TABLE OF CONTENTS

| ​ | Maryland                                                      | ​ | ​ | 47-3258730                          | ​ |
|---------|---------------------------------------------------------------|---------|---------|-------------------------------------|---------|
| ​ | (State or other jurisdiction ofincorporation or organization) | ​ | ​ | (I.R.S. EmployerIdentification No.) | ​ |
| ​ | 201 Rouse Boulevard Philadelphia, Pennsylvania                | ​ | ​ | 19112                               | ​ |
| ​ | (Address of principal executive offices)                      | ​ | ​ | (Zip Code)                          | ​ |
| ​ | Large accelerated filer | ​ | ​ | ☐                                                                | ​ | ​ | Accelerated filer         | ​ | ​ | ☐ | ​ |
|---------|-------------------------|---------|---------|------------------------------------------------------------------------|---------|---------|---------------------------|---------|---------|---------|---------|
| ​ | Non-accelerated filer   | ​ | ​ | ☒   (Do not check if a smaller reporting company) | ​ | ​ | Smaller reporting company | ​ | ​ | ☐ | ​ |
| ​ | ​                 | ​ | ​ | ​                                                                | ​ | ​ | Emerging growth company   | ​ | ​ | ☒ | ​ |

----

TABLE OF CONTENTS​

| ​                                                                                                                           | ​ | ​ | Page    |
|-----------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|
| PART I                                                                                                                            | ​ | ​ | ​ | ​ | ​ |
| ITEM 1.BUSINESS ​                                                                                                           | ​ | ​ | ​ | ​ | 1 |
| ITEM 1A.RISK FACTORS ​                                                                                                      | ​ | ​ | ​ | ​ | 29 |
| ITEM 1B.UNRESOLVED STAFF COMMENTS ​                                                                                         | ​ | ​ | ​ | ​ | 58 |
| ITEM 2.PROPERTIES ​                                                                                                         | ​ | ​ | ​ | ​ | 58 |
| ITEM 3.LEGAL PROCEEDINGS ​                                                                                                  | ​ | ​ | ​ | ​ | 58 |
| ITEM 4.MINE SAFETY DISCLOSURES ​                                                                                            | ​ | ​ | ​ | ​ | 58 |
| PART II                                                                                                                           | ​ | ​ | ​ | ​ | ​ |
| ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ​ | ​ | ​ | ​ | ​ | 59 |
| ITEM 6.SELECTED FINANCIAL DATA ​                                                                                            | ​ | ​ | ​ | ​ | 61 |
| ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ​                        | ​ | ​ | ​ | ​ | 63 |
| ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ​                                                        | ​ | ​ | ​ | ​ | 82 |
| ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ​                                                                        | ​ | ​ | ​ | ​ | 84 |
| ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ​                               | ​ | ​ | ​ | ​ | 134 |
| ITEM 9A.CONTROLS AND PROCEDURES ​                                                                                           | ​ | ​ | ​ | ​ | 134 |
| ITEM 9B.OTHER INFORMATION ​                                                                                                 | ​ | ​ | ​ | ​ | 135 |
| PART III                                                                                                                          | ​ | ​ | ​ | ​ | ​ |
| ITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE ​                                                            | ​ | ​ | ​ | ​ | 136 |
| ITEM 11.EXECUTIVE COMPENSATION ​                                                                                            | ​ | ​ | ​ | ​ | 136 |
| ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS ​                    | ​ | ​ | ​ | ​ | 136 |
| ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE ​                                         | ​ | ​ | ​ | ​ | 136 |
| ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES ​                                                                            | ​ | ​ | ​ | ​ | 136 |
| PART IV                                                                                                                           | ​ | ​ | ​ | ​ | ​ |
| ITEM 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES ​                                                                           | ​ | ​ | ​ | ​ | 137 |
| ITEM 16.FORM 10-K SUMMARY ​                                                                                                 | ​ | ​ | ​ | ​ | 140 |
| SIGNATURES                                                                                                                        | ​ | ​ | ​ | ​ | 141 |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Name                                   | ​ | ​ | Entity                                   | ​ | ​ | Investment Focus                                                                                                                            | ​ | ​ | Gross Assets(1)   | ​ |
|----------------------------------------|---------|---------|------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------|---------|
| FS Investment Corporation              | ​ | ​ | BDC                                      | ​ | ​ | Primarily invests in senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans of private U.S. companies. | ​ | ​ | $4,104,275​ | ​ |
| FS Investment Corporation II           | ​ | ​ | BDC                                      | ​ | ​ | Primarily invests in senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans of private U.S. companies. | ​ | ​ | $5,110,081​ | ​ |
| FS Investment Corporation III          | ​ | ​ | BDC                                      | ​ | ​ | Primarily invests in senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans of private U.S. companies. | ​ | ​ | $3,847,280​ | ​ |
| FS Energy and Power Fund               | ​ | ​ | BDC                                      | ​ | ​ | Primarily invests in debt and income-oriented equity securities of private U.S. companies in the energy and power industry.                 | ​ | ​ | $4,316,431​ | ​ |
| FS Global Credit Opportunities Fund(2) | ​ | ​ | Closed-end management investment company | ​ | ​ | Primarily invests in secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments.                      | ​ | ​ | $2,328,169​ | ​ |
| FS Energy Total Return Fund(3)         | ​ | ​ | Closed-end management investment company | ​ | ​ | Primarily invests in the equity and debt securities of natural resource companies.                                                          | ​ | ​ | $32,312​    | ​ |

----

TABLE OF CONTENTS

| Name                                        | ​ | ​ | Entity                                   | ​ | ​ | Investment Focus                                                                                                                    | ​ | ​ | Gross Assets(1) | ​ |
|---------------------------------------------|---------|---------|------------------------------------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-----------------|---------|
| FS Multi-Strategy Alternatives Fund         | ​ | ​ | Open-end management investment company   | ​ | ​ | Primarily invests in a broad spectrum of alternative investment strategies with low correlation to equity and fixed income markets. | ​ | ​ | $58,326​  | ​ |
| FS Credit Real Estate Income Trust, Inc.(4) | ​ | ​ | REIT                                     | ​ | ​ | Primarily invests in senior loans secured by commercial real estate in the United States.                                           | ​ | ​ | $41,281​  | ​ |
| FS Credit Income Fund(3)                    | ​ | ​ | Closed-end management investment company | ​ | ​ | Primarily invests in debt obligations and, to a lesser extent equity observations.                                                  | ​ | ​ | $20,000​  | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Name                          | ​ | ​ | Entity | ​ | ​ | Gross Assets(1) | ​ |
|-------------------------------|---------|---------|--------|---------|---------|-----------------|---------|
| Corporate Capital Trust, Inc. | ​ | ​ | BDC    | ​ | ​ | ​         | $       | 4,422,594 | ​ | ​ |
| Corporate Capital Trust II    | ​ | ​ | BDC    | ​ | ​ | ​         | $       | 157,442 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Assumed Return on Our Portfolio (net of expenses) | ​ | ​ | (10)%    | ​ | ​ | (5)%    | ​ | ​ | 0%      | ​ | ​ | 5%    | ​ | ​ | 10%    | ​ |
|---------------------------------------------------|---------|---------|----------|---------|---------|---------|---------|---------|---------|---------|---------|-------|---------|---------|--------|---------|
| Corresponding return to stockholders              | ​ | ​ | (12.44)% | ​ | ​ | (6.50)% | ​ | ​ | (0.56)% | ​ | ​ | 5.39% | ​ | ​ | 11.33% | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​​​​

----

TABLE OF CONTENTS​

| (1)            | ​ | ​ | (2)               | ​ | ​       | (3)                                  | ​ | ​ | (4)                                                     | ​ |
|----------------|---------|---------|-------------------|---------|---------------|--------------------------------------|---------|---------|---------------------------------------------------------|---------|
| Title of Class | ​ | ​ | Amount Authorized | ​ | ​       | Amount Held by Us or for Our Account | ​ | ​ | Amount Outstanding Exclusive of Amount Under Column (3) | ​ |
| Common Stock   | ​ | ​ | ​           | ​ | 1,100,000,000 | ​                              | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 31,694,536 | ​ | ​ |
| Class A   | ​ | ​ | ​           | ​ | 250,000,000   | ​                              | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Class D   | ​ | ​ | ​           | ​ | 250,000,000   | ​                              | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Class T   | ​ | ​ | ​           | ​ | 250,000,000   | ​                              | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | 31,694,536 | ​ | ​ |
| Class I   | ​ | ​ | ​           | ​ | 350,000,000   | ​                              | ​ | ​ | ​                                                 | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Period                                    | ​ | ​ | Total Number of Shares Purchased | ​ | ​ | Average Price Paid per Share | ​ | ​ | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | ​ | ​ | Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | ​ |
|-------------------------------------------|---------|---------|----------------------------------|---------|---------|------------------------------|---------|---------|----------------------------------------------------------------------------------|---------|---------|--------------------------------------------------------------------------------|---------|
| October 1 to October 31, 2017   | ​ | ​ | ​                          | ​ | 49,814  | ​                      | ​ | ​ | ​                                                                          | $       | 11.1549 | ​                                                                        | ​ | ​ | ​ | ​ | 49,814 | ​ | ​ | ​ | (1) | ​ |
| November 1 to November 30, 2017 | ​ | ​ | ​                          | ​ | — | ​                      | ​ | ​ | ​                                                                          | ​ | — | ​                                                                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| December 1 to December 31, 2017 | ​ | ​ | ​                          | ​ | — | ​                      | ​ | ​ | ​                                                                          | ​ | — | ​                                                                        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total                                     | ​ | ​ | ​                          | ​ | 49,814  | ​                      | ​ | ​ | ​                                                                          | $       | 11.1549 | ​                                                                        | ​ | ​ | ​ | ​ | 49,814 | ​ | ​ | ​ | (1) | ​ |
| ​                                   |

----

TABLE OF CONTENTS

| ​                              | ​ | ​ | Distribution(1) | ​ |
|--------------------------------------|---------|---------|-----------------|---------|
| For the Year Ended December 31, | ​ | ​ | Per Share       | ​ | ​ | Amount | ​ |
| 2016                                 | ​ | ​ | ​         | $       | 0.64010 | ​ | ​ | ​ | ​ | $ | 4,443 | ​ | ​ |
| 2017(2)                              | ​ | ​ | ​         | $       | 0.73902 | ​ | ​ | ​ | ​ | $ | 17,642 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                                                                    | ​ | ​ | Year Ended December 31, 2017 | ​ | ​ | Period from January 6, 2016 (Commencement of Operations) through December 31, 2016(1) | ​ | ​ | Period from February 25, 2015 (Inception) through December 31, 2015(1) | ​ |
|--------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|---------|-------------------------------------------------------------------------------------------------|---------|---------|----------------------------------------------------------------------------------|---------|
| Statements of operations data:                                                             | ​ | ​ | ​                           | ​ | ​ | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investment income                                                                          | ​ | ​ | ​                           | $       | 20,070  | ​                                                                                         | ​ | ​ | ​                                                                          | $       | 3,185 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Operating expenses                                                                         | ​ | ​ | ​                           | ​ | ​ | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Operating expenses and excise taxes                                                        | ​ | ​ | ​                           | ​ | 13,951  | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | 5,616 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Management fee waiver                                                                      | ​ | ​ | ​                           | ​ | (696)   | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Less: Expense reimbursement from sponsor                                                   | ​ | ​ | ​                           | ​ | — | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | (666) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Add: Expense recoupment to sponsor                                                         | ​ | ​ | ​                           | ​ | 666     | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net expenses                                                                               | ​ | ​ | ​                           | ​ | 13,921  | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | 4,950 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net investment income (loss)                                                               | ​ | ​ | ​                           | ​ | 6,149   | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | (1,765) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total net realized and unrealized gain (loss) on investments and total return swap         | ​ | ​ | ​                           | ​ | 13,991  | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | 9,882 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                            | ​ | ​ | ​                           | $       | 20,140  | ​                                                                                         | ​ | ​ | ​                                                                          | $       | 8,117 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Per share data:                                                                            | ​ | ​ | ​                           | ​ | ​ | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net investment income (loss)—basic and diluted(2)                               | ​ | ​ | ​                           | $       | 0.25    | ​                                                                                         | ​ | ​ | ​                                                                          | $       | (0.26) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations—basic and diluted(2) | ​ | ​ | ​                           | $       | 0.83    | ​                                                                                         | ​ | ​ | ​                                                                          | $       | 1.17 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Distributions declared(3)                                                                  | ​ | ​ | ​                           | $       | 0.74    | ​                                                                                         | ​ | ​ | ​                                                                          | $       | 0.64 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Balance sheet data:                                                                        | ​ | ​ | ​                           | ​ | ​ | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Total assets                                                                               | ​ | ​ | ​                           | $       | 376,306 | ​                                                                                         | ​ | ​ | ​                                                                          | $       | 176,089 | ​ | ​ | ​ | ​ | $ | 200 | ​ | ​ |
| Credit facility payable                                                                    | ​ | ​ | ​                           | $       | 19,900  | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total net assets                                                                           | ​ | ​ | ​                           | $       | 351,537 | ​                                                                                         | ​ | ​ | ​                                                                          | $       | 161,996 | ​ | ​ | ​ | ​ | $ | 200 | ​ | ​ |
| Other data:                                                                                | ​ | ​ | ​                           | ​ | ​ | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Total return(4)                                                                            | ​ | ​ | ​                           | ​ | 8.34%   | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | 13.20% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total return (without assuming reinvestment of distributions)(4)                           | ​ | ​ | ​                           | ​ | 8.21%   | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | 12.84% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Number of portfolio company investments at period end                                      | ​ | ​ | ​                           | ​ | 45      | ​                                                                                         | ​ | ​ | ​                                                                          | ​ | 18 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total portfolio investments for the period                                                 | ​ | ​ | ​                           | $       | 271,224 | ​                                                                                         | ​ | ​ | ​                                                                          | $       | 159,803 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Proceeds from sales and prepayments of investments                                         | ​ | ​ | ​                           | $       | 72,672  | ​                                                                                         | ​ | ​ | ​                                                                          | $       | 99,418 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                 | ​ | ​ | For the Year Ended December 31, | ​ |
|-------------------------|---------|---------|--------------------------------------|---------|
| Net Investment Activity | ​ | ​ | 2017                                 | ​ | ​ | 2016 | ​ |
| Purchases               | ​ | ​ | ​                              | $       | 271,224 | ​ | ​ | ​ | ​ | $ | 159,803 | ​ | ​ |
| Sales and Repayments    | ​ | ​ | ​                              | ​ | (72,672) | ​ | ​ | ​ | ​ | ​ | (99,418) | ​ | ​ |
| Net Portfolio Activity  | ​ | ​ | ​                              | $       | 198,552 | ​ | ​ | ​ | ​ | $ | 60,385 | ​ | ​ |
| ​                 |
| ​                                | ​ | ​ | For the Year Ended December 31, | ​ |
|----------------------------------------|---------|---------|--------------------------------------|---------|
| ​                                | ​ | ​ | 2017                                 | ​ | ​ | 2016 | ​ |
| New Investment Activity by Asset Class | ​ | ​ | Purchases                            | ​ | ​ | Percentage | ​ | ​ | Purchases | ​ | ​ | Percentage | ​ |
| Senior Secured Loans—First Lien  | ​ | ​ | ​                              | $       | 126,953 | ​ | ​ | ​ | ​ | ​ | 47% | ​ | ​ | ​ | ​ | $ | 116,537 | ​ | ​ | ​ | ​ | ​ | 73% | ​ | ​ |
| Senior Secured Loans—Second Lien | ​ | ​ | ​                              | ​ | 37,116 | ​ | ​ | ​ | ​ | ​ | 14% | ​ | ​ | ​ | ​ | ​ | 16,470 | ​ | ​ | ​ | ​ | ​ | 10% | ​ | ​ |
| Senior Secured Bonds                   | ​ | ​ | ​                              | ​ | 42,700 | ​ | ​ | ​ | ​ | ​ | 16% | ​ | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Subordinated Debt                      | ​ | ​ | ​                              | ​ | 63,617 | ​ | ​ | ​ | ​ | ​ | 23% | ​ | ​ | ​ | ​ | ​ | 24,104 | ​ | ​ | ​ | ​ | ​ | 15% | ​ | ​ |
| Equity/Other                           | ​ | ​ | ​                              | ​ | 838 | ​ | ​ | ​ | ​ | ​ | 0% | ​ | ​ | ​ | ​ | ​ | 692 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Total                                  | ​ | ​ | ​                              | $       | 271,224 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 159,803 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                |

----

TABLE OF CONTENTS

| ​                                | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
|----------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| ​                                | ​ | ​ | Amortized Cost(1)      | ​ | ​ | Fair Value             | ​ | ​ | Percentage of Portfolio | ​ | ​ | Amortized Cost(1) | ​ | ​ | Fair Value | ​ | ​ | Percentage of Portfolio | ​ |
| Senior Secured Loans—First Lien  | ​ | ​ | ​                | $       | 136,060 | ​                | ​ | ​ | ​ | $ | 137,737 | ​ | ​ | ​ | ​ | ​ | 51% | ​ | ​ | ​ | ​ | $ | 40,917 | ​ | ​ | ​ | ​ | $ | 41,296 | ​ | ​ | ​ | ​ | ​ | 65% | ​ | ​ |
| Senior Secured Loans—Second Lien | ​ | ​ | ​                | ​ | 34,677  | ​                | ​ | ​ | ​ | ​ | 35,420 | ​ | ​ | ​ | ​ | ​ | 13% | ​ | ​ | ​ | ​ | ​ | 5,423 | ​ | ​ | ​ | ​ | ​ | 5,843 | ​ | ​ | ​ | ​ | ​ | 9% | ​ | ​ |
| Senior Secured Bonds                   | ​ | ​ | ​                | ​ | 20,481  | ​                | ​ | ​ | ​ | ​ | 20,196 | ​ | ​ | ​ | ​ | ​ | 8% | ​ | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ | ​ | ​ | ​ | 2,045 | ​ | ​ | ​ | ​ | ​ | 3% | ​ | ​ |
| Subordinated Debt                      | ​ | ​ | ​                | ​ | 69,585  | ​                | ​ | ​ | ​ | ​ | 71,532 | ​ | ​ | ​ | ​ | ​ | 27% | ​ | ​ | ​ | ​ | ​ | 12,761 | ​ | ​ | ​ | ​ | ​ | 13,502 | ​ | ​ | ​ | ​ | ​ | 22% | ​ | ​ |
| Equity/Other                           | ​ | ​ | ​                | ​ | 1,489   | ​                | ​ | ​ | ​ | ​ | 2,285 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ | ​ | ​ | ​ | 651 | ​ | ​ | ​ | ​ | ​ | 624 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Total                                  | ​ | ​ | ​                | $       | 262,292 | ​                | ​ | ​ | ​ | $ | 267,170 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 61,752 | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                |
| ​                                | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
|----------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| ​                                | ​ | ​ | Amortized Cost(1)      | ​ | ​ | Fair Value             | ​ | ​ | Percentageof Portfolio | ​ | ​ | Amortized Cost(1) | ​ | ​ | Fair Value | ​ | ​ | Percentage of Portfolio | ​ |
| Senior Secured Loans—First Lien  | ​ | ​ | ​                | $       | 252,241 | ​                | ​ | ​ | ​ | $ | 252,500 | ​ | ​ | ​ | ​ | ​ | 60% | ​ | ​ | ​ | ​ | $ | 136,436 | ​ | ​ | ​ | ​ | $ | 138,354 | ​ | ​ | ​ | ​ | ​ | 79% | ​ | ​ |
| Senior Secured Loans—Second Lien | ​ | ​ | ​                | ​ | 70,362  | ​                | ​ | ​ | ​ | ​ | 72,005 | ​ | ​ | ​ | ​ | ​ | 17% | ​ | ​ | ​ | ​ | ​ | 20,348 | ​ | ​ | ​ | ​ | ​ | 21,196 | ​ | ​ | ​ | ​ | ​ | 12% | ​ | ​ |
| Senior Secured Bonds                   | ​ | ​ | ​                | ​ | 20,481  | ​                | ​ | ​ | ​ | ​ | 20,196 | ​ | ​ | ​ | ​ | ​ | 5% | ​ | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ | ​ | ​ | ​ | 2,045 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Subordinated Debt                      | ​ | ​ | ​                | ​ | 69,585  | ​                | ​ | ​ | ​ | ​ | 71,532 | ​ | ​ | ​ | ​ | ​ | 17% | ​ | ​ | ​ | ​ | ​ | 12,761 | ​ | ​ | ​ | ​ | ​ | 13,502 | ​ | ​ | ​ | ​ | ​ | 8% | ​ | ​ |
| Equity/Other                           | ​ | ​ | ​                | ​ | 1,489   | ​                | ​ | ​ | ​ | ​ | 2,285 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ | ​ | ​ | ​ | 651 | ​ | ​ | ​ | ​ | ​ | 624 | ​ | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| Total                                  | ​ | ​ | ​                | $       | 414,158 | ​                | ​ | ​ | ​ | $ | 418,518 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 172,196 | ​ | ​ | ​ | ​ | $ | 175,721 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                |
| ​                                                                                                       | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
|---------------------------------------------------------------------------------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| Number of Portfolio Companies                                                                                 | ​ | ​ | ​                | ​ | 45      | ​                | ​ | ​ | ​ | ​ | 18 | ​ | ​ |
| % Variable Rate (based on fair value)                                                                         | ​ | ​ | ​                | ​ | 64.8%   | ​                | ​ | ​ | ​ | ​ | 74.4% | ​ | ​ |
| % Fixed Rate (based on fair value)                                                                            | ​ | ​ | ​                | ​ | 34.4%   | ​                | ​ | ​ | ​ | ​ | 24.6% | ​ | ​ |
| % of Non-Income Producing Equity/Other Investments (based on fair value)                                      | ​ | ​ | ​                | ​ | 0.8%    | ​                | ​ | ​ | ​ | ​ | 0.9% | ​ | ​ |
| % Income Producing Equity/Other Investments (based on fair value)                                             | ​ | ​ | ​                | ​ | 0.0%    | ​                | ​ | ​ | ​ | ​ | 0.1% | ​ | ​ |
| Average Annual EBITDA of Portfolio Companies                                                                  | ​ | ​ | ​                | $       | 99,700  | ​                | ​ | ​ | ​ | $ | 104,710 | ​ | ​ |
| Weighted Average Purchase Price of Debt Investments (as a % of par)                                           | ​ | ​ | ​                | ​ | 99.1%   | ​                | ​ | ​ | ​ | ​ | 97.5% | ​ | ​ |
| % of Investments on Non-Accrual (based on fair value)                                                         | ​ | ​ | ​                | ​ | — | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Gross Portfolio Yield Prior to Leverage (based on amortized cost)                                             | ​ | ​ | ​                | ​ | 9.2%    | ​                | ​ | ​ | ​ | ​ | 9.3% | ​ | ​ |
| Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets | ​ | ​ | ​                | ​ | 9.2%    | ​                | ​ | ​ | ​ | ​ | 9.4% | ​ | ​ |

----

TABLE OF CONTENTS

| New Direct Originations                            | ​ | ​ | For the Three Months Ended December 31, 2017 | ​ | ​ | For the Year Ended December 31, 2017 | ​ |
|----------------------------------------------------|---------|---------|---------------------------------------------------|---------|---------|-------------------------------------------|---------|
| Total Commitments (including unfunded commitments) | ​ | ​ | ​                                           | $       | 37,952  | ​                                   | ​ | ​ | ​ | $ | 106,756 | ​ | ​ |
| Exited Investments (including partial paydowns)    | ​ | ​ | ​                                           | ​ | (178)   | ​                                   | ​ | ​ | ​ | ​ | (2,231) | ​ | ​ |
| Net Direct Originations                            | ​ | ​ | ​                                           | $       | 37,774  | ​                                   | ​ | ​ | ​ | $ | 104,525 | ​ | ​ |
| ​                                            |
| ​                                                                 | ​ | ​ | For the Three Months Ended December 31, 2017 | ​ | ​ | For the Year Ended December 31, 2017 | ​ |
|-------------------------------------------------------------------------|---------|---------|---------------------------------------------------|---------|---------|-------------------------------------------|---------|
| New Direct Originations by Asset Class (including unfunded commitments) | ​ | ​ | Commitment Amount                                 | ​ | ​ | Percentage                                | ​ | ​ | Commitment Amount | ​ | ​ | Percentage | ​ |
| Senior Secured Loans—First Lien                                   | ​ | ​ | ​                                           | $       | 31,952  | ​                                   | ​ | ​ | ​ | ​ | 84% | ​ | ​ | ​ | ​ | $ | 97,874 | ​ | ​ | ​ | ​ | ​ | 92% | ​ | ​ |
| Senior Secured Loans—Second Lien                                  | ​ | ​ | ​                                           | ​ | 5,000   | ​                                   | ​ | ​ | ​ | ​ | 13% | ​ | ​ | ​ | ​ | ​ | 6,000 | ​ | ​ | ​ | ​ | ​ | 6% | ​ | ​ |
| Senior Secured Bonds                                                    | ​ | ​ | ​                                           | ​ | 1,000   | ​                                   | ​ | ​ | ​ | ​ | 3% | ​ | ​ | ​ | ​ | ​ | 2,334 | ​ | ​ | ​ | ​ | ​ | 2% | ​ | ​ |
| Subordinated Debt                                                       | ​ | ​ | ​                                           | ​ | — | ​                                   | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Equity/Other                                                            | ​ | ​ | ​                                           | ​ | — | ​                                   | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 548 | ​ | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| Total                                                                   | ​ | ​ | ​                                           | $       | 37,952  | ​                                   | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 106,756 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                                                 |
| ​                                                                                                                                                       | ​ | ​ | For the Three Months Ended December 31, 2017 | ​ | ​ | For the Year Ended December 31, 2017 | ​ |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------------------------------------------------|---------|---------|-------------------------------------------|---------|
| Average New Direct Origination Commitment Amount                                                                                                              | ​ | ​ | ​                                           | $       | 5,422   | ​                                   | ​ | ​ | ​ | $ | 5,338 | ​ | ​ |
| Weighted Average Maturity for New Direct Originations                                                                                                         | ​ | ​ | ​                                           | ​ | 6/28/24 | ​                                   | ​ | ​ | ​ | ​ | 8/6/23 | ​ | ​ |
| Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period                                             | ​ | ​ | ​                                           | ​ | 9.0%    | ​                                   | ​ | ​ | ​ | ​ | 9.0% | ​ | ​ |
| Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period—Excluding Non-Income Producing Assets | ​ | ​ | ​                                           | ​ | 9.0%    | ​                                   | ​ | ​ | ​ | ​ | 9.4% | ​ | ​ |
| Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period                                                 | ​ | ​ | ​                                           | ​ | 9.2%    | ​                                   | ​ | ​ | ​ | ​ | 8.8% | ​ | ​ |

----

TABLE OF CONTENTS

| Characteristics of All Direct Originations Held in Portfolio                                                                                | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
|---------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| Number of Portfolio Companies                                                                                                               | ​ | ​ | ​                | ​ | 24      | ​                | ​ | ​ | ​ | ​ | 8 | ​ | ​ |
| Average Annual EBITDA of Portfolio Companies                                                                                                | ​ | ​ | ​                | $       | 54,440  | ​                | ​ | ​ | ​ | $ | 44,040 | ​ | ​ |
| Average Leverage Through Tranche of Portfolio Companies—Excluding Equity/Other Securities                                             | ​ | ​ | ​                | ​ | 4.4x    | ​                | ​ | ​ | ​ | ​ | 4.4x | ​ | ​ |
| % of Investments on Non-Accrual (based on fair value)                                                                                       | ​ | ​ | ​                | ​ | — | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations                                             | ​ | ​ | ​                | ​ | 9.2%    | ​                | ​ | ​ | ​ | ​ | 9.0% | ​ | ​ |
| Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing Assets | ​ | ​ | ​                | ​ | 9.3%    | ​                | ​ | ​ | ​ | ​ | 9.2% | ​ | ​ |
| ​                           | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
|-----------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| Portfolio Composition by Strategy | ​ | ​ | Fair Value             | ​ | ​ | Percentageof Portfolio | ​ | ​ | Fair Value | ​ | ​ | Percentage of Portfolio | ​ |
| Direct Originations               | ​ | ​ | ​                | $       | 130,046 | ​                | ​ | ​ | ​ | ​ | 49% | ​ | ​ | ​ | ​ | $ | 28,329 | ​ | ​ | ​ | ​ | ​ | 45% | ​ | ​ |
| Opportunistic                     | ​ | ​ | ​                | ​ | 86,229  | ​                | ​ | ​ | ​ | ​ | 32% | ​ | ​ | ​ | ​ | ​ | 15,187 | ​ | ​ | ​ | ​ | ​ | 24% | ​ | ​ |
| Broadly Syndicated/Other          | ​ | ​ | ​                | ​ | 50,895  | ​                | ​ | ​ | ​ | ​ | 19% | ​ | ​ | ​ | ​ | ​ | 19,794 | ​ | ​ | ​ | ​ | ​ | 31% | ​ | ​ |
| Total                             | ​ | ​ | ​                | $       | 267,170 | ​                | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                           |
| Investment Rating | ​ | ​ | Summary Description                                                                                                                                            | ​ |
|-------------------|---------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 1                 | ​ | ​ | Investment exceeding expectations and/or capital gain expected.                                                                                                | ​ |
| 2                 | ​ | ​ | Performing investment generally executing in accordance with the portfolio company’s business plan—full return of principal and interest expected. | ​ |
| 3                 | ​ | ​ | Performing investment requiring closer monitoring.                                                                                                             | ​ |
| 4                 | ​ | ​ | Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment.                              | ​ |
| 5                 | ​ | ​ | Underperforming investment with expected loss of interest and some principal.                                                                                  | ​ |

----

TABLE OF CONTENTS

| ​           | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016  | ​ |
|-------------------|---------|---------|------------------------|---------|---------|-------------------------|---------|
| Investment Rating | ​ | ​ | Fair Value             | ​ | ​ | Percentage of Portfolio | ​ | ​ | Fair Value | ​ | ​ | Percentage of Portfolio | ​ |
| 1                 | ​ | ​ | ​                | $       | 367     | ​                 | ​ | ​ | ​ | ​ | 0% | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| 2                 | ​ | ​ | ​                | ​ | 266,803 | ​                 | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | ​ | 63,310 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| 3                 | ​ | ​ | ​                | ​ | — | ​                 | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| 4                 | ​ | ​ | ​                | ​ | — | ​                 | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| 5                 | ​ | ​ | ​                | ​ | — | ​                 | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total             | ​ | ​ | ​                | $       | 267,170 | ​                 | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​           |
| ​                      | ​ | ​ | December 31, 2017 | ​ | ​ | Period from January 6, 2016 (Commencement of Operations) through December 31, 2016 | ​ |
|------------------------------|---------|---------|------------------------|---------|---------|----------------------------------------------------------------------------------------------|---------|
| ​                      | ​ | ​ | Amount                 | ​ | ​ | Percentage of Total Income                                                                   | ​ | ​ | Amount | ​ | ​ | Percentage of Total Income | ​ |
| Interest income              | ​ | ​ | ​                | $       | 16,346  | ​                                                                                      | ​ | ​ | ​ | ​ | 82% | ​ | ​ | ​ | ​ | $ | 2,499 | ​ | ​ | ​ | ​ | ​ | 78% | ​ | ​ |
| Paid-in-kind interest income | ​ | ​ | ​                | ​ | 32      | ​                                                                                      | ​ | ​ | ​ | ​ | 0% | ​ | ​ | ​ | ​ | ​ | 28 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Fee income                   | ​ | ​ | ​                | ​ | 3,692   | ​                                                                                      | ​ | ​ | ​ | ​ | 18% | ​ | ​ | ​ | ​ | ​ | 658 | ​ | ​ | ​ | ​ | ​ | 21% | ​ | ​ |
| Total investment income(1)   | ​ | ​ | ​                | $       | 20,070  | ​                                                                                      | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 3,185 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                      |

----

TABLE OF CONTENTS

| ​                                                         | ​ | ​ | Year EndedDecember 31, 2017 | ​ | ​ | Period from January 6, 2016 (Commencement of Operations) through December 31, 2016 | ​ |
|-----------------------------------------------------------------|---------|---------|----------------------------------|---------|---------|----------------------------------------------------------------------------------------------|---------|
| Management fees                                                 | ​ | ​ | ​                          | $       | 5,847   | ​                                                                                      | ​ | ​ | ​ | $ | 1,704 | ​ | ​ |
| Capital gains incentive fees                                    | ​ | ​ | ​                          | ​ | 1,164   | ​                                                                                      | ​ | ​ | ​ | ​ | 1,302 | ​ | ​ |
| Administrative services expenses                                | ​ | ​ | ​                          | ​ | 340     | ​                                                                                      | ​ | ​ | ​ | ​ | 291 | ​ | ​ |
| Stock transfer agent fees                                       | ​ | ​ | ​                          | ​ | 183     | ​                                                                                      | ​ | ​ | ​ | ​ | 133 | ​ | ​ |
| Accounting and administrative fees                              | ​ | ​ | ​                          | ​ | 113     | ​                                                                                      | ​ | ​ | ​ | ​ | 41 | ​ | ​ |
| Interest expense                                                | ​ | ​ | ​                          | ​ | 700     | ​                                                                                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Distribution fees                                               | ​ | ​ | ​                          | ​ | 2,454   | ​                                                                                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Organization costs                                              | ​ | ​ | ​                          | ​ | — | ​                                                                                      | ​ | ​ | ​ | ​ | 317 | ​ | ​ |
| Offering costs                                                  | ​ | ​ | ​                          | ​ | 1,392   | ​                                                                                      | ​ | ​ | ​ | ​ | 875 | ​ | ​ |
| Directors’ fees                                           | ​ | ​ | ​                          | ​ | 394     | ​                                                                                      | ​ | ​ | ​ | ​ | 201 | ​ | ​ |
| Expenses associated with our independent audit and related fees | ​ | ​ | ​                          | ​ | 322     | ​                                                                                      | ​ | ​ | ​ | ​ | 214 | ​ | ​ |
| Legal fees                                                      | ​ | ​ | ​                          | ​ | 274     | ​                                                                                      | ​ | ​ | ​ | ​ | 99 | ​ | ​ |
| Printing fees                                                   | ​ | ​ | ​                          | ​ | 340     | ​                                                                                      | ​ | ​ | ​ | ​ | 249 | ​ | ​ |
| Other                                                           | ​ | ​ | ​                          | ​ | 428     | ​                                                                                      | ​ | ​ | ​ | ​ | 190 | ​ | ​ |
| Total operating expenses                                        | ​ | ​ | ​                          | ​ | 13,951  | ​                                                                                      | ​ | ​ | ​ | ​ | 5,616 | ​ | ​ |
| Management fee waiver                                           | ​ | ​ | ​                          | ​ | (696)   | ​                                                                                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Less: Expense reimbursement from sponsor                        | ​ | ​ | ​                          | ​ | — | ​                                                                                      | ​ | ​ | ​ | ​ | (666) | ​ | ​ |
| Add: Expense recoupment to sponsor                              | ​ | ​ | ​                          | ​ | 666     | ​                                                                                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net operating expenses                                          | ​ | ​ | ​                          | $       | 13,921  | ​                                                                                      | ​ | ​ | ​ | $ | 4,950 | ​ | ​ |
| ​                                                         |
| ​                                                                                             | ​ | ​ | Year EndedDecember 31, 2017 | ​ | ​ | Period from January 6, 2016 (Commencement of Operations) through December 31, 2016 | ​ |
|-----------------------------------------------------------------------------------------------------|---------|---------|----------------------------------|---------|---------|----------------------------------------------------------------------------------------------|---------|
| Ratio of operating expenses to average net assets                                                   | ​ | ​ | ​                          | ​ | 5.27%   | ​                                                                                      | ​ | ​ | ​ | ​ | 7.74% | ​ | ​ |
| Ratio of management fee waiver to average net assets                                                | ​ | ​ | ​                          | ​ | (0.26)% | ​                                                                                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Ratio of expense recoupment to sponsor to average net assets                                        | ​ | ​ | ​                          | ​ | 0.25%   | ​                                                                                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Ratio of expense reimbursement from sponsor to average net assets                                   | ​ | ​ | ​                          | ​ | — | ​                                                                                      | ​ | ​ | ​ | ​ | (0.92)% | ​ | ​ |
| Ratio of net operating expenses to average net assets                                               | ​ | ​ | ​                          | ​ | 5.26%   | ​                                                                                      | ​ | ​ | ​ | ​ | 6.82% | ​ | ​ |
| Ratio of capital gains incentive fees, interest expense and offering costs to average net assets(1) | ​ | ​ | ​                          | ​ | 1.23%   | ​                                                                                      | ​ | ​ | ​ | ​ | 3.00% | ​ | ​ |
| Ratio of net operating expenses, excluding certain expenses, to average net assets                  | ​ | ​ | ​                          | ​ | 4.03%   | ​                                                                                      | ​ | ​ | ​ | ​ | 3.82% | ​ | ​ |
| ​                                                                                             |

----

TABLE OF CONTENTS

| ​                                       | ​ | ​ | Year Ended December 31, 2017 | ​ | ​ | Period from January 6, 2016 (Commencement of Operations) through December 31, 2016 | ​ |
|-----------------------------------------------|---------|---------|-----------------------------------|---------|---------|----------------------------------------------------------------------------------------------|---------|
| Net realized gain (loss) on investments(1)    | ​ | ​ | ​                           | $       | 1,352   | ​                                                                                      | ​ | ​ | ​ | $ | 1,111 | ​ | ​ |
| Net realized gain (loss) on total return swap | ​ | ​ | ​                           | ​ | 10,873  | ​                                                                                      | ​ | ​ | ​ | ​ | 4,791 | ​ | ​ |
| Total net realized gain (loss)                | ​ | ​ | ​                           | $       | 12,225  | ​                                                                                      | ​ | ​ | ​ | $ | 5,902 | ​ | ​ |
| ​                                       |
| ​                                                                   | ​ | ​ | Year Ended December 31, 2017 | ​ | ​ | Period from January 6, 2016 (Commencement of Operations) through December 31, 2016 | ​ |
|---------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|---------|----------------------------------------------------------------------------------------------|---------|
| Net change in unrealized appreciation (depreciation) on investments       | ​ | ​ | ​                           | $       | 3,320   | ​                                                                                      | ​ | ​ | ​ | $ | 1,558 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) on total return swap | ​ | ​ | ​                           | ​ | (1,554) | ​                                                                                      | ​ | ​ | ​ | ​ | 2,422 | ​ | ​ |
| Total net change in unrealized appreciation (depreciation)           | ​ | ​ | ​                           | $       | 1,766   | ​                                                                                      | ​ | ​ | ​ | $ | 3,980 | ​ | ​ |
| ​                                                                   |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Arrangement                | ​ | ​ | Type of Arrangement | ​ | ​ | Rate    | ​ | ​ | Amount Outstanding | ​ | ​ | Amount Available | ​ | ​ | Maturity Date | ​ |
|----------------------------|---------|---------|---------------------|---------|---------|---------|---------|---------|--------------------|---------|---------|------------------|---------|---------|---------------|---------|
| BNP Facility               | ​ | ​ | Prime Brokerage     | ​ | ​ | L+1.25% | ​ | ​ | ​            | $       | 19,900  | ​          | ​ | ​ | ​       | $       | 30,100 | ​ | ​ | ​ | September 27, 2018(1) | ​ |
| Citibank Total Return Swap | ​ | ​ | Total Return Swap   | ​ | ​ | L+1.60% | ​ | ​ | ​            | $       | 151,866 | ​          | ​ | ​ | ​       | $       | 23,134 | ​ | ​ | ​ | N/A(2) | ​ |

----

TABLE OF CONTENTS

| ​                              | ​ | ​ | Distribution(1) | ​ |
|--------------------------------------|---------|---------|-----------------|---------|
| For the Year Ended December 31, | ​ | ​ | Per Share       | ​ | ​ | Amount | ​ |
| 2016                                 | ​ | ​ | ​         | $       | 0.64010 | ​ | ​ | ​ | ​ | $ | 4,443 | ​ | ​ |
| 2017(2)                              | ​ | ​ | ​         | $       | 0.73902 | ​ | ​ | ​ | ​ | $ | 17,642 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​         | ​ | ​ | ​                 | ​ | ​ | Payments Due By Period | ​ |
|-----------------|---------|---------|-------------------------|---------|---------|------------------------|---------|
| ​         | ​ | ​ | Maturity Date(1)        | ​ | ​ | Total                  | ​ | ​ | Less than 1 year | ​ | ​ | 1 – 3 years | ​ | ​ | 3 – 5 years | ​ | ​ | More than 5 years | ​ |
| BNP Facility(2) | ​ | ​ | September 27, 2018 | ​ | ​ | ​                | $       | 19,900 | ​ | ​ | ​ | ​ | $ | 19,900 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

| Basis Point Change in Interest Rates | ​ | ​ | Increase (Decrease) in Interest Income(1) | ​ | ​ | Increase (Decrease) in Interest Expense | ​ | ​ | Increase (Decrease) in Net Interest Income | ​ | ​ | Percentage Change in Interest Income | ​ |
|--------------------------------------|---------|---------|-------------------------------------------|---------|---------|-----------------------------------------|---------|---------|--------------------------------------------|---------|---------|--------------------------------------|---------|
| Down 100 basis points                | ​ | ​ | ​                                   | $       | (710)   | ​                                 | ​ | ​ | ​                                    | $       | (118)   | ​                              | ​ | ​ | ​ | $ | (592) | ​ | ​ | ​ | ​ | ​ | (1.9)% | ​ | ​ |
| No change                            | ​ | ​ | ​                                   | ​ | — | ​                                 | ​ | ​ | ​                                    | ​ | — | ​                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Up 100 basis points                  | ​ | ​ | ​                                   | $       | 1,761   | ​                                 | ​ | ​ | ​                                    | $       | 118     | ​                              | ​ | ​ | ​ | $ | 1,643 | ​ | ​ | ​ | ​ | ​ | 5.3% | ​ | ​ |
| Up 300 basis points                  | ​ | ​ | ​                                   | $       | 5,284   | ​                                 | ​ | ​ | ​                                    | $       | 353     | ​                              | ​ | ​ | ​ | $ | 4,931 | ​ | ​ | ​ | ​ | ​ | 16.0% | ​ | ​ |
| Up 500 basis points                  | ​ | ​ | ​                                   | $       | 8,806   | ​                                 | ​ | ​ | ​                                    | $       | 589     | ​                              | ​ | ​ | ​ | $ | 8,217 | ​ | ​ | ​ | ​ | ​ | 26.7% | ​ | ​ |

----

TABLE OF CONTENTS​​

| ​                                                                                                        | ​ | ​ | Page    | ​ |
|----------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| Management’s Report on Internal Control Over Financial Reporting                                         | ​ | ​ | ​ | ​ | 85 | ​ | ​ |
| Reports of Independent Registered Public Accounting Firm                                                       | ​ | ​ | ​ | ​ | 86 | ​ | ​ |
| Consolidated Balance Sheets as of December 31, 2017 and 2016                                              | ​ | ​ | ​ | ​ | 88 | ​ | ​ |
| Consolidated Statements of Operations for the years ended December 31, 2017 and 2016                 | ​ | ​ | ​ | ​ | 89 | ​ | ​ |
| Consolidated Statements of Changes in Net Assets for the years ended December 31, 2017 and 2016 | ​ | ​ | ​ | ​ | 90 | ​ | ​ |
| Consolidated Statements of Cash Flows for the years ended December 31, 2017 and 2016                 | ​ | ​ | ​ | ​ | 91 | ​ | ​ |
| Consolidated Schedules of Investments as of December 31, 2017 and 2016                                    | ​ | ​ | ​ | ​ | 92 | ​ | ​ |
| Notes to Consolidated Financial Statements                                                                     | ​ | ​ | ​ | ​ | 97 | ​ | ​ |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS​

| ​                                                                                                                                           | ​ | ​ | December 31, | ​ |
|---------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------|---------|
| ​                                                                                                                                           | ​ | ​ | 2017              | ​ | ​ | 2016 | ​ |
| Assets                                                                                                                                            | ​ | ​ | ​           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Investments, at fair value (amortized cost—$262,292 and $61,752 respectively)                                                               | ​ | ​ | ​           | $       | 267,170 | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ |
| Cash                                                                                                                                              | ​ | ​ | ​           | ​ | 31,977 | ​ | ​ | ​ | ​ | ​ | 47,008 | ​ | ​ |
| Due from counterparty                                                                                                                             | ​ | ​ | ​           | ​ | 70,500 | ​ | ​ | ​ | ​ | ​ | 46,000 | ​ | ​ |
| Receivable for investments sold and repaid                                                                                                        | ​ | ​ | ​           | ​ | 1,850 | ​ | ​ | ​ | ​ | ​ | 15,677 | ​ | ​ |
| Interest receivable                                                                                                                               | ​ | ​ | ​           | ​ | 3,128 | ​ | ​ | ​ | ​ | ​ | 659 | ​ | ​ |
| Receivable due on total return swap(1)                                                                                                            | ​ | ​ | ​           | ​ | 795 | ​ | ​ | ​ | ​ | ​ | 977 | ​ | ​ |
| Unrealized appreciation on total return swap(1)                                                                                                   | ​ | ​ | ​           | ​ | 868 | ​ | ​ | ​ | ​ | ​ | 2,422 | ​ | ​ |
| Prepaid expenses and other assets                                                                                                                 | ​ | ​ | ​           | ​ | 18 | ​ | ​ | ​ | ​ | ​ | 36 | ​ | ​ |
| Total assets                                                                                                                                      | ​ | ​ | ​           | $       | 376,306 | ​ | ​ | ​ | ​ | $ | 176,089 | ​ | ​ |
| Liabilities                                                                                                                                       | ​ | ​ | ​           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Payable for investments purchased                                                                                                                 | ​ | ​ | ​           | $       | — | ​ | ​ | ​ | ​ | $ | 11,148 | ​ | ​ |
| Credit facility payable(1)                                                                                                                        | ​ | ​ | ​           | ​ | 19,900 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Stockholder distributions payable                                                                                                                 | ​ | ​ | ​           | ​ | 258 | ​ | ​ | ​ | ​ | ​ | 105 | ​ | ​ |
| Distribution fees payable                                                                                                                         | ​ | ​ | ​           | ​ | 302 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Management fees payable                                                                                                                           | ​ | ​ | ​           | ​ | 1,596 | ​ | ​ | ​ | ​ | ​ | 816 | ​ | ​ |
| Accrued capital gains incentive fees(2)                                                                                                           | ​ | ​ | ​           | ​ | 1,981 | ​ | ​ | ​ | ​ | ​ | 1,302 | ​ | ​ |
| Administrative services expense payable                                                                                                           | ​ | ​ | ​           | ​ | 47 | ​ | ​ | ​ | ​ | ​ | 180 | ​ | ​ |
| Interest payable(1)                                                                                                                               | ​ | ​ | ​           | ​ | 75 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Directors’ fees payable                                                                                                                     | ​ | ​ | ​           | ​ | 110 | ​ | ​ | ​ | ​ | ​ | 88 | ​ | ​ |
| Other accrued expenses and liabilities                                                                                                            | ​ | ​ | ​           | ​ | 500 | ​ | ​ | ​ | ​ | ​ | 454 | ​ | ​ |
| Total liabilities                                                                                                                                 | ​ | ​ | ​           | ​ | 24,769 | ​ | ​ | ​ | ​ | ​ | 14,093 | ​ | ​ |
| Commitments and contingencies ($0 and $6,345, respectively)(3)                                                                                    | ​ | ​ | ​           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Stockholders’ equity                                                                                                                        | ​ | ​ | ​           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding                                                      | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Class A common stock, $0.001 par value, 250,000,000 shares authorized, none issued and outstanding                                           | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Class D common stock, $0.001 par value, 250,000,000 shares authorized, none issued and outstanding                                           | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Class T common stock, $0.001 par value, 250,000,000 shares authorized, 31,614,476 and 14,782,671 shares issued and outstanding, respectively | ​ | ​ | ​           | ​ | 32 | ​ | ​ | ​ | ​ | ​ | 15 | ​ | ​ |
| Class I common stock, $0.001 par value, 350,000,000 shares authorized, none issued and outstanding                                           | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Capital in excess of par value                                                                                                                    | ​ | ​ | ​           | ​ | 342,864 | ​ | ​ | ​ | ​ | ​ | 157,392 | ​ | ​ |
| Accumulated undistributed net realized gains (losses) on investments and total return swap(4)                                                     | ​ | ​ | ​           | ​ | 5,371 | ​ | ​ | ​ | ​ | ​ | 2,032 | ​ | ​ |
| Accumulated undistributed (distributions in excess of) net investment income(4)                                                                   | ​ | ​ | ​           | ​ | (2,476) | ​ | ​ | ​ | ​ | ​ | (1,423) | ​ | ​ |
| Net unrealized appreciation (depreciation) on investments and total return swap                                                                   | ​ | ​ | ​           | ​ | 5,746 | ​ | ​ | ​ | ​ | ​ | 3,980 | ​ | ​ |
| Total stockholders’ equity                                                                                                                  | ​ | ​ | ​           | ​ | 351,537 | ​ | ​ | ​ | ​ | ​ | 161,996 | ​ | ​ |
| Total liabilities and stockholders’ equity                                                                                                  | ​ | ​ | ​           | $       | 376,306 | ​ | ​ | ​ | ​ | $ | 176,089 | ​ | ​ |
| Net asset value per share of common stock at year end                                                                                             | ​ | ​ | ​           | $       | 11.12 | ​ | ​ | ​ | ​ | $ | 10.96 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                                                              | ​ | ​ | Year Ended December 31, | ​ |
|--------------------------------------------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                                                              | ​ | ​ | 2017                         | ​ | ​ | 2016 | ​ |
| Investment income                                                                    | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest income                                                                      | ​ | ​ | ​                      | $       | 16,346 | ​ | ​ | ​ | ​ | $ | 2,499 | ​ | ​ |
| Paid-in-kind interest income                                                         | ​ | ​ | ​                      | ​ | 32 | ​ | ​ | ​ | ​ | ​ | 28 | ​ | ​ |
| Fee income                                                                           | ​ | ​ | ​                      | ​ | 3,692 | ​ | ​ | ​ | ​ | ​ | 658 | ​ | ​ |
| Total investment income                                                              | ​ | ​ | ​                      | ​ | 20,070 | ​ | ​ | ​ | ​ | ​ | 3,185 | ​ | ​ |
| Operating expenses                                                                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Management fees(1)                                                                   | ​ | ​ | ​                      | ​ | 5,847 | ​ | ​ | ​ | ​ | ​ | 1,704 | ​ | ​ |
| Capital gains incentive fees(2)                                                      | ​ | ​ | ​                      | ​ | 1,164 | ​ | ​ | ​ | ​ | ​ | 1,302 | ​ | ​ |
| Administrative services expenses                                                     | ​ | ​ | ​                      | ​ | 340 | ​ | ​ | ​ | ​ | ​ | 291 | ​ | ​ |
| Stock transfer agent fees                                                            | ​ | ​ | ​                      | ​ | 183 | ​ | ​ | ​ | ​ | ​ | 133 | ​ | ​ |
| Accounting and administrative fees                                                   | ​ | ​ | ​                      | ​ | 113 | ​ | ​ | ​ | ​ | ​ | 41 | ​ | ​ |
| Interest expense(3)                                                                  | ​ | ​ | ​                      | ​ | 700 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Distribution fees                                                                    | ​ | ​ | ​                      | ​ | 2,454 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Organization costs                                                                   | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | 317 | ​ | ​ |
| Offering costs                                                                       | ​ | ​ | ​                      | ​ | 1,392 | ​ | ​ | ​ | ​ | ​ | 875 | ​ | ​ |
| Directors’ fees                                                                | ​ | ​ | ​                      | ​ | 394 | ​ | ​ | ​ | ​ | ​ | 201 | ​ | ​ |
| Other general and administrative expenses                                            | ​ | ​ | ​                      | ​ | 1,364 | ​ | ​ | ​ | ​ | ​ | 752 | ​ | ​ |
| Operating expenses                                                                   | ​ | ​ | ​                      | ​ | 13,951 | ​ | ​ | ​ | ​ | ​ | 5,616 | ​ | ​ |
| Management fee waiver(1)                                                             | ​ | ​ | ​                      | ​ | (696) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Less: Expense reimbursement from sponsor(4)                                          | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | (666) | ​ | ​ |
| Add: Expense recoupment to sponsor(4)                                                | ​ | ​ | ​                      | ​ | 666 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net expenses                                                                         | ​ | ​ | ​                      | ​ | 13,921 | ​ | ​ | ​ | ​ | ​ | 4,950 | ​ | ​ |
| Net investment income (loss)                                                         | ​ | ​ | ​                      | ​ | 6,149 | ​ | ​ | ​ | ​ | ​ | (1,765) | ​ | ​ |
| Realized and unrealized gain/loss                                                    | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net realized gain (loss) on investments                                              | ​ | ​ | ​                      | ​ | 1,352 | ​ | ​ | ​ | ​ | ​ | 1,111 | ​ | ​ |
| Net realized gain (loss) on total return swap(3)                                     | ​ | ​ | ​                      | ​ | 10,873 | ​ | ​ | ​ | ​ | ​ | 4,791 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) on investments                  | ​ | ​ | ​                      | ​ | 3,320 | ​ | ​ | ​ | ​ | ​ | 1,558 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) on total return swap(3)         | ​ | ​ | ​                      | ​ | (1,554) | ​ | ​ | ​ | ​ | ​ | 2,422 | ​ | ​ |
| Total net realized and unrealized gain (loss)                                        | ​ | ​ | ​                      | ​ | 13,991 | ​ | ​ | ​ | ​ | ​ | 9,882 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                      | ​ | ​ | ​                      | $       | 20,140 | ​ | ​ | ​ | ​ | $ | 8,117 | ​ | ​ |
| Per share information—basic and diluted                                        | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations (Earnings per Share) | ​ | ​ | ​                      | $       | 0.83 | ​ | ​ | ​ | ​ | $ | 1.19 | ​ | ​ |
| Weighted average shares outstanding                                                  | ​ | ​ | ​                      | ​ | 24,157,385 | ​ | ​ | ​ | ​ | ​ | 6,820,502 | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                                                         | ​ | ​ | Year Ended December 31, | ​ |
|---------------------------------------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                                                         | ​ | ​ | 2017                         | ​ | ​ | 2016 | ​ |
| Operations                                                                      | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net investment income (loss)                                                    | ​ | ​ | ​                      | $       | 6,149 | ​ | ​ | ​ | ​ | $ | (1,765) | ​ | ​ |
| Net realized gain (loss) on investments and total return swap(1)                | ​ | ​ | ​                      | ​ | 12,225 | ​ | ​ | ​ | ​ | ​ | 5,902 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) on investments             | ​ | ​ | ​                      | ​ | 3,320 | ​ | ​ | ​ | ​ | ​ | 1,558 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) on total return swap(1)    | ​ | ​ | ​                      | ​ | (1,554) | ​ | ​ | ​ | ​ | ​ | 2,422 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                 | ​ | ​ | ​                      | ​ | 20,140 | ​ | ​ | ​ | ​ | ​ | 8,117 | ​ | ​ |
| Stockholder distributions(2)                                                    | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Distributions from net investment income                                        | ​ | ​ | ​                      | ​ | (15,610) | ​ | ​ | ​ | ​ | ​ | (3,339) | ​ | ​ |
| Distributions from net realized gain on investments                             | ​ | ​ | ​                      | ​ | (2,032) | ​ | ​ | ​ | ​ | ​ | (1,104) | ​ | ​ |
| Net decrease in net assets resulting from stockholder distributions             | ​ | ​ | ​                      | ​ | (17,642) | ​ | ​ | ​ | ​ | ​ | (4,443) | ​ | ​ |
| Capital share transactions(3)                                                   | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Issuance of common stock                                                        | ​ | ​ | ​                      | ​ | 178,284 | ​ | ​ | ​ | ​ | ​ | 155,638 | ​ | ​ |
| Reinvestment of stockholder distributions                                       | ​ | ​ | ​                      | ​ | 10,811 | ​ | ​ | ​ | ​ | ​ | 2,697 | ​ | ​ |
| Repurchases of common stock                                                     | ​ | ​ | ​                      | ​ | (2,052) | ​ | ​ | ​ | ​ | ​ | (213) | ​ | ​ |
| Net increase in net assets resulting from capital share transactions            | ​ | ​ | ​                      | ​ | 187,043 | ​ | ​ | ​ | ​ | ​ | 158,122 | ​ | ​ |
| Total increase (decrease) in net assets                                         | ​ | ​ | ​                      | ​ | 189,541 | ​ | ​ | ​ | ​ | ​ | 161,796 | ​ | ​ |
| Net assets at beginning of year                                                 | ​ | ​ | ​                      | ​ | 161,996 | ​ | ​ | ​ | ​ | ​ | 200 | ​ | ​ |
| Net assets at end of year                                                       | ​ | ​ | ​                      | $       | 351,537 | ​ | ​ | ​ | ​ | $ | 161,996 | ​ | ​ |
| Accumulated undistributed (distributions in excess of) net investment income(2) | ​ | ​ | ​                      | $       | (2,476) | ​ | ​ | ​ | ​ | $ | (1,423) | ​ | ​ |

----

TABLE OF CONTENTS​

| ​                                                                                                                                          | ​ | ​ | Year Ended December 31, |
|--------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|------------------------------|
| ​                                                                                                                                          | ​ | ​ | 2017                         | ​ | ​ | 2016 |
| Cash flows from operating activities                                                                                                             | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                                                                                  | ​ | ​ | ​                      | $ | 20,140 | ​ | ​ | ​ | ​ | $ | 8,117 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Purchases of investments                                                                                                                         | ​ | ​ | ​                      | ​ | (271,224) | ​ | ​ | ​ | ​ | ​ | (159,803) |
| Paid-in-kind interest                                                                                                                            | ​ | ​ | ​                      | ​ | (32) | ​ | ​ | ​ | ​ | ​ | (28) |
| Proceeds from sales and repayments of investments                                                                                                | ​ | ​ | ​                      | ​ | 72,672 | ​ | ​ | ​ | ​ | ​ | 99,418 |
| Net realized (gain) loss on investments                                                                                                          | ​ | ​ | ​                      | ​ | (1,352) | ​ | ​ | ​ | ​ | ​ | (1,111) |
| Net change in unrealized (appreciation) depreciation on investments                                                                              | ​ | ​ | ​                      | ​ | (3,320) | ​ | ​ | ​ | ​ | ​ | (1,558) |
| Net change in unrealized (appreciation) depreciation on total return swap(1)                                                                     | ​ | ​ | ​                      | ​ | 1,554 | ​ | ​ | ​ | ​ | ​ | (2,422) |
| Accretion of discount                                                                                                                            | ​ | ​ | ​                      | ​ | (604) | ​ | ​ | ​ | ​ | ​ | (228) |
| Amortization of deferred financing costs                                                                                                         | ​ | ​ | ​                      | ​ | 75 | ​ | ​ | ​ | ​ | ​ | — |
| (Increase) decrease in due from counterparty                                                                                                     | ​ | ​ | ​                      | ​ | (24,500) | ​ | ​ | ​ | ​ | ​ | (46,000) |
| (Increase) decrease in receivable for investments sold and repaid                                                                                | ​ | ​ | ​                      | ​ | 13,827 | ​ | ​ | ​ | ​ | ​ | (15,677) |
| (Increase) decrease in interest receivable                                                                                                       | ​ | ​ | ​                      | ​ | (2,469) | ​ | ​ | ​ | ​ | ​ | (659) |
| (Increase) decrease in receivable due on total return swap(1)                                                                                    | ​ | ​ | ​                      | ​ | 182 | ​ | ​ | ​ | ​ | ​ | (977) |
| (Increase) decrease in prepaid expenses and other assets                                                                                         | ​ | ​ | ​                      | ​ | 18 | ​ | ​ | ​ | ​ | ​ | (36) |
| Increase (decrease) in payable for investments purchased                                                                                         | ​ | ​ | ​                      | ​ | (11,148) | ​ | ​ | ​ | ​ | ​ | 11,148 |
| Increase (decrease) in distribution fees payable                                                                                                 | ​ | ​ | ​                      | ​ | 302 | ​ | ​ | ​ | ​ | ​ | — |
| Increase (decrease) in management fees payable                                                                                                   | ​ | ​ | ​                      | ​ | 780 | ​ | ​ | ​ | ​ | ​ | 816 |
| Increase (decrease) in accrued capital gains incentive fees                                                                                      | ​ | ​ | ​                      | ​ | 679 | ​ | ​ | ​ | ​ | ​ | 1,302 |
| Increase (decrease) in administrative services expense payable                                                                                   | ​ | ​ | ​                      | ​ | (133) | ​ | ​ | ​ | ​ | ​ | 180 |
| Increase (decrease) in interest payable(1)                                                                                                       | ​ | ​ | ​                      | ​ | 75 | ​ | ​ | ​ | ​ | ​ | — |
| Increase (decrease) in directors’ fees payable                                                                                             | ​ | ​ | ​                      | ​ | 22 | ​ | ​ | ​ | ​ | ​ | 88 |
| Increase (decrease) in other accrued expenses and liabilities                                                                                    | ​ | ​ | ​                      | ​ | 46 | ​ | ​ | ​ | ​ | ​ | 454 |
| Net cash provided by (used in) operating activities                                                                                              | ​ | ​ | ​                      | ​ | (204,410) | ​ | ​ | ​ | ​ | ​ | (106,976) |
| Cash flows from financing activities                                                                                                             | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Issuance of common stock                                                                                                                         | ​ | ​ | ​                      | ​ | 178,284 | ​ | ​ | ​ | ​ | ​ | 155,638 |
| Reinvestment of stockholder distributions                                                                                                        | ​ | ​ | ​                      | ​ | 10,811 | ​ | ​ | ​ | ​ | ​ | 2,697 |
| Repurchases of common stock                                                                                                                      | ​ | ​ | ​                      | ​ | (2,052) | ​ | ​ | ​ | ​ | ​ | (213) |
| Stockholder distributions                                                                                                                        | ​ | ​ | ​                      | ​ | (17,489) | ​ | ​ | ​ | ​ | ​ | (4,338) |
| Borrowings under credit facility(1)                                                                                                              | ​ | ​ | ​                      | ​ | 24,800 | ​ | ​ | ​ | ​ | ​ | — |
| Repayment under credit facility(1)                                                                                                               | ​ | ​ | ​                      | ​ | (4,900) | ​ | ​ | ​ | ​ | ​ | — |
| Deferred financing costs paid                                                                                                                    | ​ | ​ | ​                      | ​ | (75) | ​ | ​ | ​ | ​ | ​ | — |
| Net cash provided by financing activities                                                                                                        | ​ | ​ | ​                      | ​ | 189,379 | ​ | ​ | ​ | ​ | ​ | 153,784 |
| Total increase (decrease) in cash                                                                                                                | ​ | ​ | ​                      | ​ | (15,031) | ​ | ​ | ​ | ​ | ​ | 46,808 |
| Cash at beginning of year                                                                                                                        | ​ | ​ | ​                      | ​ | 47,008 | ​ | ​ | ​ | ​ | ​ | 200 |
| Cash at end of year                                                                                                                              | ​ | ​ | ​                      | $ | 31,977 | ​ | ​ | ​ | ​ | $ | 47,008 |
| Supplemental disclosure                                                                                                                          | ​ | ​ | ​                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Excise and state taxes paid                                                                                                                      | ​ | ​ | ​                      | $ | 43 | ​ | ​ | ​ | ​ | $ | — |

----

TABLE OF CONTENTS​​

| Portfolio Company(a)                              | ​ | ​ | Footnotes | ​ | ​ | Industry                               | ​ | ​ | Rate(b)                        | ​ | ​ | Floor   | ​ | ​ | Maturity | ​ | ​ | Principal Amount(c) | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value(d) | ​ |
|---------------------------------------------------|---------|---------|-----------|---------|---------|----------------------------------------|---------|---------|--------------------------------|---------|---------|---------|---------|---------|----------|---------|---------|---------------------|---------|---------|----------------|---------|---------|---------------|---------|
| Senior Secured Loans—First Lien—39.2% | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                        | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Actian Corp.                                      | ​ | ​ | ​   | ​ | ​ | Software & Services                | ​ | ​ | L+806                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 6/30/22             | ​ | ​ | ​        | $       | 1,524   | ​       | ​ | ​ | ​ | $ | 1,524 | ​ | ​ | ​ | ​ | $ | 1,543 | ​ | ​ |
| AG Group Merger Sub, Inc.                         | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+750                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 12/29/23            | ​ | ​ | ​        | ​ | 8,917   | ​       | ​ | ​ | ​ | ​ | 8,917 | ​ | ​ | ​ | ​ | ​ | 9,073 | ​ | ​ |
| All Systems Holding LLC                           | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+767                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 10/31/23            | ​ | ​ | ​        | ​ | 3,341   | ​       | ​ | ​ | ​ | ​ | 3,341 | ​ | ​ | ​ | ​ | ​ | 3,391 | ​ | ​ |
| American Bath Group, LLC                          | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+525                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/30/23             | ​ | ​ | ​        | ​ | 2,970   | ​       | ​ | ​ | ​ | ​ | 2,958 | ​ | ​ | ​ | ​ | ​ | 3,002 | ​ | ​ |
| AVF Parent, LLC                                   | ​ | ​ | ​   | ​ | ​ | Retailing                              | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.3%    | ​  | ​ | ​ | 3/1/24              | ​ | ​ | ​        | ​ | 14,211  | ​       | ​ | ​ | ​ | ​ | 14,211 | ​ | ​ | ​ | ​ | ​ | 14,505 | ​ | ​ |
| Borden Dairy Co.                                  | ​ | ​ | ​   | ​ | ​ | Food, Beverage & Tobacco           | ​ | ​ | L+804                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 7/6/23              | ​ | ​ | ​        | ​ | 4,375   | ​       | ​ | ​ | ​ | ​ | 4,375 | ​ | ​ | ​ | ​ | ​ | 4,374 | ​ | ​ |
| Casablanca US Holdings Inc.                       | ​ | ​ | ​   | ​ | ​ | Consumer Services                      | ​ | ​ | L+475                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 3/29/24             | ​ | ​ | ​        | ​ | 2,463   | ​       | ​ | ​ | ​ | ​ | 2,406 | ​ | ​ | ​ | ​ | ​ | 2,468 | ​ | ​ |
| CSafe Acquisition Co., Inc.                       | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/1/21             | ​ | ​ | ​        | ​ | 148     | ​       | ​ | ​ | ​ | ​ | 148 | ​ | ​ | ​ | ​ | ​ | 147 | ​ | ​ |
| CSafe Acquisition Co., Inc.                       | ​ | ​ | (e)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/1/21             | ​ | ​ | ​        | ​ | 113     | ​       | ​ | ​ | ​ | ​ | 113 | ​ | ​ | ​ | ​ | ​ | 112 | ​ | ​ |
| CSafe Acquisition Co., Inc.                       | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 10/31/23            | ​ | ​ | ​        | ​ | 2,081   | ​       | ​ | ​ | ​ | ​ | 2,081 | ​ | ​ | ​ | ​ | ​ | 2,062 | ​ | ​ |
| CSafe Acquisition Co., Inc.                       | ​ | ​ | (e)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 10/31/23            | ​ | ​ | ​        | ​ | 1,117   | ​       | ​ | ​ | ​ | ​ | 1,117 | ​ | ​ | ​ | ​ | ​ | 1,107 | ​ | ​ |
| Dade Paper & Bag, LLC                         | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+750                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 6/10/24             | ​ | ​ | ​        | ​ | 3,344   | ​       | ​ | ​ | ​ | ​ | 3,344 | ​ | ​ | ​ | ​ | ​ | 3,461 | ​ | ​ |
| Empire Today, LLC                                 | ​ | ​ | ​   | ​ | ​ | Retailing                              | ​ | ​ | L+800                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/17/22            | ​ | ​ | ​        | ​ | 2,970   | ​       | ​ | ​ | ​ | ​ | 2,970 | ​ | ​ | ​ | ​ | ​ | 3,000 | ​ | ​ |
| FullBeauty Brands Holdings Corp.                  | ​ | ​ | ​   | ​ | ​ | Consumer Durables & Apparel        | ​ | ​ | L+800                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 10/14/20            | ​ | ​ | ​        | ​ | 7,000   | ​       | ​ | ​ | ​ | ​ | 7,000 | ​ | ​ | ​ | ​ | ​ | 6,912 | ​ | ​ |
| Hudson Technologies Co.                           | ​ | ​ | (g)       | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 10/10/23            | ​ | ​ | ​        | ​ | 5,707   | ​       | ​ | ​ | ​ | ​ | 5,707 | ​ | ​ | ​ | ​ | ​ | 5,785 | ​ | ​ |
| Hudson Technologies Co.                           | ​ | ​ | (e)(g)    | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 10/10/23            | ​ | ​ | ​        | ​ | 1,359   | ​       | ​ | ​ | ​ | ​ | 1,359 | ​ | ​ | ​ | ​ | ​ | 1,377 | ​ | ​ |
| Icynene U.S. Acquisition Corp.                    | ​ | ​ | ​   | ​ | ​ | Materials                              | ​ | ​ | L+700                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/30/24            | ​ | ​ | ​        | ​ | 7,000   | ​       | ​ | ​ | ​ | ​ | 7,000 | ​ | ​ | ​ | ​ | ​ | 7,001 | ​ | ​ |
| JSS Holdings, Inc.                                | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+800, 0.0% PIK (2.5% Max PIK) | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 3/31/23             | ​ | ​ | ​        | ​ | 9,961   | ​       | ​ | ​ | ​ | ​ | 9,871 | ​ | ​ | ​ | ​ | ​ | 10,115 | ​ | ​ |
| JSS Holdings, Inc.                                | ​ | ​ | (e)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+800, 0.0% PIK (2.5% Max PIK) | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 3/31/23             | ​ | ​ | ​        | ​ | 1,818   | ​       | ​ | ​ | ​ | ​ | 1,818 | ​ | ​ | ​ | ​ | ​ | 1,846 | ​ | ​ |
| Kodiak BP, LLC                                    | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 12/1/24             | ​ | ​ | ​        | ​ | 10,515  | ​       | ​ | ​ | ​ | ​ | 10,515 | ​ | ​ | ​ | ​ | ​ | 10,541 | ​ | ​ |
| Kodiak BP, LLC                                    | ​ | ​ | (e)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 12/1/24             | ​ | ​ | ​        | ​ | 3,030   | ​       | ​ | ​ | ​ | ​ | 3,030 | ​ | ​ | ​ | ​ | ​ | 3,038 | ​ | ​ |
| North Haven Cadence Buyer, Inc.                   | ​ | ​ | (e)       | ​ | ​ | Consumer Services                      | ​ | ​ | L+500                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/2/21              | ​ | ​ | ​        | ​ | 188     | ​       | ​ | ​ | ​ | ​ | 187 | ​ | ​ | ​ | ​ | ​ | 188 | ​ | ​ |
| North Haven Cadence Buyer, Inc.                   | ​ | ​ | ​   | ​ | ​ | Consumer Services                      | ​ | ​ | L+810                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/2/22              | ​ | ​ | ​        | ​ | 5,537   | ​       | ​ | ​ | ​ | ​ | 5,537 | ​ | ​ | ​ | ​ | ​ | 5,641 | ​ | ​ |
| North Haven Cadence Buyer, Inc.                   | ​ | ​ | (e)       | ​ | ​ | Consumer Services                      | ​ | ​ | L+750                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/2/22              | ​ | ​ | ​        | ​ | 708     | ​       | ​ | ​ | ​ | ​ | 708 | ​ | ​ | ​ | ​ | ​ | 722 | ​ | ​ |
| Power Distribution, Inc.                          | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.3%    | ​  | ​ | ​ | 1/25/23             | ​ | ​ | ​        | ​ | 4,988   | ​       | ​ | ​ | ​ | ​ | 4,988 | ​ | ​ | ​ | ​ | ​ | 5,063 | ​ | ​ |
| Propulsion Acquisition, LLC                       | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+600                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 7/13/21             | ​ | ​ | ​        | ​ | 8,366   | ​       | ​ | ​ | ​ | ​ | 8,257 | ​ | ​ | ​ | ​ | ​ | 8,283 | ​ | ​ |
| Safariland, LLC                                   | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+768                          | ​ | ​ | ​ | ​ | 1.1%    | ​  | ​ | ​ | 11/18/23            | ​ | ​ | ​        | ​ | 4,766   | ​       | ​ | ​ | ​ | ​ | 4,766 | ​ | ​ | ​ | ​ | ​ | 4,831 | ​ | ​ |
| Safariland, LLC                                   | ​ | ​ | (e)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.1%    | ​  | ​ | ​ | 11/18/23            | ​ | ​ | ​        | ​ | 1,285   | ​       | ​ | ​ | ​ | ​ | 1,285 | ​ | ​ | ​ | ​ | ​ | 1,303 | ​ | ​ |
| Sequel Youth and Family Services, LLC             | ​ | ​ | ​   | ​ | ​ | Health Care Equipment & Services   | ​ | ​ | L+778                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/1/22              | ​ | ​ | ​        | ​ | 8,235   | ​       | ​ | ​ | ​ | ​ | 8,235 | ​ | ​ | ​ | ​ | ​ | 8,311 | ​ | ​ |
| Sequel Youth and Family Services, LLC             | ​ | ​ | (e)       | ​ | ​ | Health Care Equipment & Services   | ​ | ​ | L+700                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/1/22              | ​ | ​ | ​        | ​ | 412     | ​       | ​ | ​ | ​ | ​ | 412 | ​ | ​ | ​ | ​ | ​ | 416 | ​ | ​ |
| SSC (Lux) Limited S.à r.l.                   | ​ | ​ | (g)       | ​ | ​ | Health Care Equipment & Services   | ​ | ​ | L+750                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/10/24             | ​ | ​ | ​        | ​ | 4,545   | ​       | ​ | ​ | ​ | ​ | 4,545 | ​ | ​ | ​ | ​ | ​ | 4,636 | ​ | ​ |
| Strike, LLC                                       | ​ | ​ | ​   | ​ | ​ | Energy                                 | ​ | ​ | L+800                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 5/30/19             | ​ | ​ | ​        | ​ | 1,866   | ​       | ​ | ​ | ​ | ​ | 1,842 | ​ | ​ | ​ | ​ | ​ | 1,875 | ​ | ​ |
| Trace3, LLC                                       | ​ | ​ | ​   | ​ | ​ | Software & Services                | ​ | ​ | L+775                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 6/6/23              | ​ | ​ | ​        | ​ | 2,488   | ​       | ​ | ​ | ​ | ​ | 2,487 | ​ | ​ | ​ | ​ | ​ | 2,547 | ​ | ​ |
| USI Senior Holdings, Inc.                         | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+779                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 1/5/22              | ​ | ​ | ​        | ​ | 5,144   | ​       | ​ | ​ | ​ | ​ | 5,144 | ​ | ​ | ​ | ​ | ​ | 5,173 | ​ | ​ |
| USI Senior Holdings, Inc.                         | ​ | ​ | (e)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 1/5/22              | ​ | ​ | ​        | ​ | 1,047   | ​       | ​ | ​ | ​ | ​ | 1,047 | ​ | ​ | ​ | ​ | ​ | 1,053 | ​ | ​ |
| Westbridge Technologies, Inc.                     | ​ | ​ | ​   | ​ | ​ | Software & Services                | ​ | ​ | L+850                          | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 4/28/23             | ​ | ​ | ​        | ​ | 2,963   | ​       | ​ | ​ | ​ | ​ | 2,908 | ​ | ​ | ​ | ​ | ​ | 2,940 | ​ | ​ |

----

TABLE OF CONTENTS

| Portfolio Company(a)                               | ​ | ​ | Footnotes | ​ | ​ | Industry                               | ​ | ​ | Rate(b)                   | ​ | ​ | Floor   | ​ | ​ | Maturity | ​ | ​ | PrincipalAmount(c) | ​ | ​ | AmortizedCost | ​ | ​ | FairValue(d) | ​ | ​ |
|----------------------------------------------------|---------|---------|-----------|---------|---------|----------------------------------------|---------|---------|---------------------------|---------|---------|---------|---------|---------|----------|---------|---------|--------------------|---------|---------|---------------|---------|---------|--------------|---------|---------|
| York Risk Services Holding Corp.                   | ​ | ​ | ​   | ​ | ​ | Insurance                              | ​ | ​ | L+375                     | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 10/1/21            | ​ | ​ | ​       | $       | 990     | ​      | ​ | ​ | ​ | $ | 983 | ​ | ​ | ​ | ​ | $ | 971 | ​ | ​ | ​ |
| Total Senior Secured Loans—First Lien        | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | 147,136 | ​ | ​ | ​ | ​ | ​ | 148,813 | ​ | ​ | ​ |
| Unfunded Loan Commitments                          | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | (11,076) | ​ | ​ | ​ | ​ | ​ | (11,076) | ​ | ​ | ​ |
| Net Senior Secured Loans—First Lien          | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | 136,060 | ​ | ​ | ​ | ​ | ​ | 137,737 | ​ | ​ | ​ |
| Senior Secured Loans—Second Lien—10.1% | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Casablanca US Holdings Inc.                        | ​ | ​ | ​   | ​ | ​ | Consumer Services                      | ​ | ​ | L+900                     | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 3/31/25            | ​ | ​ | ​       | ​ | 8,337   | ​      | ​ | ​ | ​ | ​ | 8,062 | ​ | ​ | ​ | ​ | ​ | 8,535 | ​ | ​ | ​ |
| Chisholm Oil and Gas Operating, LLC                | ​ | ​ | ​   | ​ | ​ | Energy                                 | ​ | ​ | L+800                     | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 3/21/24            | ​ | ​ | ​       | ​ | 6,000   | ​      | ​ | ​ | ​ | ​ | 6,000 | ​ | ​ | ​ | ​ | ​ | 5,999 | ​ | ​ | ​ |
| JW Aluminum Co.                                    | ​ | ​ | ​   | ​ | ​ | Materials                              | ​ | ​ | L+850                     | ​ | ​ | ​ | ​ | 0.8%    | ​  | ​ | ​ | 11/17/20           | ​ | ​ | ​       | ​ | 779     | ​      | ​ | ​ | ​ | ​ | 779 | ​ | ​ | ​ | ​ | ​ | 791 | ​ | ​ | ​ |
| LBM Borrower, LLC                                  | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+925                     | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 8/20/23            | ​ | ​ | ​       | ​ | 2,427   | ​      | ​ | ​ | ​ | ​ | 2,379 | ​ | ​ | ​ | ​ | ​ | 2,440 | ​ | ​ | ​ |
| LTI Holdings, Inc.                                 | ​ | ​ | ​   | ​ | ​ | Materials                              | ​ | ​ | L+875                     | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 5/16/25            | ​ | ​ | ​       | ​ | 3,000   | ​      | ​ | ​ | ​ | ​ | 2,944 | ​ | ​ | ​ | ​ | ​ | 3,052 | ​ | ​ | ​ |
| TKC Holdings, Inc.                                 | ​ | ​ | ​   | ​ | ​ | Retailing                              | ​ | ​ | L+800                     | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 2/1/24             | ​ | ​ | ​       | ​ | 8,500   | ​      | ​ | ​ | ​ | ​ | 8,487 | ​ | ​ | ​ | ​ | ​ | 8,564 | ​ | ​ | ​ |
| TravelCLICK, Inc.                                  | ​ | ​ | ​   | ​ | ​ | Software & Services                | ​ | ​ | L+775                     | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/6/21            | ​ | ​ | ​       | ​ | 6,009   | ​      | ​ | ​ | ​ | ​ | 6,026 | ​ | ​ | ​ | ​ | ​ | 6,039 | ​ | ​ | ​ |
| Total Senior Secured Loans—Second Lien       | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | 34,677 | ​ | ​ | ​ | ​ | ​ | 35,420 | ​ | ​ | ​ |
| Senior Secured Bonds—5.7%                    | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| AssuredPartners, Inc.                              | ​ | ​ | (f)       | ​ | ​ | Insurance                              | ​ | ​ | 7.0%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 8/15/25            | ​ | ​ | ​       | ​ | 5,682   | ​      | ​ | ​ | ​ | ​ | 5,682 | ​ | ​ | ​ | ​ | ​ | 5,691 | ​ | ​ | ​ |
| Avantor, Inc.                                      | ​ | ​ | (f)       | ​ | ​ | Materials                              | ​ | ​ | 6.0%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/1/24            | ​ | ​ | ​       | ​ | 1,282   | ​      | ​ | ​ | ​ | ​ | 1,282 | ​ | ​ | ​ | ​ | ​ | 1,284 | ​ | ​ | ​ |
| Black Swan Energy Ltd.                             | ​ | ​ | (g)       | ​ | ​ | Energy                                 | ​ | ​ | 9.0%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 1/20/24            | ​ | ​ | ​       | ​ | 1,334   | ​      | ​ | ​ | ​ | ​ | 1,334 | ​ | ​ | ​ | ​ | ​ | 1,344 | ​ | ​ | ​ |
| CSVC Acquisition Corp.                             | ​ | ​ | (f)       | ​ | ​ | Diversified Financials                 | ​ | ​ | 7.8%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 6/15/25            | ​ | ​ | ​       | ​ | 9,183   | ​      | ​ | ​ | ​ | ​ | 9,183 | ​ | ​ | ​ | ​ | ​ | 8,839 | ​ | ​ | ​ |
| Velvet Energy Ltd.                                 | ​ | ​ | (g)       | ​ | ​ | Energy                                 | ​ | ​ | 9.0%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/5/23            | ​ | ​ | ​       | ​ | 3,000   | ​      | ​ | ​ | ​ | ​ | 3,000 | ​ | ​ | ​ | ​ | ​ | 3,038 | ​ | ​ | ​ |
| Total Senior Secured Bonds                         | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | 20,481 | ​ | ​ | ​ | ​ | ​ | 20,196 | ​ | ​ | ​ |
| Subordinated Debt—20.3%                      | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Ascent Resources Utica Holdings, LLC               | ​ | ​ | (f)       | ​ | ​ | Energy                                 | ​ | ​ | 10.0%                     | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 4/1/22             | ​ | ​ | ​       | ​ | 10,000  | ​      | ​ | ​ | ​ | ​ | 10,000 | ​ | ​ | ​ | ​ | ​ | 10,806 | ​ | ​ | ​ |
| Avantor, Inc.                                      | ​ | ​ | (f)       | ​ | ​ | Materials                              | ​ | ​ | 9.0%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/1/25            | ​ | ​ | ​       | ​ | 12,500  | ​      | ​ | ​ | ​ | ​ | 12,502 | ​ | ​ | ​ | ​ | ​ | 12,430 | ​ | ​ | ​ |
| CEC Entertainment, Inc.                            | ​ | ​ | (f)       | ​ | ​ | Consumer Services                      | ​ | ​ | 8.0%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 2/15/22            | ​ | ​ | ​       | ​ | 7,297   | ​      | ​ | ​ | ​ | ​ | 6,911 | ​ | ​ | ​ | ​ | ​ | 6,905 | ​ | ​ | ​ |
| Coveris Holdings S.A.                              | ​ | ​ | (f)(g)    | ​ | ​ | Materials                              | ​ | ​ | 7.9%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 11/1/19            | ​ | ​ | ​       | ​ | 14,529  | ​      | ​ | ​ | ​ | ​ | 14,448 | ​ | ​ | ​ | ​ | ​ | 14,502 | ​ | ​ | ​ |
| Covey Park Energy LLC                              | ​ | ​ | (f)       | ​ | ​ | Energy                                 | ​ | ​ | 7.5%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 5/15/25            | ​ | ​ | ​       | ​ | 1,667   | ​      | ​ | ​ | ​ | ​ | 1,667 | ​ | ​ | ​ | ​ | ​ | 1,741 | ​ | ​ | ​ |
| Exterran Energy Solutions, L.P.                    | ​ | ​ | (f)(g)    | ​ | ​ | Capital Goods                          | ​ | ​ | 8.1%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 5/1/25             | ​ | ​ | ​       | ​ | 5,143   | ​      | ​ | ​ | ​ | ​ | 5,143 | ​ | ​ | ​ | ​ | ​ | 5,554 | ​ | ​ | ​ |
| Great Lakes Dredge & Dock Corp.                | ​ | ​ | (f)(g)    | ​ | ​ | Capital Goods                          | ​ | ​ | 8.0%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 5/15/22            | ​ | ​ | ​       | ​ | 7,000   | ​      | ​ | ​ | ​ | ​ | 7,000 | ​ | ​ | ​ | ​ | ​ | 7,353 | ​ | ​ | ​ |
| P.F. Chang’s China Bistro, Inc.              | ​ | ​ | (f)       | ​ | ​ | Consumer Services                      | ​ | ​ | 10.3%                     | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 6/30/20            | ​ | ​ | ​       | ​ | 4,000   | ​      | ​ | ​ | ​ | ​ | 3,659 | ​ | ​ | ​ | ​ | ​ | 3,666 | ​ | ​ | ​ |
| S1 Blocker Buyer Inc.                              | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | 10.0% PIK (10.0% Max PIK) | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/31/22           | ​ | ​ | ​       | ​ | 10      | ​      | ​ | ​ | ​ | ​ | 10 | ​ | ​ | ​ | ​ | ​ | 11 | ​ | ​ | ​ |
| York Risk Services Holding Corp.                   | ​ | ​ | (f)       | ​ | ​ | Insurance                              | ​ | ​ | 8.5%                      | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/1/22            | ​ | ​ | ​       | ​ | 8,695   | ​      | ​ | ​ | ​ | ​ | 8,245 | ​ | ​ | ​ | ​ | ​ | 8,564 | ​ | ​ | ​ | ​ | ​ |
| Total Subordinated Debt                            | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                   | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​            | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​ | ​ | 69,585 | ​ | ​ | ​ | ​ | ​ | 71,532 | ​ | ​ | ​ |
| ​                                            |

----

TABLE OF CONTENTS

| Portfolio Company(a)                               | ​ | ​ | Footnotes | ​ | ​ | Industry                               | ​ | ​ | Number of Shares | ​ | ​ | Cost    | ​ | ​ | Fair Value(d) | ​ |
|----------------------------------------------------|---------|---------|-----------|---------|---------|----------------------------------------|---------|---------|------------------|---------|---------|---------|---------|---------|---------------|---------|
| Equity/Other—0.7%                            | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| ASG Everglades Holdings, Inc., Warrants, 6/27/2022 | ​ | ​ | (h)       | ​ | ​ | Software & Services                | ​ | ​ | ​          | ​ | 12,081  | ​ | ​ | ​ | ​       | $       | 344 | ​ | ​ | ​ | ​ | $ | 331 | ​ | ​ |
| Chisholm Oil and Gas, LLC, Series A Units     | ​ | ​ | (h)(i)    | ​ | ​ | Energy                                 | ​ | ​ | ​          | ​ | 70,947  | ​ | ​ | ​ | ​       | ​ | 71 | ​ | ​ | ​ | ​ | ​ | 71 | ​ | ​ |
| CSF Group Holdings, Inc., Common Equity            | ​ | ​ | (h)       | ​ | ​ | Capital Goods                          | ​ | ​ | ​          | ​ | 17,400  | ​ | ​ | ​ | ​       | ​ | 17 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ |
| Escape Velocity Holdings, Inc., Common Equity      | ​ | ​ | (h)       | ​ | ​ | Software & Services                | ​ | ​ | ​          | ​ | 1,545   | ​ | ​ | ​ | ​       | ​ | 15 | ​ | ​ | ​ | ​ | ​ | 36 | ​ | ​ |
| H.I.G. Empire Holdco, Inc., Common Equity          | ​ | ​ | (h)       | ​ | ​ | Retailing                              | ​ | ​ | ​          | ​ | 14      | ​ | ​ | ​ | ​       | ​ | 41 | ​ | ​ | ​ | ​ | ​ | 41 | ​ | ​ |
| JSS Holdco, LLC, Net Profits Interest              | ​ | ​ | (h)       | ​ | ​ | Capital Goods                          | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | 69 | ​ | ​ |
| JW Aluminum Co., Common Equity                     | ​ | ​ | (h)       | ​ | ​ | Materials                              | ​ | ​ | ​          | ​ | 18      | ​ | ​ | ​ | ​       | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| JW Aluminum Co., Preferred Equity                  | ​ | ​ | (h)       | ​ | ​ | Materials                              | ​ | ​ | ​          | ​ | 83      | ​ | ​ | ​ | ​       | ​ | 295 | ​ | ​ | ​ | ​ | ​ | 827 | ​ | ​ |
| North Haven Cadence TopCo, LLC, Common Equity      | ​ | ​ | (h)       | ​ | ​ | Consumer Services                      | ​ | ​ | ​          | ​ | 208,333 | ​ | ​ | ​ | ​       | ​ | 208 | ​ | ​ | ​ | ​ | ​ | 323 | ​ | ​ |
| PDI Parent LLC, Common Equity                      | ​ | ​ | (h)       | ​ | ​ | Capital Goods                          | ​ | ​ | ​          | ​ | 230,769 | ​ | ​ | ​ | ​       | ​ | 231 | ​ | ​ | ​ | ​ | ​ | 242 | ​ | ​ |
| S1 Blocker Buyer Inc., Common Equity               | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | ​          | ​ | 4       | ​ | ​ | ​ | ​       | ​ | 40 | ​ | ​ | ​ | ​ | ​ | 61 | ​ | ​ |
| SSC Holdco Limited, Common Equity                  | ​ | ​ | (g)(h)    | ​ | ​ | Health Care Equipment & Services   | ​ | ​ | ​          | ​ | 11,364  | ​ | ​ | ​ | ​       | ​ | 227 | ​ | ​ | ​ | ​ | ​ | 272 | ​ | ​ |
| Total Equity/Other                                 | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | ​ | 1,489 | ​ | ​ | ​ | ​ | ​ | 2,285 | ​ | ​ |
| TOTAL INVESTMENTS—76.0%                      | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | $       | 262,292 | ​ | ​ | ​ | ​ | ​ | 267,170 | ​ | ​ |
| OTHER ASSETS IN EXCESS OF LIABILITIES—24.0%  | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 84,367 | ​ | ​ |
| NET ASSETS—100.0%                            | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | $ | 351,537 | ​ | ​ |
| ​                                            |
| Total Return Swap              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Notional Amount | ​ | ​ | ​ | ​ | ​ | Unrealized Appreciation | ​ |
|--------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|-----------------|---------|---------|---------|---------|---------|-------------------------|---------|
| Citibank TRS Facility (Note 8) | ​ | ​ | (g)     | ​ | ​ | ​ | ​ | ​ | ​         | $       | 151,866 | ​ | ​ | ​ | ​                 | ​ | ​ | ​ | $ | 868 | ​ | ​ |
| ​                        |

----

TABLE OF CONTENTS

| Portfolio Company(a)                              | ​ | ​ | Footnotes | ​ | ​ | Industry                               | ​ | ​ | Rate(b)                         | ​ | ​ | Floor   | ​ | ​ | Maturity | ​ | ​ | Principal Amount(c) | ​ | ​ | Amortized Cost | ​ | ​ | Fair Value(d) | ​ |
|---------------------------------------------------|---------|---------|-----------|---------|---------|----------------------------------------|---------|---------|---------------------------------|---------|---------|---------|---------|---------|----------|---------|---------|---------------------|---------|---------|----------------|---------|---------|---------------|---------|
| Senior Secured Loans—First Lien—25.5% | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| AG Group Merger Sub, Inc.                         | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+750                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 12/29/23            | ​ | ​ | ​        | $       | 6,250   | ​       | ​ | ​ | ​ | $ | 6,250 | ​ | ​ | ​ | ​ | $ | 6,250 | ​ | ​ |
| AG Group Merger Sub, Inc.                         | ​ | ​ | (g)       | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+750                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 12/29/23            | ​ | ​ | ​        | ​ | 2,750   | ​       | ​ | ​ | ​ | ​ | 2,750 | ​ | ​ | ​ | ​ | ​ | 2,750 | ​ | ​ |
| All Systems Holding LLC                           | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+770                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 10/31/23            | ​ | ​ | ​        | ​ | 3,000   | ​       | ​ | ​ | ​ | ​ | 3,000 | ​ | ​ | ​ | ​ | ​ | 3,025 | ​ | ​ |
| AqGen Ascensus, Inc.                              | ​ | ​ | ​   | ​ | ​ | Diversified Financials                 | ​ | ​ | L+450                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 12/5/22             | ​ | ​ | ​        | ​ | 1,986   | ​       | ​ | ​ | ​ | ​ | 1,963 | ​ | ​ | ​ | ​ | ​ | 1,988 | ​ | ​ |
| ASG Technologies Group, Inc.                      | ​ | ​ | ​   | ​ | ​ | Software & Services                | ​ | ​ | L+786, 1.2% PIK (1.2% Max PIK)  | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 4/30/20             | ​ | ​ | ​        | ​ | 3,111   | ​       | ​ | ​ | ​ | ​ | 3,043 | ​ | ​ | ​ | ​ | ​ | 3,158 | ​ | ​ |
| Corner Investment PropCo, LLC                     | ​ | ​ | ​   | ​ | ​ | Consumer Services                      | ​ | ​ | L+975                           | ​ | ​ | ​ | ​ | 1.3%    | ​  | ​ | ​ | 11/2/19             | ​ | ​ | ​        | ​ | 4,792   | ​       | ​ | ​ | ​ | ​ | 4,760 | ​ | ​ | ​ | ​ | ​ | 4,840 | ​ | ​ |
| CSafe Acquisition Co., Inc.                       | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                           | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 11/1/21             | ​ | ​ | ​        | ​ | 35      | ​       | ​ | ​ | ​ | ​ | 35 | ​ | ​ | ​ | ​ | ​ | 35 | ​ | ​ |
| CSafe Acquisition Co., Inc.                       | ​ | ​ | (g)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                           | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 11/1/21             | ​ | ​ | ​        | ​ | 226     | ​       | ​ | ​ | ​ | ​ | 226 | ​ | ​ | ​ | ​ | ​ | 226 | ​ | ​ |
| CSafe Acquisition Co., Inc.                       | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                           | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/31/23            | ​ | ​ | ​        | ​ | 2,000   | ​       | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ |
| CSafe Acquisition Co., Inc.                       | ​ | ​ | (g)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                           | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/31/23            | ​ | ​ | ​        | ​ | 1,217   | ​       | ​ | ​ | ​ | ​ | 1,217 | ​ | ​ | ​ | ​ | ​ | 1,217 | ​ | ​ |
| Empire Today, LLC                                 | ​ | ​ | ​   | ​ | ​ | Retailing                              | ​ | ​ | L+800                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/17/22            | ​ | ​ | ​        | ​ | 3,000   | ​       | ​ | ​ | ​ | ​ | 3,000 | ​ | ​ | ​ | ​ | ​ | 3,027 | ​ | ​ |
| JSS Holdings, Inc.                                | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+650                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 8/31/21             | ​ | ​ | ​        | ​ | 3,516   | ​       | ​ | ​ | ​ | ​ | 3,403 | ​ | ​ | ​ | ​ | ​ | 3,498 | ​ | ​ |
| North Haven Cadence Buyer, Inc.                   | ​ | ​ | (g)       | ​ | ​ | Consumer Services                      | ​ | ​ | L+500                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/2/21              | ​ | ​ | ​        | ​ | 188     | ​       | ​ | ​ | ​ | ​ | 188 | ​ | ​ | ​ | ​ | ​ | 188 | ​ | ​ |
| North Haven Cadence Buyer, Inc.                   | ​ | ​ | ​   | ​ | ​ | Consumer Services                      | ​ | ​ | L+813                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/2/22              | ​ | ​ | ​        | ​ | 5,354   | ​       | ​ | ​ | ​ | ​ | 5,354 | ​ | ​ | ​ | ​ | ​ | 5,354 | ​ | ​ |
| North Haven Cadence Buyer, Inc.                   | ​ | ​ | (g)       | ​ | ​ | Consumer Services                      | ​ | ​ | L+750                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 9/2/22              | ​ | ​ | ​        | ​ | 896     | ​       | ​ | ​ | ​ | ​ | 896 | ​ | ​ | ​ | ​ | ​ | 896 | ​ | ​ |
| Propulsion Acquisition, LLC                       | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | L+600                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 7/13/21             | ​ | ​ | ​        | ​ | 3,439   | ​       | ​ | ​ | ​ | ​ | 3,343 | ​ | ​ | ​ | ​ | ​ | 3,371 | ​ | ​ |
| Safariland, LLC                                   | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+769                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/18/23            | ​ | ​ | ​        | ​ | 4,766   | ​       | ​ | ​ | ​ | ​ | 4,766 | ​ | ​ | ​ | ​ | ​ | 4,754 | ​ | ​ |
| Safariland, LLC                                   | ​ | ​ | (g)       | ​ | ​ | Capital Goods                          | ​ | ​ | L+725                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/18/23            | ​ | ​ | ​        | ​ | 1,285   | ​       | ​ | ​ | ​ | ​ | 1,285 | ​ | ​ | ​ | ​ | ​ | 1,282 | ​ | ​ |
| Strike, LLC                                       | ​ | ​ | (g)       | ​ | ​ | Energy                                 | ​ | ​ | L+800                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 5/30/19             | ​ | ​ | ​        | ​ | 3,333   | ​       | ​ | ​ | ​ | ​ | 3,284 | ​ | ​ | ​ | ​ | ​ | 3,283 | ​ | ​ |
| Total Senior Secured Loans—First Lien       | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | 50,763 | ​ | ​ | ​ | ​ | ​ | 51,142 | ​ | ​ |
| Unfunded Loan Commitments                         | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | (9,846) | ​ | ​ | ​ | ​ | ​ | (9,846) | ​ | ​ |
| Net Senior Secured Loans—First Lien         | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | 40,917 | ​ | ​ | ​ | ​ | ​ | 41,296 | ​ | ​ |
| Senior Secured Loans—Second Lien—3.6% | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| ASG Technologies Group, Inc.                      | ​ | ​ | ​   | ​ | ​ | Software & Services                | ​ | ​ | L+1100, 0.0% PIK (6.0% Max PIK) | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 6/27/22             | ​ | ​ | ​        | ​ | 1,246   | ​       | ​ | ​ | ​ | ​ | 917 | ​ | ​ | ​ | ​ | ​ | 1,209 | ​ | ​ |
| BBB Industries US Holdings, Inc.                  | ​ | ​ | ​   | ​ | ​ | Automobiles & Components           | ​ | ​ | L+875                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 11/3/22             | ​ | ​ | ​        | ​ | 3,000   | ​       | ​ | ​ | ​ | ​ | 2,828 | ​ | ​ | ​ | ​ | ​ | 2,925 | ​ | ​ |
| LBM Borrower, LLC                                 | ​ | ​ | ​   | ​ | ​ | Capital Goods                          | ​ | ​ | L+925                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 8/20/23             | ​ | ​ | ​        | ​ | 1,427   | ​       | ​ | ​ | ​ | ​ | 1,369 | ​ | ​ | ​ | ​ | ​ | 1,395 | ​ | ​ |
| Peak 10, Inc.                                     | ​ | ​ | ​   | ​ | ​ | Software & Services                | ​ | ​ | L+725                           | ​ | ​ | ​ | ​ | 1.0%    | ​  | ​ | ​ | 6/17/22             | ​ | ​ | ​        | ​ | 333     | ​       | ​ | ​ | ​ | ​ | 309 | ​ | ​ | ​ | ​ | ​ | 314 | ​ | ​ |
| Total Senior Secured Loans—Second Lien      | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | 5,423 | ​ | ​ | ​ | ​ | ​ | 5,843 | ​ | ​ |
| Senior Secured Bond—1.3%                    | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Velvet Energy Ltd.                                | ​ | ​ | (e)       | ​ | ​ | Energy                                 | ​ | ​ | 9.0%                            | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/5/23             | ​ | ​ | ​        | ​ | 2,000   | ​       | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ | ​ | ​ | ​ | 2,045 | ​ | ​ |
| Total Senior Secured Bond                         | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ | ​ | ​ | ​ | 2,045 | ​ | ​ |
| Subordinated Debt—8.3%                      | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| BMC Software Finance, Inc.                        | ​ | ​ | ​   | ​ | ​ | Software & Services                | ​ | ​ | 7.3%                            | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 6/1/18              | ​ | ​ | ​        | ​ | 6,000   | ​       | ​ | ​ | ​ | ​ | 5,913 | ​ | ​ | ​ | ​ | ​ | 6,026 | ​ | ​ |
| CEC Entertainment, Inc.                           | ​ | ​ | ​   | ​ | ​ | Consumer Services                      | ​ | ​ | 8.0%                            | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 2/15/22             | ​ | ​ | ​        | ​ | 7,297   | ​       | ​ | ​ | ​ | ​ | 6,839 | ​ | ​ | ​ | ​ | ​ | 7,467 | ​ | ​ |
| S1 Blocker Buyer Inc.                             | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | 10.0% PIK (10.0% Max PIK)       | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | 10/31/22            | ​ | ​ | ​        | ​ | 9       | ​       | ​ | ​ | ​ | ​ | 9 | ​ | ​ | ​ | ​ | ​ | 9 | ​ | ​ |
| Total Subordinated Debt                           | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​                         | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​             | ​ | ​ | ​        | ​ | ​ | ​       | ​ | ​ | ​ | ​ | 12,761 | ​ | ​ | ​ | ​ | ​ | 13,502 | ​ | ​ |
| ​                                           |

----

TABLE OF CONTENTS

| Portfolio Company(a)                              | ​ | ​ | Footnotes | ​ | ​ | Industry                               | ​ | ​ | Number of Shares | ​ | ​ | Cost    | ​ | ​ | Fair Value(d) | ​ |
|---------------------------------------------------|---------|---------|-----------|---------|---------|----------------------------------------|---------|---------|------------------|---------|---------|---------|---------|---------|---------------|---------|
| Equity/Other—0.4%                           | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| ASG Technologies Group, Inc., Warrants, 6/27/2022 | ​ | ​ | (f)       | ​ | ​ | Software & Services                | ​ | ​ | ​          | ​ | 12,081  | ​ | ​ | ​ | ​       | $       | 344 | ​ | ​ | ​ | ​ | $ | 307 | ​ | ​ |
| CSF Group Holdings, Inc., Common Equity           | ​ | ​ | (f)       | ​ | ​ | Capital Goods                          | ​ | ​ | ​          | ​ | 17,400  | ​ | ​ | ​ | ​       | ​ | 17 | ​ | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| H.I.G. Empire Holdco, Inc., Common Equity         | ​ | ​ | (f)       | ​ | ​ | Retailing                              | ​ | ​ | ​          | ​ | 14      | ​ | ​ | ​ | ​       | ​ | 42 | ​ | ​ | ​ | ​ | ​ | 42 | ​ | ​ |
| North Haven Cadence Buyer, Inc., Common Equity    | ​ | ​ | (f)       | ​ | ​ | Consumer Services                      | ​ | ​ | ​          | ​ | 208,333 | ​ | ​ | ​ | ​       | ​ | 208 | ​ | ​ | ​ | ​ | ​ | 219 | ​ | ​ |
| S1 Blocker Buyer Inc., Common Equity              | ​ | ​ | ​   | ​ | ​ | Commercial & Professional Services | ​ | ​ | ​          | ​ | 4       | ​ | ​ | ​ | ​       | ​ | 40 | ​ | ​ | ​ | ​ | ​ | 39 | ​ | ​ |
| Total Equity/Other                                | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | ​ | 651 | ​ | ​ | ​ | ​ | ​ | 624 | ​ | ​ |
| TOTAL INVESTMENTS—39.1%                     | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | $       | 61,752 | ​ | ​ | ​ | ​ | ​ | 63,310 | ​ | ​ |
| OTHER ASSETS IN EXCESS OF LIABILITIES—60.9% | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 98,686 | ​ | ​ |
| NET ASSETS—100.0%                           | ​ | ​ | ​   | ​ | ​ | ​                                | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​       | ​ | ​ | ​ | ​ | ​ | ​ | $ | 161,996 | ​ | ​ |
| ​                                           |
| Total Return Swap              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Notional Amount | ​ | ​ | ​ | ​ | ​ | Unrealized Appreciation | ​ |
|--------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|-----------------|---------|---------|---------|---------|---------|-------------------------|---------|
| Citibank TRS Facility (Note 8) | ​ | ​ | (e)     | ​ | ​ | ​ | ​ | ​ | ​         | $       | 110,444 | ​ | ​ | ​ | ​                 | ​ | ​ | ​ | $ | 2,422 | ​ | ​ |
| ​                        |

----

TABLE OF CONTENTS​

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                | ​ | ​ | Year Ended December 31, | ​ |
|--------------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                                | ​ | ​ | 2017                         | ​ | ​ | 2016 | ​ |
| ​                                                | ​ | ​ | Shares                       | ​ | ​ | Amount | ​ | ​ | Shares | ​ | ​ | Amount | ​ |
| Gross Proceeds from Offering                           | ​ | ​ | ​                      | ​ | 16,045,353 | ​ | ​ | ​ | ​ | $ | 185,502 | ​ | ​ | ​ | ​ | ​ | 14,532,974 | ​ | ​ | ​ | ​ | $ | 158,913 | ​ | ​ |
| Reinvestment of Distributions                          | ​ | ​ | ​                      | ​ | 971,003 | ​ | ​ | ​ | ​ | ​ | 10,811 | ​ | ​ | ​ | ​ | ​ | 249,435 | ​ | ​ | ​ | ​ | ​ | 2,697 | ​ | ​ |
| Total Gross Proceeds                                   | ​ | ​ | ​                      | ​ | 17,016,356 | ​ | ​ | ​ | ​ | ​ | 196,313 | ​ | ​ | ​ | ​ | ​ | 14,782,409 | ​ | ​ | ​ | ​ | ​ | 161,610 | ​ | ​ |
| Upfront Selling Commissions and Dealer Manager Fees(1) | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | (7,218) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (3,275) | ​ | ​ |
| Net Proceeds to Company                                | ​ | ​ | ​                      | ​ | 17,016,356 | ​ | ​ | ​ | ​ | ​ | 189,095 | ​ | ​ | ​ | ​ | ​ | 14,782,409 | ​ | ​ | ​ | ​ | ​ | 158,335 | ​ | ​ |
| Repurchases of Common Stock(2)                         | ​ | ​ | ​                      | ​ | (184,551) | ​ | ​ | ​ | ​ | ​ | (2,052) | ​ | ​ | ​ | ​ | ​ | (19,738) | ​ | ​ | ​ | ​ | ​ | (213) | ​ | ​ |
| Net Proceeds from Share Transactions                   | ​ | ​ | ​                      | ​ | 16,831,805 | ​ | ​ | ​ | ​ | $ | 187,043 | ​ | ​ | ​ | ​ | ​ | 14,762,671 | ​ | ​ | ​ | ​ | $ | 158,122 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| For the Three Months Ended | ​ | ​ | Repurchase Date      | ​ | ​ | Shares Repurchased | ​ | ​ | Percentage of Shares Tendered That Were Repurchased | ​ | ​ | Percentage of Outstanding Shares Repurchased as of the Repurchase Date | ​ | ​ | Repurchase Price Per Share(1) | ​ | ​ | Aggregate Consideration for Repurchased Shares | ​ |
|----------------------------|---------|---------|----------------------|---------|---------|--------------------|---------|---------|-----------------------------------------------------|---------|---------|------------------------------------------------------------------------|---------|---------|-------------------------------|---------|---------|------------------------------------------------|---------|
| Fiscal 2016                | ​ | ​ | ​              | ​ | ​ | ​            | ​ | ​ | ​                                             | ​ | ​ | ​                                                                | ​ | ​ | ​                       | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| June 30, 2016         | ​ | ​ | July 6, 2016    | ​ | ​ | ​            | ​ | 10,521  | ​                                             | ​ | ​ | ​                                                                | ​ | 100%    | ​                       | ​ | ​ | ​                                        | ​ | 0.15% | ​ | ​ | ​ | ​ | $ | 10.7091 | ​ | ​ | ​ | ​ | $ | 113 | ​ | ​ |
| September 30, 2016    | ​ | ​ | October 5, 2016 | ​ | ​ | ​            | ​ | 9,217   | ​                                             | ​ | ​ | ​                                                                | ​ | 100%    | ​                       | ​ | ​ | ​                                        | ​ | 0.09% | ​ | ​ | ​ | ​ | $ | 10.8558 | ​ | ​ | ​ | ​ | ​ | 100 | ​ | ​ |
| Total                      | ​ | ​ | ​              | ​ | ​ | ​            | ​ | 19,738  | ​                                             | ​ | ​ | ​                                                                | ​ | ​ | ​                       | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 213 | ​ | ​ |
| Fiscal 2017                | ​ | ​ | ​              | ​ | ​ | ​            | ​ | ​ | ​                                             | ​ | ​ | ​                                                                | ​ | ​ | ​                       | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| December 31, 2016     | ​ | ​ | January 4, 2017 | ​ | ​ | ​            | ​ | 24,998  | ​                                             | ​ | ​ | ​                                                                | ​ | 100%    | ​                       | ​ | ​ | ​                                        | ​ | 0.17% | ​ | ​ | ​ | ​ | $ | 10.9536 | ​ | ​ | ​ | ​ | $ | 274 | ​ | ​ |
| March 31, 2017        | ​ | ​ | April 5, 2017   | ​ | ​ | ​            | ​ | 41,792  | ​                                             | ​ | ​ | ​                                                                | ​ | 100%    | ​                       | ​ | ​ | ​                                        | ​ | 0.22% | ​ | ​ | ​ | ​ | $ | 11.1070 | ​ | ​ | ​ | ​ | ​ | 464 | ​ | ​ |
| June 30, 2017         | ​ | ​ | July 5, 2017    | ​ | ​ | ​            | ​ | 67,947  | ​                                             | ​ | ​ | ​                                                                | ​ | 100%    | ​                       | ​ | ​ | ​                                        | ​ | 0.27% | ​ | ​ | ​ | ​ | $ | 11.1549 | ​ | ​ | ​ | ​ | ​ | 758 | ​ | ​ |
| September 30, 2017    | ​ | ​ | October 4, 2017 | ​ | ​ | ​            | ​ | 49,814  | ​                                             | ​ | ​ | ​                                                                | ​ | 100%    | ​                       | ​ | ​ | ​                                        | ​ | 0.18% | ​ | ​ | ​ | ​ | $ | 11.1549 | ​ | ​ | ​ | ​ | ​ | 556 | ​ | ​ |
| Total                      | ​ | ​ | ​              | ​ | ​ | ​            | ​ | 184,551 | ​                                             | ​ | ​ | ​                                                                | ​ | ​ | ​                       | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,052 | ​ | ​ |
| ​                    |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                 | ​ | ​ | ​                                                   | ​ | ​ | ​                             | ​ | ​ | Year Ended December 31, | ​ |
|-------------------------|---------|---------|-----------------------------------------------------------|---------|---------|-------------------------------------|---------|---------|------------------------------|---------|
| Related Party           | ​ | ​ | Source                                                    | ​ | ​ | Description                         | ​ | ​ | 2017                         | ​ | ​ | 2016 | ​ |
| FSIC IV Advisor         | ​ | ​ | Investment Advisory and Administrative Services Agreement | ​ | ​ | Base Management Fee(1)              | ​ | ​ | ​                      | $       | 5,151 | ​ | ​ | ​ | ​ | $ | 1,704 | ​ | ​ |
| FSIC IV Advisor         | ​ | ​ | Investment Advisory and Administrative Services Agreement | ​ | ​ | Capital Gains Incentive Fee(2)      | ​ | ​ | ​                      | $       | 1,164 | ​ | ​ | ​ | ​ | $ | 1,302 | ​ | ​ |
| FSIC IV Advisor         | ​ | ​ | Investment Advisory and Administrative Services Agreement | ​ | ​ | Administrative Services Expenses(3) | ​ | ​ | ​                      | $       | 340 | ​ | ​ | ​ | ​ | $ | 291 | ​ | ​ |
| FSIC IV Advisor         | ​ | ​ | Investment Advisory and Administrative Services Agreement | ​ | ​ | Offering Costs(4)                   | ​ | ​ | ​                      | $       | 1,392 | ​ | ​ | ​ | ​ | $ | 875 | ​ | ​ |
| FSIC IV Advisor         | ​ | ​ | Expense Support and Conditional Reimbursement Agreement   | ​ | ​ | Expense Recoupment(5)               | ​ | ​ | ​                      | $       | 666 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| FS Investment Solutions | ​ | ​ | Distribution Plan                                         | ​ | ​ | Distribution Fees(6)                | ​ | ​ | ​                      | $       | 102 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| FS Investment Solutions | ​ | ​ | Share Repurchase Program                                  | ​ | ​ | Contingent Deferred Sales Charge(7) | ​ | ​ | ​                      | $       | 10 | ​ | ​ | ​ | ​ | $ | 8 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                              | ​ | ​ | Distribution(1) | ​ |
|--------------------------------------|---------|---------|-----------------|---------|
| For the Year Ended December 31, | ​ | ​ | Per Share       | ​ | ​ | Amount | ​ |
| 2016                                 | ​ | ​ | ​         | $       | 0.64010 | ​ | ​ | ​ | ​ | $ | 4,443 | ​ | ​ |
| 2017(2)                              | ​ | ​ | ​         | $       | 0.73902 | ​ | ​ | ​ | ​ | $ | 17,642 | ​ | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| ​                                                   | ​ | ​ | Year Ended December 31, | ​ |
|-----------------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                                   | ​ | ​ | 2017                         | ​ | ​ | 2016 | ​ |
| Source of Distribution                                    | ​ | ​ | Distribution Amount          | ​ | ​ | Percentage | ​ | ​ | Distribution Amount | ​ | ​ | Percentage | ​ |
| Offering proceeds                                         | ​ | ​ | ​                      | $       | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Borrowings                                                | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net investment income (prior to expense reimbursement)(1) | ​ | ​ | ​                      | ​ | 15,610 | ​ | ​ | ​ | ​ | ​ | 88% | ​ | ​ | ​ | ​ | ​ | 2,673 | ​ | ​ | ​ | ​ | ​ | 60% | ​ | ​ |
| Short-term capital gains proceeds from the sale of assets | ​ | ​ | ​                      | ​ | 2,032 | ​ | ​ | ​ | ​ | ​ | 12% | ​ | ​ | ​ | ​ | ​ | 1,104 | ​ | ​ | ​ | ​ | ​ | 25% | ​ | ​ |
| Long-term capital gains proceeds from the sale of assets  | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Non-capital gains proceeds from the sale of assets        | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Distributions on account of preferred and common equity   | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Expense reimbursement from sponsor                        | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 666 | ​ | ​ | ​ | ​ | ​ | 15% | ​ | ​ |
| Total                                                     | ​ | ​ | ​                      | $       | 17,642 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 4,443 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                                   |
| ​                                                                                     | ​ | ​ | Year Ended December 31, | ​ |
|---------------------------------------------------------------------------------------------|---------|---------|------------------------------|---------|
| ​                                                                                     | ​ | ​ | 2017                         | ​ | ​ | 2016 | ​ |
| GAAP-basis net investment income (loss)                                                     | ​ | ​ | ​                      | $       | 6,149 | ​ | ​ | ​ | ​ | $ | (1,765) | ​ | ​ |
| Reversal of incentive fee accrual on unrealized gains                                       | ​ | ​ | ​                      | ​ | 925 | ​ | ​ | ​ | ​ | ​ | 817 | ​ | ​ |
| Reclassification of unamortized original issue discount, amendment fees and prepayment fees | ​ | ​ | ​                      | ​ | (860) | ​ | ​ | ​ | ​ | ​ | (166) | ​ | ​ |
| Tax-basis net investment income portion of total return swap payments                       | ​ | ​ | ​                      | ​ | 7,714 | ​ | ​ | ​ | ​ | ​ | 2,932 | ​ | ​ |
| Accretion of discount on total return swap                                                  | ​ | ​ | ​                      | ​ | 755 | ​ | ​ | ​ | ​ | ​ | 309 | ​ | ​ |
| Nondeductible offering costs                                                                | ​ | ​ | ​                      | ​ | 1,392 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other miscellaneous differences                                                             | ​ | ​ | ​                      | ​ | 441 | ​ | ​ | ​ | ​ | ​ | 1,212 | ​ | ​ |
| Tax-basis net investment income                                                             | ​ | ​ | ​                      | $       | 16,516 | ​ | ​ | ​ | ​ | $ | 3,339 | ​ | ​ |
| ​                                                                                     |

----

TABLE OF CONTENTS

| ​                                                                            | ​ | ​ | December 31, | ​ |
|------------------------------------------------------------------------------------|---------|---------|-------------------|---------|
| ​                                                                            | ​ | ​ | 2017              | ​ | ​ | 2016 | ​ |
| Distributable ordinary income (net investment income and short-term capital gains) | ​ | ​ | ​           | $       | 5,882 | ​ | ​ | ​ | ​ | $ | 2,032 | ​ | ​ |
| Distributable capital gains (accumulated capital losses)                           | ​ | ​ | ​           | ​ | 395 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other temporary differences                                                        | ​ | ​ | ​           | ​ | (2,318) | ​ | ​ | ​ | ​ | ​ | (1,114) | ​ | ​ |
| Net unrealized appreciation (depreciation) on investments and total return swap(1) | ​ | ​ | ​           | ​ | 4,682 | ​ | ​ | ​ | ​ | ​ | 3,671 | ​ | ​ |
| Total                                                                              | ​ | ​ | ​           | $       | 8,641 | ​ | ​ | ​ | ​ | $ | 4,589 | ​ | ​ |
| ​                                                                            |
| ​                                | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
|----------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| ​                                | ​ | ​ | Amortized Cost(1)      | ​ | ​ | Fair Value             | ​ | ​ | Percentage of Portfolio | ​ | ​ | Amortized Cost(1) | ​ | ​ | Fair Value | ​ | ​ | Percentage of Portfolio | ​ |
| Senior Secured Loans—First Lien  | ​ | ​ | ​                | $       | 136,060 | ​                | ​ | ​ | ​ | $ | 137,737 | ​ | ​ | ​ | ​ | ​ | 51% | ​ | ​ | ​ | ​ | $ | 40,917 | ​ | ​ | ​ | ​ | $ | 41,296 | ​ | ​ | ​ | ​ | ​ | 65% | ​ | ​ |
| Senior Secured Loans—Second Lien | ​ | ​ | ​                | ​ | 34,677  | ​                | ​ | ​ | ​ | ​ | 35,420 | ​ | ​ | ​ | ​ | ​ | 13% | ​ | ​ | ​ | ​ | ​ | 5,423 | ​ | ​ | ​ | ​ | ​ | 5,843 | ​ | ​ | ​ | ​ | ​ | 9% | ​ | ​ |
| Senior Secured Bonds                   | ​ | ​ | ​                | ​ | 20,481  | ​                | ​ | ​ | ​ | ​ | 20,196 | ​ | ​ | ​ | ​ | ​ | 8% | ​ | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ | ​ | ​ | ​ | 2,045 | ​ | ​ | ​ | ​ | ​ | 3% | ​ | ​ |
| Subordinated Debt                      | ​ | ​ | ​                | ​ | 69,585  | ​                | ​ | ​ | ​ | ​ | 71,532 | ​ | ​ | ​ | ​ | ​ | 27% | ​ | ​ | ​ | ​ | ​ | 12,761 | ​ | ​ | ​ | ​ | ​ | 13,502 | ​ | ​ | ​ | ​ | ​ | 22% | ​ | ​ |
| Equity/Other                           | ​ | ​ | ​                | ​ | 1,489   | ​                | ​ | ​ | ​ | ​ | 2,285 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ | ​ | ​ | ​ | 651 | ​ | ​ | ​ | ​ | ​ | 624 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Total                                  | ​ | ​ | ​                | $       | 262,292 | ​                | ​ | ​ | ​ | $ | 267,170 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 61,752 | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
|----------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| ​                                | ​ | ​ | Amortized Cost(1)      | ​ | ​ | Fair Value             | ​ | ​ | Percentage of Portfolio | ​ | ​ | Amortized Cost(1) | ​ | ​ | Fair Value | ​ | ​ | Percentage of Portfolio | ​ |
| Senior Secured Loans—First Lien  | ​ | ​ | ​                | $       | 252,241 | ​                | ​ | ​ | ​ | $ | 252,500 | ​ | ​ | ​ | ​ | ​ | 60% | ​ | ​ | ​ | ​ | $ | 136,436 | ​ | ​ | ​ | ​ | $ | 138,354 | ​ | ​ | ​ | ​ | ​ | 79% | ​ | ​ |
| Senior Secured Loans—Second Lien | ​ | ​ | ​                | ​ | 70,362  | ​                | ​ | ​ | ​ | ​ | 72,005 | ​ | ​ | ​ | ​ | ​ | 17% | ​ | ​ | ​ | ​ | ​ | 20,348 | ​ | ​ | ​ | ​ | ​ | 21,196 | ​ | ​ | ​ | ​ | ​ | 12% | ​ | ​ |
| Senior Secured Bonds                   | ​ | ​ | ​                | ​ | 20,481  | ​                | ​ | ​ | ​ | ​ | 20,196 | ​ | ​ | ​ | ​ | ​ | 5% | ​ | ​ | ​ | ​ | ​ | 2,000 | ​ | ​ | ​ | ​ | ​ | 2,045 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ |
| Subordinated Debt                      | ​ | ​ | ​                | ​ | 69,585  | ​                | ​ | ​ | ​ | ​ | 71,532 | ​ | ​ | ​ | ​ | ​ | 17% | ​ | ​ | ​ | ​ | ​ | 12,761 | ​ | ​ | ​ | ​ | ​ | 13,502 | ​ | ​ | ​ | ​ | ​ | 8% | ​ | ​ |
| Equity/Other                           | ​ | ​ | ​                | ​ | 1,489   | ​                | ​ | ​ | ​ | ​ | 2,285 | ​ | ​ | ​ | ​ | ​ | 1% | ​ | ​ | ​ | ​ | ​ | 651 | ​ | ​ | ​ | ​ | ​ | 624 | ​ | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| Total                                  | ​ | ​ | ​                | $       | 414,158 | ​                | ​ | ​ | ​ | $ | 418,518 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 172,196 | ​ | ​ | ​ | ​ | $ | 175,721 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016  | ​ |
|----------------------------------------|---------|---------|------------------------|---------|---------|-------------------------|---------|
| Industry Classification                | ​ | ​ | Fair Value             | ​ | ​ | Percentage of Portfolio | ​ | ​ | Fair Value | ​ | ​ | Percentage of Portfolio | ​ |
| Automobiles & Components           | ​ | ​ | ​                | $       | — | ​                 | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | 2,925 | ​ | ​ | ​ | ​ | ​ | 5% | ​ | ​ |
| Capital Goods                          | ​ | ​ | ​                | ​ | 60,114  | ​                 | ​ | ​ | ​ | ​ | 22% | ​ | ​ | ​ | ​ | ​ | 11,696 | ​ | ​ | ​ | ​ | ​ | 19% | ​ | ​ |
| Commercial & Professional Services | ​ | ​ | ​                | ​ | 26,622  | ​                 | ​ | ​ | ​ | ​ | 10% | ​ | ​ | ​ | ​ | ​ | 12,694 | ​ | ​ | ​ | ​ | ​ | 20% | ​ | ​ |
| Consumer Durables & Apparel        | ​ | ​ | ​                | ​ | 6,912   | ​                 | ​ | ​ | ​ | ​ | 3% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Consumer Services                      | ​ | ​ | ​                | ​ | 27,553  | ​                 | ​ | ​ | ​ | ​ | 10% | ​ | ​ | ​ | ​ | ​ | 17,880 | ​ | ​ | ​ | ​ | ​ | 28% | ​ | ​ |
| Diversified Financials                 | ​ | ​ | ​                | ​ | 8,839   | ​                 | ​ | ​ | ​ | ​ | 3% | ​ | ​ | ​ | ​ | ​ | 1,988 | ​ | ​ | ​ | ​ | ​ | 3% | ​ | ​ |
| Energy                                 | ​ | ​ | ​                | ​ | 24,874  | ​                 | ​ | ​ | ​ | ​ | 9% | ​ | ​ | ​ | ​ | ​ | 2,044 | ​ | ​ | ​ | ​ | ​ | 3% | ​ | ​ |
| Food, Beverage & Tobacco           | ​ | ​ | ​                | ​ | 4,374   | ​                 | ​ | ​ | ​ | ​ | 2% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Health Care Equipment & Services   | ​ | ​ | ​                | ​ | 13,223  | ​                 | ​ | ​ | ​ | ​ | 5% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Insurance                              | ​ | ​ | ​                | ​ | 15,226  | ​                 | ​ | ​ | ​ | ​ | 6% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Materials                              | ​ | ​ | ​                | ​ | 39,887  | ​                 | ​ | ​ | ​ | ​ | 15% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Retailing                              | ​ | ​ | ​                | ​ | 26,110  | ​                 | ​ | ​ | ​ | ​ | 10% | ​ | ​ | ​ | ​ | ​ | 3,069 | ​ | ​ | ​ | ​ | ​ | 5% | ​ | ​ |
| Software & Services                | ​ | ​ | ​                | ​ | 13,436  | ​                 | ​ | ​ | ​ | ​ | 5% | ​ | ​ | ​ | ​ | ​ | 11,014 | ​ | ​ | ​ | ​ | ​ | 17% | ​ | ​ |
| Total                                  | ​ | ​ | ​                | $       | 267,170 | ​                 | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                |

----

TABLE OF CONTENTS

| Valuation Inputs                                       | ​     | ​ | December 31, 2017 | ​           | ​ | December 31, 2016 | ​     |
|--------------------------------------------------------|-------------|---------|------------------------|-------------------|---------|------------------------|-------------|
| ​                                                | Investments | ​ | ​                | Total Return Swap | ​ | ​                | Investments | ​ | ​ | Total Return Swap | ​ |
| Level 1—Price quotations in active markets  | ​     | ​ | ​                | $                 | — | ​                | ​     | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Level 2—Significant other observable inputs | ​     | ​ | ​                | ​           | — | ​                | ​     | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Level 3—Significant unobservable inputs     | ​     | ​ | ​                | ​           | 267,170 | ​                | ​     | ​ | ​ | ​ | 868 | ​ | ​ | ​ | ​ | ​ | 63,310 | ​ | ​ | ​ | ​ | ​ | 2,422 | ​ | ​ |
| Total                                                  | ​     | ​ | ​                | $                 | 267,170 | ​                | ​     | ​ | ​ | $ | 868 | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ | ​ | ​ | $ | 2,422 | ​ | ​ |
| ​                                                |

----

TABLE OF CONTENTS

| ​                                                                                                                                                                                                | ​ | ​ | For the Year Ended December 31, 2017 | ​ |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|
| ​                                                                                                                                                                                                | ​ | ​ | Senior Secured Loans—First Lien     | ​ | ​ | Senior Secured Loans—Second Lien | ​ | ​ | Senior Secured Bonds | ​ | ​ | Subordinated Debt | ​ | ​ | Equity/​Other | ​ | ​ | Total | ​ |
| Fair value at beginning of period                                                                                                                                                                      | ​ | ​ | ​                                   | $       | 41,296 | ​ | ​ | ​ | ​ | $ | 5,843 | ​ | ​ | ​ | ​ | $ | 2,045 | ​ | ​ | ​ | ​ | $ | 13,502 | ​ | ​ | ​ | ​ | $ | 624 | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ |
| Accretion of discount (amortization of premium)                                                                                                                                                        | ​ | ​ | ​                                   | ​ | 111 | ​ | ​ | ​ | ​ | ​ | 362 | ​ | ​ | ​ | ​ | ​ | (64) | ​ | ​ | ​ | ​ | ​ | 195 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 604 | ​ | ​ |
| Net realized gain (loss)                                                                                                                                                                               | ​ | ​ | ​                                   | ​ | 450 | ​ | ​ | ​ | ​ | ​ | 204 | ​ | ​ | ​ | ​ | ​ | 485 | ​ | ​ | ​ | ​ | ​ | 213 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,352 | ​ | ​ |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                   | ​ | ​ | ​                                   | ​ | 1,298 | ​ | ​ | ​ | ​ | ​ | 323 | ​ | ​ | ​ | ​ | ​ | (330) | ​ | ​ | ​ | ​ | ​ | 1,206 | ​ | ​ | ​ | ​ | ​ | 823 | ​ | ​ | ​ | ​ | ​ | 3,320 | ​ | ​ |
| Purchases                                                                                                                                                                                              | ​ | ​ | ​                                   | ​ | 126,953 | ​ | ​ | ​ | ​ | ​ | 37,116 | ​ | ​ | ​ | ​ | ​ | 42,700 | ​ | ​ | ​ | ​ | ​ | 63,617 | ​ | ​ | ​ | ​ | ​ | 838 | ​ | ​ | ​ | ​ | ​ | 271,224 | ​ | ​ |
| Paid-in-kind interest                                                                                                                                                                                  | ​ | ​ | ​                                   | ​ | 31 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 32 | ​ | ​ |
| Sales and repayments                                                                                                                                                                                   | ​ | ​ | ​                                   | ​ | (32,402) | ​ | ​ | ​ | ​ | ​ | (8,428) | ​ | ​ | ​ | ​ | ​ | (24,640) | ​ | ​ | ​ | ​ | ​ | (7,202) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (72,672) | ​ | ​ |
| Net transfers in or out of Level 3                                                                                                                                                                | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Fair value at end of period                                                                                                                                                                            | ​ | ​ | ​                                   | $       | 137,737 | ​ | ​ | ​ | ​ | $ | 35,420 | ​ | ​ | ​ | ​ | $ | 20,196 | ​ | ​ | ​ | ​ | $ | 71,532 | ​ | ​ | ​ | ​ | $ | 2,285 | ​ | ​ | ​ | ​ | $ | 267,170 | ​ | ​ |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | ​ | ​ | ​                                   | $       | 1,571 | ​ | ​ | ​ | ​ | $ | 701 | ​ | ​ | ​ | ​ | $ | (352) | ​ | ​ | ​ | ​ | $ | 1,320 | ​ | ​ | ​ | ​ | $ | 822 | ​ | ​ | ​ | ​ | $ | 4,062 | ​ | ​ |
| ​                                                                                                                                                                                                |
| ​                                                                                                                                                                                                          | ​ | ​ | For the Year Ended December 31, 2016 | ​ |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|
| ​                                                                                                                                                                                                          | ​ | ​ | Senior Secured Loans—First Lien     | ​ | ​ | Senior Secured Loans—Second Lien | ​ | ​ | Senior Secured Bonds | ​ | ​ | Subordinated Debt | ​ | ​ | Equity/​Other | ​ | ​ | Total | ​ |
| Fair value at beginning of period                                                                                                                                                                                | ​ | ​ | ​                                   | $       | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Accretion of discount (amortization of premium)                                                                                                                                                                  | ​ | ​ | ​                                   | ​ | 127 | ​ | ​ | ​ | ​ | ​ | 34 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 67 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 228 | ​ | ​ |
| Net realized gain (loss)                                                                                                                                                                                         | ​ | ​ | ​                                   | ​ | 707 | ​ | ​ | ​ | ​ | ​ | 357 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 47 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,111 | ​ | ​ |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                             | ​ | ​ | ​                                   | ​ | 379 | ​ | ​ | ​ | ​ | ​ | 420 | ​ | ​ | ​ | ​ | ​ | 45 | ​ | ​ | ​ | ​ | ​ | 741 | ​ | ​ | ​ | ​ | ​ | (27) | ​ | ​ | ​ | ​ | ​ | 1,558 | ​ | ​ |
| Purchases                                                                                                                                                                                                        | ​ | ​ | ​                                   | ​ | 116,537 | ​ | ​ | ​ | ​ | ​ | 16,470 | ​ | ​ | ​ | ​ | ​ |   2,000 | ​ | ​ | ​ | ​ | ​ | 24,104 | ​ | ​ | ​ | ​ | ​ | 692 | ​ | ​ | ​ | ​ | ​ | 159,803 | ​ | ​ |
| Paid-in-kind interest                                                                                                                                                                                            | ​ | ​ | ​                                   | ​ | 28 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 28 | ​ | ​ |
| Sales and repayments                                                                                                                                                                                             | ​ | ​ | ​                                   | ​ | (76,482) | ​ | ​ | ​ | ​ | ​ | (11,438) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (11,457) | ​ | ​ | ​ | ​ | ​ | (41) | ​ | ​ | ​ | ​ | ​ | (99,418) | ​ | ​ |
| Net transfers in or out of Level 3                                                                                                                                                                          | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Fair value at end of period                                                                                                                                                                                      | ​ | ​ | ​                                   | $       | 41,296 | ​ | ​ | ​ | ​ | $ | 5,843 | ​ | ​ | ​ | ​ | $ | 2,045 | ​ | ​ | ​ | ​ | $ | 13,502 | ​ | ​ | ​ | ​ | $ | 624 | ​ | ​ | ​ | ​ | $ | 63,310 | ​ | ​ |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | ​ | ​ | ​                                   | $       | 379 | ​ | ​ | ​ | ​ | $ | 420 | ​ | ​ | ​ | ​ | $ | 45 | ​ | ​ | ​ | ​ | $ | 741 | ​ | ​ | ​ | ​ | $ | (27) | ​ | ​ | ​ | ​ | $ | 1,558 | ​ | ​ |
| ​                                                                                                                                                                                                          |

----

TABLE OF CONTENTS

| ​                                                                                                                                                                                                          | ​ | ​ | For the Year Ended December 31, | ​ |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|--------------------------------------|---------|
| ​                                                                                                                                                                                                          | ​ | ​ | 2017                                 | ​ | ​ | 2016 | ​ |
| Fair value at beginning of period                                                                                                                                                                                | ​ | ​ | ​                              | $       | 2,422 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Accretion of discount (amortization of premium)                                                                                                                                                                  | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net realized gain (loss)                                                                                                                                                                                         | ​ | ​ | ​                              | ​ | 10,873 | ​ | ​ | ​ | ​ | ​ | 4,791 | ​ | ​ |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                             | ​ | ​ | ​                              | ​ | (1,554) | ​ | ​ | ​ | ​ | ​ | 2,422 | ​ | ​ |
| Sales and repayments                                                                                                                                                                                             | ​ | ​ | ​                              | ​ | (10,873) | ​ | ​ | ​ | ​ | ​ | (4,791) | ​ | ​ |
| Net transfers in or out of Level 3                                                                                                                                                                          | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Fair value at end of period                                                                                                                                                                                      | ​ | ​ | ​                              | $       | 868 | ​ | ​ | ​ | ​ | $ | 2,422 | ​ | ​ |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to the total return swap still held at the reporting date | ​ | ​ | ​                              | $       | (1,554) | ​ | ​ | ​ | ​ | $ | 2,422 | ​ | ​ |
| ​                                                                                                                                                                                                          |
| Type of Investment                     | ​ | ​ | Fair Value at December 31, 2017 | ​ | ​ | Valuation Technique(1) | ​ | ​ | Unobservable Input     | ​ | ​ | Range                    | ​ | ​ | Weighted Average | ​ |
|----------------------------------------|---------|---------|--------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|---------|--------------------------|---------|---------|------------------|---------|
| Senior Secured Loans—First Lien  | ​ | ​ | ​                              | $       | 118,198 | ​                | ​ | ​ | Market Comparables     | ​ | ​ | Market Yield (%)         | ​ | ​ | 8.0% - 12.0%     | ​ | ​ | 9.2% | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 19,539  | ​                | ​ | ​ | Market Quotes          | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 97.7% - 101.5%   | ​ | ​ | 99.6% | ​ |
| Senior Secured Loans—Second Lien | ​ | ​ | ​                              | ​ | 6,790   | ​                | ​ | ​ | Market Comparables     | ​ | ​ | Market Yield (%)         | ​ | ​ | 8.3% - 11.7%     | ​ | ​ | 10.5% | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 28,630  | ​                | ​ | ​ | Market Quotes          | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 99.8% - 103.3%   | ​ | ​ | 101.3% | ​ |
| Senior Secured Bonds                   | ​ | ​ | ​                              | ​ | 4,382   | ​                | ​ | ​ | Market Comparables     | ​ | ​ | Market Yield (%)         | ​ | ​ | 7.7% - 10.2%     | ​ | ​ | 8.9% | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 15,814  | ​                | ​ | ​ | Market Quotes          | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 95.5% - 100.6%   | ​ | ​ | 98.0% | ​ |
| Subordinated Debt                      | ​ | ​ | ​                              | ​ | 11      | ​                | ​ | ​ | Market Comparables     | ​ | ​ | EBITDA Multiples (x)     | ​ | ​ | 10.5x - 11.0x    | ​ | ​ | 10.8x | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 71,521  | ​                | ​ | ​ | Market Quotes          | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 91.1% - 108.5%   | ​ | ​ | 101.2% | ​ |
| Equity/Other                           | ​ | ​ | ​                              | ​ | 2,285   | ​                | ​ | ​ | Market Comparables     | ​ | ​ | EBITDA Multiples (x)     | ​ | ​ | 5.5x - 23.5x     | ​ | ​ | 9.5x | ​ |
| ​                                | ​ | ​ | ​                              | ​ | ​ | ​                | ​ | ​ | Option Valuation Model | ​ | ​ | Volatility (%)           | ​ | ​ | 30.0% - 30.0%    | ​ | ​ | 30.0% | ​ |
| Total                                  | ​ | ​ | ​                              | $       | 267,170 | ​                | ​ | ​ | ​                | ​ | ​ |
| Total Return Swap                      | ​ | ​ | ​                              | $       | 868     | ​                | ​ | ​ | Market Quotes          | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 58.3% - 101.5%   | ​ | ​ | 97.4% | ​ |
| Type of Investment                     | ​ | ​ | Fair Value at December 31, 2016 | ​ | ​ | Valuation Technique(1) | ​ | ​ | Unobservable Input | ​ | ​ | Range                    | ​ | ​ | Weighted Average | ​ |
|----------------------------------------|---------|---------|--------------------------------------|---------|---------|------------------------|---------|---------|--------------------|---------|---------|--------------------------|---------|---------|------------------|---------|
| Senior Secured Loans—First Lien  | ​ | ​ | ​                              | $       | 21,315  | ​                | ​ | ​ | Market Comparables | ​ | ​ | Market Yield (%)         | ​ | ​ | 8.0% - 10.5%     | ​ | ​ | 9.1% | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 34      | ​                | ​ | ​ | Other(2)           | ​ | ​ | Other(2)                 | ​ | ​ | N/A              | ​ | ​ | N/A | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 13,697  | ​                | ​ | ​ | Market Quotes      | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 97.0% - 101.5%   | ​ | ​ | 99.8% | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 6,250   | ​                | ​ | ​ | Cost               | ​ | ​ | Cost                     | ​ | ​ | 100% - 100%      | ​ | ​ | 100.0% | ​ |
| Senior Secured Loans—Second Lien | ​ | ​ | ​                              | ​ | 1,209   | ​                | ​ | ​ | Market Comparables | ​ | ​ | Market Yield (%)         | ​ | ​ | 12.5% - 13.0%    | ​ | ​ | 12.8% | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 4,634   | ​                | ​ | ​ | Market Quotes      | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 93.5% - 98.5%    | ​ | ​ | 97.4% | ​ |
| Senior Secured Bonds                   | ​ | ​ | ​                              | ​ | 2,045   | ​                | ​ | ​ | Market Comparables | ​ | ​ | Market Yield (%)         | ​ | ​ | 8.5% - 9.0%      | ​ | ​ | 8.8% | ​ |
| Subordinated Debt                      | ​ | ​ | ​                              | ​ | 9       | ​                | ​ | ​ | Market Comparables | ​ | ​ | EBITDA Multiples (x)     | ​ | ​ | 9.3x - 10.3x     | ​ | ​ | 9.8x | ​ |
| ​                                | ​ | ​ | ​                              | ​ | 13,493  | ​                | ​ | ​ | Market Quotes      | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 99.9% - 102.8%   | ​ | ​ | 101.5% | ​ |
| Equity/Other                           | ​ | ​ | ​                              | ​ | 624     | ​                | ​ | ​ | Market Comparables | ​ | ​ | EBITDA Multiples (x)     | ​ | ​ | 7.0x - 14.3x     | ​ | ​ | 9.6x | ​ |
| Total                                  | ​ | ​ | ​                              | $       | 63,310  | ​                | ​ | ​ | ​            | ​ | ​ |
| Total Return Swap                      | ​ | ​ | ​                              | $       | 2,422   | ​                | ​ | ​ | Market Quotes      | ​ | ​ | Indicative Dealer Quotes | ​ | ​ | 81.4% - 101.8%   | ​ | ​ | 97.6% | ​ |

----

TABLE OF CONTENTS

| ​                    | ​ | ​ | As of December 31, 2017 | ​ |
|----------------------------|---------|---------|------------------------------|---------|
| Arrangement                | ​ | ​ | Type of Arrangement          | ​ | ​ | Rate | ​ | ​ | Amount Outstanding | ​ | ​ | Amount Available | ​ | ​ | Maturity Date | ​ |
| BNP Facility               | ​ | ​ | Prime Brokerage              | ​ | ​ | L+1.25% | ​ | ​ | ​ | $ | 19,900 | ​ | ​ | ​ | ​ | $ | 30,100 | ​ | ​ | ​ | September 27, 2018(1) | ​ |
| Citibank Total Return Swap | ​ | ​ | Total Return Swap            | ​ | ​ | L+1.60% | ​ | ​ | ​ | $ | 151,866 | ​ | ​ | ​ | ​ | $ | 23,134 | ​ | ​ | ​ | N/A(2) | ​ |
| ​                    | ​ | ​ | As of December 31, 2016 | ​ |
|----------------------------|---------|---------|------------------------------|---------|
| Arrangement                | ​ | ​ | Type of Arrangement          | ​ | ​ | Rate | ​ | ​ | Amount Outstanding | ​ | ​ | Amount Available | ​ | ​ | Maturity Date | ​ |
| Citibank Total Return Swap | ​ | ​ | Total Return Swap            | ​ | ​ | L+1.60% | ​ | ​ | ​ | $ | 110,444 | ​ | ​ | ​ | ​ | $ | 14,556 | ​ | ​ | ​ | N/A(3) | ​ |

----

TABLE OF CONTENTS

| ​                                  | ​ | ​ | Year Ended December 31, 2017 | ​ |
|------------------------------------------|---------|---------|-----------------------------------|---------|
| Direct interest expense                  | ​ | ​ | ​                           | $       | 393 | ​ | ​ |
| Non-usage fees                           | ​ | ​ | ​                           | ​ | 232 | ​ | ​ |
| Amortization of deferred financing costs | ​ | ​ | ​                           | ​ | 75 | ​ | ​ |
| Total interest expense                   | ​ | ​ | ​                           | $       | 700 | ​ | ​ |
| ​                                                                        | ​ | ​ | Year Ended December 31, 2017 | ​ |
|--------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|
| Cash paid for interest expense(1)                                              | ​ | ​ | ​                           | $       | 550 | ​ | ​ |
| Average borrowings under the facility(2)                                       | ​ | ​ | ​                           | $       | 20,178 | ​ | ​ |
| Effective interest rate on borrowings (including the effect of non-usage fees) | ​ | ​ | ​                           | ​ | 3.79% | ​ | ​ |
| Weighted average interest rate (including the effect of non-usage fees)(3)     | ​ | ​ | ​                           | ​ | 3.84% | ​ | ​ |

----

TABLE OF CONTENTS

| Counterparty | ​ | ​ | Description                                                                                                                                                                                                                                                                                                                                                  | ​ | ​ | Termination Date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | ​ | ​ | Value | ​ |
|--------------|---------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------|---------|
| Citibank     | ​ | ​ | A TRS is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. | ​ | ​ | Citibank may terminate the TRS on or after July 19, 2018 (January 19, 2018 as of December 31, 2017), unless certain specified events permit Citibank to terminate the TRS on an earlier date. Cheltenham Funding may terminate the TRS at any time upon providing no more than 30 days, and no less than 10 days, prior notice to Citibank, subject to an early termination fee if prior to the date 30 days before July 19, 2018 (January 19, 2018 as of December 31, 2017). | ​ | ​ | $868  | ​ |

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

----

TABLE OF CONTENTS

| Underlying Loan(1)                               | ​ | ​ | Industry                             | ​ | ​ | Rate(2)                        | ​ | ​ | Floor   | ​ | ​ | Maturity | ​ | ​ | Notional Amount | ​ | ​ | Market Value | ​ | ​ | Unrealized Appreciation/​(Depreciation) | ​ |
|--------------------------------------------------|---------|---------|--------------------------------------|---------|---------|--------------------------------|---------|---------|---------|---------|---------|----------|---------|---------|-----------------|---------|---------|--------------|---------|---------|-----------------------------------------------|---------|
| American Bath Group, LLC(4)                      | ​ | ​ | Capital Goods                        | ​ | ​ | L+525                          | ​ | ​ | 1.0%    | ​ | ​ | 9/30/23  | ​ | ​ | ​         | $       | 3,792   | ​      | ​ | ​ | ​                                       | $       | 3,978 | ​ | ​ | ​ | ​ | $ | 186 | ​ | ​ |
| American Bath Group, LLC                         | ​ | ​ | Capital Goods                        | ​ | ​ | L+975                          | ​ | ​ | 1.0%    | ​ | ​ | 9/30/24  | ​ | ​ | ​         | ​ | 2,760   | ​      | ​ | ​ | ​                                       | ​ | 2,993 | ​ | ​ | ​ | ​ | ​ | 233 | ​ | ​ |
| ATX Networks Corp.(3)                            | ​ | ​ | Technology Hardware & Equipment  | ​ | ​ | L+600, 1.0% PIK (1.0% Max PIK) | ​ | ​ | 1.0%    | ​ | ​ | 6/11/21  | ​ | ​ | ​         | ​ | 6,617   | ​      | ​ | ​ | ​                                       | ​ | 6,737 | ​ | ​ | ​ | ​ | ​ | 120 | ​ | ​ |
| Avaya Inc.                                       | ​ | ​ | Technology Hardware & Equipment  | ​ | ​ | L+475                          | ​ | ​ | 1.0%    | ​ | ​ | 12/15/24 | ​ | ​ | ​         | ​ | 9,900   | ​      | ​ | ​ | ​                                       | ​ | 9,829 | ​ | ​ | ​ | ​ | ​ | (71) | ​ | ​ |
| CDS U.S. Intermediate Holdings, Inc.(3)          | ​ | ​ | Media                                | ​ | ​ | L+825                          | ​ | ​ | 1.0%    | ​ | ​ | 7/10/23  | ​ | ​ | ​         | ​ | 3,238   | ​      | ​ | ​ | ​                                       | ​ | 3,196 | ​ | ​ | ​ | ​ | ​ | (42) | ​ | ​ |
| Dayton Superior Corp.                            | ​ | ​ | Materials                            | ​ | ​ | L+800                          | ​ | ​ | 1.0%    | ​ | ​ | 11/15/21 | ​ | ​ | ​         | ​ | 3,734   | ​      | ​ | ​ | ​                                       | ​ | 3,234 | ​ | ​ | ​ | ​ | ​ | (500) | ​ | ​ |
| Diamond Resorts International, Inc.              | ​ | ​ | Consumer Services                    | ​ | ​ | L+450                          | ​ | ​ | 1.0%    | ​ | ​ | 9/2/23   | ​ | ​ | ​         | ​ | 6,740   | ​      | ​ | ​ | ​                                       | ​ | 6,958 | ​ | ​ | ​ | ​ | ​ | 218 | ​ | ​ |
| Elo Touch Solutions, Inc.                        | ​ | ​ | Technology Hardware & Equipment  | ​ | ​ | L+600                          | ​ | ​ | 1.0%    | ​ | ​ | 10/25/23 | ​ | ​ | ​         | ​ | 3,168   | ​      | ​ | ​ | ​                                       | ​ | 3,192 | ​ | ​ | ​ | ​ | ​ | 24 | ​ | ​ |
| FullBeauty Brands Holdings Corp.                 | ​ | ​ | Consumer Durables & Apparel      | ​ | ​ | L+475                          | ​ | ​ | 1.0%    | ​ | ​ | 10/14/22 | ​ | ​ | ​         | ​ | 4,619   | ​      | ​ | ​ | ​                                       | ​ | 2,832 | ​ | ​ | ​ | ​ | ​ | (1,787) | ​ | ​ |
| Gulf Finance, LLC                                | ​ | ​ | Energy                               | ​ | ​ | L+525                          | ​ | ​ | 1.0%    | ​ | ​ | 8/25/23  | ​ | ​ | ​         | ​ | 4,718   | ​      | ​ | ​ | ​                                       | ​ | 4,356 | ​ | ​ | ​ | ​ | ​ | (362) | ​ | ​ |
| Inmar, Inc.                                      | ​ | ​ | Software & Services              | ​ | ​ | L+800                          | ​ | ​ | 1.0%    | ​ | ​ | 5/1/25   | ​ | ​ | ​         | ​ | 6,895   | ​      | ​ | ​ | ​                                       | ​ | 7,000 | ​ | ​ | ​ | ​ | ​ | 105 | ​ | ​ |
| Interior Logic Group, Inc.                       | ​ | ​ | Capital Goods                        | ​ | ​ | L+600                          | ​ | ​ | 1.0%    | ​ | ​ | 3/1/24   | ​ | ​ | ​         | ​ | 6,669   | ​      | ​ | ​ | ​                                       | ​ | 6,901 | ​ | ​ | ​ | ​ | ​ | 232 | ​ | ​ |
| Ivanti Software, Inc.                            | ​ | ​ | Software & Services              | ​ | ​ | L+425                          | ​ | ​ | 1.0%    | ​ | ​ | 1/20/24  | ​ | ​ | ​         | ​ | 2,518   | ​      | ​ | ​ | ​                                       | ​ | 2,401 | ​ | ​ | ​ | ​ | ​ | (117) | ​ | ​ |
| LBM Borrower, LLC                                | ​ | ​ | Capital Goods                        | ​ | ​ | L+450                          | ​ | ​ | 1.0%    | ​ | ​ | 8/20/22  | ​ | ​ | ​         | ​ | 8,565   | ​      | ​ | ​ | ​                                       | ​ | 8,691 | ​ | ​ | ​ | ​ | ​ | 126 | ​ | ​ |
| LBM Borrower, LLC(4)                             | ​ | ​ | Capital Goods                        | ​ | ​ | L+925                          | ​ | ​ | 1.0%    | ​ | ​ | 8/20/23  | ​ | ​ | ​         | ​ | 2,876   | ​      | ​ | ​ | ​                                       | ​ | 2,994 | ​ | ​ | ​ | ​ | ​ | 118 | ​ | ​ |
| LD Intermediate Holdings, Inc.                   | ​ | ​ | Software & Services              | ​ | ​ | L+588                          | ​ | ​ | 1.0%    | ​ | ​ | 12/9/22  | ​ | ​ | ​         | ​ | 7,020   | ​      | ​ | ​ | ​                                       | ​ | 6,949 | ​ | ​ | ​ | ​ | ​ | (71) | ​ | ​ |
| MORSCO, Inc.                                     | ​ | ​ | Capital Goods                        | ​ | ​ | L+700                          | ​ | ​ | 1.0%    | ​ | ​ | 10/31/23 | ​ | ​ | ​         | ​ | 3,042   | ​      | ​ | ​ | ​                                       | ​ | 3,208 | ​ | ​ | ​ | ​ | ​ | 166 | ​ | ​ |
| nThrive, Inc.                                    | ​ | ​ | Health Care Equipment & Services | ​ | ​ | L+450                          | ​ | ​ | 1.0%    | ​ | ​ | 10/19/22 | ​ | ​ | ​         | ​ | 5,663   | ​      | ​ | ​ | ​                                       | ​ | 5,749 | ​ | ​ | ​ | ​ | ​ | 86 | ​ | ​ |
| P.F. Chang’s China Bistro, Inc.            | ​ | ​ | Consumer Services                    | ​ | ​ | L+500                          | ​ | ​ | 1.0%    | ​ | ​ | 9/1/22   | ​ | ​ | ​         | ​ | 7,257   | ​      | ​ | ​ | ​                                       | ​ | 7,026 | ​ | ​ | ​ | ​ | ​ | (231) | ​ | ​ |
| P2 Upstream Acquisition Co.                      | ​ | ​ | Energy                               | ​ | ​ | L+400                          | ​ | ​ | 1.3%    | ​ | ​ | 10/30/20 | ​ | ​ | ​         | ​ | 2,437   | ​      | ​ | ​ | ​                                       | ​ | 2,532 | ​ | ​ | ​ | ​ | ​ | 95 | ​ | ​ |
| P2 Upstream Acquisition Co.                      | ​ | ​ | Energy                               | ​ | ​ | L+800                          | ​ | ​ | 1.0%    | ​ | ​ | 4/30/21  | ​ | ​ | ​         | ​ | 1,309   | ​      | ​ | ​ | ​                                       | ​ | 1,365 | ​ | ​ | ​ | ​ | ​ | 56 | ​ | ​ |
| Peak 10 Holding Corp.                            | ​ | ​ | Software & Services              | ​ | ​ | L+725                          | ​ | ​ | 1.0%    | ​ | ​ | 8/1/25   | ​ | ​ | ​         | ​ | 4,582   | ​      | ​ | ​ | ​                                       | ​ | 4,646 | ​ | ​ | ​ | ​ | ​ | 64 | ​ | ​ |
| Quest Software US Holdings Inc.                  | ​ | ​ | Software & Services              | ​ | ​ | L+550                          | ​ | ​ | 1.0%    | ​ | ​ | 10/31/22 | ​ | ​ | ​         | ​ | 9,121   | ​      | ​ | ​ | ​                                       | ​ | 9,303 | ​ | ​ | ​ | ​ | ​ | 182 | ​ | ​ |
| Specialty Building Products Holdings, LLC        | ​ | ​ | Capital Goods                        | ​ | ​ | L+600                          | ​ | ​ | 1.0%    | ​ | ​ | 10/26/23 | ​ | ​ | ​         | ​ | 6,443   | ​      | ​ | ​ | ​                                       | ​ | 6,677 | ​ | ​ | ​ | ​ | ​ | 234 | ​ | ​ |
| Strike, LLC                                      | ​ | ​ | Energy                               | ​ | ​ | L+800                          | ​ | ​ | 1.0%    | ​ | ​ | 11/30/22 | ​ | ​ | ​         | ​ | 2,925   | ​      | ​ | ​ | ​                                       | ​ | 3,045 | ​ | ​ | ​ | ​ | ​ | 120 | ​ | ​ |
| ThermaSys Corp.                                  | ​ | ​ | Capital Goods                        | ​ | ​ | L+400                          | ​ | ​ | 1.3%    | ​ | ​ | 5/3/19   | ​ | ​ | ​         | ​ | 3,335   | ​      | ​ | ​ | ​                                       | ​ | 3,273 | ​ | ​ | ​ | ​ | ​ | (62) | ​ | ​ |
| TKC Holdings, Inc.(4)                            | ​ | ​ | Retailing                            | ​ | ​ | L+800                          | ​ | ​ | 1.0%    | ​ | ​ | 2/1/24   | ​ | ​ | ​         | ​ | 7,771   | ​      | ​ | ​ | ​                                       | ​ | 7,850 | ​ | ​ | ​ | ​ | ​ | 79 | ​ | ​ |
| TravelCLICK, Inc.(4)                             | ​ | ​ | Software & Services              | ​ | ​ | L+775                          | ​ | ​ | 1.0%    | ​ | ​ | 11/6/21  | ​ | ​ | ​         | ​ | 4,070   | ​      | ​ | ​ | ​                                       | ​ | 4,218 | ​ | ​ | ​ | ​ | ​ | 148 | ​ | ​ |
| Westbridge Technologies, Inc.(4)                 | ​ | ​ | Software & Services              | ​ | ​ | L+850                          | ​ | ​ | 1.0%    | ​ | ​ | 4/28/23  | ​ | ​ | ​         | ​ | 4,839   | ​      | ​ | ​ | ​                                       | ​ | 4,876 | ​ | ​ | ​ | ​ | ​ | 37 | ​ | ​ |
| WP CPP Holdings, LLC                             | ​ | ​ | Capital Goods                        | ​ | ​ | L+775                          | ​ | ​ | 1.0%    | ​ | ​ | 4/30/21  | ​ | ​ | ​         | ​ | 2,184   | ​      | ​ | ​ | ​                                       | ​ | 2,323 | ​ | ​ | ​ | ​ | ​ | 139 | ​ | ​ |
| York Risk Services Holding Corp.(4)              | ​ | ​ | Insurance                            | ​ | ​ | L+375                          | ​ | ​ | 1.0%    | ​ | ​ | 10/1/21  | ​ | ​ | ​         | ​ | 3,059   | ​      | ​ | ​ | ​                                       | ​ | 3,016 | ​ | ​ | ​ | ​ | ​ | (43) | ​ | ​ |
| Total                                            | ​ | ​ | ​                              | ​ | ​ | ​                        | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​         | $       | 151,866 | ​      | ​ | ​ | ​                                       | $       | 151,348 | ​ | ​ | ​ | ​ | ​ | (518) | ​ | ​ |
| Total TRS Accrued Income and LIabilities:​ | ​ | ​ | ​                              | ​ | 1,386   | ​                        | ​ |
| Total TRS Fair Value:​                     | ​ | ​ | ​                              | $       | 868     | ​                        | ​ |
| ​                                          |

----

TABLE OF CONTENTS

| Underlying Loan(1)                               | ​ | ​ | Industry                             | ​ | ​ | Rate(2) | ​ | ​ | Floor   | ​ | ​ | Maturity | ​ | ​ | Notional Amount | ​ | ​ | Market Value | ​ | ​ | Unrealized Appreciation/​(Depreciation) | ​ |
|--------------------------------------------------|---------|---------|--------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|----------|---------|---------|-----------------|---------|---------|--------------|---------|---------|-----------------------------------------------|---------|
| American Bath Group, LLC                         | ​ | ​ | Capital Goods                        | ​ | ​ | L+575   | ​ | ​ | 1.0%    | ​ | ​ | 9/30/23  | ​ | ​ | ​         | $       | 3,830   | ​      | ​ | ​ | ​                                       | $       | 3,985 | ​ | ​ | ​ | ​ | $ | 155 | ​ | ​ |
| American Bath Group, LLC                         | ​ | ​ | Capital Goods                        | ​ | ​ | L+975   | ​ | ​ | 1.0%    | ​ | ​ | 9/30/24  | ​ | ​ | ​         | ​ | 2,760   | ​      | ​ | ​ | ​                                       | ​ | 2,880 | ​ | ​ | ​ | ​ | ​ | 120 | ​ | ​ |
| ATX Networks Corp.(3)                            | ​ | ​ | Technology Hardware & Equipment  | ​ | ​ | L+600   | ​ | ​ | 1.0%    | ​ | ​ | 6/11/21  | ​ | ​ | ​         | ​ | 6,770   | ​      | ​ | ​ | ​                                       | ​ | 6,805 | ​ | ​ | ​ | ​ | ​ | 35 | ​ | ​ |
| Avantor Performance Materials Holdings, Inc.     | ​ | ​ | Materials                            | ​ | ​ | L+500   | ​ | ​ | 1.0%    | ​ | ​ | 6/21/22  | ​ | ​ | ​         | ​ | 4,594   | ​      | ​ | ​ | ​                                       | ​ | 4,705 | ​ | ​ | ​ | ​ | ​ | 111 | ​ | ​ |
| Cadence Aerospace Finance, Inc.                  | ​ | ​ | Capital Goods                        | ​ | ​ | L+575   | ​ | ​ | 1.3%    | ​ | ​ | 5/9/18   | ​ | ​ | ​         | ​ | 1,850   | ​      | ​ | ​ | ​                                       | ​ | 1,920 | ​ | ​ | ​ | ​ | ​ | 70 | ​ | ​ |
| Caesars Entertainment Resort Properties, LLC     | ​ | ​ | Consumer Services                    | ​ | ​ | L+600   | ​ | ​ | 1.0%    | ​ | ​ | 10/11/20 | ​ | ​ | ​         | ​ | 4,887   | ​      | ​ | ​ | ​                                       | ​ | 5,171 | ​ | ​ | ​ | ​ | ​ | 284 | ​ | ​ |
| CEVA Group Plc(3)                                | ​ | ​ | Transportation                       | ​ | ​ | L+550   | ​ | ​ | 1.0%    | ​ | ​ | 3/19/21  | ​ | ​ | ​         | ​ | 1,273   | ​      | ​ | ​ | ​                                       | ​ | 1,233 | ​ | ​ | ​ | ​ | ​ | (40) | ​ | ​ |
| CEVA Intercompany BV(3)                          | ​ | ​ | Transportation                       | ​ | ​ | L+550   | ​ | ​ | 1.0%    | ​ | ​ | 3/19/21  | ​ | ​ | ​         | ​ | 1,305   | ​      | ​ | ​ | ​                                       | ​ | 1,264 | ​ | ​ | ​ | ​ | ​ | (41) | ​ | ​ |
| CEVA Logistics Canada, ULC(3)                    | ​ | ​ | Transportation                       | ​ | ​ | L+550   | ​ | ​ | 1.0%    | ​ | ​ | 3/19/21  | ​ | ​ | ​         | ​ | 225     | ​      | ​ | ​ | ​                                       | ​ | 218 | ​ | ​ | ​ | ​ | ​ | (7) | ​ | ​ |
| CEVA Logistics U.S. Holdings, Inc.               | ​ | ​ | Transportation                       | ​ | ​ | L+550   | ​ | ​ | 1.0%    | ​ | ​ | 3/19/21  | ​ | ​ | ​         | ​ | 1,800   | ​      | ​ | ​ | ​                                       | ​ | 1,744 | ​ | ​ | ​ | ​ | ​ | (56) | ​ | ​ |
| Dayton Superior Corp.                            | ​ | ​ | Materials                            | ​ | ​ | L+800   | ​ | ​ | 1.0%    | ​ | ​ | 11/15/21 | ​ | ​ | ​         | ​ | 3,772   | ​      | ​ | ​ | ​                                       | ​ | 3,899 | ​ | ​ | ​ | ​ | ​ | 127 | ​ | ​ |
| Diamond Resorts International, Inc.              | ​ | ​ | Consumer Services                    | ​ | ​ | L+600   | ​ | ​ | 1.0%    | ​ | ​ | 9/2/23   | ​ | ​ | ​         | ​ | 6,808   | ​      | ​ | ​ | ​                                       | ​ | 6,982 | ​ | ​ | ​ | ​ | ​ | 174 | ​ | ​ |
| DTZ U.S. Borrower, LLC                           | ​ | ​ | Real Estate                          | ​ | ​ | L+825   | ​ | ​ | 1.0%    | ​ | ​ | 11/4/22  | ​ | ​ | ​         | ​ | 340     | ​      | ​ | ​ | ​                                       | ​ | 337 | ​ | ​ | ​ | ​ | ​ | (3) | ​ | ​ |
| EagleView Technology Corp.                       | ​ | ​ | Software & Services              | ​ | ​ | L+825   | ​ | ​ | 1.0%    | ​ | ​ | 7/14/23  | ​ | ​ | ​         | ​ | 990     | ​      | ​ | ​ | ​                                       | ​ | 992 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ |
| FullBeauty Brands Holdings Corp.                 | ​ | ​ | Consumer Durables & Apparel      | ​ | ​ | L+475   | ​ | ​ | 1.0%    | ​ | ​ | 10/14/22 | ​ | ​ | ​         | ​ | 4,667   | ​      | ​ | ​ | ​                                       | ​ | 4,397 | ​ | ​ | ​ | ​ | ​ | (270) | ​ | ​ |
| Gulf Finance, LLC                                | ​ | ​ | Energy                               | ​ | ​ | L+525   | ​ | ​ | 1.0%    | ​ | ​ | 8/25/23  | ​ | ​ | ​         | ​ | 4,838   | ​      | ​ | ​ | ​                                       | ​ | 5,000 | ​ | ​ | ​ | ​ | ​ | 162 | ​ | ​ |
| HNC Holdings, Inc.                               | ​ | ​ | Capital Goods                        | ​ | ​ | L+450   | ​ | ​ | 1.0%    | ​ | ​ | 10/5/23  | ​ | ​ | ​         | ​ | 3,093   | ​      | ​ | ​ | ​                                       | ​ | 3,138 | ​ | ​ | ​ | ​ | ​ | 45 | ​ | ​ |
| Landslide Holdings, Inc.                         | ​ | ​ | Software & Services              | ​ | ​ | L+450   | ​ | ​ | 1.0%    | ​ | ​ | 9/27/22  | ​ | ​ | ​         | ​ | 6,370   | ​      | ​ | ​ | ​                                       | ​ | 6,506 | ​ | ​ | ​ | ​ | ​ | 136 | ​ | ​ |
| LBM Borrower, LLC                                | ​ | ​ | Capital Goods                        | ​ | ​ | L+525   | ​ | ​ | 1.0%    | ​ | ​ | 8/20/22  | ​ | ​ | ​         | ​ | 6,469   | ​      | ​ | ​ | ​                                       | ​ | 6,415 | ​ | ​ | ​ | ​ | ​ | (54) | ​ | ​ |
| LBM Borrower, LLC                                | ​ | ​ | Capital Goods                        | ​ | ​ | L+925   | ​ | ​ | 1.0%    | ​ | ​ | 8/20/23  | ​ | ​ | ​         | ​ | 2,876   | ​      | ​ | ​ | ​                                       | ​ | 2,910 | ​ | ​ | ​ | ​ | ​ | 34 | ​ | ​ |
| LD Intermediate Holdings, Inc.                   | ​ | ​ | Software & Services              | ​ | ​ | L+588   | ​ | ​ | 1.0%    | ​ | ​ | 12/9/22  | ​ | ​ | ​         | ​ | 7,200   | ​      | ​ | ​ | ​                                       | ​ | 7,400 | ​ | ​ | ​ | ​ | ​ | 200 | ​ | ​ |
| MORSCO Inc.                                      | ​ | ​ | Capital Goods                        | ​ | ​ | L+700   | ​ | ​ | 1.0%    | ​ | ​ | 10/31/23 | ​ | ​ | ​         | ​ | 3,120   | ​      | ​ | ​ | ​                                       | ​ | 3,258 | ​ | ​ | ​ | ​ | ​ | 138 | ​ | ​ |
| P2 Upstream Acquisition Co.                      | ​ | ​ | Energy                               | ​ | ​ | L+400   | ​ | ​ | 1.3%    | ​ | ​ | 10/30/20 | ​ | ​ | ​         | ​ | 2,463   | ​      | ​ | ​ | ​                                       | ​ | 2,476 | ​ | ​ | ​ | ​ | ​ | 13 | ​ | ​ |
| P2 Upstream Acquisition Co.                      | ​ | ​ | Energy                               | ​ | ​ | L+800   | ​ | ​ | 1.3%    | ​ | ​ | 4/30/21  | ​ | ​ | ​         | ​ | 1,309   | ​      | ​ | ​ | ​                                       | ​ | 1,361 | ​ | ​ | ​ | ​ | ​ | 52 | ​ | ​ |
| Peak 10, Inc.                                    | ​ | ​ | Software & Services              | ​ | ​ | L+725   | ​ | ​ | 1.0%    | ​ | ​ | 6/17/22  | ​ | ​ | ​         | ​ | 526     | ​      | ​ | ​ | ​                                       | ​ | 524 | ​ | ​ | ​ | ​ | ​ | (2) | ​ | ​ |
| Precyse Acquisition Corp.                        | ​ | ​ | Health Care Equipment & Services | ​ | ​ | L+550   | ​ | ​ | 1.0%    | ​ | ​ | 10/19/22 | ​ | ​ | ​         | ​ | 5,720   | ​      | ​ | ​ | ​                                       | ​ | 5,865 | ​ | ​ | ​ | ​ | ​ | 145 | ​ | ​ |
| QCP SNF East REIT, LLC(3)                        | ​ | ​ | Real Estate                          | ​ | ​ | L+525   | ​ | ​ | 1.0%    | ​ | ​ | 10/31/22 | ​ | ​ | ​         | ​ | 2,940   | ​      | ​ | ​ | ​                                       | ​ | 3,053 | ​ | ​ | ​ | ​ | ​ | 113 | ​ | ​ |
| Strike LLC                                       | ​ | ​ | Energy                               | ​ | ​ | L+800   | ​ | ​ | 1.0%    | ​ | ​ | 11/30/22 | ​ | ​ | ​         | ​ | 4,850   | ​      | ​ | ​ | ​                                       | ​ | 4,925 | ​ | ​ | ​ | ​ | ​ | 75 | ​ | ​ |
| TierPoint, LLC                                   | ​ | ​ | Software & Services              | ​ | ​ | L+425   | ​ | ​ | 1.0%    | ​ | ​ | 12/2/21  | ​ | ​ | ​         | ​ | 975     | ​      | ​ | ​ | ​                                       | ​ | 993 | ​ | ​ | ​ | ​ | ​ | 18 | ​ | ​ |
| TierPoint, LLC                                   | ​ | ​ | Software & Services              | ​ | ​ | L+450   | ​ | ​ | 1.0%    | ​ | ​ | 12/2/21  | ​ | ​ | ​         | ​ | 887     | ​      | ​ | ​ | ​                                       | ​ | 908 | ​ | ​ | ​ | ​ | ​ | 21 | ​ | ​ |
| TNS, Inc.                                        | ​ | ​ | Software & Services              | ​ | ​ | L+800   | ​ | ​ | 1.0%    | ​ | ​ | 8/14/20  | ​ | ​ | ​         | ​ | 1,499   | ​      | ​ | ​ | ​                                       | ​ | 1,526 | ​ | ​ | ​ | ​ | ​ | 27 | ​ | ​ |
| TravelCLICK, Inc.                                | ​ | ​ | Software & Services              | ​ | ​ | L+450   | ​ | ​ | 1.0%    | ​ | ​ | 5/6/21   | ​ | ​ | ​         | ​ | 3,975   | ​      | ​ | ​ | ​                                       | ​ | 3,975 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| TravelCLICK, Inc.                                | ​ | ​ | Software & Services              | ​ | ​ | L+775   | ​ | ​ | 1.0%    | ​ | ​ | 11/6/21  | ​ | ​ | ​         | ​ | 2,993   | ​      | ​ | ​ | ​                                       | ​ | 3,150 | ​ | ​ | ​ | ​ | ​ | 157 | ​ | ​ |
| Weight Watchers International, Inc.(3)           | ​ | ​ | Consumer Services                    | ​ | ​ | L+325   | ​ | ​ | 0.8%    | ​ | ​ | 4/2/20   | ​ | ​ | ​         | ​ | 838     | ​      | ​ | ​ | ​                                       | ​ | 823 | ​ | ​ | ​ | ​ | ​ | (15) | ​ | ​ |
| WP CPP Holdings, LLC                             | ​ | ​ | Capital Goods                        | ​ | ​ | L+775   | ​ | ​ | 1.0%    | ​ | ​ | 4/30/21  | ​ | ​ | ​         | ​ | 1,632   | ​      | ​ | ​ | ​                                       | ​ | 1,673 | ​ | ​ | ​ | ​ | ​ | 41 | ​ | ​ |
| Total                                            | ​ | ​ | ​                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | ​ | ​ | ​         | $       | 110,444 | ​      | ​ | ​ | ​                                       | $       | 112,411 | ​ | ​ | ​ | ​ | ​ | 1,967 | ​ | ​ |
| Total TRS Accrued Income and Liabilities:​ | ​ | ​ | ​                              | ​ | 455     | ​ | ​ |
| Total TRS Fair Value:​                     | ​ | ​ | ​                              | $       | 2,422   | ​ | ​ |
| ​                                          |

----

TABLE OF CONTENTS

| Year Ended December 31, | ​ | ​ | Total Amount Outstanding Exclusive of Treasury Securities(1) | ​ | ​ | Asset Coverage per Unit(2) | ​ | ​ | Involuntary Liquidation Preference per Unit(3) | ​ | ​ | Average Market Value per Unit(4)(Exclude Bank Loans) | ​ |
|------------------------------|---------|---------|--------------------------------------------------------------|---------|---------|----------------------------|---------|---------|------------------------------------------------|---------|---------|------------------------------------------------------|---------|
| 2016                         | ​ | ​ | ​                                                      | $       | 70,077  | ​                    | ​ | ​ | ​                                        | ​ | 3.31    | ​                                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ |
| 2017                         | ​ | ​ | ​                                                      | $       | 113,960 | ​                    | ​ | ​ | ​                                        | ​ | 4.08    | ​                                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | N/A | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                                                      | ​ | ​ | Year Ended December 31, 2017 | ​ | ​    | Period from January 6, 2016 (Commencement of Operations) through December 31, 2016 | ​ |
|----------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|------------|----------------------------------------------------------------------------------------------|---------|
| Per Share Data:(1)                                                                           | ​ | ​ | ​                           | ​ | ​    | ​                                                                                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net asset value, beginning of year                                                           | ​ | ​ | ​                           | $       | 10.96      | ​                                                                                      | ​ | ​ | ​ | $ | 10.28 | ​ | ​ |
| Results of operations(2)                                                                     | ​ | ​ | ​                           | ​ | ​    | ​                                                                                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net investment income (loss)                                                                 | ​ | ​ | ​                           | ​ | 0.25       | ​                                                                                      | ​ | ​ | ​ | ​ | (0.26) | ​ | ​ |
| Net realized and unrealized appreciation (depreciation) on investments and total return swap | ​ | ​ | ​                           | ​ | 0.58       | ​                                                                                      | ​ | ​ | ​ | ​ | 1.43 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                              | ​ | ​ | ​                           | ​ | 0.83       | ​                                                                                      | ​ | ​ | ​ | ​ | 1.17 | ​ | ​ |
| Stockholder distributions(3)                                                                 | ​ | ​ | ​                           | ​ | ​    | ​                                                                                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Distributions from net investment income                                                     | ​ | ​ | ​                           | ​ | (0.65)     | ​                                                                                      | ​ | ​ | ​ | ​ | (0.48) | ​ | ​ |
| Distributions from net realized gain on investments                                          | ​ | ​ | ​                           | ​ | (0.09)     | ​                                                                                      | ​ | ​ | ​ | ​ | (0.16) | ​ | ​ |
| Net decrease in net assets resulting from stockholder distributions                          | ​ | ​ | ​                           | ​ | (0.74)     | ​                                                                                      | ​ | ​ | ​ | ​ | (0.64) | ​ | ​ |
| Capital share transactions                                                                   | ​ | ​ | ​                           | ​ | ​    | ​                                                                                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Issuance of common stock(4)                                                                  | ​ | ​ | ​                           | ​ | 0.07       | ​                                                                                      | ​ | ​ | ​ | ​ | 0.15 | ​ | ​ |
| Repurchases of common stock(5)                                                               | ​ | ​ | ​                           | ​ | —    | ​                                                                                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net increase in net assets resulting from capital share transactions                         | ​ | ​ | ​                           | ​ | 0.07       | ​                                                                                      | ​ | ​ | ​ | ​ | 0.15 | ​ | ​ |
| Net asset value, end of year                                                                 | ​ | ​ | ​                           | $       | 11.12      | ​                                                                                      | ​ | ​ | ​ | $ | 10.96 | ​ | ​ |
| Shares outstanding, end of year                                                              | ​ | ​ | ​                           | ​ | 31,614,476 | ​                                                                                      | ​ | ​ | ​ | ​ | 14,782,671 | ​ | ​ |
| Total return(6)                                                                              | ​ | ​ | ​                           | ​ | 8.34%      | ​                                                                                      | ​ | ​ | ​ | ​ | 13.20% | ​ | ​ |
| Total return (without assuming reinvestment of distributions)(6)                        | ​ | ​ | ​                           | ​ | 8.21%      | ​                                                                                      | ​ | ​ | ​ | ​ | 12.84% | ​ | ​ |
| Ratio/Supplemental Data:                                                                     | ​ | ​ | ​                           | ​ | ​    | ​                                                                                      | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net assets, end of year                                                                      | ​ | ​ | ​                           | $       | 351,537    | ​                                                                                      | ​ | ​ | ​ | $ | 161,996 | ​ | ​ |
| Ratio of net investment income (loss) to average net assets(7)                               | ​ | ​ | ​                           | ​ | 2.32%      | ​                                                                                      | ​ | ​ | ​ | ​ | (2.43)% | ​ | ​ |
| Ratio of operating expenses to average net assets(7)                                         | ​ | ​ | ​                           | ​ | 5.27%      | ​                                                                                      | ​ | ​ | ​ | ​ | 7.74% | ​ | ​ |
| Ratio of net expenses to average net assets(7)                                               | ​ | ​ | ​                           | ​ | 5.26%      | ​                                                                                      | ​ | ​ | ​ | ​ | 6.82% | ​ | ​ |
| Portfolio turnover(8)                                                                        | ​ | ​ | ​                           | ​ | 38.13%     | ​                                                                                      | ​ | ​ | ​ | ​ | 318.21% | ​ | ​ |
| Total amount of senior securities outstanding, exclusive of treasury securities              | ​ | ​ | ​                           | $       | 113,960    | ​                                                                                      | ​ | ​ | ​ | $ | 70,077 | ​ | ​ |
| Asset coverage per unit(9)                                                                   | ​ | ​ | ​                           | ​ | 4.08       | ​                                                                                      | ​ | ​ | ​ | ​ | 3.31 | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                             | ​ | ​ | Year Ended December 31, 2017 | ​ | ​ | Period from January 6, 2016 (Commencement of Operations) through December 31, 2016 | ​ |
|---------------------------------------------------------------------|---------|---------|-----------------------------------|---------|---------|----------------------------------------------------------------------------------------------|---------|
| Ratio of accrued capital gains incentive fees to average net assets | ​ | ​ | ​                           | ​ | 0.44%   | ​                                                                                      | ​ | ​ | ​ | ​ | 1.80% | ​ | ​ |
| Ratio of offering costs to average net assets                       | ​ | ​ | ​                           | ​ | 0.53%   | ​                                                                                      | ​ | ​ | ​ | ​ | 1.21% | ​ | ​ |
| Ratio of interest expense to average net assets                     | ​ | ​ | ​                           | ​ | 0.26%   | ​                                                                                      | ​ | ​ | ​ | ​ | — | ​ | ​ |

----

TABLE OF CONTENTS

| ​                                                         | ​ | ​ | Quarter Ended          | ​ |
|-----------------------------------------------------------------|---------|---------|------------------------|---------|
| ​                                                         | ​ | ​ | December 31, 2017 | ​ | ​ | September 30, 2017 | ​ | ​ | June 30, 2017 | ​ | ​ | March 31, 2017 | ​ |
| Investment income                                               | ​ | ​ | ​                | $       | 6,917 | ​ | ​ | ​ | ​ | $ | 5,412 | ​ | ​ | ​ | ​ | $ | 4,382 | ​ | ​ | ​ | ​ | $ | 3,359 | ​ | ​ |
| Operating expenses                                              | ​ | ​ | ​                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Operating expenses                                              | ​ | ​ | ​                | ​ | 3,318 | ​ | ​ | ​ | ​ | ​ | 3,433 | ​ | ​ | ​ | ​ | ​ | 3,590 | ​ | ​ | ​ | ​ | ​ | 2,914 | ​ | ​ |
| Add: Expense recoupment to sponsor                              | ​ | ​ | ​                | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 666 | ​ | ​ |
| Total operating expenses                                        | ​ | ​ | ​                | ​ | 3,318 | ​ | ​ | ​ | ​ | ​ | 3,433 | ​ | ​ | ​ | ​ | ​ | 3,590 | ​ | ​ | ​ | ​ | ​ | 3,580 | ​ | ​ |
| Net investment income (loss)                                    | ​ | ​ | ​                | ​ | 3,599 | ​ | ​ | ​ | ​ | ​ | 1,979 | ​ | ​ | ​ | ​ | ​ | 792 | ​ | ​ | ​ | ​ | ​ | (221) | ​ | ​ |
| Realized and unrealized gain (loss)                             | ​ | ​ | ​                | ​ | 1,134 | ​ | ​ | ​ | ​ | ​ | 4,348 | ​ | ​ | ​ | ​ | ​ | 3,393 | ​ | ​ | ​ | ​ | ​ | 5,116 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations | ​ | ​ | ​                | $       | 4,733 | ​ | ​ | ​ | ​ | $ | 6,327 | ​ | ​ | ​ | ​ | $ | 4,185 | ​ | ​ | ​ | ​ | $ | 4,895 | ​ | ​ |
| Per share information—basic and diluted                   | ​ | ​ | ​                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net investment income (loss)                                    | ​ | ​ | ​                | $       | 0.12 | ​ | ​ | ​ | ​ | $ | 0.07 | ​ | ​ | ​ | ​ | $ | 0.04 | ​ | ​ | ​ | ​ | $ | (0.01) | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations | ​ | ​ | ​                | $       | 0.15 | ​ | ​ | ​ | ​ | $ | 0.24 | ​ | ​ | ​ | ​ | $ | 0.19 | ​ | ​ | ​ | ​ | $ | 0.28 | ​ | ​ |
| Weighted average shares outstanding                             | ​ | ​ | ​                | ​ | 30,548,496 | ​ | ​ | ​ | ​ | ​ | 26,648,343 | ​ | ​ | ​ | ​ | ​ | 21,946,297 | ​ | ​ | ​ | ​ | ​ | 17,319,387 | ​ | ​ |
| ​                                                         |
| ​                                                              | ​ | ​ | Quarter Ended          | ​ |
|----------------------------------------------------------------------|---------|---------|------------------------|---------|
| ​                                                              | ​ | ​ | December 31, 2016 | ​ | ​ | September 30, 2016 | ​ | ​ | June 30, 2016 | ​ | ​ | March 31, 2016 | ​ |
| Investment income                                                    | ​ | ​ | ​                | $       | 1,799 | ​ | ​ | ​ | ​ | $ | 1,061 | ​ | ​ | ​ | ​ | $ | 311 | ​ | ​ | ​ | ​ | $ | 14 | ​ | ​ |
| Operating expenses                                                   | ​ | ​ | ​                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Operating expenses                                                   | ​ | ​ | ​                | ​ | 2,124 | ​ | ​ | ​ | ​ | ​ | 1,700 | ​ | ​ | ​ | ​ | ​ | 1,097 | ​ | ​ | ​ | ​ | ​ | 695 | ​ | ​ |
| Less: Expense reimbursement from sponsor                             | ​ | ​ | ​                | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (230) | ​ | ​ | ​ | ​ | ​ | (436) | ​ | ​ |
| Total operating expenses                                             | ​ | ​ | ​                | ​ | 2,124 | ​ | ​ | ​ | ​ | ​ | 1,700 | ​ | ​ | ​ | ​ | ​ | 867 | ​ | ​ | ​ | ​ | ​ | 259 | ​ | ​ |
| Net investment income (loss)                                         | ​ | ​ | ​                | ​ | (325) | ​ | ​ | ​ | ​ | ​ | (639) | ​ | ​ | ​ | ​ | ​ | (556) | ​ | ​ | ​ | ​ | ​ | (245) | ​ | ​ |
| Realized and unrealized gain (loss)                                  | ​ | ​ | ​                | ​ | 4,024 | ​ | ​ | ​ | ​ | ​ | 4,271 | ​ | ​ | ​ | ​ | ​ | 917 | ​ | ​ | ​ | ​ | ​ | 670 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations | ​ | ​ | ​                | $       | 3,699 | ​ | ​ | ​ | ​ | $ | 3,632 | ​ | ​ | ​ | ​ | $ | 361 | ​ | ​ | ​ | ​ | $ | 425 | ​ | ​ |
| Per share information—basic and diluted                        | ​ | ​ | ​                | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net investment income (loss)                                         | ​ | ​ | ​                | $       | (0.03) | ​ | ​ | ​ | ​ | $ | (0.07) | ​ | ​ | ​ | ​ | $ | (0.12) | ​ | ​ | ​ | ​ | $ | (0.18) | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations | ​ | ​ | ​                | $       | 0.30 | ​ | ​ | ​ | ​ | $ | 0.42 | ​ | ​ | ​ | ​ | $ | 0.08 | ​ | ​ | ​ | ​ | $ | 0.32 | ​ | ​ |
| Weighted average shares outstanding                                  | ​ | ​ | ​                | ​ | 12,492,305 | ​ | ​ | ​ | ​ | ​ |  8,639,995 | ​ | ​ | ​ | ​ | ​ |  4,725,671 | ​ | ​ | ​ | ​ | ​ |  1,310,506 | ​ | ​ |
| ​                                                              |

----

TABLE OF CONTENTS​​

----

TABLE OF CONTENTS​

86

----

TABLE OF CONTENTS​​​​​

----

TABLE OF CONTENTS​​

| ​                                                                                                        | ​ | ​ | Page    | ​ |
|----------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| Management’s Report on Internal Control Over Financial Reporting                                         | ​ | ​ | ​ | ​ | 85 | ​ | ​ |
| Reports of Independent Registered Public Accounting Firm                                                       | ​ | ​ | ​ | ​ | 86 | ​ | ​ |
| Consolidated Balance Sheets as of December 31, 2017 and 2016                                              | ​ | ​ | ​ | ​ | 88 | ​ | ​ |
| Consolidated Statements of Operations for the years ended December 31, 2017 and 2016                 | ​ | ​ | ​ | ​ | 89 | ​ | ​ |
| Consolidated Statements of Changes in Net Assets for the years ended December 31, 2017 and 2016 | ​ | ​ | ​ | ​ | 90 | ​ | ​ |
| Consolidated Statements of Cash Flows for the years ended December 31, 2017 and 2016                 | ​ | ​ | ​ | ​ | 91 | ​ | ​ |
| Consolidated Schedules of Investments as of December 31, 2017 and 2016                                    | ​ | ​ | ​ | ​ | 92 | ​ | ​ |
| Notes to Consolidated Financial Statements                                                                     | ​ | ​ | ​ | ​ | 97 | ​ | ​ |

----

TABLE OF CONTENTS

| ​ | 3.1  | ​ | ​ | Articles of Amendment and Restatement of FS Investment Corporation IV (Incorporated by reference to Exhibit (a)(2) to Pre-Effective Amendment No. 4 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 24, 2015).                                                                                                                              | ​ |
|---------|------|---------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | 3.2  | ​ | ​ | Bylaws of FS Investment Corporation IV (Incorporated by reference to Exhibit (b) to Pre-Effective Amendment No. 2 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 14, 2015).                                                                                                                                                           | ​ |
| ​ | 4.1  | ​ | ​ | Form of Subscription Agreement (Incorporated by reference to Appendix A filed with FS Investment Corporation IV’s final prospectus filed on April 28, 2017 with the Securities and Exchange Commission pursuant to Rule 497 of the Securities Act of 1933, as amended).                                                                                                                         | ​ |
| ​ | 4.2  | ​ | ​ | Distribution Reinvestment Plan of FS Investment Corporation IV (Incorporated by reference to Exhibit (e) to Pre-Effective Amendment No. 4 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 24, 2015).                                                                                                                                   | ​ |
| ​ | 4.3  | ​ | ​ | Amended and Restated Distribution Reinvestment Plan of FS Investment Corporation IV (Incorporated by reference to Exhibit 4.1 to FS Investment Corporation IV’s Current Report on Form 8-K filed on October 13, 2017).                                                                                                                                                                               | ​ |
| ​ | 10.1 | ​ | ​ | Investment Advisory and Administrative Services Agreement, dated as of September 21, 2015, by and between FS Investment Corporation IV and FSIC IV Advisor, LLC. (Incorporated by reference to Exhibit (g)(1) to Pre-Effective Amendment No. 4 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 24, 2015.)                              | ​ |
| ​ | 10.2 | ​ | ​ | Investment Sub-Advisory Agreement, dated as of September 21, 2015, by and between FSIC IV Advisor, LLC and GSO/Blackstone Debt Funds Management LLC (Incorporated by reference to Exhibit (g)(2) to Pre-Effective Amendment No. 4 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 24, 2015).                                           | ​ |
| ​ | 10.3 | ​ | ​ | Dealer Manager Agreement, dated as of September 21, 2015, by and among FS Investment Corporation IV, FSIC IV Advisor, LLC and FS2 Capital Partners, LLC (Incorporated by reference to Exhibit (h)(1) to Pre-Effective Amendment No. 4 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 24, 2015).                                       | ​ |
| ​ | 10.4 | ​ | ​ | Amended and Restated Dealer Manager Agreement, dated as of November 11, 2015, by and among FS Investment Corporation IV, FSIC IV Advisor, LLC and FS2 Capital Partners, LLC (Incorporated by reference to exhibit (h)(1) to Post-Effective Amendment No. 2 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on November 12, 2015).              | ​ |
| ​ | 10.5 | ​ | ​ | Second Amended and Restated Dealer Manager Agreement, dated as of January 25, 2017, by and among FS Investment Corporation IV, FSIC IV Advisor, LLC and FS Investment Solutions, LLC (Incorporated by reference to exhibit (h)(1) to Post-Effective Amendment No. 7 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on February 2, 2017). | ​ |
| ​ | 10.6 | ​ | ​ | Form of Selected Dealer Agreement. (Incorporated by reference to Exhibit (h)(2) to Post-Effective Amendment No. 7 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on February 2, 2017).                                                                                                                                                                  | ​ |

----

TABLE OF CONTENTS

| ​ | 10.7  | ​ | ​ | Custodian Agreement, by and between FS Investment Corporation IV and State Street Bank and Trust Company (Incorporated by reference to Exhibit (j) to Pre-Effective Amendment No. 4 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 24, 2015).                                                                                    | ​ |
|---------|-------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | 10.8  | ​ | ​ | Escrow Agreement, dated as of September 21, 2015, by and among FS Investment Corporation IV, UMB Bank, N.A. and FS2 Capital Partners, LLC (Incorporated by reference to Exhibit (k)(1) to Pre-Effective Amendment No. 4 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 24, 2015).                                                | ​ |
| ​ | 10.9  | ​ | ​ | Amended and Restated Escrow Agreement, dated as of October 9, 2015, by and among FS Investment Corporation IV, UMB Bank, N.A. and FS2 Capital Partners, LLC (Incorporated by reference to Exhibit (k)(1) to Post-Effective Amendment No. 1 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on October 13, 2015).                               | ​ |
| ​ | 10.10 | ​ | ​ | Expense Support and Conditional Reimbursement Agreement, dated as of September 21, 2015, by and between FS Investment Corporation IV and Franklin Square Holdings, L.P. (Incorporated by reference to Exhibit (k)(2) to Pre-Effective Amendment No. 4 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on September 24, 2015).                  | ​ |
| ​ | 10.11 | ​ | ​ | Amended and Restated Expense Support and Conditional Reimbursement Agreement, dated as of October 9, 2015, by and between FS Investment Corporation IV and Franklin Square Holdings, L.P. (Incorporated by reference to Exhibit (k)(2) to Post-Effective Amendment No. 1 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on October 13, 2015). | ​ |
| ​ | 10.12 | ​ | ​ | Amended and Restated Distribution Plan (Incorporated by reference to Exhibit (k)(3) filed with Post-Effective Amendment No. 7 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on February 2, 2017).                                                                                                                                                 | ​ |
| ​ | 10.13 | ​ | ​ | Amended and Restated Class Shares Plan (Incorporated by reference to Exhibit (k)(4) to Post-Effective Amendment No. 7 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on February 2, 2017).                                                                                                                                                    | ​ |
| ​ | 10.14 | ​ | ​ | ISDA 2002 Master Agreement, together with the Schedule thereto and Credit Support Annex to such Schedule, each dated as of January 19, 2016, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to FS Investment Corporation IV’s Current Report on Form 8-K filed on January 22, 2016).                                                  | ​ |
| ​ | 10.15 | ​ | ​ | Amended and Restated Paragraph 13 of the Credit Support Annex, dated as of September 5, 2017, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit (k)(6) to Post-Effective Amendment No. 9 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on October 18, 2017).                                    | ​ |
| ​ | 10.16 | ​ | ​ | Confirmation Letter Agreement, dated as of January 19, 2016, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.2 to FS Investment Corporation IV’s Current Report on Form 8-K filed on January 22, 2016).                                                                                                                                  | ​ |
| ​ | 10.17 | ​ | ​ | Amended and Restated Confirmation Letter Agreement, dated as of April 12, 2016, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to FS Investment Corporation IV’s Current Report on Form 8-K filed on April 14, 2016).                                                                                                                 | ​ |
| ​ | 10.18 | ​ | ​ | Second Amended and Restated Confirmation Letter Agreement, effective as of June 3, 2016, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to FS Investment Corporation IV’s Current Report on Form 8-K filed on June 8, 2016).                                                                                                          | ​ |
| ​ | 10.19 | ​ | ​ | Third Amended and Restated Confirmation Letter Agreement, effective as of June 30, 2016, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to FS Investment Corporation IV’s Current Report on Form 8-K filed on July 13, 2016).                                                                                                         | ​ |
| ​ | 10.20 | ​ | ​ | Fourth Amended and Restated Confirmation Letter Agreement, effective as of January 19, 2017, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to FS Investment Corporation IV’s Current Report on Form 8-K filed on February 1, 2017).                                                                                             | ​ |

----

TABLE OF CONTENTS​

| ​ | 10.21 | ​ | ​ | Fifth Amended and Restated Confirmation Letter Agreement, effective as of July 19, 2017, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to FS Investment Corporation IV’s Current Report on Form 8-K filed on July 24, 2017).                                                                            | ​ |
|---------|-------|---------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | 10.22 | ​ | ​ | Sixth Amended and Restated Confirmation Letter Agreement, effective as of September 5, 2017, by and between Cheltenham Funding LLC and Citibank, N.A. (Incorporated by reference to Exhibit (k)(13) to Post-Effective Amendment No. 9 to FS Investment Corporation IV’s registration statement on Form N-2 (File No. 333-204239) filed on October 18, 2017).       | ​ |
| ​ | 10.23 | ​ | ​ | Investment Management Agreement, dated as of January 19, 2016, by and between FS Investment Corporation IV and Cheltenham Funding LLC (Incorporated by reference to Exhibit 10.3 to FS Investment Corporation IV’s Current Report on Form 8-K filed on January 22, 2016).                                                                                     | ​ |
| ​ | 10.24 | ​ | ​ | Guarantee, dated as of January 19, 2016, by FS Investment Corporation IV in favor of Citibank, N.A. (Incorporated by reference to Exhibit 10.4 to FS Investment Corporation IV’s Current Report on Form 8-K filed on January 22, 2016).                                                                                                                       | ​ |
| ​ | 10.25 | ​ | ​ | Committed Facility Agreement, dated and effective as of March 1, 2017, by and between Broomall Funding LLC and BNP Paribas Prime Brokerage International, Ltd. (Incorporated by reference to Exhibit 10.1 to FS Investment Corporation IV’s Current Report on Form 8-K filed on February 15, 2017).                                                 | ​ |
| ​ | 10.26 | ​ | ​ | U.S. PB Agreement, dated and effective as of March 1, 2017, by and between Broomall Funding LLC and BNP Paribas Prime Brokerage International, Ltd., on behalf of itself and as agent for the BNPP Entities (Incorporated by reference to Exhibit 10.2 to FS Investment Corporation IV’s Current Report on Form 8-K filed on February 15, 2017).              | ​ |
| ​ | 10.27 | ​ | ​ | Special Custody and Pledge Agreement, dated and effective as of March 1, 2017, by and among Broomall Funding LLC, BNP Paribas Prime Brokerage International, Ltd., and State Street Bank and Trust Company, as custodian (Incorporated by reference to Exhibit 10.3 to FS Investment Corporation IV’s Current Report on Form 8-K filed on February 15, 2017). | ​ |
| ​ | 21.1* | ​ | ​ | Subsidiaries of FS Investment Corporation IV.                                                                                                                                                                                                                                                                                                                                 | ​ |
| ​ | 31.1* | ​ | ​ | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.                                                                                                                                                                                                                                                          | ​ |
| ​ | 31.2* | ​ | ​ | Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.                                                                                                                                                                                                                                                          | ​ |
| ​ | 32.1* | ​ | ​ | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.                                                                                                                                                         | ​ |

----

TABLE OF CONTENTS​

| ​ | ​                  | ​ | ​ | FS INVESTMENT CORPORATION IV                                                        | ​ |
|---------|--------------------------|---------|---------|-------------------------------------------------------------------------------------|---------|
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ MICHAEL C. FORMAN​Michael C. Forman President and Chief Executive Officer | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ MICHAEL C. FORMAN​Michael C. Forman President and Chief Executive Officer and Director (Principal Executive Officer) | ​ |
|---------|--------------------------|---------|---------|--------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ EDWARD T. GALLIVAN, JR.​Edward T. Gallivan, Jr. Chief Financial Officer (Principal Accounting and Financial Officer) | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ DAVID J. ADELMAN​David J. Adelman Director                                                                           | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ WALTER D’ALESSIO​M. Walter D’Alessio Director                                                            | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ BARBARA J. FOUSS​Barbara J. Fouss Director                                                                           | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ THOMAS J. GRAVINA​Thomas J. Gravina Director                                                                         | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ MARC LEDERMAN​Marc Lederman Director                                                                                 | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ GREGORY S. ROST​Gregory S. Rost Director                                                                             | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ JUDAH C. SOMMER​Judah C. Sommer Director                                                                             | ​ |
| ​ | Date: March 9, 2018 | ​ | ​ | /s/ JOHN E. STUART​John E. Stuart Director                                                                               | ​ |

----