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| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|

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

| Maryland                                                       |   | 47-1290650                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| Common Stock, $.001 Par Value Per Share |   | None                                      |
|-----------------------------------------|--------|-------------------------------------------|
| Title of each class                     |   | Name of each exchange on which registered |

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| Item 1.                                | Business                                                                                                                                                                                                                    | 4   |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                   |                                                                                                                                                                                                                        |     |
| Item 1A.                               | Risk Factors                                                                                                                                                                                                                | 17  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 1B.                               | Unresolved Staff Comments                                                                                                                                                                                                   | 34  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 2.                                | Properties                                                                                                                                                                                                                  | 34  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 3.                                | Legal Proceedings                                                                                                                                                                                                           | 34  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 4.                                | Mine Safety Issues                                                                                                                                                                                                          | 34  |
|                                   |                                                                                                                                                                                                                        |     |
| PART II                                |
|                                   |                                                                                                                                                                                                                        |
| Item 5.                                | Market for Registrant’s Common Stock and Related Shareholder Matters                                                                                                                                                  | 35  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 6.                                | Selected Financial Data                                                                                                                                                                                                     | 35  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 7.                                | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                 | 36  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 7A.                               | Quantitative and Qualitative Disclosure about Market Risk                                                                                                                                                                   | 45  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 8.                                | Financial Statements and Supplementary Data                                                                                                                                                                                 | 46  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 9.                                | Changes in and Disagreements with Accountants on Accounting or Financial Disclosure                                                                                                                                         | 69  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 9A.                               | Controls and Procedures                                                                                                                                                                                                     | 69  |
|                                   |                                                                                                                                                                                                                        |     |
| Items 9B.                              | Other Information                                                                                                                                                                                                           | 69  |
|                                   |                                                                                                                                                                                                                        |     |
| PART III                               |
|                                   |                                                                                                                                                                                                                        |
| Item 10.                               | Directors, Executive Officers and Corporate Governance                                                                                                                                                                      | 70  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 11.                               | Executive Compensation                                                                                                                                                                                                      | 72  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 12.                               | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters                                                                                                                              | 72  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 13.                               | Certain Relationships and Related Transactions, and Director Independence                                                                                                                                                   | 74  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 14.                               | Principal Accountant Fees and Services                                                                                                                                                                                      | 76  |
|                                   |                                                                                                                                                                                                                        |     |
| PART IV                                |
|                                   |                                                                                                                                                                                                                        |
| Item 15.                               | Exhibits, Financial Statements Schedules                                                                                                                                                                                    | 77  |
|                                   |                                                                                                                                                                                                                        |     |
| Item 16.                               | Form 10-K Summary                                                                                                                                                                                                           | 77  |
|                                   |                                                                                                                                                                                                                        |     |
| SIGNATURES                             |
|                                   |                                                                                                                                                                                                                        |     |
| EXHIBITS                               |
|                                   |                                                                                                                                                                                                                        |     |
| Exhibit 3(i)                      | Articles of Incorporation of the Fund filed with the Maryland Secretary of State on July 7, 2014, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014. |     |
|                                   |                                                                                                                                                                                                                        |     |
| Exhibit 3(ii)                          | Bylaws of the Fund, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014.                                                                               |     |
|                                   |                                                                                                                                                                                                                        |     |
| Exhibit 4.1                            | Stock Purchase Agreement between the Fund and the Partnership, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014.                                    |     |
|                                   |                                                                                                                                                                                                                        |     |
| Exhibit 10.1                      | Form of Custodian Agreement with Citi Private Bank, filed herewith.                                                                                                                                                         |     |
|                                   |                                                                                                                                                                                                                        |     |
| Exhibit 10.2                      | Form of Amended and Restated Investment Management Agreement between the Fund and the Investment Manager, filed herewith.                                                                                                   |     |
|                                   |                                                                                                                                                                                                                        |     |
| Exhibits 31.1 – 32.2   | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                  |     |

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|  | · | our future operating results; |
|--|--------|-------------------------------|

|  | · | changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | uncertainty surrounding the strength of the U.S. economic recovery; |
|--|--------|---------------------------------------------------------------------|

|  | · | our business prospects and the prospects of our portfolio companies; |
|--|--------|----------------------------------------------------------------------|

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

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

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

|  | · | the dependence of our future success on the general economy and its impact on the industries in which we invest; |
|--|--------|------------------------------------------------------------------------------------------------------------------|

|  | · | the ability of our current prospective portfolio companies to achieve their objectives; |
|--|--------|-----------------------------------------------------------------------------------------|

|  | · | the relative and absolute performance of our investment adviser; |
|--|--------|------------------------------------------------------------------|

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

|  | · | the use of borrowed money to finance a portion of our investments; |
|--|--------|--------------------------------------------------------------------|

|  | · | our ability to make distributions; |
|--|--------|------------------------------------|

|  | · | the adequacy of our cash resources and working capital including our ability to raise additional capital; |
|--|--------|-----------------------------------------------------------------------------------------------------------|

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

|  | · | the impact of future acquisitions and divestitures; |
|--|--------|-----------------------------------------------------|

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|  | · | the effect of changes in tax laws and regulations and interpretations thereof; |
|--|--------|--------------------------------------------------------------------------------|

|  | · | our ability to maintain our status as a BDC and a qualifying regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”); |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | actual and potential conflicts of interest with Siguler Guff Advisers, LLC (“Siguler Guff Advisers” or the “Investment Manager”) and its affiliates; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | general price and volume fluctuations in the financial markets; |
|--|--------|-----------------------------------------------------------------|

|  | · | the ability of the Investment Manager to attract and retain highly talented professionals; and |
|--|--------|------------------------------------------------------------------------------------------------|

|  | · | the impact on our business of new legislation. |
|--|--------|------------------------------------------------|

| ITEM 1. | BUSINESS. |
|---------|-----------|

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|  | · | The Fund invests in later stage, profitable companies, typically with EBITDA between $2 and $15 million, and with revenue between $10 and $100 million. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Companies may use the capital for a range of purposes, including but not limited to change of control transactions, organic growth, acquisition, debt refinancing and dividend recapitalizations. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | The Fund invests in companies that the Investment Manager considers to have stable operating performance and a strong position in their respective markets. Underwriting criteria may include some or all of the following: |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | Historical profitability, with predictable cash flow and realistic growth prospects; |
|--|---|--------------------------------------------------------------------------------------|

|  | o | Strong management team, with incentives to perform; |
|--|---|-----------------------------------------------------|

|  | o | Good strategic position in the market with high barriers to entry, reasonable customer concentration risk and a differentiated product or service; |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | o | Strong operating performance with good margins; |
|--|---|-------------------------------------------------|

|  | o | Strong balance sheet and liquidity; |
|--|---|-------------------------------------|

|  | o | Good reputation among customers and suppliers; and |
|--|---|----------------------------------------------------|

|  | o | Backing by a high-quality financial sponsor. |
|--|---|----------------------------------------------|

|  | · | Transaction guidelines will include: |
|--|--------|--------------------------------------|

|  | o | Debt investments ranging from $2 to $30 million; |
|--|---|--------------------------------------------------|

|  | o | Equity investments (by the Partnership) totaling up to 20% of the total investment in a deal; |
|--|---|-----------------------------------------------------------------------------------------------|

|  | o | Sufficient cash flow to cover debt service expense; and |
|--|---|---------------------------------------------------------|

|  | o | Underwriting parameters will be set and regularly reviewed by the Investment Manager and team and may include: maximum leverage multiples, minimum debt service coverage ratios, and minimum capitalization requirements. |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 1A. | RISK FACTORS. |
|----------|---------------|

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| · | A loan to a Direct Related Company (other than a loan primarily intended to finance a dividend recapitalization – see below) if the Partnership is not acquiring equity securities with a value equal to at least 10% of the loan amount, or warrants with an exercise price equal to at least 10% of the loan value; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If, in connection with a loan to a Direct Related Company, the amount of equity available in the aggregate to the Partnership and one or more Small Buyout Portfolios is limited by the equity sponsor or borrower to less than the aggregate amount desired by the Fund and such Small Buyout Portfolios, the equity securities available to the Partnership will be limited to a maximum of: (a) 10% of the loan amount, plus (b) such additional amounts as are available after all the Small Buyout Portfolios have acquired their desired allocations of the available equity securities. This policy could result in the Partnership receiving an allocation that is less favorable than desired. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | A loan to a Related Company if 50% or more of the loan proceeds can be used to finance a dividend recapitalization; |
|--------|---------------------------------------------------------------------------------------------------------------------|

| · | Following a default by a Related Company, forbearance from exercising one or more material available remedies; |
|--------|----------------------------------------------------------------------------------------------------------------|

| · | Restructuring of an existing loan to a Related Company that changes the interest rate, amortization terms or maturity; or |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| · | Any investment into a Related Company in which the Small Buyout Portfolios (and any other persons affiliated with the Investment Manager) own in the aggregate 5% or more of the outstanding voting securities. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | A person who is an affiliate of the Investment Manager is a voting member of the Related Company’s board of directors; |
|--------|------------------------------------------------------------------------------------------------------------------------------|

| · | The Small Buyout Portfolios (and any other persons affiliated with the Investment Manager) own in the aggregate 25% or more of the Related Company’s outstanding voting securities; or |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The Small Buyout Portfolios (and any other persons affiliated with the Investment Manager) “control” the Related Company, as that term is defined under the 1940 Act. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | The Investment Manager will provide a detailed report to the Fund Board at each regular meeting regarding the Fund’s investments in Related Companies, including the amount and general terms of such investment, the identity of the parties that cause the company to be a Related Company, and the Related Company’s relationship with such parties, and any recent significant developments that could affect the Fund’s ability to be paid on its loan; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The Investment Manager and its affiliates will seek, consistent with their duties to the Small Buyout Portfolios, to make arrangements with the Related Company and its controlling shareholders to reduce the likelihood that personnel of the Investment Manager or its affiliates will receive information that could inhibit the ability of the Fund to enforce its rights against the Related Company. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 1B. | UNRESOLVED STAFF COMMENTS |
|----------|---------------------------|

| ITEM 2. | PROPERTIES |
|---------|------------|

| ITEM 3. | LEGAL PROCEEDINGS |
|---------|-------------------|

| ITEM 4. | MINE SAFETY ISSUES |
|---------|--------------------|

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| ITEM 5. | MARKET FOR REGISTRANT’S COMMON STOCK AND RELATED SHAREHOLDER MATTERS |
|---------|----------------------------------------------------------------------------|

| ITEM 6. | SELECTED FINANCIAL DATA |
|---------|-------------------------|

|                                                                                          |   | For theYear EndedDecember 31, 2017 |       |   | For theYear EndedDecember 31, 2016 |   |       | For the PeriodOctober 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------------|------------|--------|------------------------------------|--------|------------|-----------------------------------------------------------------------------------|--------|
| Consolidated Statement of Operations Data:                                                    |   |                               |       |   |                               |   |       |                                                                              |   |
| Total Investment Income                                                                       |   | $                                  | 4,221,130  |   |                               | $      | 2,048,411  |                                                                              |   | $ | 102,611 |   |
| Investment Management Fee, net of waiver                                                      |   |                               | 408,448    |   |                               |   | 218,230    |                                                                              |   |   | 26,195 |   |
| All Other Expenses                                                                            |   |                               | 592,956    |   |                               |   | 690,033    |                                                                              |   |   | 601,605 |   |
| Income Tax (Benefit)/Expense                                                                  |   |                               | 1,287,700  |   |                               |   | 392,221    |                                                                              |   |   | - |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense                               |   |                               | 1,932,026  |   |                               |   | 747,927    |                                                                              |   |   | (525,189 | ) |
| Net Realized Gain/(Loss) on Portfolio Investments                                             |   |                               | 158,125    |   |                               |   | -          |                                                                              |   |   | - |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                               |   |                               | 2,090,151  |   |                               |   | 747,927    |                                                                              |   |   | (525,189 | ) |
| Per Share Data:                                                                               |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Net Asset Value Per Share                                                                     |   | $                                  | 293.33     |   |                               | $      | 179.09     |                                                                              |   | $ | 64.68 |   |
| Net Investment Income/(Loss) Per Share (Basic and Diluted)                                    |   |                               | 19.32      |   |                               |   | 7.48       |                                                                              |   |   | (5.25 | ) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations Per Share (Basic and Diluted) |   |                               | 20.90      |   |                               |   | 7.48       |                                                                              |   |   | (5.25 | ) |
| Paid-in capital distributed to stockholder                                                    |   |                               | 56.70      |   |                               |   | -          |                                                                              |   |   | - |   |
| Distributions from net investment income/(loss)                                               |   |                               | 15.49      |   |                               |   | -          |                                                                              |   |   | - |   |
| Distributions from net realized gain/(loss)                                                   |   |                               | 0.92       |   |                               |   | -          |                                                                              |   |   | - |   |
| Consolidated Statement of Assets and Liabilities Data at Period End:                          |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Portfolio Investments, at fair value                                                          |   | $                                  | 41,154,948 |   |                               | $      | 23,211,946 |                                                                              |   | $ | 6,833,511 |   |
| Total Assets                                                                                  |   |                               | 46,366,664 |   |                               |   | 23,538,062 |                                                                              |   |   | 6,970,130 |   |
| Investor Note Credit Facility                                                                 |   |                               | 16,800,000 |   |                               |   | -          |                                                                              |   |   | - |   |
| All Other Liabilities                                                                         |   |                               | 234,160    |   |                               |   | 5,628,966  |                                                                              |   |   | 502,228 |   |
| Total Net Assets                                                                              |   |                               | 29,332,504 |   |                               |   | 17,909,096 |                                                                              |   |   | 6,467,902 |   |
| Other Data:                                                                                   |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Total Return1                                                                                 |   |                               | 8.47       | %      |                               |   | 5.34       | %                                                                                 |   |   | (21.31 | )% |
| Number of Portfolio Investments at Year/Period End                                            |   |                               | 11         |   |                               |   | 7          |                                                                              |   |   | 3 |   |

| 1 | Given the Funds’s similarities to a non-registered close-ended fund, the Fund calculated total return as the change in the Fund's capital over the year/period ended, and adjusted for stockholder contributions and distributions during the year/period.  The Fund noted that the total return calculated under the typical method for a registered investment company resulted in a total return of 104.61% as of December 31, 2017, 176.89% as of December 31, 2016 and 6,467,902% as of December 31, 2015.  The Fund determined this did not appropriately represent the performance of the Fund, and thus calculated the total return based on the change in value of a theoretical investment at the beginning of the year by geometrically linking the cash flows, which is a method more commonly used by non-registered funds. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
|---------|----------------------------------------------------------------------------------------------|

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|  | · | Level 1 - Unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | · | Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                             |   | Assets at Fair Value as of December 31, 2017 |      |
|-----------------------------|--------|----------------------------------------------|-----------|
|                        |   | Level 1                                      |      |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                        |   |                                         |      |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Notes   |   | $                                            | -         |   |   | $ | - |   |   | $ | 28,511,612 |   |   | $ | 28,511,612 |   |
| Term Notes                  |   |                                         | -         |   |   |   | - |   |   |   | 5,872,743 |   |   |   | 5,872,743 |   |
| Money Market Fund           |   |                                         | 6,770,593 |   |   |   | - |   |   |   | - |   |   |   | 6,770,593 |   |
| Total Portfolio Investments |   | $                                            | 6,770,593 |   |   | $ | - |   |   | $ | 34,384,355 |   |   | $ | 41,154,948 |   |

|                        |   | Assets at Fair Value as of December 31, 2016 |   |
|-----------------------------|--------|----------------------------------------------|--------|
|                        |   | Level 1                                      |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                        |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Notes   |   | $                                            | -      |   |   | $ | - |   |   | $ | 23,149,094 |   |   | $ | 23,149,094 |   |
| Money Market Fund           |   |                                         | 62,852 |   |   |   | - |   |   |   | - |   |   |   | 62,852 |   |
| Total Portfolio Investments |   | $                                            | 62,852 |   |   | $ | - |   |   | $ | 23,149,094 |   |   | $ | 23,211,946 |   |

|                           |   | Unobservable Input as of December 31, 2017 |       |
|---------------------------|--------|--------------------------------------------|------------|
|  Investment Type     |   | Fair Value1                                |       | Primary Valuation Technique |   | Input |   | Range |   |
|                      |   |                                       |       |   |   |   |   |   |   |
| Senior Subordinated Notes |   | $                                          | 20,987,560 |   | Discounted Cash Flow |   | Discount Rate |   |   | 10.0% - 14.0% |  |
|                      |   |                                       |       |   |   |   |   |   |   |   |   |
| Term Notes                |   |                                       | 1,801,124  |   | Discounted Cash Flow |   | Discount Rate |   |   | 9.1% - 12.6% |  |
|                      |   |                                       |       |   |   |   |   |   |   |   |   |
|                      |   |                                       |       |   |   |   |   |   |   |   |   |
| Total                     |   | $                                          | 22,788,684 |   |   |   |   |   |   |   |   |

|   | 1 | Not reflected in the table above are Level 3 investments that have been primarily based upon recent transactions totaling $11,595,671 as of December 31, 2017. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                           |   | Unobservable Input as of December 31, 2016 |       |
|---------------------------|--------|--------------------------------------------|------------|
|  Investment Type     |   | Fair Value1                                |       | Primary Valuation Technique |   | Input |   | Range |   |
|                      |   |                                       |       |   |   |   |   |   |   |
| Senior Subordinated Notes |   | $                                          | 14,737,303 |   | Discounted Cash Flow |   | Discount Rate |   |   | 10.0% - 14.0% |  |
|                      |   |                                       |       |   |   |   |   |   |   |   |   |
|                      |   |                                       |       |   |   |   |   |   |   |   |   |
| Total                     |   | $                                          | 14,737,303 |   |   |   |   |   |   |   |   |

|   | 1 | Not reflected in the table above are Level 3 investments that have been primarily based upon recent transactions totaling $8,411,791 as of December 31, 2016. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK. |
|----------|------------------------------------------------------------|

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| ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
|---------|---------------------------------------------|

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| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Consolidated Statements of Assets and Liabilities           |

|                                                                                                                                            |   | December 31,2017 |       |   | December 31,2016 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|------------|--------|------------------|--------|
| Assets                                                                                                                                          |   |             |       |   |             |   |
| Portfolio Investments at fair value:                                                                                                            |   |             |       |   |             |   |
| Non-controlled, non-affiliated portfolio investments (cost, December 31, 2017: $41,154,948; December 31, 2016: $23,211,946)                     |   | $                | 41,154,948 |   |             | $      | 23,211,946 |   |
|                                                                                                                                                 |
| Cash                                                                                                                                            |   |             | 4,346,368  |   |             |   | 122,577 |   |
| Due from Affiliate                                                                                                                              |   |             | 467,896    |   |             |   | - |   |
| Other receivable                                                                                                                                |   |             | 189,673    |   |             |   | - |   |
| Interest receivable                                                                                                                             |   |             | 106,922    |   |             |   | 108,702 |   |
| Deferred financing costs (net of accumulated amortization of $38,972)                                                                           |   |             | 91,026     |   |             |   | - |   |
| Prepaid taxes                                                                                                                                   |   |             | 9,831      |   |             |   | - |   |
| Net deferred tax asset                                                                                                                          |   |             | -          |   |             |   | 94,837 |   |
| Total Assets                                                                                                                                    |   | $                | 46,366,664 |   |             | $      | 23,538,062 |   |
|                                                                                                                                            |   |             |       |   |             |   |   |   |
| Liabilities                                                                                                                                     |   |             |       |   |             |   |   |   |
| Investor note credit facility                                                                                                                   |   | $                | 16,800,000 |   |             | $      | - |   |
| Accrued expenses and other liabilities                                                                                                          |   |             | 231,310    |   |             |   | 208,409 |   |
| Due to Affiliate                                                                                                                                |   |             | 2,850      |   |             |   | 5,323,799 |   |
| Taxes payable                                                                                                                                   |   |             | -          |   |             |   | 96,758 |   |
| Total Liabilities                                                                                                                               |   |             | 17,034,160 |   |             |   | 5,628,966 |   |
| Net Assets                                                                                                                                      |   | $                | 29,332,504 |   |             | $      | 17,909,096 |   |
|                                                                                                                                            |   |             |       |   |             |   |   |   |
| Commitments and Contingencies (Note 8)                                                                                                          |   |             |       |   |             |   |   |   |
|                                                                                                                                            |   |             |       |   |             |   |   |   |
| Components of Net Assets                                                                                                                        |   |             |       |   |             |   |   |   |
| Common stock, $0.001 par value, 10,000,000 shares authorized, 100,000 issued and 100,000 outstanding at December 31, 2017 and December 31, 2016 |   |             | 100        |   |             |   | 100 |   |
| Paid-in capital in excess of par                                                                                                                |   |             | 28,660,632 |   |             |   | 17,686,258 |   |
| Accumulated undistributed net investment income/(loss)                                                                                          |   |             | 605,469    |   |             |   | 222,738 |   |
| Accumulated undistributed net realized gain/(loss)                                                                                              |   |             | 66,303     |   |             |   | - |   |
| Total Net Assets                                                                                                                                |   | $                | 29,332,504 |   |             | $      | 17,909,096 |   |
|                                                                                                                                            |   |             |       |   |             |   |   |   |
| Net Asset Value Per Share                                                                                                                       |   | $                | 293.33     |   |             | $      | 179.09 |   |

----

Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc.      |
|------------------------------------------------------------------|
| Consolidated Schedules of Portfolio InvestmentsDecember 31, 2017 |

| Portfolio Investment                                                  |   | Industry                         |   | Interest Rate |   | Maturity |       | Principal /Shares |   |      | Fair Value |   |
|-----------------------------------------------------------------------|--------|----------------------------------|--------|---------------|--------|----------|------------|-------------------|--------|-----------|------------|--------|
|                                                                  |   |                             |   |          |   |     |       |              |   |      |       |   |
| Senior Subordinated Notes (97%)  (1), (2)                        |   |                             |   |          |   |     |       |              |   |      |       |   |
| United States                                                         |   |                             |   |          |   |     |       |              |   |      |       |   |
| Earthlite, LLC  (3)                                              |   | Business Equipment               |   |          | 11.00  | %        | 07/11/2022 |              | $      | 1,425,350 |       |   | $ | 1,402,339 |   |
| Gatekeeper Systems, Inc.  (3)                                    |   | Security and Protection Services |   |          | 11.00  | %        | 03/02/2022 |              | $      | 2,773,873 |       |   |   | 2,733,904 |   |
| La Tavola, LLC  (3)                                              |   | Commercial Retail                |   |          | 11.00  | %        | 06/01/2021 |              | $      | 3,690,785 |       |   |   | 3,646,065 |   |
| Medsurant Holdings, LLC  (3)                                     |   | Healthcare Services              |   |          | 12.25  | %        | 06/30/2020 |              | $      | 4,113,937 |       |   |   | 4,021,901 |   |
| Northeastern Bus Rebuilders Inc.  (3)                            |   | Business Services                |   |          | 10.00  | %        | 06/05/2022 |              | $      | 5,602,816 |       |   |   | 5,531,014 |   |
| S.R. Smith, LLC                                                       |   | Consumer / Sporting Goods        |   |          | 11.00  | %        | 03/27/2022 |              | $      | 2,649,963 |       |   |   | 2,620,770 |   |
| Schlotterbeck & Foss, LLC  (3)                               |   | Processed & Packaged Goods   |   |          | 11.00  | %        | 03/01/2023 |              | $      | 4,986,679 |       |   |   | 4,903,282 |   |
| Trachte, LLC  (3)                                                |   | Manufacturing                    |   |          | 11.00  | %        | 04/13/2021 |              | $      | 3,695,640 |       |   |   | 3,652,337 |   |
| Total Senior Subordinated Notes (Cost: $28,511,612)                   |   |                             |   |          |   |     |       |              |   |      |       |   | $ | 28,511,612 |   |
|                                                                  |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| Term Notes (20%)  (1), (2)                                       |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| United States                                                         |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| Arc Drilling, LLC  (4)                                           |   | Manufacturing                    |   |          | 10.88  | %        | 11/17/2022 |              | $      | 1,770,860 |       |   | $ | 1,735,470 |   |
| NetFortris Operating Co., Inc.  (5)                              |   | Telecommunications               |   |          | 9.78   | %        | 02/21/2021 |              | $      | 1,807,360 |       |   |   | 1,801,124 |   |
| Whitney, Bradley & Brown, Inc.  (6)                          |   | Technical Services               |   |          | 10.35  | %        | 10/18/2022 |              | $      | 2,359,786 |       |   |   | 2,336,149 |   |
| Total Term Notes (Cost: $5,872,743)                                   |   |                             |   |          |   |     |       |              |   |      |       |   | $ | 5,872,743 |   |
| Total Senior Subordinated and Term Notes (Cost: $34,384,355)          |   |                             |   |          |   |     |       |              |   |      |       |   | $ | 34,384,355 |   |
|                                                                  |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| Money Market Fund (23%)                                               |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| United States                                                         |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| Western Asset Institutional U.S. Treasury Reserves (Cost: $6,770,593) |   | U.S. Treasury Bills and Notes    |   |          |   |     |       |              |   | 6,770,593 |       |   | $ | 6,770,593 |   |
| Total United States (Cost: $41,154,948)                               |   |                             |   |          |   |     |       |              |   |      |       |   | $ | 41,154,948 |   |
| Total Portfolio Investments (Cost: $41,154,948)                       |   |                             |   |          |   |     |       |              |   |      |       |   | $ | 41,154,948 |   |

| (1) | The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, "Control Investments" are defined as investments in companies in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation; "Affiliate Investments" are defined as investments in companies in which the Company owns between 5% and 25% of the voting securities; and "Non-Control/Non-Affiliate Investments" are defined as investments that are neither Control Investments nor Affiliate Investments.  The Portfolio Investments are classified as Non-Control/Non-Affiliate Investments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Portfolio Investments are valued using unobservable inputs (Level 3).  Refer to Note 2 in the accompanying notes to the consolidated financial statements for more information. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The Portfolio Investments have a stated payment-in-kind interest income rate of up to 2.00% which is not reflected in the stated interest rate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The interest rate of this investment is equal to LIBOR plus 9.50%. |
|-----|--------------------------------------------------------------------|

| (5) | The interest rate of this investment is equal to the greater of LIBOR plus 8.40% or 8.90% through the fiscal quarter ending December 31, 2017.  Thereafter, the interest rate is equal to the greater of LIBOR plus 8.40% or 8.90% if the senior leverage ratio is greater than or equal to 3.50x, the greater of LIBOR plus 9.00% or 9.50% if the senior leverage ratio is less than 3.50x and greater than or equal to 3.00x or the greater of LIBOR plus 9.50% or 10.00% if the senior leverage ratio is less than 3.00x.  The senior leverage ratio is equal to total obligations minus total cash divided by EBITDA of the portfolio investment. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The interest rate of this investment is equal to LIBOR plus 9.00%. |
|-----|--------------------------------------------------------------------|

----

Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc.      |
|------------------------------------------------------------------|
| Consolidated Schedules of Portfolio InvestmentsDecember 31, 2016 |

| Portfolio Investment                                               |   | Industry                         |   | Interest Rate |   | Maturity |       | Principal /Shares |   |      | Fair Value |   |
|--------------------------------------------------------------------|--------|----------------------------------|--------|---------------|--------|----------|------------|-------------------|--------|-----------|------------|--------|
|                                                               |   |                             |   |          |   |     |       |              |   |      |       |   |
| Senior Subordinated Notes (129%)  (1), (2)                    |   |                             |   |          |   |     |       |              |   |      |       |   |
| United States                                                      |   |                             |   |          |   |     |       |              |   |      |       |   |
| Earthlite, LLC  (3)                                           |   | Business Equipment               |   |          | 11.00  | %        | 07/11/2022 |              | $      | 1,339,496 |       |   | $ | 1,314,575 |   |
| Gatekeeper Systems, Inc.  (3)                                 |   | Security and Protection Services |   |          | 11.00  | %        | 03/02/2022 |              | $      | 1,942,640 |       |   |   | 1,910,130 |   |
| La Tavola, LLC  (3)                                           |   | Commercial Retail                |   |          | 11.00  | %        | 06/01/2021 |              | $      | 3,433,977 |       |   |   | 3,382,949 |   |
| Medsurant Holdings, LLC                                            |   | Healthcare Services              |   |          | 12.25  | %        | 06/18/2021 |              | $      | 2,745,902 |       |   |   | 2,698,054 |   |
| Northeastern Bus Rebuilders Inc.  (3)                         |   | Business Services                |   |          | 10.00  | %        | 06/05/2022 |              | $      | 5,265,338 |       |   |   | 5,187,086 |   |
| Rudy's Food Products, Inc.  (3)                               |   | Processed & Packaged Goods   |   |          | 11.00  | %        | 07/05/2021 |              | $      | 5,361,235 |       |   |   | 5,267,650 |   |
| Trachte, LLC  (3)                                             |   | Manufacturing                    |   |          | 11.00  | %        | 04/13/2021 |              | $      | 3,438,524 |       |   |   | 3,388,650 |   |
| Total Senior Subordinated Notes (Cost: $23,149,094)                |   |                             |   |          |   |     |       |              |   |      |       |   | $ | 23,149,094 |   |
|                                                               |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| Money Market Fund (0%)                                             |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| United States                                                      |   |                             |   |          |   |     |       |              |   |      |       |   |   |   |   |
| Western Asset Institutional U.S. Treasury Reserves (Cost: $62,852) |   | U.S. Treasury Bills and Notes    |   |          |   |     |       |              |   | 62,852    |       |   | $ | 62,852 |   |
| Total United States (Cost: $23,211,946)                            |   |                             |   |          |   |     |       |              |   |      |       |   | $ | 23,211,946 |   |
| Total Portfolio Investments (Cost: $23,211,946)                    |   |                             |   |          |   |     |       |              |   |      |       |   | $ | 23,211,946 |   |

| (1) | The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, "Control Investments" are defined as investments in companies in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation; "Affiliate Investments" are defined as investments in companies in which the Company owns between 5% and 25% of the voting securities; and "Non-Control/Non-Affiliate Investments" are defined as investments that are neither Control Investments nor Affiliate Investments.  The Portfolio Investments are classified as Non-Control/Non-Affiliate Investments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Portfolio Investments are valued using unobservable inputs (Level 3).  Refer to Note 2 in the accompanying notes to the consolidated financial statements for more information. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The Portfolio Investments have a stated payment-in-kind interest income rate of up to 2.00% which is not reflected in the stated interest rate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Consolidated Statements of Operations                       |

|                                                                                          |   | For theYear EndedDecember 31, 2017 |      |   | For theYear EndedDecember 31, 2016 |   |      | For the PeriodOctober 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------------|-----------|--------|------------------------------------|--------|-----------|-----------------------------------------------------------------------------------|--------|
| Investment Income                                                                             |   |                               |      |   |                               |   |      |                                                                              |   |
| Non-Controlled, Non-Affiliated Investments:                                                   |   |                               |      |   |                               |   |      |                                                                              |   |
| Interest income                                                                               |   | $                                  | 3,748,300 |   |                               | $      | 1,890,751 |                                                                              |   | $ | 97,234 |   |
| Other income                                                                                  |   |                               | 288,863   |   |                               |   | -         |                                                                              |   |   | - |   |
| Payment-in-kind interest income                                                               |   |                               | 183,967   |   |                               |   | 157,660   |                                                                              |   |   | 5,377 |   |
| Total Investment Income                                                                       |   |                               | 4,221,130 |   |                               |   | 2,048,411 |                                                                              |   |   | 102,611 |   |
|                                                                                          |   |                               |      |   |                               |   |      |                                                                              |   |   |   |   |
| Expenses                                                                                      |   |                               |      |   |                               |   |      |                                                                              |   |   |   |   |
| Investment Management Fee                                                                     |   |                               | 416,375   |   |                               |   | 295,764   |                                                                              |   |   | 26,195 |   |
| Organizational costs                                                                          |   |                               | -         |   |                               |   | -         |                                                                              |   |   | 342,763 |   |
| Professional fees                                                                             |   |                               | 296,835   |   |                               |   | 508,701   |                                                                              |   |   | 145,000 |   |
| Directors fees                                                                                |   |                               | 171,000   |   |                               |   | 172,500   |                                                                              |   |   | 98,926 |   |
| Interest                                                                                      |   |                               | 64,220    |   |                               |   | -         |                                                                              |   |   | - |   |
| Amortization of deferred financing costs                                                      |   |                               | 38,972    |   |                               |   | -         |                                                                              |   |   | - |   |
| Other general and administrative                                                              |   |                               | 21,929    |   |                               |   | 8,832     |                                                                              |   |   | 14,916 |   |
| Total Expenses                                                                                |   |                               | 1,009,331 |   |                               |   | 985,797   |                                                                              |   |   | 627,800 |   |
| Investment Management Fee Waived (Note 7)                                                     |   |                               | (7,927    | )      |                               |   | (77,534   | )                                                                                 |   |   | - |   |
| Total Net Expenses                                                                            |   |                               | 1,001,404 |   |                               |   | 908,263   |                                                                              |   |   | 627,800 |   |
| Net Investment Income/(Loss) before income tax (benefit)/expense                              |   |                               | 3,219,726 |   |                               |   | 1,140,148 |                                                                              |   |   | (525,189 | ) |
| Income tax (benefit)/expense (Note 2)                                                         |   |                               | 1,287,700 |   |                               |   | 392,221   |                                                                              |   |   | - |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense                               |   |                               | 1,932,026 |   |                               |   | 747,927   |                                                                              |   |   | (525,189 | ) |
|                                                                                          |   |                               |      |   |                               |   |      |                                                                              |   |   |   |   |
| Realized Gain/(Loss) on Portfolio Investments                                                 |   |                               |      |   |                               |   |      |                                                                              |   |   |   |   |
| Non-Controlled, Non-Affiliated Investments:                                                   |   |                               |      |   |                               |   |      |                                                                              |   |   |   |   |
| Net Realized Gain/(Loss)                                                                      |   |                               | 158,125   |   |                               |   | -         |                                                                              |   |   | - |   |
| Net Realized Gain/(Loss) on Portfolio Investments                                             |   |                               | 158,125   |   |                               |   | -         |                                                                              |   |   | - |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                               |   | $                                  | 2,090,151 |   |                               | $      | 747,927   |                                                                              |   | $ | (525,189 | ) |
|                                                                                          |   |                               |      |   |                               |   |      |                                                                              |   |   |   |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense Per Share (Basic and Diluted) |   | $                                  | 19.32     |   |                               | $      | 7.48      |                                                                              |   | $ | (5.25 | ) |
|                                                                                          |   |                               |      |   |                               |   |      |                                                                              |   |   |   |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations Per Share (Basic and Diluted) |   | $                                  | 20.90     |   |                               | $      | 7.48      |                                                                              |   | $ | (5.25 | ) |
| Weighted average shares outstanding                                                           |   |                               | 100,000   |   |                               |   | 100,000   |                                                                              |   |   | 100,000 |   |

----

Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Consolidated Statements of Changes in Net Assets            |

|                                                            |   | For theYear EndedDecember 31, 2017 |       |   | For theYear EndedDecember 31, 2016 |   |       | For the PeriodOctober 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|-----------------------------------------------------------------|--------|------------------------------------|------------|--------|------------------------------------|--------|------------|-----------------------------------------------------------------------------------|--------|
|                                                            |   |                               |       |   |                               |   |       |                                                                              |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations |   |                               |       |   |                               |   |       |                                                                              |   |
| Net investment income/(loss) after income tax (benefit)/expense |   | $                                  | 1,932,026  |   |                               | $      | 747,927    |                                                                              |   | $ | (525,189 | ) |
| Net realized gain/(loss) on Portfolio Investments               |   |                               | 158,125    |   |                               |   | -          |                                                                              |   |   | - |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations |   |                               | 2,090,151  |   |                               |   | 747,927    |                                                                              |   |   | (525,189 | ) |
|                                                            |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Capital Stock Transactions                                      |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Issuance of common stock                                        |   |                               | -          |   |                               |   | -          |                                                                              |   |   | 25,000 |   |
| Contributions from stockholder                                  |   |                               | 16,644,699 |   |                               |   | 10,693,267 |                                                                              |   |   | 6,993,091 |   |
| Paid-in capital distributed to stockholder                      |   |                               | (5,670,325 | )      |                               |   | -          |                                                                              |   |   | - |   |
| Distributions from net investment income/(loss)                 |   |                               | (1,549,295 | )      |                               |   | -          |                                                                              |   |   | - |   |
| Distributions from net realized gain/(loss)                     |   |                               | (91,822    | )      |                               |   | -          |                                                                              |   |   | - |   |
| Receivable from stockholder                                     |   |                               | -          |   |                               |   | -          |                                                                              |   |   | (25,000 | ) |
| Net Increase in Net Assets From Capital Stock Transactions      |   |                               | 9,333,257  |   |                               |   | 10,693,267 |                                                                              |   |   | 6,993,091 |   |
|                                                            |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Total Increase in Net Assets                                    |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Net assets at beginning of period                               |   |                               | 17,909,096 |   |                               |   | 6,467,902  |                                                                              |   |   | - |   |
| Net assets at end of period                                     |   | $                                  | 29,332,504 |   |                               | $      | 17,909,096 |                                                                              |   | $ | 6,467,902 |   |
|                                                            |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Capital Share Activity                                          |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Shares issued                                                   |   |                               | -          |   |                               |   | -          |                                                                              |   |   | 100,000 |   |
| Shares redeemed                                                 |   |                               | -          |   |                               |   | -          |                                                                              |   |   | - |   |
| Net Increase/(Decrease) in Shares Outstanding                   |   |                               | -          |   |                               |   | -          |                                                                              |   |   | 100,000 |   |
|                                                            |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Accumulated Undistributed Net Investment Income/(Loss)          |   | $                                  | 605,469    |   |                               | $      | 222,738    |                                                                              |   | $ | (525,189 | ) |
| Accumulated Undistributed Realized Gain/(Loss)                  |   | $                                  | 66,303     |   |                               | $      | -          |                                                                              |   | $ | - |   |

----

Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Consolidated Statements of Cash Flows                       |

|                                                                     |   | For theYear EndedDecember 31, 2017 |        |   | For theYear EndedDecember 31, 2016 |   |        | For the PeriodOctober 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|---------------------------------------------------------------------|--------|------------------------------------|-------------|--------|------------------------------------|--------|-------------|-----------------------------------------------------------------------------------|--------|
| Cash Flows From Operating Activities                                |   |                               |        |   |                               |   |        |                                                                              |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations     |   | $                                  | 2,090,151   |   |                               | $      | 747,927     |                                                                              |   | $ | (525,189 | ) |
| Adjustments to reconcile Net Increase/(Decrease) in Net Assets      |   |                               |        |   |                               |   |        |                                                                              |   |   |   |   |
| Resulting from Operations to Net Cash Used in Operating Activities: |   |                               |        |   |                               |   |        |                                                                              |   |   |   |   |
| Net realized (gain)/loss on Portfolio Investments                   |   |                               | (158,125    | )      |                               |   | -           |                                                                              |   |   | - |   |
| Purchases of Portfolio Investments                                  |   |                               | (27,481,326 | )      |                               |   | (16,183,748 | )                                                                                 |   |   | (6,824,051 | ) |
| Sales of Portfolio Investments                                      |   |                               | 9,961,129   |   |                               |   | -           |                                                                              |   |   | - |   |
| Payment-in-kind interest income                                     |   |                               | (183,967    | )      |                               |   | (157,660    | )                                                                                 |   |   | (5,377 | ) |
| Accretion of discount on notes                                      |   |                               | (80,713     | )      |                               |   | (37,027     | )                                                                                 |   |   | (4,083 | ) |
| Amortization of deferred financing costs                            |   |                               | 38,972      |   |                               |   | -           |                                                                              |   |   | - |   |
| Decrease/(Increase) in due from Affiliate                           |   |                               | (467,896    | )      |                               |   | -           |                                                                              |   |   | - |   |
| Decrease/(Increase) in other receivable                             |   |                               | (189,673    | )      |                               |   | -           |                                                                              |   |   | - |   |
| Decrease/(Increase) in interest receivable                          |   |                               | 1,780       |   |                               |   | (74,698     | )                                                                                 |   |   | (34,004 | ) |
| Decrease/(Increase) in prepaid taxes                                |   |                               | (9,831      | )      |                               |   | -           |                                                                              |   |   | - |   |
| Decrease/(Increase) in net deferred tax asset                       |   |                               | 94,837      |   |                               |   | (94,837     | )                                                                                 |   |   | - |   |
| (Decrease)/Increase in accrued expenses and other liabilities       |   |                               | 22,901      |   |                               |   | 63,409      |                                                                              |   |   | 145,000 |   |
| (Decrease)/Increase in due to Affiliate                             |   |                               | (5,320,949  | )      |                               |   | 4,966,571   |                                                                              |   |   | 357,228 |   |
| (Decrease)/Increase in taxes payable                                |   |                               | (96,758     | )      |                               |   | 96,758      |                                                                              |   |   | - |   |
| Net Cash Used in Operating Activities                               |   |                               | (21,779,468 | )      |                               |   | (10,673,305 | )                                                                                 |   |   | (6,890,476 | ) |
|                                                                |   |                               |        |   |                               |   |        |                                                                              |   |   |   |   |
| Cash Flows From Financing Activities                                |   |                               |        |   |                               |   |        |                                                                              |   |   |   |   |
| Payment of receivable from stockholder                              |   |                               | -           |   |                               |   | 25,000      |                                                                              |   |   | - |   |
| Contributions from stockholder                                      |   |                               | 16,644,699  |   |                               |   | 10,668,267  |                                                                              |   |   | 6,993,091 |   |
| Distributions paid to stockholder                                   |   |                               | (7,311,442  | )      |                               |   | -           |                                                                              |   |   | - |   |
| Proceeds from investor note credit facility                         |   |                               | 16,800,000  |   |                               |   | -           |                                                                              |   |   | - |   |
| Deferred financing costs paid                                       |   |                               | (129,998    | )      |                               |   |        |                                                                              |   |   |   |   |
| Net Cash Provided by Financing Activities                           |   |                               | 26,003,259  |   |                               |   | 10,693,267  |                                                                              |   |   | 6,993,091 |   |
| Net Increase/(Decrease) in Cash                                     |   |                               | 4,223,791   |   |                               |   | 19,962      |                                                                              |   |   | 102,615 |   |
|                                                                |   |                               |        |   |                               |   |        |                                                                              |   |   |   |   |
| Cash                                                                |   |                               |        |   |                               |   |        |                                                                              |   |   |   |   |
| Beginning of year/period                                            |   |                               | 122,577     |   |                               |   | 102,615     |                                                                              |   |   | - |   |
| End of year/period                                                  |   | $                                  | 4,346,368   |   |                               | $      | 122,577     |                                                                              |   | $ | 102,615 |   |
|                                                                |   |                               |        |   |                               |   |        |                                                                              |   |   |   |   |
| Supplemental cash flow information                                  |   |                               |        |   |                               |   |        |                                                                              |   |   |   |   |
| Income Taxes Paid                                                   |   | $                                  | 1,304,056   |   |                               | $      | 390,300     |                                                                              |   | $ | - |   |
| Interest Paid                                                       |   | $                                  | 50,781      |   |                               | $      | -           |                                                                              |   | $ | - |   |

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 1. | Business and Organization |
|----|---------------------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 2. | Summary of Significant Accounting Policies |
|----|--------------------------------------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

|  | · | Level 1 - Unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | · | Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Level 3 - Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

|                        |   | Assets at Fair Value as of December 31, 2017 |      |
|-----------------------------|--------|----------------------------------------------|-----------|
|                        |   | Level 1                                      |      |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                        |   |                                         |      |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Notes   |   | $                                            | -         |   |   | $ | - |   |   | $ | 28,511,612 |   |   | $ | 28,511,612 |   |
| Term Notes                  |   |                                         | -         |   |   |   | - |   |   |   | 5,872,743 |   |   |   | 5,872,743 |   |
| Money Market Fund           |   |                                         | 6,770,593 |   |   |   | - |   |   |   | - |   |   |   | 6,770,593 |   |
| Total Portfolio Investments |   | $                                            | 6,770,593 |   |   | $ | - |   |   | $ | 34,384,355 |   |   | $ | 41,154,948 |   |
|                        |   | Assets at Fair Value as of December 31, 2016 |   |
|-----------------------------|--------|----------------------------------------------|--------|
|                        |   | Level 1                                      |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                        |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Notes   |   | $                                            | -      |   |   | $ | - |   |   | $ | 23,149,094 |   |   | $ | 23,149,094 |   |
| Money Market Fund           |   |                                         | 62,852 |   |   |   | - |   |   |   | - |   |   |   | 62,852 |   |
| Total Portfolio Investments |   | $                                            | 62,852 |   |   | $ | - |   |   | $ | 23,149,094 |   |   | $ | 23,211,946 |   |
|                      |   |        |       |                             |                 | Unobservable Input as of December 31, 2017 |          |
|---------------------------|--------|-------------|------------|-----------------------------|----------------------|--------------------------------------------|---------------|
|  Investment Type     |   | Fair Value1 |       | Primary Valuation Technique |                 | Input                                      |          | Range |   |
|                      |   |        |       |                        |                 |                                       |          |   |   |
| Senior Subordinated Notes |   | $           | 20,987,560 |                        | Discounted Cash Flow |                                       | Discount Rate |   |   | 10.0% - 14.0% |  |
|                      |   |        |       |                        |                 |                                       |          |   |   |   |   |
| Term Notes                |   |        | 1,801,124  |                        | Discounted Cash Flow |                                       | Discount Rate |   |   | 9.1% - 12.6% |  |
|                      |   |        |       |                        |                 |                                       |          |   |   |   |   |
|                      |   |        |       |                        |                 |                                       |          |   |   |   |   |
| Total                     |   | $           | 22,788,684 |                        |                 |                                       |          |   |   |   |   |

| 1 | Not reflected in the table above are Level 3 investments that have been primarily valued based upon recent transactions totaling $11,595,671 as of December 31, 2017. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                      |   |        |       |                        |                 | Unobservable Input as of December 31, 2016 |          |
|---------------------------|--------|-------------|------------|-----------------------------|----------------------|--------------------------------------------|---------------|
| Investment Type           |   | Fair Value1 |       | Primary Valuation Technique |                 | Input                                      |          | Range |   |
|                      |   |        |       |                        |                 |                                       |          |   |   |   |   |
| Senior Subordinated Notes |   | $           | 14,737,303 |                        | Discounted Cash Flow |                                       | Discount Rate |   |   | 10.0% - 14.0% |  |
|                      |   |        |       |                        |                 |                                       |          |   |   |   |   |
|                      |   |        |       |                        |                 |                                       |          |   |   |   |   |
| Total                     |   | $           | 14,737,303 |                        |                 |                                       |          |   |   |   |   |

| 1 | Not reflected in the table above are Level 3 investments that have been primarily valued based upon recent transactions totaling $8,411,791 as of December 31, 2016. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

|                      |   | For the Year Ended December 31, 2017 |       |
|---------------------------|--------|--------------------------------------|------------|
|                      |   | BeginningBalance                     |       |   | Purchases |   |   | SalesProceeds |   |   | Reallocations |   |   | Accretion/Payment-in-Kind Interest Income |   |   | Net RealizedGain/(Loss) |   |   | Ending Balance |   |
| Senior Subordinated Notes |   | $                                    | 23,149,094 |   |   | $ | 13,401,063 |   |   | $ | (9,919,075 | ) |   | $ | 1,461,296 |   |   | $ | 261,109 |   |   | $ | 158,125 |   |   | $ | 28,511,612 |   |
| Term Notes                |   |                                 | -          |   |   |   | 5,911,226 |   |   |   | (42,054 | ) |   |   | - |   |   |   | 3,571 |   |   |   | - |   |   |   | 5,872,743 |   |
| Total                     |   | $                                    | 23,149,094 |   |   | $ | 19,312,289 |   |   | $ | (9,961,129 | ) |   | $ | 1,461,296 |   |   | $ | 264,680 |   |   | $ | 158,125 |   |   | $ | 34,384,355 |   |

|                      |   | For the Year Ended December 31, 2016 |      |
|---------------------------|--------|--------------------------------------|-----------|
|                      |   | BeginningBalance                     |      |   | Purchases |   |   | SalesProceeds |   |   | Reallocations |   |   | Accretion/Payment-in-Kind Interest Income |   |   | Net RealizedGain/(Loss) |   |   | Ending Balance |   |
| Senior Subordinated Notes |   | $                                    | 6,833,511 |   |   | $ | 10,351,699 |   |   | $ | - |   |   | $ | 5,769,197 |   |   | $ | 194,687 |   |   | $ | - |   |   | $ | 23,149,094 |   |
| Term Notes                |   |                                 | -         |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                     |   | $                                    | 6,833,511 |   |   | $ | 10,351,699 |   |   | $ | - |   |   | $ | 5,769,197 |   |   | $ | 194,687 |   |   | $ | - |   |   | $ | 23,149,094 |   |

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

----

Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

|                                                                                                                           |   | 2016As Reported |      |   | Reallocations (to)/from Parallel Partnership |   |   | 2016Adjusted |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|-----------|--------|----------------------------------------------|--------|--------|--------------|--------|
| Investment Income                                                                                                              |   |            |      |   |                                         |   |   |         |   |
| Non-Controlled, Non-Affiliated Investments:                                                                                    |   |            |      |   |                                         |   |   |         |   |
| Interest income                                                                                                                |   | $               | 1,890,751 |   |                                         | $      | 82,819 |         |   | $ | 1,973,570 |   |
| Payment-in-kind interest income                                                                                                |   |            | 157,660   |   |                                         |   | 7,995  |         |   |   | 165,655 |   |
| Total Investment Income                                                                                                        |   |            | 2,048,411 |   |                                         |   | 90,814 |         |   |   | 2,139,225 |   |
|                                                                                                                           |   |            |      |   |                                         |   |   |         |   |   |   |   |
| Expenses                                                                                                                       |   |            |      |   |                                         |   |   |         |   |   |   |   |
| Investment Management Fee                                                                                                      |   |            | 295,764   |   |                                         |   | 20,635 |         |   |   | 316,399 |   |
| Professional fees                                                                                                              |   |            | 508,701   |   |                                         |   | 454    |         |   |   | 509,155 |   |
| Directors fees                                                                                                                 |   |            | 172,500   |   |                                         |   | -      |         |   |   | 172,500 |   |
| Other general and administrative                                                                                               |   |            | 8,832     |   |                                         |   | (50    | )            |   |   | 8,782 |   |
| Total Expenses                                                                                                                 |   |            | 985,797   |   |                                         |   | 21,039 |         |   |   | 1,006,836 |   |
| Investment Management Fee Waived (Note 7)                                                                                      |   |            | (77,534   | )      |                                         |   | (7,927 | )            |   |   | (85,461 | ) |
| Total Net Expenses                                                                                                             |   |            | 908,263   |   |                                         |   | 13,112 |         |   |   | 921,375 |   |
| Net Investment Income/(Loss) before income tax (benefit)/expense                                                               |   |            | 1,140,148 |   |                                         |   | 77,702 |         |   |   | 1,217,850 |   |
| Income tax (benefit)/expense (Note 2)                                                                                          |   |            | 392,221   |   |                                         |   | -      |         |   |   | 392,221 |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense                                                                |   |            | 747,927   |   |                                         |   | 77,702 |         |   |   | 825,629 |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                                                                |   | $               | 747,927   |   |                                         | $      | 77,702 |         |   | $ | 825,629 |   |
|                                                                                                                           |   |            |      |   |                                         |   |   |         |   |   |   |   |
| Net Investment Income/(Loss) and Net Increase/(Decrease) in Net Assets Resulting from Operations Per Share (Basic and Diluted) |   | $               | 7.48      |   |                                         | $      | 0.78   |         |   | $ | 8.26 |   |
| Weighted average shares outstanding                                                                                            |   |            | 100,000   |   |                                         |   | -      |         |   |   | 100,000 |   |

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

|                  |   | For theYear EndedDecember 31, 2017 |    |   | For theYear EndedDecember 31, 2016 |   |
|-----------------------|--------|------------------------------------|---------|--------|------------------------------------|--------|
| Federal income taxes: |   |                               |    |   |                               |   |
| Current               |   | $                                  | 8,615   |   |                               | $      | 79,211 |   |
| Deferred              |   |                               | -       |   |                               |   | (83,598 | ) |
| State income taxes:   |   |                               |    |   |                               |   |   |   |
| Current               |   |                               | (18,446 | )      |                               |   | 17,547 |   |
| Deferred              |   |                               | -       |   |                               |   | (11,239 | ) |
| Total                 |   | $                                  | (9,831  | )      |                               | $      | 1,921 |   |
|                        |   |                               |      |   |                               |   |    |                                                                               |   |
|-----------------------------|--------|------------------------------------|-----------|--------|------------------------------------|--------|---------|------------------------------------------------------------------------------------|--------|
| Current:                    |   | For theYear EndedDecember 31, 2017 |      |   | For theYear EndedDecember 31, 2016 |   |    | For the Period October 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
| Federal (1)                 |   | $                                  | 1,037,011 |   |                               | $      | 425,211 |                                                                               |   | $ | - |   |
| State (2)                   |   |                               | 155,852   |   |                               |   | 61,847  |                                                                               |   |   | - |   |
| Total Current               |   |                               | 1,192,863 |   |                               |   | 487,058 |                                                                               |   |   | - |   |
| Deferred:                   |   |                               |      |   |                               |   |    |                                                                               |   |   |   |   |
| Federal                     |   |                               | 83,598    |   |                               |   | (83,598 | )                                                                                  |   |   | - |   |
| State                       |   |                               | 11,239    |   |                               |   | (11,239 | )                                                                                  |   |   | - |   |
| Total Deferred              |   |                               | 94,837    |   |                               |   | (94,837 | )                                                                                  |   |   | - |   |
| Total Net (Benefit)/Expense |   | $                                  | 1,287,700 |   |                               | $      | 392,221 |                                                                               |   |   | - |   |

|  | (1) | The current federal income tax (benefit)/expense, for the year ended December 31, 2016, is net of the use of federal net operating losses totaling $45,939. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The current state income tax (benefit)/expense, for the year ended December 31, 2016, is net of the use of state net operating losses totaling $41,822. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

|                           |   | For theYear EndedDecember 31, 2017 |     |   | For theYear EndedDecember 31, 2016 |   |
|--------------------------------|--------|------------------------------------|----------|--------|------------------------------------|--------|
| Deferred Tax Assets:           |   |                               |     |   |                               |   |
| Accrued Professional Fees      |   | $                                  | 42,938   |   |                               | $      | 76,718 |   |
| Organizational Expenses        |   |                               | 74,324   |   |                               |   | 120,277 |   |
| Debt Issuance Costs            |   |                               | 52,563   |   |                               |   | 66,828 |   |
| Total Deferred Tax Assets      |   | $                                  | 169,825  |   |                               | $      | 263,823 |   |
| Deferred Tax Liabilities:      |   |                               |     |   |                               |   |   |   |
| Interest Income                |   | $                                  | 39,635   |   |                               | $      | - |   |
| Total Deferred Tax Liabilities |   | $                                  | 39,635   |   |                               | $      | - |   |
| Valuation Allowance            |   |                               | (130,190 | )      |                               |   | (168,986 | ) |
| Net Deferred Income Taxes      |   | $                                  | -        |   |                               | $      | 94,837 |   |
|                                                  |   | For theYear EndedDecember 31, 2017 |   |   | For theYear EndedDecember 31, 2016 |   |
|-------------------------------------------------------|--------|------------------------------------|--------|--------|------------------------------------|--------|
| Computed "Expected" Tax Rate                          |   |                               | 34.00  | %      |                               |   | 34.00 | % |
| Permanent Differences                                 |   |                               | 0.05   | %      |                               |   | 0.00 | % |
| State Income Taxes, Net of Federal Income Tax Benefit |   |                               | 3.27   | %      |                               |   | 2.93 | % |
| Effect of Changes in Tax Law, Rates                   |   |                               | 2.00   | %      |                               |   | 0.00 | % |
| Deferred Tax Asset Valuation Allowance Impact         |   |                               | (1.20  | )%     |                               |   | (2.53 | )% |
| Effective Tax Rate                                    |   |                               | 38.12  | %      |                               |   | 34.40 | % |

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

----

Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 3. | Portfolio Investments |
|----|-----------------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 4. | Capital Stock |
|----|---------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 5. | Distributions |
|----|---------------|

| 6. | Related Party Transactions |
|----|----------------------------|

| 7. | Fees and Expenses |
|----|-------------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 8. | Contingencies |
|----|---------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 9. | Financial Highlights |
|----|----------------------|

|                                                                                           |   | For theYear EndedDecember 31, 2017 |       |   | For theYear EndedDecember 31, 2016 |   |       | For the PeriodOctober 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|------------------------------------------------------------------------------------------------|--------|------------------------------------|------------|--------|------------------------------------|--------|------------|-----------------------------------------------------------------------------------|--------|
|                                                                                           |   |                               |       |   |                               |   |       |                                                                              |   |
| Total Return1                                                                                  |   |                               | 8.47       | %      |                               |   | 5.34       | %                                                                                 |   |   | (21.31 | )% |
|                                                                                           |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Per Share Amounts:                                                                             |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Net Asset Value, Beginning of Year                                                             |   | $                                  | 179.09     |   |                               | $      | 64.68      |                                                                              |   | $ | - |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense                                |   |                               | 19.32      |   |                               |   | 7.48       |                                                                              |   |   | (5.25 | ) |
| Issuance of Common Stock                                                                       |   |                               | -          |   |                               |   | -          |                                                                              |   |   | 0.25 |   |
| Receivable from Stockholder                                                                    |   |                               | -          |   |                               |   | -          |                                                                              |   |   | (0.25 | ) |
| Net Realized Gain/(Loss) on Portfolio Investments                                              |   |                               | 1.58       |   |                               |   | -          |                                                                              |   |   | - |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                                |   |                               | 20.90      |   |                               |   | 7.48       |                                                                              |   |   | (5.25 | ) |
| Contributions from Stockholder                                                                 |   |                               | 166.45     |   |                               |   | 106.93     |                                                                              |   |   | 69.93 |   |
| Paid-in capital distributed to stockholder                                                     |   |                               | (56.70     | )      |                               |   | -          |                                                                              |   |   | - |   |
| Distributions from net investment income/(loss)                                                |   |                               | (15.49     | )      |                               |   | -          |                                                                              |   |   | - |   |
| Distributions from net realized gain/(loss)                                                    |   |                               | (0.92      | )      |                               |   | -          |                                                                              |   |   | - |   |
| Net Asset Value, End of Year/Period                                                            |   | $                                  | 293.33     |   |                               | $      | 179.09     |                                                                              |   | $ | 64.68 |   |
|                                                                                           |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Net Assets, End of Year/Period                                                                 |   | $                                  | 29,332,504 |   |                               | $      | 17,909,096 |                                                                              |   | $ | 6,467,902 |   |
| Average Net Assets                                                                             |   | $                                  | 25,067,557 |   |                               | $      | 11,524,160 |                                                                              |   | $ | 3,263,327 |   |
|                                                                                           |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Ratios / Supplemental Data:                                                                    |   |                               |       |   |                               |   |       |                                                                              |   |   |   |   |
| Ratio of net investment income/(loss) after income tax (benefit)/expense to average net assets |   |                               | 7.71       | %      |                               |   | 6.49       | %                                                                                 |   |   | (22.97 | )% |
| Ratio of total expenses to average net assets before Investment Management Fee Waived          |   |                               | 4.03       | %      |                               |   | 8.55       | %                                                                                 |   |   | 26.12 | % |
| Ratio of total expenses to average net assets after Investment Management Fee Waived           |   |                               | 3.99       | %      |                               |   | 7.88       | %                                                                                 |   |   | - |   |
| Common Shares Outstanding, End of Year/Period                                                  |   |                               | 100,000    |   |                               |   | 100,000    |                                                                              |   |   | 100,000 |   |
| Portfolio Turnover Rate                                                                        |   |                               | 34.78      | %      |                               |   | 0.00       | %                                                                                 |   |   | 0.00 | % |
| Average Outstanding Borrowings2                                                                |   | $                                  | 6,933,333  |   |                               | $      | -          |                                                                              |   | $ | - |   |
| Asset Coverage Ratio                                                                           |   |                               | 2.75       |   |                               |   | -          |                                                                              |   |   | - |   |

| 1 | Given the Company’s similarities to a non-registered close-ended fund, the Company calculated total return as the change in the Company's capital over the year/period ended, and adjusted for stockholder contributions and distributions during the year/period.  The Company noted that the total return calculated under the typical method for a registered investment company resulted in a total return of 104.61% as of December 31, 2017, 176.89% as of December 31, 2016 and 6,467,902% as of December 31, 2015.  The Company determined this did not appropriately represent the performance of the Company, and thus calculated the total return based on the change in value of a theoretical investment at the beginning of the year by geometrically linking the cash flows, which is a method more commonly used by non-registered funds. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | The average outstanding borrowings has been calculated from the date of the first drawdown. |
|---|---------------------------------------------------------------------------------------------|

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Table of Contents

| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 10. | Selected Quarterly Financial Data (Unaudited) |
|-----|-----------------------------------------------|

|                                                                                |     | As of and For TheThree Months EndedDecember 31, 2017 |     |     | As of and For TheThree Months EndedSeptember 30, 2017 |     |     | As of and For TheThree Months EndedJune 30, 2017 |     |     | As of and For TheThree Months EndedMarch 31, 2017 |     |
|-----------------------------------------------------------------------------------------------|--------------------|------------------------------------------------------|--------------------|--------------------|-------------------------------------------------------|--------------------|--------------------|--------------------------------------------------|--------------------|--------------------|---------------------------------------------------|--------------------|
| Consolidated Statement of Operations Data:                                                    |               |                                                 |               |               |                                                  |               |               |                                             |               |               |                                              |               |
| Total Investment Income                                                                       |               | $                                                    | 1,083,506          |               |                                                  | $                  | 1,216,007          |                                             |               | $                  | 1,172,553                                         |               |   | $ | 749,064 |   |
| Investment Management Fee, net of waiver                                                      |               |                                                 | 107,517            |               |                                                  |               | 114,623            |                                             |               |               | 95,253                                            |               |   |   | 91,055 |   |
| All Other Expenses                                                                            |               |                                                 | 256,974            |               |                                                  |               | 146,482            |                                             |               |               | 112,648                                           |               |   |   | 76,852 |   |
| Income Tax (Benefit)/Expense                                                                  |               |                                                 | 327,161            |               |                                                  |               | 393,012            |                                             |               |               | 321,038                                           |               |   |   | 246,489 |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense                               |               |                                                 | 391,854            |               |                                                  |               | 561,890            |                                             |               |               | 643,614                                           |               |   |   | 334,668 |   |
| Net Realized Gain/(Loss) on Portfolio Investments                                             |               |                                                 | 66,303             |               |                                                  |               | 6,138              |                                             |               |               | 85,684                                            |               |   |   | - |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                               |               |                                                 | 458,157            |               |                                                  |               | 568,028            |                                             |               |               | 729,298                                           |               |   |   | 334,668 |   |
| Per Share Data:                                                                               |               |                                                 |               |               |                                                  |               |               |                                             |               |               |                                              |               |   |   |   |   |
| Net Asset Value Per Share                                                                     |               | $                                                    | 293.33             |               |                                                  | $                  | 280.10             |                                             |               | $                  | 274.42                                            |               |   | $ | 246.19 |   |
| Net Investment Income/(Loss) Per Share (Basic and Diluted)                                    |               |                                                 | 3.92               |               |                                                  |               | 5.62               |                                             |               |               | 6.44                                              |               |   |   | 3.35 |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations Per Share (Basic and Diluted) |               |                                                 | 4.58               |               |                                                  |               | 5.68               |                                             |               |               | 7.29                                              |               |   |   | 3.35 |   |
| Paid-in capital distributed to stockholder                                                    |               |                                                 | 56.70              |               |                                                  |               | -                  |                                             |               |               | -                                                 |               |   |   | - |   |
| Distributions from net investment income/(loss)                                               |               |                                                 | 15.49              |               |                                                  |               | -                  |                                             |               |               | -                                                 |               |   |   | - |   |
| Distributions from net realized gain/(loss)                                                   |               |                                                 | 0.92               |               |                                                  |               | -                  |                                             |               |               | -                                                 |               |   |   | - |   |
| Consolidated Statement of Assets and Liabilities Data at Period End:                          |               |                                                 |               |               |                                                  |               |               |                                             |               |               |                                              |               |   |   |   |   |
| Portfolio Investments, at fair value                                                          |               | $                                                    | 41,154,948         |               |                                                  | $                  | 39,374,065         |                                             |               | $                  | 26,626,325                                        |               |   | $ | 30,033,703 |   |
| Total Assets                                                                                  |               |                                                 | 46,366,664         |               |                                                  |               | 39,908,566         |                                             |               |               | 31,173,586                                        |               |   |   | 30,297,783 |   |
| Investor Note Credit Facility                                                                 |               |                                                 | 16,800,000         |               |                                                  |               | 4,600,000          |                                             |               |               | -                                                 |               |   |   | - |   |
| All Other Liabilities                                                                         |               |                                                 | 234,160            |               |                                                  |               | 7,298,925          |                                             |               |               | 3,731,972                                         |               |   |   | 5,679,019 |   |
| Total Net Assets                                                                              |               |                                                 | 29,332,504         |               |                                                  |               | 28,009,641         |                                             |               |               | 27,441,614                                        |               |   |   | 24,618,764 |   |
| Other Data:                                                                                   |               |                                                 |               |               |                                                  |               |               |                                             |               |               |                                              |               |   |   |   |   |
| Total Return3                                                                                 |               |                                                 | 8.47               | %                  |                                                  |               | 6.80               | %                                                |               |               | 4.63                                              | %                  |   |   | 1.87 | % |
| Number of Portfolio Investments at Period End4                                                |               |                                                 | 11                 |               |                                                  |               | 10                 |                                             |               |               | 9                                                 |               |   |   | 9 |   |
|                                                                                |     | As of and For TheThree Months EndedDecember 31, 2016 |     |     | As of and For TheThree Months EndedSeptember 30, 2016 |     |     | As of and For TheThree Months EndedJune 30, 2016 |     |     | As of and For TheThree Months EndedMarch 31, 2016 |     |
|-----------------------------------------------------------------------------------------------|--------------------|------------------------------------------------------|--------------------|--------------------|-------------------------------------------------------|--------------------|--------------------|--------------------------------------------------|--------------------|--------------------|---------------------------------------------------|--------------------|
| Consolidated Statement of Operations Data:                                                    |               |                                                 |               |               |                                                  |               |               |                                             |               |               |                                              |               |
| Total Investment Income                                                                       |               | $                                                    | 1,039,336          |               |                                                  | $                  | 386,336            |                                             |               | $                  | 318,600                                           |               |   | $ | 304,139 |   |
| Investment Management Fee, net of waiver                                                      |               |                                                 | 122,955            |               |                                                  |               | 38,992             |                                             |               |               | 32,935                                            |               |   |   | 23,348 |   |
| All Other Expenses                                                                            |               |                                                 | 226,408            |               |                                                  |               | 149,675            |                                             |               |               | 189,300                                           |               |   |   | 124,650 |   |
| Income Tax (Benefit)/Expense                                                                  |               |                                                 | 284,253            |               |                                                  |               | 131,372            |                                             |               |               | 6,865                                             |               |   |   | (30,269 | ) |
| Net Investment Income/(Loss) after income tax (benefit)/expense                               |               |                                                 | 405,720            |               |                                                  |               | 66,297             |                                             |               |               | 89,500                                            |               |   |   | 186,410 |   |
| Net Realized Gain/(Loss) on Portfolio Investments                                             |               |                                                 | -                  |               |                                                  |               | -                  |                                             |               |               | -                                                 |               |   |   | - |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                               |               |                                                 | 405,720            |               |                                                  |               | 66,297             |                                             |               |               | 89,500                                            |               |   |   | 186,410 |   |
| Per Share Data:                                                                               |               |                                                 |               |               |                                                  |               |               |                                             |               |               |                                              |               |   |   |   |   |
| Net Asset Value Per Share                                                                     |               | $                                                    | 179.09             |               |                                                  | $                  | 126.53             |                                             |               | $                  | 105.43                                            |               |   | $ | 97.49 |   |
| Net Investment Income/(Loss) Per Share (Basic and Diluted)                                    |               |                                                 | 4.06               |               |                                                  |               | 0.66               |                                             |               |               | 0.90                                              |               |   |   | 1.86 |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations Per Share (Basic and Diluted) |               |                                                 | 4.06               |               |                                                  |               | 0.66               |                                             |               |               | 0.90                                              |               |   |   | 1.86 |   |
| Paid-in capital distributed to stockholder                                                    |               |                                                 | -                  |               |                                                  |               | -                  |                                             |               |               | -                                                 |               |   |   | - |   |
| Distributions from net investment income/(loss)                                               |               |                                                 | -                  |               |                                                  |               | -                  |                                             |               |               | -                                                 |               |   |   | - |   |
| Distributions from net realized gain/(loss)                                                   |               |                                                 | -                  |               |                                                  |               | -                  |                                             |               |               | -                                                 |               |   |   | - |   |
| Consolidated Statement of Assets and Liabilities Data at Period End:                          |               |                                                 |               |               |                                                  |               |               |                                             |               |               |                                              |               |   |   |   |   |
| Portfolio Investments, at fair value                                                          |               | $                                                    | 23,211,946         |               |                                                  | $                  | 13,008,361         |                                             |               | $                  | 10,632,044                                        |               |   | $ | 9,928,461 |   |
| Total Assets                                                                                  |               |                                                 | 23,538,062         |               |                                                  |               | 13,321,264         |                                             |               |               | 10,892,974                                        |               |   |   | 10,201,275 |   |
| Investor Note Credit Facility                                                                 |               |                                                 | -                  |               |                                                  |               | -                  |                                             |               |               | -                                                 |               |   |   | - |   |
| All Other Liabilities                                                                         |               |                                                 | 5,628,966          |               |                                                  |               | 667,890            |                                             |               |               | 349,874                                           |               |   |   | 452,260 |   |
| Total Net Assets                                                                              |               |                                                 | 17,909,096         |               |                                                  |               | 12,653,374         |                                             |               |               | 10,543,100                                        |               |   |   | 9,749,015 |   |
| Other Data:                                                                                   |               |                                                 |               |               |                                                  |               |               |                                             |               |               |                                              |               |   |   |   |   |
| Total Return3                                                                                 |               |                                                 | 5.34               | %                  |                                                  |               | 3.39               | %                                                |               |               | 2.86                                              | %                  |   |   | 1.95 | % |
| Number of Portfolio Investments at Period End4                                                |               |                                                 | 7                  |               |                                                  |               | 6                  |                                             |               |               | 4                                                 |               |   |   | 4 |   |

| 3 | Given the Company’s similarities to a non-registered close-ended fund, the Company calculated total return as the change in the Company's capital over the period ended, and adjusted for stockholder contributions and distributions during the period. The Comapny noted that the total return calculated under the typical method for a registered investment company resulted in a total return of 104.61% as of December 31, 2017, 56.40% as of September 30, 2017, 53.23% as of June 30, 2017, 37.47% as of March 31, 2017, 176.89% as of December 31, 2016, 95.62% as of September 30, 2016, 63.00% as of June 30, 2016 and 50.73% as of March 31, 2016. The Fund determined this did not appropriately represent the performance of the Company, and thus calculated the total return based on the change in value of a theoretical investment at the beginning of the year by geometrically linking the cash flows, which is a method more commonly used by non-registered funds. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | The number of Portfolio Investments at period end excludes the investment in the Money Market Fund. |
|---|-----------------------------------------------------------------------------------------------------|

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| Siguler Guff Small Business Credit Opportunities Fund, Inc. |
|-------------------------------------------------------------|
| Notes to Consolidated Financial StatementsDecember 31, 2017 |

| 11. | Subsequent Events |
|-----|-------------------|

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| ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING OR FINANCIAL DISCLOSURE |
|---------|-------------------------------------------------------------------------------------|

| ITEM 9A | CONTROLS AND PROCEDURES |
|---------|-------------------------|

| ITEM 9B | OTHER INFORMATION |
|---------|-------------------|

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| ITEM 10 | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
|---------|--------------------------------------------------------|

| Name                      | Age | Position(s) with theFund                                                                       | Director Since | Principal Occupation(s) During Past 5 Years and OtherDirectorships in Publicly Held Companies                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------------------------|-----|------------------------------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Independent Directors     |
| Mona Aboelnaga Kanaan     | 50  | Director; Member of Audit and Nominating and Corporate Governance Committees                   | 2015           | Managing Member, K6 Investments (11/2011 – Present) Managing Member, YOLA COLON LLC (01/2013 – Present) Trustee, The Chapin School (05/2011 – Present) Chairperson & Director, ABANA (01/2010 – Present) Director, Arab Fashion Council (05/2016 – Present) Trustee, International House (11/2016 – present) President & CEO, Proctor Investment Managers LLC (01/2006 – 11/2013) Director, Peridiem Global Investors (11/2013 – 03/2015) |
| Julian Markby             | 66  | Director; Chairman of Audit Committee; Member of Nominating and Corporate Governance Committee | 2015           | Director, Momentive Performance Materials (04/2013 – Present) Director, Thiele Kaolin Company (04/2011 – Present) Voting Proxy & Board Observer, Ligado Networks (12/2015 – Present) Director, TwentyEight, Inc. (10/2016 – 02/2017) Chairman, SP Fiber Holdings, Inc. (10/2012 – 10/2015) Director, Altegrity, Inc. (11/2014 – 09/2015) Director, NewPage Corporation (02/2011 – 12/2012)                                                               |
| Gregory J. Ricca          | 69  | Director; Member of Audit Committee; Chairman of Nominating and Corporate Governance Committee | 2015           | Retired in 2010 as President & CEO of Discovery Networks International                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Non-Independent Directors |
| George W. Siguler(1)      | 70  | Chairman of the Board of Directors                                                             | 2015           | Managing Director, Founding Partner and Chief Investment Officer, Siguler Guff                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Kevin Kester(1)           | 50  | Director                                                                                       | 2015           | Managing Director, Siguler Guff                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

|  | (1) | Because of Messrs. Siguler’s and Kester’s positions with the Investment Manager, they are “interested persons” of the Fund. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

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|  Reporting Persons                                                                                                                                                                                  | Capacity in Which Filing Was Made |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|
| Siguler Guff Small Business Credit Opportunities Fund, LP; Siguler Guff SBCOF GP, LLC; Siguler Guff Capital, LP; George W. Siguler, Drew J. Guff and Donald P. Spencer; Ilmarinen Mutual Pension Company | Greater than 10% owners           |
| Mona Aboelnaga Kanaan; Kevin Kester; Julian Markby; Gregory Ricca; George W. Siguler                                                                                                                     | Directors                         |
| Christopher Barbier; Kenneth Burns; Mark Denomme; Sean Greene; Jun Isoda; Sandip Kakar; Donald Spencer                                                                                                   | Officers                          |

| Name                   | Age    | Position with the Fund                            | Principal Occupation(s) During Past 5 Years and Other Directorships in Publicly Held Companies                                                                                                                                                                                                      |
|------------------------|--------|---------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                   |   |                                              |                                                                                                                                                                                                                                                                                                |
| Sean Greene            | 53     | President                                         | Managing Director, Siguler Guff (09/2013 – Present) Entrepreneur in Residence, Revolution/Case Foundation (04/2013 – 06/2014) Associate Administrator for Investment & Special Advisor for Innovation, U.S. Small Business Administration (10/2009 – 03/2013)  |
| Jun Isoda              | 36     | Chief Financial Officer                           | Managing Director & Chief Financial Officer, Siguler Guff (03/2017 – Present) Principal, Director of Accounting, Siguler Guff (01/2007 – 02/2017) Associate, Private Equity Controller, Morgan Stanley Investment Management (01/2004 – 01/2007)               |
| Ilomai Kurrik          | 47     | Secretary                                         | Managing Director, Siguler Guff (03/2018 – Present) Principal, Siguler Guff (04/2015 – 03/2018) Senior Associate, Clifford Chance US LLP (06/2010 – 04/2015) Associate Attorney, Weil, Gotshal & Manges LLP (05/2007 – 06/2010)                     |
| Ken Burns              | 54     | Assistant Vice President                          | Managing Director, Partner & Chief Operating Officer, Siguler Guff (03/2000 – Present)                                                                                                                                                                                               |
| Donald P. Spencer      | 62     | Assistant Vice President                          | Managing Director, Founding Partner & Senior Counsel, Siguler Guff (1995 – Present)                                                                                                                                                                                                  |
| Mark S. Denomme        | 51     | Investment Professional of the Investment Manager | Managing Director, Siguler Guff (04/2014 – Present) Managing Director, Newstar Financial (05/2012 – 04/2014) Managing Director, Hercules Technology Growth Capital (10/2006 – 05/2012)                                                                             |
| Christopher M. Barbier | 38     | Investment Professional of the Investment Manager | Principal ,Siguler Guff (03/2017 – Present) Vice President, Siguler Guff (02/2014 – 03/2017) Vice President, Hartford Investment Management Co. (07/2010 – 04/2013)                                                                                                |

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| ITEM 11. | EXECUTIVE COMPENSATION |
|----------|------------------------|

| Independent Director  |   | Fees earned or paid in cash (2017) |       |
|-----------------------|--------|------------------------------------|------------|
| Julian Markby         |   | $                                  | 62,000.00  |   |
|                  |   |                               |       |   |
| Greg Ricca            |   | $                                  | 57,000.00  |   |
|                  |   |                               |       |   |
| Mona Aboelnaga Kanaan |   | $                                  | 52,000.00  |   |
|                  |   |                               |       |   |
| Total Fees            |   | $                                  | 171,000.00 |   |

| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS |
|----------|------------------------------------------------------------------------------------------------|

| Title of Class | Name and Address                                                                                             | Amount of Ownership | Percent of Class | Relationship of Reporting Person |
|----------------|--------------------------------------------------------------------------------------------------------------|---------------------|------------------|----------------------------------|
| Common Stock   | Siguler Guff Small Business Credit Opportunity Fund, LP 825 Third Avenue, 10th Floor New York, NY 10022 | 100,000             | 100%             | 5% Owner                         |
| Common Stock   |  Siguler Guff SBCOF GP, LLC 825 Third Avenue, 10th Floor New York, NY 10022                   | 100,000 (1)         | 100%             | 5% Owner                         |

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| Common Stock |  Siguler Guff Capital, LP825 Third Avenue, 10th FloorNew York, NY 10022                             | 100,000 (1) | 100%   | 5% Owner            |
|--------------|----------------------------------------------------------------------------------------------------------|-------------|--------|---------------------|
| Common Stock |  George W. Siguler825 Third Avenue, 10th FloorNew York, NY 10022                                    | 100,000 (2) | 100%   | 5% Owner            |
| Common Stock |  Andrew Guff825 Third Avenue, 10th FloorNew York, NY 10022                                          | 100,000 (2) | 100%   | 5% Owner            |
| Common Stock |  Donald Spencer825 Third Avenue, 10th FloorNew York, NY 10022                                       | 100,000 (2) | 100%   | 5% Owner            |
| Common Stock |  Carpenters’ Pension Trust Fund of St. Louis1401 Hampton AvenueSt. Louis, MO 63139            | 8,850 (3)   | 8.85%  | 5% Owner            |
| Common Stock |  Ilmarinen Mutual Pension Insurance CompanyPorkkalankatu 1, 00180 Helsinki, Finland                 | 17,710 (3)  | 17.71% | 5% Owner            |
| Common Stock |  LocalTapiola General Mutual Insurance CompanyRevontulenkuja 1, FI-02010 Lahitapiola, Espoo,Finland | 16,946 (3)  | 16.95% | 5% Owner            |
| Common Stock |  LocalTapiola Mutual Life Insurance Company Revontulenkuja 1, FI-02010 Lahitapiola, Espoo, Finland  | 16,946 (3)  | 16.95% | 5% Owner            |
| Common Stock |  MCA Fund IV5910 Mineral Point RoadMadison, WI 53705                                                | 9,990 (3)   | 9.99%  | 5% Owner            |
| Common Stock |  Minnesota Life Insurance Company400 Robert StreetNorth St. Paul, MN 55101                          | 8,850 (3)   | 8.85%  | 5% Owner            |
| Common Stock |  Westfield Insurance CompanyOne Park CircleWestfield Center, OH 44521                               | 8,850 (3)   | 8.85%  | 5% Owner            |
| Common Stock |  The Hanover Insurance Company440 Lincoln StreetWorcester, MA 01653                                 | 8,850 (3)   | 8.85%  | 5% Owner            |
| None         |  Mona Aboelnaga Kanaan825 Third Avenue, 10th FloorNew York, NY 10022                                | 0           | 0%     | Director            |
| None         |  Julian Markby825 Third Avenue, 10th FloorNew York, NY 10022                                        | 0           | 0%     | Director            |
| None         |  Greg Ricca825 Third Avenue, 10th FloorNew York, NY 10022                                           | 0           | 0%     | Director            |
| None         |  Kevin Kester825 Third Avenue, 10th FloorNew York, NY 10022                                         | 0           | 0%     | Director            |
| Common Stock |  Sean Greene825 Third Avenue, 10th FloorNew York, NY 10022                                          | 338 (3)     | 0.33%  | Officer - President |
| None         |  Kenneth Burns825 Third Avenue, 10th FloorNew York, NY 10022                                        | 0           | 0%     | Officer             |
| None         |  Mark Denomme825 Third Avenue, 10th FloorNew York, NY 10022                                         | 0           | 0%     | Officer             |

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| None |  Chris Barbier825 Third Avenue, 10th FloorNew York, NY 10022 | 0 | 0% | Officer                     |
|------|-------------------------------------------------------------------|---|----|-----------------------------|
| None |  Ilomai Kurrik825 Third Avenue, 10th FloorNew York, NY 10022 | 0 | 0% | Officer - CLO and Secretary |
| None |  Jun Isoda825 Third Avenue, 10th FloorNew York, NY 10022     | 0 | 0% | Officer - CFO               |

|  | (1) | The shares of Common Stock that are directly beneficially owned by Siguler Guff Small Business Credit Opportunities Fund, LP may be deemed to be indirectly beneficially owned by Siguler Guff SBCOF GP, LLC, as its general partner, Siguler Guff Capital, LP, as the managing member of Siguler Guff SBCOF GP, LLC. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | The shares of Common Stock that are directly beneficially owned by Siguler Guff Small Business Credit Opportunities Fund, LP may be deemed to be indirectly beneficially owned by Donald Spencer, Andrew Guff and George W. Siguler, as the control persons of Siguler Guff Capital, LP. Messrs. Spencer, Guff and Siguler may be deemed to have voting and investment control over the shares of Common Stock held by Siguler Guff Small Business Credit Opportunities Fund, LP, however each of them disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | Ilmarinen Mutual Pension Insurance Company, The Hanover Insurance Company, Westfield Insurance Company, Minnesota Life Insurance Company, MCA Fund IV LP, and Sean Greene indirectly beneficially own shares of Common Stock by virtue of their ownership of interests in Siguler Guff Small Business Credit Opportunities Fund, LP. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
|----------|---------------------------------------------------------------------------|

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| ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|----------|----------------------------------------|

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| ITEM 15 | EXHIBITS, FINANCIAL STATEMENTS SCHEDULES |
|---------|------------------------------------------|

| (a) | 1. Index to Financial Statements and Financial Statement Schedules |
|-----|--------------------------------------------------------------------|

| (a) | 2. Exhibits |
|-----|-------------|

| ITEM 16 | 10-K SUMMARY |
|---------|--------------|

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| By:    | /s/ Sean Greene      |   | By:    | /s/ Jun Isoda           |        |
|--------|----------------------|--------|--------|-------------------------|--------|
|   | Sean Greene          |   |   | Jun Isoda               |   |
|   | President            |   |   | Chief Financial Officer |   |
|   |                 |   |   |                    |   |
|   | Date: March 29, 2018 |   |   | Date: March 29, 2018    |   |

| Name       | Title                     | Date                               |
|-----------------|---------------------------|------------------------------------|
| By:   | /s/ Mona Aboelnaga Kanaan | Independent Director               | March 29, 2018 |
|            |                      |                               |   |
|            | Mona Aboelnaga Kanaan     |                               |   |
|            |                      |                               |   |
| By:   | /s/ Kevin Kester          | Director                           | March 29, 2018 |
|            |                           |                               |   |
|            | Kevin Kester              |                               |   |
|            |                      |                               |   |
| By:   | /s/ Julian Markby         | Independent Director               | March 29, 2018 |
|            |                      |                               |   |
|            | Julian Markby             |                               |   |
|            |                      |                               |   |
| By:   | /s/ Gregory J. Ricca      | Independent Director               | March 29, 2018 |
|            |                      |                               |   |
|            | Gregory J. Ricca          |                               |   |
|            |                      |                               |   |
| By:   | /s/ George W. Siguler     | Chairman of the Board and Director | March 29, 2018 |
|            |                      |                               |   |
|            | George W. Siguler         |                               |   |

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| Exhibit | Description                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                       |
| 3(i)    | Articles of Incorporation of the Fund filed with the Maryland Secretary of State on July 7, 2014, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21 2014. |
|    |                                                                                                                                                                                                                       |
| 3(ii)   | Bylaws of the Fund, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014.                                                                              |
|    |                                                                                                                                                                                                                       |
| 4.1     | Stock Purchase Agreement between the Fund and the Partnership, incorporated by reference to the Fund’s Form 10 filed with the Securities and Exchange Commission on July 21, 2014.                                   |
|    |                                                                                                                                                                                                                       |
| 10.1    | Form of Custodian Agreement with Citi Private Bank, filed herewith.                                                                                                                                                        |
|    |                                                                                                                                                                                                                       |
| 10.2    | Form of Amended and Restated Investment Management Agreement between the Fund and the Investment Manager, filed herewith.                                                                                                  |
|    |                                                                                                                                                                                                                       |
| 31.1    | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                 |
|    |                                                                                                                                                                                                                       |
| 31.2    | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                 |
|    |                                                                                                                                                                                                                       |
| 32.1    | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                 |
|    |                                                                                                                                                                                                                       |
| 32.2    | Certifications pursuant to The Sarbanes-Oxley Act of 2002, filed herewith.                                                                                                                                                 |

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