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|                                                                    |  |
|                                                               | Page |
| Independent Auditor's Report                                       | 1 |
| Consolidated Statements of Assets, Liabilities and Members' Equity | 2 |
| Consolidated Schedules of Investments                              | 3 |
| Consolidated Statements of Operations                              | 9 |
| Consolidated Statements of Changes in Members' Equity              | 10 |
| Consolidated Statements of Cash Flows                              | 12 |
| Notes to Consolidated Financial Statements                         | 13 |
|                                                               |   |

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|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |
|                                                                                                  | March 31, |
|                                                                                                  | 2020 |   | 2019 |
| Assets                                                                                                |   |   |   |
|                                                                                                  |   |   |   |
| Investments, at fair value (cost $207,767,577 and $242,061,110, respectively)                         | $ | 170,859,875 |  |   | $ | 237,547,371 |  |
| Cash and cash equivalents                                                                             | 3,739,104 |  |   | 6,405,598 |  |
| Due from broker                                                                                       | 38,307 |  |   | — |  |
| Deferred financing costs (net of accumulated amortization of $2,030,445 and $1,424,284, respectively) | 2,095,078 |  |   | 1,615,246 |  |
| Interest receivable                                                                                   | 1,076,350 |  |   | 978,904 |  |
|                                                                                                  |   |   |   |
|                                                                                                  | $ | 177,808,714 |  |   | $ | 246,547,119 |  |
|                                                                                                  |   |   |   |
|                                                                                                  |   |   |   |
| Liabilities and Members' Equity                                                                       |   |   |   |
|                                                                                                  |   |   |   |
| Liabilities                                                                                           |   |   |   |
| Credit facility                                                                                       | $ | 125,000,000 |  |   | $ | 160,000,000 |  |
| Payable for securities purchased                                                                      | — |  |   | 940,346 |  |
| Distributions payable                                                                                 | 2,808,471 |  |   | 3,254,800 |  |
| Interest payable                                                                                      | 95,503 |  |   | 157,142 |  |
| Accrued expenses and other liabilities                                                                | 125,294 |  |   | 193,709 |  |
|                                                                                                  |   |   |   |
| Total liabilities                                                                                     | 128,029,268 |  |   | 164,545,997 |  |
|                                                                                                  |   |   |   |
| Commitments and contingencies (Note 8)                                                                |   |   |   |
|                                                                                                  |   |   |   |
| Members' equity                                                                                       | 49,779,446 |  |   | 82,001,122 |  |
|                                                                                                  |   |   |   |
|                                                                                                  | $ | 177,808,714 |  |   | $ | 246,547,119 |  |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Description                                |   | Maturity Date |   | Current Interest Rate(1) |   | Principal Amount |   | Cost |   | Fair Value |   | Percentage of Members' Equity |
|                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Bank Loans                       |   |   |   |   |   |   |   |   |   |   |   |   |
| United States                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Aerospace & Defense                    |   |   |   |   |   |   |   |   |   |   |   |   |
| ADS Tactical                               |   | 7/26/2023 |   | L+6.25% (Floor 0.75%) |   | $ | 4,947,537 |  |   | $ | 4,928,495 |  |   | $ | 4,734,793 |  |   | 9.51 | % |
| Hunter Defense Technologies, Inc.          |   | 3/29/2023 |   | L+7.00% (Floor 1.00%) |   | 5,855,755 |  |   | 5,772,233 |  |   | 5,870,395 |  |   | 11.79 | % |
| Peraton Corp. (fka MHVC Acquisition Corp.) |   | 4/29/2024 |   | L+5.25% (Floor 1.00%) |   | 6,329,280 |  |   | 6,309,704 |  |   | 5,917,877 |  |   | 11.89 | % |
| Building & Infrastructure Products     |   |   |   |   |   |   |   |   |   |   |   |   |
| Geo Parent Corporation                     |   | 12/19/2025 |   | L+5.25% |   | 4,950,000 |  |   | 4,909,365 |  |   | 4,677,750 |  |   | 9.40 | % |
| Business Services                          |   |   |   |   |   |   |   |   |   |   |   |   |
| ALKU, LLC                                  |   | 7/29/2026 |   | L+5.50% (Floor 1.00%) |   | 3,000,000 |  |   | 2,971,923 |  |   | 2,820,000 |  |   | 5.66 | % |
| Integro Parent Inc.                        |   | 10/31/2022 |   | L+5.75% (Floor 1.00%) |   | 3,301,120 |  |   | 3,255,919 |  |   | 3,251,603 |  |   | 6.53 | % |
| Capital Equipment                          |   |   |   |   |   |   |   |   |   |   |   |   |
| TestEquity, LLC                            |   | 4/28/2022 |   | L+5.50% (Floor 1.00%) |   | 3,815,993 |  |   | 3,800,086 |  |   | 3,186,354 |  |   | 6.40 | % |
| TestEquity, LLC - Term Loan B              |   | 4/28/2022 |   | L+5.50% |   | 959,034 |  |   | 954,854 |  |   | 800,793 |  |   | 1.61 | % |
| Time Manufacturing Acquisition             |   | 2/3/2023 |   | L+5.00% (Floor 1.00%) |   | 4,847,569 |  |   | 4,825,207 |  |   | 4,435,525 |  |   | 8.91 | % |
| Consumer Products & Retail             |   |   |   |   |   |   |   |   |   |   |   |   |
| Go Wireless Holdings, Inc.                 |   | 12/22/2024 |   | L+6.50% (Floor 1.00%) |   | 6,212,500 |  |   | 6,170,181 |  |   | 5,042,469 |  |   | 10.13 | % |
| Isagenix International, LLC                |   | 6/14/2025 |   | L+5.75% (Floor 1.00%) |   | 1,953,321 |  |   | 1,938,866 |  |   | 727,612 |  |   | 1.46 | % |
| Lulu's Fashion Lounge, LLC                 |   | 8/26/2022 |   | L+9.00% (Floor 1.00%) |   | 3,778,409 |  |   | 3,706,876 |  |   | 3,230,539 |  |   | 6.49 | % |
| Mills Fleet Farm Group LLC                 |   | 10/24/2024 |   | L+6.25% (Floor 1.00%), 0.75% PIK |   | 4,957,991 |  |   | 4,882,891 |  |   | 4,214,293 |  |   | 8.47 | % |
| Pet Supermarket, Inc.                      |   | 7/5/2022 |   | L+5.50% (Floor 1.00%) |   | 4,810,070 |  |   | 4,791,909 |  |   | 4,425,265 |  |   | 8.89 | % |
| Tacala, LLC - Second Lien                  |   | 2/7/2028 |   | L+7.50% |   | 4,500,000 |  |   | 4,492,489 |  |   | 3,521,250 |  |   | 7.07 | % |
| YS Garments, LLC                           |   | 8/9/2024 |   | P+6.00% |   | 4,812,500 |  |   | 4,777,378 |  |   | 4,355,313 |  |   | 8.75 | % |
| Consumer Services                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Lift Brands, Inc.                          |   | 4/16/2023 |   | L+7.00% (Floor 1.00%), 1.0% PIK |   | 4,810,104 |  |   | 4,784,674 |  |   | 3,689,292 |  |   | 7.41 | % |
| Durable Consumer Goods                     |   |   |   |   |   |   |   |   |   |   |   |   |
| TGP Holdings III LLC - Second Lien         |   | 9/25/2025 |   | L+8.50% (Floor 1.00%) |   | 2,500,000 |  |   | 2,474,215 |  |   | 1,837,500 |  |   | 3.69 | % |
| Energy Services (Midstream)                |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Description                                     |   | Maturity Date |   | Current Interest Rate(1) |   | Principal Amount |   | Cost |   | Fair Value |   | Percentage of Members' Equity |
| The Hoover Group, Inc.                          |   | 1/28/2021 |   | L+7.25% (Floor 1.00%) |   | 6,369,996 |  |   | 6,306,165 |  |   | 5,892,246 |  |   | 11.84 | % |
| Financial Services                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Vida Capital, Inc.                              |   | 10/1/2026 |   | L+6.00% |   | 3,965,000 |  |   | 3,909,608 |  |   | 3,667,625 |  |   | 7.37 | % |
| Healthcare Services                             |   |   |   |   |   |   |   |   |   |   |   |   |
| AAC Holdings, Inc. (4)                          |   | 6/30/2023 |   | L+ 6.75% (Floor 1.00%), 4.00% PIK |   | 7,370,773 |  |   | 7,264,031 |  |   | 3,224,713 |  |   | 6.48 | % |
| AAC Holdings, Inc. - Priming Facility           |   | 3/31/2021 |   | P+13.50% (Floor 1.00%) |   | 1,597,752 |  |   | 1,597,752 |  |   | 1,597,752 |  |   | 3.21 | % |
| Signify Health, LLC                             |   | 12/23/2024 |   | L+4.50% (Floor 1.00%) |   | 5,096,000 |  |   | 5,061,228 |  |   | 4,280,640 |  |   | 8.60 | % |
| Lab Logistics, LLC                              |   | 9/25/2023 |   | L+6.50% (Floor 1.00%) |   | 5,401,756 |  |   | 5,360,681 |  |   | 4,971,150 |  |   | 9.99 | % |
| PT Network, LLC                                 |   | 11/30/2023 |   | L+5.50% (Floor 1.00%), 2.0% PIK |   | 4,418,280 |  |   | 4,418,279 |  |   | 4,024,169 |  |   | 8.08 | % |
| Nomad Buyer, Inc.                               |   | 8/1/2025 |   | L+5.00% |   | 2,955,000 |  |   | 2,818,702 |  |   | 2,748,150 |  |   | 5.52 | % |
| Hotel, Gaming & Leisure                     |   |   |   |   |   |   |   |   |   |   |   |   |
| VIP Cinema Holdings, Inc. (4)                   |   | 3/1/2023 |   | P+7% (Floor 1.00%) |   | 4,375,000 |  |   | 4,364,343 |  |   | 787,500 |  |   | 1.58 | % |
| VIP Cinema Holdings, Inc. - Superiority DIP (4) |   | 5/20/2020 |   | L+8.0% |   | 719,367 |  |   | 707,617 |  |   | 129,486 |  |   | 0.26 | % |
| Media, Marketing & Entertainment            |   |   |   |   |   |   |   |   |   |   |   |   |
| Imagine! Print Solutions, LLC - Second Lien     |   | 6/21/2023 |   | L+8.75% (Floor 1.00%) |   | 3,000,000 |  |   | 2,975,680 |  |   | 412,500 |  |   | 0.83 | % |
| Restaurants                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| California Pizza Kitchen, Inc. (4)              |   | 8/23/2022 |   | L+6.00% (Floor 1.00%) |   | 6,759,837 |  |   | 6,740,537 |  |   | 3,417,943 |  |   | 6.87 | % |
| Software & IT Services                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Corel                                           |   | 7/2/2026 |   | L+5.00% |   | 4,968,750 |  |   | 4,720,313 |  |   | 4,409,766 |  |   | 8.86 | % |
| InfoGroup Inc.                                  |   | 4/3/2023 |   | L+5.00% (Floor 1.00%) |   | 2,910,000 |  |   | 2,895,349 |  |   | 2,610,270 |  |   | 5.24 | % |
| Intermedia Holdings, Inc.                       |   | 7/21/2025 |   | L+6.00% (Floor 1.00%) |   | 5,793,852 |  |   | 5,764,737 |  |   | 5,301,375 |  |   | 10.65 | % |
| Lightbox Intermediate, L.P.                     |   | 5/9/2026 |   | L+5.00% |   | 2,977,500 |  |   | 2,938,297 |  |   | 2,932,838 |  |   | 5.89 | % |
| Novetta Solutions, LLC                          |   | 10/17/2022 |   | L+5.00% (Floor 1.00%) |   | 4,895,734 |  |   | 4,813,041 |  |   | 4,364,841 |  |   | 8.77 | % |
| PaySimple, Inc.                                 |   | 8/23/2025 |   | L+5.50% |   | 4,262,739 |  |   | 4,205,957 |  |   | 3,879,092 |  |   | 7.79 | % |
| PaySimple - Delayed Draw (2)                    |   | 8/23/2025 |   | L+5.50% |   | 933,880 |  |   | 919,845 |  |   | 849,831 |  |   | 1.71 | % |
| Technology Products & Components            |   |   |   |   |   |   |   |   |   |   |   |   |
| ATX Canada Acquisitionco Inc.                   |   | 6/11/2021 |   | L+7.00% (Floor 1.00%), 1.0% PIK |   | 4,573,072 |  |   | 4,560,879 |  |   | 3,795,650 |  |   | 7.62 | % |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Description                              |   | Maturity Date |   | Current Interest Rate(1) |   | Principal Amount |   | Cost |   | Fair Value |   | Percentage of Members' Equity |
| Telecommunications                       |   |   |   |   |   |   |   |   |   |   |   |   |
| American Teleconferencing Services, Ltd. |   | 6/8/2023 |   | L+6.50% (Floor 1.00%) |   | 6,770,762 |  |   | 6,622,685 |  |   | 3,825,480 |  |   | 7.68 | % |
| JAB Wireless, Inc.                       |   | 5/2/2023 |   | L+8.00% (Floor 1.00%) |   | 7,840,000 |  |   | 7,791,185 |  |   | 7,702,800 |  |   | 15.47 | % |
| KORE Wireless Group Inc.                 |   | 12/20/2024 |   | L+5.50% |   | 4,754,117 |  |   | 4,720,532 |  |   | 4,397,558 |  |   | 8.83 | % |
| LOGIX Holdings Company, LLC              |   | 12/23/2024 |   | L+5.75% (Floor 1.00%) |   | 5,953,001 |  |   | 5,917,748 |  |   | 4,911,226 |  |   | 9.87 | % |
| LSF9 Atlantis Holdings, LLC              |   | 5/1/2023 |   | L+6.00% (Floor 1.00%) |   | 6,518,750 |  |   | 6,485,032 |  |   | 5,382,043 |  |   | 10.81 | % |
| U.S. TelePacific Corp.                   |   | 5/2/2023 |   | L+6.00% (Floor 1.00%) |   | 5,200,139 |  |   | 5,158,075 |  |   | 4,056,108 |  |   | 8.15 | % |
| UniTek Global Services, Inc.             |   | 8/26/2024 |   | L+5.50% (Floor 1.00%), 1.0% PIK |   | 2,970,169 |  |   | 2,949,235 |  |   | 2,687,409 |  |   | 5.40 | % |
| Wireless Vision Holdings, LLC (3)        |   | 9/29/2022 |   | L+8.91% (Floor 1.00%), 1.0% PIK |   | 7,326,695 |  |   | 7,252,903 |  |   | 6,263,591 |  |   | 12.58 | % |
| Wholesale                                |   |   |   |   |   |   |   |   |   |   |   |   |
| NBG Acquisition, Inc.                    |   | 4/26/2024 |   | L+5.50% (Floor 1.00%) |   | 2,812,500 |  |   | 2,779,876 |  |   | 1,597,500 |  |   | 3.21 | % |
|                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Investments                        |   |   |   |   |   |   |   | $ | 207,767,577 |  |   | $ | 170,859,875 |  |   | 343.23 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime (“P”).  For each the Company has provided the spread over LIBOR or Prime and the current contractual interest rate in effect at March 31, 2020.  Certain investments are subject to a LIBOR or Prime interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest. |
|     |                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------|
| (2) | The investment has approximately $0.5 million in an unfunded delayed draw commitment as of March 31, 2020. |
|     |                                                                  |
|-----|------------------------------------------------------------------|
| (3) | The investment is structured as a first lien last out term loan. |
|     |                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Investment was on non-accrual status as of March 31, 2020, meaning the Company has ceased to recognize interest income on the investment. The current interest rate and terms disclosed on investments on non-accrual reflect the terms at the time of placement on non-accrual status. |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Description                                |   | Maturity Date |   | Current Interest Rate(1) |   | Principal Amount |   |  Cost |   |  Fair Value |   | Percentage of Members' Equity |
|                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate Bank Loans                       |   |   |   |   |   |   |   |   |   |   |   |   |
| United States                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Aerospace & Defense                    |   |   |   |   |   |   |   |   |   |   |   |   |
| American Scaffold Holdings, Inc.           |   | 3/31/2022 |   | L+6.50% (Floor 1.00%) |   | $ | 2,625,000 |  |   | $ | 2,604,634 |  |   | $ | 2,611,875 |  |   | 3.19 | % |
| Hunter Defense Technologies, Inc.          |   | 3/29/2023 |   | L+7.00% (Floor 1.00%) |   | 6,256,250 |  |   | 6,149,119 |  |   | 6,256,250 |  |   | 7.63 | % |
| Peraton Corp. (fka MHVC Acquisition Corp.) |   | 4/29/2024 |   | L+5.25% (Floor 1.00%) |   | 6,394,363 |  |   | 6,369,724 |  |   | 6,170,560 |  |   | 7.52 | % |
| Building & Infrastructure Products     |   |   |   |   |   |   |   |   |   |   |   |   |
| Geo Parent Corporation                     |   | 12/19/2025 |   | L+5.50% |   | 5,000,000 |  |   | 4,951,736 |  |   | 4,987,500 |  |   | 6.08 | % |
| Business Services                          |   |   |   |   |   |   |   |   |   |   |   |   |
| iEnergizer Limited                         |   | 5/1/2019 |   | L+6.00% (Floor 1.25%) |   | 7,307,444 |  |   | 7,300,086 |  |   | 7,307,444 |  |   | 8.91 | % |
| Integro Parent Inc.                        |   | 10/28/2022 |   | L+5.75% (Floor 1.00%) |   | 4,838,924 |  |   | 4,746,329 |  |   | 4,838,924 |  |   | 5.90 | % |
| Capital Equipment                          |   |   |   |   |   |   |   |   |   |   |   |  |
| TestEquity, LLC                            |   | 4/28/2022 |   | L+5.50% (Floor 1.00%) |   | 4,803,961 |  |   | 4,773,980 |  |   | 4,765,530 |  |   | 5.81 | % |
| Time Manufacturing Acquisition             |   | 2/3/2023 |   | L+5.00% (Floor 1.00%) |   | 4,910,038 |  |   | 4,879,401 |  |   | 4,928,450 |  |   | 6.01 | % |
| Consumer Products & Retail             |   |   |   |   |   |   |   |   |   |   |   |  |
| Go Wireless Holdings, Inc.                 |   | 12/22/2024 |   | L+6.50% (Floor 1.00%) |   | 6,562,500 |  |   | 6,508,367 |  |   | 6,439,453 |  |   | 7.85 | % |
| Lulu's Fashion Lounge, LLC                 |   | 8/26/2022 |   | L+7.00% (Floor 1.00%) |   | 4,034,090 |  |   | 3,940,388 |  |   | 3,913,068 |  |   | 4.77 | % |
| Mills Fleet Farm Group LLC                 |   | 10/24/2024 |   | L+6.25% (Floor 1.00%) |   | 4,987,500 |  |   | 4,894,986 |  |   | 4,987,500 |  |   | 6.08 | % |
| Pet Supermarket, Inc.                      |   | 7/5/2022 |   | L+5.50% (Floor 1.00%) |   | 4,859,916 |  |   | 4,833,425 |  |   | 4,762,717 |  |   | 5.81 | % |
| Tacala, LLC - Second Lien                  |   | 1/30/2026 |   | L+7.00% |   | 3,000,000 |  |   | 2,986,989 |  |   | 2,994,750 |  |   | 3.65 | % |
| Turning Point Brands, Inc. - Second Lien   |   | 3/7/2024 |   | L+7.00% |   | 3,000,000 |  |   | 2,973,482 |  |   | 3,030,000 |  |   | 3.70 | % |
| Consumer Services                          |   |   |   |   |   |   |   |   |   |   |   |  |
| CMN.com, LLC                               |   | 11/3/2021 |   | L+6.00% (Floor 1.00%) |   | 9,431,480 |  |   | 9,347,289 |  |   | 9,431,480 |  |   | 11.50 | % |
| Lift Brands, Inc.                          |   | 4/16/2023 |   | L+7.00% (Floor 1.00%) |   | 4,950,000 |  |   | 4,898,080 |  |   | 4,742,100 |  |   | 5.78 | % |
| Durable Consumer Goods                     |   |   |   |   |   |   |   |   |   |   |   |  |
| TGP Holdings III LLC - Second Lien         |   | 9/25/2025 |   | L+8.50% (Floor 1.00%) |   | 2,500,000 |  |   | 2,469,503 |  |   | 2,400,000 |  |   | 2.93 | % |
| Energy Services (Midstream)                |   |   |   |   |   |   |   |   |   |   |   |  |
| The Hoover Group, Inc.                     |   | 1/28/2021 |   | L+7.25% (Floor 1.00%) |   | 6,436,593 |  |   | 6,335,553 |  |   | 6,243,495 |  |   | 7.61 | % |
| Healthcare Products                        |   |   |   |   |   |   |   |   |   |   |   |  |
| Isagenix International, LLC                |   | 6/16/2025 |   | L+5.75% (Floor 1.00%) |   | 2,062,501 |  |   | 2,044,219 |  |   | 1,851,095 |  |   | 2.26 | % |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Description                                 |   | Maturity Date |   | Current Interest Rate(1) |   | Principal Amount |   |  Cost |   |  Fair Value |   | Percentage of Members' Equity |
| PT Network, LLC                             |   | 11/30/2021 |   | L+5.50% (Floor 1.00%) |   | 4,369,332 |  |   | 4,369,332 |  |   | 4,125,086 |  |   | 5.03 | % |
| Healthcare Services                         |   |   |   |   |   |   |   |   |   |   |   |  |
| AAC Holdings, Inc.                          |   | 6/30/2023 |   | L+ 6.75% (Floor 1.00%), 4.00% PIK |   | 7,375,229 |  |   | 7,253,490 |  |   | 6,822,087 |  |   | 8.32 | % |
| AAC Holdings, Inc.                          |   | 3/31/2020 |   | L+11.00% (Floor 1.00%) |   | 949,844 |  |   | 940,346 |  |   | 959,343 |  |   | 1.17 | % |
| Chloe Ox Parent, LLC (Censeo Health)        |   | 12/23/2024 |   | L+4.50% (Floor 1.00%) |   | 5,148,000 |  |   | 5,105,429 |  |   | 5,148,000 |  |   | 6.28 | % |
| Nomad Buyer, Inc.                           |   | 8/1/2025 |   | L+5.00% |   | 2,985,000 |  |   | 2,821,449 |  |   | 2,906,644 |  |   | 3.54 | % |
| Hotel, Gaming & Leisure                 |   |   |   |   |   |   |   |   |   |   |   |  |
| VIP Cinema Holdings, Inc.                   |   | 3/1/2023 |   | L+6.00% (Floor 1.00%) |   | 4,500,000 |  |   | 4,485,268 |  |   | 4,207,500 |  |   | 5.13 | % |
| Industrial Products                         |   |   |   |   |   |   |   |   |   |   |   |  |
| Terra Millennium Corporation                |   | 10/31/2022 |   | L+6.75% (Floor 1.00%) |   | 7,526,019 |  |   | 7,478,308 |  |   | 7,488,389 |  |   | 9.13 | % |
| Media, Marketing & Entertainment        |   |   |   |   |   |   |   |   |   |   |   |   |
| Allen Media, LLC                            |   | 8/30/2023 |   | L+6.50% (Floor 1.00%) |   | 5,642,857 |  |   | 5,496,176 |  |   | 5,480,625 |  |   | 6.68 | % |
| Imagine! Print Solutions, LLC - Second Lien |   | 6/21/2023 |   | L+8.75% (Floor 1.00%) |   | 3,000,000 |  |   | 2,968,111 |  |   | 2,700,000 |  |   | 3.29 | % |
| New Media Holdings II LLC                   |   | 7/14/2022 |   | L+6.25% (Floor 1.00%) |   | 9,311,991 |  |   | 9,298,489 |  |   | 9,277,071 |  |   | 11.31 | % |
| Restaurants                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| California Pizza Kitchen, Inc.              |   | 8/23/2022 |   | L+6.00% (Floor 1.00%) |   | 6,829,887 |  |   | 6,802,221 |  |   | 6,616,487 |  |   | 8.07 | % |
| Retail                                      |   |   |   |   |   |   |   |   |   |   |   |  |
| YS Garments, LLC                            |   | 8/9/2024 |   | L+6.00% (Floor 1.00%) |   | 4,937,500 |  |   | 4,893,176 |  |   | 4,869,609 |  |   | 5.94 | % |
| Software & IT Services                  |   |   |   |   |   |   |   |   |   |   |   |  |
| Digital River, Inc.                         |   | 2/12/2021 |   | L+6.00% (Floor 1.00%) |   | 8,002,967 |  |   | 7,997,848 |  |   | 7,802,893 |  |   | 9.52 | % |
| InfoGroup Inc.                              |   | 4/3/2023 |   | L+5.00% (Floor 1.50%) |   | 2,940,000 |  |   | 2,920,233 |  |   | 2,892,225 |  |   | 3.53 | % |
| Intermedia Holdings, Inc.                   |   | 7/21/2025 |   | L+6.00% (Floor 1.00%) |   | 3,847,499 |  |   | 3,812,532 |  |   | 3,857,137 |  |   | 4.70 | % |
| New Era Technology, Inc.(2)                 |   | 6/22/2023 |   | L+6.50% (Floor 1.00%) |   | 4,628,264 |  |   | 4,557,798 |  |   | 4,567,171 |  |   | 5.57 | % |
| Novetta Solutions, LLC                      |   | 10/17/2022 |   | L+5.00% (Floor 1.00%) |   | 4,946,868 |  |   | 4,830,392 |  |   | 4,857,206 |  |   | 5.92 | % |
| Technology Products & Components        |   |   |   |   |   |   |   |   |   |   |   |   |
| ATI Investment Sub, Inc.                    |   | 6/22/2021 |   | L+7.25% (Floor 1.00%) |   | 1,817,558 |  |   | 1,795,449 |  |   | 1,691,420 |  |   | 2.06 | % |
| ATX Canada Acquisitionco Inc.               |   | 6/11/2021 |   | L+6.00% (Floor 1.00%) |   | 4,688,923 |  |   | 4,665,710 |  |   | 4,454,477 |  |   | 5.43 | % |
| Telecommunications                          |   |   |   |   |   |   |   |   |   |   |   |   |
| American Teleconferencing Services, Ltd.    |   | 12/8/2021 |   | L+6.50% (Floor 1.00%) |   | 6,881,388 |  |   | 6,641,473 |  |   | 4,515,911 |  |   | 5.51 | % |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Description                             |   | Maturity Date |   | Current Interest Rate(1) |   | Principal Amount |   |  Cost |   |  Fair Value |   | Percentage of Members' Equity |
| JAB Wireless, Inc.                      |   | 5/2/2023 |   | L+8.00% (Floor 1.00%) |   | 7,920,000 |  |   | 7,855,060 |  |   | 7,920,000 |  |   | 9.66 | % |
| KORE Wireless Group Inc.                |   | 12/20/2024 |   | L+5.50% |   | 3,325,000 |  |   | 3,292,962 |  |   | 3,308,375 |  |   | 4.03 | % |
| LOGIX Holdings Company, LLC             |   | 12/23/2024 |   | L+5.75% (Floor 1.00%) |   | 6,016,500 |  |   | 5,972,674 |  |   | 6,061,624 |  |   | 7.39 | % |
| LSF9 Atlantis Holdings, LLC             |   | 5/1/2023 |   | L+6.00% (Floor 1.00%) |   | 6,693,750 |  |   | 6,647,863 |  |   | 6,246,106 |  |   | 7.62 | % |
| Teleguam Holdings , LLC                 |   | 7/25/2024 |   | L+8.50% (Floor 1.00%) |   | 2,000,000 |  |   | 1,969,537 |  |   | 2,012,500 |  |   | 2.45 | % |
| U.S. TelePacific Corp.                  |   | 5/2/2023 |   | L+5.00% (Floor 1.00%) |   | 6,844,420 |  |   | 6,777,409 |  |   | 6,660,510 |  |   | 8.12 | % |
| UniTek Global Services, Inc.            |   | 8/20/2024 |   | L+5.50% (Floor 1.00%) |   | 2,985,000 |  |   | 2,959,958 |  |   | 2,958,135 |  |   | 3.61 | % |
| Wireless Vision Holdings, LLC(3)        |   | 9/29/2022 |   | L+8.50% (Floor 1.00%), 1.00% PIK |   | 7,865,229 |  |   | 7,753,144 |  |   | 7,778,711 |  |   | 9.49 | % |
| Transportation & Logistics          |   |   |   |   |   |   |   |   |   |   |   |   |
| STL Parent Corp. (American Railcar)     |   | 12/5/2022 |   | L+7.0% |   | 3,975,000 |  |   | 3,846,305 |  |   | 3,855,750 |  |   | 4.70 | % |
| Wholesale                               |   |   |   |   |   |   |   |   |   |   |   |   |
| NBG Acquisition, Inc.                   |   | 4/26/2024 |   | L+5.50% (Floor 1.00%) |   | 2,887,500 |  |   | 2,845,678 |  |   | 2,844,188 |  |   | 3.47 | % |
|                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Investments - (cost $242,061,110) |   |   |   |   |   |   |   | $ | 242,061,110 |  |   | $ | 237,547,371 |  |   | 289.69 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) which reset daily, monthly, quarterly, or semiannually. For each investment, the Company has provided the spread over LIBOR in effect at March 31, 2019. Certain investments are subject to a LIBOR interest rate floor. |
|     |                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------|
| (2) | The investment has approximately $0.3 million in an unfunded delayed draw commitment as of March 31, 2019. |
|     |                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------|
| (3) | The investment is structured as a first lien last out term loan and may earn interest in addition to the stated rate. |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 |   | Year ended March 31, 2020 |   | Year ended March 31, 2019 |   | Year Ended March 31, 2018 |
| Investment income                                                    |   |   |   |   |   |   |
| Interest                                                             |   | $ | 19,885,861 |  |   | $ | 20,808,110 |  |   | $ | 16,732,879 |  |
| Fees and other income                                                |   | 414,445 |  |   | 588,778 |  |   | 332,752 |  |
|                                                                 |   |   |   |   |   |   |
| Total investment income                                              |   | 20,300,306 |  |   | 21,396,888 |  |   | 17,065,631 |  |
|                                                                 |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |
| Expenses                                                             |   |   |   |   |   |   |
| Interest expense                                                     |   | 7,684,904 |  |   | 8,369,602 |  |   | 6,254,444 |  |
| Administrative fee                                                   |   | 140,469 |  |   | 153,400 |  |   | 150,362 |  |
| Professional fees and other                                          |   | 220,051 |  |   | 236,224 |  |   | 208,225 |  |
|                                                                 |   |   |   |   |   |   |
| Total expenses                                                       |   | 8,045,424 |  |   | 8,759,226 |  |   | 6,613,031 |  |
|                                                                 |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |
| Net investment income                                                |   | 12,254,882 |  |   | 12,637,662 |  |   | 10,452,600 |  |
|                                                                 |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |
| Realized and unrealized (loss) gain on investments                   |   |   |   |   |   |   |
| Net realized gain on investments                                     |   | 603,240 |  |   | 399,954 |  |   | 1,660,104 |  |
| Net change in unrealized (depreciation) appreciation on investments  |   | (32,393,964 | ) |   | (6,647,036 | ) |   | (614,866 | ) |
|                                                                 |   |   |   |   |   |   |
| Net (loss) gain on investments                                       |   | (31,790,724 | ) |   | (6,247,082 | ) |   | 1,045,238 |  |
|                                                                 |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |
| Net (decrease) increase in members' equity resulting from operations |   | $ | (19,535,842 | ) |   | $ | 6,390,580 |  |   | $ | 11,497,838 |  |

----

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 | Years Ended March 31, |
|                                                                 | 2020 |   | 2019 |   | 2018 |
|                                                                 |   |   |   |   |   |
| Members' equity beginning balance                                    | $ | 82,001,122 |  |   | $ | 84,046,081 |  |   | $ | 79,417,700 |  |
| Contributions                                                        | — |  |   | 4,000,000 |  |   | 5,000,000 |  |
| Distributions                                                        | (12,685,834 | ) |   | (12,435,539 | ) |   | (11,869,457 | ) |
|                                                                 | 69,315,288 |  |   | 75,610,542 |  |   | 72,548,243 |  |
|                                                                 |   |   |   |   |   |
| Net increase in members' equity resulting from operations:           |   |   |   |   |   |
| Net investment income                                                | 12,254,882 |  |   | 12,637,662 |  |   | 10,452,600 |  |
| Net realized gain on investments                                     | 603,240 |  |   | 399,954 |  |   | 1,660,104 |  |
| Net change in unrealized appreciation (depreciation) on investments  | (32,393,964 | ) |   | (6,647,036 | ) |   | (614,866 | ) |
|                                                                 |   |   |   |   |   |
| Net (decrease) increase in members' equity resulting from operations | (19,535,842 | ) |   | 6,390,580 |  |   | 11,497,838 |  |
|                                                                 |   |   |   |   |   |
|                                                                 |   |   |   |   |   |
| Members' equity ending balance                                       | $ | 49,779,446 |  |   | $ | 82,001,122 |  |   | $ | 84,046,081 |  |

----

----

|                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                  | Years Ended March 31, |
|                                                                                                                                                  | 2020 |   | 2019 |   | 2018 |
| Cash flows from operating activities                                                                                                                  |   |   |   |   |   |
| Net (decrease) increase in members' equity resulting from operations                                                                                  | $ | (19,535,842 | ) |   | $ | 6,390,580 |  |   | $ | 11,497,838 |  |
| Adjustments to reconcile net (decrease) increase in members' equity resulting from operations to net cash provided by (used in) operating activities: |   |   |   |   |   |
| Net realized gain on investments                                                                                                                      | (603,240 | ) |   | (399,954 | ) |   | (1,660,104 | ) |
| Net change in unrealized depreciation on investments                                                                                                  | 32,393,964 |  |   | 6,647,036 |  |   | 614,866 |  |
| Amortization of premiums and discounts on investments                                                                                                 | (638,807 | ) |   | (671,016 | ) |   | (710,236 | ) |
| Amortization of deferred financing costs                                                                                                              | (479,832 | ) |   | 496,799 |  |   | 487,503 |  |
| Purchases of investments                                                                                                                              | (49,770,814 | ) |   | (95,262,272 | ) |   | (135,400,139 | ) |
| Proceeds from sales / paydowns of investments                                                                                                         | 85,306,393 |  |   | 72,945,680 |  |   | 116,591,458 |  |
| Changes in operating assets and liabilities:                                                                                                          |   |   |   |   |   |
| Due from broker                                                                                                                                       | (38,307 | ) |   | 329,987 |  |   | 1,402,513 |  |
| Interest receivable                                                                                                                                   | (97,446 | ) |   | (165,804 | ) |   | (338,769 | ) |
| Payable for securities purchased                                                                                                                      | (940,346 | ) |   | (2,272,472 | ) |   | (8,582,182 | ) |
| Interest payable                                                                                                                                      | (61,639 | ) |   | 55,067 |  |   | 41,883 |  |
| Accrued expenses and other liabilities                                                                                                                | (68,414 | ) |   | 67,497 |  |   | 28,330 |  |
|                                                                                                                                                  |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                                                                                   | 45,465,670 |  |   | (11,838,872 | ) |   | (16,027,039 | ) |
|                                                                                                                                                  |   |   |   |   |   |
| Cash flows from financing activities                                                                                                                  |   |   |   |   |   |
| Borrowings under credit facility                                                                                                                      | 23,363,635 |  |   | 55,000,000 |  |   | 34,000,000 |  |
| Repayments of credit facility                                                                                                                         | (58,363,636 | ) |   | (38,000,000 | ) |   | (13,000,000 | ) |
| Deferred financing costs paid                                                                                                                         | — |  |   | (1,500 | ) |   | (939,006 | ) |
| Capital contributions                                                                                                                                 | — |  |   | 4,000,000 |  |   | 5,000,000 |  |
| Distributions                                                                                                                                         | (13,132,163 | ) |   | (12,071,214 | ) |   | (11,809,424 | ) |
|                                                                                                                                                  |   |   |   |   |   |
| Net cash (used in) provided by financing activities                                                                                                   | (48,132,164 | ) |   | 8,927,286 |  |   | 13,251,570 |  |
|                                                                                                                                                  |   |   |   |   |   |
| Net change in cash and cash equivalents                                                                                                               | (2,666,494 | ) |   | (2,911,586 | ) |   | (2,775,469 | ) |
| Cash and cash equivalents, beginning of period                                                                                                   | 6,405,598 |  |   | 9,317,184 |  |   | 12,092,653 |  |
| Cash and cash equivalents, end of period                                                                                                              | $ | 3,739,104 |  |   | $ | 6,405,598 |  |   | $ | 9,317,184 |  |
|                                                                                                                                                  |   |   |   |   |   |
| Supplemental disclosure of cash flow information                                                                                                      |   |   |   |   |   |
| Cash paid during the period for interest                                                                                                              | $ | 7,129,754 |  |   | $ | 7,797,256 |  |   | $ | 5,705,952 |  |
|                                                                                                                                                  |   |   |   |   |   |
| Supplemental disclosure of noncash financing activities                                                                                               |   |   |   |   |   |
| Distributions payable                                                                                                                                 | $ | 2,808,471 |  |   | $ | 3,254,800 |  |   | $ | 2,890,475 |  |

----

----

----

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | Level 1- unadjusted quoted prices in active markets for identical investments |
|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2- investments with other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.) |
|         |                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3- investments with significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments) |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |
| Type of Investment   |   | Fair Value at March 31, 2020 |   | Valuation Technique |   | Unobservable Input |   | Range |
|                 |   |   |   |   |   |   |   |   |
| Corporate bank loans |   | $ | 132,080,010 |  |   | Income Approach |   | Broker Quotes |   | 13.75 - 100.25 |
|                 |   | 38,779,865 |  |   | Income Approach |   | Discount Rate |   | 8.96% - 19.81% |
|                 |   | $ | 170,859,875 |  |   |   |   |   |   |   |

----

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |
| Type of Investment   |   | Fair Value at March 31, 2019 |   | Valuation Technique |   | Unobservable Input |   | Range |   | Weighted Average |
|                 |   |   |   |   |   |   |   |   |   |   |
| Corporate bank loans |   | $ | 174,772,948 |  |   | Income Approach |   | Broker Quotes |   | 65.6 - 101.0 |   | 96.8 |
|                 |   | 40,237,232 |  |   | Income Approach |   | Discount Rate |   | 8.5% - 14.5% |   | 10.8% |
|                 |   | 22,537,191 |  |   | Market Approach |   | Exit Value |   | 100.0 - 101.0 |   | 100.0 |
|                 |   | $ | 237,547,371 |  |   |   |   |   |   |   |   |   |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Investments (at fair value)          |   |   |   |   |   |   |   |   |
| Corporate bank loans                 |   | $ | — |  |   | $ | — |  |   | $ | 170,859,875 |  |   | $ | 170,859,875 |  |
| Total investments                    |   | — |  |   | — |  |   | 170,859,875 |  |   | 170,859,875 |  |
|                                 |   |   |   |   |   |   |   |   |
| Cash equivalents - money market fund |   | 2,572,876 |  |   | — |  |   | — |  |   | 2,572,876 |  |
|                                 |   |   |   |   |   |   |   |   |
|                                 |   | $ | 2,572,876 |  |   | $ | — |  |   | $ | 170,859,875 |  |   | $ | 173,432,751 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Investments (at fair value)          |   |   |   |   |   |   |   |   |
| Corporate bank loans                 |   | $ | — |  |   | $ | — |  |   | $ | 237,547,371 |  |   | $ | 237,547,371 |  |
| Total investments                    |   | — |  |   | — |  |   | 237,547,371 |  |   | 237,547,371 |  |
|                                 |   |   |   |   |   |   |   |   |
| Cash equivalents - money market fund |   | 5,333,271 |  |   | — |  |   | — |  |   | 5,333,271 |  |
|                                 |   |   |   |   |   |   |   |   |
|                                 |   | $ | 5,333,271 |  |   | $ | — |  |   | $ | 237,547,371 |  |   | $ | 242,880,642 |  |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        |   | Level 3 |
|                        |   | Beginning Balance |   | Purchases(a) |   | Settlements |   | Change in Unrealized Appreciation(b) |   | Realized Gains (Losses)(c) |   | Ending Balance |   | Change in Unrealized Appreciation (Depreciation) on Investments Held at Period End |
| Investments (at fair value) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate bank loans        |   | $ | 220,806,845 |  |   | $ | 135,311,691 |  |   | $ | (112,324,083 | ) |   | $ | (6,647,036 | ) |   | $ | 399,954 |  |   | $ | 237,547,371 |  |   | $ | (6,210,449 | ) |
|                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                       |   | $ | 220,806,845 |  |   | $ | 135,311,691 |  |   | $ | (112,324,083 | ) |   | $ | (6,647,036 | ) |   | $ | 399,954 |  |   | $ | 237,547,371 |  |   | $ | (6,210,449 | ) |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|            | Years Ending March 31, |   |   |   |   |
|            | 2021 |   | 2022 |   | 2023 |   | 2024 |   | 2025 |   | Thereafter |   | Total |
| Credit Facility | — |  |   | — |  |   | — |  |   | — |  |   | 125,000 |  |   | — |  |   | 125,000 |  |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |
|                                         |   |   |   |   |   |
|                                         |   |   | March 31, |   | March 31, |
| Portfolio Company                            | Investment Type |   | 2020 |   | 2019 |
| New Era Technology, Inc.                     | Delayed Draw Term Loan |   | $ | — |  |   | $ | 256,000 |  |
| PaySimple, Inc.                              | Delayed Draw Term Loan |   | 449,000 |  |   | — |  |
| Total unused commitments to extend financing |   |   | $ | 449,000 |  |   | $ | 256,000 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |
|                                                |   | Year ended |   | Year ended |   | Year ended |
|                                                |   | March 31, 2020 |   | March 31, 2019 |   | March 31, 2018 |
| Net investment income to average members' equity(1) |   | 16.88 |  % |   | 15.37 |  % |   | 12.40 |  % |
| Expenses to average members' equity(1)              |   | (11.08 | )% |   | (10.65 | )% |   | (7.85 | )% |
| Internal Rate of Return, end of year(2)             |   | 4.87 |  % |   | 14.15 |  % |   | 16.77 |  % |

|           |                                                                                                                                             |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Ratios are calculated by dividing the indicated amount by average members' equity measured as of the end of each quarter during the period. |
|           |                                                                                                                                                                                                                                                                                                                                                     |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | The internal rate of return since inception ("IRR") of the members is computed based on the actual dates of cash inflows, outflows and the ending net assets at the end of the year of the members' equity account as of each measurement date. The IRR includes actual cash payments and does not include distributions declared but not yet paid. |