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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.) |

| 825 Third Avenue, 10th Floor, New York, NY 10022 |
|--------------------------------------------------|

| 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                                                                             | 35     |
|      |   |
| 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                                      | 44     |
|      |   |                                                                                           |   |
| Item 8.   |   | Financial Statements and Supplementary Data                                                    | 45     |
|      |   |                                                                                           |   |
| Item 9.   |   | Changes in and Disagreements with Accountants on Accounting or Financial Disclosure            | 66     |
|      |   |                                                                                           |   |
| Item 9A.  |   | Controls and Procedures                                                                        | 66     |
|      |   |                                                                                           |   |
| Items 9B. |   | Other Information                                                                              | 66     |
|      |   |
| PART III  |
|      |   |
| Item 10.  |   | Directors, Executive Officers and Corporate Governance                                         | 67     |
|      |   |                                                                                           |   |
| Item 11.  |   | Executive Compensation                                                                         | 69     |
|      |   |                                                                                           |   |
| Item 12.  |   | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters | 69     |
|      |   |                                                                                           |   |
| Item 13.  |   | Certain Relationships and Related Transactions, and Director Independence                      | 71     |
|      |   |                                                                                           |   |
| Item 14.  |   | Principal Accountant Fees and Services                                                         | 72     |
|      |   |
| PART IV   |
|      |   |
| Item 15.  |   | Exhibits, Financial Statements Schedules                                                       | 73     |
|      |   |                                                                                           |   |
| Item 16.  |   | Form 10-K Summary                                                                              | 73     |

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 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. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | 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. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | 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 |
|---------------|-------------------|

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

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

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

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|                                                                                          |   | For theYear EndedDecember 31, 2016 |       |   | For the PeriodOctober 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------------|------------|--------|-----------------------------------------------------------------------------------|--------|
| Consolidated Statement of Operations Data:                                                    |   |                               |       |   |                                                                              |   |
| Total Investment Income                                                                       |   | $                                  | 2,048,411  |   |                                                                              | $      | 102,611 |   |
| Investment Management Fee, net of waiver                                                      |   |                               | 218,230    |   |                                                                              |   | 26,195 |   |
| All Other Expenses                                                                            |   |                               | 690,033    |   |                                                                              |   | 601,605 |   |
| Income Tax (Benefit)/Expense                                                                  |   |                               | 392,221    |   |                                                                              |   | - |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense                               |   |                               | 747,927    |   |                                                                              |   | (525,189 | ) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                               |   |                               | 747,927    |   |                                                                              |   | (525,189 | ) |
| Per Share Data:                                                                               |   |                               |       |   |                                                                              |   |   |   |
| Net Asset Value Per Share                                                                     |   | $                                  | 179.09     |   |                                                                              | $      | 64.68 |   |
| Net Investment Income/(Loss) Per Share (Basic and Diluted)                                    |   |                               | 7.48       |   |                                                                              |   | (5.25 | ) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations Per Share (Basic and Diluted) |   |                               | 7.48       |   |                                                                              |   | (5.25 | ) |
| Consolidated Statement of Assets and Liabilities Data at Period End:                          |   |                               |       |   |                                                                              |   |   |   |
| Portfolio Investments, at fair value                                                          |   | $                                  | 23,211,946 |   |                                                                              | $      | 6,833,511 |   |
| Total Assets                                                                                  |   |                               | 23,538,062 |   |                                                                              |   | 6,970,130 |   |
| Total Liabilities                                                                             |   |                               | 5,628,966  |   |                                                                              |   | 502,228 |   |
| Total Net Assets                                                                              |   |                               | 17,909,096 |   |                                                                              |   | 6,467,902 |   |
| Other Data:                                                                                   |   |                               |       |   |                                                                              |   |   |   |
| Total Return1                                                                                 |   |                               | 5.34       | %      |                                                                              |   | (21.31 | )% |
| Number of Portfolio Investments at Year/Period End                                            |   |                               | 7          |   |                                                                              |   | 3 |   |

| 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, 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 |   |
|                        |   | Assets at Fair Value as of December 31, 2015 |   |
|-----------------------------|--------|----------------------------------------------|--------|
|                        |   | Level 1                                      |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                        |   |                                         |   |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Notes   |   | $                                            | -      |   |   | $ | - |   |   | $ | 6,833,511 |   |   | $ | 6,833,511 |   |
| Total Portfolio Investments |   |                                         | -      |   |   |   | - |   |   |   | 6,833,511 |   |   |   | 6,833,511 |   |
|                        |   |                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Equivalents            |   |                                         | 43,430 |   |   |   | - |   |   |   | - |   |   |   | 43,430 |   |
| Total                       |   | $                                            | 43,430 |   |   | $ | - |   |   | $ | 6,833,511 |   |   | $ | 6,876,941 |   |

|                      |   |       |       |              |                 | Unobservable Input as of December 31, 2016 |          |
|---------------------------|--------|------------|------------|-----------------------------|----------------------|--------------------------------------------|---------------|
| Investment Type           |   | Fair Value |       | Primary Valuation Technique |                 | Input                                      |          | Range |   |
|                      |   |       |       |                        |                 |                                       |          |   |   |
| Senior Subordinated Notes |   | $          | 14,737,303 |                        | Discounted Cash Flow |                                       | Discount Rate |   | 10.0% - 14.0% |  |
|                      |   |       |       |                        |                 |                                       |          |   |   |   |
|                      |   |       |       |                        |                 |                                       |          |   |   |   |
| Total                     |   | $          | 14,737,303 |                        |                 |                                       |          |   |   |   |
|                      |   |       |      |              |               | Unobservable Input as of December 31, 2015 |           |
|---------------------------|--------|------------|-----------|-----------------------------|--------------------|--------------------------------------------|----------------|
| Investment Type           |   | Fair Value |      | Primary Valuation Technique |               | Input                                      |           | Range |   |
|                      |   |       |      |                        |               |                                       |           |   |   |
| Senior Subordinated Notes |   | $          | 6,833,511 |                        | Recent Transaction |                                       | Purchase Price |   | $1.9M - $2.4M |  |
|                      |   |       |      |                        |               |                                       |           |   |   |   |
|                      |   |       |      |                        |               |                                       |           |   |   |   |
| Total                     |   | $          | 6,833,511 |                        |               |                                       |           |   |   |   |

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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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|                                                                                                                                                      |   | December 31,2016 |       |   | December 31,2015 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|------------|--------|------------------|--------|
| Assets                                                                                                                                                    |   |             |       |   |             |   |
| Portfolio Investments at fair value:                                                                                                                      |   |             |       |   |             |   |
| Non-controlled, non-affiliated portfolio investments (cost, December 31, 2016: $23,211,946; December 31, 2015: $6,833,511)                                |   | $                | 23,211,946 |   |             | $      | 6,833,511 |   |
|                                                                                                                                                      |   |             |       |   |             |   |   |   |
| Cash                                                                                                                                                      |   |             | 122,577    |   |             |   | 102,615 |   |
| Interest receivable                                                                                                                                       |   |             | 108,702    |   |             |   | 34,004 |   |
| Net deferred tax asset                                                                                                                                    |   |             | 94,837     |   |             |   | - |   |
| Total Assets                                                                                                                                              |   | $                | 23,538,062 |   |             | $      | 6,970,130 |   |
|                                                                                                                                                      |   |             |       |   |             |   |   |   |
| Liabilities                                                                                                                                               |   |             |       |   |             |   |   |   |
| Due to Affiliates                                                                                                                                         |   | $                | 5,323,799  |   |             | $      | 357,228 |   |
| Accrued expenses and other liabilities                                                                                                                    |   |             | 208,409    |   |             |   | 145,000 |   |
| Taxes payable                                                                                                                                             |   |             | 96,758     |   |             |   | - |   |
| Total Liabilities                                                                                                                                         |   |             | 5,628,966  |   |             |   | 502,228 |   |
| Net Assets                                                                                                                                                |   | $                | 17,909,096 |   |             | $      | 6,467,902 |   |
|                                                                                                                                                      |   |             |       |   |             |   |   |   |
| 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, 2016 and December 31, 2015 |   |             | 100        |   |             |   | 100 |   |
| Paid-in capital in excess of par                                                                                                                          |   |             | 17,686,258 |   |             |   | 7,017,991 |   |
| Accumulated undistributed net investment income/(loss)                                                                                                    |   |             | 222,738    |   |             |   | (525,189 | ) |
| Receivable from stockholder                                                                                                                               |   |             | -          |   |             |   | (25,000 | ) |
| Total Net Assets                                                                                                                                          |   | $                | 17,909,096 |   |             | $      | 6,467,902 |   |
|                                                                                                                                                      |   |             |       |   |             |   |   |   |
| Net Asset Value Per Share                                                                                                                                 |   | $                | 179.09     |   |             | $      | 64.68 |   |

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| Portfolio Investment                                               |   | Industry                         |   | Interest Rate |   | Maturity |       | Principal /Shares |   |      | Fair Value |   |
|--------------------------------------------------------------------|--------|----------------------------------|--------|---------------|--------|----------|------------|-------------------|--------|-----------|------------|--------|
|                                                               |   |                             |   |          |   |     |       |              |   |      |       |   |
| Senior Subordinated Notes (129%)  (1)                         |   |                             |   |          |   |     |       |              |   |      |       |   |
| United States                                                      |   |                             |   |          |   |     |       |              |   |      |       |   |
| Earthlite, LLC  (2)                                           |   | Business Equipment               |   |          | 11.00  | %        | 07/11/2022 |              | $      | 1,339,496 |       |   | $ | 1,314,575 |   |
| Gatekeeper Systems, Inc.  (2)                                 |   | Security and Protection Services |   |          | 11.00  | %        | 03/02/2022 |              | $      | 1,942,640 |       |   |   | 1,910,130 |   |
| La Tavola, LLC  (2)                                           |   | 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.  (2)                         |   | Business Services                |   |          | 10.00  | %        | 06/05/2022 |              | $      | 5,265,338 |       |   |   | 5,187,086 |   |
| Rudy's Food Products, Inc.  (2)                               |   | Processed & Packaged Goods   |   |          | 11.00  | %        | 07/05/2021 |              | $      | 5,361,235 |       |   |   | 5,267,650 |   |
| Trachte, LLC  (2)                                             |   | 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 have a stated payment-in-kind interest income rate of up to 2.00% which is not reflected in the stated interest rate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

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| Portfolio Investment                                     |   | Industry            |   | Interest Rate |   | Maturity |       | Principal |      |      | Fair Value |      |
|----------------------------------------------------------|--------|---------------------|--------|---------------|--------|----------|------------|-----------|-----------|-----------|------------|-----------|
|                                                     |   |                |   |          |   |     |       |      |      |      |       |      |
| Senior Subordinated Notes (106%)  (1)               |   |                |   |          |   |     |       |      |      |      |
| United States                                            |   |                |   |          |   |     |       |      |      |      |       |      |
| La Tavola, LLC  (2)                                 |   | Commercial Retail   |   |          | 11.00  | %        | 06/01/2021 |      | $         | 2,481,600 |       |      | $ | 2,440,650 |   |
| Medsurant Holdings, LLC                                  |   | Healthcare Services |   |          | 12.25  | %        | 06/18/2021 |      | $         | 1,987,456 |       |      |   | 1,948,151 |   |
| Trachte, LLC  (2)                                   |   | Manufacturing       |   |          | 11.00  | %        | 04/13/2021 |      | $         | 2,486,977 |       |      |   | 2,444,710 |   |
| Total United States                                      |   |                |   |          |   |     |       |      |      |      |       |      | $ | 6,833,511 |   |
| Total Senior Subordinated Notes (106%)                   |   |                |   |          |   |     |       |      |      |      | $          | 6,833,511 |   |
|                                                     |   |                |   |          |   |     |       |      |      |      |       |      |   |   |   |
| Total Portfolio Investments (Amortized Cost: $6,833,511) |   |                |   |          |   |     |       | $         | 6,833,511 |      |

| (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 have a stated PIK rate of up to 1.00% which is not reflected in the stated interest rate. |
|-----|---------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                           |   | For theYear EndedDecember 31, 2016 |      |   | For the PeriodOctober 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|-----------|--------|-----------------------------------------------------------------------------------|--------|
| Investment Income                                                                                                              |   |                               |      |   |                                                                              |   |
| Non-Controlled, Non-Affiliated Investments:                                                                                    |   |                               |      |   |                                                                              |   |
| Interest income                                                                                                                |   | $                                  | 1,890,751 |   |                                                                              | $      | 97,234 |   |
| Payment-in-kind interest income                                                                                                |   |                               | 157,660   |   |                                                                              |   | 5,377 |   |
| Total Investment Income                                                                                                        |   |                               | 2,048,411 |   |                                                                              |   | 102,611 |   |
|                                                                                                                           |   |                               |      |   |                                                                              |   |   |   |
| Expenses                                                                                                                       |   |                               |      |   |                                                                              |   |   |   |
| Investment Management Fee                                                                                                      |   |                               | 295,764   |   |                                                                              |   | 26,195 |   |
| Organizational costs                                                                                                           |   |                               | -         |   |                                                                              |   | 342,763 |   |
| Professional fees                                                                                                              |   |                               | 508,701   |   |                                                                              |   | 145,000 |   |
| Directors fees                                                                                                                 |   |                               | 172,500   |   |                                                                              |   | 98,926 |   |
| Other general and administrative                                                                                               |   |                               | 8,832     |   |                                                                              |   | 14,916 |   |
| Total Expenses                                                                                                                 |   |                               | 985,797   |   |                                                                              |   | 627,800 |   |
| Investment Management Fee Waived (Note 7)                                                                                      |   |                               | (77,534   | )      |                                                                              |   | - |   |
| Total Net Expenses                                                                                                             |   |                               | 908,263   |   |                                                                              |   | 627,800 |   |
| Net Investment Income/(Loss) before income tax (benefit)/expense                                                               |   |                               | 1,140,148 |   |                                                                              |   | (525,189 | ) |
| Income tax (benefit)/expense (Note 2)                                                                                          |   |                               | 392,221   |   |                                                                              |   | - |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense                                                                |   |                               | 747,927   |   |                                                                              |   | (525,189 | ) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                                                                |   | $                                  | 747,927   |   |                                                                              | $      | (525,189 | ) |
|                                                                                                                           |   |                               |      |   |                                                                              |   |   |   |
| Net Investment Income/(Loss) and Net Increase/(Decrease) in Net Assets Resulting from Operations Per Share (Basic and Diluted) |   | $                                  | 7.48      |   |                                                                              | $      | (5.25 | ) |
| Weighted average shares outstanding                                                                                            |   |                               | 100,000   |   |                                                                              |   | 100,000 |   |

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|                                                            |   | 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) |   | $                                  | 747,927    |   |                                                                              | $      | (525,189 | ) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations |   |                               | 747,927    |   |                                                                              |   | (525,189 | ) |
|                                                            |   |                               |       |   |                                                                              |   |   |   |
| Capital Stock Transactions                                      |   |                               |       |   |                                                                              |   |   |   |
| Issuance of common stock                                        |   |                               | -          |   |                                                                              |   | 25,000 |   |
| Contributions from stockholder                                  |   |                               | 10,693,267 |   |                                                                              |   | 6,993,091 |   |
| Receivable from stockholder                                     |   |                               | -          |   |                                                                              |   | (25,000 | ) |
| Net Increase in Net Assets From Capital Stock Transactions      |   |                               | 10,693,267 |   |                                                                              |   | 6,993,091 |   |
|                                                            |   |                               |       |   |                                                                              |   |   |   |
| Total Increase in Net Assets                                    |   |                               |       |   |                                                                              |   |   |   |
| Net assets at beginning of period                               |   |                               | 6,467,902  |   |                                                                              |   | - |   |
| Net assets at end of period                                     |   | $                                  | 17,909,096 |   |                                                                              | $      | 6,467,902 |   |
|                                                            |   |                               |       |   |                                                                              |   |   |   |
|                                                            |   |                               |       |   |                                                                              |   |   |   |
| Capital Share Activity                                          |   |                               |       |   |                                                                              |   |   |   |
| Shares issued                                                   |   |                               | -          |   |                                                                              |   | 100,000 |   |
| Shares redeemed                                                 |   |                               | -          |   |                                                                              |   | - |   |
| Net Increase/(Decrease) in Shares Outstanding                   |   |                               | -          |   |                                                                              |   | 100,000 |   |
|                                                            |   |                               |       |   |                                                                              |   |   |   |
|                                                            |   |                               |       |   |                                                                              |   |   |   |
| Undistributed Net Investment Income/(Loss)                      |   | $                                  | 222,738    |   |                                                                              | $      | (525,189 | ) |

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|                                                                |   | 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     |   | $                                  | 747,927     |   |                                                                              | $      | (525,189 | ) |
| Adjustments to reconcile Net Increase/(Decrease) in Net Assets      |   |                               |        |   |                                                                              |   |   |   |
| Resulting from Operations to Net Cash Used in Operating Activities: |   |                               |        |   |                                                                              |   |   |   |
| Purchases of Portfolio Investments                                  |   |                               | (16,183,748 | )      |                                                                              |   | (6,824,051 | ) |
| Payment-in-kind interest income                                     |   |                               | (157,660    | )      |                                                                              |   | (5,377 | ) |
| Accretion of discount on notes                                      |   |                               | (37,027     | )      |                                                                              |   | (4,083 | ) |
| Decrease/(Increase) in interest receivable                          |   |                               | (74,698     | )      |                                                                              |   | (34,004 | ) |
| Decrease/(Increase) in net deferred tax asset                       |   |                               | (94,837     | )      |                                                                              |   | - |   |
| (Decrease)/Increase in due to Affiliates                            |   |                               | 4,966,571   |   |                                                                              |   | 357,228 |   |
| (Decrease)/Increase in accrued expenses and other liabilities       |   |                               | 63,409      |   |                                                                              |   | 145,000 |   |
| (Decrease)/Increase in taxes payable                                |   |                               | 96,758      |   |                                                                              |   | - |   |
| Net Cash Used in Operating Activities                               |   |                               | (10,673,305 | )      |                                                                              |   | (6,890,476 | ) |
|                                                                |   |                               |        |   |                                                                              |   |   |   |
| Cash Flows From Financing Activities                                |   |                               |        |   |                                                                              |   |   |   |
| Payment of receivable from stockholder                              |   |                               | 25,000      |   |                                                                              |   | - |   |
| Contributions from stockholder                                      |   |                               | 10,668,267  |   |                                                                              |   | 6,993,091 |   |
| Net Cash Provided by Financing Activities                           |   |                               | 10,693,267  |   |                                                                              |   | 6,993,091 |   |
| Net Increase in Cash                                                |   |                               | 19,962      |   |                                                                              |   | 102,615 |   |
|                                                                |   |                               |        |   |                                                                              |   |   |   |
| Cash                                                                |   |                               |        |   |                                                                              |   |   |   |
| Beginning of year/period                                            |   |                               | 102,615     |   |                                                                              |   | - |   |
| End of year/period                                                  |   | $                                  | 122,577     |   |                                                                              | $      | 102,615 |   |
|                                                                |   |                               |        |   |                                                                              |   |   |   |
| Supplemental cash flow information                                  |   |                               |        |   |                                                                              |   |   |   |
| Income Taxes Paid                                                   |   | $                                  | 390,300     |   |                                                                              | $      | - |   |

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

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

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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, 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 |   |

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|                             |   | Assets at Fair Value as of December 31, 2015 |   |
|-----------------------------|--------|----------------------------------------------|--------|
|                        |   | Level 1                                      |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                        |   |                                         |   |   |   |   |   |   |   |   |   |   |
| Senior Subordinated Notes   |   | $                                            | -      |   |   | $ | - |   |   | $ | 6,833,511 |   |   | $ | 6,833,511 |   |
| Total Portfolio Investments |   |                                         | -      |   |   |   | - |   |   |   | 6,833,511 |   |   |   | 6,833,511 |   |
| Cash Equivalents            |   |                                         | 43,430 |   |   |   | - |   |   |   | - |   |   |   | 43,430 |   |
| Total                       |   | $                                            | 43,430 |   |   | $ | - |   |   | $ | 6,833,511 |   |   | $ | 6,876,941 |   |

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

|                      |   |       |      |              |               | Unobservable Input as of December 31, 2015 |           |
|---------------------------|--------|------------|-----------|-----------------------------|--------------------|--------------------------------------------|----------------|
| Investment Type           |   | Fair Value |      | Primary Valuation Technique |               | Input                                      |           | Range |   |
|                      |   |       |      |                        |               |                                       |           |   |   |
| Senior Subordinated Notes |   | $          | 6,833,511 |                        | Recent Transaction |                                       | Purchase Price |   | $1.9M - $2.4M |  |
|                      |   |       |      |                        |               |                                       |           |   |   |   |
| Total                     |   | $          | 6,833,511 |                        |               |                                       |           |   |   |   |

|                                      |   | Senior Subordinated Notes |       |
|-------------------------------------------|--------|---------------------------|------------|
|                                      |   |                      |       |
| Beginning Balance, December 31, 2015      |   | $                         | 6,833,511  |   |
| Purchases                                 |   |                      | 10,351,699 |   |
| Reallocations                             |   |                      | 5,769,197  |   |
| Accretion/Payment-in-kind interest income |   |                      | 194,687    |   |
| Ending Balance, December 31, 2016         |   | $                         | 23,149,094 |   |

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|                                           |   | Senior Subordinated Notes |      |
|-------------------------------------------|--------|---------------------------|-----------|
|                                      |   |                      |      |
| Beginning Balance, October 13, 2015       |   | $                         | -         |   |
| Purchases                                 |   |                      | 6,824,051 |   |
| Accretion/Payment-in-kind interest income |   |                      | 9,460     |   |
| Ending Balance, December 31, 2015         |   | $                         | 6,833,511 |   |

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|                                                 |   | 2015 As Reported |     |   | Reallocations |   |   | 2015 Adjusted |   |
|------------------------------------------------------|--------|------------------|----------|--------|---------------|--------|--------|---------------|--------|
| Investment Income                                    |   |             |     |   |          |   |   |          |   |
| Non-Controlled, Non-Affiliated Investments:          |   |             |     |   |          |   |   |          |   |
| Interest income                                      |   | $                | 97,234   |   |          | $      | 36,015 |          |   | $ | 133,249 |   |
| PIK interest income                                  |   |             | 5,377    |   |          |   | 1,983  |          |   |   | 7,360 |   |
| Total Investment Income                              |   |             | 102,611  |   |          |   | 37,998 |          |   |   | 140,609 |   |
|                                                 |   |             |     |   |          |   |   |          |   |   |   |   |
| Expenses                                             |   |             |     |   |          |   |   |          |   |   |   |   |
| Investment Management Fee                            |   |             | 26,195   |   |          |   | 9,730  |          |   |   | 35,925 |   |
| Organizational costs                                 |   |             | 342,763  |   |          |   | -      |          |   |   | 342,763 |   |
| Professional fees                                    |   |             | 145,000  |   |          |   | -      |          |   |   | 145,000 |   |
| Directors fees                                       |   |             | 98,926   |   |          |   | -      |          |   |   | 98,926 |   |
| Other general and administrative                     |   |             | 14,916   |   |          |   | -      |          |   |   | 14,916 |   |
| Total Expenses                                       |   |             | 627,800  |   |          |   | 9,730  |          |   |   | 637,530 |   |
| Net Investment Loss                                  |   |             | (525,189 | )      |          |   | 28,268 |          |   |   | (496,921 | ) |
| Net Decrease in Net Assets Resulting from Operations |   | $                | (525,189 | )      |          | $      | 28,268 |          |   | $ | (496,921 | ) |

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|                  |   | For theYear EndedDecember 31, 2016 |    |   | For the Period October 13, 2015 (Commencementof Operations) ThroughDecember 31, 2015 |   |
|-----------------------|--------|------------------------------------|---------|--------|--------------------------------------------------------------------------------------|--------|
| Federal income taxes: |   |                               |    |   |                                                                                 |   |
| Current               |   | $                                  | 79,211  |   |                                                                                 | $      | - |   |
| Deferred              |   |                               | (83,598 | )      |                                                                                 |   | - |   |
| State income taxes:   |   |                               |    |   |                                                                                 |   |   |   |
| Current               |   |                               | 17,547  |   |                                                                                 |   | - |   |
| Deferred              |   |                               | (11,239 | )      |                                                                                 |   | - |   |
| Total                 |   | $                                  | 1,921   |   |                                                                                 | $      | - |   |

| Current:                    |   | For theYear EndedDecember 31, 2016 |    |   | For the Period October 13, 2015 (Commencementof Operations) ThroughDecember 31, 2015 |   |
|-----------------------------|--------|------------------------------------|---------|--------|--------------------------------------------------------------------------------------|--------|
| Federal (1)                 |   | $                                  | 425,211 |   |                                                                                 | $      | - |   |
| State (2)                   |   |                               | 61,847  |   |                                                                                 |   | - |   |
| Total Current               |   |                               | 487,058 |   |                                                                                 |   | - |   |
| Deferred:                   |   |                               |    |   |                                                                                 |   |   |   |
| Federal                     |   |                               | (83,598 | )      |                                                                                 |   | - |   |
| State                       |   |                               | (11,239 | )      |                                                                                 |   | - |   |
| Total Deferred              |   |                               | (94,837 | )      |                                                                                 |   | - |   |
| Total Net (Benefit)/Expense |   | $                                  | 392,221 |   |                                                                                 | $      | - |   |

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

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

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|                           |   | For theYear EndedDecember 31, 2016 |     |   | For the Period October 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|--------------------------------|--------|------------------------------------|----------|--------|------------------------------------------------------------------------------------|--------|
| Deferred Tax Assets:           |   |                               |     |   |                                                                               |   |
| Accrued Professional Fees      |   | $                                  | 76,718   |   |                                                                               | $      | 56,410 |   |
| Organizational Expenses        |   |                               | 120,277  |   |                                                                               |   | 129,999 |   |
| Debt Issuance Costs            |   |                               | 66,828   |   |                                                                               |   | - |   |
| Federal Net Operating Loss     |   |                               | -        |   |                                                                               |   | 15,603 |   |
| State Net Operating Less       |   |                               | -        |   |                                                                               |   | 2,250 |   |
| Total Deferred Tax Assets      |   | $                                  | 263,823  |   |                                                                               | $      | 204,262 |   |
| Deferred Tax Liabilities:      |   |                               |     |   |                                                                               |   |   |   |
| Interest Income                |   |                               | -        |   |                                                                               |   | 1,071 |   |
| Total Deferred Tax Liabilities |   |                               | -        |   |                                                                               |   | 1,071 |   |
| Valuation Allowance            |   |                               | (168,986 | )      |                                                                               |   | (203,191 | ) |
| Net Deferred Income Taxes      |   | $                                  | 94,837   |   |                                                                               | $      | - |   |

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|                                                  |   | For theYear EndedDecember 31, 2016 |   |   | For the Period October 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|-------------------------------------------------------|--------|------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|
| Computed "Expected" Tax Rate                          |   |                               | 34.00  | %      |                                                                               |   | 34.00 | % |
| State Income Taxes, Net of Federal Income Tax Benefit |   |                               | 2.93   | %      |                                                                               |   | - |   |
| Deferred Tax Asset Valuation Allowance Impact         |   |                               | (2.53  | )%     |                                                                               |   | (34.00 | )% |
| Effective Tax Rate                                    |   |                               | 34.40  | %      |                                                                               |   | 0.00 | % |

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

----

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----

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

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

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

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----

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

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

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

|                                                                                           |   | For theYear Ended December 31, 2016 |       |   | For the Period October 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |   |
|------------------------------------------------------------------------------------------------|--------|-------------------------------------|------------|--------|------------------------------------------------------------------------------------|--------|
|                                                                                           |   |                                |       |   |                                                                               |   |
| Total Return1                                                                                  |   |                                | 5.34       | %      |                                                                               |   | (21.31 | )% |
|                                                                                           |   |                                |       |   |                                                                               |   |   |   |
| Per Share Amounts:                                                                             |   |                                |       |   |                                                                               |   |   |   |
| Net Asset Value, Beginning of Year/Period                                                      |   | $                                   | 64.68      |   |                                                                               | $      | 0.00 |   |
| Net Increase/(Decrease) in Net Assets Resulting from Operations                                |   |                                | 7.48       |   |                                                                               |   | (5.25 | ) |
| Issuance of Common Stock                                                                       |   |                                | -          |   |                                                                               |   | 0.25 |   |
| Receivable from Stockholder                                                                    |   |                                | -          |   |                                                                               |   | (0.25 | ) |
| Contributions from Stockholder                                                                 |   |                                | 106.93     |   |                                                                               |   | 69.93 |   |
| Net Asset Value, End of Year/Period                                                            |   | $                                   | 179.09     |   |                                                                               | $      | 64.68 |   |
|                                                                                           |   |                                |       |   |                                                                               |   |   |   |
| Net Assets, End of Year/Period                                                                 |   | $                                   | 17,909,096 |   |                                                                               | $      | 6,467,902 |   |
| Average Net Assets                                                                             |   | $                                   | 11,524,160 |   |                                                                               | $      | 3,263,327 |   |
|                                                                                           |   |                                |       |   |                                                                               |   |   |   |
| Ratios / Supplemental Data2:                                                                   |   |                                |       |   |                                                                               |   |   |   |
| Ratio of net investment income/(loss) after income tax (benefit)/expense to average net assets |   |                                | 6.49       | %      |                                                                               |   | (22.97 | )% |
| Ratio of total expenses to average net assets before Investment Management Fee Waived          |   |                                | 8.55       | %      |                                                                               |   | 26.12 | % |
| Ratio of total expenses to average net assets after Investment Management Fee Waived           |   |                                | 7.88       | %      |                                                                               |   | - |   |
| Common Shares Outstanding, End of Year/Period                                                  |   |                                | 100,000    |   |                                                                               |   | 100,000 |   |
| Portfolio Turnover Rate                                                                        |   |                                | 0.00       | %      |                                                                               |   | 0.00 | % |

|  | 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 ended, and adjusted for stockholder contributions and distributions during the year.  The Company noted that the total return calculated under the typical method for a registered investment company resulted in a total return of 176.89% for the year ended December 31, 2016 and 6,467,902% for the period ended 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 | For the period ended December 31, 2015, ratios have been annualized, except for organizational costs, professional fees and Directors fees. |
|--|---|---------------------------------------------------------------------------------------------------------------------------------------------|

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

|                                                                 |   | 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 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 |   |
| 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 |   |
| Total 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 Return1                                                        |   |                                                 | 5.34       | %      |                                                  |   | 3.39       | %                                                |   |   | 2.86                                              | %      |   |   | 1.95 | % |
| Number of Portfolio Investments at Year/Period End                   |   |                                                 | 7          |   |                                                  |   | 6          |                                             |   |   | 4                                                 |   |   |   | 4 |   |

|                                                                 |   | For the PeriodOctober 13, 2015(Commencementof Operations)ThroughDecember 31, 2015 |      |
|----------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|-----------|
| Consolidated Statement of Operations Data:                           |   |                                                                              |      |
| Total Investment Income                                              |   | $                                                                                 | 102,611   |   |
| Investment Management Fee                                            |   |                                                                              | 26,195    |   |
| All Other Expenses                                                   |   |                                                                              | 601,605   |   |
| Income Tax (Benefit)/Expense                                         |   |                                                                              | -         |   |
| Net Investment Income/(Loss) after income tax (benefit)/expense      |   |                                                                              | (525,189  | ) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations      |   |                                                                              | (525,189  | ) |
| Per Share Data:                                                      |   |                                                                              |      |   |
| Net Asset Value Per Share                                            |   | $                                                                                 | 64.68     |   |
| Net Investment Income/(Loss) Per Share (Basic and Diluted)           |   |                                                                              | (5.25     | ) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations      |   |                                                                              |      |   |
| Per Share (Basic and Diluted)                                        |   |                                                                              | (5.25     | ) |
| Consolidated Statement of Assets and Liabilities Data at Period End: |   |
| Portfolio Investments, at fair value                                 |   | $                                                                                 | 6,833,511 |   |
| Total Assets                                                         |   |                                                                              | 6,970,130 |   |
| Total Liabilities                                                    |   |                                                                              | 502,228   |   |
| Total Net Assets                                                     |   |                                                                              | 6,467,902 |   |
| Other Data:                                                          |   |                                                                              |      |   |
| Total Return1                                                        |   |                                                                              | (21.31    | )% |
| Number of Portfolio Investments at Year/Period End                   |   |                                                                              | 3         |   |

| 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 the Fund                                                                      | Director Since | Principal Occupation(s) During Past 5 Years and Other Directorships in Publicly Held Companies                                                                                                                                                                                                                                                                                                                                                                    |
|---------------------------|-----|------------------------------------------------------------------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Independent Directors     |
| Mona Aboelnaga Kanaan     | 49  | Director; Member of Audit and Nominating and Corporate Governance Committees                   | 2015           | Managing Member, K6 Investments (11/2011 – Present) Managing Member, YOLA COLON LLC (1/2013 – Present) Trustee, The Chapin School (5/2011 – Present) Chairperson & Director, ABANA (1/2010 – Present) Trustee, International House (11/2016 – present) President & CEO, Proctor Investment Managers LLC (1/2006 – 11/2013) Director, Peridiem Global Investors (11/2013 – 3/2015) |
| Julian Markby             | 65  | Director; Chairman of Audit Committee; Member of Nominating and Corporate Governance Committee | 2015           | Director, Momentive Performance Materials (5/2013 – Present) Director, Thiele Kaolin Company (4/2011 – Present) Voting Proxy & Board Observer, Ligado Networks (12/2015 – Present) Director, TwentyEight, Inc. (10/2016 – 2/2017) Chairman, SP Fiber Holdings, Inc. (9/2012 – 10/2015) Director, Altegrity, Inc. (11/2014 – 9/2015) Director, NewPage Corporation (1/2011 – 12/2012)  |
| Gregory J. Ricca          | 68  | 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)      | 69  | Chairman of the Board of Directors                                                             | 2015           | Managing Director, Founding Partner and Chief Investment Officer, Siguler Guff                                                                                                                                                                                                                                                                                                                                                                                    |
| Kevin Kester(1)           | 49  | 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; Carpenters’ Pension Trust Fund of St. Louis; Butler Conservation Fund; Etera Mutual Pension Insurance Company; LocalTapiola General Mutual Insurance Company; LocalTapiola Mutual Life Insurance 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; Michael Ruggeri; 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            | 52  | President                                         | Managing Director, Siguler Guff (9/2013 – Present) Entrepreneur in Residence, Revolution/Case Foundation (4/2013 – 6/2014) Associate Administrator for Investment & Special Advisor for Innovation, U.S. Small Business Administration (10/2009 – 3/2013) |
| Michael Ruggeri        | 47  | Chief Financial Officer                           | Managing Director & Chief Financial Officer, Siguler Guff (1/2014 – Present) Partner, PricewaterhouseCoopers LLP (7/2006 – 12/2013) Manager/Senior Manager, PricewaterhouseCoopers LLP (7/1998 – 6/2006)                                                  |
| Sandip Kakar           | 46  | Secretary                                         | Managing Director & Managing Counsel, Siguler Guff (3/2015 – Present) Principal, Siguler Guff (8/2012 – 3/2015) Senior Associate, Clifford Chance US LLP (12/2006 – 7/2012)                                                                               |
| Ken Burns              | 53  | Assistant Vice President                          | Managing Director, Partner & Chief Operating Officer, Siguler Guff (3/2000 – Present)                                                                                                                                                                                           |
| Donald P. Spencer      | 61  | Assistant Vice President                          | Managing Director, Founding Partner & Senior Counsel, Siguler Guff (1995 – Present)                                                                                                                                                                                             |
| Mark S. Denomme        | 50  | Investment Professional of the Investment Manager | Managing Director, Siguler Guff (4/2014 – Present) Managing Director, Newstar Financial (5/2012 – 4/2014) Managing Director, Hercules Technology Growth Capital (10/2006 – 5/2012)                                                                            |
| Christopher M. Barbier | 37  | Investment Professional of the Investment Manager | Vice President, Siguler Guff (2/2014 – Present) Vice President, Hartford Investment Management Co. (7/2010 – 4/2013)                                                                                                                                                     |

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

| 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 OpportunityFund, 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                         |
| Common Stock   | Siguler Guff Capital, LP825 Third Avenue, 10th Floor New York, NY 10022                                                                                                                                                                                                                                                                                                                                                                                                                | 100,000 (1)         | 100%             | 5% Owner                         |
| Common Stock   | George W. Siguler 825 Third Avenue, 10th Floor New 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 Avenue St. Louis, MO 63139                                                                                                                                                                                                                                                                                                                                                                                               | 16,946 (3)          | 16.95%           | 5% Owner                         |
| Common Stock   | Butler Conservation Fund, Inc60 Cuttermill Road, Suite 212Great Neck, NY 11021                                                                                                                                                                                                                                                                                                                                                                                                              | 8,473 (3)           | 8,47%            | 5% Owner                         |
| Common Stock   | Etera Mutual Pension Insurance CompanyPalkkatilanportti 1, 00240 Helsinki, Finland                                                                                                                                                                                                                                                                                                                                                                                                          | 33,892 (3)          | 33.89%           | 5% Owner                         |

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| Common Stock | LocalTapiola General Mutual Insurance CompanyRevontulenkuja 1, FI-02010 Lahitapiola, Espoo, Finland | 16,946  | 16.95% | 5% Owner                       |
|--------------|-----------------------------------------------------------------------------------------------------|---------|--------|--------------------------------|
| Common Stock | LocalTapiola Mutual Life Insurance CompanyRevontulenkuja 1, FI-02010 Lahitapiola, Espoo, Finland    | 16,946  | 16.95% | 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 Ricca       825 Third Avenue, 10th Floor New York, NY 10022 | 0       | 0%     | Director                       |
| None         | Kevin Kester  825 Third Avenue, 10th FloorNew York, NY 10022                                   | 0       | 0%     | Director                       |
| Common Stock | Sean Greene825 Third Avenue, 10th Floor New York, NY 10022                                     | 338 (3) | .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                        |
| None         | Chris Barbier825 Third Avenue, 10th FloorNew York, NY 10022                                         | 0       | 0%     | Officer                        |
| None         | Sandip Kakar825 Third Avenue, 10th FloorNew York, NY 10022                                          | 0       | 0%     | Officer - CLO and Secretary    |
| None         | Michael Ruggeri825 Third Avenue, 10th FloorNew York, NY 10022                                       | 0       | 0%     | Officer - CFO                  |
| None         | Jun Isoda825 Third Avenue, 10th FloorNew York, NY 10022                                             | 0       | 0%     | Officer - Principal Accounting |

|  | (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) | The Carpenters’ Pension Trust Fund of St. Louis, Butler Conservation Fund, Inc., Etera Mutual Pension Insurance Company, LocalTapiola General Mutual Insurance Company, LocalTapiola Mutual Life Insurance Company, 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. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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Table of Contents

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

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Table of Contents

| 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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Table of Contents

| By:    | /s/ Sean Greene      |   | By:    | /s/ Michael Ruggeri     |   | By:    | /s/ Jun Isoda                |   |
|--------|----------------------|--------|--------|-------------------------|--------|--------|------------------------------|--------|
|   | Sean Greene          |   |   | Michael Ruggeri         |   |        | Jun Isoda                    |   |
|   | President            |   |   | Chief Financial Officer |   |   | Principal Accounting Officer |   |
|   | Date: March 31, 2017 |   |   | Date: March 31, 2017    |   |   | Date: March 31, 2017         |   |
| Name                                                                                                          | Title                              | Date           |
|---------------------------------------------------------------------------------------------------------------|------------------------------------|----------------|
| By:          /s/ Mona Aboelnaga KanaanMona Aboelnaga Kanaan | Director                           | March 31, 2017 |
| By:          /s/ Kevin KesterKevin Kester                   | Director                           | March 31, 2017 |
| By:          /s/ Julian MarkbyJulian Markby                 | Director                           | March 31, 2017 |
| By:          /s/ Gregory J. RiccaGregory J. Ricca           | Director                           | March 31, 2017 |
| By:          /s/ George W. SigulerGeorge W. Siguler         | Chairman of the Board and Director | March 31, 2017 |

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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 For 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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