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

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

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Delaware                                                      |   | 52-1451377 |
| (State or Other Jurisdiction ofIncorporation or Organization) |   | (I.R.S. EmployerIdentification No.) |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |
| Large accelerated filer  x |   |   |    | Accelerated filer  o |
| Non-accelerated filer  o             |   | (Do not check if a smaller reporting company) |    | Smaller Reporting Company  o |

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Table of Contents

| AMERICAN CAPITAL, LTD.TABLE OF CONTENTS |
|-----------------------------------------|
|                                         |  |  |
| PART I. FINANCIAL INFORMATION           |   |
|                                    |   |   |
| Item 1.                                 | Financial Statements | 3 |
| Item 2.                                 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 42 |
| Item 3.                                 | Quantitative and Qualitative Disclosure About Market Risk | 63 |
| Item 4.                                 | Controls and Procedures | 64 |
|                                    |   |   |
| PART II. OTHER INFORMATION              |   |
|                                    |   |   |
| Item 1.                                 | Legal Proceedings | 65 |
| Item 1A.                                | Risk Factors | 65 |
| Item 2.                                 | Unregistered Sales of Equity Securities and Use of Proceeds | 65 |
| Item 3.                                 | Defaults Upon Senior Securities | 65 |
| Item 4.                                 | Mine Safety Disclosures | 65 |
| Item 5.                                 | Other Information | 65 |
| Item 6.                                 | Exhibits | 66 |
| Signatures                              | 67 |
|                                    |   |   |

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Table of Contents

|         |                      |
|---------|----------------------|
| ITEM 1. | Financial Statements |

|                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |
|                                                                                                                           | March 31, |   | December 31, |
|                                                                                                                           | 2016 |   | 2015 |
|                                                                                                                           | (unaudited) |   |   |
| Assets                                                                                                                         |   |   |   |
| Investments at fair value                                                                                                      |   |   |   |
| Non-Control/Non-Affiliate investments (cost of $2,211 and $2,368, respectively)                                                | $ | 1,921 |  |   | $ | 2,097 |  |
| Affiliate investments (cost of $26 and $35, respectively)                                                                      | 84 |  |   | 77 |  |
| Control investments (cost of $2,488 and $2,502, respectively)                                                                  | 2,732 |  |   | 2,824 |  |
| Total investments at fair value (cost of $4,725 and $4,905, respectively)                                                      | 4,737 |  |   | 4,998 |  |
| Cash and cash equivalents                                                                                                      | 364 |  |   | 483 |  |
| Restricted cash and cash equivalents                                                                                           | 32 |  |   | 46 |  |
| Interest and dividend receivable                                                                                               | 54 |  |   | 48 |  |
| Deferred tax asset, net                                                                                                        | 212 |  |   | 198 |  |
| Trade date settlement receivable                                                                                               | 32 |  |   | 373 |  |
| Other                                                                                                                          | 84 |  |   | 94 |  |
| Total assets                                                                                                                   | $ | 5,515 |  |   | $ | 6,240 |  |
| Liabilities and Shareholders’ Equity                                                                                     |   |   |   |
| Debt ($109 and $204 due within one year, respectively), net                                                                    | $ | 887 |  |   | $ | 1,253 |  |
| Long term incentive plan liability                                                                                             | 27 |  |   | 34 |  |
| Other                                                                                                                          | 121 |  |   | 131 |  |
| Total liabilities                                                                                                              | 1,035 |  |   | 1,418 |  |
| Commitments and contingencies (Note 12)                                                                                        |   |   |   |
| Shareholders’ equity:                                                                                                    |   |   |   |
| Undesignated preferred stock, $0.01 par value, 5.0 shares authorized, 0 issued and outstanding                                 | — |  |   | — |  |
| Common stock, $0.01 par value, 1,000.0 shares authorized, 227.6 and 247.3 issued and 222.4 and 242.6 outstanding, respectively | 2 |  |   | 2 |  |
| Capital in excess of par value                                                                                                 | 5,561 |  |   | 5,847 |  |
| Cumulative translation adjustment, net of tax                                                                                  | (93 | ) |   | (101 | ) |
| Distributions in excess of net realized earnings                                                                               | (877 | ) |   | (879 | ) |
| Net unrealized depreciation of investments                                                                                     | (113 | ) |   | (47 | ) |
| Total shareholders’ equity                                                                                               | 4,480 |  |   | 4,822 |  |
| Total liabilities and shareholders’ equity                                                                               | $ | 5,515 |  |   | $ | 6,240 |  |
| Net Asset Value Per Common Share Outstanding                                                                                   | $ | 20.14 |  |   | $ | 19.88 |  |

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|                                                                                                     |
|-----------------------------------------------------------------------------------------------------|
|                                                                                                     |  |  |  |  |  |  |  |
|                                                                                                | Three Months Ended March 31, |
|                                                                                                | 2016 |   | 2015 |
| Operating Revenue                                                                                   |   |   |   |
| Interest and dividend income                                                                        |   |   |   |
| Non-Control/Non-Affiliate investments                                                               | $ | 59 |  |   | $ | 78 |  |
| Control investments                                                                                 | 90 |  |   | 60 |  |
| Total interest and dividend income                                                                  | 149 |  |   | 138 |  |
| Fee income                                                                                          |   |   |   |
| Non-Control/Non-Affiliate investments                                                               | 3 |  |   | 2 |  |
| Control investments                                                                                 | 10 |  |   | 14 |  |
| Total fee income                                                                                    | 13 |  |   | 16 |  |
| Total operating revenue                                                                             | 162 |  |   | 154 |  |
| Operating Expenses                                                                                  |   |   |   |
| Interest                                                                                            | 15 |  |   | 17 |  |
| Salaries, benefits and stock-based compensation                                                     | 34 |  |   | 40 |  |
| European Capital management fees                                                                    | 2 |  |   | 4 |  |
| General and administrative                                                                          | 17 |  |   | 15 |  |
| Total operating expenses                                                                            | 68 |  |   | 76 |  |
| Net Operating Income Before Income Taxes                                                            | 94 |  |   | 78 |  |
| Tax provision                                                                                       | (20 | ) |   | (28 | ) |
| Net Operating Income                                                                                | 74 |  |   | 50 |  |
| Net realized gain (loss)                                                                            |   |   |   |
| Non-Control/Non-Affiliate investments                                                               | (15 | ) |   | (8 | ) |
| Affiliate investments                                                                               | 2 |  |   | — |  |
| Control investments                                                                                 | (70 | ) |   | (198 | ) |
| Foreign currency transactions                                                                       | — |  |   | (2 | ) |
| Derivative agreements and other                                                                     | (17 | ) |   | (48 | ) |
| Tax benefit                                                                                         | 12 |  |   | 43 |  |
| Total net realized loss                                                                             | (88 | ) |   | (213 | ) |
| Net unrealized appreciation (depreciation)                                                          |   |   |   |
| Portfolio company investments                                                                       | (76 | ) |   | 229 |  |
| Foreign currency translation                                                                        | (8 | ) |   | 19 |  |
| Derivative agreements and other                                                                     | 13 |  |   | 6 |  |
| Tax benefit (provision)                                                                             | 5 |  |   | (76 | ) |
| Total net unrealized (depreciation) appreciation                                                    | (66 | ) |   | 178 |  |
| Total net loss                                                                                      | (154 | ) |   | (35 | ) |
| Net (Decrease) Increase in Net Assets Resulting from Operations (“Net (Loss) Earnings”) | $ | (80 | ) |   | $ | 15 |  |
|                                                                                                |   |   |   |
| Net Operating Income Per Common Share                                                               |   |   |   |
| Basic                                                                                               | $ | 0.31 |  |   | $ | 0.18 |  |
| Diluted                                                                                             | $ | 0.31 |  |   | $ | 0.18 |  |
| Net (Loss) Earnings Per Common Share                                                                |   |   |   |
| Basic                                                                                               | $ | (0.34 | ) |   | $ | 0.06 |  |
| Diluted                                                                                             | $ | (0.34 | ) |   | $ | 0.05 |  |
| Weighted Average Shares of Common Stock Outstanding                                                 |   |   |   |
| Basic                                                                                               | 235.0 |  |   | 271.1 |  |
| Diluted                                                                                             | 235.0 |  |   | 282.9 |  |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | Three Months Ended March 31, |
|                                                                        | 2016 |   | 2015 |
|                                                                        |   |   |   |
| Net (loss) earnings                                                         | $ | (80 | ) |   | $ | 15 |  |
| Other comprehensive income (loss):                                          |   |   |   |
| Cumulative translation adjustment, net of tax of $0 and ($21), respectively | 8 |  |   | (96 | ) |
| Comprehensive loss                                                          | $ | (72 | ) |   | $ | (81 | ) |

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended March 31, |
|                                                                  | 2016 |   | 2015 |
| Operations                                                            |   |   |   |
| Net operating income                                                  | $ | 74 |  |   | $ | 50 |  |
| Net realized loss, net of tax                                         | (88 | ) |   | (213 | ) |
| Net unrealized (depreciation) appreciation, net of tax                | (66 | ) |   | 178 |  |
| Net (loss) earnings                                                   | (80 | ) |   | 15 |  |
| Capital Share Transactions                                            |   |   |   |
| Proceeds from issuance of common stock upon exercise of stock options | 4 |  |   | 17 |  |
| Repurchase of common stock                                            | (297 | ) |   | — |  |
| Stock-based compensation                                              | 7 |  |   | 13 |  |
| Cumulative translation adjustment, net of tax                         | 8 |  |   | (96 | ) |
| Other                                                                 | 16 |  |   | 5 |  |
| Net decrease in net assets resulting from capital share transactions  | (262 | ) |   | (61 | ) |
| Total decrease in net assets                                          | (342 | ) |   | (46 | ) |
| Net assets at beginning of period                                     | 4,822 |  |   | 5,472 |  |
| Net assets at end of period                                           | $ | 4,480 |  |   | $ | 5,426 |  |
|                                                                  |   |   |   |
| Net asset value per common share outstanding                          | $ | 20.14 |  |   | $ | 20.12 |  |
| Common shares outstanding at end of period                            | 222.4 |  |   | 269.7 |  |

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|                                                                                                      |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |  |  |  |  |  |  |
|                                                                                                 | Three Months Ended March 31, |
|                                                                                                 | 2016 |   | 2015 |
| Operating Activities                                                                                 |   |   |   |
| Net (loss) earnings                                                                                  | $ | (80 | ) |   | $ | 15 |  |
| Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities: |   |   |   |
| Net unrealized depreciation (appreciation) of investments                                            | 71 |  |   | (254 | ) |
| Net realized loss on investments                                                                     | 100 |  |   | 256 |  |
| Effects on exchange rate changes on assets and liabilities denominated in foreign currencies         | 1 |  |   | 3 |  |
| Accrued PIK interest and dividends on investments                                                    | (29 | ) |   | (25 | ) |
| Stock-based compensation                                                                             | 7 |  |   | 7 |  |
| (Increase) decrease in interest and dividend receivable                                              | (7 | ) |   | 5 |  |
| (Increase) decrease in deferred tax asset, net                                                       | (14 | ) |   | 62 |  |
| Decrease (increase) in other assets                                                                  | 2 |  |   | (6 | ) |
| Decrease in other liabilities                                                                        | (5 | ) |   | (27 | ) |
| Payment of long term incentive plan liability                                                        | (12 | ) |   | (46 | ) |
| Other                                                                                                | 16 |  |   | (2 | ) |
| Net cash provided by (used in) operating activities                                                  | 50 |  |   | (12 | ) |
| Investing Activities                                                                                 |   |   |   |
| Purchases and originations of investments                                                            | (154 | ) |   | (807 | ) |
| Repayments from portfolio company revolving credit facility investments, net                         | 7 |  |   | 2 |  |
| Principal repayments on debt investments                                                             | 50 |  |   | 61 |  |
| Proceeds from loan syndications and loan sales                                                       | 539 |  |   | 54 |  |
| Payment of accrued PIK notes and dividend and accreted original issue discounts                      | 14 |  |   | 17 |  |
| Proceeds from equity investments                                                                     | 32 |  |   | 93 |  |
| Increase in cash collateral on total return swaps                                                    | — |  |   | 95 |  |
| Other                                                                                                | — |  |   | (3 | ) |
| Net cash provided by (used in) investing activities                                                  | 488 |  |   | (488 | ) |
| Financing Activities                                                                                 |   |   |   |
| (Payments on) proceeds from revolving credit facilities, net                                         | (368 | ) |   | 304 |  |
| Decrease (increase) in debt service escrows                                                          | 1 |  |   | (11 | ) |
| Proceeds from issuance of common stock upon exercise of stock options                                | 4 |  |   | 17 |  |
| Repurchase of common stock                                                                           | (297 | ) |   | — |  |
| Other                                                                                                | 3 |  |   | 2 |  |
| Net cash (used in) provided by financing activities                                                  | (657 | ) |   | 312 |  |
| Effect of currency rate changes on cash and cash equivalents                                         | — |  |   | (19 | ) |
| Net decrease in cash and cash equivalents                                                            | (119 | ) |   | (188 | ) |
| Cash and cash equivalents at beginning of period                                                     | 483 |  |   | 676 |  |
| Cash and cash equivalents at end of period                                                           | $ | 364 |  |   | $ | 469 |  |

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|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |
|                                                                           | Three Months Ended March 31, |
|                                                                           | 2016 |   | 2015 |
| Per Share Data                                                                 |   |   |   |
| Net asset value at beginning of the period                                     | $ | 19.88 |  |   | $ | 20.50 |  |
| Net operating income(1)                                                        | 0.31 |  |   | 0.18 |  |
| Net realized loss, net of tax(1)                                               | (0.37 | ) |   | (0.78 | ) |
| Net unrealized (depreciation) appreciation, net of tax(1)                      | (0.28 | ) |   | 0.66 |  |
| Net (loss) earnings(1)                                                         | (0.34 | ) |   | 0.06 |  |
| Issuance of common stock from stock compensation plans                         | (0.02 | ) |   | (0.15 | ) |
| Repurchase of common stock                                                     | 0.53 |  |   | — |  |
| Cumulative translation adjustment, net of tax                                  | 0.04 |  |   | (0.36 | ) |
| Other, net(2)                                                                  | 0.05 |  |   | 0.07 |  |
| Net asset value at end of period                                               | $ | 20.14 |  |   | $ | 20.12 |  |
| Ratio/Supplemental Data                                                        |   |   |   |
| Per share market value at end of period                                        | $ | 15.24 |  |   | $ | 14.79 |  |
| Total investment return(3)                                                     | 10.51 | % |   | 1.23 | % |
| Shares of common stock outstanding at end of period                            | 222.4 |  |   | 269.7 |  |
| Net assets at end of period                                                    | $ | 4,480 |  |   | $ | 5,426 |  |
| Average net assets(4)                                                          | $ | 4,651 |  |   | $ | 5,449 |  |
| Average debt outstanding(5)                                                    | $ | 1,012 |  |   | $ | 1,845 |  |
| Average debt outstanding per common share(1)                                   | $ | 4.31 |  |   | $ | 6.81 |  |
| Portfolio turnover rate(6)                                                     | 11.09 | % |   | 14.60 | % |
| Ratio of operating expenses to average net assets(6)                           | 5.88 | % |   | 5.66 | % |
| Ratio of operating expenses, net of interest expense, to average net assets(6) | 4.58 | % |   | 4.39 | % |
| Ratio of interest expense to average net assets(6)                             | 1.30 | % |   | 1.27 | % |
| Ratio of net operating income to average net assets(6)                         | 6.40 | % |   | 3.72 | % |

|     |                                        |
|-----|----------------------------------------|
| (1) | Weighted average basic per share data. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the impact of (i) the other components in the changes in net assets, including other capital transactions such as the purchase of common stock held in deferred compensation trusts, stock-based compensation, income tax deductions related to the exercise of stock options and distribution of stock awards in excess of U.S. GAAP expense credited to additional paid-in capital and (ii) the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end. |

|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Total investment return is based on the change in the market value of our common stock taking into account dividends, if any, reinvested in accordance with the terms of our dividend reinvestment plan. The total investment return has not been annualized. |

|     |                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------|
| (4) | Based on the quarterly average of net assets as of the beginning and end of each period presented. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Based on a daily weighted average balance of debt outstanding, excluding deferred financing costs and discounts, during the period. |

|     |                        |
|-----|------------------------|
| (6) | Ratios are annualized. |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTSMarch 31, 2016(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                          |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| AMERICAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                            |   |   |   |   |   |   |   |
| AmWINS Group, LLC                                                                                                   |   | Insurance |   | Second Lien Senior Debt(6) | 9.5 | % | N/A |  | 9/20 |   |   | $ | 46.0 |  |   | $ | 45.0 |  |   | $ | 45.1 |  |
| Bensussen Deutsch & Associates, LLC                                                                             |   | Distributors |   | Second Lien Senior Debt(6) | 12.0 | % | 2.0 | % | 9/19 |   |   | 43.1 |  |   | 41.3 |  |   | 44.7 |  |
|                                                                                                                |   |   | Common Stock |   |   |   | 1,224,089 |  |   |   |   | 2.2 |  |   | 15.7 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 43.5 |  |   | 60.4 |  |
| BeyondTrust Software, Inc.                                                                                          |   | Software |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  | 9/19 |   |   | 30.1 |  |   | 30.1 |  |   | 29.2 |  |
| BluePay Processing, LLC                                                                                             |   | Consumer Finance |   | Second Lien Senior Debt(6) | 9.5 | % | N/A |  | 8/22 |   |   | 32.8 |  |   | 32.8 |  |   | 32.8 |  |
| Blue Wolf Capital Fund II, L.P.(7)                                                                                  |   | Capital Markets |   | Limited Partnership Interest(4) |   |   |   |   |   |   |   | 9.0 |  |   | 8.0 |  |
| BRG Sports, Inc.                                                                                                    |   | Leisure Products |   | Redeemable Preferred Stock(4) |   |   |   | 2,009 |  |   |   |   | 2.5 |  |   | 3.0 |  |
|                                                                                                                |   |   |   | Common Units(4) |   |   |   | 6,566,655 |  |   |   |   | 0.7 |  |   | — |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 3.2 |  |   | 3.0 |  |
| CAMP International Holding Company                                                                                  |   | Transportation Infrastructure |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 11/19 |   |   | 15.0 |  |   | 15.0 |  |   | 13.7 |  |
| Cast & Crew Payroll, LLC                                                                                        |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 8/23 |   |   | 36.0 |  |   | 35.7 |  |   | 34.5 |  |
| CGSC of Delaware Holdings Corporation(7)                                                                            |   | Insurance |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 10/20 |   |   | 2.0 |  |   | 2.0 |  |   | 2.0 |  |
| Chariot Acquisition, LLC                                                                                            |   | Distributors |   | First Lien Senior Debt(6) | 7.3 | % | N/A |  | 9/21 |   |   | 29.9 |  |   | 29.6 |  |   | 28.5 |  |
| Compusearch Software Systems, Inc.                                                                                  |   | Software |   | Second Lien Senior Debt(6) | 9.8 | % | N/A |  | 11/21 |   |   | 51.0 |  |   | 51.0 |  |   | 51.0 |  |
| Convergint Technologies, LLC                                                                                        |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 12/17-12/20 |   |   | 94.0 |  |   | 94.0 |  |   | 94.0 |  |
| CPI Buyer, LLC                                                                                                      |   | Trading Companies & Distributors |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 8/22 |   |   | 25.0 |  |   | 24.7 |  |   | 23.7 |  |
| Crossroads Equity Holdings LLC                                                                                      |   | Real Estate |   | First Lien Senior Debt(6) | 5.9 | % | N/A |  | 6/18 |   |   | 3.2 |  |   | 3.2 |  |   | 2.9 |  |
| Datapipe, Inc.                                                                                                      |   | IT Services |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 9/19 |   |   | 29.5 |  |   | 29.2 |  |   | 28.8 |  |
| Delsey Holding S.A.S.(7)                                                                                            |   | Textiles, Apparel & Luxury Goods |   | Mezzanine Debt(6) | N/A |  | 13.5 | % | 7/21 |   |   | 1.4 |  |   | 1.4 |  |   | 1.1 |  |
| DiversiTech Corporation                                                                                             |   | Building Products |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 11/22 |   |   | 9.5 |  |   | 9.4 |  |   | 9.4 |  |
| Electronic Warfare Associates, Inc.                                                                                 |   | IT Services |   | First Lien Senior Debt(6) | 13.0 | % | N/A |  | 2/19 |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
|                                                                                                                |   |   | Common Stock Warrants(4)(6) |   |   |   | 863,887 |  |   |   |   | 0.8 |  |   | 0.8 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 15.8 |  |   | 15.8 |  |
| Financière OFIC S.A.S.(7)                                                                                      |   | Building Products |   | Warrants(4) |   |   |   | 3,047,200 |  |   |   |   | — |  |   | 3.0 |  |
| Flexera Software LLC                                                                                                |   | Software |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  | 4/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.7 |  |
| FXI Holdings, Inc.                                                                                                  |   | Household Durables |   | Common Stock(4) |   |   |   | 3,163 |  |   |   |   | — |  |   | 0.6 |  |
| Galls, LLC                                                                                                          |   | Specialty Retail |   | Second Lien Senior Debt(6) | 9.5 | % | N/A |  | 6/17-8/21 |   |   | 31.6 |  |   | 31.6 |  |   | 31.6 |  |
| The Gordian Group, Inc.                                                                                             |   | Internet Software & Services |   | First Lien Senior Debt(6) | 5.6 | % | N/A |  | 7/19 |   |   | 40.7 |  |   | 40.7 |  |   | 39.9 |  |
| Hyland Software, Inc.                                                                                               |   | Software |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 7/23 |   |   | 10.0 |  |   | 10.0 |  |   | 9.5 |  |
| Industrial Container Services, LLC                                                                                  |   | Containers & Packaging |   | First Lien Senior Debt(6) | 6.8 | % | N/A |  | 12/18 |   |   | 49.7 |  |   | 49.7 |  |   | 49.7 |  |
|                                                                                                                |   | Second Lien Senior Debt(6) | 10.2 | % | N/A |  | 12/19 |   |   | 10.0 |  |   | 9.9 |  |   | 9.9 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   | 59.6 |  |   | 59.6 |  |
| Infogix Parent Corporation                                                                                          |   | IT Services |   | First Lien Senior Debt(6) | 7.8 | % | N/A |  | 12/21 |   |   | 90.0 |  |   | 88.3 |  |   | 88.1 |  |
|                                                                                                                |   |   |   | Redeemable Preferred Stock(6) |   |   |   | 2,475 |  |   |   |   | 2.6 |  |   | 2.6 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 90.9 |  |   | 90.7 |  |
| Inmar, Inc.                                                                                                         |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  | 1/22 |   |   | 20.0 |  |   | 19.8 |  |   | 15.6 |  |
| Iotum Global Holdings, Inc.(7)                                                                                      |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | N/A |  | 10.0 | % | 5/17 |   |   | 1.3 |  |   | 1.3 |  |   | 1.3 |  |
| iParadigms, LLC                                                                                                     |   | Internet Software & Services |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 7/22 |   |   | 39.5 |  |   | 39.3 |  |   | 38.7 |  |
| Iron Bow Technologies, LLC                                                                                          |   | Electronic Equipment, Instruments & Components |   | Second Lien Senior Debt(6) | 10.4 | % | 2.8% |  | 2/21 |   |   | 15.1 |  |   | 15.1 |  |   | 15.1 |  |
| Jazz Acquisition, Inc.                                                                                              |   | Aerospace & Defense |   | Second Lien Senior Debt(6) | 7.8 | % | N/A |  | 6/22 |   |   | 25.0 |  |   | 24.9 |  |   | 18.8 |  |
| Kele Holdco, Inc.                                                                                                   |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 7.0 | % | N/A |  | 10/20-10/22 |   |   | 71.3 |  |   | 71.3 |  |   | 71.3 |  |
|                                                                                                                |   |   | Common Stock(4)(6) |   |   |   | 30,000 |  |   |   |   | 3.0 |  |   | 3.0 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   | 74.3 |  |   | 74.3 |  |
|                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2016(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Landslide Holdings, Inc.                                                                                                              |   | Software |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 2/21 |   |   | 9.0 |  |   | 9.0 |  |   | 8.1 |  |
| Lenox Park C-F Owner, LLC                                                                                                             |   | Real Estate |   | First Lien Senior Debt(6) | 5.2 | % | N/A |  | 4/18 |   |   | 17.0 |  |   | 17.0 |  |   | 16.6 |  |
| LTG Acquisition, Inc.                                                                                                                 |   | Communications Equipment |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 10/20 |   |   | 46.0 |  |   | 46.0 |  |   | 42.2 |  |
|                                                                                                                                  |   |   | Common Stock(4)(6) |   |   |   | 5,000 |  |   |   |   | 5.0 |  |   | 3.6 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 51.0 |  |   | 45.8 |  |
| Mitchell International, Inc.                                                                                                          |   | Software |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 10/21 |   |  |   | 17.0 |  |   | 16.9 |  |   | 15.1 |  |
| M-IV Lake Center LLC                                                                                                                  |   | Real Estate |   | First Lien Senior Debt(6) | 5.7 | % | N/A |  | 12/17 |   |   | 7.0 |  |   | 7.0 |  |   | 6.6 |  |
| Novetta Solutions, LLC                                                                                                                |   | IT Services |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 10/22 |   |   | 13.0 |  |   | 12.9 |  |   | 12.7 |  |
|                                                                                                                                  |   |   |   | Second Lien Senior Debt(6) | 9.5 | % | N/A |  | 10/23 |   |   | 31.0 |  |   | 30.7 |  |   | 29.9 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 43.6 |  |   | 42.6 |  |
| OnCourse Learning Corporation                                                                                                         |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 8.5 | % | N/A |  | 2/19 |   |   | 19.5 |  |   | 19.4 |  |   | 19.4 |  |
| Osmose Utility Services, Inc.                                                                                                         |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 8/23 |   |   | 34.0 |  |   | 33.7 |  |   | 33.1 |  |
| Park Place Technologies, LLC                                                                                                          |   | IT Services |   | Second Lien Senior Debt(6) | 10.0 | % | N/A |  | 12/22 |   |   | 41.5 |  |   | 41.5 |  |   | 41.5 |  |
| Parmenter Woodland Park Plaza, LLC                                                                                                    |   | Real Estate |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 9/18 |   |   | 17.5 |  |   | 17.5 |  |   | 16.2 |  |
| Photonis Technologies SAS(7)                                                                                                          |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 8.5 | % | N/A |  | 9/19 |   |   | 29.7 |  |   | 29.4 |  |   | 29.2 |  |
| Project Silverback Holdings Corp.                                                                                                     |   | IT Services |   | First Lien Senior Debt(6) | 6.5 | % | N/A |  | 7/20 |   |   | 23.9 |  |   | 23.7 |  |   | 23.2 |  |
|                                                                                                                                  |   |   | Convertible Preferred Stock(6) |   |   |   | 743 |  |   |   |   | 0.9 |  |   | 0.7 |  |
|                                                                                                                                  |   |   |   | Common Stock(4) |   |   |   | 308,224 |  |   |   |   | — |  |   | 0.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 24.6 |  |   | 24.3 |  |
| Qualium I(7)                                                                                                                          |   | Capital Markets |   | Common Stock(4) |   |   |   | 247,939 |  |   |   |   | 5.2 |  |   | 5.0 |  |
| Ranpak Corp.                                                                                                                          |   | Containers & Packaging |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 10/22 |   |   | 25.0 |  |   | 25.0 |  |   | 22.0 |  |
| Sage Products Holdings III, LLC                                                                                                       |   | Health Care Equipment & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 6/20 |   |   | 20.6 |  |   | 20.7 |  |   | 20.6 |  |
| Severin Acquisition, LLC                                                                                                              |   | Software |   | Second Lien Senior Debt(6) | 9.8 | % | N/A |  | 7/22 |   |   | 29.9 |  |   | 29.4 |  |   | 29.4 |  |
| Systems Maintenance Services Holding, Inc.                                                                                            |   | IT Services |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 10/20 |   |   | 35.0 |  |   | 34.8 |  |   | 34.8 |  |
| TA THI Parent, Inc.                                                                                                                   |   | Auto Components |   | Second Lien Senior Debt(6) | 9.8 | % | N/A |  | 1/21 |   |   | 41.5 |  |   | 41.0 |  |   | 41.9 |  |
|                                                                                                                                  |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 25,000 |  |   |   |   | 2.5 |  |   | 3.3 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 43.5 |  |   | 45.2 |  |
| Teasdale Foods, Inc.                                                                                                                  |   | Food & Staples Retailing |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 10/21 |   |   | 31.5 |  |   | 31.5 |  |   | 30.4 |  |
| Tyche Holdings, LLC                                                                                                                   |   | IT Services |   | Second Lien Senior Debt(6) | 10.5 | % | N/A |  | 11/22 |   |   | 35.0 |  |   | 34.9 |  |   | 35.0 |  |
| Tyden Cayman Holdings Corp.(7)                                                                                                        |   | Electronic Equipment, Instruments & Components |   | Convertible Preferred Stock(4)(6) |   |  |   |   | 46,276 |  |   |   |   | 0.1 |  |   | 0.1 |  |
|                                                                                                                                  |   | Common Stock(4)(6) |   |  |   |   | 5,521,203 |  |   |   |   | 5.5 |  |   | 3.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   | 5.6 |  |   | 3.5 |  |
| W3 Co.                                                                                                                                |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 9/20 |   |   | 8.9 |  |   | 8.8 |  |   | 4.0 |  |
| WP CPP Holdings, LLC                                                                                                                  |   | Aerospace & Defense |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 4/21 |   |   | 19.7 |  |   | 19.6 |  |   | 17.1 |  |
| WRH, Inc.                                                                                                                             |   | Life Sciences Tools & Services |   | Mezzanine Debt(6) | 8.9 | % | 6.3 | % | 8/18 |   |   | 104.2 |  |   | 103.9 |  |   | 100.3 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                                              |   |   |   |   |   |   |   |
| Delsey Holding S.A.S.(7)                                                                                                              |   | Textiles, Apparel & Luxury Goods |   | Mezzanine Debt | N/A |  | 13.5 | % | 7/21 |   |   | 8.0 |  |   | 8.0 |  |   | 6.7 |  |
| Financière Newglass S.A.S.(7)                                                                                                    |   | Building Products |   | Convertible Preferred Stock |   |   |   | 15,000,000 |  |   |   |   | 18.2 |  |   | 16.4 |  |
| Modacin France S.A.S.(7)                                                                                                              |   | Specialty Retail |   | Mezzanine Debt(5) | — | % | 4.0 | % | 11/19 |   |   | 22.7 |  |   | 11.7 |  |   | — |  |
| Mobipark S.A.S.(7)                                                                                                                    |   |  Electronic Equipment, Instruments & Components |   | First Lien Senior Debt | 0.7 | % | N/A |  | 10/17-12/17 |   |   | 2.3 |  |   | 2.2 |  |   | 2.2 |  |
| Zodiac Marine and Pool S.A.(7)                                                                                                        |   | Marine |   | Second Lien Senior Debt(5) | — | % | 4.0 | % | 3/17 |   |   | 37.2 |  |   | 25.7 |  |   | 0.4 |  |
|                                                                                                                                  |   | Mezzanine Debt(5) | — | % | 8.6 | % | 9/17 |   |   | 77.4 |  |   | 38.8 |  |   | 0.2 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 64.5 |  |   | 0.6 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2016(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| SENIOR FLOATING RATE LOANS                                                                                                            |   |   |   |   |   |   |   |
| BarBri, Inc.                                                                                                                          |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 7/19 |   |   | 4.0 |  |   | 4.0 |  |   | 3.1 |  |
| Mitchell International, Inc.                                                                                                          |   | Software |   | First Lien Senior Debt(6)(8) | 4.5 | % | N/A |  | 10/20 |   |   | 2.2 |  |   | 2.2 |  |   | 2.1 |  |
| Southwire Company, LLC                                                                                                                |   | Electrical Equipment |   | First Lien Senior Debt(6)(8) | 3.2 | % | N/A |  | 2/21 |   |   | 8.0 |  |   | 8.0 |  |   | 7.6 |  |
| Wesco Aircraft Hardware Corp.(7)                                                                                                      |   | Aerospace & Defense |   | First Lien Senior Debt(6)(8) | 3.3 | % | N/A |  | 2/21 |   |   | 1.7 |  |   | 1.7 |  |   | 1.6 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CLO INVESTMENTS                                                                                                      |   |   |   |   |   |   |   |
| ACAS CLO 2007-1, Ltd.(7)                                                                                                              |   |   |   | Secured Notes(6) |   |   | 4/21 |   |   | 8.5 |  |   | 8.4 |  |   | 8.3 |  |
|                                                                                                                                  |   |   | Subordinated Notes(6) |   |   | 4/21 |   |   | 25.9 |  |   | 11.6 |  |   | 12.6 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 20.0 |  |   | 20.9 |  |
| Apidos CLO XVIII, Ltd.(7)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 39.4 |  |   | 32.3 |  |   | 20.2 |  |
| Apidos CLO XXI(7)                                                                                                                     |   |   |   | Subordinated Notes(6) |   |   | 6/27 |   |   | 12.4 |  |   | 10.9 |  |   | 8.8 |  |
| Ares IIIR/IVR CLO Ltd.(7)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   | 4/21 |   |   | 20.0 |  |   | 11.1 |  |   | 3.9 |  |
| Babson CLO Ltd. 2006-II(7)                                                                                                            |   |   |   | Income Notes(4)(6) |   |   | 10/20 |   |   | 15.0 |  |   | 2.7 |  |   | — |  |
| Babson CLO Ltd. 2013-II(7)                                                                                                            |   |   |   | Income Notes(6) |   |   | 1/25 |   |   | 5.0 |  |   | 3.7 |  |   | 2.5 |  |
| Babson CLO Ltd. 2014-I(7)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 8.5 |  |   | 6.2 |  |   | 3.3 |  |
| Babson CLO Ltd. 2014-II(7)                                                                                                            |   |   |   | Subordinated Notes(6) |   |   | 9/26 |   |   | 25.0 |  |   | 19.9 |  |   | 8.5 |  |
| Blue Hill CLO, Ltd.(7)                                                                                                                |   |   |   | Subordinated Notes(6) |   |   | 1/26 |   |   | 23.1 |  |   | 17.3 |  |   | 5.8 |  |
| Carlyle Global Market Strategies CLO 2013-3, Ltd.(7)                                                                                  |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 5.0 |  |   | 3.4 |  |   | 2.6 |  |
| Carlyle Global Market Strategies CLO 2015-3, Ltd.(7)                                                                                  |   |   |   | Subordinated Notes(6) |   |   | 7/28 |   |   | 28.2 |  |   | 24.1 |  |   | 20.6 |  |
| Cent CDO 12 Limited(7)                                                                                                                |   |   |   | Income Notes(6) |   |   | 11/20 |   |   | 26.4 |  |   | 13.4 |  |   | 26.0 |  |
| Cent CLO 22 Limited(7)                                                                                                                |   |   |   | Subordinated Notes(6) |   |   | 11/26 |   |   | 45.4 |  |   | 36.6 |  |   | 15.2 |  |
| Cent CLO 24 Limited(7)                                                                                                                |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 28.0 |  |   | 27.0 |  |   | 20.2 |  |
| Centurion CDO 8 Limited(7)                                                                                                            |   |   |   | Subordinated Notes(4)(6) |   |   | 3/17 |   |   | 5.0 |  |   | 0.2 |  |   | — |  |
| CoLTs 2005-1 Ltd.(7)                                                                                                                  |   |   |   | Preference Shares(4)(6) |   |   | 3/16 | 360 |  |   |   |   | 1.7 |  |   | 0.1 |  |
| CoLTs 2005-2 Ltd.(7)                                                                                                                  |   |   |   | Preference Shares(4)(6) |   |   | 12/18 | 34,170,000 |  |   |   |   | 11.0 |  |   | 0.4 |  |
| CREST Exeter Street Solar 2004-1(7)                                                                                                   |   |   |   | Preferred Securities(4)(6) |   |   | 6/39 | 3,500,000 |  |   |   |   | 3.2 |  |   | — |  |
| Dryden 40 Senior Loan Fund(7)                                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 8/28 |   |   | 9.5 |  |   | 8.3 |  |   | 6.2 |  |
| Eaton Vance CDO X plc(7)                                                                                                              |   |   |   | Secured Subordinated Notes(6) |   |   | 2/27 |   |   | 15.0 |  |   | 11.1 |  |   | 4.1 |  |
| Flagship CLO V(7)                                                                                                                     |   |   |   | Deferrable Notes(6) |   |   | 9/19 |   |   | 1.7 |  |   | 1.5 |  |   | 1.7 |  |
|                                                                                                                                  |   |   |   | Subordinated Securities(6) |   |   | 9/19 | 15,000 |  |   |   |   | 7.1 |  |   | 0.7 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 8.6 |  |   | 2.4 |  |
| Galaxy III CLO, Ltd(7)                                                                                                                |   |   |   | Subordinated Notes(4) |   |   | 8/16 |   |   | 4.0 |  |   | 0.2 |  |   | — |  |
| GoldenTree Loan Opportunities VII, Limited(7)                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 4/25 |   |   | 35.3 |  |   | 30.5 |  |   | 20.7 |  |
| Halcyon Loan Advisors Funding 2014-1 Ltd.(7)                                                                                          |   |   |   | Subordinated Notes(6) |   |   | 2/26 |   |   | 1.3 |  |   | 1.0 |  |   | 0.4 |  |
| Halcyon Loan Advisors Funding 2015-2, Ltd.(7)                                                                                         |   |   |   | Subordinated Notes(6) |   |   | 7/27 |   |   | 21.7 |  |   | 18.9 |  |   | 14.8 |  |
| Herbert Park B.V.(7)                                                                                                                  |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 25.5 |  |   | 26.7 |  |   | 19.8 |  |
| LightPoint CLO IV, LTD(7)                                                                                                             |   |   |   | Income Notes(4)(6) |   |   | 4/18 |   |   | 6.7 |  |   | 3.6 |  |   | — |  |
| LightPoint CLO VII, Ltd.(7)                                                                                                           |   |   |   | Subordinated Notes(6) |   |   | 5/21 |   |   | 9.0 |  |   | 2.6 |  |   | 1.4 |  |
| Madison Park Funding XII, Ltd.(7)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 10.0 |  |   | 8.3 |  |   | 6.4 |  |
| Madison Park Funding XIII, Ltd.(7)                                                                                                    |   |   |   | Subordinated Notes(6) |   |   | 1/25 |   |   | 30.9 |  |   | 24.8 |  |   | 18.0 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2016(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| NYLIM Flatiron CLO 2006-1 LTD.(7)                                                                                                     |   |   |   | Subordinated Securities(6) |   |   | 8/20 | 10,000 |  |   |   |   | 4.4 |  |   | 2.4 |  |
| Och Ziff Loan Management XIII, Ltd.(7)                                                                                                |   |   |   | Subordinated Notes(6) |   |   | 7/27 |   |   | 15.0 |  |   | 13.2 |  |   | 11.7 |  |
| Octagon Investment Partners XVIII, Ltd.(7)                                                                                            |   |   |   | Subordinated Notes(6) |   |   | 12/24 |   |   | 16.4 |  |   | 12.4 |  |   | 7.5 |  |
| Octagon Investment Partners XIX, Ltd.(7)                                                                                              |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 25.0 |  |   | 18.2 |  |   | 12.8 |  |
| OHA Credit Partners XI, Ltd.(7)                                                                                                       |   |   |   | Subordinated Notes(6) |   |   | 10/28 |   |   | 33.5 |  |   | 30.9 |  |   | 26.7 |  |
| Sapphire Valley CDO I, Ltd.(7)                                                                                                        |   |   |   | Subordinated Notes(6) |   |   | 12/22 |   |   | 14.0 |  |   | 17.6 |  |   | 10.9 |  |
| THL Credit Wind River 2014-2 CLO Ltd.(7)                                                                                              |   |   |   | Income Notes |   |   | 7/26 |   |   | 15.0 |  |   | 9.7 |  |   | 7.4 |  |
| Vitesse CLO, Ltd.(7)                                                                                                                  |   |   |   | Preferred Securities(4)(6) |   |   | 8/20 | 20,000,000 |  |   |   |   | 11.9 |  |   | — |  |
| Voya CLO 2014-4, Ltd.(7)                                                                                                              |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 26.7 |  |   | 22.6 |  |   | 15.4 |  |
| Subtotal Non-Control / Non-Affiliate Investments (40% of total investments at fair value)                                             |   |   |   | $ | 2,211.3 |  |   | $ | 1,921.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |
| AMERICAN CAPITAL AFFILIATE INVESTMENTS                                                                                                |   |   |   |   |   |   |   |
| IS Holdings I, Inc.                                                                                                                   |   | Software |   | Common Stock(4)(6) |   |   |   | 2,000,000 |  |   |   |   | $ | 5.2 |  |   | $ | 11.5 |  |
| Mobipark S.A.S.(7)                                                                                                                    |   | Electronic Equipment, Instruments & Components |   | First Lien Senior Debt(6) | 2.1 | % | N/A |  | 12/17 |   |   | $ | 4.0 |  |   | 3.8 |  |   | 3.4 |  |
|                                                                                                                                  |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 28,317,268 |  |   |   |   | 9.1 |  |   | 28.2 |  |
|                                                                                                                                  |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 25,751,312 |  |   |   |   | 7.2 |  |   | 31.0 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 20.1 |  |   | 62.6 |  |
| Primrose Holding Corporation                                                                                                          |   | Diversified Consumer Services |   | Common Stock(4)(6) |   |   |   | 7,227 |  |   |   |   | — |  |   | 8.1 |  |
| Roark - Money Mailer, LLC                                                                                                             |   | Media |   | Common Membership Units(4) |   |  |   |   | 6.0 | % |   |   |   | 0.7 |  |   | 1.7 |  |
| Subtotal Affiliate Investments (2% of total investments at fair value)                                                                |   |   |   | $ | 26.0 |  |   | $ | 83.9 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CONTROL INVESTMENTS                                                                                                  |   |   |   |   |   |   |   |
| ACAS Real Estate Holdings Corporation                                                                                                 |   | Real Estate |   | Common Stock(6) |   |   |   | 100 | % |   |   |   | $ | 4.5 |  |   | $ | 9.9 |  |
| Alcami Holdings LLC                                                                                                                   |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 6.5 | % | N/A |  | 3/17-10/20 |   |   | 103.6 |  |   | 102.8 |  |   | 105.7 |  |
|                                                                                                                                  |   |   | Mezzanine Debt(6) | 7.1 | % | 6.1% |  | 10/20 |   |   | 143.1 |  |   | 142.1 |  |   | 143.1 |  |
|                                                                                                                                  |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 84,936 |  |   |   |   | 61.1 |  |   | 0.1 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 306.0 |  |   | 248.9 |  |
| American Capital Asset Management, LLC                                                                                                |   | Capital Markets |   | Mezzanine Debt(6) | 5.0 | % | N/A |  | 9/16 |   |   | $ | 35.0 |  |   | 35.0 |  |   | 35.0 |  |
|                                                                                                                                  |   |   | Common Membership Interest(6) |   |   |   | 100 | % |   |   |   | 601.1 |  |   | 998.0 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 636.1 |  |   | 1,033.0 |  |
| American Driveline Systems, Inc.                                                                                                      |   | Diversified Consumer Services |   | Mezzanine Debt(6) | N/A |  | 11.0 | % | 3/21 |   |   | 49.0 |  |   | 49.0 |  |   | 49.0 |  |
|                                                                                                                                  |   | Redeemable Preferred Stock(4)(6) |   |   |   | 7,121 |  |   |   |   | 83.5 |  |   | 9.7 |  |
|                                                                                                                                  |   | Common Stock(4)(6) |   |   |   | 289,215 |  |   |   |   | 18.2 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 150.7 |  |   | 58.7 |  |
| Capital.com, Inc.                                                                                                                     |   | Diversified Financial Services |   | Common Stock(4)(6) |   |  |   |   | 8,500,100 |  |   |   |   | 0.9 |  |   | 1.2 |  |
| ECA Acquisition Holdings, Inc.                                                                                                        |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | N/A |  | 10.0 | % | 12/16 |   |   | 9.0 |  |   | 9.0 |  |   | 9.0 |  |
|                                                                                                                                  |   | Mezzanine Debt(5)(6) | N/A |  | 16.5 | % | 12/16 |   |   | 19.3 |  |   | 12.1 |  |   | 4.0 |  |
|                                                                                                                                  |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 2,150 |  |   |   |   | 2.2 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 1,000 |  |   |   |   | 14.9 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 38.2 |  |   | 13.0 |  |
| eLynx Holdings, Inc.                                                                                                                  |   | IT Services |   | Convertible Preferred Stock(6) |   |   |   | 11,728 |  |   |   |   | 35.5 |  |   | 41.7 |  |
|                                                                                                                                  |   |   |   | Redeemable Preferred Stock(6) |   |   |   | 30,162 |  |   |   |   | 37.1 |  |   | 40.3 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 16,087 |  |   |   |   | 1.1 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 1,026,321 |  |   |   |   | 5.5 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 79.2 |  |   | 82.0 |  |
| EXPL Pipeline Holdings LLC(7)                                                                                                         |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 8.1 | % | N/A |  | 1/17 |   |   | 41.0 |  |   | 40.7 |  |   | 41.9 |  |
|                                                                                                                                  |   | Common Membership Units(4)(6) |   |   |   | 100,000 |  |   |   |   | 60.6 |  |   | 38.1 |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 101.3 |  |   | 80.0 |  |
| FAMS Acquisition, Inc.                                                                                                                |   | Diversified Financial Services |   | Mezzanine Debt(6) | 12.0 | % | 2.0 | % | 1/16 |   |   | 12.9 |  |   | 12.9 |  |   | 11.8 |  |
|                                                                                                                                  |   |   | Mezzanine Debt(5)(6) | 12.5 | % | 3.0 | % | 1/16 |   |   | 26.2 |  |   | 18.3 |  |   | 15.1 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 31.2 |  |   | 26.9 |  |
| FPI Holding Corporation                                                                                                               |   | Food Products |   | First Lien Senior Debt(5)(6) | N/A |  | 20.0 | % | 7/16 |   |   | 0.5 |  |   | 0.4 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2016(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Group Montana, Inc.                                                                                                                   |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 6.3 | % | N/A |  | 1/17 |   |   | 5.2 |  |   | 5.2 |  |   | 5.2 |  |
|                                                                                                                                  |   |   | Convertible Preferred Stock(6) |   |   |   | 4,000 |  |   |   |   | 6.4 |  |   | 6.6 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 100 | % |   |   |   | 12.5 |  |   | 1.7 |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 24.1 |  |   | 13.5 |  |
| Halex Holdings, Inc.                                                                                                                  |   | Construction Materials |   | Second Lien Senior Debt(5)(6) | 8.5 | % | N/A |  | 1/18 |   |   | 15.6 |  |   | 15.6 |  |   | 15.6 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 51,853 |  |   |   |   | 9.2 |  |   | 13.1 |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 24.8 |  |   | 28.7 |  |
| HALT Medical, Inc.                                                                                                                    |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(5)(6) | N/A |  | 22.0 | % | 6/16 |   |   | 113.2 |  |   | 74.0 |  |   | 36.0 |  |
| Hard 8 Games, LLC                                                                                                                     |   | Hotels, Restaurants & Leisure |   | First Lien Convertible Senior Debt | N/A |  | 7.2 | % | 12/16 |   |   | 62.2 |  |   | 62.2 |  |   | 62.2 |  |
|                                                                                                                                  |   |   | Membership Units(4) |   |   |   | 2 |  |   |   |   | 24.0 |  |   | 23.1 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 86.2 |  |   | 85.3 |  |
| LLSC Holdings Corporation                                                                                                             |   | Personal Products |   | Convertible Preferred Stock(4)(6) |   |   |   | 9,000 |  |   |   |   | 10.9 |  |   | 19.1 |  |
|                                                                                                                                  |   |   | Common Stock(4)(6) |   |   |   | 1,000 |  |   |   |   | — |  |   | 1.2 |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 675 |  |   |   |   | — |  |   | 0.8 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 10.9 |  |   | 21.1 |  |
| Montgomery Lane, LLC(7)                                                                                                               |   | Diversified Financial Services |   | Common Membership Units(4)(6) |   |   |   | 100 |  |   |   |   | — |  |   | 3.8 |  |
| MW Acquisition Corporation                                                                                                            |   | Health Care Providers & Services |   | Redeemable Preferred Stock(6) |   |   |   | 2,485 |  |   |   |   | 2.9 |  |   | 2.9 |  |
|                                                                                                                                  |   | Convertible Preferred Stock(6) |   |   |   | 88,084 |  |   |   |   | 51.2 |  |   | 76.0 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 110,720 |  |   |   |   | — |  |   | 20.3 |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 54.1 |  |   | 99.2 |  |
| NECCO Holdings, Inc.                                                                                                                  |   | Food Products |   | First Lien Senior Debt(5)(6) | 6.5 | % | N/A |  | 11/16 |   |   | 12.9 |  |   | 9.7 |  |   | 7.9 |  |
|                                                                                                                                  |   |   |   | Second Lien Senior Debt(5)(6) | N/A |  | 18.0 | % | 11/16 |   |   | 8.1 |  |   | 3.1 |  |   | — |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 860,189 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 12.9 |  |   | 7.9 |  |
| NECCO Realty Investments, LLC                                                                                                         |   | Real Estate |   | First Lien Senior Debt(5)(6) | 2.8 | % | 11.2 | % | 12/17 |   |   | 77.7 |  |   | 32.8 |  |   | 24.9 |  |
|                                                                                                                                  |   |   | Common Membership Units(4)(6) |   |   |   | 7,450 |  |   |   |   | 4.9 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 37.7 |  |   | 24.9 |  |
| PHC Sharp Holdings, Inc.                                                                                                              |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 12.5 | % | N/A |  | 1/18 |   |   | 1.4 |  |   | 1.4 |  |   | 1.4 |  |
|                                                                                                                                  |   |   | Mezzanine Debt(6) | N/A |  | 17.0 | % | 1/18 |   |   | 11.2 |  |   | 11.2 |  |   | 11.2 |  |
|                                                                                                                                  |   |   |   | Mezzanine Debt(5)(6) | N/A |  | 19.0 | % | 1/18 |   |   | 31.8 |  |   | 22.6 |  |   | 22.9 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 631,049 |  |   |   |   | 4.2 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 39.4 |  |   | 35.5 |  |
| RD Holdco Inc.                                                                                                                        |   | Household Durables |   | Second Lien Senior Debt(6) | 11.3 | % | N/A |  | 12/18 |   |   | 16.9 |  |   | 15.5 |  |   | 16.6 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 458,596 |  |   |   |   | 23.6 |  |   | 19.8 |  |
|                                                                                                                                  |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 56,372 |  |   |   |   | 2.9 |  |   | 2.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 42.0 |  |   | 38.8 |  |
| Rebellion Media Group Corp.(7)                                                                                                        |   | Internet Software & Services |   | First Lien Senior Debt(5)(6) | N/A |  | 12.0 | % | 7/16 |   |   | 20.9 |  |   | 12.3 |  |   | 3.9 |  |
| Scanner Holdings Corporation                                                                                                          |   | Technology Hardware, Storage & Peripherals |   | Mezzanine Debt(6) | 14.0 | % | N/A |  | 6/22 |   |   | 16.6 |  |   | 16.6 |  |   | 16.6 |  |
|                                                                                                                                  |   | Convertible Preferred Stock(6) |   |   |   | 66,424,135 |  |   |   |   | 8.9 |  |   | 6.2 |  |
|                                                                                                                                  |   |   | Common Stock(4) |   |   |   | 167,387 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |  |   | 25.6 |  |   | 22.8 |  |
| SEHAC Holding Corporation                                                                                                             |   | Diversified Consumer Services |   | Convertible Preferred Stock(6) |   |   |   | 14,850 |  |   |   |   | 15.0 |  |   | 232.3 |  |
|                                                                                                                                  |   | Common Stock(6) |   |   |   | 150 |  |   |   |   | 0.2 |  |   | 2.3 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 15.2 |  |   | 234.6 |  |
| Soil Safe Acquisition Corp.                                                                                                           |   | Professional Services |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  | 1/18-12/18 |   |   | 20.4 |  |   | 20.3 |  |   | 20.4 |  |
|                                                                                                                                  |   |   |   | Second Lien Senior Debt(6) | 10.8 | % | N/A |  | 7/19 |   |   | 12.7 |  |   | 12.7 |  |   | 12.7 |  |
|                                                                                                                                  |   |   |   | Mezzanine Debt(6) | 8.5 | % | 7.7 | % | 12/19 |   |   | 73.7 |  |   | 73.6 |  |   | 73.7 |  |
|                                                                                                                                  |   |   |   | Common Stock(4)(6) |   |   |   | 810 |  |   |   |   | 9.0 |  |   | 11.6 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 115.6 |  |   | 118.4 |  |
| WIS Holding Company, Inc.                                                                                                             |   | Commercial Services & Supplies |   | Convertible Preferred Stock(4)(6) |   |   |   | 1,206,598 |  |   |   |   | 105.9 |  |   | — |  |
|                                                                                                                                  |   | Common Stock(4)(6) |   |   |   | 301,650 |  |   |   |   | 16.0 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |  |   |   |   |   |   |   | 121.9 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL CONTROL INVESTMENTS                                                                                                  |   |   |   |   |   |   |   |
| Bellotto Holdings Limited(7)                                                                                                          |   | Household Durables |   | Redeemable Preferred Stock |   |   |   | 7,300,610 |  |   | 2.3 |  |   | 40.5 |  |   | 42.1 |  |
|                                                                                                                                  |   |   | Common Stock(4) |   |   |   | 2,697,010 |  |   |   |   | 92.2 |  |   | 118.7 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 132.7 |  |   | 160.8 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)March 31, 2016(unaudited)(in millions, except share data) |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                            |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Blue Topco GmbH(7)                                                                                                                    |   | Commercial Services & Supplies |   | First Lien Senior Debt | 4.0 | % | 1.0% |  | 6/19 |   |   | 2.4 |  |   | 2.4 |  |   | 2.4 |  |
|                                                                                                                                  |   | Mezzanine Debt(5) | N/A |  | 3.2% |  | 6/19 |   |   | 13.8 |  |   | 7.2 |  |   | 8.3 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 9.6 |  |   | 10.7 |  |
| Columbo TopCo Limited(7)                                                                                                              |   | Commercial Services & Supplies |   | Redeemable Preferred Stock(4) |   |   |   | 34,179,330 |  |   | 27.6 |  |   | 76.5 |  |   | 51.8 |  |
|                                                                                                                                  |   |   | Common Stock(4) |   |   |   | 757,743 |  |   |   |   | 1.1 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 77.6 |  |   | 51.8 |  |
| European Capital Private Debt LP(7)                                                                                                   |   | Diversified Financial Services |   | Partnership Interest |   |   |   | 1,650 |  |   |   |   | 97.1 |  |   | 101.6 |  |
| European Capital UK SME Debt LP(7)                                                                                                    |   | Diversified Financial Services |   | Partnership Interest |   |   |   | 500 |  |   |   |   | 12.2 |  |   | 12.0 |  |
| Financière Tarmac S.A.S.(7)                                                                                                      |   | Commercial Services & Supplies |   | Common Stock(4) |   |   |   | 69,801,903 |  |   |   |   | 23.7 |  |   | 7.0 |  |
|                                                                                                                                  |   | Redeemable Preferred Stock(4) |   |   |   | 31,303,601 |  |   |   |   | 32.7 |  |   | 35.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 56.4 |  |   | 42.4 |  |
| HCV1 S.A.S(7)                                                                                                                         |   | Machinery |   | First Lien Senior Debt | 6.0 | % | 7.8 | % | 2/20 |   |   | 3.6 |  |   | 3.6 |  |   | 3.5 |  |
|                                                                                                                                  |   |   |   | Common Stock(4) |   |   |   | 14,569,412 |  |   |   |   | 26.1 |  |   | — |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 29.7 |  |   | 3.5 |  |
| Holding Saint Augustine S.A.S.(7)                                                                                                     |   | Air Freight & Logistics |   | First Lien Senior Debt | N/A |  | N/A |  | 9/19 |   |   | 4.5 |  |   | 4.5 |  |   | — |  |
| Miles 33 Limited(7)                                                                                                                   |   | Software |   | First Lien Senior Debt | 4.0% |  | 1.3 | % | 12/17-9/18 |   |   | 7.3 |  |   | 7.3 |  |   | 7.3 |  |
|                                                                                                                                  |   |   |   | Mezzanine Debt(5) | 5.0% |  | 5.0 | % | 9/21 |   |   | 16.7 |  |   | 13.4 |  |   | 13.4 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   | 20.7 |  |   | 20.7 |  |
|                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CONTROL CLO INVESTMENT                                                                                               |   |   |   |   |   |   |   |
| ACAS Wachovia Investments, L.P.(7)                                                                                                    |   | Diversified Financial Services |   | Partnership Interest(4) |   |   |   | 90 | % |   |   |  |   | 1.8 |  |   | 0.5 |  |
| Subtotal Control Investments (58% of total investments at fair value)                                                                 |   |   |   |   | $ | 2,487.5 |  |   | $ | 2,732.0 |  |
| Total Investment Assets                                                                                                               |   |   |   |   | $ | 4,724.8 |  |   | $ | 4,737.3 |  |

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |
| Funds                                                                                  |   | Cost |   | FairValue |
| MONEY MARKET FUNDS(3)                                                                  |   |   |
| JPMorgan Prime Money Market Fund(6)                                                    |   | $ | 29.2 |  |   | $ | 29.2 |  |
| BofA Funds Series Trust - BofA Money Market Reserves(6)                                |   | 28.0 |  |   | 28.0 |  |
| Fidelity Institutional Money Market Prime Money Market Portfolio - Institutional CL(6) |   | 28.0 |  |   | 28.0 |  |
| Wells Fargo Heritage Money Market Fund(6)                                              |   | 27.1 |  |   | 27.1 |  |
| BlackRock Cash Funds Institutional Institutional Shares(6)                             |   | 25.0 |  |   | 25.0 |  |
| BlackRock Liquidity Funds TempFund Institutional Shares(6)                             |   | 24.0 |  |   | 24.0 |  |
| BlackRock Cash Funds Prime Institutional Shares(6)                                     |   | 21.5 |  |   | 21.5 |  |
| Total Money Market Funds                                                               |   | $ | 182.8 |  |   | $ | 182.8 |  |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (1) | Certain of the securities are issued by affiliate(s) of the listed portfolio company. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Interest rates represent the weighted average annual stated interest rate on loans and debt securities in effect on the date presented, which are presented by the nature of indebtedness by a single issuer. Some loans and debt securities bear interest at variable rates, primarily the three-month London Interbank Offered Rate (“LIBOR”), with interest rate floors. Payment-in-kind interest (“PIK”) represents contractually deferred interest that is typically compounded into the principal balance of the loan or debt security, if not paid on a current basis. PIK interest may be prepaid by the portfolio company’s election, but generally is paid upon a change of control transaction or maturity. The maturity date represents the latest date in which the loan or debt security is scheduled to terminate. |

|     |                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------|
| (3) | Included in cash and cash equivalents and restricted cash and cash equivalents on our consolidated balance sheets. |

|     |                                                         |
|-----|---------------------------------------------------------|
| (4) | Some or all of the securities are non-income producing. |

|     |                                                                              |
|-----|------------------------------------------------------------------------------|
| (5) | Loan is on non-accrual status and therefore considered non-income producing. |

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (6) | All or a portion of the investments or instruments are pledged as collateral under various secured financing arrangements. |

|     |                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Investments that are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2016, non-qualifying assets were approximately $1.0 billion, or 22% of net assets. |

|     |                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | All or a portion of these investments were transferred to a CLO fund managed by American Capital Asset Management, LLC. The transfer has been accounted for as a secured financing arrangement for GAAP reporting purposes. |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2015(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                  |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| AMERICAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                    |   |   |   |   |   |   |   |
| 2 TransAm LLC(7)                                                                                            |   | Real Estate |   | First Lien Senior Debt(6) | 5.4 | % | N/A |  | 1/18 |   |   | $ | 6.1 |  |   | $ | 6.1 |  |   | $ | 6.1 |  |
| AmWINS Group, LLC                                                                                           |   | Insurance |   | Second Lien Senior Debt(6) | 9.5 | % | N/A |  | 9/20 |   |   | 46.0 |  |   | 45.0 |  |   | 45.7 |  |
| Bensussen Deutsch & Associates, LLC                                                                     |   | Distributors |   | Second Lien Senior Debt(6) | 12.0 | % | 2.0 | % | 9/19 |   |   | 44.0 |  |   | 42.0 |  |   | 44.8 |  |
|                                                                                                        |   |   | Common Stock(4) |   |   |   | 1,224,089 |  |   |   |   | 2.2 |  |   | 12.9 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | 44.2 |  |   | 57.7 |  |
| BeyondTrust Software, Inc.                                                                                  |   | Software |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  | 9/19 |   |   | 31.9 |  |   | 31.9 |  |   | 31.9 |  |
| Blue Wolf Capital Fund II, L.P.(7)                                                                          |   | Capital Markets |   | Limited Partnership Interest(4) |   |   |   |   |   |   |   | 9.0 |  |   | 8.0 |  |
| BRG Sports, Inc.                                                                                            |   | Leisure Products |   | Redeemable Preferred Stock(4) |   |   |   | 2,009 |  |   |   |   | 2.5 |  |   | 3.0 |  |
|                                                                                                        |   |   |   | Common Units(4) |   |   |   | 6,566,655 |  |   |   |   | 0.7 |  |   | — |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | 3.2 |  |   | 3.0 |  |
| Buena Vida CRP 17, LP                                                                                       |   | Real Estate |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 10/18 |   |   | 3.8 |  |   | 3.8 |  |   | 3.8 |  |
| CAMP International Holding Company                                                                          |   | Transportation Infrastructure |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 11/19 |   |   | 15.0 |  |   | 15.0 |  |   | 14.6 |  |
| Cast & Crew Payroll, LLC                                                                                |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 8/23 |   |   | 36.0 |  |   | 35.7 |  |   | 35.5 |  |
| CGSC of Delaware Holdings Corporation(7)                                                                    |   | Insurance |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 10/20 |   |   | 2.0 |  |   | 2.0 |  |   | 1.9 |  |
| Chariot Acquisition, LLC                                                                                    |   | Distributors |   | First Lien Senior Debt(6) | 7.3 | % | N/A |  | 9/21 |   |   | 29.9 |  |   | 29.6 |  |   | 29.6 |  |
| Compusearch Software Systems, Inc.                                                                          |   | Software |   | Second Lien Senior Debt(6) | 9.8 | % | N/A |  | 11/21 |   |   | 51.0 |  |   | 51.0 |  |   | 51.0 |  |
| Convergint Technologies, LLC                                                                                |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 12/17-12/20 |   |   | 94.0 |  |   | 94.0 |  |   | 94.0 |  |
| CPI Buyer, LLC                                                                                              |   | Trading Companies & Distributors |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 8/22 |   |   | 25.0 |  |   | 24.7 |  |   | 23.7 |  |
| Crossroads Equity Holdings LLC                                                                              |   | Real Estate |   | First Lien Senior Debt(6) | 5.7 | % | N/A |  | 6/18 |   |   | 3.2 |  |   | 3.2 |  |   | 3.2 |  |
| Datapipe, Inc.                                                                                              |   | IT Services |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 9/19 |   |   | 29.5 |  |   | 29.1 |  |   | 28.8 |  |
| Delsey Holding S.A.S.(7)                                                                                    |   | Textiles, Apparel & Luxury Goods |   | Mezzanine Debt(6) | N/A |  | 13.5 | % | 7/21 |   |   | 1.4 |  |   | 1.4 |  |   | 0.9 |  |
| Denver II Hospitality, LLC                                                                                  |   | Real Estate |   | First Lien Senior Debt(6) | 5.2 | % | N/A |  | 7/18 |   |   | 12.0 |  |   | 12.0 |  |   | 12.0 |  |
| DiversiTech Corporation                                                                                     |   | Building Products |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 11/22 |   |   | 9.5 |  |   | 9.4 |  |   | 9.4 |  |
| Electronic Warfare Associates, Inc.                                                                         |   | IT Services |   | First Lien Senior Debt(6) | 13.0 | % | N/A |  | 2/19 |   |   | 15.0 |  |   | 15.0 |  |   | 15.0 |  |
|                                                                                                        |   |   | Common Stock Warrants(4)(6) |   |   |   | 863,887 |  |   |   |   | 0.8 |  |   | 0.8 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | 15.8 |  |   | 15.8 |  |
| Exchange South Owner, LLC(7)                                                                                |   | Real Estate |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 1/18 |   |   | 8.6 |  |   | 8.6 |  |   | 8.6 |  |
| Financière OFIC S.A.S.(7)                                                                              |   | Building Products |   | Warrants(4) |   |   |   | 3,047,200 |  |   |   |   | — |  |   | 2.8 |  |
| Flexera Software LLC                                                                                        |   | Software |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  | 4/21 |   |   | 5.0 |  |   | 5.0 |  |   | 4.7 |  |
| FXI Holdings, Inc.                                                                                          |   | Household Durables |   | Common Stock(4) |   |   |   | 3,163 |  |   |   |   | — |  |   | 0.6 |  |
| Galls, LLC                                                                                                  |   | Specialty Retail |   | Second Lien Senior Debt(6) | 9.5 | % | N/A |  | 6/17-8/21 |   |   | 26.0 |  |   | 26.0 |  |   | 26.0 |  |
| The Gordian Group, Inc.                                                                                     |   | Internet Software & Services |   | First Lien Senior Debt(6) | 5.4 | % | N/A |  | 7/19 |   |   | 40.4 |  |   | 40.4 |  |   | 39.6 |  |
| HHG Stone Oak Hotel, LLC                                                                                    |   | Real Estate |   | First Lien Senior Debt(6) | 5.2 | % | N/A |  | 9/18 |   |   | 10.4 |  |   | 10.4 |  |   | 10.4 |  |
| Hyland Software, Inc.                                                                                       |   | Software |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 7/23 |   |   | 10.0 |  |   | 10.0 |  |   | 9.4 |  |
| Industrial Container Services, LLC                                                                          |   | Containers & Packaging |   | First Lien Senior Debt(6) | 6.8 | % | N/A |  | 12/18 |   |   | 49.9 |  |   | 49.9 |  |   | 49.9 |  |
|                                                                                                        |   | Second Lien Senior Debt(6) | 10.2 | % | N/A |  | 12/19 |   |   | 10.0 |  |   | 9.9 |  |   | 9.9 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   | 59.8 |  |   | 59.8 |  |
| Infogix Parent Corporation                                                                                  |   | IT Services |   | First Lien Senior Debt(6) | 7.8 | % | N/A |  | 12/21 |   |   | 155.0 |  |   | 151.6 |  |   | 151.6 |  |
|                                                                                                        |   |   |   | Redeemable Preferred Stock(6) |   |   |   | 2,475 |  |   |   |   | 2.5 |  |   | 2.5 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | 154.1 |  |   | 154.1 |  |
| Inmar, Inc.                                                                                                 |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 8.0 | % | N/A |  | 1/22 |   |   | 20.0 |  |   | 19.8 |  |   | 18.9 |  |
| Iotum Global Holdings, Inc.(7)                                                                              |   | Diversified Telecommunication Services |   | First Lien Senior Debt(6) | N/A |  | 10.0 | % | 5/17 |   |   | 1.5 |  |   | 1.5 |  |   | 1.5 |  |
| iParadigms, LLC                                                                                             |   | Internet Software & Services |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 7/22 |   |   | 39.5 |  |   | 39.3 |  |   | 38.7 |  |
| Jazz Acquisition, Inc.                                                                                      |   | Aerospace & Defense |   | Second Lien Senior Debt(6) | 7.8 | % | N/A |  | 6/22 |   |   | 25.0 |  |   | 24.9 |  |   | 22.5 |  |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2015(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Kele Holdco, Inc.                                                                                                             |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 7.0 | % | N/A |  | 10/20-10/22 |   |   | 71.3 |  |   | 71.3 |  |   | 71.3 |  |
|                                                                                                                          |   |   | Common Stock(4)(6) |   |   |   | 30,000 |  |   |   |   | 3.0 |  |   | 3.0 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 74.3 |  |   | 74.3 |  |
| Landslide Holdings, Inc.                                                                                                      |   | Software |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 2/21 |   |   | 9.0 |  |   | 9.0 |  |   | 8.3 |  |
| Lenox Park C-F Owner, LLC                                                                                                     |   | Real Estate |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 4/18 |   |   | 17.0 |  |   | 17.0 |  |   | 17.0 |  |
| LTG Acquisition, Inc.                                                                                                         |   | Communications Equipment |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 10/20 |   |   | 46.0 |  |   | 46.0 |  |   | 42.9 |  |
|                                                                                                                          |   |   | Common Stock(4)(6) |   |   |   | 5,000 |  |   |   |   | 5.0 |  |   | 4.1 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 51.0 |  |   | 47.0 |  |
| Mitchell International, Inc.                                                                                                  |   | Software |   | Second Lien Senior Debt(6) | 8.5 | % | N/A |  | 10/21 |   |  |   | 17.0 |  |   | 16.9 |  |   | 16.3 |  |
| M-IV Lake Center LLC(7)                                                                                                       |   | Real Estate |   | First Lien Senior Debt(6) | 5.5 | % | N/A |  | 12/17 |   |   | 7.0 |  |   | 7.0 |  |   | 7.0 |  |
| Novetta Solutions, LLC                                                                                                        |   | IT Services |   | First Lien Senior Debt(6) | 6.0 | % | N/A |  | 10/22 |   |   | 13.0 |  |   | 12.9 |  |   | 12.7 |  |
|                                                                                                                          |   |   |   | Second Lien Senior Debt(6) | 9.5 | % | N/A |  | 10/23 |   |   | 31.0 |  |   | 30.7 |  |   | 30.8 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 43.6 |  |   | 43.5 |  |
| OnCourse Learning Corporation                                                                                                 |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 8.5 | % | N/A |  | 2/19 |   |   | 19.6 |  |   | 19.5 |  |   | 19.5 |  |
| Osmose Utility Services, Inc.                                                                                                 |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 8/23 |   |   | 34.0 |  |   | 33.7 |  |   | 33.9 |  |
| Park Place Technologies, LLC                                                                                                  |   | IT Services |   | Second Lien Senior Debt(6) | 10.0 | % | N/A |  | 12/22 |   |   | 41.5 |  |   | 41.5 |  |   | 41.5 |  |
| Parmenter Woodland Park Plaza, LLC                                                                                            |   | Real Estate |   | First Lien Senior Debt(6) | 5.2 | % | N/A |  | 9/18 |   |   | 16.9 |  |   | 16.9 |  |   | 16.9 |  |
| Photonis Technologies SAS(7)                                                                                                  |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 8.5 | % | N/A |  | 9/19 |   |   | 29.8 |  |   | 29.5 |  |   | 28.6 |  |
| Project Silverback Holdings Corp.                                                                                             |   | IT Services |   | First Lien Senior Debt(6) | 6.5 | % | N/A |  | 7/20 |   |   | 24.7 |  |   | 24.5 |  |   | 24.8 |  |
|                                                                                                                          |   |   | Convertible Preferred Stock(6) |   |   |   | 743 |  |   |   |   | 0.8 |  |   | 0.8 |  |
|                                                                                                                          |   |   |   | Common Stock(4) |   |   |   | 308,224 |  |   |   |   | — |  |   | 0.4 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 25.3 |  |   | 26.0 |  |
| Qualium I(7)                                                                                                                  |   | Capital Markets |   | Common Stock(4) |   |   |   | 247,939 |  |   |   |   | 5.2 |  |   | 4.8 |  |
| Ranpak Corp.                                                                                                                  |   | Containers & Packaging |   | Second Lien Senior Debt(6) | 8.3 | % | N/A |  | 10/22 |   |   | 25.0 |  |   | 25.0 |  |   | 24.8 |  |
| Sage Products Holdings III, LLC                                                                                               |   | Health Care Equipment & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 6/20 |   |   | 20.6 |  |   | 20.7 |  |   | 20.7 |  |
| Severin Acquisition, LLC                                                                                                      |   | Software |   | Second Lien Senior Debt(6) | 9.4 | % | N/A |  | 7/22 |   |   | 25.5 |  |   | 25.1 |  |   | 25.1 |  |
| Systems Maintenance Services Holding, Inc.                                                                                    |   | IT Services |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 10/20 |   |   | 35.0 |  |   | 34.8 |  |   | 34.8 |  |
| TA THI Parent, Inc.                                                                                                           |   | Auto Components |   | Second Lien Senior Debt(6) | 9.8 | % | N/A |  | 1/21 |   |   | 41.5 |  |   | 41.0 |  |   | 41.9 |  |
|                                                                                                                          |   |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 25,000 |  |   |   |   | 2.5 |  |   | 3.3 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 43.5 |  |   | 45.2 |  |
| Teasdale Foods, Inc.                                                                                                          |   | Food & Staples Retailing |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 10/21 |   |   | 31.5 |  |   | 31.5 |  |   | 31.5 |  |
| Tyche Holdings, LLC                                                                                                           |   | IT Services |   | Second Lien Senior Debt(6) | 9.0 | % | N/A |  | 11/22 |   |   | 35.0 |  |   | 34.9 |  |   | 34.4 |  |
| Tyden Cayman Holdings Corp.(7)                                                                                                |   | Electronic Equipment, Instruments & Components |   | Convertible Preferred Stock(4)(6) |   |  |   |   | 46,276 |  |   |   |   | 0.1 |  |   | 0.1 |  |
|                                                                                                                          |   | Common Stock(4)(6) |   |  |   |   | 5,521,203 |  |   |   |   | 5.5 |  |   | 3.8 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   | 5.6 |  |   | 3.9 |  |
| W3 Co.                                                                                                                        |   | Commercial Services & Supplies |   | Second Lien Senior Debt(6) | 9.3 | % | N/A |  | 9/20 |   |   | 8.9 |  |   | 8.8 |  |   | 5.0 |  |
| WP CPP Holdings, LLC                                                                                                          |   | Aerospace & Defense |   | Second Lien Senior Debt(6) | 8.8 | % | N/A |  | 4/21 |   |   | 19.7 |  |   | 19.6 |  |   | 17.9 |  |
| WRH, Inc.                                                                                                                     |   | Life Sciences Tools & Services |   | Mezzanine Debt(6) | 9.0 | % | 6.2 | % | 8/18 |   |   | 102.8 |  |   | 102.5 |  |   | 98.5 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL NON-CONTROL / NON-AFFILIATE INVESTMENTS                                                                      |   |   |   |   |   |   |   |
| Delsey Holding S.A.S.(7)                                                                                                      |   | Textiles, Apparel & Luxury Goods |   | Mezzanine Debt | N/A |  | 13.5 | % | 7/21 |   |   | 7.4 |  |   | 7.4 |  |   | 5.4 |  |
| Financière Newglass S.A.S.(7)                                                                                            |   | Building Products |   | Convertible Preferred Stock |   |   |   | 15,000,000 |  |   |   |   | 17.3 |  |   | 14.0 |  |
| Modacin France S.A.S.(7)                                                                                                      |   | Specialty Retail |   | Mezzanine Debt(5) | — | % | 4.3 | % | 11/19 |   |   | 21.7 |  |   | 11.3 |  |   | — |  |
| Mobipark S.A.S.(7)                                                                                                            |   |  Electronic Equipment, Instruments & Components |   | First Lien Senior Debt | 0.8 | % | N/A |  | 10/17-12/17 |   |   | 2.3 |  |   | 2.1 |  |   | 2.0 |  |
| Zodiac Marine and Pool S.A.(7)                                                                                                |   | Marine |   | Second Lien Senior Debt(5) | — | % | 4.0 | % | 3/17 |   |   | 35.5 |  |   | 24.8 |  |   | — |  |
|                                                                                                                          |   | Mezzanine Debt(5) | — | % | 8.3 | % | 9/17 |   |   | 76.1 |  |   | 38.9 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 63.7 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2015(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| SENIOR FLOATING RATE LOANS                                                                                                    |   |   |   |   |   |   |   |
| Advantage Sales & Marketing Inc.                                                                                          |   | Professional Services |   | Second Lien Senior Debt(6) | 7.5 | % | N/A |  | 7/22 |   |   | 0.8 |  |   | 0.7 |  |   | 0.7 |  |
| Aquilex LLC                                                                                                                   |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 12/20 |   |   | 2.0 |  |   | 1.9 |  |   | 1.9 |  |
| BarBri, Inc.                                                                                                                  |   | Diversified Consumer Services |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 7/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.2 |  |
| CT Technologies Intermediate Holdings, Inc.                                                                                   |   | Health Care Technology |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 12/21 |   |   | 0.5 |  |   | 0.5 |  |   | 0.5 |  |
| Drew Marine Group Inc.                                                                                                        |   | Chemicals |   | First Lien Senior Debt(6) | 4.3 | % | N/A |  | 11/20 |   |   | 1.9 |  |   | 1.9 |  |   | 1.8 |  |
| Hudson Products Holdings Inc.                                                                                                 |   | Energy Equipment & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 3/19 |   |   | 5.0 |  |   | 5.0 |  |   | 4.3 |  |
| Immucor, Inc.                                                                                                                 |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 8/18 |   |   | 6.3 |  |   | 6.4 |  |   | 6.1 |  |
| Indra Holdings Corp.                                                                                                          |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 5.3 | % | N/A |  | 5/21 |   |   | 3.0 |  |   | 3.0 |  |   | 2.8 |  |
| Mitchell International, Inc.                                                                                                  |   | Software |   | First Lien Senior Debt(6) | 4.5 | % | N/A |  | 10/20 |   |   | 9.2 |  |   | 9.2 |  |   | 8.7 |  |
| Opal Acquisition, Inc.                                                                                                        |   | Health Care Providers & Services |   | First Lien Senior Debt(6) | 5.0 | % | N/A |  | 11/20 |   |   | 9.3 |  |   | 9.3 |  |   | 7.7 |  |
| Southwire Company, LLC                                                                                                        |   | Electrical Equipment |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 2/21 |   |   | 12.6 |  |   | 12.6 |  |   | 12.3 |  |
| STS Operating, Inc.                                                                                                           |   | Trading Companies & Distributors |   | First Lien Senior Debt(6) | 4.8 | % | N/A |  | 2/21 |   |   | 2.0 |  |   | 2.0 |  |   | 1.9 |  |
| Wesco Aircraft Hardware Corp.(7)                                                                                              |   | Aerospace & Defense |   | First Lien Senior Debt(6) | 3.3 | % | N/A |  | 2/21 |   |   | 4.7 |  |   | 4.7 |  |   | 4.5 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CMBS INVESTMENTS                                                                                             |   |   |   |   |   |   |   |
| CD 2007-CD4 Commercial Mortgage Trust(7)                                                                                      |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 12/49 |   |   | 16.0 |  |   | 1.1 |  |   | 3.8 |  |
| CD 2007-CD5 Mortgage Trust(7)                                                                                                 |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 6.1 | % | N/A |  | 12/17 |   |   | 8.8 |  |   | 3.6 |  |   | 0.8 |  |
| Citigroup Commercial Mortgage Securities Trust 2007-C6(7)                                                                     |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 7/17 |   |   | 45.4 |  |   | 15.9 |  |   | 9.3 |  |
| Credit Suisse Commercial Mortgage Trust Series 2007-C4(7)                                                                     |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.9 | % | N/A |  | 8/17 |   |   | 5.9 |  |   | 2.2 |  |   | 1.8 |  |
| LB-UBS Commercial Mortgage Trust 2007-C6(7)                                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 6.1 | % | N/A |  | 8/17 |   |   | 4.9 |  |   | — |  |   | 1.8 |  |
| Wachovia Bank Commercial Mortgage Trust 2007-C31(7)                                                                           |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.8 | % | N/A |  | 5/17 |   |   | 20.0 |  |   | 10.6 |  |   | 1.0 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C32(7)                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.7 | % | N/A |  | 10/17 |   |   | 60.5 |  |   | 10.5 |  |   | 7.0 |  |
| Wachovia Bank Commercial Mortgage Trust, Series 2007-C34(7)                                                                   |   | Real Estate |   | Commercial Mortgage Pass-Through Certificates(4)(6) | 5.9 | % | N/A |  | 10/17 |   |   | 5.2 |  |   | 5.2 |  |   | 5.1 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CLO INVESTMENTS                                                                                              |   |   |   |   |   |   |   |
| ACAS CLO 2007-1, Ltd.(7)                                                                                                      |   |   |   | Secured Notes(6) |   |   | 4/21 |   |   | 8.5 |  |   | 8.4 |  |   | 8.3 |  |
|                                                                                                                          |   |   | Subordinated Notes(6) |   |   | 4/21 |   |   | 25.9 |  |   | 10.8 |  |   | 12.6 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 19.2 |  |   | 20.9 |  |
| Apidos CLO XVIII, Ltd.(7)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 39.4 |  |   | 33.3 |  |   | 21.2 |  |
| Apidos CLO XXI(7)                                                                                                             |   |   |   | Subordinated Notes(6) |   |   | 6/27 |   |   | 12.4 |  |   | 11.8 |  |   | 9.7 |  |
| Ares IIIR/IVR CLO Ltd.(7)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   | 4/21 |   |   | 20.0 |  |   | 11.0 |  |   | 5.2 |  |
| Babson CLO Ltd. 2006-II(7)                                                                                                    |   |   |   | Income Notes(4)(6) |   |   | 10/20 |   |   | 15.0 |  |   | 2.9 |  |   | — |  |
| Babson CLO Ltd. 2013-II(7)                                                                                                    |   |   |   | Income Notes(6) |   |   | 1/25 |   |   | 5.0 |  |   | 3.9 |  |   | 2.9 |  |
| Babson CLO Ltd. 2014-I(7)                                                                                                     |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 8.5 |  |   | 6.4 |  |   | 4.0 |  |
| Babson CLO Ltd. 2014-II(7)                                                                                                    |   |   |   | Subordinated Notes(6) |   |   | 9/26 |   |   | 25.0 |  |   | 20.7 |  |   | 10.7 |  |
| Blue Hill CLO, Ltd.(7)                                                                                                        |   |   |   | Subordinated Notes(6) |   |   | 1/26 |   |   | 10.6 |  |   | 17.8 |  |   | 6.7 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2015(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Carlyle Global Market Strategies CLO 2013-3, Ltd.(7)                                                                          |   |   |   | Subordinated Notes(6) |   |   | 7/25 |   |   | 5.0 |  |   | 3.5 |  |   | 3.1 |  |
| Carlyle Global Market Strategies CLO 2015-3, Ltd.(7)                                                                          |   |   |   | Subordinated Notes(6) |   |   | 7/28 |   |   | 28.2 |  |   | 25.4 |  |   | 22.9 |  |
| Cent CDO 12 Limited(7)                                                                                                        |   |   |   | Income Notes(6) |   |   | 11/20 |   |   | 26.4 |  |   | 12.7 |  |   | 29.0 |  |
| Cent CLO 22 Limited(7)                                                                                                        |   |   |   | Subordinated Notes(6) |   |   | 11/26 |   |   | 45.4 |  |   | 38.1 |  |   | 19.6 |  |
| Cent CLO 24 Limited(7)                                                                                                        |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 28.0 |  |   | 25.9 |  |   | 22.7 |  |
| Centurion CDO 8 Limited(7)                                                                                                    |   |   |   | Subordinated Notes(4)(6) |   |   | 3/17 |   |   | 5.0 |  |   | 0.2 |  |   | — |  |
| CoLTs 2005-1 Ltd.(7)                                                                                                          |   |   |   | Preference Shares(4)(6) |   |   | 3/16 | 360 |  |   |   |   | 1.7 |  |   | 0.1 |  |
| CoLTs 2005-2 Ltd.(7)                                                                                                          |   |   |   | Preference Shares(4)(6) |   |   | 12/18 | 34,170,000 |  |   |   |   | 11.1 |  |   | 0.4 |  |
| CREST Exeter Street Solar 2004-1(7)                                                                                           |   |   |   | Preferred Securities(4)(6) |   |   | 6/39 | 3,500,000 |  |   |   |   | 3.2 |  |   | — |  |
| Dryden 40 Senior Loan Fund(7)                                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 8/28 |   |   | 9.5 |  |   | 8.2 |  |   | 7.0 |  |
| Eaton Vance CDO X plc(7)                                                                                                      |   |   |   | Secured Subordinated Notes(6) |   |   | 2/27 |   |   | 15.0 |  |   | 11.3 |  |   | 5.6 |  |
| Flagship CLO V(7)                                                                                                             |   |   |   | Deferrable Notes(6) |   |   | 9/19 |   |   | 1.7 |  |   | 1.5 |  |   | 1.7 |  |
|                                                                                                                          |   |   |   | Subordinated Securities(6) |   |   | 9/19 | 15,000 |  |   |   |   | 7.3 |  |   | 1.1 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 8.8 |  |   | 2.8 |  |
| Galaxy III CLO, Ltd(7)                                                                                                        |   |   |   | Subordinated Notes(4) |   |   | 8/16 |   |   | 4.0 |  |   | 0.2 |  |   | — |  |
| GoldenTree Loan Opportunities VII, Limited(7)                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 4/25 |   |   | 35.3 |  |   | 31.7 |  |   | 22.7 |  |
| Halcyon Loan Advisors Funding 2014-1 Ltd.(7)                                                                                  |   |   |   | Subordinated Notes(6) |   |   | 2/26 |   |   | 1.3 |  |   | 1.0 |  |   | 0.5 |  |
| Halcyon Loan Advisors Funding 2015-2, Ltd.(7)                                                                                 |   |   |   | Subordinated Notes(6) |   |   | 7/27 |   |   | 21.7 |  |   | 20.3 |  |   | 18.0 |  |
| Herbert Park B.V.(7)                                                                                                          |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 24.0 |  |   | 25.9 |  |   | 19.9 |  |
| LightPoint CLO IV, LTD(7)                                                                                                     |   |   |   | Income Notes(4)(6) |   |   | 4/18 |   |   | 6.7 |  |   | 3.6 |  |   | — |  |
| LightPoint CLO VII, Ltd.(7)                                                                                                   |   |   |   | Subordinated Notes(6) |   |   | 5/21 |   |   | 9.0 |  |   | 2.6 |  |   | 1.4 |  |
| Madison Park Funding XII, Ltd.(7)                                                                                             |   |   |   | Subordinated Notes(6) |   |   | 7/26 |   |   | 10.0 |  |   | 8.6 |  |   | 7.1 |  |
| Madison Park Funding XIII, Ltd.(7)                                                                                            |   |   |   | Subordinated Notes(6) |   |   | 1/25 |   |   | 30.9 |  |   | 25.5 |  |   | 19.8 |  |
| Mayport CLO Ltd.(7)                                                                                                           |   |   |   | Income Notes |   |   | 2/20 |   |   | 14.0 |  |   | 7.8 |  |   | 0.1 |  |
| NYLIM Flatiron CLO 2006-1 LTD.(7)                                                                                             |   |   |   | Subordinated Securities(6) |   |   | 8/20 | 10,000 |  |   |   |   | 4.4 |  |   | 2.4 |  |
| Och Ziff Loan Management XIII, Ltd.(7)                                                                                        |   |   |   | Subordinated Notes(6) |   |   | 7/27 |   |   | 15.0 |  |   | 14.2 |  |   | 12.3 |  |
| Octagon Investment Partners XVIII, Ltd.(7)                                                                                    |   |   |   | Subordinated Notes(6) |   |   | 12/24 |   |   | 16.4 |  |   | 12.9 |  |   | 9.4 |  |
| Octagon Investment Partners XIX, Ltd.(7)                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 4/26 |   |   | 25.0 |  |   | 18.8 |  |   | 14.7 |  |
| OHA Credit Partners XI, Ltd.(7)                                                                                               |   |   |   | Subordinated Notes(6) |   |   | 10/28 |   |   | 33.5 |  |   | 29.7 |  |   | 27.9 |  |
| Sapphire Valley CDO I, Ltd.(7)                                                                                                |   |   |   | Subordinated Notes(6) |   |   | 12/22 |   |   | 14.0 |  |   | 16.7 |  |   | 11.6 |  |
| THL Credit Wind River 2014-2 CLO Ltd.(7)                                                                                      |   |   |   | Income Notes |   |   | 7/26 |   |   | 15.0 |  |   | 10.1 |  |   | 7.4 |  |
| Vitesse CLO, Ltd.(7)                                                                                                          |   |   |   | Preferred Securities(4)(6) |   |   | 8/20 | 20,000,000 |  |   |   |   | 11.9 |  |   | — |  |
| Voya CLO 2014-4, Ltd.(7)                                                                                                      |   |   |   | Subordinated Notes(6) |   |   | 10/26 |   |   | 26.7 |  |   | 23.2 |  |   | 17.0 |  |
| Subtotal Non-Control / Non-Affiliate Investments (42% of total investments at fair value)                                     |   |   |   | $ | 2,367.6 |  |   | $ | 2,096.7 |  |
|                                                                                                                          |   |   |   |   |   |   |   |
| AMERICAN CAPITAL AFFILIATE INVESTMENTS                                                                                        |   |   |   |   |   |   |   |
| IS Holdings I, Inc.                                                                                                           |   | Software |   | Common Stock(4)(6) |   |   |   | 2,000,000 |  |   |   |   | $ | 5.2 |  |   | $ | 13.7 |  |
| Mobipark S.A.S.(7)                                                                                                            |   | Electronic Equipment, Instruments & Components |   | First Lien Senior Debt(6) | 2.2 | % | N/A |  | 12/17 |   |   | $ | 4.0 |  |   | 3.8 |  |   | 3.4 |  |
|                                                                                                                          |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 28,317,268 |  |   |   |   | 9.0 |  |   | 21.0 |  |
|                                                                                                                          |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 25,751,312 |  |   |   |   | 7.3 |  |   | 24.0 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 20.1 |  |   | 48.4 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2015(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Primrose Holding Corporation                                                                                                  |   | Diversified Consumer Services |   | Common Stock(6) |   |   |   | 7,227 |  |   |   |   | — |  |   | 6.5 |  |
| Roark - Money Mailer, LLC                                                                                                     |   | Media |   | Common Membership Units(4) |   |  |   |   | 6.0 | % |   |   |   | 0.7 |  |   | 1.7 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL AFFILIATE INVESTMENTS                                                                                        |   |   |   |   |   |   |   |
| Blue Topco GmbH(7)                                                                                                            |   | Commercial Services & Supplies |   | First Lien Senior Debt | 2.9 | % | N/A |  | 6/16-6/18 |   |   | 2.3 |  |   | 2.0 |  |   | 2.0 |  |
|                                                                                                                          |   | Mezzanine Debt(5) | N/A |  | 3.2% |  | 12/18 |   |   | 8.0 |  |   | 6.9 |  |   | 4.9 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 8.9 |  |   | 6.9 |  |
| Subtotal Affiliate Investments (2% of total investments at fair value)                                                        |   |   |   | $ | 34.9 |  |   | $ | 77.2 |  |
|                                                                                                                          |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CONTROL INVESTMENTS                                                                                          |   |   |   |   |   |   |   |
| ACAS Real Estate Holdings Corporation                                                                                         |   | Real Estate |   | Mezzanine Debt(5)(6) | N/A |  | 15.0 | % | 5/16 |   |   | $ | 6.5 |  |   | $ | 3.9 |  |   | $ | 4.5 |  |
|                                                                                                                          |   |   | Common Stock(6) |   |   |   | 100 | % |   |   |   | 6.2 |  |   | 24.5 |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 10.1 |  |   | 29.0 |  |
| ACEI Singapore Holdings Private LTD(7)                                                                                        |   | Electric Utilities |   | Common Stock(4)(6) |   |   |   | 7,055,706 |  |   |   |   | 7.1 |  |   | 7.1 |  |
| Alcami Holdings LLC                                                                                                           |   | Life Sciences Tools & Services |   | First Lien Senior Debt(6) | 6.5 | % | N/A |  | 3/17-10/20 |   |   | 97.9 |  |   | 97.1 |  |   | 97.9 |  |
|                                                                                                                          |   |   | Mezzanine Debt(6) | 7.2 | % | 6.0% |  | 10/20 |   |   | 141.0 |  |   | 139.9 |  |   | 141.0 |  |
|                                                                                                                          |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 84,936 |  |   |   |   | 61.0 |  |   | 10.0 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 298.0 |  |   | 248.9 |  |
| American Capital Asset Management, LLC                                                                                        |   | Capital Markets |   | Mezzanine Debt(6) | 5.0 | % | N/A |  | 9/16 |   |   | 35.0 |  |   | 35.0 |  |   | 35.0 |  |
|                                                                                                                          |   |   | Common Membership Interest(6) |   |   |   | 100 | % |   |   |   | 499.1 |  |   | 1,030.0 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 534.1 |  |   | 1,065.0 |  |
| American Driveline Systems, Inc.                                                                                              |   | Diversified Consumer Services |   | Mezzanine Debt(6) | N/A |  | 11.0 | % | 3/21 |   |   | 47.7 |  |   | 47.7 |  |   | 47.7 |  |
|                                                                                                                          |   | Redeemable Preferred Stock(4)(6) |   |   |   | 7,121 |  |   |   |   | 83.5 |  |   | 20.2 |  |
|                                                                                                                          |   | Common Stock(4)(6) |   |   |   | 289,215 |  |   |   |   | 18.2 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 233,603 |  |   |   |   | 9.8 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 159.2 |  |   | 67.9 |  |
| ASAP Industries Holdings, LLC                                                                                                 |   | Energy Equipment & Services |   | Mezzanine Debt(5)(6) | N/A |  | 14.0 | % | 12/18 |   |   | 22.7 |  |   | 19.5 |  |   | — |  |
|                                                                                                                          |   | Membership Units(4)(6) |   |   |   | 106,911 |  |   |   |   | 30.3 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 49.8 |  |   | — |  |
| BMR Energy LLC(7)                                                                                                             |   | Independent Power & Renewable Electricity Producers |   | Preferred Units(6) |   |   |   | 32,481 |  |   |   |   | 34.5 |  |   | 34.5 |  |
|                                                                                                                          |   |   | Common Units(4)(6) |   |   |   | 85 |  |   |   |   | — |  |   | 17.5 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   | 34.5 |  |   | 52.0 |  |
| Capital.com, Inc.                                                                                                             |   | Diversified Financial Services |   | Common Stock(4)(6) |   |  |   |   | 8,500,100 |  |   |   |   | 0.9 |  |   | — |  |
| ECA Acquisition Holdings, Inc.                                                                                                |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(6) | 10.0 | % | N/A |  | 3/16 |   |   | 8.9 |  |   | 8.9 |  |   | 8.9 |  |
|                                                                                                                          |   | Mezzanine Debt(5)(6) | 13.0 | % | 3.5 | % | 7/16 |   |   | 18.7 |  |   | 12.6 |  |   | 11.1 |  |
|                                                                                                                          |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 1,550 |  |   |   |   | 1.6 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 1,000 |  |   |   |   | 14.9 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 38.0 |  |   | 20.0 |  |
| eLynx Holdings, Inc.                                                                                                          |   | IT Services |   | Convertible Preferred Stock(6) |   |   |   | 11,728 |  |   |   |   | 34.6 |  |   | 39.7 |  |
|                                                                                                                          |   |   |   | Redeemable Preferred Stock(4)(6) |   |   |   | 30,162 |  |   |   |   | 12.4 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 16,087 |  |   |   |   | 1.1 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 1,026,321 |  |   |   |   | 5.5 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 53.6 |  |   | 39.7 |  |
| EXPL Pipeline Holdings LLC(7)                                                                                                 |   | Oil, Gas & Consumable Fuels |   | First Lien Senior Debt(6) | 8.1 | % | N/A |  | 1/17 |   |   | 41.9 |  |   | 41.6 |  |   | 43.7 |  |
|                                                                                                                          |   | Common Membership Units(4)(6) |   |   |   | 100,000 |  |   |   |   | 60.6 |  |   | 37.2 |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 102.2 |  |   | 80.9 |  |
| FAMS Acquisition, Inc.                                                                                                        |   | Diversified Financial Services |   | Mezzanine Debt(6) | 12.3 | % | 2.7 | % | 1/16 |   |   | 38.8 |  |   | 38.8 |  |   | 31.1 |  |
| FPI Holding Corporation                                                                                                       |   | Food Products |   | First Lien Senior Debt(5)(6) | N/A |  | 20.0 | % | 1/16 |   |   | 0.4 |  |   | 0.4 |  |   | — |  |
| Group Montana, Inc.                                                                                                           |   | Textiles, Apparel & Luxury Goods |   | First Lien Senior Debt(6) | 6.3 | % | N/A |  | 1/17 |   |   | 5.6 |  |   | 5.6 |  |   | 5.6 |  |
|                                                                                                                          |   |   | Convertible Preferred Stock(4)(6) |   |   |   | 4,000 |  |   |   |   | 4.0 |  |   | 5.1 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 100 | % |   |   |   | 12.5 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 22.1 |  |   | 10.7 |  |
| Halex Holdings, Inc.                                                                                                          |   | Construction Materials |   | Second Lien Senior Debt(5)(6) | 8.5 | % | N/A |  | 1/18 |   |   | 15.6 |  |   | 15.6 |  |   | 15.6 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 51,853 |  |   |   |   | 9.3 |  |   | 11.7 |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 24.9 |  |   | 27.3 |  |
| HALT Medical, Inc.                                                                                                            |   | Health Care Equipment & Supplies |   | First Lien Senior Debt(5)(6) | N/A |  | 22.0 | % | 6/16 |   |   | 96.0 |  |   | 61.2 |  |   | 23.3 |  |
| Hard 8 Games, LLC                                                                                                             |   | Hotels, Restaurants & Leisure |   | First Lien Convertible Senior Debt | N/A |  | 6.6 | % | 3/16 |   |   | 34.9 |  |   | 34.9 |  |   | 34.9 |  |
|                                                                                                                          |   |   | Membership Units(4) |   |   |   | 2 |  |   |   |   | 24.0 |  |   | 23.1 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 58.9 |  |   | 58.0 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2015(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| Hollyhock Limited(7)                                                                                                          |   | Independent Power & Renewable Electricity Producers |   | Common Stock(4)(6) |   |   |   | 34,000,000 |  |   |   |   | 34.0 |  |   | 33.2 |  |
| LLSC Holdings Corporation                                                                                                     |   | Personal Products |   | Convertible Preferred Stock(4)(6) |   |   |   | 9,000 |  |   |   |   | 10.9 |  |   | 18.8 |  |
|                                                                                                                          |   |   | Common Stock(4)(6) |   |   |   | 1,000 |  |   |   |   | — |  |   | 0.4 |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 675 |  |   |   |   | — |  |   | 0.3 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 10.9 |  |   | 19.5 |  |
| Montgomery Lane, LLC(7)                                                                                                       |   | Diversified Financial Services |   | Common Membership Units(4)(6) |   |   |   | 100 |  |   |   |   | — |  |   | 6.4 |  |
| MW Acquisition Corporation                                                                                                    |   | Health Care Providers & Services |   | Mezzanine Debt(6) | 14.4 | % | 1.0 | % | 2/19 |   |   | 24.2 |  |   | 24.2 |  |   | 24.2 |  |
|                                                                                                                          |   | Redeemable Preferred Stock(6) |   |   |   | 2,485 |  |   |   |   | 2.7 |  |   | 2.8 |  |
|                                                                                                                          |   |   |   | Convertible Preferred Stock(6) |   |   |   | 88,084 |  |   |   |   | 50.1 |  |   | 63.2 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 110,720 |  |   |   |   | — |  |   | 5.7 |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 77.0 |  |   | 95.9 |  |
| NECCO Holdings, Inc.                                                                                                          |   | Food Products |   | First Lien Senior Debt(5)(6) | 6.5 | % | N/A |  | 11/16 |   |   | 19.1 |  |   | 16.2 |  |   | 14.0 |  |
|                                                                                                                          |   |   |   | Second Lien Senior Debt(5)(6) | N/A |  | 18.0 | % | 11/16 |   |   | 7.7 |  |   | 3.1 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 860,189 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 19.4 |  |   | 14.0 |  |
| NECCO Realty Investments, LLC                                                                                                 |   | Real Estate |   | First Lien Senior Debt(5)(6) | 2.8 | % | 11.2 | % | 12/17 |   |   | 75.4 |  |   | 32.8 |  |   | 24.9 |  |
|                                                                                                                          |   |   | Common Membership Units(4)(6) |   |   |   | 7,450 |  |   |   |   | 4.9 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 37.7 |  |   | 24.9 |  |
| PHC Sharp Holdings, Inc.                                                                                                      |   | Commercial Services & Supplies |   | First Lien Senior Debt(6) | 12.5 | % | N/A |  | 1/18 |   |   | 1.4 |  |   | 1.4 |  |   | 1.4 |  |
|                                                                                                                          |   |   | Mezzanine Debt(6) | N/A |  | 17.0 | % | 1/18 |   |   | 11.6 |  |   | 11.6 |  |   | 11.6 |  |
|                                                                                                                          |   |   |   | Mezzanine Debt(5)(6) | N/A |  | 19.0 | % | 1/18 |   |   | 30.3 |  |   | 20.2 |  |   | 20.5 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 631,049 |  |   |   |   | 4.2 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 37.4 |  |   | 33.5 |  |
| RD Holdco Inc.                                                                                                                |   | Household Durables |   | Second Lien Senior Debt(6) | 11.3 | % | N/A |  | 12/18 |   |   | 16.9 |  |   | 15.4 |  |   | 16.6 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 458,596 |  |   |   |   | 23.6 |  |   | 13.9 |  |
|                                                                                                                          |   |   |   | Common Stock Warrants(4)(6) |   |   |   | 56,372 |  |   |   |   | 2.9 |  |   | 1.7 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 41.9 |  |   | 32.2 |  |
| Rebellion Media Group Corp.(7)                                                                                                |   | Internet Software & Services |   | First Lien Senior Debt(5)(6) | N/A |  | 12.0 | % | 4/16 |   |   | 20.3 |  |   | 12.3 |  |   | 3.9 |  |
| Scanner Holdings Corporation                                                                                                  |   | Technology Hardware, Storage & Peripherals |   | Mezzanine Debt(6) | 14.0 | % | N/A |  | 6/22 |   |   | 16.6 |  |   | 16.6 |  |   | 16.6 |  |
|                                                                                                                          |   | Convertible Preferred Stock(6) |   |   |   | 66,424,135 |  |   |   |   | 8.7 |  |   | 11.2 |  |
|                                                                                                                          |   |   | Common Stock |   |   |   | 167,387 |  |   |   |   | 0.1 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |  |   | 25.4 |  |   | 27.8 |  |
| SEHAC Holding Corporation                                                                                                     |   | Diversified Consumer Services |   | Convertible Preferred Stock(6) |   |   |   | 14,850 |  |   |   |   | 14.8 |  |   | 158.5 |  |
|                                                                                                                          |   | Common Stock(4)(6) |   |   |   | 150 |  |   |   |   | 0.2 |  |   | 1.6 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 15.0 |  |   | 160.1 |  |
| Soil Safe Acquisition Corp.                                                                                                   |   | Professional Services |   | First Lien Senior Debt(6) | 8.0 | % | N/A |  | 1/18-12/18 |   |   | 21.7 |  |   | 21.7 |  |   | 21.7 |  |
|                                                                                                                          |   |   |   | Second Lien Senior Debt(6) | 10.8 | % | N/A |  | 7/19 |   |   | 12.7 |  |   | 12.7 |  |   | 12.7 |  |
|                                                                                                                          |   |   |   | Mezzanine Debt(6) | 8.6 | % | 7.5 | % | 12/19 |   |   | 72.3 |  |   | 72.2 |  |   | 72.3 |  |
|                                                                                                                          |   |   |   | Common Stock(4)(6) |   |   |   | 810 |  |   |   |   | 9.0 |  |   | 15.3 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 115.6 |  |   | 122.0 |  |
| Taiba Wind Energy, LLC(7)                                                                                                     |   | Independent Power & Renewable Electricity Producers |   | Membership Units(4)(6) |   |   |   | 100 | % |   |   |   | 1.3 |  |   | 1.3 |  |
| Warner Power, LLC                                                                                                             |   | Electrical Equipment |   | Mezzanine Debt(5)(6) | N/A |  | 14.6 | % | 1/16 |   |   | 11.2 |  |   | 3.1 |  |   | 0.9 |  |
|                                                                                                                          |   |   |   | Redeemable Preferred Membership Units(4)(6) |   |   |   | 6,512,000 |  |   |   |   | 3.0 |  |   | — |  |
|                                                                                                                          |   |   |   | Common Membership Units(4)(6) |   |   |   | 47,000 |  |   |   |   | 1.9 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 8.0 |  |   | 0.9 |  |
| WIS Holding Company, Inc.                                                                                                     |   | Commercial Services & Supplies |   | Convertible Preferred Stock(4)(6) |   |   |   | 1,206,598 |  |   |   |   | 115.3 |  |   | 84.5 |  |
|                                                                                                                          |   | Common Stock(4)(6) |   |   |   | 301,650 |  |   |   |   | 16.0 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |  |   |   |   |   |   |   | 131.3 |  |   | 84.5 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EUROPEAN CAPITAL CONTROL INVESTMENTS                                                                                          |   |   |   |   |   |   |   |
| Bellotto Holdings Limited(7)                                                                                                  |   | Household Durables |   | Redeemable Preferred Stock |   |   |   | 7,300,610 |  |   | 2.3 |  |   | 40.0 |  |   | 41.8 |  |
|                                                                                                                          |   |   | Common Stock(4) |   |   |   | 2,697,010 |  |   |   |   | 95.5 |  |   | 123.7 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 135.5 |  |   | 165.5 |  |
| Columbo TopCo Limited(7)                                                                                                      |   | Commercial Services & Supplies |   | Redeemable Preferred Stock(4) |   |   |   | 34,179,330 |  |   | 23.5 |  |   | 74.2 |  |   | 47.3 |  |
|                                                                                                                          |   |   | Common Stock(4) |   |   |   | 757,743 |  |   |   |   | 1.1 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 75.3 |  |   | 47.3 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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| AMERICAN CAPITAL, LTD.CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)December 31, 2015(in millions, except share data) |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Company(1)                                                                                                                    |   | Industry |   | Investments | Cash InterestRate(2) | PIKInterestRate(2) | MaturityDate(2) | # ofShares/UnitsOwned |   | Principal |   | Cost |   | FairValue |
| European Capital Private Debt LP(7)                                                                                           |   | Diversified Financial Services |   | Partnership Interest |   |   |   | 1,650 |  |   |   |   | 80.5 |  |   | 84.9 |  |
| European Capital UK SME Debt LP(7)                                                                                            |   | Diversified Financial Services |   | Partnership Interest |   |   |   | 500 |  |   |   |   | 12.5 |  |   | 12.3 |  |
| Financière Tarmac S.A.S.(7)                                                                                              |   | Commercial Services & Supplies |   | First Lien Senior Debt | 4.0% |  | N/A |  | 12/20 |   |   | 3.8 |  |   | 3.1 |  |   | 3.8 |  |
|                                                                                                                          |   | Mezzanine Debt | N/A |  | 4.0 | % | 12/21 |   |   | 73.5 |  |   | 62.0 |  |   | 64.1 |  |
|                                                                                                                          |   |   |   | Convertible Preferred Stock(4) |   |   |   | 15,500,000 |  |   |   |   | 9.4 |  |   | — |  |
|                                                                                                                          |   |   |   | Redeemable Preferred Stock(4) |   |   |   |   |   | 5.3 |  |   | 7.3 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 81.8 |  |   | 67.9 |  |
| HCV1 S.A.S(7)                                                                                                                 |   | Machinery |   | First Lien Senior Debt | 6.0 | % | 7.7 | % | 2/20 |   |   | 3.4 |  |   | 3.4 |  |   | 3.4 |  |
|                                                                                                                          |   |   |   | Common Stock(4) |   |   |   | 14,569,412 |  |   |   |   | 25.2 |  |   | — |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 28.6 |  |   | 3.4 |  |
| Holding Saint Augustine S.A.S.(7)                                                                                             |   | Air Freight & Logistics |   | First Lien Senior Debt | N/A |  | N/A |  | 9/19 |   |   | 4.4 |  |   | 4.4 |  |   | — |  |
| Miles 33 Limited(7)                                                                                                           |   | Software |   | First Lien Senior Debt | 4.0% |  | 1.3 | % | 12/17-9/18 |   |   | 7.5 |  |   | 7.5 |  |   | 7.5 |  |
|                                                                                                                          |   |   |   | Mezzanine Debt(5) | 5.0% |  | 5.0 | % | 9/21 |   |   | 16.9 |  |   | 13.4 |  |   | 13.4 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   | 20.9 |  |   | 20.9 |  |
|                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERICAN CAPITAL CONTROL CLO INVESTMENT                                                                                       |   |   |   |   |   |   |   |
| ACAS Wachovia Investments, L.P.(7)                                                                                            |   | Diversified Financial Services |   | Partnership Interest(4) |   |   |   | 90 | % |   |   |  |   | 1.9 |  |   | 0.5 |  |
| Subtotal Control Investments (56% of total investments at fair value)                                                         |   |   |   |   | $ | 2,502.4 |  |   | $ | 2,823.7 |  |
| Total Investment Assets                                                                                                       |   |   |   |   | $ | 4,904.9 |  |   | $ | 4,997.6 |  |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparty                |   | Instrument |   | InterestRate(2) |   | ExpirationDate(2) |   | # ofContracts |   | Notional |   | Cost |   | FairValue |
| DERIVATIVE AGREEMENTS       |   |   |   |   |   |   |   |   |   |   |   |   |
|                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Citibank, N.A.              |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 5/16-7/17 |   | 2 |  |   | $ | 27.5 |  |   | $ | — |  |   | $ | (2.3 | ) |
| BNP Paribas                 |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.7%/LIBOR |   | 7/17 |   | 1 |  |   | 22.3 |  |   | — |  |   | (2.1 | ) |
| Wells Fargo Bank, N.A       |   | Interest Rate Swap - Pay Fixed/ Receive Floating(6) |   | 5.6%/LIBOR |   | 8/16 |   | 1 |  |   | 11.9 |  |   | — |  |   | (0.4 | ) |
| Total Derivative Agreements |   |   |   |   |   |   |   |   |   | $ | — |  |   | $ | (4.8 | ) |

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |
| Funds                                                                                  |   | Cost |   | FairValue |
| MONEY MARKET FUNDS(3)                                                                  |   |   |
| JPMorgan Prime Money Market Fund                                                       |   | $ | 22.0 |  |   | $ | 22.0 |  |
| BlackRock Liquidity Funds TempFund Institutional Shares(6)                             |   | 15.0 |  |   | 15.0 |  |
| BofA Funds Series Trust - BofA Money Market Reserves(6)                                |   | 15.0 |  |   | 15.0 |  |
| Fidelity Institutional Money Market Prime Money Market Portfolio - Institutional CL(6) |   | 15.0 |  |   | 15.0 |  |
| Wells Fargo Heritage Money Market Fund(6)                                              |   | 15.0 |  |   | 15.0 |  |
| Deutsche Global Liquidity Managed Sterling Fund                                        |   | 5.6 |  |   | 5.6 |  |
| Total Money Market Funds                                                               |   | $ | 87.6 |  |   | $ | 87.6 |  |

|     |                                                                                       |
|-----|---------------------------------------------------------------------------------------|
| (1) | Certain of the securities are issued by affiliate(s) of the listed portfolio company. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Interest rates represent the weighted average annual stated interest rate on loans and debt securities in effect on the date presented, which are presented by the nature of indebtedness by a single issuer. Some loans and debt securities bear interest at variable rates, primarily the three-month LIBOR, with interest rate floors. PIK represents contractually deferred interest that is typically compounded into the principal balance of the loan or debt security, if not paid on a current basis. PIK interest may be prepaid by the portfolio company’s election, but generally is paid upon a change of control transaction or maturity. The maturity date represents the latest date in which the loan or debt security is scheduled to terminate. |

|     |                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------|
| (3) | Included in cash and cash equivalents and restricted cash and cash equivalents on our consolidated balance sheets. |

|     |                                                         |
|-----|---------------------------------------------------------|
| (4) | Some or all of the securities are non-income producing. |

|     |                                                                              |
|-----|------------------------------------------------------------------------------|
| (5) | Loan is on non-accrual status and therefore considered non-income producing. |

|     |                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------|
| (6) | All or a portion of the investments or instruments are pledged as collateral under various secured financing arrangements. |

|     |                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Investments that are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2015, non-qualifying assets were approximately $1.2 billion, or 25% of net assets. |

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|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |
|              | As Presented,December 31, 2015 |   | Reclassifications |   | As Adjusted,December 31, 2015 |
| Other assets      | $ | 98 |  |   | $ | (4 | ) |   | $ | 94 |  |
| Total assets      | $ | 6,244 |  |   | $ | (4 | ) |   | $ | 6,240 |  |
| Debt              | $ | 1,257 |  |   | $ | (4 | ) |   | $ | 1,253 |  |
| Total liabilities | $ | 1,422 |  |   | $ | (4 | ) |   | $ | 1,418 |  |

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|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1: Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |

|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2: Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. |

|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | Level 3: Level 3 inputs are unobservable and cannot be corroborated by observable market data.   |

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | March 31, 2016 |
|                                       |  Level 1 |   |  Level 2 |   |  Level 3 |   |  Total |
| First Lien Senior Debt                     | $ | — |  |   | $ | 14 |  |   | $ | 787 |  |   | $ | 801 |  |
| Second Lien Senior Debt                    | — |  |   | 429 |  |   | 545 |  |   | 974 |  |
| Mezzanine Debt                             | — |  |   | — |  |   | 513 |  |   | 513 |  |
| Preferred Equity                           | — |  |   | — |  |   | 649 |  |   | 649 |  |
| Common Equity                              | — |  |   | — |  |   | 1,325 |  |   | 1,325 |  |
| Structured Products                        | — |  |   | — |  |   | 349 |  |   | 349 |  |
| Investments measured at NAV(1)             | — |  |   | — |  |   | — |  |   | 126 |  |
| Investments at Fair Value                  | — |  |   | 443 |  |   | 4,168 |  |   | 4,737 |  |
| Other Assets                               | — |  |   | — |  |   | 21 |  |   | 21 |  |
| Long Term Incentive Plan Liability         | — |  |   | — |  |   | (27 | ) |   | (27 | ) |
| Other Assets and Liabilities at Fair Value | — |  |   | — |  |   | (6 | ) |   | (6 | ) |
| Total                                      | $ | — |  |   | $ | 443 |  |   | $ | 4,162 |  |   | $ | 4,731 |  |
|                                       |   |   |   |   |   |   |   |
|                                       | December 31, 2015 |
|                                       |  Level 1 |   |  Level 2 |   |  Level 3 |   |  Total |
| First Lien Senior Debt                     | $ | — |  |   | $ | 57 |  |   | $ | 863 |  |   | $ | 920 |  |
| Second Lien Senior Debt                    | — |  |   | 445 |  |   | 490 |  |   | 935 |  |
| Mezzanine Debt                             | — |  |   | — |  |   | 604 |  |   | 604 |  |
| Preferred Equity                           | — |  |   | — |  |   | 606 |  |   | 606 |  |
| Common Equity                              | — |  |   | — |  |   | 1,405 |  |   | 1,405 |  |
| Structured Products                        | — |  |   | — |  |   | 418 |  |   | 418 |  |
| Investments measured at NAV(1)             | — |  |   | — |  |   | — |  |   | 110 |  |
| Investments at Fair Value                  | — |  |   | 502 |  |   | 4,386 |  |   | 4,998 |  |
| Other Assets                               | — |  |   | — |  |   | 31 |  |   | 31 |  |
| Derivative Agreements                      | — |  |   | (5 | ) |   | — |  |   | (5 | ) |
| Long Term Incentive Plan Liability         | — |  |   | — |  |   | (34 | ) |   | (34 | ) |
| Other Assets and Liabilities at Fair Value | — |  |   | (5 | ) |   | (3 | ) |   | (8 | ) |
| Total                                      | $ | — |  |   | $ | 497 |  |   | $ | 4,383 |  |   | $ | 4,990 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | In accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our consolidated balance sheets. |

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|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         | Senior Debt |   | Mezzanine Debt |   | Preferred Equity |   | Common Equity |   | Structured Products |   | Other Assets |   | Long Term Incentive Plan Liability |   | Total |
| Balances, January 1, 2016                                                    | $ | 1,353 |  |   | $ | 604 |  |   | $ | 606 |  |   | $ | 1,405 |  |   | $ | 418 |  |   | $ | 31 |  |   | $ | (34 | ) |   | $ | 4,383 |  |
| Net realized loss(1)                                                         | (1 | ) |   | (22 | ) |   | (3 | ) |   | (40 | ) |   | (7 | ) |   | (3 | ) |   | (12 | ) |   | (88 | ) |
| Reversal of prior period net (appreciation) depreciation upon realization(2) | (1 | ) |   | 19 |  |   | 21 |  |   | 25 |  |   | 26 |  |   | 2 |  |   | 12 |  |   | 104 |  |
| Net unrealized (depreciation) appreciation(2)(3)                             | (5 | ) |   | 1 |  |   | 12 |  |   | (149 | ) |   | (30 | ) |   | 1 |  |   | (4 | ) |   | (174 | ) |
| Purchases(4)                                                                 | 109 |  |   | 4 |  |   | 29 |  |   | 26 |  |   | — |  |   | — |  |   | — |  |   | 168 |  |
| Sales(5)                                                                     | (108 | ) |   | (25 | ) |   | — |  |   | (5 | ) |   | (43 | ) |   | — |  |   | — |  |   | (181 | ) |
| Settlements, net(6)                                                          | (16 | ) |   | (71 | ) |   | (20 | ) |   | 59 |  |   | (15 | ) |   | (10 | ) |   | 12 |  |   | (61 | ) |
| Effects of exchange rate changes                                             | 1 |  |   | 3 |  |   | 4 |  |   | 4 |  |   | — |  |   | — |  |   | (1 | ) |   | 11 |  |
| Balances, March 31, 2016                                                     | $ | 1,332 |  |   | $ | 513 |  |   | $ | 649 |  |   | $ | 1,325 |  |   | $ | 349 |  |   | $ | 21 |  |   | $ | (27 | ) |   | $ | 4,162 |  |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          | Senior Debt |   | Mezzanine Debt |   | Preferred Equity |   | Common Equity |   | Structured Products |   | Other Assets |   | Long Term Incentive Plan Liability |   | Derivative Agreements |   | Total |
| Balances, January 1, 2015                                     | $ | 1,217 |  |   | $ | 472 |  |   | $ | 462 |  |   | $ | 1,546 |  |   | $ | 583 |  |   | $ | 51 |  |   | $ | (82 | ) |   | $ | (74 | ) |   | $ | 4,175 |  |
| Net realized loss(1)                                          | (24 | ) |   | (27 | ) |   | (144 | ) |   | (3 | ) |   | (8 | ) |   | — |  |   | (46 | ) |   | — |  |   | (252 | ) |
| Reversal of prior period net depreciation upon realization(2) | 24 |  |   | 27 |  |   | 145 |  |   | 5 |  |   | 8 |  |   | — |  |   | 46 |  |   | — |  |   | 255 |  |
| Net unrealized (depreciation) appreciation(2)(3)              | (14 | ) |   | (8 | ) |   | 74 |  |   | (40 | ) |   | (5 | ) |   | (3 | ) |   | (3 | ) |   | (37 | ) |   | (36 | ) |
| Purchases(4)                                                  | 95 |  |   | 70 |  |   | 98 |  |   | 16 |  |   | 75 |  |   | — |  |   | — |  |   | — |  |   | 354 |  |
| Sales(5)                                                      | (10 | ) |   | — |  |   | (29 | ) |   | (12 | ) |   | (2 | ) |   | — |  |   | — |  |   | — |  |   | (53 | ) |
| Settlements, net(6)                                           | (199 | ) |   | 128 |  |   | 59 |  |   | 3 |  |   | (7 | ) |   | (6 | ) |   | 46 |  |   | — |  |   | 24 |  |
| Effects of exchange rate changes                              | (29 | ) |   | (10 | ) |   | (7 | ) |   | (13 | ) |   | (3 | ) |   | — |  |   | 9 |  |   | — |  |   | (53 | ) |
| Transfers into Level 3(7)                                     | 3 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 3 |  |
| Transfers out of Level 3(7)                                   | (2 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (2 | ) |
| Balances, March 31, 2015                                      | $ | 1,061 |  |   | $ | 652 |  |   | $ | 658 |  |   | $ | 1,502 |  |   | $ | 641 |  |   | $ | 42 |  |   | $ | (30 | ) |   | $ | (111 | ) |   | $ | 4,415 |  |

|     |                                                                                                                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Included in net realized loss in our consolidated statements of operations. Excludes gain (loss) on realized foreign currency transactions on American Capital other assets and liabilities that are denominated in a foreign currency and any tax benefit. Also, excludes realized loss from other assets and liabilities not measured at fair value. |

|     |                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------|
| (2) | Included in net unrealized (depreciation) appreciation in our consolidated statements of operations. |

|     |                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Excludes unrealized appreciation (depreciation) related to foreign currency translation for American Capital other assets and liabilities not measured at fair value that are denominated in a foreign currency. |

|     |                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Includes increases in the cost basis of investments resulting from new and add-on portfolio investments, the accrual or allowance of PIK interest or cumulative dividends and the amortization of discounts, premiums and closing fees. |

|     |                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------|
| (5) | Includes the proceeds from equity investments, collection of cumulative dividends, loan syndications and loan sales. |

|     |                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Includes principal repayments on debt investments, collection of PIK interest, collection of accreted loan discounts, the exchange of one or more existing securities for one or more new securities and net interest rate derivative periodic interest and termination payments. |

|     |                                                                                                                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Investments were transferred into and out of Level 3 and Level 2 due to changes in the quantity and quality of inputs obtained to support the fair value of each investment. Our policy is to recognize transfers as of the first day of a reporting period for investments existing as of the end of the period. |

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Table of Contents

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   |   |   |   |   |   | Range |   |
|                                   | Fair Value |   | Valuation Techniques |   | Unobservable Inputs |   | Minimum | Maximum | Weighted Average |
|                                   |   |   |   |
| Enterprise Value Waterfall Methodology |   |   |   |   |   |   |
| Senior Debt                            | $ | 480 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 11% | 39% | 21% |
|                                   |   |   |   |   | Terminal value growth rate |   | 1% | 10% | 5% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | (30)% | (41)% |
|                                   |   |   |   |   | Control premium |   | —% | 17% | 8% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 30% | (33)% |
| Mezzanine Debt                         | $ | 478 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 11% | 24% | 15% |
|                                   |   |   |   |   | Terminal value growth rate |   | 1% | 4% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | 25% | (36)% |
|                                   |   |   |   |   | Control premium |   | 9% | 17% | 11% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 10% | (21)% |
| Preferred Equity                       | $ | 646 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 10% | 30% | 16% |
|                                   |   |   |   |   | Terminal value growth rate |   | 1% | 4% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | 40% | (21)% |
|                                   |   |   |   |   | Control premium |   | 9% | 19% | 17% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 10% | (11)% |
| Common Equity                          | $ | 1,325 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 8% | 39% | 13% |
|                                   |   |   |   |   | Terminal value growth rate |   | 1% | 10% | 3% |
|                                   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55)% | 25% | 14% |
|                                   |   |   |   |   | Control premium |   | —% | 19% | 13% |
|                                   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 15% | (3)% |
| Long Term Incentive Plan Liability     | $ | (27 | ) |   | Discounted cash flow |   | Discount rate |   | 9% | 9% | 9% |
|                                   |   |   |   |   | Premium or (discount) due to lack of control and marketability |   | (10)% | —% | (10)% |
|                                   |   |   |   |   |   |   |   |   |   |
| Market Yield Valuation Methodology     |   |   |   |   |   |   |
| Senior Debt                            | $ | 848 |  |   | Discounted cash flow |   | Market yield |   | 6% | 15% | 9% |
|                                   |   |   |   |   | Estimated remaining life |   | 1 yr | 4 yrs | 4 yrs |
| Mezzanine Debt                         | $ | 35 |  |   | Discounted cash flow |   | Market yield |   | 20% | 20% | 20% |
|                                   |   |   |   |   | Estimated remaining life |   | 3 yrs | 4 yrs | 4 yrs |
| Preferred Equity                       | $ | 3 |  |   | Discounted cash flow |   | Market yield |   | 10% | 15% | 11% |
|                                   |   |   |   |   | Estimated remaining life |   | 4 yrs | 4 yrs | 4 yrs |
| Structured Products                    | $ | 349 |  |   | Discounted cash flow |   | Discount rate |   | 8% | 60% | 20% |
|                                   |   |   |   |   | Constant prepayment rate |   | 25% | 31% | 26% |
|                                   |   |   |   |   | Constant default rate |   | 1% | 12% | 3% |
|                                   |   |   |   |   |   |   |   |   |   |
| Third-Party Vendor Pricing Service     |   |   |   |   |   |   |
| Senior Debt                            | $ | 4 |  |   | Third-party vendor pricing |   | Bid/Ask |   | 40 | 50 | 45 |
|                                   |   |   |   |   |   |   |   |   |   |
| Total                                  | $ | 4,141 |  |   |   |   |   |   |   |   |   |
|                                   |   |   |   |   |   |   |   |   |   |

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Table of Contents

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |
|   |   |   |   |   |   |   |   | Range |   |
|   |   | Fair Value |   | Valuation Techniques |   | Unobservable Inputs |   | Minimum | Maximum | Weighted Average |
|   |
|   | Enterprise Value Waterfall Methodology |   |   |   |   |   |   |
|   | Senior Debt | $ | 409 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 11% | 40% | 19% |
|   |   |   |   |   |   | Terminal value growth rate |   | 2% | 10% | 4% |
|   |   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (50)% | (15)% | (44)% |
|   |   |   |   |   |   | Control premium |   | —% | 15% | 9% |
|   |   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45)% | 30% | (32)% |
|   | Mezzanine Debt | $ | 468 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 12% | 35% | 14% |
|   |   |   |   |   |   | Terminal value growth rate |   | 2% | 4% | 3% |
|   |   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55%) | 30% | (35%) |
|   |   |   |   |   |   | Control premium |   | 9% | 20% | 13% |
|   |   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45%) | 10% | (24%) |
|   | Preferred Equity | $ | 546 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 9% | 37% | 17% |
|   |   |   |   |   |   | Terminal value growth rate |   | 2% | 4% | 3% |
|   |   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55%) | 30% | (38%) |
|   |   |   |   |   |   | Control premium |   | 9% | 20% | 13% |
|   |   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45%) | 10% | (22%) |
|   | Common Equity | $ | 1,405 |  |   | Enterprise discounted cash flow |   | Discount rate |   | 8% | 40% | 13% |
|   |   |   |   |   |   | Terminal value growth rate |   | 2% | 10% | 3% |
|   |   |   |   | Public comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (55%) | 30% | 17% |
|   |   |   |   |   |   | Control premium |   | —% | 20% | 13% |
|   |   |   |   | Sales of comparable companies |   | Premium or (discount) to multiples of comparable companies |   | (45%) | 10% | (5%) |
|   | Long Term Incentive Plan Liability | $ | (34 | ) |   | Discounted cash flow |   | Discount rate |   | 11% | 11% | 11% |
|   |   |   |   |   |   | (Discount) due to lack of control and marketability |   | (25%) | —% | (23%) |
|   |   |   |   |   |   |   |   |   |   |   |
|   | Market Yield Valuation Methodology |   |   |   |   |   |   |
|   | Senior Debt | $ | 871 |  |   | Discounted cash flow |   | Market yield |   | 5% | 15% | 9% |
|   |   |   |   |   |   | Estimated remaining life |   | 1 yr | 4 yrs | 4 yrs |
|   | Mezzanine Debt | $ | 136 |  |   | Discounted cash flow |   | Market yield |   | 14% | 22% | 16% |
|   |   |   |   |   |   | Estimated remaining life |   | 1 yr | 4 yrs | 2 yrs |
|   | Preferred Equity | $ | 60 |  |   | Discounted cash flow |   | Market yield |   | 14% | 15% | 14% |
|   |   |   |   |   |   | Estimated remaining life |   | 1 yr | 4 yrs | 1 yr |
|   | Structured Products | $ | 418 |  |   | Discounted cash flow |   | Discount rate |   | 5% | 52% | 19% |
|   |   |   |   |   |   | Constant prepayment rate |   | 30% | 35% | 31% |
|   |   |   |   |   |   | Constant default rate |   | —% | 2% | 1% |
|   |   |   |   |   |   |   |   |   |   |   |
|   | Third-Party Vendor Pricing Service |   |   |   |   |   |   |
|   | Senior Debt | $ | 73 |  |   | Third-party vendor pricing |   | Bid/Ask |   | 56 | 99 | 95 |
|   |   |   |   |   |   |   |   |   |   |   |
|   | Total | $ | 4,352 |  |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |

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|                         |
|-------------------------|
|                         |  |  |  |  |  |
|                    | March 31, 2016 |   | December 31, 2015 |
| Cost                    |   |   |   |
| First Lien Senior Debt  | 18.3 | % |   | 20.1 | % |
| Second Lien Senior Debt | 21.8 | % |   | 19.9 | % |
| Mezzanine Debt          | 12.2 | % |   | 14.0 | % |
| Preferred Equity        | 13.0 | % |   | 12.4 | % |
| Common Equity           | 23.4 | % |   | 21.4 | % |
| Structured Products     | 11.3 | % |   | 12.2 | % |
| Total                   | 100.0 | % |   | 100.0 | % |
|                    |   |   |   |
| Fair Value              |   |   |   |
| First Lien Senior Debt  | 16.9 | % |   | 18.4 | % |
| Second Lien Senior Debt | 20.6 | % |   | 18.7 | % |
| Mezzanine Debt          | 10.8 | % |   | 12.1 | % |
| Preferred Equity        | 13.7 | % |   | 12.1 | % |
| Common Equity           | 30.6 | % |   | 30.3 | % |
| Structured Products     | 7.4 | % |   | 8.4 | % |
| Total                   | 100.0 | % |   | 100.0 | % |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |
|                                                  | March 31, 2016 |   | December 31, 2015 |
| Cost                                                  |   |   |   |
| Capital Markets                                       | 15.5 | % |   | 12.6 | % |
| Commercial Services and Supplies                      | 12.0 | % |   | 12.1 | % |
| Life Sciences Tools and Services                      | 9.8 | % |   | 9.2 | % |
| IT Services                                           | 9.4 | % |   | 9.9 | % |
| Diversified Consumer Services                         | 4.4 | % |   | 4.5 | % |
| Software                                              | 4.3 | % |   | 4.2 | % |
| Household Durables                                    | 4.2 | % |   | 4.1 | % |
| Diversified Financial Services                        | 3.4 | % |   | 3.0 | % |
| Health Care Equipment and Supplies                    | 3.2 | % |   | 2.9 | % |
| Professional Services                                 | 2.9 | % |   | 2.7 | % |
| Oil, Gas and Consumable Fuels                         | 2.4 | % |   | 2.3 | % |
| Trading Companies and Distributors                    | 2.4 | % |   | 2.3 | % |
| Internet Software and Services                        | 2.2 | % |   | 2.1 | % |
| Real Estate                                           | 2.1 | % |   | 3.8 | % |
| Hotels, Restaurants and Leisure                       | 2.0 | % |   | 1.4 | % |
| Containers and Packaging                              | 2.0 | % |   | 1.9 | % |
| Aerospace and Defense                                 | 1.8 | % |   | 1.8 | % |
| Distributors                                          | 1.7 | % |   | 1.7 | % |
| Marine                                                | 1.5 | % |   | 1.5 | % |
| Health Care Providers and Services                    | 1.3 | % |   | 2.0 | % |
| Independent Power and Renewable Electricity Producers | — | % |   | 1.6 | % |
| Other                                                 | 11.5 | % |   | 12.4 | % |
| Total                                                 | 100.0 | % |   | 100.0 | % |

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|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |
|                                                  | March 31, 2016 |   | December 31, 2015 |
| Fair Value                                            |   |   |   |
| Capital Markets                                       | 23.8 | % |   | 23.4 | % |
| IT Services                                           | 9.0 | % |   | 9.1 | % |
| Life Sciences Tools and Services                      | 8.0 | % |   | 7.5 | % |
| Commercial Services and Supplies                      | 7.5 | % |   | 9.3 | % |
| Diversified Consumer Services                         | 7.3 | % |   | 5.6 | % |
| Household Durables                                    | 4.6 | % |   | 4.3 | % |
| Software                                              | 4.1 | % |   | 4.1 | % |
| Diversified Financial Services                        | 3.3 | % |   | 2.9 | % |
| Professional Services                                 | 2.8 | % |   | 2.7 | % |
| Health Care Providers and Services                    | 2.3 | % |   | 2.2 | % |
| Trading Companies and Distributors                    | 2.2 | % |   | 2.2 | % |
| Distributors                                          | 2.0 | % |   | 1.9 | % |
| Hotels, Restaurants and Leisure                       | 1.9 | % |   | 1.3 | % |
| Electronic Equipment, Instruments and Components      | 1.9 | % |   | 1.2 | % |
| Internet Software and Services                        | 1.9 | % |   | 1.8 | % |
| Containers and Packaging                              | 1.9 | % |   | 1.8 | % |
| Oil, Gas and Consumable Fuels                         | 1.8 | % |   | 1.8 | % |
| Real Estate                                           | 1.8 | % |   | 3.3 | % |
| Health Care Equipment and Supplies                    | 1.6 | % |   | 1.5 | % |
| Aerospace and Defense                                 | 1.5 | % |   | 1.6 | % |
| Independent Power and Renewable Electricity Producers | — | % |   | 1.9 | % |
| Other                                                 | 8.8 | % |   | 8.6 | % |
| Total                                                 | 100.0 | % |   | 100.0 | % |

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | March 31, 2016 |   | December 31, 2015 |
| Secured revolving credit facility due August 2016, $250 million commitment  | $ | 104 |  |   | $ | 167 |  |
| Secured revolving credit facility due March 2017, $100 million commitment   | — |  |   | 272 |  |
| Secured revolving credit facility due October 2016, $500 million commitment | — |  |   | 33 |  |
| Secured term loan due August 2017, net of discount                          | 438 |  |   | 437 |  |
| Unsecured Private Notes due September 2018, net of discount                 | 345 |  |   | 344 |  |
| Total                                                                       | $ | 887 |  |   | $ | 1,253 |  |

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Table of Contents

|                                            |
|--------------------------------------------|
|                                            |  |
| August 2016                                | $4.5 million |
| Secured Term Loans due August 2017         | Outstanding Balance |
| Unsecured Private Notes due September 2018 | Outstanding Balance |

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                       | Class A |   | Class B |   | Class C |   | Class D |   | Class E |   | Class F |   | Total |
| Balance, December 31, 2015 | 344 |  |   | 345 |  |   | 491 |  |   | 100 |  |   | 100 |  |   | 100 |  |   | 1,480 |  |
| Shares Issued              | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Shares Redeemed            | (69 | ) |   | (69 | ) |   | (98 | ) |   | (10 | ) |   | (10 | ) |   | (10 | ) |   | (266 | ) |
| Balance, March 31, 2016    | 275 |  |   | 276 |  |   | 393 |  |   | 90 |  |   | 90 |  |   | 90 |  |   | 1,214 |  |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                       | Class A |   | Class B |   | Class C |   | Class D |   | Class E |   | Class F |   | Total |
| Balance, December 31, 2014 | 412 |  |   | 413 |  |   | 589 |  |   | 100 |  |   | 100 |  |   | 100 |  |   | 1,714 |  |
| Shares Issued              | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Shares Redeemed            | (68 | ) |   | (68 | ) |   | (98 | ) |   | — |  |   | — |  |   | — |  |   | (234 | ) |
| Balance, March 31, 2015    | 344 |  |   | 345 |  |   | 491 |  |   | 100 |  |   | 100 |  |   | 100 |  |   | 1,480 |  |

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended March 31, |
|                                                                  | 2016 |   | 2015 |
| Numerator for basic and diluted net operating income per common share | $ | 74 |  |   | $ | 50 |  |
| Numerator for basic and diluted net (loss) earnings per common share  | $ | (80 | ) |   | $ | 15 |  |
| Denominator for basic weighted average common shares                  | 235.0 |  |   | 271.1 |  |
| Employee stock options and awards                                     | — |  |   | 11.8 |  |
| Denominator for diluted weighted average common shares                | 235.0 |  |   | 282.9 |  |
| Basic net operating income per common share                           | $ | 0.31 |  |   | $ | 0.18 |  |
| Diluted net operating income per common share                         | $ | 0.31 |  |   | $ | 0.18 |  |
| Basic net (loss) earnings per common share                            | $ | (0.34 | ) |   | $ | 0.06 |  |
| Diluted net (loss) earnings per common share                          | $ | (0.34 | ) |   | $ | 0.05 |  |

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|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |
|                       | Severance |   | Excess Office Facilities |   | Total |
| Balance, December 31, 2015 | $ | 4 |  |   | $ | 4 |  |   | $ | 8 |  |
| Restructuring charges      | 6 |  |   | — |  |   | 6 |  |
| Cash payments              | (5 | ) |   | — |  |   | (5 | ) |
| Balance, March 31, 2016    | $ | 5 |  |   | $ | 4 |  |   | $ | 9 |  |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |
|                       | Severance |   | Excess Office Facilities |   | Total |
| Balance, December 31, 2014 | $ | 8 |  |   | $ | 5 |  |   | $ | 13 |  |
| Restructuring charges      | 6 |  |   | — |  |   | 6 |  |
| Cash payments              | (7 | ) |   | (1 | ) |   | (8 | ) |
| Balance, March 31, 2015    | $ | 7 |  |   | $ | 4 |  |   | $ | 11 |  |

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |
|                                                             | Three Months Ended March 31, |
|                                                             | 2016 |   | 2015 |
| Common stock outstanding at beginning of period                  | 242.6 |  |   | 266.9 |  |
| Issuance of common stock under stock option plans                | 0.4 |  |   | 2.8 |  |
| Repurchase of common stock                                       | (21.2 | ) |   | — |  |
| Distribution of common stock held in deferred compensation trust | 0.6 |  |   | — |  |
| Common stock outstanding at end of period                        | 222.4 |  |   | 269.7 |  |

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|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |
|                                                              | Three Months Ended March 31, |
|                                                              | 2016 |   | 2015 |
| Tax on net (loss) earnings computed at federal statutory tax rate | $ | (27 | ) |   | $ | 27 |  |
| State taxes, net of federal tax benefit                           | (4 | ) |   | 3 |  |
| Valuation allowance                                               | 49 |  |   | (21 | ) |
| Dividends received deduction                                      | (5 | ) |   | (2 | ) |
| Earnings of European Capital                                      | (9 | ) |   | 18 |  |
| Capital gain on tax deconsolidation of subsidiary                 | — |  |   | 35 |  |
| Other                                                             | (1 | ) |   | 1 |  |
| Total provision for income taxes                                  | $ | 3 |  |   | $ | 61 |  |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |
|                     | Three Months Ended March 31, |
|                     | 2016 |   | 2015 |
| Total revenue            | $ | 269 |  |   | $ | 268 |  |
| Total operating expenses | $ | 255 |  |   | $ | 232 |  |
| Net operating income     | $ | 14 |  |   | $ | 36 |  |
| Net (loss) income        | $ | (10 | ) |   | $ | 26 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
|                                    | 2016 |   | 2015 |
| Operating Revenue - Control Investments |   |   |   |
| Interest and dividend income            | $ | 90 |  |   | $ | 60 |  |
| Fee income                              | $ | 10 |  |   | $ | 14 |  |

----

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----

Table of Contents

|         |                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (in millions, except per share data) |

|         |                                                    |
|---------|----------------------------------------------------|
| • | American Capital Agency Corp. (“AGNC”) |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | American Capital Mortgage Investment Corp. (“MTGE”) |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | American Capital Senior Floating, Ltd. (“ACSF”) |

|         |                                                      |
|---------|------------------------------------------------------|
| • | American Capital Equity I, LLC (“ACE I”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | American Capital Equity II, LP (“ACE II”) |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | American Capital Equity III, LP (“ACE III”) |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | European Capital UK SME Debt LP (“ECAS UK SME Debt”) |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | European Capital Private Debt LP (“ECAS Private Debt”) |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | American Capital CLO Fund I, LP (“ACAS CLO Fund I”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2007-1, Ltd. (“ACAS CLO 2007-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2012-1, Ltd. (“ACAS CLO 2012-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2013-1, Ltd. (“ACAS CLO 2013-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2013-2, Ltd. (“ACAS CLO 2013-2”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2014-1, Ltd. (“ACAS CLO 2014-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2014-2, Ltd. (“ACAS CLO 2014-2”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2015-1, Ltd. (“ACAS CLO 2015-1”) |

|         |                                                       |
|---------|-------------------------------------------------------|
| • | ACAS CLO 2015-2, Ltd. (“ACAS CLO 2015-2”) |

----

Table of Contents

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |
| Company                           |   | Business Line |   | Industry |   | Cost Basis |   | Fair Value |
| American Capital Asset Management, LLC |   | American Capital Asset Management |   | Capital Markets |   | $ | 636 |  |   | $ | 1,033 |  |
| Alcami Holdings LLC                    |   | American Capital One Stop Buyouts® |   | Life Sciences Tools & Services |   | 306 |  |   | 249 |  |
| SEHAC Holding Corporation              |   | American Capital One Stop Buyouts® |   | Diversified Consumer Services |   | 15 |  |   | 235 |  |
| Bellotto Holdings Limited              |   | European Capital |   | Household Durables |   | 133 |  |   | 161 |  |
| Soil Safe Acquisition Corp.            |   | Sponsor Finance and Other Investments |   | Professional Services |   | 116 |  |   | 118 |  |
| European Capital Private Debt LP       |   | European Capital |   | Diversified Financial Services |   | 97 |  |   | 102 |  |
| WRH, Inc.                              |   | American Capital One Stop Buyouts® |   | Life Sciences Tools & Services |   | 104 |  |   | 100 |  |
| MW Acquisition Corporation             |   | American Capital One Stop Buyouts® |   | Health Care Providers & Services |   | 54 |  |   | 99 |  |
| Convergint Technologies, LLC           |   | Sponsor Finance and Other Investments |   | Commercial Services & Supplies |   | 94 |  |   | 94 |  |
| Infogix Parent Corporation             |   | Sponsor Finance and Other Investments |   | IT Services |   | 91 |  |   | 91 |  |
| Total                                  | $ | 1,646 |  |   | $ | 2,282 |  |

----

Table of Contents

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |
|                                    | March 31, 2016 |   | December 31, 2015 |
| Cost                                    |   |   |   |
| American Capital One Stop Buyouts® | 27.2 | % |   | 27.1 | % |
| Sponsor Finance and Other Investments   | 36.2 | % |   | 37.3 | % |
| European Capital                        | 11.5 | % |   | 11.2 | % |
| American Capital Asset Management       | 13.5 | % |   | 10.9 | % |
| Structured Products                     | 11.3 | % |   | 12.2 | % |
| Senior Floating Rate Loans              | 0.3 | % |   | 1.3 | % |
| Total                                   | 100.0 | % |   | 100.0 | % |
|                                    |   |   |   |
| Fair Value                              |   |   |   |
| American Capital One Stop Buyouts® | 25.6 | % |   | 23.5 | % |
| Sponsor Finance and Other Investments   | 35.8 | % |   | 37.1 | % |
| European Capital                        | 9.1 | % |   | 8.6 | % |
| American Capital Asset Management       | 21.8 | % |   | 21.3 | % |
| Structured Products                     | 7.4 | % |   | 8.4 | % |
| Senior Floating Rate Loans              | 0.3 | % |   | 1.1 | % |
| Total                                   | 100.0 | % |   | 100.0 | % |

----

Table of Contents

|                         |
|-------------------------|
|                         |  |  |  |  |  |
|                    | March 31, 2016 |   | December 31, 2015 |
| Cost                    |   |   |   |
| First Lien Senior Debt  | 18.3 | % |   | 20.1 | % |
| Second Lien Senior Debt | 21.8 | % |   | 19.9 | % |
| Mezzanine Debt          | 12.2 | % |   | 14.0 | % |
| Preferred Equity        | 13.0 | % |   | 12.4 | % |
| Common Equity           | 23.4 | % |   | 21.4 | % |
| Structured Products     | 11.3 | % |   | 12.2 | % |
| Total                   | 100.0 | % |   | 100.0 | % |
|                    |   |   |   |
| Fair Value              |   |   |   |
| First Lien Senior Debt  | 16.9 | % |   | 18.4 | % |
| Second Lien Senior Debt | 20.6 | % |   | 18.7 | % |
| Mezzanine Debt          | 10.8 | % |   | 12.1 | % |
| Preferred Equity        | 13.7 | % |   | 12.1 | % |
| Common Equity           | 30.6 | % |   | 30.3 | % |
| Structured Products     | 7.4 | % |   | 8.4 | % |
| Total                   | 100.0 | % |   | 100.0 | % |

----

Table of Contents

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | Three Months Ended March 31, |
|                    | 2016 |   | 2015 |
| Type                    |   |   |   |
| First Lien Senior Debt  | $ | 50 |  |   | $ | 747 |  |
| Second Lien Senior Debt | 52 |  |   | 12 |  |
| Mezzanine Debt          | — |  |   | 54 |  |
| Preferred Equity        | 9 |  |   | 90 |  |
| Common Equity           | 21 |  |   | 2 |  |
| Structured Products     | — |  |   | 47 |  |
| Total by type           | $ | 132 |  |   | $ | 952 |  |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |
|                                                                         | Three Months Ended March 31, |
|                                                                         | 2016 |   | 2015 |
| Use                                                                          |   |   |   |
| Sponsor Finance and Other Investments                                        | $ | 48 |  |   | $ | 41 |  |
| Investments in ACAM and Fund Development                                     | 33 |  |   | 19 |  |
| European Capital                                                             | 7 |  |   | 169 |  |
| Senior Floating Rate Loans                                                   | — |  |   | 603 |  |
| Structured Products                                                          | — |  |   | 47 |  |
| Add-on financing for growth and working capital                              | 27 |  |   | 21 |  |
| Add-on financing for working capital in distressed situations                | 13 |  |   | 6 |  |
| Add-on financing for acquisition                                             | 4 |  |   | — |  |
| Add-on financing for recapitalizations, not including distressed investments | — |  |   | 46 |  |
| Total by use                                                                 | $ | 132 |  |   | $ | 952 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Three Months Ended March 31, |
|                                     | 2016 |   | 2015 |
| Business Line                            |   |   |   |
| Sponsor Finance and Other Investments    | $ | 65 |  |   | $ | 63 |  |
| Investments in ACAM and Fund Development | 33 |  |   | 19 |  |
| American Capital One Stop Buyouts®  | 27 |  |   | 51 |  |
| European Capital                         | 7 |  |   | 169 |  |
| Senior Floating Rate Loans               | — |  |   | 603 |  |
| Structured Products                      | — |  |   | 47 |  |
| Total by business line                   | $ | 132 |  |   | $ | 952 |  |

----

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
|                                                       | Three Months Ended March 31, |
|                                                       | 2016 |   | 2015 |
| Source                                                     |   |   |   |
| Loan syndications and sales                                | $ | 539 |  |   | $ | 54 |  |
| Equity investments                                         | 32 |  |   | 93 |  |
| Principal prepayments                                      | 31 |  |   | 29 |  |
| Scheduled principal amortization                           | 19 |  |   | 32 |  |
| Payment of accrued PIK notes and dividend and accreted OID | 14 |  |   | 17 |  |
| Total by source                                            | $ | 635 |  |   | $ | 225 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
|                                    | 2016 |   | 2015 |
| Business Line                           |   |   |   |
| Senior Floating Rate Loans              | $ | 378 |  |   | $ | 91 |  |
| Sponsor Finance and Other Investments   | 126 |  |   | 2 |  |
| Structured Products                     | 55 |  |   | 5 |  |
| European Capital                        | 44 |  |   | 110 |  |
| American Capital One Stop Buyouts® | 31 |  |   | 14 |  |
| American Capital Asset Management       | 1 |  |   | 3 |  |
| Total by business line                  | $ | 635 |  |   | $ | 225 |  |

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----

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|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |
| Fund                |   | Fund type |   | Established |   | Assets under management |   | Earning assets under management |   | Investment types |   | Capital type |
| AGNC                |   | Publicly Traded REIT  - NASDAQ (AGNC) |   | 2008 |   | $62.4 Billion |   | $8.5 Billion |   | Agency Securities |   | Permanent |
| MTGE                |   | Publicly Traded REIT  - NASDAQ (MTGE) |   | 2011 |   | $4.9 Billion |   | $1.0 Billion |   | Mortgage Investments |   | Permanent |
| ACSF                |   | Publicly Traded BDC - NASDAQ (ACSF) |   | 2014 |   | $220 Million |   | $250 Million |   | Senior Floating Rate Loans |   | Permanent |
| ACE I          |   | Private Equity Fund |   | 2006 |   | $115 Million |   | $101 Million |   | Equity |   | Finite Life |
| ACE II         |   | Private Equity Fund |   | 2007 |   | $103 Million |   | $90 Million |   | Equity |   | Finite Life |
| ACE III        |   | Private Equity Fund |   | 2014 |   | $684 Million |   | $618 Million |   | Equity |   | Finite Life |
| ECAS UK SME Debt(2) |   | Private Debt Fund |   | 2014 |   | $25 Million(1) |   | $23 Million(1) |   | Senior and Mezzanine Debt |   | Finite Life |
| ECAS Private Debt   |   | Private Debt Fund |   | 2015 |   | $312 Million |   | $307 Million |   | Senior and Mezzanine Debt |   | Finite Life |
| ACAS CLO Fund I     |   | Private CLO Fund |   | 2015 |   | $237 Million |   | $448 Million |   | CLO Equity |   | Finite Life |
| ACAS CLO 2007-1(2)  |   | CLO |   | 2006 |   | $182 Million |   | $162 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2012-1(2)  |   | CLO |   | 2012 |   | $320 Million |   | $320 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2013-1(2)  |   | CLO |   | 2013 |   | $384 Million |   | $412 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2013-2     |   | CLO |   | 2013 |   | $383 Million |   | $406 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2014-1(2)  |   | CLO |   | 2014 |   | $573 Million |   | $598 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2014-2(2)  |   | CLO |   | 2014 |   | $385 Million |   | $408 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2015-1(2)  |   | CLO |   | 2015 |   | $523 Million |   | $539 Million |   | Senior Debt |   | Finite Life |
| ACAS CLO 2015-2(2)  |   | CLO |   | 2015 |   | $492 Million |   | $503 Million |   | Senior Debt |   | Finite Life |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Committed capital of £100 million ($144 million) in ECAS UK SME Debt fund, which remained largely unfunded as of March 31, 2016. |

|     |                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------|
| (2) | These funds are consolidated by ACAM and included in ACAM’s consolidated financial statements. |

----

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|                         |
|-------------------------|
|                         |  |  |  |  |  |
|                    | March 31, 2016 |   | December 31, 2015 |
| Cost                    |   |   |   |
| First Lien Senior Debt  | 3.7 | % |   | 4.0 | % |
| Second Lien Senior Debt | 4.8 | % |   | 4.5 | % |
| Mezzanine Debt          | 14.5 | % |   | 25.5 | % |
| Preferred Equity        | 30.8 | % |   | 26.9 | % |
| Common Equity           | 46.2 | % |   | 39.1 | % |
| Structured Products     | — | % |   | — | % |
| Total                   | 100.0 | % |   | 100.0 | % |
|                    |   |   |   |
| Fair Value              |   |   |   |
| First Lien Senior Debt  | 3.5 | % |   | 4.4 | % |
| Second Lien Senior Debt | 0.2 | % |   | — | % |
| Mezzanine Debt          | 6.8 | % |   | 20.4 | % |
| Preferred Equity        | 33.8 | % |   | 23.9 | % |
| Common Equity           | 55.7 | % |   | 51.3 | % |
| Structured Products     | — | % |   | — | % |
| Total                   | 100.0 | % |   | 100.0 | % |

----

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----

Table of Contents

|         |                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The first element is “Net operating income” (“NOI”), which is primarily the interest, dividends, prepayment fees, finance and transaction fees and portfolio company management fees earned from investing in debt and equity securities and the fees we earn from fund asset management, less our operating expenses and provision or benefit for income taxes. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The second element is “Net realized gain (loss),” which reflects the difference between the proceeds from an exit of an investment and the cost at which the investment was carried on our consolidated balance sheets and periodic interest settlements and termination receipts or payments on derivatives, foreign currency transaction gains or losses and taxes on realized gains or losses. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The third element is “Net unrealized appreciation (depreciation),” which is the net change in the estimated fair value of our portfolio investments and of our interest rate derivatives at the end of the period compared with their estimated fair values at the beginning of the period or their stated costs, as appropriate, and taxes on unrealized gains or losses. In addition, our net unrealized depreciation includes the foreign currency translation from converting the cost basis of our assets and liabilities denominated in a foreign currency to the U.S. dollar. |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |
|                                                   | Three Months Ended March 31, |
|                                                   | 2016 |   | 2015 |
| Operating revenue                                      | $ | 162 |  |   | $ | 154 |  |
| Operating expenses                                     | 68 |  |   | 76 |  |
| NOI before income taxes                                | 94 |  |   | 78 |  |
| Tax provision                                          | (20 | ) |   | (28 | ) |
| NOI                                                    | 74 |  |   | 50 |  |
| Net realized loss, net of tax                          | (88 | ) |   | (213 | ) |
| Net realized loss                                      | (14 | ) |   | (163 | ) |
| Net unrealized (depreciation) appreciation, net of tax | (66 | ) |   | 178 |  |
| Net (loss) earnings                                    | $ | (80 | ) |   | $ | 15 |  |

----

Table of Contents

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
|                                    | 2016 |   | 2015 |
| Business Line                           |   |   |   |
| Sponsor Finance and Other Investments   | $ | 64 |  |   | $ | 27 |  |
| American Capital One Stop Buyouts® | 36 |  |   | 28 |  |
| American Capital Asset Management       | 34 |  |   | 33 |  |
| Structured Products                     | 21 |  |   | 24 |  |
| European Capital                        | 7 |  |   | 23 |  |
| Senior Floating Rate Loans              | — |  |   | 19 |  |
| Total by business line                  | $ | 162 |  |   | $ | 154 |  |

----

Table of Contents

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |
|                                                    | Three Months Ended March 31, |
|                                                    | 2016 |   | 2015 |
| Interest income on debt investments                     | $ | 50 |  |   | $ | 62 |  |
| Interest income on Structured Products investments      | 21 |  |   | 23 |  |
| Dividend income from equity investments, excluding ACAM | 44 |  |   | 4 |  |
| Dividend income from ACAM                               | 27 |  |   | 26 |  |
| Interest and dividend income                            | 142 |  |   | 115 |  |
| Portfolio company advisory and administrative fees      | 2 |  |   | 5 |  |
| Advisory and administrative services – ACAM       | 6 |  |   | 7 |  |
| Other fees                                              | 5 |  |   | 4 |  |
| Fee income                                              | 13 |  |   | 16 |  |
| Total operating revenue                                 | $ | 155 |  |   | $ | 131 |  |

----

Table of Contents

|                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                   | Three Months Ended March 31, |
|                                                                                                                   | 2016 |   | 2015 |
| Debt investments at cost(1)                                                                                            | $ | 2,420 |  |   | $ | 1,792 |  |
| Average non-accrual debt investments at cost(2)                                                                        | $ | 185 |  |   | $ | 193 |  |
| Effective interest rate on debt investments                                                                            | 8.3 | % |   | 9.4 | % |
| Effective interest rate on debt investments, excluding non-accrual prior period adjustments                            | 9.0 | % |   | 9.0 | % |
| Structured Products investments at cost(1)                                                                             | $ | 560 |  |   | $ | 645 |  |
| Effective interest rate on Structured Products investments                                                             | 15.2 | % |   | 14.5 | % |
| Debt and Structured Products investments at cost(1)                                                                    | $ | 2,980 |  |   | $ | 2,437 |  |
| Effective interest rate on debt and Structured Products investments                                                    | 9.6 | % |   | 10.8 | % |
| Average daily one-month LIBOR                                                                                          | 0.4 | % |   | 0.2 | % |
| Equity investments at cost(1)(3)                                                                                       | $ | 765 |  |   | $ | 1,084 |  |
| Effective dividend yield on equity investments(3)                                                                      | 22.6 | % |   | 1.6 | % |
| Effective dividend yield on equity investments, excluding non-accrual prior period adjustments(3)                      | 14.3 | % |   | 2.2 | % |
| Debt, Structured Products and equity investments at cost(1)(3)                                                         | $ | 3,745 |  |   | $ | 3,521 |  |
| Effective yield on debt, Structured Products and equity investments(3)                                                 | 12.3 | % |   | 7.9 | % |
| Effective yield on debt, Structured Products and equity investments, excluding non-accrual prior period adjustments(3) | 11.0 | % |   | 7.9 | % |

|     |                                                                             |
|-----|-----------------------------------------------------------------------------|
| (1) | Monthly weighted average of investments at cost. Excludes SFRL investments. |

|     |                                           |
|-----|-------------------------------------------|
| (2) | Quarterly average of investments at cost. |

|     |                                         |
|-----|-----------------------------------------|
| (3) | Excludes our equity investment in ACAM. |

----

Table of Contents

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | Three Months Ended March 31, |
|                                            | 2016 |   | 2015 |
| Interest                                        | $ | 15 |  |   | $ | 17 |  |
| Salaries, benefits and stock-based compensation | 26 |  |   | 30 |  |
| Severance related costs                         | 8 |  |   | 10 |  |
| European Capital management fees                | 2 |  |   | 4 |  |
| General and administrative                      | 17 |  |   | 15 |  |
| Total operating expenses                        | $ | 68 |  |   | $ | 76 |  |

----

Table of Contents

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |
|                                                                              | Three Months Ended March 31, |
|                                                                              | 2016 |   | 2015 |
| Base salaries                                                                     | $ | 10 |  |   | $ | 12 |  |
| Incentive compensation                                                            | 8 |  |   | 11 |  |
| Benefits                                                                          | 3 |  |   | 4 |  |
| Stock-based compensation                                                          | 5 |  |   | 3 |  |
| Severance related costs                                                           | 8 |  |   | 10 |  |
| Total salaries, benefits and stock-based compensation and severance related costs | $ | 34 |  |   | $ | 40 |  |

----

Table of Contents

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |
|                                                                 | Three Months Ended March 31, |
|                                                                 | 2016 |   | 2015 |
| Tax provision - net operating income                                 | $ | (20 | ) |   | $ | (28 | ) |
| Tax benefit - net realized loss                                      | 12 |  |   | 43 |  |
| Tax benefit (provision) - net unrealized (depreciation) appreciation | 5 |  |   | (76 | ) |
| Total tax provision                                                  | $ | (3 | ) |   | $ | (61 | ) |

----

Table of Contents

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
|                                    | 2016 |   | 2015 |
| Other, net                              | $ | 6 |  |   | $ | 5 |  |
| Total gross realized portfolio gain     | 6 |  |   | 5 |  |
|                                    |   |   |   |
| ASAP Industries Holdings, LLC           | (50 | ) |   | — |  |
| Alcami Holdings LLC                     | — |  |   | (168 | ) |
| TestAmerica Environmental Services, LLC | — |  |   | (28 | ) |
| Other, net                              | (39 | ) |   | (15 | ) |
| Total gross realized portfolio loss     | (89 | ) |   | (211 | ) |
| Total net realized portfolio loss       | (83 | ) |   | (206 | ) |
| Foreign currency transactions           | — |  |   | (2 | ) |
| Derivative agreements                   | (5 | ) |   | (2 | ) |
| Long term incentive plan liability      | (12 | ) |   | (46 | ) |
| Tax benefit                             | 12 |  |   | 43 |  |
| Total net realized loss                 | $ | (88 | ) |   | $ | (213 | ) |

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |
|                                                                     | Three Months Ended March 31, |
|                                                                     | 2016 |   | 2015 |
| Gross unrealized appreciation of American Capital One Stop Buyouts® | $ | 132 |  |   | $ | 69 |  |
| Gross unrealized depreciation of American Capital One Stop Buyouts® | (106 | ) |   | (65 | ) |
| Gross unrealized appreciation of Sponsor Finance and Other Investments   | 20 |  |   | 25 |  |
| Gross unrealized depreciation of Sponsor Finance and Other Investments   | (47 | ) |   | (25 | ) |
| Gross unrealized appreciation of European Capital investments            | 14 |  |   | 38 |  |
| Gross unrealized depreciation of European Capital investments            | (3 | ) |   | (36 | ) |
| Net unrealized depreciation of ACAM                                      | (151 | ) |   | (4 | ) |
| Net unrealized (depreciation) appreciation of Senior Floating Rate Loans | (2 | ) |   | 21 |  |
| Net unrealized depreciation of Structured Products investments           | (30 | ) |   | (3 | ) |
| Reversal of prior period net unrealized depreciation upon realization    | 97 |  |   | 209 |  |
| Net unrealized (depreciation) appreciation of portfolio investments      | (76 | ) |   | 229 |  |
| Foreign currency translation - European Capital investments              | (12 | ) |   | 28 |  |
| Foreign currency translation - other                                     | 4 |  |   | (9 | ) |
| Derivative agreements and other                                          | 13 |  |   | 43 |  |
| WRH, Inc. Equity Option                                                  | — |  |   | (37 | ) |
| Tax benefit (provision)                                                  | 5 |  |   | (76 | ) |
| Net unrealized (depreciation) appreciation                               | $ | (66 | ) |   | $ | 178 |  |

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|                                            |
|--------------------------------------------|
|                                            |  |
| August 2016                                | $4.5 million |
| Secured Term Loans due August 2017         | Outstanding Balance |
| Unsecured Private Notes due September 2018 | Outstanding Balance |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |
|                                                                       | Outstanding Balance |
| Secured revolving credit facility due August 2016, $250 million commitment | $ | 104 |  |
| Secured revolving credit facility due March 2017, $100 million commitment  | — |  |
| Total                                                                      | $ | 104 |  |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | March 31, 2016 |   | December 31, 2015 |
| Current                                                                     | $ | 2,103 |  |   | $ | 2,276 |  |
| 0 - 30 days past due                                                        | — |  |   | — |  |
| 31 - 60 days past due                                                       | 51 |  |   | — |  |
| 61 - 90 days past due                                                       | 13 |  |   | — |  |
| Greater than 90 days past due                                               | — |  |   | — |  |
| Total past due accruing loans at cost                                       | 64 |  |   | — |  |
| Non-accruing loans at cost                                                  | 185 |  |   | 185 |  |
| Total loans at cost                                                         | $ | 2,352 |  |   | $ | 2,461 |  |
| Non-accruing loans at fair value                                            | $ | 115 |  |   | $ | 103 |  |
| Total loans at fair value                                                   | $ | 2,243 |  |   | $ | 2,352 |  |
| Non-accruing loans at cost as a percent of total loans at cost              | 7.9 | % |   | 7.5 | % |
| Non-accruing loans at fair value as a percent of total loans at fair value  | 5.1 | % |   | 4.4 | % |
| Non-accruing loans at fair value as a percent of non-accruing loans at cost | 62.2 | % |   | 55.7 | % |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        | March 31, 2016 |   | December 31, 2015 |
| Current                                                                     | $ | 28 |  |   | $ | 92 |  |
| 0 - 30 days past due                                                        | — |  |   | — |  |
| 31 - 60 days past due                                                       | — |  |   | — |  |
| 61 - 90 days past due                                                       | — |  |   | — |  |
| Greater than 90 days past due                                               | — |  |   | — |  |
| Total past due accruing loans at cost                                       | — |  |   | — |  |
| Non-accruing loans at cost                                                  | 97 |  |   | 95 |  |
| Total loans at cost                                                         | $ | 125 |  |   | $ | 187 |  |
| Non-accruing loans at fair value                                            | $ | 22 |  |   | $ | 18 |  |
| Total loans at fair value                                                   | $ | 45 |  |   | $ | 107 |  |
| Non-accruing loans at cost as a percent of total loans at cost              | 77.6 | % |   | 50.8 | % |
| Non-accruing loans at fair value as a percent of total loans at fair value  | 48.9 | % |   | 16.8 | % |
| Non-accruing loans at fair value as a percent of non-accruing loans at cost | 22.7 | % |   | 18.9 | % |

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|         |                                                           |
|---------|-----------------------------------------------------------|
| ITEM 3. | Quantitative and Qualitative Disclosure About Market Risk |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Basis Point Change |   | InterestIncome |   | InterestExpense |   | NetOperating Income |   | Net Earnings |
| Up 400 basis points          |   | $ | 61 |  |   | $ | 21 |  |   | $ | 40 |  |   | $ | 40 |  |
| Up 300 basis points          |   | $ | 44 |  |   | $ | 16 |  |   | $ | 28 |  |   | $ | 28 |  |
| Up 200 basis points          |   | $ | 27 |  |   | $ | 10 |  |   | $ | 17 |  |   | $ | 17 |  |
| Up 100 basis points          |   | $ | 10 |  |   | $ | 5 |  |   | $ | 5 |  |   | $ | 5 |  |
| Down 100 basis points        |   | $ | (1 | ) |   | $ | (1 | ) |   | $ | — |  |   | $ | — |  |

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Table of Contents

|         |                         |
|---------|-------------------------|
| Item 4. | Controls and Procedures |

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Table of Contents

|         |                   |
|---------|-------------------|
| Item 1. | Legal Proceedings |

|            |                    |
|------------|--------------------|
| Item   1A. | Risk Factors  |

|         |                                                             |
|---------|-------------------------------------------------------------|
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Total Number of Shares Purchased(1) |   | Average Price Paid Per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) |   | Maximum Number of Shares That May Yet Be Purchased Under the Publicly Announced Plans or Programs |
| January 4, 2016 through January 29, 2016   | 6.6 |  |   | $ | 13.91 |  |   | 6.6 |  |   | N/A |
| February 1, 2016 through February 29, 2016 | 6.9 |  |   | $ | 13.31 |  |   | 6.9 |  |   | N/A |
| March 1, 2016 through March 31, 2016       | 7.7 |  |   | $ | 14.61 |  |   | 7.7 |  |   | N/A |
| First Quarter 2016                         | 21.2 |  |   | $ | 13.96 |  |   | 21.2 |  |   | N/A |

|     |                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------|
| (1) | All shares were purchased by us pursuant to the share repurchase program described in footnote 2 below. |

|     |                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------|
| (2) | Under the program, we will consider quarterly setting an amount to be utilized for share repurchases. |

|         |                                 |
|---------|---------------------------------|
| Item 3. | Defaults Upon Senior Securities |

|         |                         |
|---------|-------------------------|
| Item 4. | Mine Safety Disclosures |

|         |                   |
|---------|-------------------|
| Item 5. | Other Information |

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|         |                |
|---------|----------------|
| Item 6. | Exhibits  |

|        |
|--------|
|        |  |
| *3.1.  | American Capital, Ltd. (f/k/a American Capital Strategies, Ltd.) Third Amended and Restated Certificate of Incorporation, as amended, incorporated herein by reference to Exhibit 3.1 to Form 10-Q for the quarter ended March 31, 2012 (File No. 814-00149), filed May 7, 2012. |
|   |   |
| *3.2.  | American Capital, Ltd. (f/k/a American Capital Strategies, Ltd.) Second Amended and Restated Bylaws, as amended, incorporated herein by reference to Exhibit 3.2 to Form 10-Q for the quarter ended June 30, 2008 (File No. 814-00149), filed August 11, 2008. |
|   |   |
| *4.1.  | Instruments defining the rights of holders of securities: See Article IV of our Third Amended and Restated Certificate of Incorporation, as amended, incorporated herein by reference to Exhibit 3.1 to Form 10-Q for the quarter ended March 31, 2012 (File No. 814-00149), filed May 7, 2012. |
|   |   |
| *4.2.  | Instruments defining the rights of holders of securities: See Section I of our Second Amended and Restated Bylaws, as amended, incorporated herein by reference to Exhibit 3.2 to Form 10-Q for the quarter ended June 30, 2008 (File No. 814-00149), filed August 11, 2008. |
|   |   |
| 31.1.  | Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|   |   |
| 31.2.  | Certification of CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|   |   |
| 32.    | Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|   |                       |
|---|-----------------------|
| * | Previously filed  |

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|        |
|--------|
|        |  |  |
|   | AMERICAN CAPITAL, LTD. |
|   |   |   |
|   | By: | /s/    JOHN R. ERICKSON |
|   |   | John R. EricksonChief Financial Officer(Principal Financial Officer) |