----

|                                                                    |        |  |  |  |  |
|--------------------------------------------------------------------|--------|--|--|--|--|
|                                                               | Page   |
| Independent Auditor's Report                                       | 1      |
| Consolidated Statements of Assets, Liabilities and Members' Equity | 4      |
| Consolidated Schedules of Investments                              | 5      |
| Consolidated Statements of Operations                              | 12     |
| Consolidated Statements of Changes in Members' Equity              | 13     |
| Consolidated Statements of Cash Flows                              | 14     |
| Notes to Consolidated Financial Statements                         | 15     |
|                                                               |   |

----

----

----

|                                                                                                       |                   |                   |      |                   |   |                   |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------|-------------------|-------------------|------|-------------------|---|-------------------|--|--|--|--|--|
|                                                                                                       | March 31,         |
|                                                                                                       | 2022              |                   | 2021 |
| Assets                                                                                                |                   |                   |      |
|                                                                                                       |                   |                   |      |
| Investments, at fair value (cost $187,713,768 and $170,791,497, respectively)                         | $                 | 176,704,213  |      |                   | $ | 164,351,186  |  |
| Cash and cash equivalents                                                                             | 9,948,554    |                   |      | 10,418,599   |   |
| Due from broker                                                                                       | 123,016      |                   |      | 152,449      |   |
| Deferred financing costs (net of accumulated amortization of $3,784,559 and $2,964,542, respectively) | 1,451,953    |                   |      | 2,245,255    |   |
| Interest receivable                                                                                   | 850,342      |                   |      | 552,962      |   |
| Other assets                                                                                          | 65,972       |                   |      | 55,472       |   |
|                                                                                                       | $                 | 189,144,050  |      |                   | $ | 177,775,923  |  |
|                                                                                                       |                   |                   |      |
|                                                                                                       |                   |                   |      |
| Liabilities and Members' Equity                                                                       |                   |                   |      |
|                                                                                                       |                   |                   |      |
| Liabilities                                                                                           |                   |                   |      |
| Credit facility                                                                                       | $                 | 114,500,000  |      |                   | $ | 91,000,000   |  |
| Payable for securities purchased                                                                      | —      |                   |      | 13,071,599   |   |
| Distributions payable                                                                                 | 2,374,444    |                   |      | 1,920,085    |   |
| Interest payable                                                                                      | 66,878       |                   |      | 39,203       |   |
| Accrued expenses and other liabilities                                                                | 154,621      |                   |      | 171,695      |   |
| Total liabilities                                                                                     | 117,095,943  |                   |      | 106,202,582  |   |
|                                                                                                       |                   |                   |      |
| Commitments and contingencies (Note 8)                                                                |                   |                   |      |
|                                                                                                       |                   |                   |      |
| Members' equity                                                                                       | 72,048,107   |                   |      | 71,573,341   |   |
|                                                                                                       |                   |                   |      |
|                                                                                                       | $                 | 189,144,050  |      |                   | $ | 177,775,923  |  |

----

|                                                  |                                        |  |                                           |  |                    |  |                          |  |                  |                 |           |           |            |                 |                               |            |   |                 |  |  |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|----------------------------------------|--|-------------------------------------------|--|--------------------|--|--------------------------|--|------------------|-----------------|-----------|-----------|------------|-----------------|-------------------------------|------------|---|-----------------|--|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company6                               | Industry                               |  | Investment Type1                          |  | Maturity Date      |  | Current Interest Rate2   |  | Principal Amount |                 | Cost      |           | Fair Value |                 | Percentage of Members' Equity |
| AAC New Holdco Inc.                              | Healthcare services                    |  | First Lien                                |  | 6/25/2025  |  | 10.00%, 8.00% PIK        |  | $                | 1,899,255  |           |           | $          | 1,899,255  |                               |            | $ | 1,832,781  |  |  | 2.54  | % |
|                                                  |                                        |  | 304,075 shares common stock               |  | —            |  | —                  |  | —     |                 |           | 1,449,127 |            | 1,449,127       |                               | 2.01  | % |
|                                                  |                                        |  | Warrants (Expiration - December 11, 2025) |  | —            |  | —                  |  | —     |                 |           | 482,412   |            | 482,412         |                               | 0.67  | % |
| ADS Tactical, Inc.                               | Aerospace & defense                |  | First Lien                                |  | 3/19/2026  |  | L+5.75% (Floor 1.00%)    |  | 6,394,231        |                 | 6,283,162 |           | 6,133,122  |                 | 8.51                     | %          |
| American Teleconferencing Services, Ltd.5        | Telecommunications                     |  | Revolving Loan                            |  | 6/30/2022  |  | P+5.50%                  |  | 1,027,491        |                 | 1,020,896 |           | 63,855     |                 | 0.09                     | %          |
|                                                  |                                        |  | First Lien                                |  | 6/8/2023   |  | P+5.50%                  |  | 5,597,579        |                 | 5,565,782 |           | 307,867    |                 | 0.43                     | %          |
| ATX Networks (Toronto) Corporation7              | Technology products & components   |  | First Lien                                |  | 9/1/2026   |  | L+7.50%,(Floor 1.00%)    |  | 2,616,688        |                 | 2,610,076 |           | 2,498,937  |                 | 3.47                     | %          |
|                                                  |                                        |  | Senior Subordinated Debt                  |  | 9/1/2028   |  | 10.00% PIK               |  | 1,080,726        |                 | 1,080,726 |           | 729,490    |                 | 1.01                     | %          |
|                                                  |                                        |  | 196 Class A units                         |  | —            |  | —                  |  | —          |                 | —   |           | —    |                 | —                  | %          |
| Burning Glass Intermediate Holding Company, Inc. | Software & IT services             |  | Revolving Loan3                           |  | 6/10/2028  |  | L+5.00%(Floor 1.00%)     |  | 73,973           |                 | 67,463    |           | 67,463     |                 | 0.09                     | %          |
|                                                  |                                        |  | First Lien                                |  | 6/10/2028  |  | L+5.00%(Floor 1.00%)     |  | 3,189,452        |                 | 3,139,669 |           | 3,189,452  |                 | 4.43                     | %          |
| Corel, Inc.7                                     | Software & IT services             |  | First Lien                                |  | 7/2/2026   |  | L+5.00%                  |  | 6,802,781        |                 | 6,649,975 |           | 6,804,924  |                 | 9.44                     | %          |
| Emerald Technologies (U.S.) Acquisitionco, Inc.  | Technology products & components   |  | First Lien                                |  | 12/29/2027 |  | SOFR +6.25%(Floor 1.00%) |  | 3,125,000        |                 | 3,063,410 |           | 3,078,125  |                 | 4.27                     | %          |
| Evergreen AcqCo 1 LP                             | Consumer products & retail         |  | First Lien                                |  | 4/26/2028  |  | L+5.50% (Floor 0.75%)    |  | 4,179,000        |                 | 4,142,649 |           | 4,158,105  |                 | 5.77                     | %          |
| Evergreen North America Acquisitions, LLC        | Industrial services                    |  | First Lien                                |  | 8/13/2026  |  | L+6.75%(Floor 1.00%)     |  | 6,740,323        |                 | 6,622,570 |           | 6,740,323  |                 | 9.36                     | %          |
| Geo Parent Corporation                           | Building & infrastructure products |  | First Lien                                |  | 12/19/2025 |  | L+5.25%                  |  | 6,839,744        |                 | 6,809,224 |           | 6,805,545  |                 | 9.45                     | %          |

----

|                             |                                      |  |                           |  |                    |  |                           |  |                  |  |           |         |            |         |                               |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------|--------------------------------------|--|---------------------------|--|--------------------|--|---------------------------|--|------------------|--|-----------|---------|------------|---------|-------------------------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company6          | Industry                             |  | Investment Type1          |  | Maturity Date      |  | Current Interest Rate2    |  | Principal Amount |  | Cost      |         | Fair Value |         | Percentage of Members' Equity |
| GS Operating, LLC           | Distribution                         |  | First Lien                |  | 1/3/2028   |  | SOFR +6.00%(Floor 0.75%)  |  | 4,987,500        |  | 4,891,052 |         | 4,987,500  |         | 6.92                     | %          |
| Infogain Corporation        | Software & IT services           |  | First Lien                |  | 7/28/2028  |  | L+5.75% (Floor 1.00%)     |  | 4,783,654        |  | 4,718,780 |         | 4,769,303  |         | 6.62                     | %          |
| InfoGroup Inc.              | Software & IT services           |  | First Lien                |  | 4/3/2023   |  | L+5.00% (Floor 1.00%)     |  | 2,850,000        |  | 2,845,252 |         | 2,703,938  |         | 3.75                     | %          |
| Integro Parent Inc.         | Business services                    |  | First Lien                |  | 10/28/2022 |  | L+5.75% (Floor 1.00%)     |  | 3,217,460        |  | 3,208,400 |         | 3,043,187  |         | 4.22                     | %          |
| Intermedia Holdings, Inc.   | Software & IT services           |  | First Lien                |  | 7/21/2025  |  | L+6.00% (Floor 1.00%)     |  | 5,676,508        |  | 5,658,733 |         | 5,638,192  |         | 7.83                     | %          |
| Inventus Power, Inc.        | Technology products & components |  | First Lien                |  | 3/29/2024  |  | SOFR +5.00% (Floor 1.00%) |  | 6,930,000        |  | 6,883,970 |         | 6,791,400  |         | 9.43                     | %          |
| INW Manufacturing, LLC      | Food, agriculture, & beverage    |  | First Lien                |  | 3/25/2027  |  | L+5.75% (Floor 0.75%)     |  | 2,925,000        |  | 2,867,256 |         | 2,866,500  |         | 3.98                     | %          |
| Isagenix International, LLC | Consumer products & retail       |  | First Lien                |  | 6/14/2025  |  | L+5.75% (Floor 1.00%)     |  | 1,684,740        |  | 1,677,192 |         | 1,087,558  |         | 1.51                     | %          |
| KORE Wireless Group Inc.    | Telecommunications                   |  | First Lien                |  | 12/20/2024 |  | L+5.50%                   |  | 4,657,831        |  | 4,638,860 |         | 4,640,364  |         | 6.44                     | %          |
| Lab Logistics, LLC          | Healthcare services                  |  | First Lien                |  | 9/25/2023  |  | L+7.25% (Floor 1.00%)     |  | 6,242,038        |  | 6,212,419 |         | 6,242,038  |         | 8.66                     | %          |
| Lash OpCo, LLC4             | Consumer products & retail       |  | First Lien                |  | 3/18/2026  |  | L+7.00% (Floor 1.00%)     |  | 4,987,500        |  | 4,880,990 |         | 4,877,775  |         | 6.77                     | %          |
|                             |                                      |  | Delayed Draw Term Loan    |  | 3/18/2026  |  | L+7.00% (Floor 1.00%)     |  | 1,186,957        |  | 1,151,855 |         | 1,160,843  |         | 1.61                     | %          |
| Lift Brands, Inc.           | Consumer services                    |  | Tranche A                 |  | 6/29/2025  |  | L+7.50% (Floor 1.00%)     |  | 2,502,042        |  | 2,502,042 |         | 2,251,838  |         | 3.13                     | %          |
|                             |                                      |  | Tranche B                 |  | 6/29/2025  |  | 9.50% PIK                 |  | 583,177          |  | 583,177   |         | 437,383    |         | 0.61                     | %          |
|                             |                                      |  | Tranche C                 |  | 6/29/2025  |  | —                   |  | 564,693          |  | 564,693   |         | 423,519    |         | 0.59                     | %          |
|                             |                                      |  | 1,051 shares common stock |  | —            |  | —                   |  | —     |  |           | 748,600 |            | 748,600 |                               | 1.04  | % |
| Lightbox Intermediate, L.P. | Software & IT services           |  | First Lien                |  | 5/9/2026   |  | L+5.00%                   |  | 4,947,836        |  | 4,913,508 |         | 4,873,619  |         | 6.76                     | %          |
| LOGIX Holdings Company, LLC | Telecommunications                   |  | First Lien                |  | 12/23/2024 |  | L+5.75% (Floor 1.00%)     |  | 5,826,004        |  | 5,807,333 |         | 5,491,009  |         | 7.62                     | %          |
| Mills Fleet Farm Group LLC  | Consumer products & retail       |  | First Lien                |  | 10/24/2024 |  | L+6.25% (Floor 1.00%)     |  | 4,623,125        |  | 4,583,904 |         | 4,623,125  |         | 6.42                     | %          |

----

|                                 |                                |  |                          |  |                    |  |                                  |  |                  |  |           |  |            |  |                               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|--------------------------------|--|--------------------------|--|--------------------|--|----------------------------------|--|------------------|--|-----------|--|------------|--|-------------------------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company6              | Industry                       |  | Investment Type1         |  | Maturity Date      |  | Current Interest Rate2           |  | Principal Amount |  | Cost      |  | Fair Value |  | Percentage of Members' Equity |
| National Credit Care, LLC       | Consumer services              |  | First Lien - Term Loan A |  | 12/23/2026 |  | L+6.50% (Floor 1.00%)            |  | 2,500,000        |  | 2,452,711 |  | 2,482,500  |  | 3.45                     | % |
|                                 |                                |  | First Lien - Term Loan B |  | 12/23/2026 |  | L+7.50% (Floor 1.00%)            |  | 2,500,000        |  | 2,452,711 |  | 2,482,500  |  | 3.45                     | % |
| NBG Acquisition, Inc.           | Wholesale                      |  | First Lien               |  | 4/26/2024  |  | L+5.50% (Floor 1.00%)            |  | 2,662,500        |  | 2,646,932 |  | 1,807,172  |  | 2.51                     | % |
| NinjaTrader, Inc.               | Financial services             |  | First Lien               |  | 12/18/2024 |  | L+6.25% (Floor 1.00%)            |  | 5,000,000        |  | 4,908,403 |  | 5,000,000  |  | 6.94                     | % |
| NorthStar Group Services, Inc.  | Environmental services         |  | First Lien               |  | 11/9/2026  |  | L+5.50% (Floor 1.00%)            |  | 2,961,290        |  | 2,947,702 |  | 2,950,185  |  | 4.09                     | % |
| Research Now Group, Inc.        | Business services              |  | First Lien               |  | 12/20/2024 |  | L+5.50% (Floor 1.00%)            |  | 4,935,567        |  | 4,935,567 |  | 4,861,015  |  | 6.75                     | % |
| Retail Services WIS Corporation | Business services              |  | First Lien               |  | 5/20/2025  |  | L+7.75% (Floor 1.00%)            |  | 2,958,524        |  | 2,912,186 |  | 2,914,146  |  | 4.04                     | % |
| SIB Holdings, LLC               | Business services              |  | First Lien               |  | 10/29/2026 |  | L+6.00% (Floor 1.00%)            |  | 3,000,000        |  | 2,945,060 |  | 2,958,000  |  | 4.11                     | % |
| Stellant Midco, LLC             | Aerospace & defense        |  | First Lien               |  | 10/2/2028  |  | L+5.50% (Floor 0.75%)            |  | 2,288,500        |  | 2,267,212 |  | 2,254,173  |  | 3.13                     | % |
| Tacala, LLC                     | Consumer products & retail |  | Second Lien              |  | 2/7/2028   |  | L+7.50% (Floor 0.75%)            |  | 5,000,000        |  | 4,991,330 |  | 4,943,750  |  | 6.86                     | % |
| TEAM Services Group, LLC        | Healthcare services            |  | First Lien               |  | 12/20/2027 |  | L+5.00% (Floor 1.00%)            |  | 6,687,303        |  | 6,643,981 |  | 6,637,148  |  | 9.21                     | % |
| TestEquity, LLC                 | Capital equipment              |  | First Lien               |  | 4/28/2022  |  | L+6.25% (Floor 1.00%)            |  | 3,804,805        |  | 3,804,239 |  | 3,804,805  |  | 5.28                     | % |
|                                 |                                |  | First Lien - Term Loan B |  | 4/28/2022  |  | L+6.25% (Floor 1.00%)            |  | 941,707          |  | 941,561   |  | 941,707    |  | 1.31                     | % |
| UniTek Global Services, Inc.    | Telecommunications             |  | First Lien               |  | 8/20/2024  |  | L+5.50%, 2.00% PIK (Floor 1.00%) |  | 2,814,048        |  | 2,802,007 |  | 2,626,913  |  | 3.65                     | % |
| U.S. TelePacific Corp.          | Telecommunications             |  | First Lien               |  | 5/1/2026   |  | L+1.00%, 7.25% PIK (Floor 1.00%) |  | 5,239,140        |  | 5,239,140 |  | 3,714,550  |  | 5.16                     | % |
| Veregy Consolidated, Inc.       | Environmental services         |  | First Lien               |  | 11/3/2027  |  | L+6.00% (Floor 1.00%)            |  | 1,975,000        |  | 1,970,150 |  | 1,935,500  |  | 2.69                     | % |
| Vida Capital, Inc.              | Financial services             |  | First Lien               |  | 10/1/2026  |  | L+6.00%                          |  | 3,565,000        |  | 3,530,511 |  | 3,282,777  |  | 4.56                     | % |
| Wahoo Fitness Acquisition, LLC  | Consumer products & retail |  | First Lien               |  | 8/14/2028  |  | L+5.75% (Floor 1.00%)            |  | 4,968,750        |  | 4,833,270 |  | 4,869,375  |  | 6.76                     | % |
| YS Garments, LLC                | Consumer products & retail |  | First Lien               |  | 8/9/2024   |  | L+5.50%(Floor 1.00%)             |  | 4,281,594        |  | 4,264,683 |  | 4,238,778  |  | 5.88                     | % |

----

|                    |          |  |                  |  |               |  |                        |  |                  |  |      |                   |            |  |                               |                   |  |  |              |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------|----------|--|------------------|--|---------------|--|------------------------|--|------------------|--|------|-------------------|------------|--|-------------------------------|-------------------|--|--|--------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company6 | Industry |  | Investment Type1 |  | Maturity Date |  | Current Interest Rate2 |  | Principal Amount |  | Cost |                   | Fair Value |  | Percentage of Members' Equity |
|                    |          |  |                  |  |               |  |                        |  |                  |  |      |                   |            |  |                               |
| Total Investments  |          |  |                  |  |               |  |                        |  |                  |  | $    | 187,713,768  |            |  | $                             | 176,704,213  |  |  | 245.26  | % |

----

|                                          |                                        |  |                                           |  |                    |  |                                   |  |                  |                 |            |                 |                  |                 |                               |  |   |                 |   |  |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|----------------------------------------|--|-------------------------------------------|--|--------------------|--|-----------------------------------|--|------------------|-----------------|------------|-----------------|------------------|-----------------|-------------------------------|--|---|-----------------|---|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                        | Industry                               |  | Investment Type (1)                       |  | Maturity Date      |  | Current Interest Rate(2)          |  | Principal Amount |                 |  Cost |                 |  Fair Value |                 | Percentage of Members' Equity |
| AAC New Holdco Inc.                      | Healthcare services                    |  | First Lien                                |  | 6/25/2025  |  | 10.00%, 8.00% PIK                 |  | $                | 1,751,766  |            |                 | $                | 1,751,766  |                               |  | $ | 1,743,007  |   |  | 2.44  | % |
|                                          |                                        |  | 304,075 shares common stock               |  | —            |  | —                           |  | —     |                 |            | 1,449,127  |                  |                 | 1,449,127                |  |   | 2.02       | % |
|                                          |                                        |  | Warrants (Expiration - December 11, 2025) |  | —            |  | —                           |  | —     |                 |            | 482,412    |                  |                 | 482,412                  |  |   | 0.67       | % |
| ADS Tactical, Inc.                       | Aerospace & defense                |  | First Lien                                |  | 3/19/2026  |  | L+5.75% (Floor 1.00%)             |  | 6,730,769   |                 |            | 6,596,154  |                  |                 | 6,697,115                |  |   | 9.36       | % |
| American Teleconferencing Services, Ltd. | Telecommunications                     |  | First Lien                                |  | 6/8/2023   |  | L+6.50%(Floor 1.00%)              |  | 6,758,587   |                 |            | 6,698,359  |                  |                 | 3,590,499                |  |   | 5.02       | % |
| ATX Canada Acquisitionco Inc.            | Technology products & components   |  | First Lien                                |  | 12/31/2023 |  | L+6.25%, 1.50% PIK (Floor 1.00%)  |  | 4,463,810   |                 |            | 4,461,904  |                  |                 | 4,084,386                |  |   | 5.71       | % |
| California Pizza Kitchen, Inc.           | Restaurants                            |  | First Lien                                |  | 11/23/2024 |  | L+10.00% (Floor 1.50%)            |  | 936,826     |                 |            | 912,937    |                  |                 | 935,655                  |  |   | 1.31       | % |
|                                          |                                        |  | First Lien Rolled Up                      |  | 11/23/2024 |  | 1.00%, L+11.00% PIK (Floor 1.50%) |  | 1,038,669   |                 |            | 1,035,244  |                  |                 | 1,033,475                |  |   | 1.44       | % |
|                                          |                                        |  | Second Lien                               |  | 5/23/2025  |  | 1.00%, L+12.50% PIK(Floor 1.50%)  |  | 1,140,568   |                 |            | 1,140,568  |                  |                 | 1,114,911                |  |   | 1.56       | % |
|                                          |                                        |  | 67,841 shares common stock                |  | —            |  | —                           |  | —     |                 |            | 1,844,670  |                  |                 | 1,844,670                |  |   | 2.58       | % |
| Corel, Inc.                              | Software & IT services             |  | First Lien                                |  | 7/2/2026   |  | L+5.00%                           |  | 7,029,540   |                 |            | 6,834,530  |                  |                 | 7,008,452                |  |   | 9.79       | % |
| Geo Parent Corporation                   | Building & infrastructure products |  | First Lien                                |  | 12/19/2025 |  | L+5.25%                           |  | 4,900,000   |                 |            | 4,866,831  |                  |                 | 4,887,750                |  |   | 6.83       | % |
| Go Wireless Holdings, Inc.               | Consumer products & retail         |  | First Lien                                |  | 12/22/2024 |  | L+6.50% (Floor 1.00%)             |  | 6,847,794   |                 |            | 6,816,260  |                  |                 | 6,839,234                |  |   | 9.56       | % |
| Hunter Defense Technologies, Inc.        | Aerospace & defense                |  | First Lien                                |  | 3/29/2023  |  | L+6.00% (Floor 1.00%)             |  | 6,121,915   |                 |            | 6,048,680  |                  |                 | 6,091,305                |  |   | 8.51       | % |

----

|                             |                                      |  |                           |  |                    |  |                                  |  |                  |  |            |                 |                  |  |                               |  |  |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------|--------------------------------------|--|---------------------------|--|--------------------|--|----------------------------------|--|------------------|--|------------|-----------------|------------------|--|-------------------------------|--|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company           | Industry                             |  | Investment Type (1)       |  | Maturity Date      |  | Current Interest Rate(2)         |  | Principal Amount |  |  Cost |                 |  Fair Value |  | Percentage of Members' Equity |
| InfoGroup Inc.              | Software & IT services           |  | First Lien                |  | 4/3/2023   |  | L+5.00% (Floor 1.00%)            |  | 2,880,000   |  |            | 2,870,351  |                  |  | 2,740,622                |  |  | 3.83  | % |
| Integro Parent Inc.         | Business services                    |  | First Lien                |  | 10/28/2022 |  | L+5.75% (Floor 1.00%)            |  | 3,253,315   |  |            | 3,226,461  |                  |  | 3,200,612                |  |  | 4.47  | % |
| Intermedia Holdings, Inc.   | Software & IT services           |  | First Lien                |  | 7/21/2025  |  | L+6.00% (Floor 1.00%)            |  | 5,735,180   |  |            | 5,711,791  |                  |  | 5,747,740                |  |  | 8.03  | % |
| Inventus Power, Inc.        | Technology products & components |  | First Lien                |  | 3/29/2024  |  | L+5.00% (Floor 1.00%)            |  | 7,000,000   |  |            | 6,930,192  |                  |  | 6,930,192                |  |  | 9.68  | % |
| Isagenix International, LLC | Consumer products & retail       |  | First Lien                |  | 6/14/2025  |  | L+5.75% (Floor 1.00%)            |  | 1,822,867   |  |            | 1,812,039  |                  |  | 1,375,809                |  |  | 1.92  | % |
| KORE Wireless Group Inc.    | Telecommunications                   |  | First Lien                |  | 12/20/2024 |  | L+5.50%                          |  | 4,705,974   |  |            | 4,679,768  |                  |  | 4,700,092                |  |  | 6.57  | % |
| Lab Logistics, LLC          | Healthcare services                  |  | First Lien                |  | 9/25/2023  |  | L+7.25% (Floor 1.00%)            |  | 6,305,398   |  |            | 6,255,332  |                  |  | 6,305,398                |  |  | 8.81  | % |
| Lift Brands, Inc.           | Consumer services                    |  | Tranche A                 |  | 6/29/2025  |  | L+7.5% (Floor 1.00%)             |  | 2,520,949   |  |            | 2,520,949  |                  |  | 2,369,692                |  |  | 3.31  | % |
|                             |                                      |  | Tranche B                 |  | 6/29/2025  |  | 9.50% PIK                        |  | 530,548     |  |            | 530,548    |                  |  | 424,438                  |  |  | 0.59  | % |
|                             |                                      |  | Tranche C                 |  | 6/29/2025  |  | —                          |  | 564,693     |  |            | 564,693    |                  |  | 451,754                  |  |  | 0.63  | % |
|                             |                                      |  | 1,051 shares common stock |  | —            |  | —                          |  | —     |  |            | 748,600    |                  |  | 748,600                  |  |  | 1.05  | % |
| Lightbox Intermediate, L.P. | Software & IT services           |  | First Lien                |  | 5/9/2026   |  | L+5.00%                          |  | 3,453,072   |  |            | 3,418,085  |                  |  | 3,418,541                |  |  | 4.78  | % |
| LOGIX Holdings Company, LLC | Telecommunications                   |  | First Lien                |  | 12/23/2024 |  | L+5.75% (Floor 1.00%)            |  | 5,889,503   |  |            | 5,862,627  |                  |  | 5,683,370                |  |  | 7.94  | % |
| Lulu's Fashion Lounge, LLC  | Consumer products & retail       |  | First Lien                |  | 8/26/2022  |  | L+7.00%, 2.50% PIK (Floor 1.00%) |  | 3,686,458   |  |            | 3,633,574  |                  |  | 3,151,922                |  |  | 4.40  | % |
| Mills Fleet Farm Group LLC  | Consumer products & retail       |  | First Lien                |  | 10/24/2024 |  | L+6.00% (Floor 1.00%)            |  | 4,625,000   |  |            | 4,570,478  |                  |  | 4,532,500                |  |  | 6.33  | % |
| NBG Acquisition, Inc.       | Wholesale                            |  | First Lien                |  | 4/26/2024  |  | L+5.50% (Floor 1.00%)            |  | 2,737,500   |  |            | 2,713,620  |                  |  | 2,468,308                |  |  | 3.45  | % |
| Novetta Solutions, LLC      | Software & IT services           |  | First Lien                |  | 10/17/2022 |  | L+5.00% (Floor 1.00%)            |  | 4,844,600   |  |            | 4,794,921  |                  |  | 4,835,541                |  |  | 6.76  | % |
| PaySimple, Inc.             | Software & IT services           |  | Delayed Draw Term Loan    |  | 8/23/2025  |  | L+5.50%                          |  | 1,368,765   |  |            | 1,345,921  |                  |  | 1,365,343                |  |  | 1.91  | % |
|                             |                                      |  | First Lien                |  | 8/23/2025  |  | L+5.50%                          |  | 4,219,897   |  |            | 4,174,090  |                  |  | 4,209,348                |  |  | 5.88  | % |

----

|                                |                                |  |                          |  |                    |  |                                  |  |                  |  |            |                   |                  |  |                               |                   |  |            |              |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--------------------------------|--|--------------------------|--|--------------------|--|----------------------------------|--|------------------|--|------------|-------------------|------------------|--|-------------------------------|-------------------|--|------------|--------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company              | Industry                       |  | Investment Type (1)      |  | Maturity Date      |  | Current Interest Rate(2)         |  | Principal Amount |  |  Cost |                   |  Fair Value |  | Percentage of Members' Equity |
| Pet Supermarket, Inc.          | Consumer products & retail |  | First Lien               |  | 7/5/2022   |  | L+5.50% (Floor 1.00%)            |  | 4,760,225   |  |            | 4,750,204    |                  |  | 4,641,219                |                   |  | 6.48  | %            |
| PT Network, LLC                | Healthcare products            |  | First Lien               |  | 11/30/2023 |  | L+5.50%, 2.00% PIK (Floor 1.00%) |  | 4,464,917   |  |            | 4,464,916    |                  |  | 4,464,917                |                   |  | 6.24  | %            |
| Research Now Group, Inc.       | Business services              |  | First Lien               |  | 12/20/2025 |  | L+5.50% (Floor 1.00%)            |  | 4,987,113   |  |            | 4,987,113    |                  |  | 4,950,333                |                   |  | 6.92  | %            |
| Signify Health, LLC            | Healthcare services            |  | First Lien               |  | 12/23/2024 |  | L+4.50% (Floor 1.00%)            |  | 5,044,000   |  |            | 5,016,857    |                  |  | 5,063,596                |                   |  | 7.07  | %            |
| Tacala, LLC                    | Consumer products & retail |  | Second Lien              |  | 2/7/2028   |  | L+7.50% (Floor 0.75%)            |  | 5,000,000   |  |            | 4,989,074    |                  |  | 5,002,100                |                   |  | 6.99  | %            |
| TestEquity, LLC                | Capital equipment              |  | First Lien               |  | 4/28/2022  |  | L+6.25% (Floor 1.00%)            |  | 3,815,993   |  |            | 3,807,756    |                  |  | 3,358,074                |                   |  | 4.69  | %            |
|                                |                                |  | First Lien - Term Loan B |  | 4/28/2022  |  | L+6.25% (Floor 1.00%)            |  | 949,133     |  |            | 946,991      |                  |  | 835,237                  |                   |  | 1.17  | %            |
| TGP Holdings III LLC           | Durable consumer goods         |  | Second Lien              |  | 9/25/2025  |  | L+8.50% (Floor 1.00%)            |  | 2,500,000   |  |            | 2,478,913    |                  |  | 2,482,813                |                   |  | 3.47  | %            |
| Time Manufacturing Acquisition | Capital equipment              |  | First Lien               |  | 2/3/2023   |  | L+5.00% (Floor 1.00%)            |  | 5,802,043   |  |            | 5,785,401    |                  |  | 5,823,800                |                   |  | 8.14  | %            |
| UniTek Global Services, Inc.   | Telecommunications             |  | First Lien               |  | 8/20/2024  |  | L+5.50%, 1.00% PIK (Floor 1.00%) |  | 2,736,317   |  |            | 2,720,753    |                  |  | 2,479,651                |                   |  | 3.46  | %            |
| U.S. TelePacific Corp.         | Telecommunications             |  | First Lien               |  | 5/2/2023   |  | L+5.50% (Floor 1.00%)            |  | 5,200,139   |  |            | 5,171,710    |                  |  | 4,829,005                |                   |  | 6.75  | %            |
| Vida Capital, Inc.             | Financial services             |  | First Lien               |  | 10/1/2026  |  | L+6.00%                          |  | 3,805,000   |  |            | 3,760,016    |                  |  | 3,671,825                |                   |  | 5.13  | %            |
| YS Garments, LLC               | Consumer products & retail |  | First Lien               |  | 8/9/2024   |  | L+6.00%(Floor 1.00%)             |  | 4,634,374   |  |            | 4,608,311    |                  |  | 4,286,796                |                   |  | 5.99  | %            |
|                                |                                |  |                          |  |                    |  |                                  |  |                  |  |            |                   |                  |  |                               |
| Total Investments              |                                |  |                          |  |                    |  |                                  |  |                  |  | $          | 170,791,497  |                  |  | $                             | 164,351,186  |  |            | 229.63  | % |

----

|                                                                      |  |                                 |                  |      |                  |      |                  |                  |  |   |                  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------|--|---------------------------------|------------------|------|------------------|------|------------------|------------------|--|---|------------------|--|--|--|--|--|--|--|--|--|
|                                                                      |  | Years Ended March 31, |
|                                                                      |  | 2022                            |                  | 2021 |                  | 2020 |
| Investment income                                                    |  |                                 |                  |      |                  |      |
| Interest income                                                      |  | $                               | 12,614,627  |      |                  | $    | 13,503,215  |                  |  | $ | 19,885,861  |  |
| Dividend income                                                      |  | 6,049                      |                  |      | —     |      |                  | —     |  |
| Fees and other income                                                |  | 183,154                    |                  |      | 426,418     |      |                  | 414,445     |  |
| Total investment income                                              |  | 12,803,830                 |                  |      | 13,929,633  |      |                  | 20,300,306  |  |
|                                                                      |  |                                 |                  |      |                  |      |
|                                                                      |  |                                 |                  |      |                  |      |
| Expenses                                                             |  |                                 |                  |      |                  |      |
| Interest expense                                                     |  | 3,819,893                  |                  |      | 4,236,991   |      |                  | 7,684,904   |  |
| Administrative fee                                                   |  | 125,298                    |                  |      | 118,416     |      |                  | 140,469     |  |
| Professional fees and other                                          |  | 220,781                    |                  |      | 209,783     |      |                  | 220,051     |  |
| Total expenses                                                       |  | 4,165,972                  |                  |      | 4,565,190   |      |                  | 8,045,424   |  |
|                                                                      |  |                                 |                  |      |                  |      |
| Net investment income                                                |  | 8,637,858                  |                  |      | 9,364,443   |      |                  | 12,254,882  |  |
|                                                                      |  |                                 |                  |      |                  |      |
|                                                                      |  |                                 |                  |      |                  |      |
| Realized and unrealized gain (loss) on investments                   |  |                                 |                  |      |                  |      |
| Net realized gain (loss) on investments                              |  | 1,047,337                  |                  |      | (15,312,952)     |      |                  | 603,240     |  |
| Net change in unrealized (depreciation) appreciation on investments  |  | (4,569,244)                     |                  |      | 30,467,391  |      |                  | (32,393,964)     |  |
| Net (loss) gain on investments                                       |  | (3,521,907)                     |                  |      | 15,154,439  |      |                  | (31,790,724)     |  |
|                                                                      |  |                                 |                  |      |                  |      |
| Net increase (decrease) in members' equity resulting from operations |  | $                               | 5,115,951   |      |                  | $    | 24,518,882  |                  |  | $ | (19,535,842)     |  |

----

|                                                                      |                                 |                  |      |                  |      |                  |                  |  |   |                  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------|---------------------------------|------------------|------|------------------|------|------------------|------------------|--|---|------------------|--|--|--|--|--|--|--|
|                                                                      | Years Ended March 31, |
|                                                                      | 2022                            |                  | 2021 |                  | 2020 |
|                                                                      |                                 |                  |      |                  |      |
| Members' equity beginning balance                                    | $                               | 71,573,341  |      |                  | $    | 49,779,446  |                  |  | $ | 82,001,122  |  |
| Contributions                                                        | 4,000,000                  |                  |      | 16,000,000  |      |                  | —     |  |
| Distributions                                                        | (8,641,185)                     |                  |      | (18,724,987)     |      |                  | (12,685,834)     |  |
|                                                                      | 66,932,156                 |                  |      | 47,054,459  |      |                  | 69,315,288  |  |
|                                                                      |                                 |                  |      |                  |      |
| Net increase in members' equity resulting from operations:       |                                 |                  |      |                  |      |
| Net investment income                                                | 8,637,858                  |                  |      | 9,364,443   |      |                  | 12,254,882  |  |
| Net realized gain (loss) on investments                              | 1,047,337                  |                  |      | (15,312,952)     |      |                  | 603,240     |  |
| Net change in unrealized (depreciation) appreciation on investments  | (4,569,244)                     |                  |      | 30,467,391  |      |                  | (32,393,964)     |  |
| Net increase (decrease) in members' equity resulting from operations | 5,115,951                  |                  |      | 24,518,882  |      |                  | (19,535,842)     |  |
|                                                                      |                                 |                  |      |                  |      |
| Members' equity ending balance                                       | $                               | 72,048,107  |      |                  | $    | 71,573,341  |                  |  | $ | 49,779,446  |  |

----

|                                                                                                                                                           |                                      |                 |      |                  |      |                  |                  |  |   |                 |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-----------------|------|------------------|------|------------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|
|                                                                                                                                                           | Years Ended March 31, |
|                                                                                                                                                           | 2022                                 |                 | 2021 |                  | 2020 |
| Cash flows from operating activities                                                                                                                      |                                      |                 |      |                  |      |
| Net increase (decrease) in members' equity resulting from operations                                                                                      | $                                    | 5,115,951  |      |                  | $    | 24,518,882  |                  |  | $ | (19,535,842)    |  |
| Adjustments to reconcile net increase (decrease) in members' equity resulting from operations to net cash provided by (used in) operating activities: |                                      |                 |      |                  |      |
| Net realized (gain) loss on investments                                                                                                                   | (1,047,337)                          |                 |      | 15,312,952  |      |                  | (603,240)        |  |
| Net change in unrealized depreciation (appreciation) on investments                                                                                       | 4,569,244                       |                 |      | (30,467,391)     |      |                  | 32,393,964  |  |
| Amortization of premiums and discounts on investments                                                                                                     | (393,573)                            |                 |      | (502,920)        |      |                  | (638,807)        |  |
| Amortization of deferred financing costs                                                                                                                  | 820,017                         |                 |      | 934,097     |      |                  | (479,832)        |  |
| Purchases of investments                                                                                                                                  | (75,778,732)                         |                 |      | (40,196,036)     |      |                  | (49,770,814)     |  |
| Proceeds from sales and repayments of debt investments                                                                                                    | 57,552,349                      |                 |      | 62,539,176  |      |                  | 85,306,393  |  |
| Proceeds from sales and return of capital of equity investments                                                                                           | 3,601,813                       |                 |      | —     |      |                  | —     |  |
| Payment-in-kind interest and dividends                                                                                                                    | (856,791)                            |                 |      | (177,092)        |      |                  | —     |  |
| Changes in operating assets and liabilities:                                                                                                          |                                      |                 |      |                  |      |
| Due from broker                                                                                                                                           | 29,433                          |                 |      | (114,142)        |      |                  | (38,307)         |  |
| Interest receivable                                                                                                                                       | (297,380)                            |                 |      | 523,388     |      |                  | (97,446)         |  |
| Other Assets                                                                                                                                              | (10,500)                             |                 |      | (36,981)         |      |                  | —     |  |
| Payable for securities purchased                                                                                                                          | (13,071,599)                         |                 |      | 13,071,599  |      |                  | (940,346)        |  |
| Interest payable                                                                                                                                          | 27,675                          |                 |      | (56,300)         |      |                  | (61,639)         |  |
| Accrued expenses and other liabilities                                                                                                                    | (17,074)                             |                 |      | 46,401      |      |                  | (68,414)         |  |
| Net cash (used in) provided by operating activities                                                                                                       | (19,756,504)                         |                 |      | 45,395,633  |      |                  | 45,465,670  |  |
|                                                                                                                                                           |                                      |                 |      |                  |      |
| Cash flows from financing activities                                                                                                                      |                                      |                 |      |                  |      |
| Borrowings under credit facility                                                                                                                          | 56,000,000                      |                 |      | 18,000,000  |      |                  | 23,363,635  |  |
| Repayments of credit facility                                                                                                                             | (32,500,000)                         |                 |      | (52,000,000)     |      |                  | (58,363,636)     |  |
| Deferred financing costs paid                                                                                                                             | (26,715)                             |                 |      | (1,102,765)      |      |                  | —     |  |
| Capital contributions                                                                                                                                     | 4,000,000                       |                 |      | 16,000,000  |      |                  | —     |  |
| Distributions                                                                                                                                             | (8,186,826)                          |                 |      | (19,613,373)     |      |                  | (13,132,163)     |  |
| Net cash provided by (used in) financing activities                                                                                                       | 19,286,459                      |                 |      | (38,716,138)     |      |                  | (48,132,164)     |  |
|                                                                                                                                                           |                                      |                 |      |                  |      |
| Net change in cash and cash equivalents                                                                                                                   | (470,045)                            |                 |      | 6,679,495   |      |                  | (2,666,494)      |  |
| Cash and cash equivalents, beginning of period                                                                                                            | 10,418,599                      |                 |      | 3,739,104   |      |                  | 6,405,598   |  |
| Cash and cash equivalents, end of period                                                                                                                  | $                                    | 9,948,554  |      |                  | $    | 10,418,599  |                  |  | $ | 3,739,104  |  |
|                                                                                                                                                           |                                      |                 |      |                  |      |
| Supplemental disclosure of cash flow information                                                                                                          |                                      |                 |      |                  |      |
| Cash paid during the period for interest                                                                                                                  | $                                    | 2,983,211  |      |                  | $    | 3,357,055   |                  |  | $ | 7,129,754  |  |
| Supplemental disclosure of noncash financing activities                                                                                                   |                                      |                 |      |                  |      |
| Distributions payable                                                                                                                                     | $                                    | 2,374,444  |      |                  | $    | 1,920,085   |                  |  | $ | 2,808,471  |  |

----

----

----

----

|                           |  |                              |                   |                                     |                                     |                    |               |               |               |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------|--|------------------------------|-------------------|-------------------------------------|-------------------------------------|--------------------|---------------|---------------|---------------|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type of Investment        |  | Fair Value at March 31, 2022 |                   | Valuation Technique                 |                                     | Unobservable Input |               | Range         |               |
|                           |  |                              |                   |                                     |                                     |                    |               |               |               |
| Corporate bank loans      |  | $                            | 107,165,687  |                                     |                                     | Income Approach    |               | Broker Quotes |               | 5.5 - 100.0 |  |
|                           |  | 57,124,375              |                   |                                     | Income Approach                     |                    | Discount Rate |               | 7.3%  - 20.0% |             |
|                           |  | 9,734,012               |                   |                                     | Market Approach                     |                    | Exit Value    |               | 100.0 - 100.0 |             |
| Common stock and warrants |  | 2,680,139               |                   |                                     | Enterprise Value Waterfall Analysis |                    | Discount Rate |               | 11.6% - 20.0% |             |
|                           |  |                              |                   | Enterprise Value Waterfall Analysis |                                     | EBITDA Multiple    |               | 9.0x - 11.1x  |               |
|                           |  | $                            | 176,704,213  |                                     |                                     |                    |               |               |               |             |  |

|                           |  |                              |                   |                     |                                     |                    |               |               |               |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------|--|------------------------------|-------------------|---------------------|-------------------------------------|--------------------|---------------|---------------|---------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type of Investment        |  | Fair Value at March 31, 2021 |                   | Valuation Technique |                                     | Unobservable Input |               | Range         |               |
|                           |  |                              |                   |                     |                                     |                    |               |               |               |
| Corporate bank loans      |  | $                            | 127,674,525  |                     |                                     | Income Approach    |               | Broker Quotes |               | 53.1 - 100.4 |  |
|                           |  | 25,221,661              |                   |                     | Income Approach                     |                    | Discount Rate |               | 7.1%  - 20.6% |              |
|                           |  | 6,930,192               |                   |                     | Market Approach                     |                    | Cost          |               | 99.0 - 99.0   |              |
| Common stock and warrants |  | 4,524,808               |                   |                     | Enterprise Value Waterfall Analysis |                    | Discount Rate |               | 13.9% - 21.4% |              |
|                           |  | $                            | 164,351,186  |                     |                                     |                    |               |               |               |              |  |

|                                      |  |                 |                 |         |               |         |               |                   |  |   |                   |  |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|-----------------|-----------------|---------|---------------|---------|---------------|-------------------|--|---|-------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | Level 1         |                 | Level 2 |               | Level 3 |               | Total             |
| Investments (at fair value)          |  |                 |                 |         |               |         |               |                   |
| Corporate bank loans                 |  | $               | —    |         |               | $       | —  |                   |  | $ | 174,024,074  |  |  | $ | 174,024,074  |  |
| Common stock and warrants            |  | —    |                 |         | —  |         |               | 2,680,139    |  |   | 2,680,139    |  |
| Total investments                    |  | —    |                 |         | —  |         |               | 176,704,213  |  |   | 176,704,213  |  |
|                                      |  |                 |                 |         |               |         |               |                   |
| Cash equivalents - money market fund |  | 1,549,246  |                 |         | —  |         |               | —      |  |   | 1,549,246    |  |
|                                      |  |                 |                 |         |               |         |               |                   |
|                                      |  | $               | 1,549,246  |         |               | $       | —  |                   |  | $ | 176,704,213  |  |  | $ | 178,253,459  |  |

----

|                                      |  |                 |                 |         |               |         |               |                   |  |   |                   |  |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|-----------------|-----------------|---------|---------------|---------|---------------|-------------------|--|---|-------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | Level 1         |                 | Level 2 |               | Level 3 |               | Total             |
| Investments (at fair value)          |  |                 |                 |         |               |         |               |                   |
| Corporate bank loans                 |  | $               | —    |         |               | $       | —  |                   |  | $ | 159,826,378  |  |  | $ | 159,826,378  |  |
| Common stock and warrants            |  | —    |                 |         | —  |         |               | 4,524,808    |  |   | 4,524,808    |  |
| Total investments                    |  | —    |                 |         | —  |         |               | 164,351,186  |  |   | 164,351,186  |  |
|                                      |  |                 |                 |         |               |         |               |                   |
| Cash equivalents - money market fund |  | 9,633,673  |                 |         | —  |         |               | —      |  |   | 9,633,673    |  |
|                                      |  |                 |                 |         |               |         |               |                   |
|                                      |  | $               | 9,633,673  |         |               | $       | —  |                   |  | $ | 164,351,186  |  |  | $ | 173,984,859  |  |

|                 |                        |  |      |               |      |  |               |  |      |               |            |  |       |               |  |  |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------|------------------------|--|------|---------------|------|--|---------------|--|------|---------------|------------|--|-------|---------------|--|--|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                 | Years Ending March 31, |  |      |               |      |
|                 | 2022                   |  | 2023 |               | 2024 |  | 2025          |  | 2026 |               | Thereafter |  | Total |
| Credit Facility | —           |  |      | —  |      |  | —  |  |      | —  |            |  | $     | 114,500  |  |  | —  |  |  | $ | 114,500  |  |

----

|                                                  |                        |  |                |                 |                |               |   |               |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|------------------------|--|----------------|-----------------|----------------|---------------|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                  |                        |  |                |                 |                |
|                                                  |                        |  | March 31, |                 | March 31, |
| Portfolio Company                                | Investment Type        |  | 2022           |                 | 2021           |
| Burning Glass Intermediate Holding Company, Inc. | Revolving Loan         |  | $              | 295,890    |                |               | $ | —  |  |
| Lash OpCo, LLC                                   | Delayed Draw Term Loan |  | 813,043   |                 |                | —  |   |
| Total unused commitments to extend financing     |                        |  | $              | 1,108,933  |                |               | $ | —  |  |

----

|                                                     |  |                                 |   |      |             |      |  |             |   |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|---------------------------------|---|------|-------------|------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|
|                                                     |  | Years Ended March 31, |
|                                                     |  | 2022                            |   | 2021 |             | 2020 |
| Net investment income to average members' equity(1) |  | 11.77                      | % |      | 13.42  | %    |  | 16.88  | % |
| Expenses to average members' equity(1)              |  | (5.68)                          | % |      | (6.54)      | %    |  | (11.08)     | % |
| Internal Rate of Return, end of year(2)             |  | 9.85                       | % |      | 10.25  | %    |  | 4.87   | % |