 |  |   | 20,628 |  |   | 18,124 |  |
| Net investment income before taxes                                                             | 15,094 |  |   | 12,073 |  |   | 30,284 |  |   | 24,336 |  |
| Income tax expense (benefit), including excise tax                                             | 30 |  |   | 25 |  |   | 78 |  |   | 48 |  |
| NET INVESTMENT INCOME                                                                          | 15,064 |  |   | 12,048 |  |   | 30,206 |  |   | 24,288 |  |
| NET REALIZED GAIN (LOSS) FROM INVESTMENTS                                                      |   |  |   |   |  |   |   |  |   |   |  |
| Non-Control/Non-Affiliate investments                                                          | (5 | ) |   | (9,369 | ) |   | 2,635 |  |   | (10,015 | ) |
| Affiliate investments                                                                          | — |  |   | — |  |   | — |  |   | — |  |
| Control investments                                                                            | — |  |   | — |  |   | — |  |   | — |  |
| Total realized gain (loss) from investments                                                    | (5 | ) |   | (9,369 | ) |   | 2,635 |  |   | (10,015 | ) |
| NET REALIZED INCOME                                                                            | 15,059 |  |   | 2,679 |  |   | 32,841 |  |   | 14,273 |  |
| NET UNREALIZED APPRECIATION (DEPRECIATION)                                                     |   |  |   |   |  |   |   |  |   |   |  |
| Non-Control/Non-Affiliate investments                                                          | 1,439 |  |   | 15,362 |  |   | (4,130 | ) |   | (704 | ) |
| Affiliate investments                                                                          | 812 |  |   | 61 |  |   | 1,872 |  |   | 546 |  |
| Control investments                                                                            | 150 |  |   | (7 | ) |   | 143 |  |   | 1,311 |  |
| Total net unrealized appreciation (depreciation)                                               | 2,401 |  |   | 15,416 |  |   | (2,115 | ) |   | 1,153 |  |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS                                | $ | 17,460 |  |   | $ | 18,095 |  |   | $ | 30,726 |  |   | $ | 15,426 |  |
|                                                                                           |   |   |   |   |   |   |   |
| PER SHARE INFORMATION - BASIC AND DILUTED                                                      |   |   |   |   |   |   |   |
| NET INVESTMENT INCOME PER SHARE                                                                | $ | 0.20 |  |   | $ | 0.18 |  |   | $ | 0.40 |  |   | $ | 0.37 |  |
| NET REALIZED INCOME PER SHARE                                                                  | $ | 0.19 |  |   | $ | 0.04 |  |   | $ | 0.43 |  |   | $ | 0.22 |  |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE (EARNINGS PER SHARE) | $ | 0.22 |  |   | $ | 0.27 |  |   | $ | 0.40 |  |   | $ | 0.24 |  |
| DISTRIBUTIONS DECLARED PER SHARE                                                               | $ | 0.18 |  |   | $ | 0.18 |  |   | $ | 0.35 |  |   | $ | 0.35 |  |
| WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED                                  | 76,992,837 |  |   | 66,734,135 |  |   | 75,929,218 |  |   | 64,982,508 |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |
|                                                                        |   | Six Months Ended June 30, 2017 |   | Six Months Ended June 30, 2016 |
| Change in Net Assets from Operations:                                       |   |   |   |   |
| Net investment income                                                       |   | $ | 30,206 |  |   | $ | 24,288 |  |
| Net realized gain (loss) on investments                                     |   | 2,635 |  |   | (10,015 | ) |
| Net unrealized appreciation (depreciation)                                  |   | (2,115 | ) |   | 1,153 |  |
| Net increase in net assets resulting from operations                        |   | 30,726 |  |   | 15,426 |  |
|                                                                        |   |   |   |   |
| Change in Net Assets from Stockholders’ Distributions:                |   |   |   |   |
| Distributions from net investment income                                    |   | (23,725 | ) |   | (22,687 | ) |
| Distributions from net realized gain on investments                         |   | (2,635 | ) |   | — |  |
| Net decrease in net assets resulting from stockholders’ distributions |   | (26,360 | ) |   | (22,687 | ) |
|                                                                        |   |   |   |   |
| Change in Net Assets from Capital Share Transactions:                       |   |   |   |   |
| Issuance of common stock, net of issuance costs                             |   | 32,151 |  |   | 38,999 |  |
| Reinvestment of stockholder distributions                                   |   | 13,545 |  |   | 11,865 |  |
| Repurchase of common stock                                                  |   | (7,894 | ) |   | (6,512 | ) |
| Net increase in net assets resulting from capital share transactions        |   | 37,802 |  |   | 44,352 |  |
|                                                                        |   |   |   |   |
| Total Increase in Net Assets                                                |   | 42,168 |  |   | 37,091 |  |
| Net Assets at beginning of the period                                       |   | 597,833 |  |   | 491,652 |  |
| Net Assets at end of the period                                             |   | $ | 640,001 |  |   | $ | 528,743 |  |
|                                                                        |   |   |   |   |
| NAV per share at end of the period                                          |   | $ | 8.22 |  |   | $ | 7.77 |  |
|                                                                        |   |   |   |   |
| Common shares outstanding, beginning of the period                          |   | 73,382,971 |  |   | 62,382,044 |  |
| Issuance of common shares                                                   |   | 3,844,275 |  |   | 4,987,274 |  |
| Issuance of common shares pursuant to distribution reinvestment plan        |   | 1,624,413 |  |   | 1,509,900 |  |
| Repurchase of common shares                                                 |   | (960,486 | ) |   | (838,677 | ) |
| Common shares outstanding, end of the period                                |   | 77,891,173 |  |   | 68,040,541 |  |

----

|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |  |  |  |  |  |  |
|                                                                                                                    | Six Months Ended  June 30, 2017 |   | Six Months Ended  June 30, 2016 |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                    |   |  |   |   |  |
| Net increase in net assets resulting from operations                                                                    | $ | 30,726 |  |   | $ | 15,426 |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |   |   |   |
| Principal repayments received and proceeds from sales of investments in portfolio companies                             | 280,006 |  |   | 107,896 |  |
| Investments in portfolio companies                                                                                      | (307,041 | ) |   | (181,927 | ) |
| Net unrealized (appreciation) depreciation of portfolio investments                                                     | 2,115 |  |   | (1,153 | ) |
| Net realized (gain) loss on sale of portfolio investments                                                               | (2,635 | ) |   | 10,015 |  |
| Amortization of deferred financing costs                                                                                | 699 |  |   | 740 |  |
| Amortization of deferred offering costs                                                                                 | 798 |  |   | 132 |  |
| Accretion of unearned income                                                                                            | (7,896 | ) |   | (5,100 | ) |
| Net payment-in-kind interest accrual                                                                                    | (839 | ) |   | (124 | ) |
| Changes in other assets and liabilities:                                                                                |   |   |   |  |
| Interest receivable                                                                                                     | (771 | ) |   | 226 |  |
| Prepaid and other assets                                                                                                | 354 |  |   | (68 | ) |
| Base management fees payable                                                                                            | 250 |  |   | 216 |  |
| Due to affiliates                                                                                                       | (109 | ) |   | (115 | ) |
| Directors’ fees payable                                                                                           | 15 |  |   | 21 |  |
| Accounts payable and other liabilities                                                                                  | (108 | ) |   | 5 |  |
| Payable for unsettled trades                                                                                            | (649 | ) |   | 57 |  |
| Net cash used in operating activities                                                                                   | (5,085 | ) |   | (53,753 | ) |
|                                                                                                                    |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                    |   |  |   |   |  |
| Proceeds from issuance of common stock                                                                                  | 35,018 |  |   | 42,893 |  |
| Redemption of common shares                                                                                             | (7,894 | ) |   | (6,512 | ) |
| Payment of selling commissions and dealer manager fees                                                                  | (2,849 | ) |   | (3,804 | ) |
| Payment of offering costs                                                                                               | (709 | ) |   | (823 | ) |
| Payment of stockholder distributions                                                                                    | (12,694 | ) |   | (10,625 | ) |
| Repayments on notes payable                                                                                             | (291,000 | ) |   | (138,000 | ) |
| Proceeds from notes payable                                                                                             | 295,000 |  |   | 165,000 |  |
| Payment of deferred financing costs                                                                                     | (601 | ) |   | (428 | ) |
| Net cash provided by financing activities                                                                               | 14,271 |  |   | 47,701 |  |
|                                                                                                                    |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                                    | 9,186 |  |   | (6,052 | ) |
|                                                                                                                    |   |   |   |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD                                                                | 23,719 |  |   | 24,001 |  |
|                                                                                                                    |   |   |   |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                                                                      | $ | 32,905 |  |   | $ | 17,949 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS Income Fund, Inc.Condensed Consolidated Schedule of Investments                                   |
| As of June 30, 2017                                                                                   |
| (dollars in thousands)(Unaudited)                                                                     |
| Portfolio Company (1) (3)                                                                             | Business Description | Type of Investment (2) (3) | Index Rate (22) | Principal (7) | Cost (7) | Fair Value |
|                                                                                                  |   |   |   |   |   |   |
| Control Investments (6)                                                                               |
| GRT Rubber Technologies, LLC (8) (10) (13)                                                            | Engineered Rubber Product Manufacturer | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.05%, Secured Debt (Maturity - December 19, 2019) | 1 month LIBOR | $ | 6,112 |  | $ | 6,038 |  | $ | 6,112 |  |
|                                                                                                  |   | Member Units (2,896 shares) | — | — |  | 6,435 |  | 10,186 |  |
|                                                                                                  |   |   |   |   | 12,473 |  | 16,298 |  |
| HMS-ORIX SLF LLC  (9) (15) (23)                                                                       | Investment Partnership | Membership Interests (Fully diluted 60.00%) (16) | — | — |  | 30,000 |  | 29,977 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Control Investments (6) (4% of total investments at fair value)                              |   |   | $ | 42,473 |  | $ | 46,275 |  |
| Affiliate Investments (4)                                                                             |
| AFG Capital Group, LLC (10) (13)                                                                      | Provider of Rent-to-Own Financing Solutions and Services | Member Units (46 shares) | — | $ | — |  | $ | 300 |  | $ | 712 |  |
|                                                                                                  |   | Warrants (10 equivalent shares, Expiration - November 7, 2024) | — | — |  | 65 |  | 172 |  |
|                                                                                                  |   |   |   |   | 365 |  | 884 |  |
| Charps, LLC (10) (13)                                                                                 | Union Contractor focused on construction, fabrication and maintenance of oil and gas pipelines | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 4,600 |  | 4,487 |  | 4,491 |  |
|                                                                                                  |   | Preferred Member Units (400 units) | — | — | 100 |  | 100 |  |
|                                                                                                  |   |   |   |   | 4,587 |  | 4,591 |  |
| Clad-Rex Steel, LLC (10) (13)                                                                         | Specialty Manufacturer of Vinyl-Clad Metal | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.55%, Secured Debt (Maturity - December 20, 2021) (8) | 1 month LIBOR | 3,520 |  | 3,454 |  | 3,455 |  |
|                                                                                                  |   | Member Units (179 units) | — | — |  | 1,820 |  | 1,958 |  |
|                                                                                                  |   | 10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 20, 2036) | None | 298 |  | 296 |  | 296 |  |
|                                                                                                  |   | Member Units (Clad-Rex Steel RE Investor, LLC) (200 units) | — | — |  | 53 |  | 53 |  |
|                                                                                                  |   |   |   |   | 5,623 |  | 5,762 |  |
| EIG Traverse Co-Investment, LP (9) (15)                                                               | Investment Partnership | LP Interests (EIG Traverse Co-Investment, LP) (Fully diluted 22.20%) (16) | — | — |  | 9,805 |  | 10,408 |  |
| Freeport First Lien Loan Fund III, LP (9) (15)                                                        | Investment Partnership | LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 5.60%) (16) | — | — |  | 7,559 |  | 7,506 |  |
| Gamber-Johnson Holdings, LLC (8) (10) (13)                                                            | Manufacturer of Ruggedized Computer Mounting Systems | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.05%, Secured Debt (Maturity - June 24, 2021) | 1 month LIBOR | 5,970 |  | 5,860 |  | 5,970 |  |
|                                                                                                  |   | Member Units (2,155 units) | — | — |  | 3,711 |  | 5,519 |  |
|                                                                                                  |   |   |   |   | 9,571 |  | 11,489 |  |
| Guerdon Modular Holdings, Inc. (10) (13)                                                              | Multi-Family and Commercial Modular Construction Company | 9.00% Current / 4.00% PIK Secured Debt (Maturity - August 13, 2019) | None | 2,677 |  | 2,636 |  | 2,656 |  |
|                                                                                                  |   | Common Stock (53,008 shares) | — | — |  | 746 |  | 20 |  |
|                                                                                                  |   | Class B Preferred Stock (101,250 shares) | — | — |  | 285 |  | 285 |  |
|                                                                                                  |   |   |   |   | 3,667 |  | 2,961 |  |
| Gulf Publishing Investor, LLC (10) (13)                                                               | Energy Focused Media and Publishing | 12.50% Secured Debt (Maturity - April 29, 2021) | None | 3,200 |  | 3,145 |  | 3,145 |  |
|                                                                                                  |   | Member Units (781 shares) | — | — |  | 920 |  | 1,082 |  |
|                                                                                                  |   |   |   |   | 4,065 |  | 4,227 |  |
| Hawk Ridge Systems, LLC (9) (10) (13)                                                                 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | 10.00% Secured Debt (Maturity - December 2, 2021) | None | 2,500 |  | 2,455 |  | 2,455 |  |
|                                                                                                  |   | Preferred Member Units (56 units) | — | — |  | 713 |  | 713 |  |
|                                                                                                  |   | Preferred Member Units (HRS Services, ULC) (56 units) | — | — |  | 38 |  | 38 |  |
|                                                                                                  |   |   |   |   | 3,206 |  | 3,206 |  |
| HW Temps LLC (8) (10) (13)                                                                            | Temporary Staffing Solutions | LIBOR Plus 13.00% (Floor 1.00%), Current Coupon 14.05%, Secured Debt (Maturity - July 2, 2020) | 1 month LIBOR | 2,494 |  | 2,448 |  | 2,448 |  |
|                                                                                                  |   | Preferred Member Units (800 shares) (16) | — | — |  | 986 |  | 985 |  |
|                                                                                                  |   |   |   |   | 3,434 |  | 3,433 |  |
| M.H. Corbin, Inc. (10) (13)                                                                           | Manufacturer and Distributor of Traffic Safety Products | 10.00% Secured Debt (Maturity - August 31, 2020) | None | $ | 3,238 |  | $ | 3,214 |  | $ | 3,214 |  |
|                                                                                                  |   | Preferred Member Units (1,000 shares) | — | — | 1,500 |  | 1,500 |  |
|                                                                                                  |   |   |   |   | 4,714 |  | 4,714 |  |
| Mystic Logistics, Inc. (10) (13)                                                                      | Logistics and Distribution Services Provider for Large Volume Mailers | 12.00% Secured Debt (Maturity - August 15, 2019) | None | 2,008 |  | 1,971 |  | 2,008 |  |
|                                                                                                  |   | Common Stock (1,468 shares) (16) | — | — | 680 |  | 1,648 |  |
|                                                                                                  |   |   |   |   | 2,651 |  | 3,656 |  |
| NuStep, LLC (10) (13)                                                                                 | Designer, Manufacturer and Distributor of Fitness Equipment | 12.00% Secured Debt (Maturity - January 31, 2022) | None | 5,150 |  | 5,033 |  | 5,034 |  |
|                                                                                                  |   | Member units (102 units) | — | — | 2,549 |  | 2,550 |  |
|                                                                                                  |   |   |   |   | 7,582 |  | 7,584 |  |
| SoftTouch Medical Holdings LLC (8) (10) (13)                                                          | Home Provider of Pediatric Durable Medical Equipment | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.05%,  Secured Debt (Maturity - October 31, 2019) | 1 month LIBOR | 1,260 |  | 1,247 |  | 1,260 |  |
|                                                                                                  |   | Member Units (785 units) (16) | — | — |  | 870 |  | 1,684 |  |
|                                                                                                  |   |   |   |   | 2,117 |  | 2,944 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Affiliate Investments (4) (7% of total investments at fair value)                            |   |   | $ | 68,946 |  | $ | 73,365 |  |
|                                                                                                  |   |   |   |   |   |   |
| Non-Control/Non-Affiliate Investments (5)                                                             |
| AAC Holding Corp. (8)                                                                                 | Substance Abuse Treatment Service Provider | LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.98%, Secured Debt (Maturity - June 28, 2023) (12) | 1 month LIBOR | $ | 11,900 |  | $ | 11,603 |  | $ | 11,751 |  |
| Adams Publishing Group, LLC (8) (11)                                                                  | Local Newspaper Operator | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.15%, Secured Debt (Maturity - November 3, 2020) | 3 month LIBOR | 9,018 |  | 8,757 |  | 8,849 |  |
| ADS Tactical, Inc. (8) (11)                                                                           | Value-Added Logistics and Supply Chain Solutions Provider | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.80%, Secured Debt (Maturity - December 31, 2022) | 1 month LIBOR | 11,443 |  | 11,179 |  | 11,179 |  |
| Ahead, LLC (8) (11)                                                                                   | IT Infrastructure Value Added Reseller | LIBOR Plus 6.50%, Current Coupon 7.81%, Secured Debt (Maturity - November 2, 2020) | 3 month LIBOR | 9,250 |  | 9,047 |  | 9,227 |  |
| Allflex Holdings III Inc. (8)                                                                         | Manufacturer of Livestock Identification Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.16%, Secured Debt (Maturity - July 19, 2021) (14) | 3 month LIBOR | 14,922 |  | 15,011 |  | 15,085 |  |
| American Scaffold Holdings, Inc. (8) (11)                                                             | Marine Scaffolding Service Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.80%, Secured Debt (Maturity - March 31, 2022) | 3 month LIBOR | 7,219 |  | 7,126 |  | 7,183 |  |
| American Teleconferencing Services, Ltd. (8)                                                          | Provider of Audio Conferencing and Video Collaboration Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.72%, Secured Debt (Maturity - December 8, 2021) | 1 month LIBOR | 9,794 |  | 8,902 |  | 9,788 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity - December 6, 2022) (14) | 1 month LIBOR | 5,571 |  | 5,312 |  | 5,519 |  |
|                                                                                                  |   |   |   |   | 14,214 |  | 15,307 |  |
| AmeriTech College Operations, LLC (10) (13)                                                           | For-Profit Nursing and Healthcare College | 13.00% Secured Debt (Maturity - January 31, 2020) | None | 375 |  | 375 |  | 375 |  |
|                                                                                                  |   | 10.00% Secured Debt (Maturity - November 30, 2019) | None | 61 |  | 61 |  | 61 |  |
|                                                                                                  |   | 13.00% Secured Debt (Maturity - November 30, 2019) | None | 64 |  | 64 |  | 64 |  |
|                                                                                                  |   | Preferred Member Units (364 units, 5.00% cumulative) (16) | — | — |  | 754 |  | 354 |  |
|                                                                                                  |   |   |   |   | 1,254 |  | 854 |  |
| Apex Linen Service, Inc. (10) (13)                                                                    | Industrial Launderers | 13.00% Secured Debt (Maturity - October 30, 2022) | None | 3,604 |  | 3,548 |  | 3,548 |  |
|                                                                                                  |   | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.05%, Secured Debt (Maturity - October 30, 2022) | 1 month LIBOR | 600 |  | 600 |  | 600 |  |
|                                                                                                  |   |   |   |   | 4,148 |  | 4,148 |  |
| Arcus Hunting, LLC (8) (11)                                                                           | Manufacturer of Bowhunting and Archery Products and Accessories | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.15%, Secured Debt (Maturity - November 13, 2019) | 1 month LIBOR | 7,912 |  | 7,813 |  | 7,906 |  |
| ATI Investment Sub, Inc. (8)                                                                          | Manufacturer of Solar Tracking Systems | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.48%, Secured Debt (Maturity - June 22, 2021) | 1 month LIBOR | $ | 9,000 |  | $ | 8,842 |  | $ | 8,978 |  |
| ATX Networks Corp. (8) (9)                                                                            | Provider of Radio Frequency Management Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity - June 11, 2021) | 3 month LIBOR | 14,663 |  | 14,451 |  | 14,515 |  |
| BarFly Ventures, LLC (11)                                                                             | Casual Restaurant Group | 12.00% Secured Debt (Maturity - August 31, 2020) | None | 2,599 |  | 2,557 |  | 2,599 |  |
|                                                                                                  |   | Warrants (.410 equivalent units, Expiration - August 31, 2025) | — | — |  | 158 |  | 110 |  |
|                                                                                                  |   | Options (.731 equivalent units) | — | — |  | 133 |  | 198 |  |
|                                                                                                  |   |   |   |   | 2,848 |  | 2,907 |  |
| BBB Tank Services, LLC (10) (13)                                                                      | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | 15% Current Secured Debt (Maturity - April 8, 2021) | None | 1,007 |  | 991 |  | 999 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.55%, Secured Debt (Maturity - April 8, 2021) | 1 month LIBOR | 200 |  | 200 |  | 200 |  |
|                                                                                                  |   | Member Units (200,000 units) | — | — |  | 200 |  | 200 |  |
|                                                                                                  |   |   |   |   | 1,391 |  | 1,399 |  |
| Berry Aviation, Inc. (11)                                                                             | Airline Charter Service Operator | 12.00% Current / 1.75% PIK, Current Coupon 13.75%, Secured Debt (Maturity - January 30, 2020) (14) | None | 1,407 |  | 1,392 |  | 1,407 |  |
|                                                                                                  |   | Common Stock (138 shares) | — | — | 100 |  | 205 |  |
|                                                                                                  |   |   |   |   | 1,492 |  | 1,612 |  |
| Bigname Holdings, LLC (8) (11)                                                                        | Envelopes and Complimentary Stationery Products | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.43%, Secured Debt (Maturity - May 11, 2022) | 1 month LIBOR | 2,500 |  | 2,469 |  | 2,469 |  |
| Binswanger Enterprises, LLC (8) (11)                                                                  | Glass Repair and Installation Service Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.30%, Secured Debt (Maturity - March 9, 2022) | 3 month LIBOR | 15,383 |  | 15,090 |  | 15,090 |  |
|                                                                                                  |   | Member Units (1,050,000 Class A units) | — | — | 1,050 |  | 1,050 |  |
|                                                                                                  |   |   |   |   | 16,140 |  | 16,140 |  |
| Bluestem Brands, Inc. (8)                                                                             | Multi-Channel Retailer of General Merchandise | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.70%, Secured Debt (Maturity - November 6, 2020) | 3 month LIBOR | 13,408 |  | 13,211 |  | 9,537 |  |
| Boccella Precast Products, LLC (8)(13)                                                                | Manufacturer of Precast Hollow Core Concrete | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - June 30, 2022) | 1 month LIBOR | 4,100 |  | 3,997 |  | 4,008 |  |
|                                                                                                  |   | Member Units (540,000 units) | — | — | 540 |  | 540 |  |
|                                                                                                  |   |   |   |   | 4,537 |  | 4,548 |  |
| Brightwood Capital Fund Investments (9) (15)                                                          | Investment Partnership | LP Interests (Brightwood Capital Fund III, LP) (Fully diluted .52%) (16) | — | — | 4,075 |  | 3,443 |  |
|                                                                                                  |   | LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 1.58%) (16) | — | — |  | 1,037 |  | 1,037 |  |
|                                                                                                  |   |   |   |   | 5,112 |  | 4,480 |  |
| Brundage-Bone Concrete Pumping, Inc.                                                                  | Construction Services Provider | 10.38% Secured Debt (Maturity - September 1, 2021) (14) | None | 12,000 |  | 12,080 |  | 12,600 |  |
| Buca C, LLC (8) (10) (13)                                                                             | Casual Restaurant Group | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.33%, Secured Debt (Maturity - June 30, 2020) | 1 month LIBOR | 14,136 |  | 13,951 |  | 13,951 |  |
|                                                                                                  |   | Preferred Member Units (4 units, 6.00% cumulative) (16) | — | — |  | 2,702 |  | 2,698 |  |
|                                                                                                  |   |   |   |   | 16,653 |  | 16,649 |  |
| CAI Software, LLC (10) (13)                                                                           | Provider of Specialized Enterprise Resource Planning Software | 12.00% Secured Debt (Maturity - October 10, 2019) | None | 871 |  | 858 |  | 871 |  |
|                                                                                                  |   | Member Units (16,339 units) | — | — |  | 163 |  | 705 |  |
|                                                                                                  |   |   |   |   | 1,021 |  | 1,576 |  |
|                                                                                                  |   |   |   |   |   |   |
| CapFusion Holding, LLC (9) (10) (13)                                                                  | Business Lender | 13.00% Secured Debt (Maturity - March 25, 2021) | None | $ | 3,600 |  | $ | 3,316 |  | $ | 3,316 |  |
|                                                                                                  |   | Warrants (400 equivalent units, Expiration - March 24, 2026) | — | — |  | 300 |  | 300 |  |
|                                                                                                  |   |   |   |   | 3,616 |  | 3,616 |  |
| CDHA Management, LLC (8) (11)                                                                         | Dental Services | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.68%, Secured Debt (Maturity - December 5, 2021) | 6 month LIBOR | 4,356 |  | 4,251 |  | 4,356 |  |
| Cengage Learning, Inc. (8)                                                                            | Provider of Educational Print and Digital Services | LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.34%, Secured Debt (Maturity - June 7, 2023) | 1 month LIBOR | 9,794 |  | 9,239 |  | 9,280 |  |
| Cenveo Corporation                                                                                    | Provider of Commercial Printing, Envelopes, Labels, Printed Office Products | 6.00% Secured Debt (Maturity - August 1, 2019) | None | 15,000 |  | 13,349 |  | 12,675 |  |
| Charlotte Russe, Inc. (8)                                                                             | Fast-Fashion Retailer to Young Women | LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity - May 22, 2019) | 3 month LIBOR | 14,972 |  | 14,827 |  | 7,424 |  |
| Clarius BIGS, LLC (11) (18)                                                                           | Prints & Advertising Film Financing | 15.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 2,140 |  | 1,882 |  | 64 |  |
|                                                                                                  |   | 20.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 773 |  | 680 |  | 23 |  |
|                                                                                                  |   |   |   |   | 2,562 |  | 87 |  |
| Construction Supply Investments, LLC (11)                                                             | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | Member units (37,227 units) | — | — |  | 3,723 |  | 3,723 |  |
| ContextMedia Health, LLC (8)                                                                          | Provider of Healthcare Media Content | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.73%, Secured Debt (Maturity - December 21, 2021) | 1 month LIBOR | 9,750 |  | 8,836 |  | 9,848 |  |
| Covenant Surgical Partners, Inc.                                                                      | Ambulatory Surgical Centers | 8.75% Secured Debt (Maturity - August 1, 2019) | None | 9,500 |  | 9,500 |  | 9,310 |  |
| CST Industries, Inc. (8)                                                                              | Storage Tank Manufacturer | Prime Plus 5.25% (Floor 4.25%), Current Coupon 9.50%, Secured Debt (Maturity - May 22, 2017) | PRIME | 2,759 |  | 2,768 |  | 2,414 |  |
| Datacom, LLC (10) (13)                                                                                | Technology and Telecommunications Provider | 5.25% Current / 5.25% PIK, Current Coupon 10.50% Secured Debt (Maturity - May 30, 2019) | None | 1,330 |  | 1,319 |  | 1,289 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - May 30, 2018) | None | 120 |  | 120 |  | 120 |  |
|                                                                                                  |   | Class A Preferred Member Units (1,530 units, 15.00% cumulative) (16) | — | — |  | 131 |  | 163 |  |
|                                                                                                  |   | Class B Preferred Member Units (717 units) | — | — |  | 670 |  | 23 |  |
|                                                                                                  |   |   |   |   | 2,240 |  | 1,595 |  |
| Digital River, Inc. (8)                                                                               | Provider of Outsourced e-Commerce Solutions and Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - February 12, 2021) | 3 month LIBOR | 14,586 |  | 14,489 |  | 14,659 |  |
| Digital Room, LLC (8)                                                                                 | Organic Lead Generation for Online Postsecondary Schools | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.23%, Secured Debt (Maturity - November 21, 2022) | 1 month LIBOR | 7,434 |  | 7,296 |  | 7,397 |  |
| East West Copolymer & Rubber, LLC (10) (13) (18)                                                  | Manufacturer of Synthetic Rubbers | 12.00% Current / 2.00% PIK, Current Coupon 14.00%, Secured Debt (Maturity - October 17, 2019) (18) | None | 2,400 |  | 2,351 |  | 742 |  |
|                                                                                                  |   | Warrants (627,697 equivalent shares, Expiration - October 15, 2024) | — | — |  | 13 |  | — |  |
|                                                                                                  |   |   |   |   | 2,364 |  | 742 |  |
| ECP-PF Holdings Groups, Inc. (11)                                                                     | Fitness Club Operator | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.15%, Secured Debt (Maturity - November 26, 2019) | 3 month LIBOR | 1,875 |  | 1,865 |  | 1,875 |  |
| Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)                                          | Technology-Based Performance Support Solutions | LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.48%, Secured Debt (Maturity - April 28, 2022) (14) | 1 month LIBOR | 10,901 |  | 10,475 |  | 9,071 |  |
| Flavors Holdings, Inc. (8)                                                                            | Global Provider of Flavoring and Sweetening Products and Solutions | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.05%, Secured Debt (Maturity - April 3, 2020) | 3 month LIBOR | 12,777 |  | 12,104 |  | 12,074 |  |
| GST Autoleather, Inc. (8)                                                                             | Automotive Leather Manufacturer | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.80%, Secured Debt (Maturity - July 10, 2020) (12) | 3 month LIBOR | 17,297 |  | 16,759 |  | 16,951 |  |
| Guitar Center, Inc.                                                                                   | Musical Instruments Retailer | 6.50% Secured Debt (Maturity - April 15, 2019) | None | 15,015 |  | 14,304 |  | 13,045 |  |
| Hojeij Branded Foods, LLC (8) (11)                                                                    | Multi-Airport, Multi-Concept Restaurant Operator | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.54%, Secured Debt (Maturity - July 28, 2021) | 3 month LIBOR | $ | 5,890 |  | $ | 5,851 |  | $ | 5,890 |  |
| Hoover Group, Inc. (8) (9) (11)                                                                       | Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.42%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | 14,924 |  | 13,992 |  | 13,730 |  |
| Houghton Mifflin Harcourt Company (8) (9)                                                             | Provider of Educational Print and Digital Services | LIBOR Plus 3.00% (Floor 1.00%), Current Coupon 4.23%, Secured Debt (Maturity - May 28, 2021) | 1 month LIBOR | 8,947 |  | 8,327 |  | 8,518 |  |
| Hunter Defense Technologies, Inc. (8)                                                                 | Provider of Military and Commercial Shelters and Systems | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.16%, Secured Debt (Maturity - August 5, 2019) | 3 month LIBOR | 13,253 |  | 12,780 |  | 12,475 |  |
| Hydrofarm Holdings, LLC (8) (11)                                                                      | Wholesaler of Horticultural Products | LIBOR Plus 7.00%, Current Coupon 8.18%, Secured Debt (Maturity - May 12, 2022) | 3 month LIBOR | 6,750 |  | 6,618 |  | 6,618 |  |
| iEnergizer Limited (8) (9)                                                                            | Provider of Business Outsourcing Solutions | LIBOR 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity - May 1, 2019) | 1 month LIBOR | 11,774 |  | 11,422 |  | 11,745 |  |
| Implus Footcare, LLC (8) (11)                                                                         | Provider of Footwear and Other Accessories | LIBOR 6.75% (Floor 1.00%), Current Coupon 8.05%, Secured Debt (Maturity - September 15, 2021) | 3 month LIBOR | 14,962 |  | 14,741 |  | 14,741 |  |
| Indivior Finance, LLC (8) (9)                                                                         | Specialty Pharmaceutical Company Treating Opioid Dependence | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.17%, Secured Debt (Maturity - December 19, 2019) | 3 month LIBOR | 7,878 |  | 7,610 |  | 7,957 |  |
| Industrial Services Acquisitions, LLC (11)                                                            | Industrial Cleaning Services | 11.25% Current / 0.75% PIK, Current Coupon 12.00%, Unsecured Debt (Maturity - December 17, 2022) (17) | None | 10,563 |  | 10,377 |  | 10,563 |  |
|                                                                                                  |   | Member units (Industrial Services Investments, LLC) (2,100,000 units) | — | — |  | 2,100 |  | 1,890 |  |
|                                                                                                  |   |   |   |   | 12,477 |  | 12,453 |  |
| Inn of the Mountain Gods Resort and Casino                                                            | Hotel & Casino Owner & Operator | 9.25% Secured Debt (Maturity - November 30, 2020) | None | 10,749 |  | 10,601 |  | 9,674 |  |
| Intertain Group Limited (8) (9)                                                                       | Business-to-Consumer Online Gaming Operator | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.80%, Secured Debt (Maturity - April 8, 2022) | 3 month LIBOR | 8,285 |  | 8,139 |  | 8,389 |  |
| iPayment, Inc. (8)                                                                                    | Provider of Merchant Acquisition | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.16%, Secured Debt (Maturity - April 11, 2023) | 3 month LIBOR | 12,000 |  | 11,883 |  | 12,120 |  |
| Ipreo Holdings, LLC                                                                                   | Application Software for Capital Markets | 7.25% Unsecured Debt (Maturity - August 1, 2022) (17) | None | 2,650 |  | 2,283 |  | 2,551 |  |
| iQor US Inc. (8)                                                                                      | Business Process Outsourcing Services Provider | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.15%, Secured Debt (Maturity - April 1, 2021) | 3 month LIBOR | 7,718 |  | 7,334 |  | 7,682 |  |
| IronGate Energy Services, LLC (18)                                                                    | Oil and Gas Services | 11.00% Secured Debt (Maturity - July 1, 2018) (18) | None | 5,825 |  | 5,827 |  | 1,981 |  |
| Jackmont Hospitality, Inc. (8) (11)                                                                   | Franchisee of Casual Dining Restaurants | LIBOR Plus 4.25% (Floor 1.00%)/ 2.50% PIK , Current Coupon 7.98%, Secured Debt (Maturity  - May 26, 2021) | 1 month LIBOR | 8,895 |  | 8,868 |  | 8,895 |  |
| Jacuzzi Brands Corp. (8)                                                                              | Manufacturer of Bath and Spa Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.29%, Secured Debt (Maturity - June 28, 2023) (12) | 3 month LIBOR | 6,000 |  | 5,880 |  | 5,925 |  |
| Joerns Healthcare, LLC (8)                                                                            | Manufacturer and Distributor of Health Care Equipment & Supplies | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.70%, Secured Debt (Maturity - May 9, 2020) | 3 month LIBOR | 11,119 |  | 10,915 |  | 10,359 |  |
| Kellermeyer Bergensons Services, LLC (8)                                                              | Outsourced Janitorial Services to Retail/Grocery Customers | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.73%, Secured Debt (Maturity - April 29, 2022) (14) | 1 month LIBOR | 14,700 |  | 14,611 |  | 14,149 |  |
| Keypoint Government Solutions, Inc. (8) (11)                                                          | Provider of Pre-Employment Screening Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity - April 18, 2024) | 3 month LIBOR | 12,344 |  | 12,223 |  | 12,223 |  |
| LaMi Products, LLC (8) (11)                                                                           | General Merchandise Distribution | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.63%, Secured Debt (Maturity -September 16, 2020) | 3 month LIBOR | 11,367 |  | 11,220 |  | 11,354 |  |
| Larchmont Resources, LLC                                                                              | Oil & Gas Exploration & Production | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00% PIK, Secured Debt (Maturity - August 7, 2020) | 3 month LIBOR | 4,012 |  | 4,012 |  | 3,992 |  |
|                                                                                                  |   | Member units (Larchmont Intermediate Holdco, LLC) (4,806 units) | — | — |  | 601 |  | 1,658 |  |
|                                                                                                  |   |   |   |   | 4,613 |  | 5,650 |  |
| Legendary Pictures Funding, LLC (8) (11)                                                              | Producer of TV, Film, and Comic Content | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity - April 22, 2020) | 3 month LIBOR | $ | 8,020 |  | $ | 7,920 |  | $ | 8,030 |  |
| LJ Host Merger Sub, Inc. (8)                                                                          | Managed Services and Hosting Provider | LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.05%, Secured Debt (Maturity - December 13, 2019) | 3 month LIBOR | 16,137 |  | 15,657 |  | 15,714 |  |
|                                                                                                  |   | LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.03%, Secured Debt (Maturity - December 13, 2018) | 3 month LIBOR | 2,433 |  | 2,319 |  | 2,293 |  |
|                                                                                                  |   |   |   |   | 17,976 |  | 18,007 |  |
| Logix Acquisition Company, LLC (8) (11)                                                               | Competitive Local Exchange Carrier | LIBOR Plus 8.28% (Floor 1.00%), Current Coupon 9.59%, Secured Debt (Maturity - June 24, 2021) | 3 month LIBOR | 8,436 |  | 8,312 |  | 8,436 |  |
| LSF9 Atlantis Holdings, LLC (8)                                                                       | Provider of Wireless Telecommunications Carrier Services | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.06%, Secured Debt (Maturity - May 1, 2023) | 1 month LIBOR | 14,000 |  | 13,887 |  | 14,160 |  |
| Meisler Operating, LLC (8) (13)                                                                       | Provider of Short Term Trailer and Container Rental | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.72%, Secured Debt (Maturity - June 7, 2022) | 3 month LIBOR | 4,200 |  | 4,086 |  | 4,096 |  |
|                                                                                                  |   | Member Units (Milton Meisler Holdings, LLC) (8,000 units) | — | — |  | 800 |  | 800 |  |
|                                                                                                  |   |   |   |   | 4,886 |  | 4,896 |  |
| MHVC Acquisition Corp. (8)                                                                            | Provider of Differentiated Information Solutions, Systems Engineering and Analytics | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.48%, Secured Debt (Maturity - April 29, 2024) | 1 month LIBOR | 10,500 |  | 10,448 |  | 10,631 |  |
| Minute Key, Inc. (10) (13)                                                                            | Operator of Automated Key Duplication Kiosk | 10.00% Current / 2.00% PIK Secured Debt (Maturity - September 19, 2019) (14) | None | 3,946 |  | 3,875 |  | 3,875 |  |
|                                                                                                  |   | Warrants (359,352 equivalent units, Expiration - May 20, 2025) | — | — |  | 70 |  | 232 |  |
|                                                                                                  |   |   |   |   | 3,945 |  | 4,107 |  |
| NBG Acquisition, Inc. (8)                                                                             | Wholesaler of Home Decor Products | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.91%, Secured Debt (Maturity - April 26, 2024) | 6 month LIBOR | 4,430 |  | 4,359 |  | 4,408 |  |
| New Media Holdings II LLC (8) (9)                                                                     | Local Newspaper Operator | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.48%, Secured Debt (Maturity - June 4, 2020) | 1 month LIBOR | 17,118 |  | 17,001 |  | 17,076 |  |
| NNE Issuer, LLC (8) (11)                                                                              | Oil & Gas Exploration & Production | LIBOR Plus 8.00%, Current Coupon 9.21%, Secured Debt (Maturity - March 2, 2022) | 3 month LIBOR | 9,042 |  | 8,955 |  | 8,955 |  |
| North American Lifting Holdings, Inc. (8)                                                             | Crane Service Provider | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.80%, Secured Debt (Maturity - November 27, 2020) | 3 month LIBOR | 6,343 |  | 5,603 |  | 5,954 |  |
| Novitex Acquisition, LLC (8)                                                                          | Provider of Document Management Services | LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.07%, Secured Debt (Maturity - July 7, 2020) | 3 month LIBOR | 13,148 |  | 12,869 |  | 13,148 |  |
| NTM Acquisition Corp. (8)                                                                             | Provider of B2B Travel Information Content | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.34%, Secured Debt (Maturity - June 7, 2022) | 1 month LIBOR | 11,196 |  | 11,073 |  | 11,140 |  |
| Pardus Oil & Gas, LLC                                                                             | Oil & Gas Exploration and Production | 13.00% PIK, Secured Debt (Maturity - November 12, 2021) | None | 1,053 |  | 1,053 |  | 915 |  |
|                                                                                                  |   | 5.00% PIK, Secured Debt (Maturity - May 13, 2022) (14) | None | 543 |  | 543 |  | 145 |  |
|                                                                                                  |   | Class A units (1,331 units) | — | — |  | 1,331 |  | — |  |
|                                                                                                  |   |   |   |   | 2,927 |  | 1,060 |  |
| Paris Presents, Inc. (8)                                                                              | Branded Cosmetic and Bath Accessories | LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.98%, Secured Debt (Maturity - December 31, 2021) (14) | 1 month LIBOR | 10,000 |  | 9,888 |  | 9,900 |  |
| Parq Holdings, LP (8) (9)                                                                             | Hotel and Casino Operator | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.71%, Secured Debt (Maturity - December 17, 2020) | 1 month LIBOR | 12,500 |  | 12,391 |  | 12,469 |  |
| Permian Holdco 2, Inc.                                                                                | Storage Tank Manufacturer | 14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (17) | None | 529 |  | 529 |  | 529 |  |
|                                                                                                  |   | Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 units) (12.00% Cumulative) (16) | — | — |  | 1,079 |  | 1,079 |  |
|                                                                                                  |   | Common Shares (Permian Holdco 1, Inc.) (386,255 units) | — | — |  | 997 |  | 997 |  |
|                                                                                                  |   |   |   |   | 2,605 |  | 2,605 |  |
| Permian Holdings, Inc.                                                                                | Storage Tank Manufacturer | 10.50% Secured Debt (Maturity - January 15, 2018) | None | $ | 1,000 |  | $ | 567 |  | $ | 273 |  |
| Pernix Therapeutics Holdings, Inc. (11)                                                               | Pharmaceutical Royalty - Anti-Migraine | 12.00% Secured Debt (Maturity - August 1, 2020) | None | 2,812 |  | 2,789 |  | 1,659 |  |
| Pike Corporation (8)                                                                                  | Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.23%, Secured Debt (Maturity - June 22, 2022) (14) | 1 month LIBOR | 3,000 |  | 2,971 |  | 3,053 |  |
| PPC/Shift, LLC (8) (11)                                                                               | Provider of Digital Solutions to Automotive Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.04%, Secured Debt (Maturity - December 22, 2021) | 1 month LIBOR | 6,913 |  | 6,777 |  | 6,913 |  |
| Prowler Acquisition Corporation (8)                                                                   | Specialty Distributor to the Energy Sector | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.80%, Secured Debt (Maturity - January 28, 2020) | 3 month LIBOR | 12,478 |  | 11,008 |  | 10,419 |  |
| Redbox Automated Retail, LLC (8)                                                                      | Operator of Home Media Entertainment Kiosks | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.79%, Secured Debt (Maturity - September 27, 2021) | 1 month LIBOR | 11,156 |  | 10,798 |  | 11,221 |  |
| Renaissance Learning, Inc.  (8)                                                                       | Technology-based K-12 Learning Solutions | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.30%, Secured Debt (Maturity - April 11, 2022) (14) | 1 month LIBOR | 12,695 |  | 12,329 |  | 12,700 |  |
| RGL Reservoir Operations, Inc. (8) (9)                                                                | Oil & Gas Equipment & Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.27%, Secured Debt (Maturity - August 13, 2021) | 1 month LIBOR | 3,890 |  | 3,814 |  | 671 |  |
| RM Bidder, LLC (11)                                                                                   | Full-scale Film and Television Production and Distribution | Common Stock (1,854 units) | — | — |  | 31 |  | 22 |  |
|                                                                                                  |   | Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025) | — | — |  | 284 |  | — |  |
|                                                                                                  |   | Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 315 |  | 22 |  |
| Salient Partners, LP (8)                                                                              | Provider of Asset Management Services | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.66%, Secured Debt (Maturity - June 9, 2021) | 3 month LIBOR | 11,358 |  | 11,079 |  | 11,017 |  |
| Sigma Electric Manufacturing Corp. (8) (9) (11)                                                       | Manufacturer and Distributor of Electrical Fittings and Parts | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.55%, Secured Debt (Maturity - October 13, 2021) | 3 Month LIBOR | 12,469 |  | 12,194 |  | 12,469 |  |
| Sorenson Communications, Inc.                                                                         | Manufacturer of Communication Products for Hearing Impaired | 9.00% Secured Debt (Maturity - October 31, 2020) (14) | None | 14,210 |  | 13,804 |  | 14,068 |  |
|                                                                                                  |   | LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.00%, Secured Debt (Maturity - April 30, 2020) | 3 month LIBOR | 2,962 |  | 2,945 |  | 2,982 |  |
|                                                                                                  |   |   |   |   | 16,749 |  | 17,050 |  |
| Strike, LLC (8)                                                                                       | Pipeline Construction and Maintenance Services | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.30%, Secured Debt (Maturity - November 30, 2022) | 3 month LIBOR | 10,250 |  | 9,947 |  | 10,505 |  |
| Synagro Infrastructure Company, Inc. (8)                                                              | Waste Management Services | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.55%, Secured Debt (Maturity - August 22, 2020) | 3 month LIBOR | 5,384 |  | 5,240 |  | 5,142 |  |
| TE Holdings, LLC                                                                                      | Oil & Gas Exploration & Production | Common Units (72,785 units) | — | — | 728 |  | 346 |  |
| Teleguam Holdings, LLC (8)                                                                            | Cable and Telecom Services Provider | LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity - June 10, 2019) (14) | 1 month LIBOR | 7,397 |  | 7,389 |  | 7,397 |  |
|                                                                                                  |   | LIBOR Plus 4.00% (Floor 1.25%), Current Coupon 5.25%, Secured Debt (Maturity - December 10, 2018) | 1 month LIBOR | 7,120 |  | 7,016 |  | 7,120 |  |
|                                                                                                  |   |   |   |   | 14,405 |  | 14,517 |  |
| TMC Merger Sub Corp (8)                                                                               | Refractory & Maintenance Services Provider | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - October 31, 2022) | 1 month LIBOR | 14,828 |  | 14,689 |  | 14,902 |  |
| TOMS Shoes, LLC (8)                                                                                   | Global Designer, Distributor, and Retailer of Casual Footwear | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.70%, Secured Debt (Maturity - October 30, 2020) | 3 month LIBOR | 4,888 |  | 4,587 |  | 2,729 |  |
| Turning Point Brands, Inc. (8) (9) (11)                                                               | Marketer/Distributor of Tobacco Products | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.27%, Secured Debt (Maturity - May 17, 2022) | 1 month LIBOR | 8,479 |  | 8,399 |  | 8,458 |  |
| TVG-I-E CMN Acquisition, LLC (8)                                                                      | Organic Lead Generation for Online Postsecondary Schools | LIBOR Plus 6.00%, Current Coupon 7.04%, Secured Debt (Maturity - November 3, 2021) | 1 month LIBOR | 6,378 |  | 6,263 |  | 6,378 |  |
| UOS, LLC (8)                                                                                          | Specialty Equipment Sales and Rentals | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.80%, Secured Debt (Maturity - April 18, 2023) | 3 month LIBOR | $ | 3,750 |  | $ | 3,713 |  | $ | 3,820 |  |
| U.S. Telepacific Corp. (8)                                                                            | Provider of Communications and Managed Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.23%, Secured Debt (Maturity - May 2, 2023) | 1 month LIBOR | 15,000 |  | 14,619 |  | 14,852 |  |
| USJ-IMECO Holding Company, LLC (8)                                                                    | Marine Interior Design and Installation | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity - April 16, 2020) | 3 month LIBOR | 8,464 |  | 8,441 |  | 8,485 |  |
| Valley Healthcare Group, LLC (8) (10) (13)                                                            | Provider of Durable Medical Equipment | LIBOR Plus 12.50% (Floor 0.50%), Current Coupon 13.55%, Secured Debt (Maturity - December 29, 2020) | 1 month LIBOR | 3,172 |  | 3,122 |  | 3,122 |  |
|                                                                                                  |   | Preferred Member Units (Valley Healthcare Holding, LLC) (400 units) | — | — |  | 400 |  | 400 |  |
|                                                                                                  |   |   |   |   | 3,522 |  | 3,522 |  |
| VCVH Holding Corp. (8)                                                                                | Healthcare Technology Services Focused on Revenue Maximization | LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.55%, Secured Debt (Maturity - June 1, 2024) (14) | 3 month LIBOR | 3,500 |  | 3,420 |  | 3,509 |  |
|                                                                                                  |   | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.30%, Secured Debt (Maturity - June 1, 2023) (12) | 3 month LIBOR | 8,977 |  | 8,977 |  | 8,983 |  |
|                                                                                                  |   |   |   |   | 12,397 |  | 12,492 |  |
| VIP Cinema Holdings, Inc. (8)                                                                         | Supplier of Luxury Seating to the Cinema Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.30%, Secured Debt (Maturity - March 1, 2023) | 3 month LIBOR | 9,875 |  | 9,828 |  | 9,992 |  |
| Vistar Media, Inc. (8) (11)                                                                           | Operator of Digital Out-of-Home Advertising Platform | LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.30%, Secured Debt (Maturity - February 16, 2022) | 3 month LIBOR | 3,375 |  | 3,074 |  | 3,074 |  |
|                                                                                                  |   | Warrants (64,025 equivalent units, February 17, 2027) | — | — | 331 |  | 331 |  |
|                                                                                                  |   |   |   |   | 3,405 |  | 3,405 |  |
| Volusion, LLC (10) (13)                                                                               | Provider of Online Software-as-a-Service eCommerce Solutions | 11.50% Secured Debt (Maturity - January 24, 2020) | None | 7,319 |  | 6,449 |  | 6,449 |  |
|                                                                                                  |   | Preferred Member Units (2,090,001 units) | — | — |  | 6,000 |  | 6,000 |  |
|                                                                                                  |   | Warrants (784,866.80 equivalent units, Expiration - January 26, 2025) | — | — |  | 1,104 |  | 1,011 |  |
|                                                                                                  |   |   |   |   | 13,553 |  | 13,460 |  |
| Wellnext, LLC (8) (11)                                                                                | Manufacturer of Supplements and Vitamins | LIBOR Plus 9.00% (Floor 0.50%), Current Coupon 10.15%, Secured Debt (Maturity - May 23, 2021) | 3 month LIBOR | 9,930 |  | 9,847 |  | 9,930 |  |
| Worley Claims Services, LLC (8) (11)                                                                  | Insurance Adjustment Management and Services Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.21%, Secured Debt (Maturity - October 31, 2020) | 1 month LIBOR | 5,794 |  | 5,759 |  | 5,794 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Non-Control/Non-Affiliate Investments (5) (87% of total portfolio investments at fair value) |   |   | $ | 948,958 |  | $ | 925,298 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Portfolio Investments                                                                           |   |   |   |   | $ | 1,060,377 |  | $ | 1,044,938 |  |
|                                                                                                  |   |   |   |   |   |   |
| Short Term Investments (20)                                                                           |   |   |   |   |   |   |
| Fidelity Institutional Money Market Funds (21)                                                        | — | Prime Money Market Portfolio, Class III Shares | — | — | $ | 11,057 |  | $ | 11,057 |  |
| UMB Bank Money Market Account (21)                                                                    | — | — |   |   | 268 |  | 268 |  |
| US Bank Money Market Account (21)                                                                     | — | — | — | — | 13,321 |  | 13,321 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Short Term Investments                                                                          |   |   |   |   | $ | 24,646 |  | $ | 24,646 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   |   |   | Six Months Ended June 30, 2017 |   |   |   | Six Months Ended June 30, 2017 |
| Company           |   | Fair Value at December 31, 2016 |   | Contributions (Cost) |   | Redemptions (Cost) |   | Net Unrealized Gain (Loss) |   | Fair Value at June 30, 2017 |   | Net Realized Gain (Loss) | Dividend Income |
| HMS-ORIX SLF LLC* |   | $ | — |  |   | $ | 30,000 |  |   | $ | — |  |   | $ | (23 | ) |   | $ | 29,977 |  |   | $ | — |  | $ | — |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |
| HMS Income Fund, Inc.Condensed Consolidated Schedule of Investments                                   |
| As of December 31, 2016                                                                               |
| (dollars in thousands)                                                                                |
| Portfolio Company (1) (3)                                                                             | Business Description | Type of Investment (2) (3) | Index Rate (22) | Principal (7) | Cost (7) | Fair Value |
|                                                                                                  |   |
| Control Investments (6)                                                                               |
| GRT Rubber Technologies, LLC (8) (10) (13)                                                            | Engineered Rubber Product Manufacturer | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - December 19, 2019) | 1 month LIBOR | $ | 6,538 |  | $ | 6,448 |  | $ | 6,538 |  |
|                                                                                                  |   | Member Units (2,896 shares) | — | — |  | 6,435 |  | 10,004 |  |
|                                                                                                  |   |   |   |   | 12,883 |  | 16,542 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Control Investments (6) (2% of total investments at fair value)                              |   |   | $ | 12,883 |  | $ | 16,542 |  |
|                                                                                                  |
| Affiliate Investments (4)                                                                             |
| AFG Capital Group, LLC (10) (13)                                                                      | Provider of Rent-to-Own Financing Solutions and Services | Member Units (46 shares) | — | $ | — |  | $ | 300 |  | $ | 687 |  |
|                                                                                                  |   | Warrants (10 equivalent shares, Expiration - November 7, 2024) | — | — |  | 65 |  | 167 |  |
|                                                                                                  |   |   |   |   | 365 |  | 854 |  |
| Clad-Rex Steel, LLC (10) (13)                                                                         | Specialty Manufacturer of Vinyl-Clad Metal | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - December 20, 2021) (8) | 1 month LIBOR | 3,520 |  | 3,449 |  | 3,449 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - December 20, 2018) (8) | 1 month LIBOR | 100 |  | 99 |  | 99 |  |
|                                                                                                  |   | Member Units (179 units) | — | — |  | 1,820 |  | 1,820 |  |
|                                                                                                  |   | 10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 20, 2036) | None | 301 |  | 298 |  | 298 |  |
|                                                                                                  |   | Member Units (Clad-Rex Steel RE Investor, LLC) (200 units) | — | — |  | 53 |  | 53 |  |
|                                                                                                  |   |   |   |   | 5,719 |  | 5,719 |  |
| EIG Traverse Co-Investment, LP (9) (15)                                                               | Investment Partnership | LP Interests (EIG Traverse Co-Investment, LP) (Fully diluted 22.20%) (16) | — | — |  | 9,805 |  | 9,905 |  |
| Freeport First Lien Loan Fund III, LP (9) (15)                                                        | Investment Partnership | LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 5.60%) (16) | — | — |  | 4,763 |  | 4,763 |  |
| Gamber-Johnson Holdings, LLC (8) (10) (13)                                                            | Manufacturer of Ruggedized Computer Mounting Systems | LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - June 24, 2021) | 1 month LIBOR | 6,020 |  | 5,902 |  | 5,964 |  |
|                                                                                                  |   | Member Units (2,155 units) |   | — |  | 3,711 |  | 4,730 |  |
|                                                                                                  |   |   |   |   | 9,613 |  | 10,694 |  |
| Guerdon Modular Holdings, Inc. (10) (13)                                                              | Multi-Family and Commercial Modular Construction Company | 9.00% Current / 4.00% PIK Secured Debt (Maturity - August 13, 2019) | None | 2,668 |  | 2,621 |  | 2,642 |  |
|                                                                                                  |   | Common Stock (53,008 shares) | — | — |  | 746 |  | 20 |  |
|                                                                                                  |   | Class B Preferred Stock (101,250 shares) | — | — |  | 285 |  | 285 |  |
|                                                                                                  |   |   |   |   | 3,652 |  | 2,947 |  |
| Gulf Publishing Holdings, LLC (10) (13)                                                               | Energy Focused Media and Publishing | 12.50% Secured Debt (Maturity - April 29, 2021) | None | 2,500 |  | 2,455 |  | 2,455 |  |
|                                                                                                  |   | Member Units (781 shares) |   | — |  | 781 |  | 781 |  |
|                                                                                                  |   |   |   |   | 3,236 |  | 3,236 |  |
| Hawk Ridge Systems, LLC (9) (10) (13)                                                                 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | 10.00% Secured Debt (Maturity - December 2, 2021) | None | 2,500 |  | 2,451 |  | 2,451 |  |
|                                                                                                  |   | Preferred Member Units (56 units) | — | — |  | 713 |  | 713 |  |
|                                                                                                  |   | Preferred Member Units (HRS Services, ULC) (56 units) | — | — |  | 38 |  | 38 |  |
|                                                                                                  |   |   |   |   | 3,202 |  | 3,202 |  |
| HW Temps LLC (8) (10) (13)                                                                            | Temporary Staffing Solutions | LIBOR Plus 13.00% (Floor 1.00%), Current Coupon 14.00%, Secured Debt (Maturity - July 2, 2020) | 1 month LIBOR | 2,644 |  | 2,591 |  | 2,591 |  |
|                                                                                                  |   | Preferred Member Units (800 shares) (16) | — | — |  | 986 |  | 985 |  |
|                                                                                                  |   |   |   |   | 3,577 |  | 3,576 |  |
| M.H. Corbin Holding, LLC (10) (13)                                                                    | Manufacturer and Distributor of Traffic Safety Products | 10.00% Secured Debt (Maturity - August 31, 2021) | None | 3,325 |  | 3,299 |  | 3,299 |  |
|                                                                                                  |   | Preferred Member Units (1,000 shares) |   | — |  | 1,500 |  | 1,500 |  |
|                                                                                                  |   |   |   |   | 4,799 |  | 4,799 |  |
|                                                                                                  |   |   |   |   |   |   |
| Mystic Logistics, Inc. (10) (13)                                                                      | Logistics and Distribution Services Provider for Large Volume Mailers | 12.00% Secured Debt (Maturity - August 15, 2019) | None | $ | 2,294 |  | $ | 2,246 |  | $ | 2,294 |  |
|                                                                                                  |   | Common Stock (1,468 shares) (16) | — | — |  | 680 |  | 1,445 |  |
|                                                                                                  |   |   |   |   | 2,926 |  | 3,739 |  |
| SoftTouch Medical Holdings LLC (8) (10) (13)                                                          | Home Provider of Pediatric Durable Medical Equipment | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%,  Secured Debt (Maturity - October 31, 2019) | 1 month LIBOR | 1,260 |  | 1,244 |  | 1,260 |  |
|                                                                                                  |   | Member Units (785 units) (16) | — | — |  | 870 |  | 1,618 |  |
|                                                                                                  |   |   |   |   | 2,114 |  | 2,878 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Affiliate Investments (4) (6% of total investments at fair value)                            |   |   | $ | 53,771 |  | $ | 56,312 |  |
|                                                                                                  |   |   |   |   |  |  |  |  |
| Non-Control/Non-Affiliate Investments (5)                                                             |
| Adams Publishing Group, LLC (8) (11)                                                                  | Local Newspaper Operator | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - November 3, 2020) | 3 month LIBOR | $ | 7,589 |  | $ | 7,459 |  | $ | 7,589 |  |
| ADS Tactical, Inc. (8) (11)                                                                           | Value-Added Logistics and Supply Chain Solutions Provider | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - December 31, 2022) | 3 month LIBOR | 10,000 |  | 9,750 |  | 9,750 |  |
| Ahead, LLC (8) (11)                                                                                   | IT Infrastructure Value Added Reseller | LIBOR Plus 6.50%, Current Coupon 7.50%, Secured Debt (Maturity - November 2, 2020) | 3 month LIBOR | 9,500 |  | 9,267 |  | 9,536 |  |
| Allflex Holdings III Inc. (8)                                                                         | Manufacturer of Livestock Identification Products | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - July 19, 2021) (14) | 6 month LIBOR | 14,922 |  | 15,012 |  | 14,936 |  |
| American Scaffold Holdings, Inc. (8) (11)                                                             | Marine Scaffolding Service Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - March 31, 2022) | 1 month LIBOR | 7,359 |  | 7,257 |  | 7,323 |  |
| American Teleconferencing Services, Ltd. (8)                                                          | Provider of Audio Conferencing and Video Collaboration Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 8, 2021) | 3 month LIBOR | 10,056 |  | 9,122 |  | 9,848 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - June 6, 2022) (14) | 3 month LIBOR | 5,571 |  | 5,353 |  | 5,353 |  |
|                                                                                                  |   |   |   |   | 14,475 |  | 15,201 |  |
| AmeriTech College Operations, LLC (10) (13)                                                           | For-Profit Nursing and Healthcare College | 13.00% Secured Debt (Maturity - January 31, 2020) | None | 375 |  | 375 |  | 375 |  |
|                                                                                                  |   | 10.00% Secured Debt (Maturity - November 30, 2019) | None | 61 |  | 61 |  | 61 |  |
|                                                                                                  |   | 13.00% Secured Debt (Maturity - November 30, 2019) | None | 64 |  | 64 |  | 64 |  |
|                                                                                                  |   | Preferred Member Units (364 units, 5.00% cumulative) (16) | — | — |  | 284 |  | 284 |  |
|                                                                                                  |   |   |   |   | 784 |  | 784 |  |
| AP Gaming I, LLC (8) (11)                                                                             | Developer, Manufacturer and Operator of Gaming Machines | LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - December 21, 2020) | 3 month LIBOR | 11,291 |  | 11,194 |  | 11,267 |  |
| Apex Linen Service, Inc. (10) (13)                                                                    | Industrial Launderers | 13.00% Secured Debt (Maturity - October 30, 2022) | None | 3,604 |  | 3,545 |  | 3,545 |  |
|                                                                                                  |   | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - October 30, 2022) | 1 month LIBOR | 600 |  | 600 |  | 600 |  |
|                                                                                                  |   |   |   |   | 4,145 |  | 4,145 |  |
| Arcus Hunting, LLC (8) (11)                                                                           | Manufacturer of Bowhunting and Archery Products and Accessories | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - November 13, 2019) | 1 month LIBOR | 6,973 |  | 6,850 |  | 6,973 |  |
| Artel, LLC (8) (12)                                                                                   | Provider of Secure Satellite Network and IT Solutions | LIBOR Plus 7.00% (Floor 1.25%), 7.25% Current/1.00% PIK, Current Coupon 8.25%, Secured Debt (Maturity - November 27, 2017) | 3 month LIBOR | 5,173 |  | 5,000 |  | 4,837 |  |
| ATI Investment Sub, Inc. (8)                                                                          | Manufacturer of Solar Tracking Systems | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - June 22, 2021) | 1 month LIBOR | 9,500 |  | 9,322 |  | 9,476 |  |
| ATX Networks Corp. (8) (9)                                                                            | Provider of Radio Frequency Management Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - June 11, 2021) | 3 month LIBOR | 14,775 |  | 14,541 |  | 14,516 |  |
|                                                                                                  |   |   |   |   |   |   |
| BarFly Ventures, LLC (11)                                                                             | Casual Restaurant Group | 12.00% Secured Debt (Maturity - August 30, 2020) | None | $ | 1,986 |  | $ | 1,953 |  | $ | 1,942 |  |
|                                                                                                  |   | Warrants (.410 equivalent units, Expiration - August 31, 2025) | — | — |  | 158 |  | 94 |  |
|                                                                                                  |   | Options (.731 equivalent units) | — | — |  | 133 |  | 164 |  |
|                                                                                                  |   |   |   |   | 2,244 |  | 2,200 |  |
| BBB Tank Services, LLC (10) (13)                                                                      | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | 15% Current Secured Debt (Maturity - April 8, 2021) | None | 1,007 |  | 989 |  | 989 |  |
|                                                                                                  |   | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - April 8, 2021) | 1 month LIBOR | 200 |  | 200 |  | 200 |  |
|                                                                                                  |   | Member Units (200,000 units) | — | — |  | 200 |  | 200 |  |
|                                                                                                  |   |   |   |   | 1,389 |  | 1,389 |  |
| Berry Aviation, Inc. (11)                                                                             | Airline Charter Service Operator | 12.00% Current / 1.75% PIK, Current Coupon 13.75%, Secured Debt (Maturity - January 30, 2020) (14) | None | 1,407 |  | 1,390 |  | 1,407 |  |
|                                                                                                  |   | Common Stock (138 shares) | — | — | 100 |  | 205 |  |
|                                                                                                  |   |   |   |   | 1,490 |  | 1,612 |  |
| Bluestem Brands, Inc. (8)                                                                             | Multi-Channel Retailer of General Merchandise | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - November 6, 2020) | 3 month LIBOR | 13,812 |  | 13,582 |  | 12,039 |  |
| Brightwood Capital Fund III, LP (9) (15)                                                              | Investment Partnership | LP Interests (Brightwood Capital Fund III, LP) (Fully diluted .52%) (16) | — | — | 4,075 |  | 3,698 |  |
| Brundage-Bone Concrete Pumping, Inc.                                                                  | Construction Services Provider | 10.38% Secured Debt (Maturity - September 1, 2021) (14) | None | 12,000 |  | 12,088 |  | 12,960 |  |
| Buca C, LLC (8) (10) (13)                                                                             | Casual Restaurant Group | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - June 30, 2020) | 1 month LIBOR | 15,114 |  | 14,889 |  | 15,114 |  |
|                                                                                                  |   | Preferred Member Units (4 units, 6.00% cumulative) (16) | — | — |  | 2,547 |  | 3,110 |  |
|                                                                                                  |   |   |   |   | 17,436 |  | 18,224 |  |
| CAI Software, LLC (10) (13)                                                                           | Provider of Specialized Enterprise Resource Planning Software | 12.00% Secured Debt (Maturity - October 10, 2019) | None | 921 |  | 904 |  | 921 |  |
|                                                                                                  |   | Member Units (16,339 units) | — | — |  | 163 |  | 620 |  |
|                                                                                                  |   |   |   |   | 1,067 |  | 1,541 |  |
| CapFusion Holding, LLC (9) (10) (13)                                                                  | Business Lender | 13.00% Secured Debt (Maturity - March 25, 2021) | None | 3,600 |  | 3,289 |  | 3,289 |  |
|                                                                                                  |   | Warrants (400 equivalent units, Expiration - March 24, 2026) | — | — |  | 300 |  | 300 |  |
|                                                                                                  |   |   |   |   | 3,589 |  | 3,589 |  |
| CDHA Management, LLC (8) (11)                                                                         | Dental Services | Prime Plus 6.25% (Floor 3.75%), Current Coupon 10.00%, Secured Debt (Maturity - December 5, 2021) | PRIME | 4,491 |  | 4,376 |  | 4,376 |  |
|                                                                                                  |   | Prime Plus 6.25% (Floor 3.75%), Current Coupon 10.00%, Secured Debt (Maturity - December 5, 2021) | PRIME | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 4,376 |  | 4,376 |  |
| Cenveo Corporation                                                                                    | Provider of Commercial Printing, Envelopes, Labels, Printed Office Products | 6.00% Secured Debt (Maturity - August 1, 2019) | None | 15,000 |  | 13,013 |  | 13,388 |  |
| Charlotte Russe, Inc. (8)                                                                             | Fast-Fashion Retailer to Young Women | LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity - May 22, 2019) | 3 month LIBOR | 15,101 |  | 14,918 |  | 9,184 |  |
| CJ Holding Company (8)                                                                                | Oil and Gas Equipment and Services | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - March 31, 2017) | 3 month LIBOR | 83 |  | 85 |  | 83 |  |
| Clarius BIGS, LLC (11) (18)                                                                           | Prints & Advertising Film Financing | 15.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 2,144 |  | 1,886 |  | 64 |  |
|                                                                                                  |   | 20.00% PIK Secured Debt (Maturity - January 5, 2015) (18) | None | 774 |  | 681 |  | 23 |  |
|                                                                                                  |   |   |   |   | 2,567 |  | 87 |  |
| Compuware Corporation (8)                                                                             | Provider of Software and Supporting Services | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity - December 15, 2019) | 3 month LIBOR | 12,265 |  | 12,004 |  | 12,341 |  |
| Construction Supply Investments, LLC (8) (11)                                                         | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - June 30, 2023) | 3 month LIBOR | $ | 8,500 |  | $ | 8,305 |  | $ | 8,330 |  |
|                                                                                                  |   | Member units (20,000 units) | — | — |  | 2,000 |  | 2,000 |  |
|                                                                                                  |   |   |   |   | 10,305 |  | 10,330 |  |
| ContextMedia Health, LLC (8) (12)                                                                     | Provider of Healthcare Media Content | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 21, 2021) | 1 month LIBOR | 10,000 |  | 9,000 |  | 9,150 |  |
| Covenant Surgical Partners, Inc.                                                                      | Ambulatory Surgical Centers | 8.75% Secured Debt (Maturity - August 1, 2019) | None | 9,500 |  | 9,500 |  | 9,168 |  |
| CRGT, Inc. (8)                                                                                        | Provider of Custom Software Development | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 18, 2020) | 1 month LIBOR | 9,642 |  | 9,492 |  | 9,666 |  |
| CST Industries, Inc. (8)                                                                              | Storage Tank Manufacturer | LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity - May 22, 2017) | 3 month LIBOR | 2,759 |  | 2,766 |  | 2,759 |  |
| Datacom, LLC (10) (13)                                                                                | Technology and Telecommunications Provider | 5.25% Current / 5.25% PIK, Current Coupon 10.50% Secured Debt (Maturity - May 30, 2019) | None | 1,296 |  | 1,282 |  | 1,222 |  |
|                                                                                                  |   | 8.00% Secured Debt (Maturity - May 30, 2017) | — | 100 |  | 100 |  | 100 |  |
|                                                                                                  |   | Class A Preferred Member Units (1,530 units, 15.00% cumulative) (16) | — | — |  | 131 |  | 152 |  |
|                                                                                                  |   | Class B Preferred Member Units (717 units) | — | — |  | 670 |  | 170 |  |
|                                                                                                  |   |   |   |   | 2,183 |  | 1,644 |  |
| Digital River, Inc. (8)                                                                               | Provider of Outsourced e-Commerce Solutions and Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - February 12, 2021) | 3 month LIBOR | 14,586 |  | 14,477 |  | 14,713 |  |
| Digital Room, LLC (8)                                                                                 | Organic Lead Generation for Online Postsecondary Schools | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - November 21, 2022) | 3 month LIBOR | 7,625 |  | 7,475 |  | 7,549 |  |
| East West Copolymer & Rubber, LLC (10) (13)                                                       | Manufacturer of Synthetic Rubbers | 12.00% Current / 2.00% PIK, Current Coupon 14.00%, Secured Debt (Maturity - October 17, 2019) | None | 2,400 |  | 2,351 |  | 2,136 |  |
|                                                                                                  |   | Warrants (627,697 equivalent shares, Expiration - October 15, 2024) | — | — |  | 13 |  | — |  |
|                                                                                                  |   |   |   |   | 2,364 |  | 2,136 |  |
| ECP-PF Holdings Groups, Inc. (11)                                                                     | Fitness Club Operator | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - November 26, 2019) | 3 month LIBOR | 1,875 |  | 1,863 |  | 1,875 |  |
| Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)                                          | Technology-Based Performance Support Solutions | LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.34%, Secured Debt (Maturity - April 28, 2022) (14) | 6 month LIBOR | 10,902 |  | 10,443 |  | 8,214 |  |
| Flavors Holdings, Inc. (8)                                                                            | Global Provider of Flavoring and Sweetening Products and Solutions | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - April 3, 2020) | 3 month LIBOR | 11,774 |  | 11,236 |  | 9,596 |  |
| GST Autoleather, Inc. (8)                                                                             | Automotive Leather Manufacturer | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - July 10, 2020) | 3 month LIBOR | 12,204 |  | 12,073 |  | 11,929 |  |
| Guitar Center, Inc.                                                                                   | Musical Instruments Retailer | 6.50% Secured Debt (Maturity - April 15, 2019) | None | 15,015 |  | 14,128 |  | 13,626 |  |
| Hojeij Branded Foods, LLC (8) (11)                                                                    | Multi-Airport, Multi-Concept Restaurant Operator | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - July 28, 2021) | 3 month LIBOR | 5,419 |  | 5,376 |  | 5,419 |  |
| Hoover Group, Inc. (8) (9) (11)                                                                       | Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - January 28, 2021) | 3 month LIBOR | 15,000 |  | 13,961 |  | 13,961 |  |
| Horizon Global Corporation (8) (9)                                                                    | Auto Parts Manufacturer | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - June 30, 2021) | 1 month LIBOR | 12,098 |  | 11,893 |  | 12,325 |  |
| Hunter Defense Technologies, Inc. (8)                                                                 | Provider of Military and Commercial Shelters and Systems | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - August 5, 2019) | 3 Month LIBOR | 13,847 |  | 13,255 |  | 12,878 |  |
| Hygea Holdings Corp. (8) (11)                                                                         | Provider of Physician Services | LIBOR Plus 9.25%, Current Coupon 10.17%, Secured Debt (Maturity - February 24, 2019) | 3 Month LIBOR | 7,875 |  | 7,378 |  | 7,615 |  |
|                                                                                                  |   | Warrants (5,910,453 equivalent shares, Expiration - February 24, 2023) | — | — |  | 369 |  | 1,531 |  |
|                                                                                                  |   |   |   |   | 7,747 |  | 9,146 |  |
| iEnergizer Limited (8) (9)                                                                            | Provider of Business Outsourcing Solutions | LIBOR 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity - May 1, 2019) | 1 month LIBOR | $ | 8,569 |  | $ | 8,110 |  | $ | 8,312 |  |
| Indivior Finance, LLC (8) (9)                                                                         | Specialty Pharmaceutical Company Treating Opioid Dependence | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 19, 2019) | 3 month LIBOR | 9,000 |  | 8,644 |  | 9,079 |  |
| Industrial Container Services, LLC (8) (11)                                                           | Steel Drum Reconditioner | LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - December 31, 2018) | 3 month LIBOR | 8,927 |  | 8,871 |  | 8,927 |  |
| Industrial Services Acquisitions, LLC (11)                                                            | Industrial Cleaning Services | 11.25% Current / 0.75% PIK, Current Coupon 12.00%, Unsecured Debt (Maturity - December 17, 2022) (17) | None | 10,523 |  | 10,325 |  | 10,325 |  |
|                                                                                                  |   | Member units (Industrial Services Investments, LLC) (2,100,000 units) | — | — |  | 2,100 |  | 2,100 |  |
|                                                                                                  |   |   |   |   | 12,425 |  | 12,425 |  |
| Inn of the Mountain Gods Resort and Casino                                                            | Hotel & Casino Owner & Operator | 9.25% Secured Debt (Maturity - November 30, 2020) | None | 10,749 |  | 10,583 |  | 9,782 |  |
| Intertain Group Limited (8) (9)                                                                       | Business-to-Consumer Online Gaming Operator | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - April 8, 2022) | 3 month LIBOR | 8,799 |  | 8,633 |  | 8,876 |  |
| iPayment, Inc. (8)                                                                                    | Provider of Merchant Acquisition | LIBOR Plus 5.25% (Floor 1.50%), Current Coupon 6.75%, Secured Debt (Maturity - May 8, 2017) | 3 month LIBOR | 15,007 |  | 14,986 |  | 14,481 |  |
| Ipreo Holdings, LLC                                                                                   | Application Software for Capital Markets | 7.25% Unsecured Debt (Maturity - August 1, 2022) (17) | None | 6,250 |  | 5,318 |  | 5,266 |  |
| iQor US Inc. (8)                                                                                      | Business Process Outsourcing Services Provider | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - April 1, 2021) | 1 month LIBOR | 7,757 |  | 7,331 |  | 7,442 |  |
| IronGate Energy Services, LLC (18)                                                                    | Oil and Gas Services | 11.00% Secured Debt (Maturity - July 1, 2018) (18) | None | 5,825 |  | 5,827 |  | 1,631 |  |
| Jackmont Hospitality, Inc. (8) (11)                                                                   | Franchisee of Casual Dining Restaurants | LIBOR Plus 4.25% (Floor 1.00%)/ 2.50% PIK , Current Coupon 7.75%, Secured Debt (Maturity  - May 26, 2021) | 1 month LIBOR | 8,891 |  | 8,861 |  | 8,891 |  |
| Joerns Healthcare, LLC (8)                                                                            | Manufacturer and Distributor of Health Care Equipment & Supplies | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - May 9, 2020) | 3 month LIBOR | 12,172 |  | 11,947 |  | 11,442 |  |
| JSS Holdings, Inc. (8)                                                                                | Aircraft Maintenance Program Provider | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - August 31, 2021) | 3 month LIBOR | 13,828 |  | 13,550 |  | 13,759 |  |
| Kellermeyer Bergensons Services, LLC (8)                                                              | Outsourced Janitorial Services to Retail/Grocery Customers | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - April 29, 2022) (14) | 3 month LIBOR | 14,700 |  | 14,603 |  | 13,964 |  |
| Kendra Scott, LLC (8)                                                                                 | Jewelry Retail Stores | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - July 17, 2020) | 3 month LIBOR | 9,375 |  | 9,305 |  | 9,328 |  |
| Keypoint Government Solutions, Inc. (8)                                                               | Provider of Pre-Employment Screening Services | LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity - November 13, 2017) | 3 month LIBOR | 1,761 |  | 1,757 |  | 1,752 |  |
| LaMi Products, LLC (8) (11)                                                                           | General Merchandise Distribution | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - September 16, 2020) | 3 month LIBOR | 10,735 |  | 10,564 |  | 10,730 |  |
| Larchmont Resources, LLC (8)                                                                          | Oil & Gas Exploration & Production | LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00% PIK, Secured Debt (Maturity - August 7, 2020) | 3 month LIBOR | 3,816 |  | 3,816 |  | 3,731 |  |
|                                                                                                  |   | Member units (Larchmont Intermediate Holdo, LLC) (4,806 units) | — | — |  | 601 |  | 2,027 |  |
|                                                                                                  |   |   |   |   | 4,417 |  | 5,758 |  |
| Legendary Pictures Funding, LLC (8) (11)                                                              | Producer of TV, Film, and Comic Content | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - April 22, 2020) | 3 month LIBOR | 8,020 |  | 7,905 |  | 8,030 |  |
| LJ Host Merger Sub, Inc. (8)                                                                          | Managed Services and Hosting Provider | LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity - December 13, 2019) | 3 month LIBOR | 4,846 |  | 4,837 |  | 4,595 |  |
| Logix Acquisition Company, LLC (8) (11)                                                               | Competitive Local Exchange Carrier | LIBOR Plus 8.28% (Floor 1.00%), Current Coupon 9.28%, Secured Debt (Maturity - June 24, 2021) | 3 month LIBOR | 8,593 |  | 8,455 |  | 8,593 |  |
| Minute Key, Inc. (10) (13)                                                                            | Operator of Automated Key Duplication Kiosk | 10.00% Current / 2.00% PIK Secured Debt (Maturity - September 19, 2019) (14) | None | 3,905 |  | 3,821 |  | 3,821 |  |
|                                                                                                  |   | Warrants (359,352 equivalent units, Expiration - May 20, 2025) | — | — |  | 70 |  | 117 |  |
|                                                                                                  |   |   |   |   | 3,891 |  | 3,938 |  |
| Mood Media Corporation (8) (9)                                                                        | Provider of Electronic Equipment | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - May 1, 2019) | 3 month LIBOR | $ | 14,822 |  | $ | 14,741 |  | $ | 14,328 |  |
| New Media Holdings II LLC (8) (9)                                                                     | Local Newspaper Operator | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - June 4, 2020) | 3 month LIBOR | 14,706 |  | 14,578 |  | 14,633 |  |
| North American Lifting Holdings, Inc. (8)                                                             | Crane Service Provider | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity - November 27, 2020) | 3 month LIBOR | 2,405 |  | 2,016 |  | 2,101 |  |
| North Atlantic Trading Company, Inc. (8)                                                              | Marketer/Distributor of Tobacco | Prime Plus 5.50% (Floor 3.75%), Current Coupon 9.25%, Secured Debt (Maturity - January 13, 2020) | PRIME | 10,897 |  | 10,913 |  | 10,829 |  |
| Novitex Acquisition, LLC (8)                                                                          | Provider of Document Management Services | LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity - July 7, 2020) | 3 month LIBOR | 13,322 |  | 13,004 |  | 12,823 |  |
| NTM Acquisition Corp. (8)                                                                             | Provider of B2B Travel Information Content | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - June 7, 2022) | 3 month LIBOR | 4,144 |  | 4,085 |  | 4,128 |  |
| Pardus Oil & Gas, LLC                                                                             | Oil & Gas Exploration and Production | 13.00% PIK, Secured Debt (Maturity - November 12, 2021) | None | 989 |  | 989 |  | 989 |  |
|                                                                                                  |   | 5.00% PIK, Secured Debt (Maturity - May 13, 2022) (14) | None | 517 |  | 517 |  | 293 |  |
|                                                                                                  |   | Class A units (1,331 units) | — | — |  | 1,331 |  | 523 |  |
|                                                                                                  |   |   |   |   | 2,837 |  | 1,805 |  |
| Paris Presents, Inc. (8)                                                                              | Branded Cosmetic and Bath Accessories | LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity - December 31, 2021) (14) | 1 month LIBOR | 7,500 |  | 7,382 |  | 7,350 |  |
| Parq Holdings, LP (8) (9)                                                                             | Hotel and Casino Operator | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - December 17, 2020) | 1 month LIBOR | 12,500 |  | 12,378 |  | 12,313 |  |
| Permian Holdco 2, Inc.                                                                                | Storage Tank Manufacturer | 14.00% PIK Unsecured Debt (Maturity - October 15, 2021) | None | 483 |  | 483 |  | 483 |  |
|                                                                                                  |   | Series A Preferred Shares (Permian Holdco 1, Inc.) (386,255 units) (12.00% Cumulative) (16) | — | — |  | 997 |  | 997 |  |
|                                                                                                  |   | Common Shares (Permian Holdco 1, Inc.) (386,255 units) | — | — |  | 997 |  | 997 |  |
|                                                                                                  |   |   |   |   | 2,477 |  | 2,477 |  |
| Permian Holdings, Inc.                                                                                | Storage Tank Manufacturer | 10.50% Secured Debt (Maturity - January 15, 2018) | None | 1,000 |  | 338 |  | 338 |  |
| Pernix Therapeutics Holdings, Inc. (11)                                                               | Pharmaceutical Royalty - Anti-Migraine | 12.00% Secured Debt (Maturity - August 1, 2020) | None | 3,016 |  | 2,990 |  | 2,910 |  |
| Pike Corporation (8)                                                                                  | Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - June 22, 2022) (14) | 1 month LIBOR | 13,334 |  | 13,070 |  | 13,411 |  |
| Polycom, Inc. (8)                                                                                     | Provider of Audio and Video Communication Solutions | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - September 27, 2023) | 3 month LIBOR | 12,089 |  | 11,617 |  | 12,194 |  |
| PPC/Shift, LLC (8) (11)                                                                               | Provider of Digital Solutions to Automotive Industry | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 22, 2021) | 3 month LIBOR | 7,000 |  | 6,851 |  | 6,851 |  |
| Premier Dental Services, Inc. (8)                                                                     | Dental Care Services | LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - November 1, 2018) | 3 month LIBOR | 4,511 |  | 4,497 |  | 4,494 |  |
| Prowler Acquisition Corporation (8)                                                                   | Specialty Distributor to the Energy Sector | LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity - January 28, 2020) | 3 month LIBOR | 11,329 |  | 9,896 |  | 8,383 |  |
| Raley’s, Inc. (8)                                                                               | Family-Owned Supermarket Chain in California | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - May 18, 2022) | 3 month LIBOR | 4,195 |  | 4,125 |  | 4,242 |  |
| Redbox Automated Retail, LLC (8)                                                                      | Operator of Home Media Entertainment Kiosks | LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - September 27, 2021) | 3 month LIBOR | 14,344 |  | 13,925 |  | 13,989 |  |
| Renaissance Learning, Inc.  (8)                                                                       | Technology-based K-12 Learning Solutions | LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - April 11, 2022) (14) | 3 month LIBOR | 12,950 |  | 12,548 |  | 12,896 |  |
| RGL Reservoir Operations, Inc. (8) (9)                                                                | Oil & Gas Equipment & Services | LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - August 13, 2021) | 3 month LIBOR | 3,910 |  | 3,826 |  | 880 |  |
| RM Bidder, LLC (11)                                                                                   | Full-scale Film and Television Production and Distribution | Common Stock (1,854 units) | — | $ | — |  | $ | 31 |  | $ | 29 |  |
|                                                                                                  |   | Series A Warrants (124,915 equivalent units, Expiration - October 20, 2025) | — | — |  | 284 |  | 200 |  |
|                                                                                                  |   | Series B Warrants (93,686 equivalent units, Expiration - October 20, 2025) | — | — |  | — |  | — |  |
|                                                                                                  |   |   |   |   | 315 |  | 229 |  |
| Salient Partners, LP (8)                                                                              | Provider of Asset Management Services | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - June 9, 2021) | 3 month LIBOR | 11,842 |  | 11,527 |  | 11,338 |  |
| School Specialty, Inc. (8)                                                                            | Distributor of Education Supplies and Furniture | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - June 11, 2019) | 1 month LIBOR | 5,467 |  | 5,396 |  | 5,536 |  |
| Sigma Electric Manufacturing Corp. (8) (11)                                                           | Manufacturer and Distributor of Electrical Fittings and Parts | LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - May 13, 2019) | 3 Month LIBOR | 12,500 |  | 12,199 |  | 12,199 |  |
| Sorenson Communications, Inc.                                                                         | Manufacturer of Communication Products for Hearing Impaired | 9.00% Secured Debt (Maturity - October 31, 2020) (14) | None | 11,710 |  | 11,308 |  | 10,305 |  |
|                                                                                                  |   | LIBOR Plus 5.75% (Floor 2.25%), Current Coupon 8.00%, Secured Debt (Maturity - April 30, 2020) | 3 month LIBOR | 2,977 |  | 2,957 |  | 2,955 |  |
|                                                                                                  |   |   |   |   | 14,265 |  | 13,260 |  |
| Strike, LLC (8)                                                                                       | Pipeline Construction and Maintenance Services | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.29%, Secured Debt (Maturity - November 30, 2022) | 6 month LIBOR | 10,000 |  | 9,667 |  | 9,900 |  |
| Synagro Infrastructure Company, Inc. (8)                                                              | Waste Management Services | LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity - August 22, 2020) | 3 month LIBOR | 2,704 |  | 2,687 |  | 2,372 |  |
| TaxAct, Inc. (8)                                                                                      | Provider of Tax Preparation Solutions | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - January 3, 2023) | 1 month LIBOR | 6,500 |  | 6,369 |  | 6,549 |  |
| TE Holdings, LLC                                                                                      | Oil & Gas Exploration & Production | Common Units (72,785 units) | — | — | 728 |  | 546 |  |
| Teleguam Holdings, LLC (8)                                                                            | Cable and Telecom Services Provider | LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity - June 10, 2019) (14) | 1 month LIBOR | 6,397 |  | 6,387 |  | 6,268 |  |
|                                                                                                  |   | LIBOR Plus 4.00% (Floor 1.25%), Current Coupon 5.25%, Secured Debt (Maturity - December 10, 2018) | 1 month LIBOR | 7,481 |  | 7,335 |  | 7,406 |  |
|                                                                                                  |   |   |   |   | 13,722 |  | 13,674 |  |
| TMC Merger Sub Corp (8)                                                                               | Refractory & Maintenance Services Provider | LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - October 31, 2022) | 1 week LIBOR | 12,500 |  | 12,376 |  | 12,438 |  |
| The Topps Company, Inc. (8)                                                                           | Trading Cards & Confectionary | LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity - October 2, 2018) | 3 month LIBOR | 1,109 |  | 1,104 |  | 1,113 |  |
| TOMS Shoes, LLC (8)                                                                                   | Global Designer, Distributor, and Retailer of Casual Footwear | LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - October 30, 2020) | 3 month LIBOR | 4,913 |  | 4,573 |  | 3,635 |  |
| Travel Leaders Group, LLC (8)                                                                         | Travel Agency Network Provider | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 7, 2020) | 1 month LIBOR | 15,988 |  | 15,900 |  | 15,960 |  |
| TVG-I-E CMN Acquisition, LLC (8) (11)                                                                 | Organic Lead Generation for Online Postsecondary Schools | LIBOR Plus 6.00%, Current Coupon 7.00%, Secured Debt (Maturity - November 3, 2021) | 1 month LIBOR | 6,459 |  | 6,333 |  | 6,333 |  |
| Unirush LLC (10) (13)                                                                                 | Provider of Prepaid Debit Card Solutions | 12.00% Secured Debt (Maturity Date - February 1, 2019) | None | 3,000 |  | 2,745 |  | 3,000 |  |
|                                                                                                  |   | Warrants (111,181 equivalent units, Expiration - February 2, 2026) | — | — |  | 313 |  | 313 |  |
|                                                                                                  |   |   |   |   | 3,058 |  | 3,313 |  |
| U.S. Telepacific Corp. (8) (11)                                                                       | Provider of Communications and Managed Services | LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - February 24, 2021) | 3 month LIBOR | 7,500 |  | 7,367 |  | 7,367 |  |
| USJ-IMECO Holding Company, LLC (8)                                                                    | Marine Interior Design and Installation | LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - April 16, 2020) | 3 month LIBOR | 8,857 |  | 8,829 |  | 8,813 |  |
|                                                                                                  |   |   |   |   |   |   |
| Valley Healthcare Group, LLC (8) (10) (13)                                                            | Provider of Durable Medical Equipment | LIBOR Plus 12.50% (Floor 0.50%), Current Coupon 13.12%, Secured Debt (Maturity - December 29, 2020) | 1 month LIBOR | $ | 3,239 |  | $ | 3,183 |  | $ | 3,183 |  |
|                                                                                                  |   | Preferred Member Units (Valley Healthcare Holding, LLC) (400 units) | — | — |  | 400 |  | 400 |  |
|                                                                                                  |   |   |   |   | 3,583 |  | 3,583 |  |
| VCVH Holding Corp. (8)                                                                                | Healthcare Technology Services Focused on Revenue Maximization | LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity - June 1, 2024) (14) | 3 month LIBOR | 3,500 |  | 3,417 |  | 3,474 |  |
| Volusion, LLC (10) (13)                                                                               | Provider of Online Software-as-a-Service eCommerce Solutions | 11.50% Secured Debt (Maturity - January 24, 2020) | None | 7,500 |  | 6,484 |  | 6,484 |  |
|                                                                                                  |   | Preferred Member Units (2,090,001 units) | — | — |  | 6,000 |  | 6,000 |  |
|                                                                                                  |   | Warrants (784,866.80 equivalent units, Expiration - January 26, 2025) | — | — |  | 1,104 |  | 1,104 |  |
|                                                                                                  |   |   |   |   | 13,588 |  | 13,588 |  |
| Wellnext, LLC (8) (11)                                                                                | Manufacturer of Supplements and Vitamins | LIBOR Plus 9.00% (Floor 0.50%), Current Coupon 9.85%, Secured Debt (Maturity - May 23, 2021) | 3 month LIBOR | 10,058 |  | 9,966 |  | 10,058 |  |
| Worley Claims Services, LLC (8) (11)                                                                  | Insurance Adjustment Management and Services Provider | LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - October 31, 2020) | 1 month LIBOR | 6,370 |  | 6,326 |  | 6,370 |  |
| YP Holdings LLC (8)                                                                                   | Online and Offline Advertising Operator | LIBOR Plus 11.00% (Floor 1.25%), Current Coupon 12.25%, Secured Debt (Maturity - June 4, 2018) | 1 month LIBOR | 15,280 |  | 15,016 |  | 15,241 |  |
|                                                                                                  |   |   |   |   |   |   |
| Subtotal Non-Control/Non-Affiliate Investments (5) (91% of total portfolio investments at fair value) |   |   | $ | 935,741 |  | $ | 916,393 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Portfolio Investments                                                                           |   |   |   |   | $ | 1,002,395 |  | $ | 989,247 |  |
|                                                                                                  |   |   |   |   |   |   |
| Short Term Investments (20)                                                                           |   |   |   |   |   |   |
| Fidelity Institutional Money Market Funds  (21)                                                       | — | Prime Money Market Portfolio, Class III Shares | — | — | $ | 9,775 |  | $ | 9,775 |  |
| UMB Bank Money Market Account (21)                                                                    | — | — |   |   | 642 |  | 642 |  |
| US Bank Money Market Account (21)                                                                     | — | — | — | — | 10,672 |  | 10,672 |  |
|                                                                                                  |   |   |   |   |   |   |
| Total Short Term Investments                                                                          |   |   |   |   | $ | 21,089 |  | $ | 21,089 |  |

----

----

----

----

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

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

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

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Fair Value Measurements |
|                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| First lien secured debt investments  | $ | — |  |   | $ | — |  |   | $ | 812,206 |  |   | $ | 812,206 |  |
| Second lien secured debt investments | — |  |   | — |  |   | 112,478 |  |   | 112,478 |  |
| Unsecured debt investments           | — |  |   | — |  |   | 13,643 |  |   | 13,643 |  |
| Equity investments(1)                | — |  |   | — |  |   | 106,611 |  |   | 106,611 |  |
| Total                                | $ | — |  |   | $ | — |  |   | $ | 1,044,938 |  |   | $ | 1,044,938 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Fair Value Measurements |
|                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| First lien secured debt investments  | $ | — |  |   | $ | — |  |   | $ | 791,126 |  |   | $ | 791,126 |  |
| Second lien secured debt investments | — |  |   | — |  |   | 114,652 |  |   | 114,652 |  |
| Unsecured debt investments           | — |  |   | — |  |   | 16,074 |  |   | 16,074 |  |
| Equity investments                   | — |  |   | — |  |   | 67,395 |  |   | 67,395 |  |
| Total                                | $ | — |  |   | $ | — |  |   | $ | 989,247 |  |   | $ | 989,247 |  |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | Fair Value Measurements |
|                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| LMM portfolio investments   | $ | — |  |   | $ | — |  |   | $ | 132,861 |  |   | $ | 132,861 |  |
| Private Loan investments    | — |  |   | — |  |   | 243,866 |  |   | 243,866 |  |
| Middle Market investments   | — |  |   | — |  |   | 615,840 |  |   | 615,840 |  |
| Other Portfolio investments | — |  |   | — |  |   | 52,371 |  |   | 52,371 |  |
| Total                       | $ | — |  |   | $ | — |  |   | $ | 1,044,938 |  |   | $ | 1,044,938 |  |

----

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | Fair Value Measurements |
|                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| LMM portfolio investments   | $ | — |  |   | $ | — |  |   | $ | 116,060 |  |   | $ | 116,060 |  |
| Private Loan investments    | — |  |   | — |  |   | 211,357 |  |   | 211,357 |  |
| Middle Market investments   | — |  |   | — |  |   | 643,464 |  |   | 643,464 |  |
| Other Portfolio investments | — |  |   | — |  |   | 18,366 |  |   | 18,366 |  |
| Total                       | $ | — |  |   | $ | — |  |   | $ | 989,247 |  |   | $ | 989,247 |  |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Fair Value |   | ValuationTechnique |   | Significant Unobservable Inputs |   | Range |   | WeightedAverage (2) |
| LMM equity investments           | $ | 42,631 |  |   | Discounted Cash Flow |   | WACC |   | 10.3% - 17.2% |   | 12.7% |
|                             |   |   | Market Approach/Enterprise Value |   | EBITDA Multiples (1) |   | 4.0x - 10.0x |   | 7.0x |
| LMM debt investments             | 90,230 |  |   | Discounted Cash Flow |   | Expected Principal Recovery |   | 30.9% - 100.0% |   | 97.7% |
|                             |   |  |   |   |   | Risk Adjusted Discount Factor |   | 10.3% - 18.5% |   | 12.2% |
| Private Loan debt investments    | 180,860 |  |   | Discounted Cash Flow |   | Expected Principal Recovery |   | 3.0% - 100.0% |   | 99.9% |
|                             |   |   |   |   | Risk Adjusted Discount Factor |   | 4.5% - 38.0% |   | 8.0% |
|                             | 55,477 |  |   | Market Approach |   | Third Party Quotes |   | 92.0% - 100.1% |   | 97.6% |
| Private Loan equity investments  | 7,529 |  |   | Market Approach/Enterprise Value |   | EBITDA Multiples (1) |   | 5.0x - 9.5x |   | 8.0x |
|                             |   |   | Discounted Cash Flow |   | WACC |   | 10.2% - 12.7% |   | 10.4% |
| Middle Market debt investments   | 611,760 |  |   | Market Approach |   | Third Party Quotes |   | 0.0% - 105.0% |   | 94.4% |
| Middle Market equity investments | 4,080 |  |   | Market Approach |   | Third Party Quotes |   | $4.8 - $345.0 |   | $286.3 |
| Other Portfolio investments(3)   | 52,371 |  |   | Market Approach |   | NAV (1) |   | 86.1% - 106.2% |   | 100.1% |
|                             | $ | 1,044,938 |  |   |   |   |   |   |   |   |   |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |
|                             | Fair Value | ValuationTechnique | Significant Unobservable Inputs | Range | WeightedAverage (2) |
| LMM equity investments           | $ | 37,616 |  | Discounted Cash Flows | WACC | 10.7% - 16.6% | 12.7% |
|                             |   | Market Approach/Enterprise Value | EBITDA Multiples (1) | 3.3x - 11.5x | 6.9x |
| LMM debt portfolio investments   | 78,444 |  | Discounted Cash Flows | Expected Principal Recovery | 100.0% - 100.0% | 100.0% |
|                             |   |  |   | Risk Adjusted Discount Factor | 8.5% - 21.0% | 11.3% |
| Private Loan debt investments    | 165,968 |  | Discounted Cash Flows | Expected Principal Recovery | 3.0% - 100.0% | 99.9% |
|                             |   |   | Risk Adjusted Discount Factor | 4.8% - 14.2% | 8.3% |
|                             | 39,066 |  | Market Approach | Third Party Quotes | 96.5% - 100.4% | 99.7% |
| Private Loan equity investments  | 6,323 |  | Market Approach/Enterprise Value | EBITDA Multiples  (1) | 5.0x - 9.5x | 8.3x |
|                             |   | Discounted Cash Flows | WACC | 10.6% - 13.2% | 11.8% |
| Middle Market debt investments   | 638,374 |  | Market Approach | Third Party Quotes | 22.5% - 108.0% | 95.7% |
| Middle Market equity investments | 5,090 |  | Market Approach | Third Party Quotes | 75.0% - 337.5% | 281.8% |
| Other Portfolio investments      | 18,366 |  | Market Approach | NAV (1) | 92.5% - 101.0% | 99.0% |
|                             | $ | 989,247 |  |   |   |   |   |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment   | January 1, 2017 Fair Value |   | PIK Interest Accrual |   | New Investments(1) |   | Sales/ Repayments |   | Net UnrealizedAppreciation(Depreciation)(2) |   | Net Realized Gain (Loss) |   | June 30, 2017 Fair Value |
| LMM Equity           | $ | 37,616 |  |   | $ | 154 |  |   | $ | 4,598 |  |   | $ | (273 | ) |   | $ | 576 |  |   | $ | (40 | ) |   | $ | 42,631 |  |
| LMM Debt             | 78,444 |  |   | 84 |  |   | 18,867 |  |   | (5,367 | ) |   | (1,798 | ) |   | — |  |   | 90,230 |  |
| Private Loan Equity  | 6,323 |  |   | — |  |   | 3,105 |  |   | (2,917 | ) |   | (1,530 | ) |   | 2,548 |  |   | 7,529 |  |
| Private Loan Debt    | 205,034 |  |   | 161 |  |   | 87,291 |  |   | (55,122 | ) |   | (1,027 | ) |   | — |  |   | 236,337 |  |
| Middle Market Debt   | 638,374 |  |   | 357 |  |   | 190,328 |  |   | (219,833 | ) |   | 2,407 |  |   | 127 |  |   | 611,760 |  |
| Middle Market Equity | 5,090 |  |   | 83 |  |   | — |  |   | — |  |   | (1,093 | ) |   | — |  |   | 4,080 |  |
| Other Portfolio(3)   | 18,366 |  |   | — |  |   | 33,830 |  |   | — |  |   | 175 |  |   | — |  |   | 52,371 |  |
| Total                | $ | 989,247 |  |   | $ | 839 |  |   | $ | 338,019 |  |   | $ | (283,512 | ) |   | $ | (2,290 | ) |   | $ | 2,635 |  |   | $ | 1,044,938 |  |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment   | January 1, 2016 Fair Value |   | PIK InterestAccrual |   | New Investments(1) |   | Sales/ Repayments |   | Net UnrealizedAppreciation(Depreciation) (2) |   | Net Realized Gain (Loss) |   | June 30, 2016 Fair Value |
| LMM Equity           | $ | 24,165 |  |   | $ | (72 | ) |   | $ | 5,457 |  |   | $ | — |  |   | $ | 2,505 |  |   | $ | — |  |   | $ | 32,055 |  |
| LMM Debt             | 61,295 |  |   | 68 |  |   | 14,776 |  |   | (3,328 | ) |   | 356 |  |   | — |  |   | 73,167 |  |
| Private Loan Equity  | 530 |  |   | — |  |   | 2,602 |  |   | — |  |   | (49 | ) |   | — |  |   | 3,083 |  |
| Private Loan Debt    | 110,558 |  |   | 112 |  |   | 54,735 |  |   | (9,327 | ) |   | 12 |  |   | (160 | ) |   | 155,930 |  |
| Middle Market Debt   | 645,913 |  |   | 16 |  |   | 118,235 |  |   | (105,354 | ) |   | (1,192 | ) |   | (9,855 | ) |   | 647,763 |  |
| Middle Market Equity | — |  |   | — |  |   | 1,331 |  |   | — |  |   | — |  |   | — |  |   | 1,331 |  |
| Other Portfolio      | 10,527 |  |   | — |  |   | 6,537 |  |   | — |  |   | (38 | ) |   | — |  |   | 17,026 |  |
| Total                | $ | 852,988 |  |   | $ | 124 |  |   | $ | 203,673 |  |   | $ | (118,009 | ) |   | $ | 1,594 |  |   | $ | (10,015 | ) |   | $ | 930,355 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| First lien secured debt investments  | $ | 833,348 |  |   | 78.6 | % |   | $ | 812,206 |  |   | 77.7 | % |
| Second lien secured debt investments | 113,100 |  |   | 10.7 |  |   | 112,478 |  |   | 10.8 |  |
| Unsecured debt investments           | 13,189 |  |   | 1.2 |  |   | 13,643 |  |   | 1.3 |  |
| Equity investments(1)                | 98,415 |  |   | 9.3 |  |   | 104,455 |  |   | 10.0 |  |
| Equity warrants                      | 2,325 |  |   | 0.2 |  |   | 2,156 |  |   | 0.2 |  |
| Total                                | $ | 1,060,377 |  |   | 100.0 | % |   | $ | 1,044,938 |  |   | 100.0 | % |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| First lien secured debt investments  | $ | 809,280 |  |   | 80.7 | % |   | $ | 791,126 |  |   | 80.0 | % |
| Second lien secured debt investments | 117,339 |  |   | 11.7 |  |   | 114,652 |  |   | 11.6 |  |
| Unsecured debt investments           | 16,126 |  |   | 1.6 |  |   | 16,074 |  |   | 1.6 |  |
| Equity investments                   | 56,974 |  |   | 5.7 |  |   | 63,569 |  |   | 6.4 |  |
| Equity warrants                      | 2,676 |  |   | 0.3 |  |   | 3,826 |  |   | 0.4 |  |
| Total                                | $ | 1,002,395 |  |   | 100.0 | % |   | $ | 989,247 |  |   | 100.0 | % |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| Northeast         | $ | 181,663 |  |   | 18.0 | % |   | $ | 181,931 |  |   | 18.3 | % |
| Southeast         | 189,147 |  |   | 18.8 |  |   | 195,688 |  |   | 19.7 |  |
| West              | 166,747 |  |   | 16.5 |  |   | 153,587 |  |   | 15.5 |  |
| Southwest         | 178,242 |  |   | 17.7 |  |   | 170,937 |  |   | 17.2 |  |
| Midwest           | 219,870 |  |   | 21.8 |  |   | 220,161 |  |   | 22.2 |  |
| Non-United States | 72,232 |  |   | 7.2 |  |   | 70,263 |  |   | 7.1 |  |
| Total             | $ | 1,007,901 |  |   | 100.0 | % |   | $ | 992,567 |  |   | 100.0 | % |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Investments at Cost |   | Cost Percentage of Total Portfolio |   | Investments at Fair Value |   | Fair ValuePercentage ofTotal Portfolio |
| Northeast         | $ | 144,465 |  |  | 14.6 | % |  | $ | 141,637 |  |  | 14.6 | % |
| Southeast         | 185,803 |  |  | 18.9 |  |  | 193,616 |  |  | 19.9 |  |
| West              | 177,572 |  |  | 18.1 |  |  | 167,544 |  |  | 17.3 |  |
| Southwest         | 188,455 |  |  | 19.2 |  |  | 181,894 |  |  | 18.7 |  |
| Midwest           | 217,603 |  |  | 22.1 |  |  | 218,540 |  |  | 22.5 |  |
| Non-United States | 69,854 |  |  | 7.1 |  |  | 67,650 |  |  | 7.0 |  |
| Total             | $ | 983,752 |  |  | 100.0 | % |  | $ | 970,881 |  |  | 100.0 | % |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |
|                                               | Cost |   | Fair Value |
|                                                    | June 30, 2017 |   | December 31, 2016 |   | June 30, 2017 |   | December 31, 2016 |
| Commercial Services and Supplies                   | 7.4 | % |   | 9.1 | % |   | 7.4 | % |   | 9.2 | % |
| Hotels, Restaurants, and Leisure                   | 6.7 |  |   | 8.0 |  |   | 6.7 |  |   | 8.1 |  |
| Media                                              | 6.5 |  |   | 7.7 |  |   | 6.4 |  |   | 7.6 |  |
| Diversified Consumer Services                      | 5.9 |  |   | 2.8 |  |   | 5.9 |  |   | 2.7 |  |
| Construction and Engineering                       | 5.6 |  |   | 4.6 |  |   | 5.7 |  |   | 4.8 |  |
| IT Services                                        | 4.9 |  |   | 4.6 |  |   | 5.1 |  |   | 4.7 |  |
| Communications Equipment                           | 4.2 |  |   | 4.7 |  |   | 4.4 |  |   | 4.9 |  |
| Energy Equipment and Services                      | 3.7 |  |   | 3.7 |  |   | 3.0 |  |   | 2.8 |  |
| Distributors                                       | 3.6 |  |   | 1.6 |  |   | 3.7 |  |   | 1.7 |  |
| Internet Software and Services                     | 3.4 |  |   | 5.1 |  |   | 3.5 |  |   | 5.2 |  |
| Diversified Telecommunication Services             | 3.3 |  |   | 3.1 |  |   | 3.3 |  |   | 3.0 |  |
| Leisure Equipment and Products                     | 3.1 |  |   | 0.8 |  |   | 3.2 |  |   | 0.8 |  |
| Specialty Retail                                   | 2.9 |  |   | 3.9 |  |   | 2.1 |  |   | 3.3 |  |
| Food Products                                      | 2.7 |  |   | 2.7 |  |   | 2.7 |  |   | 2.5 |  |
| Professional Services                              | 2.6 |  |   | 1.0 |  |   | 2.7 |  |   | 1.0 |  |
| Aerospace and Defense                              | 2.3 |  |   | 1.9 |  |   | 2.3 |  |   | 1.8 |  |
| Auto Components                                    | 2.3 |  |   | 3.1 |  |   | 2.4 |  |   | 3.2 |  |
| Electronic Equipment, Instruments & Components | 2.1 |  |   | 3.7 |  |   | 2.2 |  |   | 3.7 |  |
| Health Care Equipment and Supplies                 | 2.1 |  |   | 2.2 |  |   | 2.1 |  |   | 2.3 |  |
| Health Care Providers and Services                 | 2.1 |  |   | 2.2 |  |   | 2.1 |  |   | 2.4 |  |
| Healthcare Technology                              | 2.1 |  |   | 1.3 |  |   | 2.3 |  |   | 1.3 |  |
| Machinery                                          | 1.8 |  |   | 1.5 |  |   | 2.2 |  |   | 1.9 |  |
| Oil, Gas, and Consumable Fuels                     | 1.7 |  |   | 0.9 |  |   | 1.7 |  |   | 0.9 |  |
| Diversified Financial Services                     | 1.5 |  |   | 1.9 |  |   | 1.6 |  |   | 1.9 |  |
| Internet and Catalog Retail                        | 1.3 |  |   | 1.4 |  |   | 1.0 |  |   | 1.2 |  |
| Capital Markets                                    | 1.1 |  |   | 1.2 |  |   | 1.1 |  |   | 1.2 |  |
| Trading Companies and Distributors                 | 1.1 |  |   | 1.0 |  |   | 1.1 |  |   | 1.0 |  |
| Computers and Peripherals                          | 1.0 |  |   | 1.0 |  |   | 1.2 |  |   | 1.1 |  |
| Food & Staples Retailing                       | 1.0 |  |   | 1.4 |  |   | 1.0 |  |   | 1.5 |  |
| Personal Products                                  | 1.0 |  |   | 0.8 |  |   | 1.0 |  |   | 0.8 |  |
| Pharmaceuticals                                    | 1.0 |  |   | 1.2 |  |   | 1.0 |  |   | 1.2 |  |
| Electrical Equipment                               | 0.9 |  |   | 0.9 |  |   | 0.9 |  |   | 1.0 |  |
| Construction Materials                             | 0.8 |  |   | 1.0 |  |   | 0.8 |  |   | 1.1 |  |
| Marine                                             | 0.8 |  |   | 0.9 |  |   | 0.9 |  |   | 0.9 |  |
| Tobacco                                            | 0.8 |  |   | 1.1 |  |   | 0.9 |  |   | 1.1 |  |
| Software                                           | 0.7 |  |   | 2.6 |  |   | 0.7 |  |   | 2.7 |  |
| Building Products                                  | 0.6 |  |   | 0.6 |  |   | 0.6 |  |   | 0.6 |  |
| Insurance                                          | 0.6 |  |   | 0.6 |  |   | 0.6 |  |   | 0.6 |  |
| Road & Rail                                    | 0.5 |  |   | — |  |   | 0.5 |  |   | — |  |
| Textiles, Apparel & Luxury Goods               | 0.5 |  |   | 0.5 |  |   | 0.3 |  |   | 0.4 |  |
| Household Durables                                 | 0.4 |  |   | — |  |   | 0.4 |  |   | — |  |
| Publishing                                         | 0.4 |  |   | 0.3 |  |   | 0.4 |  |   | 0.3 |  |
| Containers and Packaging                           | 0.3 |  |   | 0.3 |  |   | 0.2 |  |   | 0.3 |  |
| Air Freight & Logistics                        | 0.2 |  |   | 0.3 |  |   | 0.3 |  |   | 0.4 |  |
| Airlines                                           | 0.2 |  |   | 0.2 |  |   | 0.2 |  |   | 0.2 |  |
| Chemicals                                          | 0.2 |  |   | 0.2 |  |   | 0.1 |  |   | 0.2 |  |
| Oil and Gas Exploration and Production             | 0.1 |  |   | 0.1 |  |   | — |  |   | 0.1 |  |
| Consumer Finance                                   | — |  |   | 0.3 |  |   | 0.1 |  |   | 0.4 |  |
| Total                                              | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |
|                                         | As of June 30, 2017 |
|                                         |   |
| Total debt investments (1)                   | $ | 115,508 |  |
| Weighted average effective yield on loans(2) | 4.88 | % |
| Largest loan to a single borrower(1)         | $ | 3,500 |  |
| Total of 10 largest loans to borrowers(1)    | $ | 30,753 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                             |
| Loan Portfolio                       |
| As of June 30, 2017                  |
| (dollars in thousands)               |
| Portfolio Company                    | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                 |   |   |   |   |   |
| Acosta, Inc.                         | Commercial services and supplies | LIBOR (3 months) + 3.25%, Current Coupon 4.48%, Secured Debt (Maturity - September 26, 2021) | $ | 2,000 |  | $ | 1,865 |  | $ | 1,802 |  |
| Acrisure, LLC                        | Insurance | LIBOR (1 month) + 5.00%, Current Coupon 6.30%, Secured Debt (Maturity - November 22, 2023) | 1,995 |  | 2,002 |  | 2,018 |  |
| Advantage Sales & Marketing Inc. | Commercial services and supplies | LIBOR (1 month) + 3.25%, Current Coupon 4.42%, Secured Debt (Maturity - July 23, 2021) | 2,000 |  | 1,941 |  | 1,925 |  |
| Air Medical Group Holdings Inc       | Health care providers & services | LIBOR (1 month) + 4.00%, Current Coupon 5.16%, Secured Debt (Maturity - April 28, 2022) | 2,000 |  | 1,990 |  | 1,995 |  |
| Ancestry.com Operations Inc.         | Internet software and services | LIBOR (1 month) + 3.25%, Current Coupon 4.34%, Secured Debt (Maturity - October 19, 2023) | 2,000 |  | 2,020 |  | 2,013 |  |
| Arch Coal, Inc.                      | Metals and mining | LIBOR (1 month) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - March 7, 2024) | 1,995 |  | 2,002 |  | 1,998 |  |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                     |
| Loan Portfolio                               |
| As of June 30, 2017                          |
| (dollars in thousands)                       |
| Portfolio Company                            | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                         |   |   |   |   |   |
| AshCo, Inc.                                  | Specialty retail | LIBOR (3 months) + 5.00%, Current Coupon 6.30%, Secured Debt (Maturity - December 15, 2023) | $ | 2,000 |  | $ | 1,953 |  | $ | 1,948 |  |
| Atkore International, Inc.                   | Electronic equipment, instruments and components | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - December 22, 2023) | 2,992 |  | 3,022 |  | 3,009 |  |
| Avantor Performance Materials Holdings, Inc. | Biotechnology | LIBOR (1 month) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - March 8, 2024) | 2,993 |  | 3,029 |  | 3,002 |  |
| BMC Software Finance, Inc.                   | Software | LIBOR (1 month) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - September 12, 2022) | 2,980 |  | 3,005 |  | 2,990 |  |
| Builders FirstSource, Inc.                   | Building products | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - February 29, 2024) | 2,992 |  | 2,989 |  | 2,994 |  |
| CHS/Community Health Systems, Inc.           | Healthcare providers and services | LIBOR (3 months) + 3.00%, Current Coupon 4.20%, Secured Debt (Maturity - January 27, 2021) | 1,791 |  | 1,784 |  | 1,791 |  |
| Colorado Buyer Inc                           | Technology hardware, storage and peripherals | LIBOR (3 months) + 3.00%, Current Coupon 4.17%, Secured Debt (Maturity - May 1, 2024) | 3,000 |  | 3,012 |  | 3,008 |  |
| Confie Seguros Holding II Co.                | Insurance | LIBOR (1 month) + 5.50%, Current Coupon 6.73%, Secured Debt (Maturity - April 19, 2022) | 1,995 |  | 2,002 |  | 1,975 |  |
| Cortes NP Acquisition Corporation            | Electrical equipment | LIBOR (3 months) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - November 30, 2023) | 2,000 |  | 2,020 |  | 2,011 |  |
| CPI International, Inc.                      | Aerospace and defense | LIBOR (1 month) + 3.25%, Current Coupon 4.48%, Secured Debt (Maturity - April 7, 2021) | 1,995 |  | 2,010 |  | 1,995 |  |
| Diamond Resorts International, Inc.          | Hotels, restaurants and leisure | LIBOR (1 month) + 6.00%, Current Coupon 7.23%, Secured Debt (Maturity - September 1, 2023) | 1,995 |  | 2,025 |  | 2,014 |  |
| Duff & Phelps Corporation                | Diversified financial services | LIBOR (3 months) + 3.75%, Current Coupon 5.05%, Secured Debt (Maturity - April 23, 2020) | 1,995 |  | 2,009 |  | 2,011 |  |
| EFS Cogen Holdings I LLC                     | Electric utilities | LIBOR (3 months) + 3.50%, Current Coupon 4.80%, Secured Debt (Maturity - June 28, 2023) | 1,963 |  | 1,977 |  | 1,974 |  |
| Endo Luxembourg Finance Company I S.a.r.l.   | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 5.50%, Secured Debt (Maturity - April 29, 2024) | 2,000 |  | 2,020 |  | 2,022 |  |
| Envision Healthcare Corporation              | Healthcare providers and services | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - December 1, 2023) | 2,494 |  | 2,494 |  | 2,509 |  |
| Everi Payments Inc.                          | Leisure products | LIBOR (3 months) + 4.50%, Current Coupon 5.75%, Secured Debt (Maturity - May 9, 2024) | 2,000 |  | 1,993 |  | 2,017 |  |
| First American Payment Systems, L.P.         | Diversified financial services | LIBOR (1 month) + 5.75%, Current Coupon 6.84%, Secured Debt (Maturity - January 5, 2024) | 1,000 |  | 1,012 |  | 1,011 |  |
| Fitness International, LLC                   | Hotels, restaurants and leisure | LIBOR (1 month) + 4.25%, Current Coupon 5.48%, Secured Debt (Maturity - July 1, 2020) | 2,000 |  | 2,030 |  | 2,029 |  |
| Flexera Software LLC                         | Software | LIBOR (1 month) + 3.50%, Current Coupon 4.80%, Secured Debt (Maturity - April 2, 2020) | 1,995 |  | 2,017 |  | 2,011 |  |
| Greatbatch Ltd.                              | Healthcare equipment and supplies | LIBOR (2 months) + 3.50%, Current Coupon 4.71%, Secured Debt (Maturity - October 27, 2022) | 2,889 |  | 2,907 |  | 2,905 |  |
| GYP Holdings III Corp.                       | Trading comanies and distributors | LIBOR (1 month) + 3.00%, Current Coupon 4.14%, Secured Debt (Maturity - March 31, 2023) | 3,500 |  | 3,527 |  | 3,515 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                 |
| Loan Portfolio                           |
| As of June 30, 2017                      |
| (dollars in thousands)                   |
| Portfolio Company                        | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                     |   |   |   |   |   |
| Harbor Freight Tools USA, Inc.           | Specialty retail | LIBOR (1 month) + 3.25%, Current Coupon 4.48%, Secured Debt (Maturity - August 18, 2023) | $ | 2,000 |  | $ | 2,007 |  | $ | 2,002 |  |
| Horizon Pharma, Inc.                     | Pharmaceuticals | LIBOR (1 month) + 3.75%, Current Coupon 4.88%, Secured Debt (Maturity - March 29, 2024) | 1,995 |  | 2,015 |  | 2,005 |  |
| IG Investments Holdings, LLC             | Professional services | LIBOR (1 month) + 4.00%, Current Coupon 5.30%, Secured Debt (Maturity - October 31, 2021) | 1,995 |  | 2,007 |  | 2,016 |  |
| inVentiv Health, Inc.                    | Life sciences tools and services | LIBOR (3 months) + 3.75%, Current Coupon 4.95%, Secured Debt (Maturity - November 9, 2023) | 2,992 |  | 3,015 |  | 3,002 |  |
| Jackson Hewitt Tax Service Inc.          | Diversified consumer services | LIBOR (1 month) + 7.00%, Current Coupon 8.17%, Secured Debt (Maturity - July 30, 2020) | 2,000 |  | 1,912 |  | 1,920 |  |
| KC MergerSub, Inc.                       | Diversified consumer services | LIBOR (3 months) + 3.75%, Current Coupon 5.05%, Secured Debt (Maturity - August 12, 2022) | 1,995 |  | 2,005 |  | 2,009 |  |
| KMG Chemicals, Inc.                      | Chemicals | LIBOR (1 month) + 4.25%, Current Coupon 5.41%, Secured Debt (Maturity - June 13, 2024) | 1,333 |  | 1,327 |  | 1,349 |  |
| LANDesk Group, Inc.                      | Software | LIBOR (1 month) + 4.25%, Current Coupon 5.48%, Secured Debt (Maturity - January 22, 2024) | 998 |  | 1,004 |  | 994 |  |
| LTS Buyer LLC                            | Diversified telecommunication services | LIBOR (3 months) + 3.25%, Current Coupon 4.55%, Secured Debt (Maturity - April 13, 2020) | 2,992 |  | 3,018 |  | 3,009 |  |
| Mohegan Tribal Gaming Authority          | Hotels, restaurants and leisure | LIBOR (1 month) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - October 13, 2023) | 1,995 |  | 2,014 |  | 2,020 |  |
| MPH Acquisition Holdings LLC             | Health care technology | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - June 7, 2023) | 2,991 |  | 3,035 |  | 2,995 |  |
| NAB Holdings, LLC                        | IT services | LIBOR (3 months) + 3.50%, Current Coupon 4.70%, Secured Debt (Maturity - June 14, 2024) | 2,000 |  | 1,990 |  | 2,007 |  |
| NBTY, Inc.                               | Food products | LIBOR (3 months) + 3.50%, Current Coupon 4.80%, Secured Debt (Maturity - May 5, 2023) | 1,995 |  | 2,000 |  | 2,000 |  |
| Ortho-Clinical Diagnostics, Inc          | Life sciences tools and services | LIBOR (1 month) + 3.75%, Current Coupon 5.05%, Secured Debt (Maturity - June 30, 2021) | 1,995 |  | 1,990 |  | 1,987 |  |
| Quikrete Holdings, Inc.                  | Construction materials | LIBOR (1 month) + 2.75%, Current Coupon 3.98%, Secured Debt (Maturity - November 15, 2023) | 2,992 |  | 2,992 |  | 2,989 |  |
| Rackspace Hosting, Inc.                  | Electronic equipment, instruments and components | LIBOR (1 month) + 3.00%, Current Coupon 4.17%, Secured Debt (Maturity - November 3, 2023) | 3,300 |  | 3,327 |  | 3,307 |  |
| SeaWorld Parks & Entertainment, Inc. | Hotels, restaurants and leisure | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - April 1, 2024) | 1,995 |  | 1,997 |  | 1,994 |  |
| Telenet Financing USD LLC                | Diversified telecommunication services | LIBOR (1 month) + 2.75%, Current Coupon 3.91%, Secured Debt (Maturity - June 30, 2025) | 3,000 |  | 3,013 |  | 3,005 |  |
| Transdigm, Inc.                          | Aerospace and defense | LIBOR (1 month) + 3.00%, Current Coupon 4.23%, Secured Debt (Maturity - June 9, 2023) | 1,995 |  | 2,002 |  | 1,994 |  |
| UFC Holdings, LLC                        | Media | LIBOR (1 month) + 3.25%, Current Coupon 4.47%, Secured Debt (Maturity - August 18, 2023) | 1,995 |  | 2,007 |  | 2,001 |  |
| Ultra Resources, Inc.                    | Oil, Gas and Consumable Fuels | LIBOR (1 month) + 3.00%, Current Coupon 4.12%, Secured Debt (Maturity - April 12, 2024) | 2,000 |  | 2,003 |  | 1,995 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                    |
| Loan Portfolio                              |
| As of June 30, 2017                         |
| (dollars in thousands)                      |
| Portfolio Company                           | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                        |   |   |   |   |   |
| Valeant Pharmaceuticals International, Inc. | Pharmaceuticals | LIBOR (1 month) + 4.75%, Current Coupon 5.83%, Secured Debt (Maturity - April 1, 2022) | $ | 2,904 |  | $ | 2,918 |  | $ | 2,946 |  |
| Vistra Operations Company LLC               | Electric utilities | LIBOR (1 month) + 3.25%, Current Coupon 4.46%, Secured Debt (Maturity - December 14, 2023) | 1,995 |  | 2,007 |  | 1,997 |  |
| WideOpenWest Finance, LLC                   | Diversified telecommunication services | LIBOR (3 months) + 3.50%, Current Coupon 4.70%, Secured Debt (Maturity - August 18, 2023) | 2,992 |  | 3,019 |  | 3,019 |  |
|                                        |   | LIBOR (3 months) + 3.25%, Current Coupon 4.25%, Secured Debt (Maturity - August 18, 2023) | 505 |  | 504 |  | 505 |  |
| Total Loan Portfolio                        |   |   |   | $ | 115,785 |  | $ | 115,559 |  |

|                                       |
|---------------------------------------|
|                                       |  |  |  |
|                                  | As of |
| Balance Sheet Data                    | June 30, 2017 |
| Assets                                |   |
| Portfolio investments at fair value   | $ | 115,559 |  |
| Cash and cash equivalents             | 15,909 |  |
| Deferred financing costs              | 1,087 |  |
| Other assets                          | 74 |  |
| Total assets                          | $ | 132,629 |  |
|                                  |   |
| Liabilities                           |   |
| Debt                                  | $ | 40,000 |  |
| Payable for securities purchased      | 42,183 |  |
| Accounts payable and accrued expenses | 483 |  |
| Total liabilities                     | 82,666 |  |
| Net assets                            | 49,963 |  |
| Total liabilities and net assets      | $ | 132,629 |  |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |
|                                         | Period from inception (April 4, 2017) to June 30, 2017 |
|                                         |
| Selected Statement of Operations Information |   |
| Interest income                              | $ | 494 |  |
| Dividend income                              | — |  |
| Total income                                 | $ | 494 |  |
| Interest expense                             | 251 |  |
| Other expenses                               | 53 |  |
| Total expenses                               | $ | 304 |  |
| Net investment income                        | $ | 190 |  |
| Unrealized (depreciation) on investments     | (226 | ) |
| Realized (losses) from investments           | (1 | ) |
| Net (decrease) in net assets                 | $ | (37 | ) |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
| Per Share Data:                                            | Six Months Ended  June 30, 2017 |   | Six Months Ended  June 30, 2016 |
| NAV at beginning of period                                           | $ | 8.15 |  |   | $ | 7.88 |  |
| Results from Operations                                              |   |   |   |
| Net investment income (1) (2)                                        | 0.40 |  |   | 0.37 |  |
| Net realized appreciation (depreciation) (1) (2)                     | 0.03 |  |   | (0.15 | ) |
| Net unrealized appreciation (depreciation) (1) (2)              | (0.03 | ) |   | 0.02 |  |
| Net increase (decrease) in net assets resulting from operations      | 0.40 |  |   | 0.24 |  |
| Stockholder distributions (1) (3)                               |   |   |   |
| Distributions from net investment income (1) (2)                     | (0.32 | ) |   | (0.35 | ) |
| Distributions from realized appreciation (1) (2)                     | (0.03 | ) |   | — |  |
| Net decrease in net assets resulting from stockholder distributions  | (0.35 | ) |   | (0.35 | ) |
| Capital share transactions                                           |   |   |   |
| Issuance of common stock above NAV (4), net of offering costs (1)    | 0.02 |  |   | — |  |
| Net increase in net assets resulting from capital share transactions | 0.02 |  |   | — |  |
| NAV at end of the period                                             | $ | 8.22 |  |   | $ | 7.77 |  |
|                                                                 |   |   |   |
| Shares outstanding at end of period                                  | 77,891,173 |  |   | 68,040,541 |  |
| Weighted average shares outstanding                                  | 75,929,218 |  |   | 64,982,508 |  |

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

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

----

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

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The continuous issuance of shares of common stock may cause an incremental increase in NAV per share due to the sale of shares at the then prevailing public offering price in excess of NAV per share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date times (B) the differences between the net proceeds per share and the NAV per share on each share transaction date, divided by (ii) the weighted average shares of common stock outstanding for the period. |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
|                                                     | Six Months Ended  June 30, 2017 |   | Six Months Ended  June 30, 2016 |
|                                                     | (dollars in thousands) |
| NAV at end of period                                     | $ | 640,001 |  |   | $ | 528,743 |  |
| Average net assets                                       | $ | 618,381 |  |   | $ | 505,356 |  |
| Average Credit Facilities borrowings                     | $ | 405,333 |  |   | $ | 394,000 |  |
|                                                     |   |   |   |
| Ratios to average net assets:                            |   |   |   |
| Ratio of total expenses to average net assets (1)   | 3.35 | % |   | 3.60 | % |
| Ratio of net investment income to average net assets (1) | 4.88 | % |   | 4.81 | % |
| Portfolio turnover ratio                                 | 28.42 | % |   | 13.40 | % |
| Total return (2)                                    | 5.15 | % |   | 3.03 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the six months ended June 30, 2017 and 2016, the Advisers did not waive base management fees but waived subordinated incentive fees of approximately $2.3 million and $493,000, respectively, and administrative services expenses of approximately $1.5 million and $1.1 million, respectively. The ratio is calculated by reducing the expenses to reflect the waiver of expenses and reimbursement of administrative services in both periods presented.  Excluding interest expense, the ratio of total expenses to average net assets for the six months ended June 30, 2017 and June 30, 2016 was 2.00% and 2.15%, respectively.  See Note 10 - Related Party Transactions and Arrangements for further discussion of fee waivers provided by the Advisers. |

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

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Distributions |
|                              | Per Share |   | Amount |
| 2017                              |   |   |   |
| Three months ended June 30, 2017  | $ | 0.18 |  |   | $ | 13,438 |  |
| Three months ended March 31, 2017 | $ | 0.17 |  |   | $ | 12,922 |  |
| 2016                              |   |   |   |
| Three months ended June 30, 2016  | $ | 0.18 |  |   | $ | 11,650 |  |
| Three months ended March 31, 2016 | $ | 0.17 |  |   | $ | 11,037 |  |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | Six Months Ended  June 30, 2017 |   | Six Months Ended  June 30, 2016 |
|                                                                  | (dollars in thousands) |
| Source of Distribution                                      | DistributionAmount |   | Percentage |   | DistributionAmount |   | Percentage |
| Net realized income from operations (before waiver of incentive fees) | $ | 26,360 |  |   | 100 | % |   | $ | 13,780 |  |   | 61 | % |
| Waiver of incentive fees                                              | — |  |   | — |  |   | 493 |  |   | 2 |  |
| Distributions in excess of net investment income (1)                  | — |  |   | — |  |   | 8,414 |  |   | 37 |  |
| Total                                                                 | $ | 26,360 |  |   | 100 | % |   | $ | 22,687 |  |   | 100 | % |

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

----

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                                     | Six Months Ended June 30, 2017 |   | Six Months Ended June 30, 2016 |
|                                                                                                                                     |   |   |   |
| Net increase (decrease) in net assets resulting from operations                                                                          | $ | 30,726 |  |   | $ | 15,426 |  |
| Net change in unrealized (appreciation) depreciation                                                                                     | 2,115 |  |   | (1,153 | ) |
| Income tax (benefit) provision                                                                                                           | 78 |  |   | 48 |  |
| Pre-tax book (income) loss not consolidated for tax purposes                                                                             | 283 |  |   | 9,025 |  |
| Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates | 795 |  |   | 135 |  |
| Estimated taxable income (1)                                                                                                        | 33,997 |  |   | 23,481 |  |
|                                                                                                                                     |   |   |   |
| Taxable income earned in prior year and carried forward for distribution in current year                                                 | 7,238 |  |   | 3,839 |  |
|                                                                                                                                     |   |   |   |
| Taxable income earned prior to period end and carried forward for distribution next period                                               | (19,350 | ) |   | (8,547 | ) |
| Dividend accrued as of period end and paid-in the following period                                                                       | 4,475 |  |   | 3,914 |  |
| Taxable income earned to be carried forward                                                                                              | (14,875 | ) |   | (4,633 | ) |
|                                                                                                                                     |   |   |   |
| Total distributions accrued or paid to common stockholders                                                                               | $ | 26,360 |  |   | $ | 22,687 |  |

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

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |
|                                                                |   | June 30, 2017 |   | December 31, 2016 |
| Deferred tax assets:                                                |   |   |   |   |
| Net operating loss carryforwards                                    |   | $ | 2,367 |  |   | $ | 2,258 |  |
| Capital loss carryforwards                                          |   | 8,424 |  |   | 8,366 |  |
| Net basis differences in portfolio investments                      |   | — |  |   | — |  |
| Net unrealized depreciation of portfolio investments                |   | 1,641 |  |   | 20 |  |
|     Total deferred tax assets                   |   | 12,432 |  |   | 10,644 |  |
| Deferred tax liabilities:                                           |   |   |   |   |
| Net basis differences in portfolio investments                      |   | (1,180 | ) |   | (1,119 | ) |
| Net unrealized appreciation of portfolio investments                |   | — |  |   | — |  |
| Other                                                               |   | — |  |   | — |  |
|     Total deferred tax liabilities              |   | (1,180 | ) |   | (1,119 | ) |
| Valuation allowance                                                 |   | (11,252 | ) |   | (9,525 | ) |
|     Total net deferred tax assets (liabilities) |   | $ | — |  |   | $ | — |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Year Ended December 31, |
| Tax Characteristics of Distributions | 2016 |   | 2015 |   | 2014 |
|                                 |   |   |   |   |   |   |   |   |
| Ordinary income                      | $ | 44,848 |  | 93.90 | % |   | $ | 34,085 |  | 99.68 | % |   | $ | 11,162 |  | 99.51 | % |
| Capital gain distributions           | 2,913 |  | 6.10 |  |   | 110 |  | 0.32 |  |   | 55 |  | 0.49 |  |
| Total                                | $ | 47,761 |  | 100.00 | % |   | $ | 34,195 |  | 100.00 | % |   | $ | 11,217 |  | 100.00 | % |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |
| Supplemental Disclosure of Cash Flow Information |   | Six Months Ended June 30, 2017 |   | Six Months Ended June 30, 2016 |
| Cash paid for interest                                                    |   | $ | 7,680 |  |   | $ | 6,623 |  |
| Cash paid for income taxes                                                |   | 342 |  |   | 229 |  |
|                                                                      |   |   |   |   |
| Supplemental Disclosure of Non-Cash Flow Information                      |   |   |  |   |   |  |
| Stockholder distributions declared and unpaid                             |   | 4,475 |  |   | 3,914 |  |
| Stockholder distributions reinvested                                      |   | 13,545 |  |   | 11,867 |  |
| Change in unpaid deferred offering costs                                  |   | (20 | ) |   | 1,108 |  |
| Unpaid deferred financing costs                                           |   | 42 |  |   | 3 |  |
| Unpaid sales commissions and dealer manager fee                           |   | 104 |  |   | 90 |  |

|    |                                                                                                                |
|----|----------------------------------------------------------------------------------------------------------------|
| 1. | First, to reimburse Expense Support Payments, beginning with the earliest year eligible for reimbursement; and |

|    |                                                                                                    |
|----|----------------------------------------------------------------------------------------------------|
| 2. | Second, to reimburse all waived fees, beginning with the earliest year eligible for reimbursement. |

----

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          | Management Fee (1) |   | Subordinated Incentive Fee (1) |   | Capital Gain Incentive Fee (1) |   | Expense Support (1) |   |   |   |   |
| Quarter Ended | Waivers | Repaid to Adviser  (2) |   | Waivers | Repaid to Adviser (2) |   | Waivers | Repaid to Adviser (2) |   | Payments | Repaid to Adviser (2) |   | Operating Expense Ratio (3) | Annualized Distribution Rate (4) | Eligible to be Repaid Through |
| 6/30/2012     | $ | 31 |  | $ | — |  |   | $ | 18 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.35% | 7.00% | Expired |
| 9/30/2012     | $ | 97 |  | $ | — |  |   | $ | 52 |  | $ | — |  |   | $ | 3 |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.97% | 7.00% | Expired |
| 12/31/2012    | $ | 104 |  | $ | — |  |   | $ | 53 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 2.96% | 7.00% | Expired |
| 3/31/2013     | $ | 84 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.86% | 7.00% | Expired |
| 6/30/2013     | $ | 118 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.36% | 7.00% | Expired |
| 9/30/2013     | $ | 268 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.22% | 7.00% | Expired |
| 12/31/2013    | $ | 309 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | 5 |  | $ | — |  |   | $ | 153 |  | $ | — |  |   | 0.49% | 7.00% | Expired |
| 3/31/2014     | $ | 306 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.28% | 7.00% | Expired |
| 6/30/2014     | $ | 548 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.28% | 7.00% | Expired |
| 9/30/2014     | $ | 821 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | 328 |  | $ | — |  |   | 1.23% | 7.00% | 9/30/2017 |
| 12/31/2014    | $ | 148 |  | $ | — |  |   | $ | 451 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.70% | 7.00% | 12/31/2017 |
| 3/31/2015     | $ | — |  | $ | — |  |   | $ | 358 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.78% | 7.18% | 3/31/2018 |
| 6/30/2015     | $ | — |  | $ | — |  |   | $ | 930 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.69% | 7.07% | 6/30/2018 |
| 9/30/2015     | $ | — |  | $ | — |  |   | $ | 155 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 2.11% | 7.07% | 9/30/2018 |
| 12/31/2015    | $ | — |  | $ | — |  |   | $ | 1,159 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 2.27% | 7.78% | 12/31/2018 |
| 3/31/2016     | $ | — |  | $ | — |  |   | $ | 493 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.83% | 8.14% | 3/31/2019 |
| 6/30/2016     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.76% | 7.95% | 6/30/2019 |
| 9/30/2016     | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.73% | 7.87% | 9/30/2019 |
| 12/31/2016    | $ | — |  | $ | — |  |   | $ | 1,196 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.68% | 7.69% | 12/31/2019 |
| 3/31/2017     | $ | — |  | $ | — |  |   | $ | 1,495 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.68% | 7.53% | 3/31/2020 |
| 6/30/2017     | $ | — |  | $ | — |  |   | $ | 823 |  | $ | — |  |   | $ | — |  | $ | — |  |   | $ | — |  | $ | — |  |   | 1.67% | 7.53% | 6/30/2020 |

|     |                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Fees waived pursuant to the Conditional Fee Waiver Agreement and the 2016-2017 Conditional Income Incentive Fee Waiver Agreements and Expense Support Payments pursuant to the 2013 and 2014 Expense Reimbursement Agreements. |

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

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

----

|     |                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | “Annualized Distribution Rate” equals $0.00191781 per share, per day. “Annualized Distribution Rate” does not include the special stock dividend paid to stockholders on September 14, 2012 and was based on the Company’s offering price per share as of the final day of the quarter. |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|          |   | Administrative Services |   |   |   |   |   |   |
| Quarter Ended |   | Waivers | Repaid to Adviser |   | Operating Expense Ratio (1) |   | Annualized Distribution Rate (2) |   | Eligible to be Repaid Through (3) |
| 6/30/2012     |   | $ | 25 |  | $ | — |  |   | 1.35% |   | 7.00% |   | Not Eligible to be Repaid |
| 9/30/2012     |   | $ | 129 |  | $ | — |  |   | 1.97% |   | 7.00% |   | Not Eligible to be Repaid |
| 12/31/2012    |   | $ | 284 |  | $ | — |  |   | 2.96% |   | 7.00% |   | Not Eligible to be Repaid |
| 3/31/2013     |   | $ | 233 |  | $ | — |  |   | 1.86% |   | 7.00% |   | Not Eligible to be Repaid |
| 6/30/2013     |   | $ | 222 |  | $ | — |  |   | 1.36% |   | 7.00% |   | Not Eligible to be Repaid |
| 9/30/2013     |   | $ | 234 |  | $ | — |  |   | 1.22% |   | 7.00% |   | Not Eligible to be Repaid |
| 12/31/2013    |   | $ | 329 |  | $ | — |  |   | 0.49% |   | 7.00% |   | Not Eligible to be Repaid |
| 3/31/2014     |   | $ | 329 |  | $ | — |  |   | 1.28% |   | 7.00% |   | Not Eligible to be Repaid |
| 6/30/2014     |   | $ | 385 |  | $ | — |  |   | 1.28% |   | 7.00% |   | Not Eligible to be Repaid |
| 9/30/2014     |   | $ | 371 |  | $ | — |  |   | 1.23% |   | 7.00% |   | Not Eligible to be Repaid |
| 12/31/2014    |   | $ | 412 |  | $ | — |  |   | 1.70% |   | 7.00% |   | Not Eligible to be Repaid |
| 3/31/2015     |   | $ | 437 |  | $ | — |  |   | 1.78% |   | 7.18% |   | Not Eligible to be Repaid |
| 6/30/2015     |   | $ | 480 |  | $ | — |  |   | 1.69% |   | 7.07% |   | Not Eligible to be Repaid |
| 9/30/2015     |   | $ | 517 |  | $ | — |  |   | 2.11% |   | 7.07% |   | Not Eligible to be Repaid |
| 12/31/2015    |   | $ | 603 |  | $ | — |  |   | 2.27% |   | 7.78% |   | Not Eligible to be Repaid |
| 3/31/2016     |   | $ | 533 |  | $ | — |  |   | 1.83% |   | 8.14% |   | Not Eligible to be Repaid |
| 6/30/2016     |   | $ | 574 |  | $ | — |  |   | 1.76% |   | 7.95% |   | Not Eligible to be Repaid |
| 9/30/2016     |   | $ | 529 |  | $ | — |  |   | 1.73% |   | 7.87% |   | Not Eligible to be Repaid |
| 12/31/2016    |   | $ | 679 |  | $ | — |  |   | 1.68% |   | 7.69% |   | Not Eligible to be Repaid |
| 3/31/2017     |   | $ | 661 |  | $ | — |  |   | 1.68% |   | 7.53% |   | Not Eligible to be Repaid |
| 6/30/2017     |   | $ | 873 |  | $ | — |  |   | 1.67% |   | 7.53% |   | Not Eligible to be Repaid |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The “Operating Expense Ratio” is calculated on a quarterly basis as a percentage of average net assets and includes all expenses borne by the Company, except for base management and incentive fees and administrative expenses waived by the Advisers and organizational and offering expenses. For the quarter ended December 31, 2013, expenses have been reduced by $153,000, the amount of the Expense Support Payment received in 2013 from the Adviser. For the quarter ended September 30, 2014, expenses have been reduced by $328,000, which Expense Support Payment was received from the Adviser on October 30, 2014. |

|     |                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | “Annualized Distribution Rate” equals $0.00191781 per share, per day. “Annualized Distribution Rate” does not include the special stock dividend paid to stockholders on September 14, 2012 and was based on the Company’s offering price per share as of the last day of the quarter. |

|     |                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The Advisers have agreed to permanently waive reimbursement by the Company of administrative expenses through June 30, 2017. The waiver of reimbursement of administrative expenses is not eligible for future reimbursement from the Company to the Advisers. |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Incurred |   | Incurred |   | Unpaid as of |
|                                                              | Three Months Ended June 30, |   | Six Months Ended June 30, |   | June 30, 2017 |   | December 31, 2016 |
| Type and Recipient                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |   |
| Incentive Fees on Income (1) - the Adviser, Sub-Adviser | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Offering Costs - the Adviser, Sub-Adviser                         | 341 |  |   | 513 |  |   | 728 |  |   | 821 |  |   | (3 | ) |   | (23 | ) |
| Other (2) - the Adviser                                      | 104 |  |   | 60 |  |   | 292 |  |   | 153 |  |   | 11 |  |   | 121 |  |
| Selling Commissions - Dealer Manager                              | 807 |  |   | 1,767 |  |   | 1,867 |  |   | 2,642 |  |   | 49 |  |   | 92 |  |
| Dealer Manager Fee - Dealer Manager                               | 442 |  |   | 828 |  |   | 1,000 |  |   | 1,251 |  |   | 55 |  |   | (6 | ) |
| Due to Affiliates                                                 |   |   |   |  |   |   |  |   |   |  |   | $ | 112 |  |   | $ | 184 |  |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Base Management Fees (1) - the Adviser, Sub-Adviser     | $ | 5,303 |  |   | $ | 4,693 |  |   | $ | 10,453 |  |   | $ | 9,187 |  |   | $ | 5,304 |  |   | $ | 5,054 |  |

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

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

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| For the Quarter Ended |   | Repurchase Date |   | Shares Repurchased |   | Percentage of Shares Tendered that were Repurchased |   | Repurchase Priceper Share |   | Aggregate Consideration for Repurchased Shares |
| March 31, 2017        |   | 3/23/2017 |   | 614,179.64 |   | 100% |   | $ | 8.23 |  |   | $ | 5,054,698 |  |
| June 30, 2017         |   | 6/15/2017 and 6/16/2017 |   | 346,306.52 |   | 100% |   | $ | 8.20 |  |   | $ | 2,839,713 |  |

----

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |
|                                  | Commitments and Contingencies |
|                                  | (dollars in thousands) |
|                                  | June 30, 2017 |   | December 31, 2016 |
| Unfunded Loan Commitments             |  |   |   |
| Adams Publishing Group, LLC           | $ | 2,216 |  |  | $ | — |  |
| Apex Linen Services, Inc.             | 403 |  |   | 397 |  |
| Arcus Hunting, LLC                    | 795 |  |   | 2,136 |  |
| BarFly Ventures, LLC                  | 306 |  |   | 881 |  |
| BigName Holdings, LLC                 | 120 |  |  | — |  |
| Boccella Precast Products, LLC        | 500 |  |   | — |  |
| Buca C, LLC                           | — |  |  | 1,548 |  |
| CapFusion Holding, LLC                | 400 |  |   | 394 |  |
| CDHA Management, LLC                  | 3,373 |  |   | 3,259 |  |
| Charps, LLC                           | 1,000 |  |   | — |  |
| Clad-Rex Steel, LLC                   | 100 |  |  | — |  |
| CST Industries, Inc.                  | 1,084 |  |  | — |  |
| Datacom, LLC                          | 80 |  |   | 1,302 |  |
| Gamber-Johnson Holdings, LLC          | 300 |  |   | 300 |  |
| Guerdon Modular Holdings, Inc.        | 400 |  |   | 400 |  |
| Hawk Ridge Systems, LLC               | 400 |  |   | 400 |  |
| Hojeij Branded Foods, Inc.            | 1,501 |  |   | 2,000 |  |
| Hostway Corporation                   | 67 |  |  | — |  |
| HW Temps LLC                          | 200 |  |   | 50 |  |
| Jackmont Hospitality, Inc.            | — |  |   | 1,200 |  |
| LaMi Products, LLC                    | 1,029 |  |   | 1,729 |  |
| Meisler Operating, LLC                | 400 |  |  | — |  |
| Minute Key, Inc.                      | 2,200 |  |   | 197 |  |
| Mystic Logistics, Inc.                | 200 |  |   | 194 |  |
| NNE Issuer, LLC                       | 8,458 |  |  | — |  |
| NuStep, LLC                           | 300 |  |  | — |  |
| Pardus Oil & Gas, LLC             | 357 |  |   | 357 |  |
| Permian Holdco 2                      | 290 |  |   | 290 |  |
| PPC/Shift, LLC                        | 500 |  |   | 500 |  |
| Strike, LLC                           | 2,000 |  |   | 2,475 |  |
| Unirush LLC                           | — |  |   | 980 |  |
| Volusion, LLC                         | — |  |   | 2,955 |  |
| Unfunded Capital Commitments          |   |   |   |
| Brightwood Capital Fund III, LP       | 1,000 |  |   | 1,000 |  |
| Brightwood Capital Fund IV, LP        | 9,000 |  |   | 10,000 |  |
| Freeport First Lien Loan Fund III, LP | 4,941 |  |   | 7,737 |  |
| Total                                 | $ | 43,920 |  |   | $ | 42,681 |  |

----

----

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----

----

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

----

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

----

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | June 30, 2017 |   | December 31, 2016 |
| Cost:                    | LMM |   | Private Loan |   | Middle Market |   | Total |   | LMM |   | Private Loan |   | Middle Market |   | Total |
| First Lien Secured Debt  | 69.0 | % |   | 92.0 | % |   | 81.8 | % |   | 82.7 | % |   | 67.9 | % |   | 92.0 | % |   | 81.5 | % |   | 82.3 | % |
| Second Lien Secured Debt | 3.0 |  |   | 0.6 |  |   | 17.0 |  |   | 11.2 |  |   | 3.5 |  |   | 0.7 |  |   | 16.9 |  |   | 11.9 |  |
| Unsecured Debt           | — |  |   | 4.2 |  |   | 0.4 |  |   | 1.3 |  |   | — |  |   | 4.9 |  |   | 0.9 |  |   | 1.6 |  |
| Equity                   | 26.8 |  |   | 2.9 |  |   | 0.8 |  |   | 4.6 |  |   | 26.9 |  |   | 2.0 |  |   | 0.7 |  |   | 3.9 |  |
| Equity warrants          | 1.2 |  |   | 0.3 |  |   | — |  |   | 0.2 |  |   | 1.7 |  |   | 0.4 |  |   | — |  |   | 0.3 |  |
| Total                    | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | June 30, 2017 |   | December 31, 2016 |
| Fair Value:              | LMM |   | Private Loan |   | Middle Market |   | Total |   | LMM |   | Private Loan |   | Middle Market |   | Total |
| First Lien Secured Debt  | 65.0 | % |   | 92.0 | % |   | 81.4 | % |   | 81.8 | % |   | 64.3 | % |   | 91.5 | % |   | 81.3 | % |   | 81.5 | % |
| Second Lien Secured Debt | 2.9 |  |   | 0.6 |  |   | 17.4 |  |   | 11.3 |  |   | 3.3 |  |   | 0.7 |  |   | 17.0 |  |   | 11.8 |  |
| Unsecured Debt           | — |  |   | 4.3 |  |   | 0.5 |  |   | 1.4 |  |   | — |  |   | 4.9 |  |   | 0.9 |  |   | 1.7 |  |
| Equity                   | 30.8 |  |   | 2.9 |  |   | 0.7 |  |   | 5.3 |  |   | 30.7 |  |   | 2.1 |  |   | 0.8 |  |   | 4.6 |  |
| Equity warrants          | 1.3 |  |   | 0.2 |  |   | — |  |   | 0.2 |  |   | 1.7 |  |   | 0.8 |  |   | — |  |   | 0.4 |  |
| Total                    | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |
|                                         | As of June 30, 2017 |
|                                         |   |
| Total debt investments (1)                   | $ | 115,508 |  |
| Weighted average effective yield on loans(2) | 4.88 | % |
| Largest loan to a single borrower(1)         | $ | 3,500 |  |
| Total of 10 largest loans to borrowers(1)    | $ | 30,753 |  |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                     |
| Loan Portfolio                               |
| As of June 30, 2017                          |
| (dollars in thousands)                       |
| Portfolio Company                            | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                         |   |   |   |   |   |
| Acosta, Inc.                                 | Commercial services and supplies | LIBOR (3 months) + 3.25%, Current Coupon 4.48%, Secured Debt (Maturity - September 26, 2021) | $ | 2,000 |  | $ | 1,865 |  | $ | 1,802 |  |
| Acrisure, LLC                                | Insurance | LIBOR (1 month) + 5.00%, Current Coupon 6.30%, Secured Debt (Maturity - November 22, 2023) | 1,995 |  | 2,002 |  | 2,018 |  |
| Advantage Sales & Marketing Inc.         | Commercial services and supplies | LIBOR (1 month) + 3.25%, Current Coupon 4.42%, Secured Debt (Maturity - July 23, 2021) | 2,000 |  | 1,941 |  | 1,925 |  |
| Air Medical Group Holdings Inc               | Health care providers & services | LIBOR (1 month) + 4.00%, Current Coupon 5.16%, Secured Debt (Maturity - April 28, 2022) | 2,000 |  | 1,990 |  | 1,995 |  |
| Ancestry.com Operations Inc.                 | Internet software and services | LIBOR (1 month) + 3.25%, Current Coupon 4.34%, Secured Debt (Maturity - October 19, 2023) | 2,000 |  | 2,020 |  | 2,013 |  |
| Arch Coal, Inc.                              | Metals and mining | LIBOR (1 month) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - March 7, 2024) | 1,995 |  | 2,002 |  | 1,998 |  |
| AshCo, Inc.                                  | Specialty retail | LIBOR (3 months) + 5.00%, Current Coupon 6.30%, Secured Debt (Maturity - December 15, 2023) | 2,000 |  | 1,953 |  | 1,948 |  |
| Atkore International, Inc.                   | Electronic equipment, instruments and components | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - December 22, 2023) | 2,992 |  | 3,022 |  | 3,009 |  |
| Avantor Performance Materials Holdings, Inc. | Biotechnology | LIBOR (1 month) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - March 8, 2024) | 2,993 |  | 3,029 |  | 3,002 |  |
| BMC Software Finance, Inc.                   | Software | LIBOR (1 month) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - September 12, 2022) | 2,980 |  | 3,005 |  | 2,990 |  |
| Builders FirstSource, Inc.                   | Building products | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - February 29, 2024) | 2,992 |  | 2,989 |  | 2,994 |  |
| CHS/Community Health Systems, Inc.           | Healthcare providers and services | LIBOR (3 months) + 3.00%, Current Coupon 4.20%, Secured Debt (Maturity - January 27, 2021) | 1,791 |  | 1,784 |  | 1,791 |  |
| Colorado Buyer Inc                           | Technology hardware, storage and peripherals | LIBOR (3 months) + 3.00%, Current Coupon 4.17%, Secured Debt (Maturity - May 1, 2024) | 3,000 |  | 3,012 |  | 3,008 |  |
| Confie Seguros Holding II Co.                | Insurance | LIBOR (1 month) + 5.50%, Current Coupon 6.73%, Secured Debt (Maturity - April 19, 2022) | 1,995 |  | 2,002 |  | 1,975 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                   |
| Loan Portfolio                             |
| As of June 30, 2017                        |
| (dollars in thousands)                     |
| Portfolio Company                          | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                       |   |   |   |   |   |
| Cortes NP Acquisition Corporation          | Electrical equipment | LIBOR (3 months) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - November 30, 2023) | $ | 2,000 |  | $ | 2,020 |  | $ | 2,011 |  |
| CPI International, Inc.                    | Aerospace and defense | LIBOR (1 month) + 3.25%, Current Coupon 4.48%, Secured Debt (Maturity - April 7, 2021) | 1,995 |  | 2,010 |  | 1,995 |  |
| Diamond Resorts International, Inc.        | Hotels, restaurants and leisure | LIBOR (1 month) + 6.00%, Current Coupon 7.23%, Secured Debt (Maturity - September 1, 2023) | 1,995 |  | 2,025 |  | 2,014 |  |
| Duff & Phelps Corporation              | Diversified financial services | LIBOR (3 months) + 3.75%, Current Coupon 5.05%, Secured Debt (Maturity - April 23, 2020) | 1,995 |  | 2,009 |  | 2,011 |  |
| EFS Cogen Holdings I LLC                   | Electric utilities | LIBOR (3 months) + 3.50%, Current Coupon 4.80%, Secured Debt (Maturity - June 28, 2023) | 1,963 |  | 1,977 |  | 1,974 |  |
| Endo Luxembourg Finance Company I S.a.r.l. | Pharmaceuticals | LIBOR (1 month) + 4.25%, Current Coupon 5.50%, Secured Debt (Maturity - April 29, 2024) | 2,000 |  | 2,020 |  | 2,022 |  |
| Envision Healthcare Corporation            | Healthcare providers and services | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - December 1, 2023) | 2,494 |  | 2,494 |  | 2,509 |  |
| Everi Payments Inc.                        | Leisure products | LIBOR (3 months) + 4.50%, Current Coupon 5.75%, Secured Debt (Maturity - May 9, 2024) | 2,000 |  | 1,993 |  | 2,017 |  |
| First American Payment Systems, L.P.       | Diversified financial services | LIBOR (1 month) + 5.75%, Current Coupon 6.84%, Secured Debt (Maturity - January 5, 2024) | 1,000 |  | 1,012 |  | 1,011 |  |
| Fitness International, LLC                 | Hotels, restaurants and leisure | LIBOR (1 month) + 4.25%, Current Coupon 5.48%, Secured Debt (Maturity - July 1, 2020) | 2,000 |  | 2,030 |  | 2,029 |  |
| Flexera Software LLC                       | Software | LIBOR (1 month) + 3.50%, Current Coupon 4.80%, Secured Debt (Maturity - April 2, 2020) | 1,995 |  | 2,017 |  | 2,011 |  |
| Greatbatch Ltd.                            | Healthcare equipment and supplies | LIBOR (2 months) + 3.50%, Current Coupon 4.71%, Secured Debt (Maturity - October 27, 2022) | 2,889 |  | 2,907 |  | 2,905 |  |
| GYP Holdings III Corp.                     | Trading comanies and distributors | LIBOR (1 month) + 3.00%, Current Coupon 4.14%, Secured Debt (Maturity - March 31, 2023) | 3,500 |  | 3,527 |  | 3,515 |  |
| Harbor Freight Tools USA, Inc.             | Specialty retail | LIBOR (1 month) + 3.25%, Current Coupon 4.48%, Secured Debt (Maturity - August 18, 2023) | 2,000 |  | 2,007 |  | 2,002 |  |
| Horizon Pharma, Inc.                       | Pharmaceuticals | LIBOR (1 month) + 3.75%, Current Coupon 4.88%, Secured Debt (Maturity - March 29, 2024) | 1,995 |  | 2,015 |  | 2,005 |  |
| IG Investments Holdings, LLC               | Professional services | LIBOR (1 month) + 4.00%, Current Coupon 5.30%, Secured Debt (Maturity - October 31, 2021) | 1,995 |  | 2,007 |  | 2,016 |  |
| inVentiv Health, Inc.                      | Life sciences tools and services | LIBOR (3 months) + 3.75%, Current Coupon 4.95%, Secured Debt (Maturity - November 9, 2023) | 2,992 |  | 3,015 |  | 3,002 |  |
| Jackson Hewitt Tax Service Inc.            | Diversified consumer services | LIBOR (1 month) + 7.00%, Current Coupon 8.17%, Secured Debt (Maturity - July 30, 2020) | 2,000 |  | 1,912 |  | 1,920 |  |
| KC MergerSub, Inc.                         | Diversified consumer services | LIBOR (3 months) + 3.75%, Current Coupon 5.05%, Secured Debt (Maturity - August 12, 2022) | 1,995 |  | 2,005 |  | 2,009 |  |
| KMG Chemicals, Inc.                        | Chemicals | LIBOR (1 month) + 4.25%, Current Coupon 5.41%, Secured Debt (Maturity - June 13, 2024) | 1,333 |  | 1,327 |  | 1,349 |  |
| LANDesk Group, Inc.                        | Software | LIBOR (1 month) + 4.25%, Current Coupon 5.48%, Secured Debt (Maturity - January 22, 2024) | 998 |  | 1,004 |  | 994 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
| HMS-ORIX                                    |
| Loan Portfolio                              |
| As of June 30, 2017                         |
| (dollars in thousands)                      |
| Portfolio Company                           | Industry | Type of Investment | Principal | Cost | Fair Value |
|                                        |   |   |   |   |   |
| LTS Buyer LLC                               | Diversified telecommunication services | LIBOR (3 months) + 3.25%, Current Coupon 4.55%, Secured Debt (Maturity - April 13, 2020) | $ | 2,992 |  | $ | 3,018 |  | $ | 3,009 |  |
| Mohegan Tribal Gaming Authority             | Hotels, restaurants and leisure | LIBOR (1 month) + 4.00%, Current Coupon 5.23%, Secured Debt (Maturity - October 13, 2023) | 1,995 |  | 2,014 |  | 2,020 |  |
| MPH Acquisition Holdings LLC                | Health care technology | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - June 7, 2023) | 2,991 |  | 3,035 |  | 2,995 |  |
| NAB Holdings, LLC                           | IT services | LIBOR (3 months) + 3.50%, Current Coupon 4.70%, Secured Debt (Maturity - June 14, 2024) | 2,000 |  | 1,990 |  | 2,007 |  |
| NBTY, Inc.                                  | Food products | LIBOR (3 months) + 3.50%, Current Coupon 4.80%, Secured Debt (Maturity - May 5, 2023) | 1,995 |  | 2,000 |  | 2,000 |  |
| Ortho-Clinical Diagnostics, Inc             | Life sciences tools and services | LIBOR (1 month) + 3.75%, Current Coupon 5.05%, Secured Debt (Maturity - June 30, 2021) | 1,995 |  | 1,990 |  | 1,987 |  |
| Quikrete Holdings, Inc.                     | Construction materials | LIBOR (1 month) + 2.75%, Current Coupon 3.98%, Secured Debt (Maturity - November 15, 2023) | 2,992 |  | 2,992 |  | 2,989 |  |
| Rackspace Hosting, Inc.                     | Electronic equipment, instruments and components | LIBOR (1 month) + 3.00%, Current Coupon 4.17%, Secured Debt (Maturity - November 3, 2023) | 3,300 |  | 3,327 |  | 3,307 |  |
| SeaWorld Parks & Entertainment, Inc.    | Hotels, restaurants and leisure | LIBOR (3 months) + 3.00%, Current Coupon 4.30%, Secured Debt (Maturity - April 1, 2024) | 1,995 |  | 1,997 |  | 1,994 |  |
| Telenet Financing USD LLC                   | Diversified telecommunication services | LIBOR (1 month) + 2.75%, Current Coupon 3.91%, Secured Debt (Maturity - June 30, 2025) | 3,000 |  | 3,013 |  | 3,005 |  |
| Transdigm, Inc.                             | Aerospace and defense | LIBOR (1 month) + 3.00%, Current Coupon 4.23%, Secured Debt (Maturity - June 9, 2023) | 1,995 |  | 2,002 |  | 1,994 |  |
| UFC Holdings, LLC                           | Media | LIBOR (1 month) + 3.25%, Current Coupon 4.47%, Secured Debt (Maturity - August 18, 2023) | 1,995 |  | 2,007 |  | 2,001 |  |
| Ultra Resources, Inc.                       | Oil, Gas and Consumable Fuels | LIBOR (1 month) + 3.00%, Current Coupon 4.12%, Secured Debt (Maturity - April 12, 2024) | 2,000 |  | 2,003 |  | 1,995 |  |
| Valeant Pharmaceuticals International, Inc. | Pharmaceuticals | LIBOR (1 month) + 4.75%, Current Coupon 5.83%, Secured Debt (Maturity - April 1, 2022) | 2,904 |  | 2,918 |  | 2,946 |  |
| Vistra Operations Company LLC               | Electric utilities | LIBOR (1 month) + 3.25%, Current Coupon 4.46%, Secured Debt (Maturity - December 14, 2023) | 1,995 |  | 2,007 |  | 1,997 |  |
| WideOpenWest Finance, LLC                   | Diversified telecommunication services | LIBOR (3 months) + 3.50%, Current Coupon 4.70%, Secured Debt (Maturity - August 18, 2023) | 2,992 |  | 3,019 |  | 3,019 |  |
|                                        |   | LIBOR (3 months) + 3.25%, Current Coupon 4.25%, Secured Debt (Maturity - August 18, 2023) | 505 |  | 504 |  | 505 |  |
| Total Loan Portfolio                        |   |   |   | $ | 115,785 |  | $ | 115,559 |  |

----

|                                       |
|---------------------------------------|
|                                       |  |  |  |
|                                  | As of |
| Balance Sheet Data                    | June 30, 2017 |
| Assets                                |   |
| Portfolio investments at fair value   | $ | 115,559 |  |
| Cash and cash equivalents             | 15,909 |  |
| Deferred financing costs              | 1,087 |  |
| Other assets                          | 74 |  |
| Total assets                          | $ | 132,629 |  |
|                                  |   |
| Liabilities                           |   |
| Debt                                  | $ | 40,000 |  |
| Payable for securities purchased      | 42,183 |  |
| Accounts payable and accrued expenses | 483 |  |
| Total liabilities                     | 82,666 |  |
| Net assets                            | 49,963 |  |
| Total liabilities and net assets      | $ | 132,629 |  |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |
|                                         | Period from inception (April 4, 2017) to June 30, 2017 |
|                                         |
| Selected Statement of Operations Information |   |
| Interest income                              | $ | 494 |  |
| Dividend income                              | — |  |
| Total income                                 | $ | 494 |  |
| Interest expense                             | 251 |  |
| Other expenses                               | 53 |  |
| Total expenses                               | $ | 304 |  |
| Net investment income                        | $ | 190 |  |
| Unrealized (depreciation) on investments     | (226 | ) |
| Realized (losses) from investments           | (1 | ) |
| Net (decrease) in net assets                 | $ | (37 | ) |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 69 debt investments in 63 Middle Market portfolio companies with an aggregate fair value of approximately $611.8 million and a cost basis of approximately $629.8 million. The Middle Market debt investments had a weighted average annual effective yield of approximately 8.8%, which is calculated assuming the investments on non-accrual status are non-yielding, and 82.0% of the Middle Market debt investments were secured by first priority liens. Further, 87.3% of the Middle Market investments contain variable rates, though a majority of the investments with variable rates are subject to contractual minimum base interest rates between 100 and 150 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 32 debt investments in 31 Private Loan portfolio companies with an aggregate fair value of approximately $236.3 million and a cost basis of approximately $238.3 million. The Private Loan debt investments had a weighted average annual effective yield of approximately 9.1%, which is calculated assuming the investments on non-accrual status are non-yielding, and 94.9% of the Private Loan debt investments were secured by first priority liens. Further, 93.1% of the Private Loan debt investments contain variable rates, though a majority of the investments with variable rates are subject to contractual minimum base interest rates between 100 and 150 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 31 debt investments in 25 LMM portfolio companies with an aggregate fair value of approximately $90.2 million and a cost basis of approximately $91.6 million. The LMM debt investments had a weighted average annual effective yield of approximately 11.9% and 95.7% of the debt investments were secured by first priority liens. Also, 49.9% of the LMM debt investments are fixed rate investments with fixed interest rates between 7.0% and 15.0%. Further, 19 LMM debt investments, representing approximately 50.1% of the LMM debt investments have variable rates subject to a contractual minimum base interest rate of 100 basis points. |

|         |                                                                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | 42 equity investments and nine equity warrant investments in 25 LMM portfolio companies, seven Private Loan portfolio companies, four Middle Market portfolio companies and four Other Portfolio companies with an aggregate fair value of approximately $106.6 million and a cost basis of approximately $100.7 million. |

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

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

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

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

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

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              |   | June 30, 2017 |   | December 31, 2016 |
| Investment Rating |   | Investments at Fair Value |   | Percentage of Total LMM Portfolio |   | Investments at Fair Value |   | Percentage of Total LMM Portfolio |
| 1                 |   | $ | 2,460 |  |   | 1.8 | % |   | $ | 1,541 |  |   | 1.3 | % |
| 2                 |   | 34,387 |  |   | 25.9 |  |   | 56,244 |  |   | 48.5 |  |
| 3                 |   | 88,463 |  |   | 66.6 |  |   | 50,764 |  |   | 43.7 |  |
| 4                 |   | 6,809 |  |   | 5.1 |  |   | 7,511 |  |   | 6.5 |  |
| 5                 |   | 742 |  |   | 0.6 |  |   | — |  |   | — |  |
| Total             |   | $ | 132,861 |  |   | 100.0 | % |   | $ | 116,060 |  |   | 100.0 | % |

----

----

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Distributions |
|                              | Per Share |   | Amount |
| 2017                              |   |   |   |
| Three months ended June 30, 2017  | $ | 0.18 |  |   | $ | 13,438 |  |
| Three months ended March 31, 2017 | $ | 0.17 |  |   | $ | 12,922 |  |
| 2016                              |   |   |   |
| Three months ended June 30, 2016  | $ | 0.18 |  |   | $ | 11,650 |  |
| Three months ended March 31, 2016 | $ | 0.17 |  |   | $ | 11,037 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Year Ended December 31, |
| Tax Characteristics of Distributions | 2016 |   | 2015 |   | 2014 |
|                                 |   |   |   |   |   |   |   |   |
| Ordinary income                      | $ | 44,848 |  | 93.90 | % |   | $ | 34,085 |  | 99.68 | % |   | $ | 11,162 |  | 99.51 | % |
| Capital gain distributions           | 2,913 |  | 6.10 |  |   | 110 |  | 0.32 |  |   | 55 |  | 0.49 |  |
| Total                                | $ | 47,761 |  | 100.00 | % |   | $ | 34,195 |  | 100.00 | % |   | $ | 11,217 |  | 100.00 | % |

----

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Payments Due By Period (dollars in thousands) |
|                             | Total |   | Less than 1 year |   | 1-3 years |   | 3-5 years |   | After 5 years |
| EverBank Credit Facility(1)      | $ | 95,000 |  |   | $ | — |  |   | $ | 95,000 |  |   | $ | — |  |   | $ | — |  |
| Deutsche Bank Credit Facility(2) | 322,000 |  |   | — |  |   | 322,000 |  |   | — |  |   | — |  |
| Total Credit Facilities          | $ | 417,000 |  |   | $ | — |  |   | $ | 417,000 |  |   | $ | — |  |   | $ | — |  |

|     |                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | At June 30, 2017, $0.0 million remained available under our EverBank Credit Facility; however, our borrowing capacity is limited to the asset coverage ratio restrictions imposed by the 1940 Act, as discussed above. |

|     |                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | At June 30, 2017, $78.0 million remained available under the Deutsche Bank Credit Facility; however, our borrowing ability is limited to the asset coverage ratio restrictions imposed by the 1940 Act, as discussed above. |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |
|                           | Commitments and Contingencies |
|                           | (dollars in thousands) |
|                           | June 30, 2017 |   | December 31, 2016 |
| Unfunded Loan Commitments      |   |   |   |
| Adams Publishing Group, LLC    | $ | 2,216 |  |   | $ | — |  |
| Apex Linen Services, Inc.      | 403 |  |   | 397 |  |
| Arcus Hunting, LLC             | 795 |  |   | 2,136 |  |
| BarFly Ventures, LLC           | 306 |  |   | 881 |  |
| BigName Holdings, LLC          | 120 |  |   | — |  |
| Boccella Precast Products, LLC | 500 |  |   | — |  |
| Buca C, LLC                    | — |  |   | 1,548 |  |
| CapFusion Holding, LLC         | 400 |  |   | 394 |  |
| CDHA Management, LLC           | 3,373 |  |   | 3,259 |  |
| Charps, LLC                    | 1,000 |  |   | — |  |
| Clad-Rex Steel, LLC            | 100 |  |   | — |  |
| CST Industries, Inc.           | 1,084 |  |   | — |  |
| Datacom, LLC                   | 80 |  |   | 1,302 |  |
| Gamber-Johnson Holdings, LLC   | 300 |  |   | 300 |  |
| Guerdon Modular Holdings, Inc. | 400 |  |   | 400 |  |
| Hawk Ridge Systems, LLC        | 400 |  |   | 400 |  |
| Hojeij Branded Foods, Inc.     | 1,501 |  |   | 2,000 |  |
| Hostway Corporation            | 67 |  |   | — |  |
| HW Temps LLC                   | 200 |  |   | 50 |  |
| Jackmont Hospitality, Inc.     | — |  |   | 1,200 |  |
| LaMi Products, LLC             | 1,029 |  |   | 1,729 |  |
| Meisler Operating, LLC         | 400 |  |   | — |  |
| Minute Key, Inc.               | 2,200 |  |   | 197 |  |
| Mystic Logistics, Inc.         | 200 |  |   | 194 |  |
| NNE Issuer, LLC                | 8,458 |  |   | — |  |
| NuStep, LLC                    | 300 |  |   | — |  |

----

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |
|                                  | Commitments and Contingencies |
|                                  | (dollars in thousands) |
|                                  | June 30, 2017 |   | December 31, 2016 |
| Pardus Oil & Gas, LLC             | $ | 357 |  |   | $ | 357 |  |
| Permian Holdco 2                      | 290 |  |   | 290 |  |
| PPC/Shift, LLC                        | 500 |  |   | 500 |  |
| Strike, LLC                           | 2,000 |  |   | 2,475 |  |
| Unirush LLC                           | — |  |   | 980 |  |
| Volusion, LLC                         | — |  |   | 2,955 |  |
| Unfunded Capital Commitments          |   |   |   |
| Brightwood Capital Fund III, LP       | 1,000 |  |   | 1,000 |  |
| Brightwood Capital Fund IV, LP        | 9,000 |  |   | 10,000 |  |
| Freeport First Lien Loan Fund III, LP | 4,941 |  |   | 7,737 |  |
| Total                                 | $ | 43,920 |  |   | $ | 42,681 |  |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |
| Change in interest rates |   | Increase (Decrease) inInterest Income |   | Increase (Decrease) inInterest Expense |   | Net Increase (Decrease) in NetInvestment Income |
| Down 25 basis points     |   | $ | (1,049 | ) |   | $ | (1,043 | ) |   | $ | (6 | ) |
| Up 50 basis points       |   | 4,109 |  |   | 2,085 |  |   | 2,024 |  |
| Up 100 basis points      |   | 8,225 |  |   | 4,170 |  |   | 4,055 |  |
| Up 200 basis points      |   | 16,484 |  |   | 8,340 |  |   | 8,144 |  |
| Up 300 basis points      |   | 24,743 |  |   | 12,510 |  |   | 12,233 |  |

----

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                               |   | Total Number of Shares Purchased |   | Average Price per Share |   | Cumulative Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) |
|                                 |   |   |   |   |   |  |   |   |
| April 1, 2017 through April 30, 2017 |   | — |  |   | $ | — |  |   | — |  |   | — |  |
| May 1, 2017 through May 31, 2017     |   | — |  |   | $ | — |  |   | — |  |   | — |  |
| June 1, 2017 through June 30, 2017   |   | 346,307 |  |   | $ | 8.20 |  |   | 346,307 |  |   | — |  |

----

|             |
|-------------|
|             |  |  |
| Exhibit No. |   | Description |
| 10.1        |   | HMS-ORIX SLF LLC Limited Liability Company Agreement, dated as of April 4, 2017, by and between HMS Income Fund, Inc. and ORIX Funds Corp. (Filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on April 10, 2017 (File No. 814-00939) and incorporated herein by reference). |
| 10.2        |   | First Quarter 2017 Conditional Income Incentive Fee Waiver Agreement, dated as of April 24, 2017, by and among the Registrant, HMS Adviser LP and MSC Adviser I, LLC (Filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on April 27, 2017 (File No. 814-00939) and incorporated herein by reference). |
| 10.3        |   | Fourth Amendment to the Amended and Restated Loan Financing and Servicing Agreement, dated as of June 30, 2017, by and among HMS Funding I LLC, as borrower, HMS Income Fund, Inc., as equityholder and servicer, the financial institutions party thereto as lenders, Deutsche Bank AG, New York Branch, as administrative agent, and U.S. Bank National Association, as collateral agent (Filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on July 5, 2017 (File No. 814-00939) and incorporated herein by reference). |
| 31.1        |   | Certification of Chief Executive Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 31.2        |   | Certification of Chief Financial Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 32.1        |   | Certification of Chief Executive Officer and Chief Financial Officer of the Registrant, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |

----

|        |
|--------|
|        |  |  |  |
|   |   | HMS INCOME FUND, INC. |
|   |   |   |   |
| Date:  | August 14, 2017 | By: | /s/ SHERRI W. SCHUGART |
|   |   |   | Sherri W. Schugart |
|   |   |   | Chairman, Chief Executive Officer and President |
|   |   |   |   |
| Date:  | August 14, 2017 | By: | /s/ RYAN T. SIMS |
|   |   |   | Ryan T. Sims |
|   |   |   | Chief Financial Officer and Secretary |

----

|             |
|-------------|
|             |  |  |
| Exhibit No. |   | Description |
| 10.1        |   | HMS-ORIX SLF LLC Limited Liability Company Agreement, dated as of April 4, 2017, by and between HMS Income Fund, Inc. and ORIX Funds Corp. (Filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on April 10, 2017 (File No. 814-00939) and incorporated herein by reference). |
| 10.2        |   | First Quarter 2017 Conditional Income Incentive Fee Waiver Agreement, dated as of April 24, 2017, by and among the Registrant, HMS Adviser LP and MSC Adviser I, LLC (Filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on April 27, 2017 (File No. 814-00939) and incorporated herein by reference). |
| 10.3        |   | Fourth Amendment to the Amended and Restated Loan Financing and Servicing Agreement, dated as of June 30, 2017, by and among HMS Funding I LLC, as borrower, HMS Income Fund, Inc., as equityholder and servicer, the financial institutions party thereto as lenders, Deutsche Bank AG, New York Branch, as administrative agent, and U.S. Bank National Association, as collateral agent (Filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on July 5, 2017 (File No. 814-00939) and incorporated herein by reference). |
| 31.1        |   | Certification of Chief Executive Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 31.2        |   | Certification of Chief Financial Officer of the Registrant, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |
| 32.1        |   | Certification of Chief Executive Officer and Chief Financial Officer of the Registrant, pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed herewith). |